MARCH 30//TOMORROW OPTIONS EXPIRY ON OTC/LBMA GOLD SILVER CONTRACTS AND THE RAID SHOULD END//GOLD DOWN $28.20 TO $1685.70//SILVER DOWN 62 CENTS TO $24.11//RUSSIAN NATIONAL WEALTH FUND TO INVEST IN GOLD AND OTHER PRECIOUS METALS//BIDEN HAS NO INTENTION TO VISIT OR SEE ROCKET MAN (KIM/NORTH KOREA)//WHO RELEASES ITS REPORT AND IS A SHAM//BIDEN TOMORROW TO RELEASE PLAN ON GREATEST TAX HIKE IN USA HISTORY//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1685.70 DOWN  $28.20   The quote is London spot price

Silver:$24.11 DOWN  $0.62   London spot price ( cash market)

your data…

 

Closing access prices:  London spot

i)Gold : $1685.20 LONDON SPOT  4:30 pm

ii)SILVER:  $24.01//LONDON SPOT  4:30 pm

PLATINUM AND PALLADIUM PRICES BY KITCO

PLATINIUM  $1148.00 DOWN $22.00

PALLADIUM: 2496.00 UP $44. 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  0/25

EXCHANGE: COMEX
CONTRACT: MARCH 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,712.100000000 USD
INTENT DATE: 03/29/2021 DELIVERY DATE: 03/31/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
332 H STANDARD CHARTE 1
435 H SCOTIA CAPITAL 21
523 H INTERACTIVE BRO 1
657 C MORGAN STANLEY 25
657 H MORGAN STANLEY 1
800 C MAREX SPEC 1
____________________________________________________________________________________________

TOTAL: 25 25
MONTH TO DATE: 9,711

ISSUED: 0

Goldman Sachs:  stopped:  0

 
 

NUMBER OF NOTICES FILED TODAY FOR  MARCH. CONTRACT: 25 NOTICE(S) FOR 2500 OZ  (0.0777 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  9711 NOTICES FOR 971,100 OZ  (30.171 tonnes) 

SILVER//MAR CONTRACT

 

20 NOTICE(S) FILED TODAY FOR 100,000  OZ/

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

BITCOIN MORNING QUOTE  $59,096   UP 1479

BITCOIN AFTERNOON QUOTE.:  $56,500  DOWN 1117 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $28.20  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A  SMALL  CHANGES IN GOLD INVENTORY AT THE GLD//:  A PAPER  DEPOSIT OF 0.88 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: 1,037.50 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 62 CENTS

A SMALL CHANGE IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF .417 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:

: 579.022  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 157.61 DOWN $2.70 OR  1.68%

XXXXXXXXXXXXX

SLV closing price NYSE 22.26  DOWN $0.65 OR 2.84%

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 410 CONTRACTS FROM 156,501 DOWN TO 156,091, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.34 LOSS IN SILVER PRICING AT THE COMEX  ON MONDAY. 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 GOOD EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION AS WE GAINED 531 TOTAL CONTRACTS ON OUR TWO EXCHANGES. 

 

WE WERE  NOTIFIED  THAT WE HAD A GOOD  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 941,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  941 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 941 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

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

 

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.34)OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS EVEN THOUGH WE HAD A NET GAIN OF 476 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 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/

 

 
 

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:

18,465 CONTRACTS (FOR 22 TRADING DAY(S) TOTAL 18,465 CONTRACTS) OR 92.325 MILLION OZ: (AVERAGE PER DAY: 8393 CONTRACTS OR 4.196 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 92.325 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: 92.325.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: 92.325 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 410, DESPITE OUR STRONG $0.34 LOSS IN SILVER PRICING AT THE COMEX ///MONDAY .…THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 941 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A SMALL SIZED GAIN OF 531 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR  $0.34 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…TOO MANY WISH TO STAND FOR DELIVERY…

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  941 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED DECREASE OF 410 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.34 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.73//MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW MAR.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 20 NOTICE(S) FOR  100,000, OZ OF SILVER.

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 3551 CONTRACTS TO 468877,AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE  DECREASE IN COMEX OI OCCURRED WITH OUR STRONG FALL IN PRICE  OF $20.00///COMEX GOLD TRADING//MONDAY.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 WE HAD A SMALL LOSS OF 1150 TOTAL CONTRACTS ON OUR TWO EXCHANGES AS WE HAD OUR USUAL AND CUSTOMARY FINAL SPREADER LIQUIDATION.. WE ALSO HAD A ZERO ADVANCE IN GOLD STANDING AT THE COMEX, REMAINING AT 30.130 TONNES FOR MARCH..

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $20.00 WITH RESPECT TO MONDAY’S TRADING

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

WE HAD A SMALL SIZED LOSS OF   1150 OI CONTRACTS (3.576 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2401 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  500 AND JUNE:  1901  ALL OTHER MONTHS ZERO//TOTAL: 12401.  The NEW COMEX OI for the gold complex rests at 468,877. 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 1150 CONTRACTS: 3551 CONTRACTS DECREASED AT THE COMEX AND 2401 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 1150 CONTRACTS OR 3.576 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2401) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (3551 OI): TOTAL LOSS IN THE TWO EXCHANGES:  1150 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) ZERO ADVANCE STANDING AT THE GOLD COMEX FOR THE FRONT MAR. MONTH REMAINING AT 30.130 TONNES)  3) ZERO LONG LIQUIDATION,  /// ;4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS HAPPENED WITH OUR STRONG LOSS IN GOLD PRICE TRADING MONDAY//$20.00!!. WE HAD FINAL SPREADER LIQUIDATION WHICH TOOK CARE OF THE ENTIRE LOSS AT THE COMEX.

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 : 82,263, CONTRACTS OR 8,226,300 oz OR 255.87 TONNES (22 TRADING DAY(S) AND THUS AVERAGING: 3739 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 22 TRADING DAY(S) IN  TONNES: 255.87 TONNES

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

THUS EFP TRANSFERS REPRESENTS 255.87/3550 x 100% TONNES =7.20% 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:.   255.87 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 410 CONTRACTS FROM 156,185 DOWN TO 156,091 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 GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR MARCH., AND 4) ZERO LONG LIQUIDATION,

EFP ISSUANCE 941 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: 941 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 941 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 410 CONTRACTS AND ADD TO THE 941 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED GAIN OF 531 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 2.615 MILLION  OZ, OCCURRED DESPITE OUR $0.34 LOSS IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 21.38 PTS OR .62%   //Hang Sang CLOSED UP239.20 PTS OR 0.84%    /The Nikkei closed UP 48.18 POINTS OR 0.16%//Australia’s all ordinaires CLOSED UP 0.95%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5712 /Oil DOWN TO 60.30 dollars per barrel for WTI and 63.95 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5712. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5788 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 SMALL SIZED 3551 CONTRACTS TO 468,877 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 SMALL COMEX DECREASE OCCURRED DESPITE OUR STRONG LOSS OF $20.00 IN GOLD PRICING MONDAY’S COMEX TRADING…WE ALSO HAD A SMALL EFP ISSUANCE (2401 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 2401 EFP CONTRACTS WERE ISSUED:  ; FEB// ’21  0 AND APRIL:  1901, JUNE:  1500 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2401  CONTRACTS.

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

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 1150  TOTAL CONTRACTS IN THAT 2401 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED  COMEX OI  OF 3551 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 FELL $20.00)., AND WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE ENTIRE LOSS IN COMEX OI WAS DUE TO FINALIZATION OF SPREADER LIQUIDATION.  THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A SMALL 3.576 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 :: 1150 CONTRACTS OR  11500 OZ OR  3.576  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:  468,877 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 46.89 MILLION OZ/32,150 OZ PER TONNE =  1458 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1458/2200 OR 66.29% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:235,221 contracts// volume  poor/raid   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  328,567 contracts//  volume:  fair// //most of our traders have left for London

 

MARCH 30 /2021

 
INITIAL STANDINGS FOR MAR COMEX GOLD
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
257,208.000 oz
 
HSBC//3,000 kilobars
 
JPMorgan: 5,000 kilobars
 
total: 8,000 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz    NIL
Deposit to the Customer Inventory, in oz
 
 
 
 
 
 
 
32,148.000
oz
 
Loomis
1000 kilobars
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
25  notice(s)
2500 OZ
(0.0777 TONNES
 
No of oz to be served (notices)
0 contracts
(2500oz)
 
0.00 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
9711 notices
971100 OZ
30.171 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 Loomis:  32,148.000 oz (1000 kilobars
 
 
TOTAL DEPOSITS:  32,148.000 oz
 
 
 
 
 
 
We had 2 withdrawal
 
i) out of HSBC:  96,453.000 oz (3,000 kilobars)
ii) Out of JPMorgan; 160,755.000 oz (5,000 kilobars)
 
 
 
 
 
total withdrawals:  257,208.000 oz  (8 tonnes)
 
 
net 7 tonnes “leaves”
kilobar entries are fake!
 
 
 
 

We had 5  kilobar transactions (5 out of 6 transactions)

ADJUSTMENTS  3: 

dealer to customer:

 

a) Brinks   8873.676 oz (276 kilobars)

b) JPMorgan; 64,044.792 oz (1992 kilobars)

customer to dealer

Delaware:  4708.014 oz  

 

 
 

The front month of MAR registered a total of 25 CONTRACTS FOR A LOSS OF 4 CONTRACTS. WE HAD 4 NOTICES FILED ON  MONDAY SO WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ  WILL STAND FOR DELIVERY ON THIS SIDE OF THE POND IN THIS VERY ACTIVE MARCH DELIVERY MONTH.  

 

 
 

APRIL, THE NEXT FRONT MONTH, LOST MORE THAN THAN EXPECTED 31,559 CONTRACTS DOWN TO 37,949 CONTRACTS. WE SHOULD HAVE AN EXTREMELY STRONG APRIL DELIVERY MONTH. WE HAVE 1 MORE READING DAYS BEFORE FIRST DAY NOTICE. WE WILL PROBABLY HAVE 6,000 CONTRACTS DEPART TOMORROW AND THIS WILL LEAVE US WITH ROUGHLY 32,000 CONTRACTS STANDING FOR GOLD OR 99.5 TONNES.  THE CONSTANT RAIDS HAVE SCARED OFF SOME LONGS FROM TAKING DELIVERY.

 

MAY GAINED 429 CONTRACTS TO STAND AT 1456

JUNE GAINED 25,762 CONTRACTS UP TO 357,803

We had 25 notice(s) filed today for 2500 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 25  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the MAR /2021. contract month, we take the total number of notices filed so far for the month (9711) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR:  25 CONTRACTS ) minus the number of notices served upon today 25 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 9711 x 100 oz  + (25 OI for the front month minus the number of notices served upon today (25} 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 484.41 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  17,887,041.643 oz or 556.36 tonnes
 
 
total weight of pledged:  2,313,193.997 oz or 71.95 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,573,848.0  ,(484,41 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15557848.0 (484.41 tonnes)
 
total eligible gold: 19,076,061.173 oz   (593.34 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 36,963,102.810 oz or 1,149.70 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1023.36 tonnes

A  net total of 7.0 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 30/2021

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER/MAR

MAR. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
1,143,371.940 oz
 
 
Loomis
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
55,333.607 oz
CNT
Delaware
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
25
 
CONTRACT(S)
(100,000 OZ)
 
No of oz to be served (notices)
5 contracts
 25,000 oz)
Total monthly oz silver served (contracts)  11,680 contracts

 

58,400,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

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

i) Into Delaware: 1037.100 oz
ii) Into CNT:  54,296.507 oz
 
 
 
 
 
 
 
 
 
 

JPMorgan now has 189.189 million oz of  total silver inventory or 51.06% of all official comex silver. (189.189 million/370.523 million

total customer deposits today: 55,333.607   oz

we had 2 withdrawals:

 
 
i) out of Delaware  55,056.05 oz
ii) Out of Loomis: 1,088,315.890 oz
 
 
 
 
 
 
 
 
 

total withdrawals  1,143,371.940 oz   oz

We had 0 adjustments:

 

 

Total dealer(registered) silver: 126.803-million oz

total registered and eligible silver:  370.523 million oz

a net 1.087 million oz leaves the comex silver vaults.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

MARCH saw a LOSS of 57 contracts to stand at 20. We had 77 contracts served on  MONDAY, so we GAINED 20 contracts or an additional 100,000 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 2988. (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 1049 contracts to stand at  121,765 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 83,058 oi contracts still outstanding on the May 2020.  This year:  121,765  still outstanding!!.

 

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 20 contract(s) FOR  100,000 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  11,680 x 5,000 oz = 58,400,000 oz to which we add the difference between the open interest for the front month of MAR (25) and the number of notices served upon today 20 x (5000 oz) equals the number of ounces standing.

Thus the MAR standings for silver for the MAR/2021 contract month: 11,680 (notices served so far) x 5000 oz + OI for front month of MARCH 25- number of notices served upon today (20) x 5000 oz of silver standing for the Jan contract month .equals 58,425,000 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 20 contracts or an additional  100,000 oz will  stand for delivery as they refused to morph into London based forwards.

TODAY’S ESTIMATED SILVER VOLUME 69,039 CONTRACTS // volume extremely poor// volumes falling off a cliff// very surprisingly small in volume//do not need much volume in a raid as all major players have left.

FOR YESTERDAY  57,596  ,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 30/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –1.50% to NAV:   (MAR 30/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.05%(MAR 30/2021)

(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 30/WITH GOLD DOWN $28.20 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD… A DEPOSIT OF .88 TONNES//INVENTORY RESTS AT 1037.50TONNES

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 30 / GLD INVENTORY 1037.50 tonnes

LAST;  1029 TRADING DAYS:   +103.69 TONNES HAVE BEEN ADDED THE GLD

LAST 929 TRADING DAYS// +  288.17TONNES  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 30/WITH SILVER DOWN 62 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 417,000 OZ INTO THE SLV/INVENTORY REST AT 579.022 MILLION OZ..

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
579.022 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)LAWRIE WILLIAMS:

 

LAWRIE WILLIAMS: Precious metals drop like stones. Gold back below $1,700.

There seems to be no end in sight to the recent weaknesses in precious metals in the U.S. markets in particular. Shortly after they opened this week all the major precious metals seemed to run into hugely negative sentiment with gold dropping close to $30, silver well over $0.50 and the palladium hit was even more severe falling by over $150 after being in trouble, and then recovering part way, overnight in Asian markets. Platinum was down $15, while crude oil and most base metals were also slipping as were U.S. equities. One might have thought this would all be due to a sharp rise in the dollar index, but although the dollar did indeed rise, it did not do so sufficiently to cause the meltdown seen in the precious metals in particular. The Dow, however, did move back into positive territory by early afternoon, although the NASDAQ and S&P fell back.

The markets were said to be particularly nervous on the overnight news that a big fund had run into margin trouble and was being forced to offload assets but, as usual, the initial falls were probably overdone and some price recovery was being seen by 11 am New York time. Even so this will have been something of a blow to already shaky sentiment in the markets. Is it the prelude to a big equities and precious metals crash – we don’t think so yet, but it may make the equities markets even more nervous given the seemingly ever rising number of equity collapse warnings from well respected commentators.

What might provide a small degree of optimism, though. was that gold mining stocks, as represented by the XAU and HUI indexes, actually rose marginally on the day despite the gold price decline. However one has to expect another downwards kick in today’s trade if the metal price remains weak.

By Tuesday morning the precious metals decline returned, with gold falling back below $1,700 again and silver also seeing a fall. The pgms were the first to recover a little, but not that significantly with both platinum and palladium moving into positive territory. The rising palladium price will not have been too surprising given its exceedingly sharp fall on Monday which the markets may feel was overdone. The DXY dollar index moved up a little also, breaking back above 93, which will probably have been responsible, at least in part, for the weaker gold price trend.

Precious metals and equities both look to be remaining price volatile at the moment, with the pandemic spread outlook, particularly in the U.S. and mainland Europe, looking uncertain. Some European nations look to be suffering , virus spread statistics suggesting that they may have lowered restrictions prematurely, and are also suffering the impact of a more transmissible virus variant. It still remains to be seen whether the U.S., where some states have already eased virus control restrictions, will follow the European trend too. There are some dire warnings from the scientific community that this may well be the case. In the words of Yogi Berra ‘It ain’t over ‘til it’s over’.

30 Mar 2021

OR

EGON VON GREYERZ// none today

OR

Peter Schiff..

Russian National Wealth Fund is now turning to gold and other precious metals

(Peter Schiff)

Russian National Wealth Fund Turning To Gold, Dumping Dollars

 
TUESDAY, MAR 30, 2021 – 08:14 AM

Via SchiffGold.com,

The Russian Finance Ministry has given the green light for the Russian National Wealth fund to diversify and invest in gold and other precious metals. According to a report by RT, this is part of a broader move to de-dollarize the wealth fund.

The National Wealth Fund falls under the direction of the Russian Finance Ministry. One of the fund’s primary purposes is to support the nation’s pension system. According to the fund’s website, “Fund’s primer assignments are to co-finance voluntary pension savings of Russian citizens and to balance the budget of Pension Fund of the Russian Federation.” The fund can also be tapped to cover government budget deficits in times of a crisis. According to RT, as of November, the fund held more than $167 billion in assets, totaling about 12% of Russia’s GDP.

According to RTthe fund’s move into gold and other precious metals is aimed at diversifying assets to ensure the “safety” of the fund “as well as for increasing the yields.”

The Russian central bank has added significant amounts of gold to its reserves in recent years, although halted its buying spree last spring as the coronavirus pandemic gripped the world. Prior to the pause, the central bank added an average of 205 tons of gold to its reserves every year since 2014. In February 2018, Russia passed China to become the world’s fifth-largest gold-holding country.

Meanwhile, the Russian central bank was aggressively divesting itself of US TreasuriesRussia sold off nearly half of its US debt in April 2018 alone, dumping $47.4 billion of its $96.1 billion in US Treasuries. In January, the value of Russia’s gold holdings eclipsed its dollar holdings for the first time ever.

Russia’s shrinking dollar reserves is no accident. It was an intentional “de-dollarization” policy outlined by President Putin to lower the country’s exposure to the United States and shield it from the threat of US sanctions.

Gold now ranks as the second-largest component of Russia’s central bank reserves only behind euros. The Central Bank of Russia has also increased its holdings of yuan. The Chinese currency now makes up about 12% of Russian reserves.

It appears the Russian National Wealth Fund is following this same strategy. According to RT,  the Ministry of Finance reduced the portion of US dollars and euros in the currency structure of its National Wealth Fund from 45% to 35% last month. It has increased holdings of Japanese yen and Chinese yuan. Now it plans to add gold to that mix.

Finance Minister Anton Siluanov previously said he supported the idea of allocating the NWF assets “more efficiently.”

He called precious metals a much more sustainable investment than financial market assets in the long-term.

end

A must read..

Peter Schiff on inflation and how it is the central theme of things to come

Peter Schiff

Peter Schiff: The One Promise The Fed Is Going To Keep

 
TUESDAY, MAR 30, 2021 – 08:51 AM

Via SchiffGold.com,

Since the beginning of the pandemic, government debt and money printing are off the chart. This is creating inflationary pressure. Prices are on the rise. And this is by design. In fact, the Fed has been promising more inflation for years. As Peter Schiff explains, it looks like this is one promise the Fed is going to keep.

The US government blew up the national debt by over $5 trillion in just 18 months. To support all of his borrowing and spending, the Fed turned the printing press up to full speed. The central bank’s balance sheet has expanded to a record $7.72 trillion as it’s created money out of thin air in order to buy trillions in US Treasuries and mortgage-backed securities. Peter said that the Fed is printing about half of the money being spent by the US government.

So, it’s not really borrow-and-spend anymore. It’s print and spend.”

But virtually nobody in the mainstream sees this as a problem.

People seem to think that we’ve stumbled on the equivalent of a monetary fountain of youth. People like to call it Modern Monetary Theory, which is we can have whatever we want as long a government prints the money to pay for it, that there’s no limit, that government is free as long as they print money.”

Why didn’t we figure this out sooner? After all, the printing press has been around for hundreds of years. And Peter raises an interesting question: if this is true, why do we even need to pay taxes?

Of course, the reality is that this is a fantasy — the kind that ends in disaster.

The fantasy is built on a misunderstanding of money. People have come to equate cash with wealth. But there is a big difference between earning money in exchange for producing things and the government running off dollar bills and handing them out.

When people go to work, their labor produces stuff. It increases the supply of goods and services available in the economy. You contribute your labor, and in exchange, you get money. That allows you to buy things from the pool of goods and services that you helped produce. The money itself isn’t wealth. The wealth is made up of the goods and services produced through your labor.

The more productive you are, well, the more you earn, and the greater share of what society produces you are able to enjoy yourself.”

But with government and Fed intervention, we have millions of unemployed people sitting at home just getting a check from the government. They don’t produce anything. They add no goods or services to the economy.

Yet, they can consume goods and services in the same proportions as if somebody had actually done work and actually been a productive member of society.”

What does this do?

It raises prices.

If your work adds to the goods and services, and now you’re consuming the goods and services you helped create, that’s fine. But if now you start consuming goods and services, and you didn’t help create any of those goods and services, you just have more money chasing a diminished supply of goods and services, and prices are going to go up.”

Peter said with this level of money printing and spending, prices will go up like never before.

Ironically, the Federal Reserve has been promising Americans more inflation.

Well, that’s one promise that they’re going to deliver on. In fact, they’re going to deliver on it beyond their wildest expectations.”

Central bankers and government policymakers claim a little inflation is a good thing. It’s not.

Higher inflation is not making progress.”

Think about it. Do you want higher prices? Of course not. You want a lower cost of living.

When prices go down, that’s progress. That’s capitalism. That’s how capitalism works. When you have real capitalism, businesses become more productive. They become more efficient. They develop economies of scale. And as they do that, the cost of production comes down. And as the cost of production goes down, demand goes up. Because as prices go down, more people can afford to buy more stuff. It’s falling prices that have historically driven a rising standard of living. Well, the government has interrupted that benevolent process through inflation.”

It’s not just that inflation drives prices up. It also prevents prices from going down.

A decline in a price would have been a windfall for the consumer. When the consumer is denied that windfall by government — it’s still a tax. The government is still taking your purchasing power because the goods and services you want to consume are more expensive as a result of the government inflation.”

When you boil it all down, inflation is a promise we’d really rather the government and central bank not keep.

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

USA companies are now sounding the alarm bell on inflation as it is coming from all sides

(zerohedge)

U.S. companies sound inflation alarm

 

 

 Section: Daily Dispatches

 

By Aziza Kasumov, Colby Smith, and Eric Platt 
Financial Times, London
Monday, March 29, 2021

Investors are fretting over inflation. Scores of U.S. companies are saying they are right to.

A growing number of businesses are warning that supply-chain bottlenecks, increasing raw material costs, and higher labour expenses are beginning to bite.

Manufacturing behemoth 3M has flagged rising air and freight costs to ship its goods, while Walmart has warned on the congestion in U.S. ports. 

… 

Mobile home manufacturer Legacy Homes and Williams-Sonoma, the purveyor of Breville espresso machines and Wüsthof knife sets, have seen an uptick in wage costs. And Barbie Doll-maker Mattel has warned on the rise in plastics prices, which were exacerbated by the winter storm in Texas that took petrochemicals plants offline.

“Costs are going up everywhere,” said Ted Doheny, chief executive of packaging maker Sealed Air. “It’s DefCon 4 us right now. It’s a big deal.”

These first flickers of inflation — and the fact that many S&P 500 companies say they are responding by raising their own prices — have fed a debate among investors as the U.S. economic recovery accelerates. Are these a signal that the kind of chronic inflation long ago tamed by the U.S. central bank could be about to roar back?

“People are thinking it’s transitory, or maybe hoping it’s transitory,” said Peter van Dooijeweert, managing director of multi-asset solutions at Man Solutions. “Because no one really knows what else to do.” …

… For the remainder of the report:

https://www.ft.com/content/f0bbed31-bea8-4542-b953-096762d2e59f

* * *

end

GoldCore’s Dave Russell asks GATA secretary: Are central banks any good at gold suppression?

 

 

 Section: Daily Dispatches

 

From GoldCore, Dublin, Ireland
Tuesday, March 30, 2021

https://news.goldcore.com/market-manipulation-explained-in-gold-market/

Chris Powell is a director of GATA, the Gold Anti-Trust Action Committee. Formed in 1998, GATA’s mission is to expose, oppose, and litigate against collusion to control the price and supply of gold and related financial instruments. 

In today’s episode of GoldCore TV, Chris speaks with Dave Russell about the practicalities of central bank intervention and whether it has had any real impact on the gold price over the long term.

…. 

With a 9.25% annual return in U.S. dollars since 1998 despite central bank intervention, gold has been one of the best-performing assets, outperforming official inflation figures over the same period. So, we ask, are central banks actually any good at suppressing the gold price?

To watch the video:

https://youtu.be/mdsZZrvk7vI

* * *

iii) Other physical stories:

 
 
 

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

i) Chinese yuan vs USA dollar/CLOSED down at 6.5712 /

//OFFSHORE YUAN:  6.5788   /shanghai bourse CLOSED UP 21.38 pts or 0.62%

HANG SANG CLOSED UP 239.20 pts or 0.84%

2. Nikkei closed up 48.18 pts or 0.16%

3. Europe stocks OPENED ALL GREEN/

USA dollar index UP TO 93.20/Euro FALLS TO 1.1737

3b Japan 10 year bond yield: RISES TO. +.09/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.34/ 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 ABOVE 17,000

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

3e WTI:: 60.30 and Brent: 63.95

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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.26%/Italian 10 yr bond yield UP to 0.73% /SPAIN 10 YR BOND YIELD UP TO 0.37%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.99: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.91

3k Gold at $1689.10 silver at: 24.27   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 60 dollar handle for WTI and 63 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.34 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 .9419 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1085 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.26%

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 1.762% early this morning. Thirty year rate at 2.435%

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

6.  TURKISH LIRA:  UP  TO 8.33..

Futures Slides As Yields Surge, Archegos Jitters Persist

 
TUESDAY, MAR 30, 2021 – 07:54 AM

US index future slumped on Tuesday as traders continued to fret over fallout from the implosion of Archegos (especially after Morgan Stanley said it was not done selling residual blocks) and as Treasury yields soared to the highest since Jan 2020.

Emini S&P futures were down 13 points or -0.3% to 3,946, with ViacomCBS shares rising 2.6% premarket; Discovery Inc. and the American Depositary Receipts of Chinese companies linked to the Archegos block trades also posted gains. Tesla fell after a report Xiaomi Corp. plans to invest $15 billion to make electric cars. Industrial stocks and banks such as JPMorgan, Morgan Stanley and Boeing added between 0.9% and 1.4%. American Airlines rose 1.2% after an upgrade from Jefferies. The carrier expects to put most of its fleet back in service in the second quarter on signs of a travel rebound.

Nasdaq 100 futures slipped 0.7% as the FAAMG stocks dropped between 0.6% and 0.8% premarket, pressured by the latest reflation scare which pushed the 10Y as high as 1.77%. The Nasdaq -which is still about 7% below its all-time closing high, while bets on a speedy economic recovery driven by vaccine distributions and unprecedented stimulus has helped the S&P 500 and the Dow notch record closing highs last week – is set for its first monthly loss since November as rosy economic projections lifted demand for undervalued banks, energy, materials and industrial stocks.

Traders are also focused on 10Y yields which rose as high as 1.77%, and even though there was no specific catalyst for the sharp move higher bonds have been weak ahead of President Joe Biden’s U.S. infrastructure plan details due Wednesday. Breaks of key levels appear to have fueled stops outs of long positions with 5-year yields edging above 0.90% during the Asian session. prompting a block sale in the sector and a similar pattern of follow through selling

“U.S. Treasuries care more about inflation than Archegos fallout, and they continue their fall,” Steen Jakobsen, chief investment officer at Saxo Bank in Hellerup, Denmark, wrote in a note. “Biden’s speech might be catalyst for a deeper selloff.”

In an address Wednesday in Pittsburgh, Biden will detail a mass expansion of government spending aimed to reducing inequality and strengthening infrastructure. A revamp of the tax code is also part of the plan and is already proving divisive among economists and lawmakers.  The reflation trade was also boosted by the latest vaccine news after the U.S. reached a record three-day stretch of 10 million shots over the weekend, according to the Bloomberg Vaccine Tracker, and plans to offer inoculations to 90% of adults. Investor sentiment is still closely tied to the pace of the global vaccine rollout, said Citigroup equity derivative solutions director Elizabeth Tian. “Investors will also be watching the number of COVID cases as rises in Western Europe and the Philippines see the return of renewed restrictions, while vaccination attempts threaten to stall amidst supply constraints and vaccine nationalism,” Tian said. “While restrictions are increased in Europe, the UK will be relaxing stay-at-home rules.”

Meanwhile, Nomura shares were down a further 1.1% Tuesday after dropping as much as 16% on Monday, when it revealed it might take a $2 billion loss from the hedge fund fallout. “From a market perspective, with contagion looking limited … despite the news flow of further forced liquidations and prime brokerage losses, this looks at this stage to be a positioning-driven sell-off in U.S. futures and various single stock names,” said Eleanor Creagh, market strategist at Saxo Bank. Creagh added that further forced deleveraging was still a risk if prime brokers tighten margin requirements.

MSCI’s All Country World Index, which tracks stocks across 49 countries, traded flat.

In Europe, the Stoxx 600 Index advanced 0.4%, supported by gains in banks and automakers. Britain’s FTSE 100 was up 0.2%, Germany’s DAX 0.6%, Italy’s FTSE MIB rose 0.3%, and France’s CAC 40 rose 0.5%. The banks’ subgroup index rose 1.7%, followed by a 1.5% jump in automakers’ shares.

Earlier in the session, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.6% higher, after a two-day gain, with losses in Japan and some Southeast Asian markets offsetting a rally in China and South Korea. Mainland China’s CSI300 index rose 1%. Hong Kong’s Hang Seng Index gained 1.2% to reach 28,668, driven up by a rebound in the city’s tech stock index. That index has been under pressure from concern over the Chinese government’s move to increase regulation of tech companies. Japan’s Topix declined 0.8%, halting a three-day rally, as a majority of stocks on the index traded without rights to their next dividends. Nomura Holdings extended losses after plunging by a record on Monday, when the brokerage said it may have incurred a “significant” loss arising from transactions with a U.S. client. Equity gauges in Indonesia and the Philippines were the biggest losers in the region. Sector-wise, financials were the biggest drag on the MSCI Asia Pacific Index. Meanwhile, stocks in China, Hong Kong and South Korea and India rallied, with the CSI 300 Index set for third day of gains. The gauge has been anchored at a key support level as traders awaited further clarity from corporate earnings. Shares of Taiwan-based Appier Group, which offers artificial intelligence-based software, rose 19% in their trading debut on the Tokyo Stock Exchange

Japan’s Topix fell, halting a three-day rally, as a majority of stocks on the index traded without rights to their next dividends. Telecommunication firms and trading companies were the heaviest drags on the Topix as over 1,500 of the gauge’s more than 2,100 firms went ex-dividend. The Nikkei 225 Stock Average gained for a fourth consecutive day even as 188 of its 225 members went ex-dividend. “It was the unique situation with the supply demand that impacted markets today, with shares trading ex-dividend,” said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co. “The market seems to have calmed somewhat now, but finance-related shares are a bit weak.” Nomura Holdings fell for a second day after announcing Monday that it may have incurred a “significant” loss arising from transactions with a U.S. client. The loss is related to the unwinding of trades by Bill Hwang’s Archegos Capital Management, according to people familiar with the matter. “In the global market of excess liquidity, we can’t be sure that Archegos is the only fund that took such one-sided positions in investing,” said Hideyuki Ishiguro, a senior strategist at Daiwa Securities Co. in Tokyo. “This kind of uncertainty will serve as a drag on the market.”

In rates, 10-Y Treasury yields were 1.76%, rising as much as 6.6bp to 1.774%, the highest since January 2020; into the selloff 5-year yields breached 0.90% for the first time since March 2020. The five-year rate rose as high as 0.95%, a 13-month high, followed by a block sale in the notes. Belly yields remain higher by 5bp-7bp with focal points include U.S. President Biden’s plan for an infrastructure spending package, with details expected Wednesday.Intermediate-led selloff cheapened 2s7s30s fly by 7bp on the day to 25.3bp, widest since 2018. In Europe, Bunds and gilts both trade slightly cheaper vs Treasuries; 10,000 bund contracts were sold via block trade, worth around $1.8m/DV01

As a reminder, quarter-end rebalancing remains a focus, is expected to favor buying of Treasuries. Bank of America sees $41BN inflows for Treasuries while Wells Fargo expects U.S. corporate- defined pensions moving a “historically large” $19b into bonds.

In FX, the Bloomberg Dollar Spot Index rose to its highest level in three weeks and the euro fell to a low of $1.1733 in early London trading; the Bund yield curve bear-steepened in line with developments in Treasuries. The dollar sliced through the key psychological 110 mark versus the yen as elevated U.S. Treasury yields and the improving global economic outlook continue to boost the greenback, and options suggest that the strength is here to stay. The Australian and New Zealand dollars were steady against the rising dollar, with risk appetite supported by a quickening U.S. vaccine rollout and expectations for a continued recovery in China’s economy. The Canadian dollar and the Norwegian krone also held up well against a backdrop of rising oil prices and a new round of OPEC+ talks later this week where the producers believe their defiantly cautious approach is paying off.  China’s yuan consolidated after slumping to the weakest level in almost four months on Monday. The USD/CNY rises as much as 0.2% to 6.5799 before erasing most of the earlier gain; USD/CNH stays in a narrow a range of 6.5683-6.5836. The PBOC weakened the daily reference rate by 0.34% to 6.5641 vsaverage estimate of 6.5643 in a Bloomberg survey; forecasts ranged from 6.5610 to 6.5685.

Bitcoin gained about 2% after Reuters reported that PayPal Holdings Inc is set to announce that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally.

In commodities, oil declined for the first time in three days as the Suez Canal opened up after being blocked for days by a grounded supercarrier and as attention turned to an OPEC+ meeting this week, where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns. Gold extended a drop, falling out out of a range held since early March as President Joe Biden prepared to unveil big spending plans after announcing major progress on rolling out vaccines

Looking at the day ahead, the data releases from Europe include the Euro Area’s final consumer confidence reading for March and the preliminary German CPI reading for March. Over in the US, there’s the FHFA house price index for January and the Conference Board’s consumer confidence reading for March. Otherwise, central bank speakers include Fed Vice Chair Quarles and New York Fed President Williams, along with the ECB’s Centeno.

Market Snapshot

  • S&P 500 futures little changed at 3,958.75
  • SXXP Index up 0.5% to 429.83
  • German 10Y yield up 5 bps to -0.27%
  • Euro down 0.2% to $1.1742
  • MXAP little changed at 204.97
  • MXAPJ up 0.4% to 680.14
  • Nikkei up 0.2% to 29,432.70
  • Topix down 0.8% to 1,977.86
  • Hang Seng Index up 0.8% to 28,577.50
  • Shanghai Composite up 0.6% to 3,456.68
  • Sensex up 2.3% to 50,144.47
  • Australia S&P/ASX 200 down 0.9% to 6,738.45
  • Kospi up 1.1% to 3,070.00
  • Brent futures down 0.6% to $64.59/bbl
  • Gold spot down 0.7% to $1,699.44
  • U.S. Dollar Index up 0.1% to 93.07

Top Overnight News from Bloomberg

  • Chinese sovereign bonds will have the sixth-largest weighting in FTSE Russell’s flagship World Government Bond Index, though global investors have three times longer than they expected to grow their holdings to that level
  • Germany increased planned bond sales in the second quarter by 2.5 billion euros ($2.9 billion), as the government ramps up borrowing to help offset the impact of the coronavirus pandemic
  • Turkish President Recep Tayyip Erdogan appointed Mustafa Duman, formerly an executive director at Morgan Stanley in Turkey, to the central bank’s interest-rate setting committee, as the shake-up at the monetary authority deepens
  • A European Commission sentiment index increased to 101.0, exceeding all estimates in a Bloomberg survey. Sentiment rose across all sectors of the economy and particularly strongly in Germany, the region’s largest member. Employment expectations jumped
  • Wall Street banks grappling with the implosion of Bill Hwang’sinvestment firm spent Monday briefing U.S. regulators as Washington starts to dig into one of the biggest fund blowups in years
  • More than half of the population of England was estimated to have Covid-19 antibodies in the week ended March 14, illustrating the impact of the U.K.’s vaccination program

A quick look at global markets courtesy of Newsquawk

Asia-Pac stocks just about shrugged off the early indecision following the negative bias stateside where the DJIA posted fresh record levels but most indices declined as sentiment was dampened due to the fallout from the USD 20bln Archegos liquidation and with a rise in yields, as well as ongoing COVID-19 concerns adding to the glum mood. ASX 200 (-0.9%) and Nikkei 225 (+0.2%) swung between gains and losses with the former eventually dragged lower by weakness across commodity-related sectors and reports of further virus cases in Queensland where there is an ongoing 3-day lockdown in the state capital, while the Japanese benchmark lacked firm direction as Nomura shares extended on the prior day’s largest decline on record, triggered by the losses related to the recent Archegos margin call but with losses in the index cushioned by currency weakness and mostly better than expected Unemployment and Retail Sales data. Hang Seng (+0.8%) and Shanghai Comp. (+0.6%) were initially choppy amid a deluge of earnings releases and heading into quarter-end, although Chinese markets eventually gained as participants digested the FTSE Russell announcement for the inclusion of Chinese government bonds to its FTSE World Government Bond Index at a weight of 5.25% which will occur over 36 months from the effective date of 29th October 2021 which HSBC estimated could result to around USD 130bln of inflows to Chinese bonds. Finally, 10yr JGBs were lacklustre amid the spillover selling from USTs and with demand also sapped amid the 2yr JGB auction later which resulted into a lower b/c despite a decline in accepted prices.

Top Asian News

  • Buffett-Backed BYD’s Profit Surges 162% on Electric-Car Boom
  • Toyota Defies Global Semiconductor Crunch as Output Rises
  • Pakistan Starts Marketing Dollar Bond After Resuming IMF Bailout
  • Hyundai Motor to Halt Production on Chips, Parts Shortage

European equities (Eurostoxx 50 +0.2%) have kicked the session off on a firmer footing once again with little in the way of fresh macro newsflow driving the move. One of the key themes for the session thus far has been continued rises in global bond yields with the US 10yr yield taking out its recent 1.7540% peak to breach 1.77% to the upside. In the US, this has placed some pressure on the rate-sensitive e-mini Nasdaq 100 (-0.4%), which lags its stateside counterparts; e-mini S&P U/C and e-mini Russell +0.5%. In the more cyclically-focused European indices, banking names have led the charge higher with the Stoxx 600 Banking Index up by around 2% amid the favourable yield environment. Notable gains have also been observed in Basic Resources, Insurance, Autos and Travel & Leisure. Market participants will be eyeing the sustainability of the latter in lieu of the ongoing third wave of COVID-19 in the Eurozone which has subsequently prompted UK press to speculate that “next week’s review of international travel will likely conclude that it’s too soon to say when the borders can be reopened”, according to The Sun. To the downside, Health Care names reside in negative territory with defensive names shunned in early trade. In terms of stock specifics, Volkswagen (+3.1%) is a notable gainer in the auto sector as market participants continue to weigh up the Co.’s future in the EV space with recent reports suggesting a potential name change for its American unit to Voltswagen of America. In the financial sector Credit Suisse (-1.7%) was initially a beneficiary of the broader impulses in banking names, however, the Co. continues to remain in the news cycle given its exposure to the recent Archegos liquidation – and that initial strength has since reversed. Accordingly, one of the Co.’s. largest shareholders has requested that Chairman, Urs Rohner, receives a pay cut after a series of mistakes while speculation continues to mount around the magnitude of its exposure. In the tobacco space, a “good start to the year” was not enough to prevent Imperial Brands (-1.7%) from delving into the red following its latest trading update with the sector also hampered by comments from the UK Environment Ministry suggesting it could force tobacco names to pay for the clearing up of cigarette butts.

Top European News

  • H&M Should Lay Low Until China Anger Blows Over, EU Chamber Says
  • Germany Increases Bond Sales by $2.9 Billion in Second Quarter
  • PPF Signals Deal Pipeline Intact After Billionaire Owner’s Death
  • Deliveroo Expected to Price London IPO at Bottom of Range

In FX, the Dollar index has finally attained 93.000+ status and is still bid between 92.882-93.176 parameters alongside US Treasury yields that have risen to new cycle highs along certain parts of the curve, but the DXY may have derived sufficient momentum to breach the psychological mark regardless given bullish month end factors, like the strong rebalancing buy signal vs the Yen, or further depreciation in the Euro on 3rd wave pandemic concerns. Indeed, Usd/Jpy has made a clean break above 110.00 to test 110.30 and Eur/Usd down through 1.1750 towards 1.1730 at one stage, leaving little in the way of support from a technical perspective before 110.50 and 1.1700 respectively. Ahead, US consumer confidence and a couple of Fed speakers, as Quarles and Williams orate as neutrals and current FOMC voters.

  • CHF – Not much protection for the Franc via big beat vs consensus in the Swiss KOF indicator as Usd/Chf hovers above 0.9400 and Eur/Chf straddles 1.1050 with very tight confines awaiting official reserves and ZEW investor sentiment on Wednesday.
  • NZD/AUD/GBP/CAD – All managing to hang on to the Greenback’s coattails, with the Kiwi and Aussie benefiting from only isolated and contained COVID-19 outbreaks and a sharp rise in bond yields overnight, while the Pound is also gleaning underlying impetus from the UK’s advanced position on vaccinations that is keeping the roadmap to lifting lockdown intact (for now at least). Nzd/Usd is just holding above 0.7000 as Aud/Usd pivots 0.7650 and Aud/Nzd rotates around 1.0900, while Cable is holding close to 1.3750 and Usd/Cad is keeping tabs on 1.2600 ahead of Canadian average earnings data.
  • SCANDI/EM/PM – Little independent direction for the Norwegian Krona via choppy crude prices or not as weak as expected retail sales, but Eur/Nok is hovering around 10.0500 and Nok/Sek is extending towards 1.0200 as Eur/Sek eyes 10.2500 following somewhat mixed Swedish sentiment indicators and in advance of scheduled comments from Riksbank Governor Ingves. Elsewhere, a sea of red for EM currencies and precious metals, but headline-grabbing declines for the Try following more retaliation against the CBRT for tightening the reins by Turkish President Erdogan who has now fired the Deputy Governor. Meanwhile, Xau has fallen below Usd 1700/oz as Gold folds amidst the Usd and UST squeeze.

In commodities, WTI and Brent front month futures opened the session on a softer footing but in a contained range, however, losses have since accelerated with the complex residing just off session lows. Downward pressure was seen in the wake of traffic resuming through the Suez Canal, however, attention may now begin to switch elsewhere. On this, eyes are expected to turn to the OPEC+ meeting later in the week, where participants will discuss maintaining output cuts. Due to the fragile COVID situation and fresh lockdowns, sources state that Saudi Arabia will support extending oil cuts through June as well as continuing its own 1mln BPD cut. Moreover, this would be in a bid to boost oil prices given the current uncertainty surrounding the virus and the economic outlook. As such, the market expectation is skewed towards an extension of cuts. The May WTI contract trades marginally above USD 61.00/bbl (vs high USD 62.27/bbl) whilst its Brent counterpart trades mid USD 64.00/bbl (vs high USD 65.41/bbl). Spot gold and spot silver are both seeing downside and are continuing to face downward pressure in correlation with Dollar strength and rising US yields. With the DXY reaching a 4-month high and yields a 14-month peak, gold notched its lowest price in more than three weeks as it slipped below USD 1,700/oz in early morning trade. At the time of writing, spot gold trades at USD 1,697/oz (vs high USD 1,714/oz) and silver trades just shy of USD 24.50/oz (vs high USD 24.76/oz). Onto base metals, LME copper saw overnight gains because of strong consumer demand in China, albeit gains have since been trimmed with the metal residing around 0.7% down for the session.

US Event Calendar

  • 9am: Jan. S&P CS Composite-20 YoY, est. 11.20%, prior 10.10%; 20 City MoM SA, est. 1.20%, prior 1.25%
  • 9am: Jan. FHFA House Price Index MoM, est. 1.2%, prior 1.1%
  • 10am: March Conf. Board Consumer Confidence, est. 96.9, prior 91.3; Expectations, prior 90.8; Present Situation, prior 92.0

DB’s Henry Allen concludes the overnight wrap

Following much anticipation ahead of the open as to the consequences of the block trades, the broader market impact proved to be relatively contained yesterday, with the S&P 500 down just -0.09% from its all-time high on Friday. Nevertheless, some of the names at the centre of the trades came under severe pressure, and bank stocks were the worst-performing of the 24 sectors in the S&P, as they shed -2.05% on the day in response, and all 18 members of that industry group moved lower on the day. The most severe impact was actually experienced by non-US banks however, with Nomura (-16.33%) seeing its largest daily move lower ever and Credit Suisse (-13.83%) experiencing its worst performance in over a year, as both warned that they faced sizeable losses in the wake of the selling. Nomura flagged a potential $2 billion loss, while Credit Suisse said that the loss “could be highly significant and material to our first quarter results”. In terms of the other affected companies, ViacomCBS fell a further -4.86%, and has lost more than half its value since a week ago, while Discovery fell another -1.47% – though this was relatively benign after last week’s -45.77% decline.

In terms of the latest overnight, Archegos Capital Management who were behind the forced liquidation finally released a statement on recent events, saying that “All plans are being discussed as Mr. Hwang and the team determine the best path forward.” Meanwhile Bloomberg reported that a Nomura executive had said they were in the process of assessing the cause of the loss, though it was hard to tell when the company would be able to determine the size. Nomura has fallen a further -1.13% lower in Asia this morning after its record fall the previous day, though as in the US, the broader impact seems to be contained at time of writing, with indices including the Nikkei (+0.14%), Shanghai Comp (+0.59%), Hang Seng (+1.17%) and Kospi (+1.14%) all posting gains. Meanwhile futures on the S&P 500 (-0.05%) are also only indicating a small decline at the open.

Elsewhere overnight, the Turkish Lira weakened another -0.77% against the US Dollar after President Erdogan removed central bank Deputy Governor Murat Cetinkaya and replaced him with Mustafa Duman, an ex-Morgan Stanley executive director in Turkey. That follows the removal of the Governor the weekend before last that led to one of the biggest selloffs in Turkish assets for years. Otherwise, data out of Japan has surprised somewhat to the upside, with the jobless rate in February staying at 2.9% (vs. 3.0% expected), and retail sales up +3.1% month-on-month (vs. +0.8% expected).

Back to yesterday, and the other big development was that the Ever Given ship in the Suez Canal was finally freed after nearly a week in place, thus allowing normal traffic to resume. Oil prices fell back in response to the news, though by the end of the session they’d actually moved higher, with Brent Crude (+0.63%) and WTI (+0.97%) both rising on the day. The consequences are still likely to stick around for a while however, with the Suez Canal Authority saying that it could take multiple days to clear the backlog of hundreds of ships that’s built up in recent days. Energy shares in the US fell back regardless of the slight uptick in oil prices with the S&P 500 energy sector down -1.26%, but the STOXX 600 Energy sector rose +0.65%.

More broadly in markets, investors took the block trades story in their stride on the whole as mentioned, with most equity indices seeing little change on the day. In the US, the Dow Jones (+0.30%) hit an all-time high, though the NASDAQ (-0.60%) saw a bigger pullback as tech stocks continued their underperformance. Over in Europe, the STOXX 600 (+0.16%) eked out a small gain to hit a post-pandemic high, and the DAX (+0.47%) advanced to an all-time high, though the STOXX Banks (-1.29%) lost ground in line with bank stocks elsewhere.

Over in the US, increasing details were coming through ahead of tomorrow’s major infrastructure speech by President Biden, with the Washington Post reporting that it would centre on ideas to repair physical infrastructure, invest in R&D and support clean energy, while other measures such as on childcare and healthcare would be unveiled next month. It also said that the plan could have “as much as $4 trillion in new spending and more than $3 trillion in tax increases”, though they’re not expected to make the new expansion of the child tax credit permanent. Meanwhile another notable development yesterday was that multiple outlets including Politico reported that Senate Majority Leader Schumer was prepared to pass not just a second but also a third reconciliation bill this year. For reference, reconciliation is the process where legislation is passed through the Senate that only requires a simple majority, rather than the 60 votes needed to override a filibuster. Normally, this can only be used once per fiscal year, but the fact that there wasn’t a budget resolution passed last year meant that they carried one over to pass the American Rescue Plan that was signed earlier this month. And while ordinarily that would leave just one further attempt remaining, it’s being reported that Schumer thinks that a provision in the 1974 Congressional Budget Act could allow a third attempt, which would offer the Democrats a potential opportunity to pass another bill this fiscal year without needing to rely on Republican votes.

Against this backdrop yields on 10yr US Treasuries rose +3.2bps to 1.708%, which is their highest closing level since the pandemic began, and they’re up a further +3.4bps this morning, to 1.742%, putting them just shy of the recent intraday high of 1.753% a couple of weeks back. Higher real rates (+2.5bps) drove the bulk of the move yesterday, though inflation expectations also reached fresh highs, with 10yr breakevens up +0.6bps to 2.37%, their highest level since 2013. Furthermore, the 2s10s yield curve steepened +3.0bps to 156bps, a level not seen since 2015. Europe similarly saw a move higher in rates, with yields on 10yr bunds (+2.8bps), OATs (+3.3bps) and gilts (+3.1bps) all rising over the session.

On the pandemic, there weren’t a great deal of major developments yesterday, though concern continued to rise in multiple regions as the number of global cases has been steadily rising for over a month now. Though Europe is at the forefront of a potential new wave, the head of the CDC in the US warned that they also risked facing a fresh wave of cases, with the trajectory looking “similar” to what happened in the EU a few weeks ago, as she said that “I just worry that we’ll see the surges we saw over the summer and over the winter again.” The data from John Hopkins shows that although cases fell consistently in the US from their high in early January to early March, since then there’s been a plateauing of the numbers. We did get some more positive news from a CDC report however yesterday, which showed that the Pfizer and Moderna vaccines were 90% effective at preventing infections after two doses, regardless of symptom status. This offers a sliver of optimism for the US where 29% of the population has now received at least one shot, with 16% fully vaccinated. New York was the latest state to announce plans to expand eligibility to all adults in the coming days, joining a majority of states now offering the jab as widely as possible. And President Biden announced that 90% of the US adult population should now be eligible by April 19. The US is on pace to be administering 3 million shots per day, with supply increasing as more Johnson & Johnson production comes online.

Wrapping up with yesterday’s data, the Dallas Fed’s manufacturing activity index for March, which rose to a two-and-a-half year high of 28.9 (vs. 16.8 expected). Notably there were more signs of inflationary pressures building, with the finished goods prices index up to 32.2, which is the highest since 2008. Meanwhile in the UK, mortgage approvals fell more than expected to 87.7k in February (vs. 95.0k expected), which was their lowest level since last August.

To the day ahead now, and the data releases from Europe include the Euro Area’s final consumer confidence reading for March and the preliminary German CPI reading for March. Over in the US, there’s the FHFA house price index for January and the Conference Board’s consumer confidence reading for March. Otherwise, central bank speakers include Fed Vice Chair Quarles and New York Fed President Williams, along with the ECB’s Centeno.

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 21.38 PTS OR .62%   //Hang Sang CLOSED UP239.20 PTS OR 0.84%    /The Nikkei closed UP 48.18 POINTS OR 0.16%//Australia’s all ordinaires CLOSED UP 0.95%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5712 /Oil DOWN TO 60.30 dollars per barrel for WTI and 63.95 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5712. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5788 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//USA/

Biden has no intention to meet with Kim as he vows additional actions

(Dave DeCamp/Antiwar.com)

Biden Has No ‘Intention’ To Meet With N.Korea’s Kim, Vows “Additional Actions”

 
 
TUESDAY, MAR 30, 2021 – 01:38 PM

Authored by Dave DeCamp via AntiWar.com,

President Biden has no “intention” of holding talks with North Korean leader Kim Jong-un, White House Press Secretary Jen Psaki said on Monday.

Tensions between North Korea and the Biden administration are on the rise after the US and South Korea announced they are resuming military drills and Pyongyang conducted missile tests.

At his first press conference last week, President Biden vowed a “response” if North Korea chooses to “escalate” further, but also said he was prepared for “some form of diplomacy” with North Korea.

When asked if Biden’s plans for diplomacy could include meeting with Kim, Psaki said, “I think his approach would be quite different, and that is not his intention.”

Considering what President Biden has said about former President Trump’s meetings with Kim, it’s no surprise the new administration has no plans for face-to-face talks. At the presidential debate last October, Biden slammed Trump for his relationship with Kim.

“He’s talked about his good buddy, who’s a thug,” Biden said of Kim at the time.

“That’s like saying we had a good relationship with Hitler before he invaded Europe — the rest of Europe. Come on.”

Also on Monday, US Ambassador to the UN Linda Thomas-Greenfield said the US was looking at taking “additional actions” in response to the recent missile test, although it’s not clear what actions those actions could be.

The Biden administration is currently reviewing its North Korea policy, but US officials are calling for a denuclearization of the Korean Peninsula, which is a non-starter for negotiations with Pyongyang.

A realistic approach that was explored by the Trump administration would be to offer sanctions relief in exchange for a freeze in North Korea’s nuclear arsenal.

END

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA/

Biden not ready to remove Trump’s tariffs on China

(zerohedge)

Biden Trade Rep Says US Not Ready To “Yank” Trump’s China Tariffs

 
MONDAY, MAR 29, 2021 – 08:00 PM

In an important US-China development addressing the question of “what’s next” in the still burning and spiraling relations amid the trade war, over the weekend President Biden’s new US Trade Representative Katherine Tai told The Wall Street Journal the administration is not ready to lift Trump’s tariffs on Chinese goods.

“I have heard people say, ‘Please just take these tariffs off,'” Tai said. Prior to just “yanking off tariffs,” the recently sworn in Tai — who is a Taiwanese American attorney and the first Asian-American to hold the post of the country’s top trade negotiator — said it must be “communicated in a way so that the actors in the economy can make adjustments.”

Image source: Nikkei via Kyodo and AP

“Whether they are companies, traders [or] manufacturers, the ability to plan” is important, she added in her comments. Explaining the need for a strategic advantage and prudent use of pressure during any potential new trade deal talks, she quipped, “No negotiator walks away from leverage, right?” 

“Every good negotiator retains his or her leverage to use it,” she posed to her own question. “Every good negotiator is going to keep all of their options open.”

As a reminder this is yet another example of Trump’s foreign policies essentially being adopted as Biden’s foreign policies on many fronts, despite the mainstream media attempting to convey a vast chasm between the two.

Quoting Tai’s words from the Sunday WSJ report, Newsmax correctly put it in context as follows:

Tai echoed Trump’s contention tariffs are intended “to remedy an unbalanced and unfair trade situation.”

The 47-year old Tai served as a staffer of the House Ways and Means Committee during the Trump administration, helping to craft Trump’s U.S.-Mexico-Canada Agreement that replaced NAFTA.

Her ethnic background and outspokenness on China – as well as the fact that she’s a fluent Mandarin speaker – has riled Beijing.

For example a Chinese official’s social media post cited in the latest WSJ report as saying, “This trade representative with Chinese blood has always been a woman who is not friendly to China.”

end
This is what happens when you do business with the devil:
(zerohedge)

Chinese Celebrities Slam Hugo Boss, H&M Stores Forced To Close As Xinjiang Spat Worsens

 
MONDAY, MAR 29, 2021 – 07:20 PM

Hugo Boss has joined several other western clothing companies – notably H&M and Nike, which were virtually erased from the Chinese Internet late last week after saying they wouldn’t use cotton sourced from Xinjiang – in criticizing China’s record on human rights in the far-flung western region, and the company’s stock is paying for it Monday morning.

Boss shares tumbled in Frankfurt as Chinese celebrities criticized the brand over its stance on human rights in the country, ensnaring the German brand in a growing boycott of western firms. That boycott appeared to accelerate Monday morning as Chinese landlords started closing some of H&M’s stores, threatening its foothold in what has become the company’s fourth-biggest market.

At one point, Boss shares were down more than 2%, H&M shares declined by a similar magnitude in Stockholm.

At least six stores in the lower-tier cities of Urumqi, Yinchuan, Changchun and Lianyungang have been shut down by the owners of the properties, according to mall operators in those areas who reportedly spoke to Bloomberg. In addition, local Chinese media have reported on more closures, with pictures showing H&M’s brand billboards being removed.

Li Yifeng, an actor and singer who has more than 60MM followers on his Weibo – a Chinese social media platform often compared with twitter – has ended all cooperation with Hugo Boss, according to a post on his agent’s Weibo account. Zhu Zhengting and Wang Linkai, both popular singers, will also stop working with the German firm, according to similar posts from their agents.

Western clothing companies have all found themselves in an uncomfortable position. On the one hand, the US and EU, which recently slapped new human rights sanctions on China, have criticized the CCP for imprisoning more than 1MM ethnic Uyghers in concentration camps. On the other, Beijing has made clear that firms hoping to sell clothes in China can either use cotton from Xinjiang, or risk a public “boycott”.

When confronted about the cotton issue at a press conference last week, Foreign Ministry spokeswoman Hua Chunying insisted nearly half the production in the region is “mechanized”, while also slamming America over its own history of slavery. “This was in the US when Black slaves were forced to pick cotton in the fields,” she said.

Hugo Boss initially appeared to try to appease the CCP by posting on its Weibo account last week that it would “continue to purchase and support Xinjiang cotton.” However, a spokeswoman for the company now claims that comment was unauthorized and has now been deleted.

In a separate statement currently posted to its website, Hugo Boss said the company does not tolerate forced labor and insists that its global suppliers follow suit. The company “has not procured any goods originating in the Xinjiang region from direct suppliers.”

Circling back to H&M, mall operators said the closures were ordered by landlords who wanted to punish H&M for showing “disrespect” to China. As Bloomberg put it, H&M appeared to suffer the brunt of the fallout after the statement was called out by the Communist Youth League and the People’s Liberation Army. In addition to the closures, As we have reported, H&M outlets have vanished on Apple Maps and Baidu Maps searches, making it hard for Chinese consumers to locate stores, and it’s been removed from Chinese e-commerce platforms. It’s unclear how long the closures will last, and analysts warned that it could significantly impact the company’s second-quarter sales.

Other brands, including Inditex’s Zara, are still weighing whether to use Xinjiang cotton, or no

end

China furious that USA ambassador to visit Taiwan since 1979 calls it a “country”

(zerohedge)

China Furious As 1st US Ambassador To Visit Taiwan Since 1979 Calls It A “Country” 

 
TUESDAY, MAR 30, 2021 – 11:14 AM

Despite repeat warnings out of Beijing for Washington to stop “playing with fire” in its support to pro-democracy and independence forces in Taiwan, on Monday into Tuesday a US ambassador visited the island, marking the first time an American ambassador made an official visit to Taiwan in 42 years

Palau John Hennessey-Niland is the ambassador to the tiny country of Palau, an archipelago of over 500 islands in the Micronesia region in the western Pacific Ocean. The country is among 15 nations that formally recognize Taiwan over China. Amb. Hennessey-Niland accompanied a delegation led by Palaun President Surangel Whipps Jr. to Taipei early this week.

 

Palau President Surangel Whipps, Taiwan foreign minister Joseph Wu and US Ambassador to Palau John Hennessey-Niland on Monday. Reuters

As Reuters underscores, he’s now “the first US ambassador to visit Taiwan in an official capacity since former President Jimmy Carter cut ties with Taipei in favor of Beijing in 1979.”

And Reuters noted further:

Whipps said the ambassador – who did not take questions from reporters – was there to demonstrate a shared commitment to democracy and freedom in the region.

“As a small nation we can easily be infiltrated and we depend on our partners to protect us and give us security,” Whipps said.

On the very same day (Monday), China’s air force sent another ten military aircraft to breach Taiwan’s air defense identification zone, coming days after Friday’s “largest ever” such incursion involving 20 aircraft. 

China’s foreign ministry spokesperson Zhao Lijian lashed out when asked about the US ambassador’s visit Monday, saying, “I want to stress that the one China principle is a universally recognized norm for international relations and a common consensus recognized, accepted and practiced by the vast majority of countries in the world.”

He again laid down China’s “red line”

The US must “fully recognize that the Taiwan question is highly sensitive, and that it should abide by the one China principle and the three China-US joint communiques,” the spokesman said. 

It must stop any official interaction with Taiwan, refrain from sending any wrong signals to Taiwan independence forces, stop any attempt to cross the bottom line, and properly handle Taiwan-related issues with prudence, lest it should damage China-US relations as well as peace and stability across the Taiwan Strait,” Zhao stressed.

Apparently undeterred, on Tuesday Hennessey-Niland was actually cited in regional media as provocatively referring to Taiwan as a recognized country

“I know that here in Taiwan people describe the relationship between the United States and Taiwan as real friends, real progress and I believe that description applies to the three countries  the United States, Taiwan and Palau,” he was cited in Reuters and AFP as saying.

Should such language become the “norm” at the State Department under the Biden administration, this is certain to set the US and China on a collision course in the region at a much faster rate of unraveling than previously thought was likely.

end

CHINA/NY

Chinese listing began to sour:

IPO Market Starts To Show Cracks As Tech Deals Falter

 
TUESDAY, MAR 30, 2021 – 03:05 PM

Caught between the rock of Xi JInping tracking down on local tech companies (see “China Considers Creating State-Backed Company to Oversee Tech Data“)  and the hard place of the continued dumping by Archegos of various Chinese tech blocks, Bloomberg’s Julia Fioretti notes that “the cracks are appearing in Asia’s tech listings boom.”

The latest to disappoint was US-traded Chinese video-streaming service Bilibili in Hong Kong, which closed 1% lower on Monday after raising $2.6 billion in a secondary listing in the city. Bilibili’s coming-out party in Hong Kong was hurt by a revived delisting threat of Chinese companies over stricter U.S. audit inspections, as well as regulatory clouds out of China.

Meanwhile, Chinese fintech firm Linklogis is due to price its IPO of as much as $1.1 billion in Hong Kong on Wednesday, providing further clues on investor appetite.

These deals come as debuts lose their shine. Companies that have raised at least $200 million from listings on Asian exchanges this year have posted an average first-day rise of 70% but a month after going public, they were just up 43% from their offer price, data compiled by Bloomberg show. Compare this to the second half of 2020, when market debutantes were up 60% in their first month, with an average first-day gain of 51%.

As Fioretti notes, it could be argued that some of the muted performances isn’t a bad thing: eye-popping gains by IPOs by Kuaishou Technology and Yidu Tech earlier this year were seen as signaling frothiness. After closing 161% above its IPO price in February, short-video service Kuaishou gave up some of the gains and is now trading at 130% above its issue price. Yidu Tech is just trading 37% above its IPO price after surging 148% on its debut.

But in a major hit to sentiment, the unprecedented spree of block trades in the U.S. as a result of the forced sale of Archegos’ holdings further hit sentiment towards the Chinese tech sector. Chinese tech giant Baidu ended its Hong Kong debut last week flat and has since slumped 20%. Its U.S. shares were among the $2.64 billion of stock offloaded on Monday in connection with the wind-down of Bill Hwang’s Archegos Capital Management.

An overall rotation out of technology into value and cyclical shares benefiting from a global economic rebound is also taking a toll on the sector. As a result, more companies are trading under water weeks in 2021. This year, 29% of companies that raised at least $200 million with one month of trading under their belt in Asia have dropped below their offer prices, up from 22% in the second half of last year, the data show.

Still, there are bright spots. Artificial intelligence software company Appier Group Inc. jumped 19% on its Tokyo debut on Tuesday after pricing its $271 million IPO at the top of the range, showing investors aren’t completely retreating from tech.

Here is a snapshot of some upcoming listings:

Bairong

  • Hong Kong stock exchange
  • Size $507m
  • Listing March 31
  • Morgan Stanley, CICC, CMBC Capital

Linklogis

  • Hong Kong stock exchange
  • Size up to $1.1b
  • Pricing March 31, listing April 9
  • Goldman Sachs, CICC

Archi Indonesia

  • Indonesia stock exchange
  • Size about $300m
  • Pre-marketing March 12-26
  • Citi, Credit Suisse

Smart Share Global

  • Nasdaq
  • Size up to $219m
  • Pricing March 31
  • Goldman Sachs, Citi, China Renaissance

Top Glove

  • Hong Kong stock exchange
  • Size up to $1.9b
  • Filed Feb. 26
  • CICC

Gateway Strategic Acquisition Co

  • NYSE
  • Size $300m
  • Credit Suisse, Citi
  • Filed March 24

Hony Capital Acquisition Co

  • NYSE
  • Size $300m
  • Citi, Credit Suisse
  • Filed March 24

Artisan Acquisition Corp.

  • Nasdaq
  • Size $300m
  • Credit Suisse, UBS
  • Filed March 24

END

Tedros is a puppet for China. Pay no attention to this report

(zerohedge) 

Long-Awaited WHO Report On COVID Origins Doesn’t Rule Out Lab Leak, Tedros Says

 
TUESDAY, MAR 30, 2021 – 03:40 PM

After abruptly delaying the release of a long-waited report on the origins of the coronavirus, a version of the report was leaked over the weekend (following reports that Chinese officials had interfered in the review process).

On Sunday night, 60 Minutes raised some serious questions about the WHO’s investigation of the pandemic’s origins in the city of Wuhan. When interviewer Lesley Stahl accused a member of the WHO team of simply taking Beijing’s word for it. He replied, incredulously, “what else can we do?”

Well, it appears the WHO leadership in Geneva has accepted the fact that their “report” on the virus’s origins, which essentially confirmed speculation that first surfaced more than a year ago (that the virus entered the human population from bats via an intermediary, possibly a civet or another such creature) has failed to dissuade the public of the notion that the virus likely leaked from a nearby lab, the Wuhan Institute of Virology.

WHO Director-General Dr. Tedros Adhanom Ghebreyesus heralded the report’s release on Tuesday with a mea culpa for the WHO: Dr. Tedros said the mission to China didn’t adequately explore whether the virus might have leaked from the lab, before saying that more studies will be needed.

“In my discussions with the team, they expressed the difficulties they encountered in accessing raw data,” Dr. Tedros said. “I expect future collaborative studies to include more timely and comprehensive data sharing.” The conclusions that the virus origins remains incomplete likely means that tensions over how the pandemic started – and whether China has helped or hinder efforts to find out, as the United States has alleged – will continue.

This marks the first time the WHO has appeared willing to countenance the possibility that the virus might have leaked from the lab, something former Trump national security official Matt Pottinger has repeatedly warned about.

What’s more, Dr. Tedros said China withheld raw data on early COVID cases from the team of researchers, which had requested it.

In a tweet published just hours before Dr. Tedros made his remarks, former Secretary of State Mike Pompeo slammed the report as a “sham”.

Mission leader Peter Ben Embarek said Tuesday as the report was released that the team hadn’t done a “full audit” of laboratories (since it’s so obvious that nobody is hiding anything.). He described the report as “a work in progress” and added that “until we have a firm lead leading us in one direction we aren’t closing the other doors”.

As far as the lab-leak theory goes, Embarek acknowledged that “it’s possible.” But more studies are needed, and whether or not Beijing will cooperate remains unclear.

“I think there is a consensus that new studies need to be undertaken preferably as soon as possible…but in the proper way…well-planned…well-organized.” Some are ongoing, some still need to be started, Ben Embarek said.

In the report, the team acknowledged that despite China’s insistence that the Huanan Wet Market was ground zero for the Wuhan outbreak, none of the animal products sampled at the market tested positive. Still, they insisted that the “lab leak” scenario was the least likely hypothesis.

One way the team could help determine the virus’s origin, and thus test the theory that it occurred naturally, would be to access massive troves of patient data from across China stretching back to Sept. 2019, months before the outbreak was reported to the WHO.

But China has steadfastly refused to provide this data. And as such, Dr Tedros added in a tweet that “all hypotheses remain on the table.”

He better be careful…

While the WHO’s willingness to anger Beijing with this latest pronouncement about the virus’s origins may come as a surprise, in one respect, the agency had little choice: to western readers, the lack of Chinese cooperation and the obvious dissembling surrounding key aspects of the investigation are simply too suspicious to ignore. And no matter what the agency says, readers could easily come to their own conclusions.

Readers can read Dr. Tedros’ full remarks here. The closing remarks, where Dr. Tedros noted the fact the review is essentially incomplete, can be found in full below:

Thank you, Dr Peter Ben Embarek, Professor Liang and the whole team for sharing your report and presenting your findings.

I welcome your report, which advances our understanding in important ways.

It also raises further questions that will need to be addressed by further studies, as the team itself notes in the report.

As Member States have heard, the report presents a comprehensive review of available data, suggesting that there was unrecognized transmission in December 2019, and possibly earlier.

The team reports that the first detected case had symptom onset on the 8th of December 2019. But to understand the earliest cases, scientists would benefit from full access to data including biological samples from at least September 2019.

In my discussions with the team, they expressed the difficulties they encountered in accessing raw data. I expect future collaborative studies to include more timely and comprehensive data sharing.

I welcome the recommendations for further studies to understand the earliest human cases and clusters, to trace the animals sold at markets in and around Wuhan, and to better understand the range of potential animal hosts and intermediaries.

The role of animal markets is still unclear.

The team has confirmed that there was widespread contamination with SARS-CoV-2 in the Huanan market in Wuhan, but could not determine the source of this contamination.

Again, I welcome the recommendations for further research, including a full analysis of the trade in animals and products in markets across Wuhan, particularly those linked to early human cases.

I concur with the team’s conclusion that farmers, suppliers and their contacts will need to be interviewed.

The team also addressed the possibility that the virus was introduced to humans through the food chain.

Further study will be important to identify what role farmed wild animals may have played in introducing the virus to markets in Wuhan and beyond.
The team also visited several laboratories in Wuhan and considered the possibility that the virus entered the human population as a result of a laboratory incident.

However, I do not believe that this assessment was extensive enough. Further data and studies will be needed to reach more robust conclusions.

Although the team has concluded that a laboratory leak is the least likely hypothesis, this requires further investigation, potentially with additional missions involving specialist experts, which I am ready to deploy.

We will keep you informed as plans progress, and as always, we very much welcome your input.

Let me say clearly that as far as WHO is concerned all hypotheses remain on the table.

This report is a very important beginning, but it is not the end. We have not yet found the source of the virus, and we must continue to follow the science and leave no stone unturned as we do.

Finding the origin of a virus takes time and we owe it to the world to find the source so we can collectively take steps to reduce the risk of this happening again.

No single research trip can provide all the answers.

It is clear that we need more research across a range of areas, which will entail further field visits.

Before I conclude I want to express my thanks to the experts from around the world and China who participated in the report, and look forward to continuing this important work.

Excellencies, as always, we are grateful for your continuing engagement, and we look forward to your questions and comments.

Embarek also pushed back against reports that China tried to meddle with the report, which can be read in its entirety below:

WHO Convened Global Study of Origins of SARS CoV 2 China Part Joint Report by Joseph Adinolfi Jr. on Scribd

7

4/EUROPEAN AFFAIRS

UK//

Britain is now preparing to enter the USA China fray becoming a partner with USA

(Baroud AntiWar,com)

Nuclear Weapons Blazing: Britain Enters The US-China Fray

 
TUESDAY, MAR 30, 2021 – 02:00 AM

Authored by Ramzy Baroud via AntiWar.com,

Boris Johnson’s March 16 speech before the British Parliament was reminiscent, at least in tone, to that of Chinese President Xi Jinping in October 2019, on the 70th anniversary of the founding of the Republic of China. The comparison is quite apt if we remember the long-anticipated shift in Britain’s foreign policy and Johnson’s conservative Government’s pressing need to chart a new global course in search for new allies – and new enemies.

XI’s words in 2019 signaled a new era in Chinese foreign policy, where Beijing hoped to send a message to its allies and enemies that the rules of the game were finally changing in its favor, and that China’s economic miracle – launched under the leadership of Deng Xiaoping in 1992 – would no longer be confined to the realm of wealth accumulation, but would exceed this to politics and military strength, as well.

 

The Royal Navy Vanguard class nuclear submarine HMS Vengeance, via EPA

In China’s case, XI’s declarations were not a shift per se, but rather a rational progression. However, in the case of Britain, the process, though ultimately rational, is hardly straightforward. After officially leaving the European Union in January 2020, Britain was expected to articulate a new national agenda. This articulation, however, was derailed by the COVID-19 pandemic and the multiple crises it generated.

Several scenarios, regarding the nature of Britain’s new agenda, were plausible:

One, that Britain maintains a degree of political proximity to the EU, thus avoiding more negative repercussions of Brexit;

Two, for Britain to return to its former alliance with the US, begun in earnest in the post-World War II era and the formation of NATO and reaching its zenith in the run up to the Iraq invasion in 2003;

Finally, for Britain to play the role of the mediator, standing at an equal distance among all parties, so that it may reap the benefits of its unique position as a strong country with a massive global network.

A government’s report, “Global Britain in a Competitive Age”, released on March 16, and Johnson’s subsequent speech, indicate that Britain has chosen the second option.

The report clearly prioritizes the British-American alliance above all others, stating that “The United States will remain the UK’s most important strategic ally and partner”, and underscoring Britain’s need to place greater focus on the “Indo-Pacific” region, calling it “the centre of intensifying geopolitical competition”.

Therefore, unsurprisingly, Britain is now set to dispatch a military carrier to the South China Sea, and is preparing to expand its nuclear arsenal from 180 to 260 warheads, in obvious violation of the Non-Proliferation Treaty (NPT). The latter move can be directly attributed to Britain’s new political realignment which roughly follows the maxim of “the enemy of my friend is my enemy”.

The government’s report places particular emphasis on China, warning against its increased “international assertiveness” and “growing importance in the Indo-Pacific”. Furthermore, it calls for greater investment in enhancing “China-facing capabilities” and responding to “the systematic challenge” that China “poses to our security”.

How additional nuclear warheads will allow Britain to achieve its above objectives remains uncertain. Compared with Russia and the US, Britain’s nuclear arsenal, although duly destructive, is negligible in terms of its overall size. However, as history has taught us, nuclear weapons are rarely manufactured to be used in war – with the single exception of Hiroshima and Nagasaki. The number of nuclear warheads and the precise position of their operational deployment are usually meant to send a message, not merely that of strength or resolve, but also to delineate where a specific country stands in terms of its alliances.

The US-Soviet Cold War, for example, was expressed largely through a relentless arms race, with nuclear weapons playing a central role in that polarizing conflict, which divided the world into two major ideological-political camps.

Now that China is likely to claim the superpower status enjoyed by the Soviets until the early 1990s, a new Great Game and Cold War can be felt, not only in the Asia Pacific region, but as far away as Africa and South America. While Europe continues to hedge its bets in this new global conflict – reassured by the size of its members’ collective economies – Britain, thanks to Brexit, no longer has that leverage. No longer an EU member, Britain is now keen to protect its global interests through a direct commitment to US interests. Now that China has been designated as America’s new enemy, Britain must play along.

While much media coverage has been dedicated to the expansion of Britain’s nuclear arsenal, little attention has been paid to the fact that the British move is a mere step in a larger political scheme, which ultimately aims at executing a British tilt to Asia, similar to the US “pivot to Asia”, declared by the Barack Obama Administration nearly a decade ago.

The British foreign policy shift is an unprecedented gamble for London, as the nature of the new Cold War is fundamentally different from the previous one; this time around, the “West” is divided, torn by politics and crises, while NATO is no longer the superpower it once was.

Now that Britain has made its position clear, the ball is in the Chinese court, and the new Great Game is, indeed, afoot.

end

CORONAVIRUS UPDATE/GERMANY

More restrictions coming for Germany!

(zerohedge)

Merkel Teases More COVID Restrictions After Bashing German States For Botching Response

 
TUESDAY, MAR 30, 2021 – 04:15 AM

After abandoning plansfor a “draconian” 5-day Easter Weekend lockdown, German Chancellor Angela Merkel apparently hasn’t given up the fight to impose another economy-crushing round of lockdowns on the German people, who have lived with varying levels of restrictions for a year already.

In an interview that followed what the FT described as “one of the toughest weeks Merkel has faced as Chancellor” Merkel attacked the leaders of Germany’s 16 states, warning that they should not be reopening their economies, while threatening a new national curfew to slow the “third wave” of the virus.

Speaking on Sunday evening, Merkel said Germany may need to take “additional measures” to contain the latest wave of cases. “We have the possibility of curfews, further contact restrictions, further mask-wearing,” she said.

Already, schools must carry out tests on pupils at least twice a week. Employers must allow their staff to work from home, and those who work at the office or factory must also take two tests per week, she added. This rule could soon carry the force of law if Merkel decides to tighten restrictions.

During the wide-ranging interview with German television channel ARD, Merkel faulted several states for failing to implement an “emergency brake” agreed on March 3. The measure requires states to halt plans to relax lockdown measures if the rate of infection in the population ever tops 1/100.

“Unfortunately, it is not being adhered to everywhere,” she said. “There are several states that are interpreting it very broadly, and that doesn’t fill me with joy.”

“What depresses and vexes me is that the good parts of a resolution are implemented…but the difficult part isn’t, as I would wish it to be,” Merkel said.

Specifically, Merkel slammed Armin Laschet, the prime minister of North Rhine-Westphalia, Germany’s most populous state, who was elected leader of her CDU party in January. Laschet has said the emergency brake will be applied only in certain areas where COVID is most prevalent, not the entire state. Merkel said Laschet was violating the principle of the emergency break, but that “he’s not the only one.” These lax enforcement measured caused the response to be “a bit delayed, and that cost us a lot of time and a lot of energy, and now with the third wave it looks like the same thing might be happening again.”

While deaths have continued to slow, Germany has seen its 7-day average for new cases rise to its highest level since January.

The latest wave of infections continued to grow over the weekend as the incidence of infections per 100,000 people in Germany rose to 130, from 104 a week ago, well above that key 100 threshold. The number of total confirmed cases increased by 17,176 to 2,722,401 on Sunday, while the death toll increased by 90 to 75,870.

Meanwhile, as more European nations move to extend or reinstate lockdown measures, UBS has just published its latest outlook for the eurozone’s economy, saying “longer and/or tighter lockdowns than previously assumed warrant a more cautious outlook for GDP and growth in Q1 and Q2021. Despite some positive payback in Q3 and Q4, we now expect an annual growth rate of 4.3%, down from 5.0% previously – still very decent, but not as impressive as we anticipated a few months ago.”

As for inflation: “we expect inflation to rise over the coming months, from 0.9% y/y in January to 2% or even slightly higher over the second half of the year, pushed up by one-offs and base effects.”

Of course, all these projections will ultimately depend on how many states bow to Merkel’s latest round of browbeating. One state that has vowed to reopen after Easter is the small region of Saarland in western Germany. Merkel acknowledged its infection numbers were relatively low “but they’re not stable…they’re not sinking.”

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

SYRIA//USA

A wonderful success story!!  USA backed fighters seize USA made missiles heading to other USA backed fighters in Syria all in the name of smuggling//seizing Syrian oil

Great Success! US-Backed Fighters Seize US-Made Missiles Heading To Other US-Backed Fighters In Syria

 
TUESDAY, MAR 30, 2021 – 05:00 AM

Via Southfront.org,

In an unusual turn of events in Syria, militants once backed by the US have seized a shipment of US-made missiles that was heading to fighters currently backed by the US.

The missiles, US-made TOWs, were seized on March 28 by the Syrian Task Force, a joint force of the Turkish Police, Counterterrorism Unit and the National Syrian Army (SNA), near the Turkish-occupied town of Azaz in the northern Aleppo countryside.

According to the Turkish Ministry of Interior, the smugglers confessed that that they had been trying to transfer weapons to the Kurdish People’s Protection Units (YPG) and the Kurdistan Workers’ Party (PKK) in the town of Manbij in the northeastern countryside of Aleppo.

Beside two TOW anti-tank guided missiles (ATGMs), the weapons shipment included 24 AK-type assault rifles, a designated marksman rifle, two gun tubes and ammunition.

Click to see full-size image. Source: t.me/uom_03

Most SNA factions were once backed by the US, which supplied them with TOW ATGMs until late 2017. The YPG and the PKK, one the other hand, are the core of the Syrian Democratic Forces, which still receive US support.

Between 2012 and 2017, the US shipped loads of weapons and ammunition to rebels in Syria in an attempt to topple the government of President Bashar al-Assad.

The Central Intelligence Agency (CIA) and the Pentagon led these efforts to arm the Syrian rebels with a direct support from US allies in the Middle East, first and foremost Turkey, Jordan, Saudi Arabia and Qatar.

US efforts didn’t only fail to topple the Damascus government, but also ended up turning Syria into a large black market for advanced weapons. Many of the weapons supplied by the US and its allies found their way to the hands of terrorist groups like ISIS and al-Qaeda-linked Hay’at Tahrir al-Sham. Some of these weapons were found in Iraq and even Lebanon.

Today, weapons like TOW ATGMs, are being used by militants once supported by the US against Washington’s current proxies in Syria and vice versa.

The US plans to arm Syrian rebels inflamed the war, threatened neighboring countries and even ended up turning Washington’s tools against each other. Some not very tolerant social media users would call these great achievements a brilliant example of a“clusterf**k.”

end

RUSSIA/UKRAINE/USA

Robert H gives us an update on Russia/Ukraine situation

(courtesy Robert H)

 
 
 
 
 
 
I have several times cautioned in recent days about a war in Europe coming this spring.
While it makes no sense for the Ukraine to attack Russia; money greases many a wheel, and buries many a soldier.
I have also written of the massed Ukrainian troops on the border numbering some 90,000 along with tanks and artillery. Now for several days, we have seen clear evidence of Russian armor and artillery and anti missile systems being brought in. I doubt very much this will be used by local fighters but by Russian forces when and if the attack comes. The fact that such equipment is openly being moved by rail is a direct confirmation of anticipated attack by Russia and a clear signal of a response. This is much like their surfacing of 3 subs last week in a zone where missile strike timing would be cut in half. Any sub who surfaces with open silos is a clear indication of intent if provoked, and not afraid to show its’ talons.
Timing will be either at the end of this week or the beginning of May as April rain creates to much mud for the tanks to move through fields.
Europe is very much unaware of the consequences this will bring. And naturally with consequences will come opportunities.
The sad part is that many ten’s of thousands will lay buried in the fields of the  Ukraine, and that will not just be Ukrainians but the NATO forces that are with them. It should be expected that Russia will unleash a devastation not seen in modern history that will include some new weapons that were battle tested in Syria. People forget that Russia is quite capable of shutting down air space very deep into the Ukraine from it’s’ own soil. And if I were to guess they have pinpointed the targets by now and selected elevations of missile strike patterns. Their response will not entirely be defense.
If you look at the map the line in red will likely be the territory that will be taken by Russia as it will use this insanity to improve its’ security in the future. And to serve notice of future consequences to other nations who are willing to try and attack in the future. As I have said many a time Russia really has no interest in seizing European territory outside of what may serve to increase its’ own defenses. Russia has more than enough territory within and is by far the wealthiest country in raw natural resources rumored to be north of $75 trillion.  And it lacks population mass to fully exploit this advantage.
 
I might suggest that travel to anywhere near Russian borders be postponed until late spring.
 
 
end

6.Global Issues

CORONAVIRUS UPDATE/GLOBE

New COVID-19 Waves Sweep Through Asia

 
TUESDAY, MAR 30, 2021 – 02:45 AM

New waves of coronavirus infections have been sweeping through several countries in Asia, threatening to become more ferocious than previous outbreaks.

Infographic: New Coronavirus Waves Sweep Through Asia | Statista

You will find more infographics at Statista

Statista’s Katharina Buchholz notes that Philippines broke their record for new cases recorded in a day five times since March 19, recording almost 10,000 new cases on Friday, according to Johns Hopkins University. Looking at new cases in relation to population, the country is also the most affected in Asia. The 7-day rolling average of new cases per one million of population stood at more than 75 Sunday, followed by almost 42 new cases/million in India.

India saw 68,000 new cases Sunday, still below the September peak of almost 98,000, but rising rapidly. Bangladesh, where case numbers are growing at a similar rate to its larger neighbor, came very close to its daily record when it recorded 3,908 new cases that day. The number was just short of the 4,019 new infections that were recorded on July 2, 2020, at the height of the country’s first wave. Mongolia recorded 896 new cases on Sunday after having recorded more than 100 new cases in day for the first time ever on March 7.

Third-most affected in relation to population was Malaysia, but cases in the country have been slowing. Fifth-most affected Indonesia has also seen a light easing of the situation. This is according to numbers collected by research project Our World in Data located at the University of Oxford.

Other growing outbreaks are being monitored in Pakistan and once again in Japan (which would constitute a fourth wave for the country). Countries in Southeast Asia – Vietnam, Cambodia and Thailand – have also seen more new cases than usual. Yet, the overall number of cases in the little-affected region remains low. New infections remained at stable levels in South Korea, Singapore and Nepal.

end
 
Please avoid the AZ vaccine
(zerohedge)
 

Berlin Halts AstraZeneca Jab As Germany Weighs Limiting It To Older Patients

 
TUESDAY, MAR 30, 2021 – 11:50 AM

The spread of SARS-CoV-2 and the confirmed “mutant” strains has accelerated (though daily numbers remain well below their record highs reached in late January) over the past month, and just after the European Union finally reached a deal with the UK to try and ensure vaccine “reciprocity” (at least for developed, wealthy, western countries). But more than a week after troubled vaccine-maker AstraZeneca released a revised analysis of its Phase 3 research following a squabble with an obscure US regulator, German Capital Berlin has just announced that it’s banning jabs going to patients over the age of 60.

The reason? New research from a team of German scientists suggesting that there is indeed a link between the AstraZeneca jabs and the dangerous blood clots that have killed a small handful of patients in Europe. To arrive at this conclusion, the team examined 9 cases of the rare blood clots isolated in Austria and Germany. The 9 patients (8 female; median age, 36 [range, 22—49) presented with thrombosis beginning 4 to 16 days post-vaccination: 7 patients had cerebral venous thrombosis (CVT), 1 had pulmonary embolism, and 1 had splanchnic vein thrombosis and CVT. Ultimately, 4 patients died.

Researchers concluded that “the AZD1222 vaccine is “associated with development of a prothrombotic disorder”. Dilek Kalayci, the city’s top health official, said that both Germany’s independent STIKO vaccine commission, which is supported by the RKI public-health institute, and the Federal Institute for Vaccines will make new recommendations on how to proceed. Those could be published as soon as Tuesday.

What’s more, regional German health ministers will also discuss the Astra vaccine with federal government officials during a special meeting later on Tuesday. RKI spokeswoman Susanne Glasmacher confirmed that the vaccine commission is parsing the latest research about the vaccine’s health risks. Meanwhile, Germany’s vaccine authority STIKO recommended use of AstraZeneca vaccine only for men and women older than 60. Initially, when German regulators first approved the AstraZeneca jab, they limited it to those under 65.

“We have to wait for the recommendations but we wanted to take this step as a precaution,” Kalayci said at a news conference, adding that pending appointments will be canceled. “This vaccine does prevent severe symptoms, and that is very valuable, but we have to be careful with it nonetheless.”

Of course, the EMA acknowledged these side-effect risks during its safety review earlier this month. Both the EMA and WHO have insisted that the potential benefits of the vaccines far outweigh the risks.

Vaccination rates in EU nations remain well below those in the US, which is on the cusp of doling out some 3MM jabs per day, the fastest rate in the world.

 

Other European nations, including Norway, where the blood clots have become a major news story after three health-care workers all came down with the clots, and one died, have added, or refused to drop, restrictions following the EMA assessment. Even Canada has suspended plans to give the Astra jab to younger people over the blood-clotting risks.  Denmark announced last week plans to extend its halt for the AstraZeneca shot pending the results of a local investigation. France has also moved to impose age restrictions, while Sweden – like Germany –  is considering withholding the AstraZeneca jab from anyone under the age 55, according to an interview in the Swedish newspaper Dagens Nyheter.

During the interview, Tegnell explained that the decision was one of risk-cost benefit. Younger people must weigh the risks of side effects with the risk posed by the disease, and make a choice. “If you are under 50-55 years old, the risks are very small when it comes to the disease, so then maybe you should think about the risk-benefit balance.”

Read the full research report below:

ebd0055b-50ad-4a8e-9d42-b967d0d8b132 by Joseph Adinolfi Jr. on Scribd

 

60
 
Michael Every…..on the big stories of today
 
(Michael Every)

Archegos? Argh, Chaos More Like

 
TUESDAY, MAR 30, 2021 – 10:15 AM

By Michael Every of Rabobank

I noted yesterday that the expected market turbulence caused by the Archegos sell-off was not representative of the underlying structural issues that will guide markets going forwards. I stick by that claim, but even so what a messy day it was. Some individual stocks got hit hard, and US bond yields were up, presumably due to the need to sell anything to get liquidity, while the USD see-sawed. Archegos? ‘Argh, chaos’ more like.

This overshadowed the good news that the Suez Canal is now open again. However, there is a link between the two: both stories reveal how stupid the key infrastructure of the global economy and financial system still is. ‘Too big to sail and too big to fail’, as some dub the two halves of this dyad: and Joe Public can again see our system encourages entities to get so large and complex that when a simple incident happens, everything gets stuck. Something surely needs to change, unless we are going to assume there can’t be any more ‘Argh, chaos’ “because markets”, or any more stuck giant ships in the Suez Canal “because boats”.

So, change? Fed Governor Waller spoke to the Peterson Institute for International Economics yesterday, where he rejected any suggestions the Fed was close to embracing the MMT: he wanted to “definitively put that narrative to rest. It is simply wrong”. Borrowing costs are not being kept low to help finance the government, apparently. (It’s all inflation; and unemployment; and social justice; and the climate?) Clearly there won’t be any need for an Operation Twist and Shout or for Yield Curve Control then…but can we get that in writing?

At the same time, the press reports the Biden administration is planning a further Covid relief bill separate from a key infrastructure bill to be launched Wednesday; and the latter is now rumored to be for as much as USD4 trillion, or close to 20% of GDP, funded by USD3 trillion of tax hikes on businesses and the rich, the largest hike in a generation, as opposed to the original idea of USD3 trillion in spending funded by USD1 trillion of taxes.

If the larger stimulus package is the one put forward, it means there is no sign of MMT in the White House either, because the net spend of USD1 trillion (over a decade) is hardly in the money-printing category. Instead, there is a redistributive fiscal package that presumes USD3 trillion the rich have can be spent more productively on bridges, roads, and ports, etc., than on $100m condos filled with gold-dusted caviar or stock buybacks. Cue a shift of political debate from ‘MMT’ vs. ‘no MMT’ to ‘The government doesn’t know what it’s doing!’ vs. ‘The rich do know what they are doing – turning the US into an oligarchic kleptocracy’. And may the best lobbyists win.

As a linked aside, yesterday I saw 1963 US plans for an alternative to the Suez Canal, because at the time Egypt was a Soviet client state. This was to use *530* nukes to blow a 160-mile long, 1,500 foot deep channel through Israel from its Mediterranean coast to the Red Sea, which would “probably contribute greatly to the economic development of the surrounding area”(!) That underlines the idiocy of central planning and of Cold War thinking. Which is doubly worrying given any new Cold War is again very likely going to see key global infrastructure in the hands of states not aligned with US geostrategic interests, and the US is already talking about its own Belt and Road rival (as China seems to slowly back away from the economic drain of its own). Beware Americans bearing nukes.

Yet the economic national-security Hamiltonian model, the ideas of Henry George, and the fact Eisenhower built the US inter-state highway network partially to prevent Soviet invasion from either coast, still all hold as much water as the glow-in-the-dark 160-mile long monstrosity through Israel would have.

Meanwhile, as the US and nukes and the Middle East make headlines for different reasons today, but still leaving much of Israel feeling antsy, BOJ Governor Kuroda just stated he will continue to buy ETFs within a JPY12 trillion cap “with a close eye on markets” even after Covid is over; he won’t sell the BOJ’s stock of ETFs; and the inflation target stays at 2% (ROFL!). He also thinks that it is “natural for the government to deploy fiscal stimulus flexibly, though Japan must also maintain market trust over its medium- and long-term fiscal health.” (Will the people in the market who associate Japan with long-term fiscal health please stand up?) The BOJ will also “support various entities’ efforts towards reform as Japan faces challenges in the post-Covid world”: does he mean the local Olympic Games Committee? In short, more of the same is on offer from the BOJ – which has worked so magnificently for it so far.

That’s another lesson for the US. Structural reform needs to be structural, not just cementing over river beds – or blowing up the Negev desert.

On which note, the FTSE Bond Index just announced that it is about to include Chinese government bonds (CGBs) in its world index, allowing global investors to buy both sides of the Cold War bet and all related public expenditures. But there is a sting in the tail: the FTSE CGB weighting will be just 5.25%, not the 6.5% expected, starting October 29, and this will be tapered in over 36 months, not 12 months as originally believed.

A few months ago, when China was seeing too much capital flow in for its liking, that slower pace might have been welcome. Indeed, and ironically, much of the capital that went in to Chinese markets from foreign funds is believed to have been encouraged to flow straight back out again via different channels to prevent excess appreciation pressure on the currency (and note that China’s FX reserves have hardly soared). Yet CNY and CNH are starting to move markedly lower again; and genuine capital outflows are being experienced as US yields rise, even despite bumper Covid-related trade surpluses (which will fade with the virus does). Moreover, with the geopolitical backdrop this Cold, how could this most political of all FX crosses not eventually respond in kind?

One wonders what the Fed (and ECB and BOJ) would make of any sustained move lower in CNY, given what it will mean for inflation; and the White House, given what it means for jobs.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 
 
 
END

 

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

Euro/USA 1.1787 DOWN .0032 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 110.34 UP 0.530 (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 1.3741  DOWN   0.0033  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2618 UP .0028 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro FELL BY 32 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1737 Last night Shanghai COMPOSITE UP 21,38 PTS OR 0.62% 

//Hang Sang CLOSED UP 239.20 PTS OR .84% 

/AUSTRALIA CLOSED DOWN 0.95%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL  GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 239.20 PTS OR 0.84% 

/SHANGHAI CLOSED UP 21.38 PTS OR 0.62% 

Australia BOURSE CLOSED DOWN 0.95% 

Nikkei (Japan) CLOSED UP 48.18  POINTS OR 0.16%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1688.20

silver:$24.26-

Early TUESDAY morning USA 10 year bond yield: 1.762% !!! UP 5 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.435 UP 2  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 93.20 UP 21 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.23% UP 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.09.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.35%//UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.69 UP 5 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 34 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.28% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.03% 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 TUESDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.1729  DOWN     .0044 or 44 basis points

USA/Japan: 110.24 UP .400 OR YEN DOWN 40  basis points/

Great Britain/USA 1.3727 DOWN .0047 POUND DOWN 47  BASIS POINTS)

Canadian dollar DOWN 37 basis points to 1.2629

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.5720

THE USA/YUAN OFFSHORE:  6.750  (YUAN DOWN)..6.540

TURKISH LIRA:  8.34  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.09%

Your closing 10 yr US bond yield UP 2 IN basis points from MONDAY at 1.739 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.399 DOWN 1 in basis points on the day

Your closing USA dollar index, 93.25 UP 30  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 35.95 OR  0.53%

German Dax :  CLOSED UP 190.89 POINTS OR 1.29%

Paris Cac CLOSED UP 72.53 POINTS 1.21%

Spain IBEX CLOSED UP 103.10 POINTS or 1.21%

Italian MIB: CLOSED UP  214.99 POINTS OR 0.89%

WTI Oil price; 60.51 12:00  PM  EST

Brent Oil: 64.11 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    76.07  THE CROSS HIGHER BY 0.45 RUBLES/DOLLAR (RUBLE LOWER BY 45 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.28 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM : 60.33//

BRENT :  63.90

USA 10 YR BOND YIELD: … 1.727..up 1 basis points…

USA 30 YR BOND YIELD: 2.386 down 2 basis points..

EURO/USA 1.1767 ( DOWN 49   BASIS POINTS)

USA/JAPANESE YEN:110.33 UP .489 (YEN DOWN 49 BASIS POINTS/..

USA DOLLAR INDEX: 93.30 UP 36 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3724 DOWN 50  POINTS

the Turkish lira close: 8.35

the Russian rouble 75.85   down 0.23 Roubles against the uSA dollar. (down 23 BASIS POINTS)

Canadian dollar:  1.2635 down453 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.29%

The Dow closed UP 104.41 POINTS OR 0.31%

NASDAQ closed UP 53.71 POINTS OR 0.52%


VOLATILITY INDEX:  19.72 CLOSED down 1.02

LIBOR 3 MONTH DURATION: 0.202%//libor dropping like a stone

USA trading today in Graph Form

Stocks Sink As Fed’s Kaplan Admits “Challenges” Due To “Excess Risk-Taking”

 
TUESDAY, MAR 30, 2021 – 04:00 PM

“I’m concerned about excess risk-taking and if that excess risk-taking goes too far, whether it creates excesses and imbalances, that could ultimately create challenges,” Federal Reserve Bank of Dallas President Robert Kaplan says in an interview with Nikkei posted on its website.

Equity market cap, divided by gross domestic product, that’s at a historically elevated level. Credit spreads, in the corporate bond markets, are at, relatively speaking, historically tight levels. There’s no question that financial assets, broadly, are at elevated valuation levels.”

Source: Bloomberg

While he is 100% correct, it’s an odd admission from a Fed President whose more typical response to any bubble-forming warnings is as follows…

All of which is comical given that the CDC director and Fauci and Biden all fearmongered the end of the world today and small caps (with a strong bias to “reopening” stocks) exploded higher today as the rest of the US Majors slipped lower…Ugly close like yesterday…

On the week, that late day weakness pushed the Dow red with Small Caps worst…

And as President Biden prepares to announce another $4 trillion in wasteful spending, why wouldn’t gold plunge to its lowest close since April 2020…

Instead, Bitcoin appeared to be the asset of choice to reflect the foolhardiness of politicians

Source: Bloomberg

Cathie Wood’s new Space ETF crash-landed…

Cyclicals outperformed Defensives today, erasing yesterday’s move entirely…

Source: Bloomberg

Equity vol continues to languish near cycle lows as rate vol explodes higher…

Source: Bloomberg

Treasuries dumped’n’pumped today with 30Y erasing yesterday afternoon’s weakness back to unch on the day. The belly of the curve remains higher in yield on the week…

Source: Bloomberg

The 10Y Yield spiked above 1.75% overnight in Asia but was bid back to unch by the close during the EU and US session

Source: Bloomberg

Are Japanese and European investors waiting for Q2 to pile in to USTs? And scoop up all that extra carry?

Source: Bloomberg

Real yields continued to push higher (and drag gold down with it)

Source: Bloomberg

The dollar continued its charge higher off the FOMC spike lows, taking out the early March highs to close at its highest since early November…

Source: Bloomberg

And it wasn’t just Bitcoin, Ethereum surged today also…

Source: Bloomberg

Silver puked back below $24 to its lowest since early December…

The dollar also weighed on oil prices (as well as the re-opening of the Suez Canal)

Finally, the rates market is pricing in over 5 rate-hikes between Dec ’22 and Dec ’24… that’s not at all what the equity market thinks is going on

Source: Bloomberg

And is pretty much a lock for rate-hike by the end of 2022…

Source: Bloomberg

And just in case you thought the Archegos debacle was over, it appears the market is still very anxious about Credit Suisse…

Source: Bloomberg

a)Market trading/this morning/USA

Bonds & Bullion Are Being Dumped As Bitcoin & The Dollar Surge

 
TUESDAY, MAR 30, 2021 – 08:22 AM

Gold and bonds are getting dumped amid the ongoing fallout from the Archegos debacle, and the dollar is bid, as it appears a broad-based demand for liquidity is trumping any quarter-end rebalancing flows that may have been expected. At the same time, bitcoin has been stable and acted as a source of stability.

Rather unexpectedly, Treasuries are being sold into quarter-end, with 10Y yields back above 1.75%…

Source: Bloomberg

Gold futures are back below $1700 as the sell first, think second plan for liquidity appears to be in play..

And dollar demand has sent the greenback to cycle highs…

Source: Bloomberg

And through all of this, crypto has been bid with Bitcoin surging back up near $60,000…

Source: Bloomberg

While bitcoin’s stability through this volatile last few days has been notable, it has been helped by positive catalysts after last week’s massive option expiration passed (lifting some downward pressuring pin risk), and PayPal’s president and CEO confirmed.this morning that a checkout service will be implemented which waives transaction fees for purchases made using crypto.

CoinTelegraph reports that news broke regarding PayPal’s rumored decision to accept cryptocurrencies early on March 30. Later in the day, the firm’s CEO, Dan Schulman, confirmed to Reuters that the rumors were true and that an official statement would be released imminently.

The new system is expected to feature a crypto checkout service where users can pay for goods and services at approved vendors using their stored coins. The system will reportedly see merchants receive equivalent funds directly in fiat currency after coins are subject to a quick transfer at the time of sale.

The checkout service is expected to be available for all four of PayPal’s supported cryptocurrencies upon launch, consisting of Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Customers who pay with cryptocurrencies will incur no transaction fees on purchases, and only one coin can be used per purchase.

“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” said Schulman, regarding the launch.

The PayPal news comes just 24 hours after Visa announced that it would pilot a new payments system using stablecoins on the Ethereum blockchain. The pilot will see participating merchants agree to settle customers’ fiat transactions using the USDC stablecoin.

end

Crushed Archegos Portfolio Stocks Start Announcing Buybacks, Spike In Premarket

 
TUESDAY, MAR 30, 2021 – 08:31 AM

One of the biggest shocks in the aftermath of the Archegos margin call and hedge fund/prime broker blow up, is that the companies that have been swept in the “bath water” liquidation, who in the past had been aggressive buyers of their own stock, had remained suspiciously, almost ominously quiet and made no announcement about stabilizing their share prices by repurchasing their own stock as a result of the forced liquidations.

What made matters even more confusing is that the event that triggered this whole fiasco was Viacom’s stock sale exactly one week ago when Viacom raised $3BN in new capital, including the sale of 20MM shares of common stock at a price of $85. Well, with VIAC stock now trading at roughly half that price, we said two days ago that Viacom should immediately repurchase the same amount of stock not only for an immediate accounting gain but also to show support and belief in its own value.

And while literally moments later, Tencent did announce a $1 billion buyback…

… so far media giants DISCA and VIAC have remained silent, much to out continued amazement, because while stock buybacks are now back at all time highs – as if the Covid crisis never happened – with the market back at a record, as we showed yesterday

… they are missing where they are needed the most – when stocks tumble and when management should give demonstrate faith in its own value.

Yet while we wait for Viacom and Discovery to do the right thing, other companies swept up in the Archegos liquidation are stepping up, and in addition to the Tencent Music $1BN buyback noted above, this morning we also got news that Vipshop, one of the companies hammered by the forced unwind of Archegos announced a $500MM stock buyback, sending its stock sharply higher

… and moments later, GSX Techedu ADR also soared as much as 9% in premarket trading after saying its founder, Chairman and CEO Larry Xiangdong Chen, announced he intends to use his personal funds to purchase up to $50 million of the company’s shares over the next 12 months. Chen said the company had repurchased $39.8 million of its shares under its up to $150 million share-repurchase program, and said he currently has not pledged any of his equity interest in the Company.

We expect every other name that has been hammered by the Archegos blow up to duly follow suit and to announce their own buybacks or else investors will suspect that something is far more broken with the underlying business and the far lower stock price is justified by something more than just a forced liquidation…

end

Regulators Grill Banks About Archegos Blowup As Market Ponders Broader Risks

 
TUESDAY, MAR 30, 2021 – 09:50 AM

Traders across Wall Street and on the buy side are anxiously waiting to see if any more big block trades in names like VIAC, GXU, TME and the other constituents of Archegos founder Bill Hwang’s busted portfolio will wander across the tape. As journalists, regulators and academics question how Hwang was ever allowed to take on so much leverage (a question that has yet to be thoroughly answered), Bloomberg reports that regulators have already started asking prime brokers tough questions about how this was allowed to happen.

Bloomberg reported that the prime brokers spent Monday briefing US regulators as Washington starts to dig in into a historic fund blowup that could have broader implications for market stability. According to the report, the SEC hastily summoned banks for meetings on what triggered the forced sale, while Finra, the industry self-regulator, asked brokerages about the impact to their operations and credit risks, people familiar said.

“We have been monitoring the situation and communicating with market participants since last week,” an SEC spokesperson said in emailed statement. A Finra spokesman declined to comment.

But that’s not all the Achegos news we’re seeing Tuesday morning. Mitsubishi Financial Group has just become the latest major bank to warn about losses tied to the Archegos blowup, reporting that $300MM might be at risk. Of course, that’s a paltry sum compared to the potential $2 billion claim reported by NomuraBloomberg.

MUFG’s securities arm said in a statement on Tuesday that it is evaluating the extent of the loss at its European subsidiary, which may change depending on market prices and the unwinding of transactions.

Mitsubishi UFJ Securities Holdings Co. said any loss won’t have a material impact on the firm’s business capability or financial soundness. A representative for the firm declined to comment beyond what it said in the statement.

Mitsubishi wasn’t among the prime brokers who met last week to try and manage the unwind of Archegos’s positions in a way that wouldn’t saddle them all with huge losses – though Goldman and MS’s decisions to break ranks with a series of block trades helped trigger the fire sale. And it’s possible that more banks could come forward with losses.

Bill Hwang

As more details about the blow-up have emerged over the past 24 hours, academics like Boston University finance lecturer Mark Williams have been quoted in the press criticizing apparent shortcomings in banks’ risk-management. “In this environment, where information flows quickly and you have to move quickly, this demonstrates a significant weakness on the part of Nomura’s risk management,” Williams said. Did they not understand the risks they entered into, or did they ignore them because they wanted to grow?”

Put another way: Did Archegos mislead its prime brokers about its total leverage and exposure? Or did the intense competition among PB desks incentivize them to simply ignore these risks (perhaps figuring that, if Hwang’s positions went tits up, competitors would be incentivize to cooperate and work out out a solution)?

What’s more, Larry Peruzzi, director of international trading at Mischler Financial says the Archegos Capital block-trade incident could lead to calls for new regulations such as limiting the size of blocks or prohibiting off-board discounted prints on the open and close, or during the first or last 30 minutes of trading. It “will be tough, though, as exchanges and investors like liquidity,” Peruzzi said in a statement reportedly emailed to Bloomberg. “These types of swings seem to be another factor in pushing more trading into passive strategies”.

At any rate, Fed Chairman Jerome Powell has repeatedly touted the resilience of post-GFC banking regs. “We actually monitor financial conditions very, very broadly and carefully. And we didn’t do that before the global financial crisis 12 years ago. Now we do,” Powell said during the post-FOMC Q&A on March 17. Unfortunately for him, the biggest hedge fund blowup since LCTM has revived talk about the risks of “leverage gone wrong,” as Bloomberg pointed out in a piece published last night,

Sameer Samana, Wells Fargo Investment Institute’s senior global market strategist, added that “[w]hat it does make me think of is how much leverage in aggregate has now built up in the system” in brokerage accounts, options and credit, Samana said. “If a broader stock market pullback were to take shape, especially in the more widely owned areas of technology and technology-related stocks, a much bigger unwind would have to take place.”

But as Bloomberg‘s Brian Chappatta pointed out (and as we have mentioned several times), Archegos’ use of CFDs, an opaque derivative reserved for institutional clients, allowed his firm to crank up its exposure to ViacomCBS and the other companies without needing to file ownership disclosures. The shares themselves remained securely with the banks. This arrangement, Chappatta continued, could represent “a blind spot” for regulators, and raising the prospect that the market could see more hedge fund or “family office” blowups in the near future, should equities face further broad-based selling pressure.

“The world has already been battling a once-in-a-century pandemic,” Chappatta wrote. “The last thing it needs is big banks heaping on risk in search of profits, leaving someone else to hold the bag.” That’s well put.

While AOC and her fellow progressive Democrats haven’t publicly called for a hearing, at least not yet, we imagine the big banks will swiftly turn on their client, placing the blame for what happened squarely with Achegos. Though JPM managed to escape the drama, one twitter wit captured this point with a meme.

b)MARKET TRADING/USA//THIS AFTERNOON

 
 

ii)Market data/USA

Inflation ripping through the USA

(zerohedge)

US Home Prices Are Soaring At The Fastest Pace In 7 Years

 
TUESDAY, MAR 30, 2021 – 09:05 AM

Don’t worry, there’s no inflation – apart from in gas and home prices.

According to AAA, gas prices at the pump are back near their highest in 6 years, up a stunning 42% YoY…

Source: Bloomberg

And according to Case-Shiller, US home prices in 20 major cities are up a shocking 11.10% year-over-year

Source: Bloomberg

This is the fastest YoY rise since March 2014.

Away from the 20 major cities, prices are rising even faster, up 11.22% – the fastest YoY price appreciation since Feb 2006…

“The trend of accelerating prices that began in June 2020 has now reached its eighth month,” Craig Lazzara, global head of index investment strategy at S&P Dow Jones Indices, said in statement.

“The market’s strength is broadly-based: all 20 cities rose, and all 20 cities gained more in the 12 months ended in January 2021 than they had gained in the 12 months ended in December 2020.”

Phoenix, Seattle, San Diego reported highest year-over-year gains among 20 cities surveyed.

end.

iii) Important USA Economic Stories

CORONAVIRUS UPDATE /PENNSYLVANIA/AMISH

This community in the heartland of Pennsylvania is according to public health officials are already reaching head immunity

(zerohedge)

 

Pennsylvania’s Amish Community May Have Already Reached Herd Immunity

 
MONDAY, MAR 29, 2021 – 10:40 PM

Sometimes, it seems like the last thing public health officials want is to see American return to “normal”, which is perhaps why the head of the CDC unleashed an unhinged, paranoid rand on the American people earlier today.

One month ago, speculation abounded about whether 7 US states might be close to the herd immunity threshold.

Now, local public health officials are speculating about whether Pennsylvania’s famous Amish and Mennonite communities living in Lancaster County have achieved herd immunity.

According to the New York Post, the administrator of a medical center in the heart of Lancaster County’s New Holland Borough has estimated that as many as 90% of the families in the community have had at least one family member infected. And that means practically everybody has been exposed to the virus.

“So, you would think if COVID was as contagious as they say, it would go through like a tsunami; and it did,” said Allen Hoover, an administrator of the Parochial Medical Center.

The center caters to the Amish and has more than 33K patients. While both communities initially complied with the stay at home orders, they reopened churches last spring, where they went back to sharing communion cops and “holy kisses” (described as a special church greeting).

As the virus tore through the community over the summer, by August, the area was reporting daily positivity rates (the share of those tested who test positive) north of 20%. Cases ebbed headed into the fall, but soon started to climb again as the weather turned colder.

Over the past 6 weeks, the parochial medical center hasn’t reported a single case of COVID. Eric Lofgren, an infectious disease epidemiologist at Washington State University, said herd immunity is possible but rare. “It would be the first general population in the United States that’s done it,” Lofgren said.

But although this truism has been widely quoted in the US media, we’d advise readers to remember that the exact threshold for herd immunity isn’t clear. Analysts at Goldman have predicted that most advanced economies will reach herd immunity by the beginning of Q3.

Others warned that previous infections might not protect patients from mutant COVID variants.

The only way to be 100% certain that a community has herd immunity is to vaccinate everybody, including children (the first vaccine trials for children, including young infants, have started as Pfizer tests the jab on children 11 and younger).

And even after that, we still won’t be sure.

end

“The Largest Tax Hike In Generations” Could Pay For Up To 75% Of Biden’s Next Spending Plan

 
TUESDAY, MAR 30, 2021 – 02:30 PM

On Wednesday, President Biden will unveil the first part of a two-part stimulus plan aimed at infrastructure, climate change, and social programs.

While initial reports pegged the next round of stimulus at $3 trillion, the Washington Post‘s Jeff Stein now reports that new spending could top $4 trillion, while new taxes to pay for it – some of which Biden will also unveil Wednesday – could total over $3 trillion.

The two-pronged package Biden will begin unveiling this week includes higher amounts of federal spending but also significantly more in new tax revenue — with possibly as much as $4 trillion in new spending and more than $3 trillion in tax increases, said the people, who spoke on the condition of anonymity to describe private dynamics. One person familiar with the matter said that the early infrastructure draft did not include every tax increase the White House was eventually considering including in its ultimate proposal, and that the administration believes the tax hikes can also advance its goal of reducing income inequality. -WaPo

There are four main tax increases Biden is immediately eying, according to Axios

  • corporate tax increase from Trump’s 21% to 28%, raising an estimated $730 billion over a decade, according to the Tax Policy Center.
  • A global minimum tax on profits from global subsidiaries worth $550 billion over the same period.
  • Taxing capital gains for the wealthy as ordinary income, as opposed to the current rate of 20% for those making $441,451 or more per year, and a tax on unrealized capital gains at death: $370 billion
  • Return the top individual tax rate for people earning over $400,000 per year to the pre-Trump rate of 39.6%: $110 billion

Given the slim majority Democrats hold in the Senate, they will need to appeal to centrist Democratic colleagues, most notably Sen. Joe Manchin (D-WV) in order to pass legislation via a budgetary process called reconciliation, which allows for a simple majority as opposed to 60 votes normally required to pass legislation.

Still, the choice to increase the bill’s tax hikes in part because of its effects on the deficit reflects how concerns over the nation’s spending imbalance are shaping the White House’s internal policy debate. But it also sets up the administration for an enormous political challenge in convincing Congress to pass a package of tax increases on wealthy Americans and companies that together would represent the largest tax hike in generations. -WaPo

According to Axios, Democrats close to the White House don’t expect the Biden Administration to fight for certain harder-to-pass proposals – such as one which could raise around $740 billion with new Social Security taxes on the wealthy.

Other items which may not make the final cut per Axios:

  • His campaign plan to impose a 28% minimum rate on the wealthy, which would raise $220 billion, is unlikely to cross the finish line.
  • And making it harder for small businesses to claim deductions, which would bring in $140 billion, will likely encounter serious roadblocks.
  • Changing the ways estates are taxed, which would raise $220 billion, may not make it into the final legislation.

None of the above remotely add up to $3 trillion in new taxes outlined by WaPo‘s Stein, which leads us to wonder just who else is going to pay them?

iv) Swamp commentaries

end

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

Nomura’s Loss Warning Is Said to Be Tied to Archegos Selloff
Warns of ‘significant’ loss on trades with unnamed U.S. client
https://www.bloomberg.com/news/articles/2021-03-29/nomura-s-loss-warning-is-said-to-be-tied-to-archegos-selloff?sref=ZVajCYcV

Credit Suisse was among banks to see stocks tumble after reports that some major lenders face huge losses following a default by a U.S. hedge fund – Credit Suisse said a default on margin calls by a U.S.-based fund could be “highly significant and material” to its first-quarter results. https://reut.rs/3rujmOt

Deutsche Bank Avoids Archegos Loss After Slow Hedge Fund Exit
German lender agreed to exit prime brokerage unit in 2019
https://www.bloomberg.com/news/articles/2021-03-29/deutsche-bank-s-archegos-risk-shows-hedge-fund-exit-was-too-slow

@Convertbond: We have had 3 recent LTCM like blowups: March 2020: Relative Value Interest Rate Swaps; January 2021: Melvin Capital; March 2021: Archegos; *Common denominator? Massive Leverage.  Nomura $2B hit on tape. Nomura is a small prime broker, CS is a big one, MS / GS as well, CS must have the biggest hit relative to Nomura at $2B – we have to assume $8B to $12B hit across them all?  1. No one knows how big he was or how levered.  2. Have to assume goldman went first and protected itself.  MS not far behind.— but with bigger exposure could have a loss. Those that acted slower (nomura, cs) probably left holding the bag???  CDS was telling us something Friday… Credit leads equities…  [Good thing Powell and his Fed cohorts see, hear, and speak no evil about the stock market.]

After China closed, ESMs rallied sharply for the European open.  The rally ended 11 minutes after Europe opened.  ESMs later rallied into the US repo market open but slid until the NYSE open.  Five minutes before the NYSE open, conditioned traders poured into ESMs.  US stocks soared on the lower NYSE open.  Alas, the trained seals made a top within 7 minutes of the NYSE open.

ESMs and stocks sank until a rally materialized 10 minutes before the European close.  The rally effectively peaked at 13:00 ET.  ESMs and stocks then rolled over until the last-hour manipulation made minor new highs at 15:24 ET. ESMs and stocks then declined into the close.

Once again, we see that traders, conditioned to buy all dips and at specific times of the day, will fearlessly buy stuff no matter what danger lurks.

Suez Canal ship Ever Given freed, traffic resumes in crucial shipping channel
Hundreds of vessels remained trapped in the canal waiting to pass… [Estimated 3 days to clear up]
https://www.foxbusiness.com/economy/ever-given-container-ship-stuck-in-suez-canal-partially-refloated

Fed officials have jumped the shark on their leftist braying – and a senator is calling them on it.

Fed’s Bostic Says There’s Merit to Reparations to Address Racism [The Fed is uber political now]
https://www.bloomberg.com/news/articles/2021-03-29/fed-s-bostic-says-there-s-merit-to-reparations-to-address-racism

@rachsieg: @SenToomey is launching a “review of mission creep” by regional Fed banks.  In letter to @sffed, Toomey argues banks increasingly engage “in research on social policy topics reflective of the political & normative leanings of unelected” Fed officials.   https://banking.senate.gov/imo/media/doc/

Federal Reserve’s attention to climate risk draws ire from Republicans
On Thursday, Senate Republicans told Fed Chair Jerome H. Powell they were concerned the Fed might use its supervision of the banking system to ‘further environmental policy objectives’
    “By straying from its core mission and authorities in support of vague and ill-defined climate goals, the Federal Reserve’s actions threaten to undermine its credibility,” Toomey said in opening remarks.
    Democrats, meanwhile, have called on all financial regulators, including the Fed, to ramp up their oversight to include issues tied to climate change… [The Fed lost its credibility long ago.  Now it’s become a liberal stooge.] https://www.washingtonpost.com/us-policy/2021/03/18/fed-climate-change-risk/

The Fed has been spouting leftist policies for many months with impunity.  It was inevitable that some GOP legislator would call them on this abuse.  It will be interesting to see how the Fed reacts to being caught engaging in blatant liberal politicking.  You can imagine the Dem outrage if Fed officials advocated tax cuts or a balanced budget amendment or education vouchers for American children or a crackdown on crime because it hurts urban economies and urban people’s incomes, which is a primary cause of income and wealth inequality! 

During the 2018 Campaign, in which Dems vowed to take the House so they could impeach Trump, Powell tightened credit, which resulted in a Q4 stock plunge – the same time as the election.

@zerohedge: When the BIG hedge funds – Citadel, Millennium, etc all blew up in the fall of 2019 on their Treasury basis trades, the Fed bailed them all out under the pretext of NOT QE/Repo injections

US threatens to impose tariffs of up to 25 Percent on UK exports of clothes, make-up and video game consoles in row over Britain’s new ‘unreasonable’ and ‘discriminatory’ tech firm tax
https://www.dailymail.co.uk/news/article-9414879/US-threatens-impose-tariffs-UK-exports-tech-firm-tax-row.html

Harris has no immigration meetings scheduled despite leading response https://trib.al/3L6jNy5

Harris backed decriminalizing illegal entry, closing detention centers; cited ICE-KKK ‘parallels’
Biden border czar Kamala Harris supported citizenship for children brought to U.S. illegally, deportation protection for their parents, taxpayer-funded health coverage for illegal immigrants.
https://justthenews.com/government/congress/harris-immigration-record-includes-opposing-additional-border-barriers-closing

@carldemaio: San Diego Democrat Mayor brags to CNN about his decision to offer in-person classes to illegal immigrants that arrived this weekend at our Convention Center – all while his own city’s schools remain CLOSED to actual citizens!!

Sweden saw lower 2020 death spike than much of Europe – data
Sweden, which has shunned the strict lockdowns that have choked much of the global economy, emerged from 2020 with a smaller increase in its overall mortality rate than most European countries, an analysis of official data sources showed…  https://mobile.reuters.com/article/amp/idUSKBN2BG1R9

‘Scared’ CDC director Dr. Rochelle Walensky warns of ‘impending doom’
Walensky said she feared that the US is headed down a similar path to many European countries, which have had to issue lockdowns again amid surges in cases…

@Breaking911: Pres. Biden calls on governors, mayors and local leaders to reinstate mask mandates. “I need the American people to do their part as well. Mask up. Mask up. It’s a patriotic duty.”

@ComicDaveSmith: I really don’t think people understand just how bad this Covid Passport actually is. Look into it, it’s not just checking that people got the vaccine. It is setting up a national caste system and a spying apparatus unlike anything in our history. This is it. The big one. Fight it

@JackPosobiec: We don’t need voter ID, we just need Election Passports.

@hale_razor: “A ‘vaccine passport’ will only be used by the state and large corporations for good, they won’t use it to gradually take more power and crush your rights, and won’t ever morph into something evil.” – same people who said lockdowns are just 2 weeks to flatten the curve

@charliekirk11: I shouldn’t need a “vaccine passport” to travel in America when illegal aliens don’t need a real passport to get into America.

Gov. DeSantis is Taking Executive Action Against COVID Passports
https://beckernews.com/new-desantis-order-38182/

@ElijahSchaffer: American Airlines is now threatening “financial penalties in accordance w/ federal law” if you do not have your mask covering the entirety of your nose and mouth. 15 days to slow the spread they said.  [Power corrupts and absolute power corrupts absolutely.  When will the revolt occur?]

Cops investigate Virginia teachers’ Facebook group for naming parents who were ‘against critical race theory’ and urging members to ‘gather information’ on them
https://www.dailymail.co.uk/news/article-9415407/Cops-investigate-Facebook-group-named-parents-against-critical-race-theory.html

Do people really understand what is occurring in the US now?  Leftists are resorting to Gestapo/Stasi/KB tactics.  What do you call spying on neighbors, and treating people that don’t believe in leftist orthodoxy as enemies of the state?  How far will this go?  Will it worsen?  Will there be gulags?  When does the revolt appear, and how intense will it be?

Nomura Executive: It’s Difficult to Predict When We’ll Be Able to Calculate the Damage Amount

Today – Despite the uncertainty of the impact of Archegos losses on prime dealers and The Street, US traders aggressively bought stuff on Monday.  Professional traders and PMs that want to manipulate stuff higher to embellish Q1 performance will get busy today.  The unknown factors are if equity sellers that will unload today and tomorrow to rebalance portfolios for Q1 will thwart the manipulators and day traders; or if another Archegos shoe will drop.  We don’t have a clue.  Don’t play unless you must!

Wisconsin to investigate 2020 election – The Wisconsin Assembly has voted to launch an investigation into the 2020 presidential election…President Biden defeated former President Trump by fewer than 21,000 votes in Wisconsin.  https://sharylattkisson.com/2021/03/wisconsin-to-investigate-2020-election/

Soon, the USA could have its first female president if the Biden scam unravels.  Will a critical mass of citizens revolt?  Better assign more troops to Capitol Hill!

@JackPosobiec: Trump WH official who helped cover up Hunter Biden illegal firearm was Deputy Chief of Staff for Ops Tony Ornato, previously the Secret Service Assistant Director, per messages obtained by reporting.  Per source familiar, Ornato’s motivation was to protect the USSS agents, not Hunter Biden.

Special Operations Command investigating new diversity chief’s posts berating Trump, Cruz
The executive recently was hired to be the first Chief Diversity and Inclusion Officer at the vast Tampa, Fla.-based command…The U.S. Special Operations Command is investigating social media posts from its newly hired executive who spread anti-Donald Trump memes and compared the former president to Nazi leader Adolf Hitler, a spokesperson told Just the News.  “We are aware of the situation, and the command has initiated an investigation,” Special Operations Command spokesman Ken McGraw wrote in a Sunday email…Media sleuths quickly found, though, that Torres-Estrada had shared a number of political posts some considered to be non-inclusive…
https://justthenews.com/nation/culture/special-operations-command-investigating-new-diversity-chiefs-posts-berating-trump

The US, like the old USSR, is appointing political officers throughout the military and other agencies.

@ColumbiaBugle: Tucker Calling Out The Head Of The Air Force Recruiting Office Major General Ed Thomas For Saying That There Are Too Many White Male Pilots “How did someone like that get power in the U.S. military? There are a lot of generals like that.” https://t.co/B8oCjOgCxo

@kylenabecker: There are hundreds of mass shootings every year that the national news media doesn’t report. There is a simple reason why: It doesn’t fit the political agenda.

The Top 10 Cities for Mass Shootings: All of Them are Run by the Democratic Party
The American news media reports every “mass shooting” that fits its political narrative. But a check of the statistics for mass shootings shows that overwhelming majority are committed in Democrat-run cities, including those with strict gun control laws and “gun-free zones.”…
    The Democratic Party’s “solution” to the surging crime in America’s cities is to blame the police or to outright defund them. It is only fueling a crime surge that is reversing decades of overall decreasing violent crime…
https://beckernews.com/new-the-top-10-cities-for-mass-shootings-all-of-them-are-run-by-the-democratic-party-38186/

@DailyCaller: Tucker Carlson on the dramatic surge in America’s murder rate over the last year: “BLM did this to us. While people funding them were posturing how great they are and this is going to make America more equitable, poor people were paying the price with their lives.”
https://twitter.com/DailyCaller/status/1376689891048882179

@AnnCoulter: 3 BLM protesters dragged steel barricades onto train tracks to DERAIL a train, to kill hundreds. (Per videotape, witnesses & their own statements.)  His 1st day in office, George Gascon dropped all charges against the 3, then fired the ADA on the case.
https://www.foxla.com/news/prosecutor-accuses-gascon-of-retaliation-unethical-behavior-for-dropping-felony-case-against-protesters

Top Paid LA Lifeguards Earned Up to $392,000 in 2019
https://www.forbes.com/sites/adamandrzejewski/2021/03/27/top-paid-la-lifeguards-earned-up-to-392000-in-2019/?sh=3976bf1f4012 

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

 

I will see you WEDNESDAY night.

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