APRIL 6/GOLD UP $12.00 TO $1741.95//SILVER UP 39 CENTS TO $25.15/SILVER OZ STANDING INCREASES MARGINALLY TO 14.210 MILLION OZ//GOLD TONNAGE DROPS MARGINALLY AS WELL TO 78.8 TONNES//SILVER MAY OI REMAINS EXTREMELY HIGH AT 117,000 CONTRACTS//CORONAVIRUS UPDATE//VACCINE UPDATE/CHINESE CREDIT IMPULSE WILL CONTRACT AS CHINA TELLS ITS BANKS THAT THERE WILL BE NO NEW CREDIT ISSUANCE FOR THE REST OF 2021//IRANIAN SPY SHIP HIT BY MISSILE IN THE RED SEA: PROBABLY ISRAEL NOW DOUBT FIRED THE MISSILE//JAPAN WILLNOW FIRE UPON CHINESE VESSELS IF THEY ENTIRE INTO JAPANESE TERRITORIAL WATERS//WAR BETWEEN RUSSIA AND UKRAINE INEVITABLE//ARCHEGOS UPDATES//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1741.95 UP $12.00   The quote is London spot price

Silver:$25.15 UP  $0.39   London spot price ( cash market)

your data…

 

Closing access prices:  London spot

i)Gold : $1742.95 LONDON SPOT  4:30 pm

ii)SILVER:  $25.15//LONDON SPOT  4:30 pm

PLATINUM AND PALLADIUM PRICES BY KITCOL

 

 

PLATINIUM  $1233.00 UP $29.00

PALLADIUM: 2600.00 UP $25.00 PER OZ

 

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

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

Jim McShirley

Editorial of The New York Sun | February 1, 2021

end

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COMEX DATA

 
 
 

COMEX DATA

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

receiving today  298/515 

EXCHANGE: COMEX
CONTRACT: APRIL 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,727.000000000 USD
INTENT DATE: 04/05/2021 DELIVERY DATE: 04/07/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 117
435 H SCOTIA CAPITAL 3
624 H BOFA SECURITIES 28
657 C MORGAN STANLEY 12
661 C JP MORGAN 297
661 H JP MORGAN 1
686 C STONEX FINANCIA 7
709 C BARCLAYS 500 34
737 C ADVANTAGE 4 2
800 C MAREX SPEC 11 5
880 H CITIGROUP 5
905 C ADM 4
____________________________________________________________________________________________

TOTAL: 515 515
MONTH TO DATE: 21,408

ISSUED: 0

Goldman Sachs:  stopped:  117

 
 

NUMBER OF NOTICES FILED TODAY FOR  APRIL. CONTRACT: 515 NOTICE(S) FOR 51500 OZ  (1.619 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  21,408 NOTICES FOR 2,140,800 OZ  (66.58 tonnes) 

SILVER//APRIL CONTRACT

 

5 NOTICE(S) FILED TODAY FOR 25,000  OZ/

total number of notices filed so far this month: 2434 for 12,170,000  oz

BITCOIN MORNING QUOTE  $58,478   DOWN 1554

BITCOIN AFTERNOON QUOTE.:  $58,316 DOWN 1716 DOLLARS  

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $12.00  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO  CHANGES IN GOLD INVENTORY AT THE GLD//:  A PAPER  WITHDRAWAL OF 0 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: 1,032.83 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 39 CENTS

A SMALL CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 256,000 OZ

 

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:

574.868  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 163.24UPN $1.32 OR  0.80%%

XXXXXXXXXXXXX

SLV closing price NYSE 23.34 UP $0.25 OR 1.08%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A  TINY SIZED 281 CONTRACTS FROM 154,291 DOWN TO 154,010, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.14 FALL IN SILVER PRICING AT THE COMEX  ON MONDAY. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO A SOME BANKER AND ALGO  SHORT COVERING !//HUGE REDDIT RAPTOR BUYING//.. COUPLED AGAINST SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION AS WE GAINED A SMALL 20 TOTAL CONTRACTS ON OUR TWO EXCHANGES. 

 

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 301,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  301 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 301 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 FINAL STANDING FOR MARCH 2021//2ND HIGHEST EVER RECORDED

14.210 MILLION OZ INITIAL STANDING FOR APRIL

 

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 $0.14) OUR OFFICIAL SECTOR/BANKERS WERE   UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS  WE HAD A NET GAIN OF 282 CONTRACTS ON OUR TWO EXCHANGES, THE MAJOR CAUSE WAS DUE TO i)SOME BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) GOOD REDDIT RAPTOR BUYING//.    iii)  A SMALL ISSUANCE OF EXCHANG EFOR PHYSICALS 2) A SMALL INCREASE IN SILVER STANDING FOR COMEX SILVER // APRIL: 14.210 MILLION OZ, iv) STRONG COMEX OI GAIN AND iv) ZERO LONG LIQUIDATION //.YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

APRIL

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF MAR:

1226 CONTRACTS (FOR 4 TRADING DAY(S) TOTAL 1226 CONTRACTS) OR 6.130 MILLION OZ: (AVERAGE PER DAY: 306 CONTRACTS OR 1.533 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 6.130 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:  6.130 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: : 103.450 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN//FEARS OF EFP CONTRACTS BEING EXERCISED FOR METAL)

APRIL: 6.130 MILLION OZ  (SILVER IN BACKWARDATION AND THUS MUCH SLOWER ISSUANCE OF EFP’S)

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 119, WITH OUR  $0.14 LOSS IN SILVER PRICING AT THE COMEX ///MONDAY .…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 301 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A SMALL SIZED GAIN OF 282 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR  $0.14 GAIN IN PRICE)//THE DOMINANT FEATURE TODAY WAS THE SMALL BANKER SHORTCOVERING AND A RETICIENT MONTH OF MAY OPEN INTEREST AS THEY REFUSE TO ROLL TO FUTURE MONTHS.THE BANKERS 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  301 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A SMALL SIZED DECREASE OF 281 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.14 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.71//MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW APRIL.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 5 NOTICE(S) FOR 25,000, 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 SMALL SIZED 902 CONTRACTS TO 457,040,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 SMALL FALL IN PRICE  OF $1.65///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 ALSO HAD ZERO LONG LIQUIDATION AS WE HAD A TINY GAIN OF 184 TOTAL CONTRACTS ON OUR TWO EXCHANGES.  WE ALSO HAD A SMALL LOSS IN GOLD TONNAGE, EXTENDING DOWN TO TO 78.768 TONNES. IT LOOKS LIKE THE BOYS WERE HAVING TROUBLE FINDING PHYSICAL GOLD OVER HERE. 

 

YET ALL OF..THIS HAPPENED WITH OUR FALL IN PRICE OF $1.65 WITH RESPECT TO MONDAY’S TRADING

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

WE HAD A SMALL LOSS  OF 184 OI CONTRACTS (0.524 TONNES) ON OUR TWO EXCHANGES 

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 718 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  0 AND JUNE:  718  ALL OTHER MONTHS ZERO//TOTAL: 718.  The NEW COMEX OI for the gold complex rests at 457,040. 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 184 CONTRACTS: 902 CONTRACTS DECREASED AT THE COMEX AND 718 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 184 CONTRACTS OR 0.574 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (718) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (902 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1117 CONTRACTS. WE NO DOUBT HAD 1 ) SOME BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) HUGE INITIAL STANDING AT THE GOLD COMEX BUT A SMALL LOSS FOR THE FRONT APRIL. MONTH ON DAY 4 OF THE DELIVERY CYCLE TO   78.768 TONNES)  3) ZERO LONG LIQUIDATION,  /// ;4) SMALL COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR SMALL LOSS IN GOLD PRICE TRADING MONDAY//$1.65!!.

 

 
 

SPREADING OPERATIONS/NOW SWITCHING TO SILVER  (WE SWITCH OVER TO SILVER ON MAR  1)

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN SILVER  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF MAY.

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 
 

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 SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER 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 APRIL. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF MAY FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF APRIL. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAY), 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

APRIL

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL : 7046, CONTRACTS OR 704,600 oz OR 21.916 TONNES (4 TRADING DAY(S) AND THUS AVERAGING: 1762 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAY(S) IN  TONNES: 21.916 TONNES

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

THUS EFP TRANSFERS REPRESENTS 21.916/3550 x 100% TONNES =0.617% 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:.   276.50 TONNES (STRONG AGAIN///IT SURPASSED JANUARY!!)

 

APRIL:      21.916 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN)

 

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 281 CONTRACTS FROM 154,291 DOWN TO 154,010 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) SOME BANKER SHORT COVERING//ALGO SHORT COVERING//REDDIT RAPTOR BUYING , 2) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR APRIL AT 14.210 MILLION OZ//., AND 4) ZERO LONG LIQUIDATION.

EFP ISSUANCE 301 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: 301 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 301 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 281 CONTRACTS AND ADD TO THE 301 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED GAIN OF  20 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 0.100 MILLION  OZ, OCCURRED WITH OUR $0.14 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 DOWN 1.42 PTS OR .04%   //Hang Sang CLOSED UP 560.39 PTS OR 1.97%     /The Nikkei closed DOWN 392.62 POINTS OR 1.30%//Australia’s all ordinaires CLOSED UP 0.99%

/Chinese yuan (ONSHORE) closed UP AT 6.5518 /Oil UP TO 59.60 dollars per barrel for WTI and 63.09 for Brent. Stocks in Europe OPENED ALL GREEN //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5518. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5573   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL  BY SMALL SIZED 902 CONTRACTS TO 457,040 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  COMEX DECREASE OCCURRED WITH OUR  LOSS OF $1.65 IN GOLD PRICING MONDAY’S COMEX TRADINGWE ALSO HAD A SMALL EFP ISSUANCE (718 CONTRACTS). .AS THEY WERE PAID OFF NOT TO TAKE DELIVERY.  

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 ACTIVE DELIVERY MONTH OF APRIL..  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 718 EFP CONTRACTS WERE ISSUED:  ;  AND APRIL:  0, JUNE:  718 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 718  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 184  TOTAL CONTRACTS IN THAT 718 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED  COMEX OI  OF 902 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR APRIL  (78.790 TONNES) WHICH FOLLOWS 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 SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $1.65)., BUT WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A  NET GAIN ON OUR TWO EXCHANGES OF 1117 CONTRACTS.  THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED  0.574 TONNES TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR APRIL (78.790 TONNES)..I  STRONGLY BELIEVE THAT 0UR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET LOSS ON THE TWO EXCHANGES :: 184 CONTRACTS OR  18400 OZ OR  0.574  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:  457,040 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 45.70 MILLION OZ/32,150 OZ PER TONNE =  1421 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1421/2200 OR 64.61% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:148,651 contracts// volume  poor/   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  106,112 contracts//  volume:   extremelypoor// //most of our traders have left for London

 

APRIL 6 /2021

 
INITIAL STANDINGS FOR APRIL COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
323,922.875 OZ
 
 
HSBC 5,000 KILOBARS
 
HSBC ENHANCED
 
JPMORGAN
5,000 KILOBARS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz NIL
OZ
Deposits to the Customer Inventory, in oz
 
NIL
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
515  notice(s)
51,500 OZ
(1.619 TONNES
 
No of oz to be served (notices)
3923 contracts
(3912300oz)
 
12.2020 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
21,408 notices
2,140,800 OZ
66.580 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

i)XX
 
 
 
 
total deposit:  NIL   oz
 
 
 

total dealer withdrawals: nil oz

we had 0 deposits into the customer account
 
 
 
TOTA CUSTOMER DEPOSITS: nil oz
 
 
 
 
 
 
We had 3 withdrawals
 
 
i) Into HSBC  160,755.000 oz  (5,000 kilobars)
ii) Into HSBC enhanced//London bars located in London
iii) Into JPMorgan: 160,755.000 oz (5,000 kilobars
 
 
 
 
 
 
 
total withdrawals:  323,922.875 oz 10.07 tonnes
 
 
 
 
 
 

We had 2  kilobar transactions (2 out of 6 transactions)

ADJUSTMENTS  3:  customer to dealer 

i) HSBC  29,344.165 oz

dealer to customer:

i) Brinks  18,224.137 oz

ii) Manfra: 13,8907.324 oz

 
 
 

The front month of APRIL registered a total of 4438 CONTRACTS for a loss of 924 contracts.  We had a huge 832 notices filed on FRIDAY, so lost 92 contracts or an additional 9200 oz will not stand for gold in this very active delivery month of April./as I guess the boys gave up finding any metal on this side of the pond. By morphing over to London they also received a fiat bonus for their effort.

 

 
 
 
 

MAY LOST 29 CONTRACTS TO STAND AT 1588

JUNE GAINED 132 CONTRACTS UP TO 377,822

We had 515 notice(s) filed today for 51,500 oz

FOR THE APRIL 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  515  contract(s) of which 1  notices were stopped (received) by j.P. Morgan dealer and 297 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 117 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the APRIL /2021. contract month, we take the total number of notices filed so far for the month (21,408) x 100 oz , to which we add the difference between the open interest for the front month of  (APRIL:  4438 CONTRACTS ) minus the number of notices served upon today 515 x 100 oz per contract) equals 2,533,100 OZ OR 78.790 TONNES) the number of ounces standing in this  active month of MAR

thus the INITIAL standings for gold for the APRIL contract month:

No of notices filed so far 21,408 x 100 oz  + (4438 OI for the front month minus the number of notices served upon today (515} x 100 oz which equals 2,533,100 oz standing OR 78.790 TONNES in this  active delivery month of APRIL. This is a HUGE/ATMOSPHERIC amount standing for GOLD IN APRIL, A GENERALLY STRONG ACTIVE DELIVERY MONTH. THE TONNAGE AT THE COMEX WOULD HAVE BEEN 20 TONNES HIGHER IF THEY DID NOT PAY OFF THE EFP’S NOT TO TAKE DELIVERY AT THE COMEX

 

WE LOST OF A SMALL 92 CONTRACTS OR AN ADDITIONAL 9200 OZ WILL NOT STAND FOR GOLD ON THIS SIDE OF THE POND AS THEY MORPHED INTO LONDON BASED FORWARDS AND RECEIVED A HEFTY FIAT BONUS FOR DOING SO!!.

 WHAT IS CLEAR IS THIS: NOBODY LEFT THE GOLD ARENA 

 

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

326,724.655 oz  JPM  10.162 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:  2,327,120.147 oz                                     72.38 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 486.54 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 78.790 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,969,632.471 oz or 558.93 tonnes
 
 
total weight of pledged:  2,327,120.147 oz or 72.38 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,642,512.0 (486,54 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,642,512.0 (486.54 tonnes)
 
total eligible gold: 18,663,330.290 oz   (580.50 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 36,632,962.761 oz or 1,139.43 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1013.09 tonnes

A  net total of 10.07  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

 

 
 
APRIL 6/2021

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER/APRIL

APRIL. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
1,200,725.340 oz
 
 
CNT
Loomis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
1,694,699.390 oz
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
5
 
CONTRACT(S)
(25,000 OZ)
 
No of oz to be served (notices)
408 contracts
 2,040,000 oz)
Total monthly oz silver served (contracts)  2434 contracts

 

12,170,000 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
 
i) 
 
 
 

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 CNT  605,310.190 oz CNT
ii) Into Loomis: 1,089,389.200 oz
 
 
 
 
 
 

JPMorgan now has 188.612 million oz of  total silver inventory or 51.15% of all official comex silver. (188.612 million/368.725 million

total customer deposits today: nil   oz

we had 2 withdrawals:

 
 
i) out of CNT: 600,469.200
ii) Out of Loomis:  600,256.440 oz  
 
 
 
 
 
 
 
 
 
 
 

total withdrawals 1,200,725.340   oz

We had 2 adjustments: dealer to customer

Int Delaware:  19,765.01 oz

Manfra: 69,987.190 oz

 
 

Total dealer(registered) silver: 123.139-million oz

total registered and eligible silver:  368.775 million oz

a net 0,494 million oz enters the comex silver vaults.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The month of April saw 413 contracts standing for delivery for a loss of 78 contracts.  We had 79 contracts served upon yesterday, so we GAINED 1 contract or 5,000 oz will stand for delivery over here instead of morphing into London based forwards.
 
 
 

May SURPRISINGLY LOST A VERY SMALL 1627 contracts to stand at  117,074 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 having an initial 14.2 million oz stand and May with open interest refusing to buckle. 

 

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 76,182 oi contracts still outstanding on the May 2020.  This year:  117,074  still outstanding!!.

LAST YEAR 1597 CONTRACTS ROLLED ON APRIL 6 ; TODAY 1627!

 

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 APRIL 2021. contract month represented by 5 contract(s) FOR  25,000 oz

To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at  2434 x 5,000 oz = 12,170,000 oz to which we add the difference between the open interest for the front month of APRIL (413) and the number of notices served upon today 5 x (5000 oz) equals the number of ounces standing.

Thus the April standings for silver for the APRIL/2021 contract month: 2434 (notices served so far) x 5000 oz + OI for front month of APRIL (413)  – number of notices served upon today (5) x 5000 oz of silver standing for the Jan contract month .equals 14,205,000 oz. ..VERY STRONG FOR A NON ACTIVE APRIL MONTH. 

WE GAINED 1 CONTRACT OR AN ADDITIONAL 5,000 OZ WILL STAND FOR DELIVERY ON THIS SIDE OF THE POND.

 

TODAY’S ESTIMATED SILVER VOLUME 56,232 CONTRACTS // volume extremely poor// volumes falling off a cliff// very 

 

FOR YESTERDAY  45,132  ,CONFIRMED VOLUME/poor

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO +0.39% (APRIL; 6/2021)

2. Sprott gold fund (PHYS): premium to 76V FALLS TO –2.14% to NAV:   (APRIL 6/2021 )

Note: /Sprott physical gold trust is back into POSITIVE/0.39%(APRIL6/2021)

(courtesy Sprott/GATA

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

NAV 18.37 TRADING 17.68//NEGATIVE 3.87

 

END

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

APRIL 6//WITH GOLD UP $12.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1032.83 TONNES

APRIL 5/WITH GOLD DOWN $1.65 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD///INVENTORY RESTS AT 1032.83 TONNES.

APRIL 1/WITH GOLD UP $13.00 TODAY:  NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1037.50 TONNES

MARCH 31/WITH GOLD UP $28.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1037.50 TONNES

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:

 

APRIL 6 / GLD INVENTORY 1032.83 tonnes

LAST;  1032 TRADING DAYS:   +99.02 TONNES HAVE BEEN ADDED THE GLD

LAST 932 TRADING DAYS// +  283.50TONNES  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!)

APRIL 6/WITH SILVER UP 39 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 256,000 OZ FORM THE SLV////INVENTORY RESTS AT 574.868 MILLION OZ///

APRIL 5/WITH SILVER DOWN 14 CENTS TODAY: NO  CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 575.124 MILLION OZ

APRIL 1.WITH SILVER UP 48 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.898 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 575.124 MILLION OZ/

MARCH 31/WITH SILVER UP 37 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 579.022 MILLION OZ

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

APRIL 6/2021
574.868 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)LAWRIE WILLIAMS:

-END-

OR

EGON VON GREYERZ// 

OR

Peter Schiff..

Peter Schiff: Friday’s Payrolls Report Does Not Reflect “Job Creation”

 

Via SchiffGold.com,

The economy is recovering quickly! Just look at the rebounding jobs market. But in a recent podcast, Peter Schiff poured cold water on the notion that falling unemployment is necessarily a sign of an impending economic boom. After all, people going back to work do not reflect actual job creation.

The March jobs report came in better than expected. According to Labor Department numbers, nonfarm payrolls rose by 916,000 last month, and the unemployment rate declined to 6%. But even within this rosy report, there were some shadows. While the labor participation rate ticked up slightly to 61.5, this remains a very low number.

So, despite the fact that a lot of people returned to their jobs, there’re still a lot of people that aren’t working at all, thanks in large part to the US government, which is providing tremendous financial incentives for people not to return to work.”

There are still nearly 7.9 million fewer Americans counted as employed than in February 2020, while the labor force is down 3.9 million.

Peter said it’s important to keep the jobs report in perspective. It does not reflect a strong economy creating all sorts of new jobs that never existed before.

This is an economy where jobs that were temporarily put on hold are being restored. People who left their jobs because of the COVID shutdowns are now returning to those jobs.”

The Labor Department numbers reflect this. The biggest job gains in March were in sectors hardest hit by the government response to the pandemic. The leisure and hospitality sectors showed the strongest gains with 280,000 “new” jobs. Bars and restaurants added 176,000 jobs. Arts, entertainment, and recreation added 64,000 jobs on the month.

There was also a big jump in education jobs as schools begin to reopen for in-person learning.

But even with the big job gains, the leisure and hospitality sectors remain 3.1 million jobs below their pre-pandemic total. And Peter noted that all of the people who lost their jobs are not going to return to work.

Many of the businesses they use to work at are not going to reopen. Or some of the ones that do reopen may only reopen temporarily before they shut down. So yes, we’re going to get some big job numbers in the near term. But don’t confuse that with a booming economy. We’re simply allowing the jobs that we already had and which were temporarily lost to be restored. But again, we’re not going to restore all that was lost due to a lot of the damage that is permanent.

We also have to contend with the effects of the government “cure” for the economic hit inflicted by the COVID – the debtthe money printing, all of the new government spending. This is going to take a further toll on an economy that was weak before coronavirus reared its ugly head.

I expect a lot of the jobs that have been restored to be lost again. Except this time it won’t be a temporary loss. It will be a permanent loss.”

Even as the number of jobs increased, average hourly earnings ticked down slightly. They were expected to rise 0.2%, but instead, they fell 0.1%. Average hourly earnings year-over-year were also well below estimates. Economists estimated a rise of 4.6%, but it came in at just 4.2%.

The number of jobs added in the manufacturing sector was less stellar, coming in at an unimpressive 53,000.

The US continued to lag on manufacturing, which is why our manufacturing trade deficits continue to hit record highs. And I think we’re going to keep setting a string of new record highs in the months ahead because the vast majority of the jobs that we are going to be adding are not going to be in goods-producing jobs but in service-providing jobs. And all these workers are going to need to buy things that other Americans are not making. The stuff that they’re going to be buying are things that workers in other countries that actually have stronger economies are going to be producing. So, the trade deficits are going continue to rise.”

Peter said the most important thing to keep in mind as you look at these job numbers is that they don’t evidence a strong economy.

It evidences the inflation that’s being created by the Fed and all of the money that’s being spent by the US government. Yes, if you print enough money and spend enough money, well sure, in the short run, people are going to go back to work as they’re spending all that money. But this is not the result of economic growth. We’re spending money without actually producing the goods to give that money value. We are relying on the goods that are being produced by the rest of the world and their continued willingness to exchange the goods that they produce for the paper that we print. And what we’re ignoring as we’re looking at these strong GDP numbers — we’re not paying attention to the exploding debt, which is making that GDP growth possible.

The question is what are the consequences of that debt? How will servicing that debt and trying to repay that debt weigh on future GDP?

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

Kitco has been in the news lately with their pooled gold accounts.  Chris powell brings back a story that was never really covered by the media

(Chris Powell)

Canadian tax authorities recover C$82 million from Kitco in fraud case

 

 

 Section: Daily Dispatches

 

This news report, translated from the original French, is 2 years old but seems to have escaped notice outside Quebec.

* * *

Revenu Quebec Concludes a Secret Agreement with a Gold Merchant

From The Journal of Montreal
Wednesday, April 25, 2018

https://www.journaldemontreal.com/2018/04/25/revenu-quebec-conclut-un-ac…

Revenu Quebec has just concluded a secret agreement with the Montreal firm Metaux Kitco, accused of multi-million-dollar tax evasion in the gold sector.

Revenu Quebec argued that Kitco owed it at least C$284 million for claiming and obtaining tax refunds to which the company was not entitled. According to publicly available information, the taxman ultimately receive only $50 million of this amount.

According to the government agency, Kitco produced false invoices to carry out “artificial transactions” making it possible to transform pure gold (zero-rated) into scrap gold (taxable), then again into pure gold (zero-rated).

 

Kitco’s business partners include security firms GardaWorld and G4S, as well as the Royal Canadian Mint, a federal Crown corporation, to which Kitco entrusts the refining of its scrap gold. Nothing indicates that these entities participated in the scheme denounced by the tax authorities.

Revenu Quebec requested that a confidentiality clause be added to the agreement to prevent its disclosure. In a document filed in court, however, it was stated that the agency is entitled to C$49.9 million as “full and final payment” for its claim of C$284 million.

Revenue Canada, for its part, will receive $ 31.7 million. The total of C$81.7 million represents the amount that the tax authorities had withheld from tax-refund claims submitted by Kitco.

The agreement will allow Kitco to get out of the judicial restructuring process in which the company was placed in 2011 in reaction to the notices of assessment filed by Revenu Quebec. The Superior Court is to ratify the agreement next month.

Revenu Quebec refused to answer questions from the Journal yesterday, except to indicate that “the Court of Quebec remains seized of criminal files” concerning Metaux Kitco and its founding president, Bart Kitner. According to spokesperson Geneviève Laurier, procedures must resume on May 24.

However, a document filed in court stipulates that the agreement concluded with the taxman “settles” all disputes with Kitco, including “criminal offenses.”

The taxman demanded fines totaling more than $454 million from Kitco and Mr. Kitner as well as a prison sentence for the latter.

Since 2011 the amount of gold held by Kitco has decreased by 20 percent. Despite everything the company still has 77,000 ounces of this precious metal for a market value of C$127 million, accounting firm Richter told the court.

END

Tom O’Connor, Newsweek writes that continual sanctions by the USA is destroying the dollar’s status as top currency as other nations switch to other currencies.

(O’Connor/Newsweek/GATA)

Tom O’Connor: Sanctions are destroying U.S. dollar’s status as top currency

 

 

 Section: Daily Dispatches

 

By Tom O’Connor
Newsweek, New York
Monday, April 5, 2021

The United States’ reliance on economic sanctions to coerce other countries is gradually losing its effectiveness and slowly degrading one of Washington’s most influential tools in international affairs, the power of the U.S. dollar, experts told Newsweek.

The greenback stands in a class of its own as the most popular and robust currency across the international banking system, outsizing its next largest competitor, the euro, a by a factor of nearly three to one.

… 

When it comes to currencies, the dollar is by far the world’s safest best. But this could be changing.

The continual use of sanctions to pressure countries and companies perceived to be acting against U.S. interests may also be weakening the dollar’s global position.

“It’s certainly not an imminent threat to the dominance of the dollar, but it’s by far the biggest one,” Benn Steil, senior fellow and director of international economics at the Council on Foreign Relations, told Newsweek. …

… For the remainder of the commentary:

https://www.newsweek.com/sanctions-destroying-us-dollar-status-top-curre…

END

Kranzler comments on the constant bombardment of gold and silver. He explains why!

(Dave Kranzler)

Dave Kranzler: A bottom in gold and silver?

 

 

 Section: Daily Dispatches

 

By Dave Kranzler
Investment Research Dynamics, Denver
Monday, April 5, 2021

The downtrend in the precious metals sector that began in August has been punctuated over the last month with one of the most aggressive and blatant price manipulation efforts that I have witnessed in 20 years. 

While no one can prove it without access to the inside books at the Comex, I believe the price attack over the last 10-14 days was aimed at encouraging longs either to dump their April gold contracts or roll them out to June. Most of the price decline over this period — in fact over the last six months — occurred only after India and China and the rest of the Eastern Hemisphere physical buyers had closed shop for the day, leaving only the paper gold traders to play in the unsupervised silver and gold paper sandbox.

END

The Philippines are planning a major issue in USA dollar bonds before rates skyrocket

(Bloomberg/GATA)

Philippines plans to issue U.S. dollar bonds ‘before rates skyrocket’

 

 

 Section: Daily Dispatches

 

Get the stuff out there before it all turns to dust.

* * *

By Siegfrid Alegado and Ditas B Lopez
Bloomberg News
Tuesday, April 6, 22021

Philippines Finance Secretary Carlos Dominguez said the government plans to sell dollar bonds before interest rates rise, and will look for new revenue sources and ways to wind down debt next year.

“We will tap the U.S. bond market before rates skyrocket,” Dominguez said in an interview with Bloomberg Television’s Kathleen Hays on today. He didn’t provide more details on the debt plan.

… 

The Philippines plans to borrow a record 3 trillion pesos ($62 billion) from domestic and international sources this year, according to budget data presented to Congress in August. Last week, it raised 55 billion yen ($500 million) through a 3-year Samurai bond sale. …

“I’d like to hear of solutions to the world debt problem,” Dominguez said of discussions at the International Monetary Fund and World Bank spring meetings this week. “This is a problem of ours as well as problems of many countries.”

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-04-06/philippines-plans-usd…

* * *

iii) Other physical stories:

JOHN ADAMS ON THE PERTH MINT:

 
 

 
 
John Adams
 
@adamseconomics
 

 CUSTOMERS OF THE PERTH MINT ARE HOPPING MAD! A client who converted 6,000 ounces from unallocated to allocated silver & paid the fabrication costs saw my tweet this morning about CHINESE SILVER BARS. He immediately called the

to inquire what he was sold.

 
 
 

 
 
John Adams
 
@adamseconomics

 
He was told that he was sold 6 x 1,000 silver bars from CHINA & that they were being prepared for freight! He was told that is “ALL PERTH MINT HAS TO OFFER!” The client was livid with RAGE as he assumed all along that he would be supplied with Perth Mint product.
 
 
 
 
 

 
John Adams
 
@adamseconomics
 
 
After threatening them with legal action he was promised by

 

that by “swapping” some bars around, Perth Mint 1,000 ounce silver bars would be sent to him. This client is now keeping an EAGLE EYE to see if this commitment will be met! THIS SAGA WORSENS BY THE HOUR!

 
END
 
History lesson:  88 years ago today, FDR banned gold. Tho Bishop wonders if Bitcoin is next
 
(BishopMises)

88 Years Ago Today, FDR Banned Gold. Will A Bitcoin Ban Be Next?

 
MONDAY, APR 05, 2021 – 11:00 PM

Authored by Tho Bishop via The Mises Institute,

Today is the 88th anniversary of Executive Order 6102, signed by President Franklin Delano Roosevelt, “forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” The order was one of the several disastrous responses to the Great Depression that succeed in escalating the financial crisis. Later in the year, the US Congress would pass a resolution retroactively supporting the legislation, however, it was the determined autocratic leadership of FDR that gave way for these unprecedented measures.

It would be a crime for Americans to hold gold for over forty years when President Gerald Ford reversed the order in 1974. 

This episode has several lessons for the current financial environment, particularly given the acceleration of tyranny-by-expert rule that has taken over much of the worst this past year.

The underlying legislation that evoked by FDR’s Executive Order was the Trading with the Enemy Act of 1917 – a byproduct of WWI – despite the fact US was in no way in a period of war in 1932. Similarly, we have seen War on Terror-inspired financial legislation increasingly be used against American citizens. For example, in the name of “fighting terrorism” the US Patriot Act significantly increased Know Your Customer laws, empowering Federal regulators to use the traditional banking system to better track the economic behavior of American citizens.

In the eyes of the Federal government, “anti-terrorism” legislation was quickly expanded to include additional missions – such as stopping money laundering and drug crimes. Increasingly, these boogeymen have used by policymakers around the world to erode financial privacy assets – such as cash and secret Swiss bank accounts.

On the domestic side, we have increasingly seen US corporate actors demonstrate their loyalty to the progressive political zeitgeist by pro-actively cracking down on various dissident political figures and conservative action groups. Bank of America, for example, has de-banked various gun manufacturers and also turned over client data following the January 6th protests at the US Capitol. These moves could prove useful if BoA needs another federal bailout from a Biden-Harris administration, but highlights the degree to which the modern financial system can easily be weaponized against a state’s political enemies.

The same playbook is being increasingly used to target Bitcoin and other cryptocurrencies that are beyond the reach of the state.

Earlier this year, Treasury Secretary Janet Yellen indicated that cryptocurrencies are in her crosshairs, telling an industry roundtable that:

The misuse of cryptocurrencies and virtual assets is a growing problem….I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism.

European Central Bank President Christine Lagarde has also called for global regulation of cryptocurrencies, responding to increased interest in these alternative assets. Of course, the increased interest in assets like Bitcoin is itself a direct response to the monetary policy of the Federal Reserve, ECB, and other global central banks responding to government-caused economic shutdowns in 2020.

While central bankers often publicly dismiss the role of non-politicized assets like gold and Bitcoin in financial markets, in their own circles they understand the dangers that exist in allowing the public the option of opting out of their financial schemes.

For example, at an annual Federal Reserve conference in 2016, the late Marvin Goodfriend noted the role that cash played in limiting what anti-saving policies a central bank could pursue. He advocated the abolishment of cash in return, and drew comparisons to the elimination of the gold standard. In 2018, an IMF report warned that cryptocurrencies could reduce demand in fiat money, and recommended “rigorously applying measures to prevent money laundering and the financing of terrorism” in an attempt to undermine this consumer behavior.

In addition, central banks have sought to compete with the convenience of digital currency by developing their own versions. China – whose central bank has been one of the most aggressive in credit expansion since 2008 – has recently released a “digital yuan”, while the ECB is working on a “digital euro.”

As I noted in 2017, this could set up a “next generation” of global currency war between private crypto and state digital currency. Since it is the nature of a state to defend its power, we should expect to see regulators and central bankers around the world escalate regulatory and legal pressure against financial assets beyond their control.

As FDR’s gold crackdown showed, tyrants know the importance of controlling money in a time of crisis.

Thankfully, so far Bitcoin has demonstrated to be resilient against the most forceful of state actions. For example, in countries like Morocco – which has banned Bitcoin entirely – peer-to-peer trading of Bitcoin has skyrocketed.

What will be interesting to see is whether countries that are suspicious of international governing organizations –  such as the IMF, EU, and UN – recognize the political value of private money as a check against globalist political hegemony.

We’ve seen Russia recognize the value of gold as a check against the weaponization of the dollar, could Bitcoin be next?

 

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 UP at 6.5518 /

//OFFSHORE YUAN:  6.5578   /shanghai bourse CLOSED UP 1.42 pts or 0.04%

HANG SANG CLOSED UP 560 PTS OR 1.97% 

2. Nikkei closed DOWN 392.62 POINTS OR  1.30%

3. Europe stocks OPENED ALL GREEN /

USA dollar index  UP TO 92.75/Euro FALLS TO 1.1806

3b Japan 10 year bond yield: FALLS TO. +.11/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.43/ 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:: 59.60 and Brent: 63.04

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.31%/Italian 10 Yr bond yield UP to 0.64% /SPAIN 10 YR BOND YIELD UP TO 0.34%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 0.99: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.84

3k Gold at $1736.50 silver at: 25.00   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 20/100 in roubles/dollar) 76.57

3m oil into the 59 dollar handle for WTI and 63 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.43 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 .9384 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1078 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

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

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

4. USA 10 year treasury bond at 1.693% early this morning. Thirty year rate at 2.339%

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

6.  TURKISH LIRA:  DOWN  TO 8.155..

US Futures Dip As European Stocks Finally Erase All Pandemic Losses, Hit Record High

 
TUESDAY, APR 06, 2021 – 07:48 AM

Global stocks hit record highs on Tuesday, supported by strong economic data from China and the United States, although US equity futures slipped as concern China is curtailing loan growth tempered optimism stoked by the U.S. economic rebound.  Nasdaq underperformed as investors locked in some gains on renewed reflation concerns hopes while currency and bond markets paused for breath after a month of rapid gains in the dollar and Treasury yields. At 715 a.m. ET, Dow E-minis were down 41 points, or 0.11%, S&P 500 E-minis were down 8 points, or 0.20% and Nasdaq 100 E-minis were down 11.5 points, or 0.23%.

Apple stock dipped after a rare downgrade from Morgan Stanley cut the price target on the world’s largest company from $164 to $156, citing multiple compression (it kept the Overweight target).

In the past few days, tech and other growth stocks had awakened after lagging in recent weeks behind value stocks expected to outperform as the economy emerges from the coronavirus pandemic. The tech-heavy Nasdaq is now about 3% from its February record high after falling as much as 12% from that level.

Stocks tied to the Archegos collapse fell in pre-market trading as Credit Suisse hit the market with block trades that totaled more than $2 billion. 34 million shares in ViacomCBS were offered on Monday, 14 million shares of Vipshop and 11 million shares of Farfetch. Still, that’s only a fraction of the size traded by banks at the end of March. ViacomCBS slipped 2.2% and Vipshop Holdings dropped 2.1% while Farfetch declined 2.1% after the Swiss bank unloaded shares.

Credit Suisse was down 0.3% as of 10:07 a.m. in Zurich after saying it will take a 4.4 billion-franc ($4.7 billion) writedown tied to the implosion of Archegos.

On the heels of a bumper U.S. jobs report on Friday, March ISM data showed services activity hit a record high. China’s service sector has also gathered steam with the sharpest increase in sales in three months: the Caixin China General Services Business Activity Index (headline services PMI) rose to 54.3 in March, 2.8pp higher than February. Sub-indexes suggest faster expansion of new business activity in the services sector.

“We think investors should not fear entering the market at all-time highs,” said Mark Haefele, Chief Investment Officer, UBS Global Wealth Management. “We recommend continuing to position for the reflation trade as the economic recovery gathers pace – data released Friday showed U.S. nonfarm payrolls surged by 916,000 in March, the biggest gain since August.“

“It looks like spectacular US data has a few caveats,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “For one, there is a sense that vaccine differentials could just mean an uneven recovery. Worse, it could also mean having to deal with higher U.S. Treasury yields in a more fragile state,” especially for emerging markets, he said.

European stocks, meanwhile, erased pandemic losses and the pan-European STOXX 600 index hit a record high with miners among the biggest gainers thanks to copper surging as markets reopened after Monday’s holiday across the region.

The Stoxx 600 Basic Resources index rises as much as 2.5%, buoyed by gains for copper and aluminum. Copper prices jumped in the U.S. on Monday and in London after the Easter holiday, though gave up some of those gains following a reassurance from Chile that Covid restrictions won’t impact mining operations or exports.

Travel and leisure stocks also gained in Europe, catching up with U.S. peers after Monday’s holiday, while airlines were boosted by a lower oil price and U.K. pubs gain as government downplays need for vaccine passports to enter venues. British Airways-owner IAG was up 2.4%, Lufthansa +1.3%, EasyJet +0.9%, with crude futures down about 3% since Friday despite edging higher on Tuesday. Travel gains come despite industry body expressing disappointment over the U.K. government’s warning that the resumption of non-essential trips next month is not guaranteed.

Earlier in the session, Asian stocks fell, poised to snap a three-day winning streak, with Japan leading losses in the region after the yen climbed against the dollar overnight. Shares of electronics makers and automakers were the biggest drags on Japan’s benchmark Topix, which slid the most in almost two weeks. Suzuki Motor slumped the most since June, falling for a second day after saying that it’s halting two domestic plants in continued fallout of the global chip shortage. Equity benchmarks in the Philippines, Taiwan and Australia climbed, cushioning declines in the MSCI Asia Pacific Index, while markets in Hong Kong and Thailand were shut for holidays. Sector-wise, consumer discretionary and healthcare were the worst performers on the Asian gauge

China’s CSI 300 index fell as trading resumed after Monday’s holiday, with losses in healthcare and consumption-linked sectors dragging the benchmark index lower from a four-week high. The CSI 300 Index ended down 0.4%, after jumping 1% in Friday’s session to close at its highest since March 5. The gauge climbed 2.5% last week, the most since the period ended Feb. 12. Liquor giant Kweichow Moutai Co. was the biggest drag on the index on Tuesday. “The market will consolidate to find its bottom,” following the recent gains, CICC analysts including Wang Hanfeng wrote in a note. Separately, analysts at Kaiyuan Securities said that Chinese mutual funds focused on large growth stocks are facing potentially big redemption pressure from individual investors after the recent rebound. China’s central bank asked the nation’s major lenders to curtail loan growth for the rest of this year after a surge in the first two months stoked bubble risks, Bloomberg reported. CSI’s subgauge of financials ended little changed. Daily turnover in Shanghai and Shenzhen dropped to 627.8 billion yuan ($96 billion), near a five-month low reached on Thursday. The CSI 300 has largely hovered around the key 5,000 mark for the past month or so after concerns over lofty valuations and potential liquidity tightening saw the gauge plunge into a technical correction in early March. It had reached a 13-year high the previous month

In rates, the yield on benchmark 10-year U.S. Treasuries fell to 1.6915% amid mounting concerns that the BIden infrastructure package will be substantially watered down. Treasury 10-year yields around 1.70% are near flat vs Monday’s close while long-end yields are marginally richer, flattening 5s30s by almost 1bp; bunds, gilts lag by around 3bp vs Treasuries. Treasury yields were back within a basis point of Monday’s closing levels, with long-end slightly outperforming, after rebounding from Asia-session lows. EGB markets are lower in first trading day since April 1.

The steadying Treasury yields and dollar follow a charge higher over the first quarter, with an 83 basis point rise in 10-year yields, the biggest quarterly gain in a dozen years, and a 3.6% rise in the dollar index – the sharpest since 2018.

“Bonds have settled down now,” said Omkar Joshi, portfolio manager at Opal Capital Management in Sydney, after a hard and fast selloff. “I think markets can keep powering on from here.”

In FX, the Bloomberg Dollar Spot Index advanced for the first day in four as the greenback rose against most of its Group-of-10 peers; the euro was little changed around $1.18 while the pound and Antipodean currencies were the worst performers in G-10. The Australian dollar declined after China’s central bank shifted its attention from pandemic to bubble risks. The aussie erased losses after the RBA reserved its decision over April to November curve control.

Minutes from the March meeting of the U.S. Federal Reserve, due on Wednesday, are the next focus for bond markets, although they will not address the most recent data surprises and markets have run far ahead of Fed projections for years of low rates. Fed funds futures have priced in a hike next year while eurodollar markets have it priced by December.

“What needs to be tested is how the Fed reinforces and reassures on its flexible average inflation target policy,” said Vishnu Varathan, head economist at Mizuho Bank in Singapore. “The dollar’s past few weeks of movement reflect markets moving ahead despite what the Fed has said.”

In commodities, oil rebounded as the chances of a breakthrough in talks to revive an Iranian nuclear accord were seen by analysts as slim, reducing the odds that crude flows from the country would pick up further in the near term. As a result, WTI crude futures rebounded about 2% to near $60/bbl after yesterday’s rout; gold edges higher to $1,730/oz

Progress in President Joe Biden’s new infrastructure proposal and the start of the earnings season in the coming weeks could dictate the course of stock markets, analysts said. Later in the day, investors will turn to a reading of U.S. job openings for February. The data follows blowout employment as well as service sector reports for March.

Market Snapshot

  • S&P 500 futures down 0.2% to 4,059.00
  • German 10Y yield rose 3.2 bps to -0.296%
  • Euro little changed at $1.1805
  • Euro Stoxx 50 up 0.8% to 3976.11
  • MXAP down 0.3% to 206.39
  • MXAPJ up 0.3% to 690.58
  • Nikkei down 1.3% to 29,696.63
  • Topix down 1.5% to 1,954.34
  • Hang Seng Index up 2.0% to 28,938.74
  • Shanghai Composite little changed at 3,482.97
  • Sensex down 0.1% to 49,108.12
  • Australia S&P/ASX 200 up 0.8% to 6,885.86
  • Kospi up 0.2% to 3,127.08
  • Brent Futures up 2.1% to $63.43/bbl
  • Gold spot up 0.3% to $1,732.75
  • U.S. Dollar Index up 0.1% to 92.64

Top Overnight News from Bloomberg

  • Most European Union member states will have sufficient Covid vaccine supplies to immunize the majority of people by the end of June, much earlier than the bloc’s official target, according to an internal memo seen by Bloomberg
  • The tax plan President Joe Biden laid out last week will likely hit technology and pharmaceutical companies particularly hard, although the challenge for legislators will be to minimize loopholes that could diminish the impact, tax experts said
  • A burst of strong economic readings — a mammoth job creation figure Friday and now a report from the Institute for Supply Management showing record growth in service industries — is fueling bets that expectations for growth, not inflation, will dominate the narrative in Treasuries
  • China’s central bank asked the nation’s major lenders to curtail loan growth for the rest of this year after a surge in the first two months stoked bubble risks, according to people familiar with the matter
  • The leader of Chancellor Angela Merkel’s party reinforced his call for strict, short-term curbs to contain Germany’s resurgent outbreak, as he tries to gain backing for the plan

Quick look at global markets courtesy of Newsquawk

Asian equity markets traded mixed as the regional bourses failed to fully sustain the momentum from their counterparts on Wall St where the S&P 500 and the DJIA extended on fresh record highs in their first opportunity to react to last week’s blockbuster NFP jobs report and which was followed up by stronger-than-expected ISM Services PMI data. ASX 200 (+0.8%) rallied on return from the long weekend with gains spearheaded by tech after similar outperformance stateside, while shares in Cleanaway Waste Management surged by double-digit percentages on M&A news in which the Co. is to buy Suez’s Australian unit for around AUD 2.5bln. Nikkei 225 (-1.3%) retraced opening advances with sentiment clouded by a mixed currency and disappointing Household Spending data which contracted by 6.6% Y/Y. Shanghai Comp. (U/C) was also lacklustre despite stronger than expected Chinese Caixin Services PMI data which alongside Caixin Composite PMI, printed at their highest readings YTD, with the mainland subdued after the PBoC drained liquidity and amid reports China is said to have asked banks to curtail credit until year-end, while Hong Kong markets remained closed for holiday. Finally, 10yr JGBs were higher with prices supported amid weak domestic data and as Japanese stocks gave back initial gains, while prices also tracked the upside in T-note futures amid easing of yields and with improved results from the 30yr JGB auction.

Top Asian News

  • Australia Central Bank Holds as Housing Surge Comes to Fore
  • Bank Indonesia Sees No Immediate Need to Unwind Easy Policy
  • AirAsia Said to Plan $300 Million Funding Round for Digital Arm
  • Chinese Travel Rebounds During Holiday While Spending Still Lags

European equities kicked off the holiday-shortened trading week with gains across the board (Euro Stoxx 50 +0.8%) as the region plays catch-up to the fresh record levels seen on Wall St yesterday whereby the S&P 500 and the DJIA extended to record highs with impetus derived from the strong US jobs and ISM metrics. US equity futures, however, have diverged from the firmer performance across the pond and trade with incremental losses – with the cyclically-driven RTY (-0.4%) narrowly lagging peers. Sectors in Europe maintain the same picture seen at the cash open – with most sectors in the green, led by Basic Resources amid the rebound in base metals. European sectors see more of a pro-cyclical bias as the region mimics the sentiment seen state-side yesterday – with Autos, Banks, Travel & Leisure, and Oil & Gas among the top performers, while the more defensive Healthcare and Telecoms reside at the other end of the spectrum, with the latter also in negative territory. In terms of movers, the aforementioned rally in base metals sees miners driving the FTSE 100 (+1.2%), with Antofagasta (+3.8%), Rio Tinto (+3.6%), Glencore (+3.3%), and BHP (+3.2%) all among the top gainers. The miners in the index are closely followed by BP (+3.2%), who holds onto gains despite the recent fall in oil prices as the Co. now expects proceeds in 2021 to be at the top of the previously guided range of USD 4-6bln. BP also expects to have reached its net debt target of USD 35bln ahead of schedule in Q1, and on reaching this target, the oil giant is committed to returning at least 60% of surplus cash flow to shareholders by way of share buybacks. Away from the UK, SAP (+2.0%) is bolstered amid CNBC reports yesterday that Google is to stop using Oracle’s finance software and use SAP’s instead. Telefonica (+0.7%) bucks the downbeat Telecoms trend as it is to begin the bidding process for its submarine cable unit in a deal that could be valued around EUR 2bln. Air France-KLM (-0.7%) was choppy at the open after the EU Commission approved the EUR 4bln rescue plan – whereby opening gains were short-lived, potentially due to some of the strings attached to the package. Finally, Credit Suisse (+0.3%) trimmed earlier gains which were cited to the board overhaul as the group sees a CHF 4.4bln charge related to hedge fund liquidation. In terms of commentary, analysts at RBC note a slightly less optimistic mood across the markets, with its survey identifying six key issues: 1) expectations surrounding the total return to normality being pushed back. 2) The spread of COVID variants across the US. 3) A split among investors surrounding inflation – with a negative tilt – “in total, 42% say the ramp in inflation will be negative or very negative for stocks, and 30% say it will be positive or very positive”. 4) Fewer investors backing the bearish USD narrative. 5) Fed tapering expectations nudging forward. 6) Downside risks from President Biden’s policies – “Tax generally is a major focus, with 93% saying it’s likely or very likely Biden will get something significant done on corporate taxes, along with 75% who expect significant action on individual taxes and 59% who expect significant action on capital gains taxes”, the analysts say.

Top European News

  • Nordea Markets’ Head of Global Trading in Sweden Leaves Bank
  • Merkel Party Leader Reinforces Call for Tighter German Lockdown
  • Citi Sees Tighter Oil Market on Phased Return of Supply by OPEC+

In FX, the Dollar is on a firmer footing vs most G10 and EM counterparts having lost momentum over the Easter break against the backdrop of buoyant risk sentiment in wake of a stellar US jobs report and non-manufacturing ISM that hit an all time high. However, the bounce is partly due to weakness in several peers on technical grounds and repositioning as many centres return from extended holiday weekends, while the DXY may also have benefited from the fact that 92.500 held and contained declines within a 92.527-790 range ahead of Redbook weekly updates and JOLTS.

  • NZD/AUD/GBP – Cross headwinds rather than bearish independent factors appear to be undermining the Kiwi and Pound as Nzd/Usd fades from circa 0.7069 to sub-0.7020 and Aud/Nzd hovers near the top of a 1.0858-30 range following no change in policy guidance whatsoever from the RBA, but Aud/Usd underpinned by another healthy rise in Aussie job ads and an above forecast Chinese Caixin services PMI that is also supporting the YUAN. Indeed, Aud/Usd is maintaining 0.7600+ status and Usd/Cnh is back on the 6.5500 handle vs a high of 6.5650, albeit not quite as low as the overnight Usd/Cny midpoint fix 6.5527 or sub-6.5500 base for the onshore unit. Back to Sterling, Cable has recoiled from circa 2 week highs above 1.3900 to test bids and underlying support around 1.3825, while Eur/Gbp is probing twin peaks either side of month end at 0.8534 and 0.8537 to touch 0.8545 having failed to sustain downside thrust through 0.8475 only yesterday.
  • EUR – Bucking the overall trend, as the Euro attempts to keep afloat of 1.1800 vs the Greenback with assistance from the aforementioned Eur/Gbp cross rebound, corrective convergence in EGB/UST yield differentials and perhaps even a much better than expected EZ Sentix index. However, news that between 51.7-61% of the population in Germany, France and Italy may have been vaccinated by the end of H1 may also be helping the single currency resist Buck advances.
  • CHF/CAD/JPY – All softer vs their US rival, with the Franc pivoting 0.9375 and aware if not actually acknowledging the fact that sight deposits fell at Swiss domestic banks in the latest week, while the Loonie is not getting much impetus from firm oil prices inside a 1.2554-16 band and the Yen is trying to keep its head beyond 110.50 following somewhat mixed and disappointing Japanese household spending data.

In commodities, WTI and Brent front-month futures see somewhat of a relief rally following substantial losses yesterday whereby Brent prices settled over 4% lower on the day – with WTI now back around USD 60/bbl (vs low 58.62/bbl) and Brent probing USD 63.50/bbl (vs low USD 62.08/bbl). Newsflow for the complex remains light as participants continue to balance the supply and demand implications with COVID remaining the epicentre as OECD nations observe more stringent COVID cubing measures, whilst OPEC opted to again go against market expectations and decided to gradually increase output as it forecasts higher summer demand – which will pose its own risks if the COVID situation deteriorates further or if the inoculation drive is materially disrupted. Nonetheless, as COVID developments are watched, a more imminent risk event is the JCPOA meeting between the US, Iran, China, Russia, and the EU, whereby the 2015 nuclear deal will be revisited. On this front, the US has reportedly put on the table several proposals – but Tehran remains conservative and has stuck to the script – suggesting economic sanctions need to be lifted before meaningful dialogue. Neither the US nor Iran expects breakthroughs at the meeting, thus eyes remain on the overall tone and for any joint statement which could be perceived as constructive. In terms of commentary, Goldman Sachs notes that with OPEC out of the way, supply concerns shift to the JCPOA agreement – “After the increase in Iran exports so far this year, our base case remains that a full recovery won’t occur until summer 2022, implying an agreement likely early-2022… Even if an agreement occurs earlier, we believe that it wouldn’t derail our constructive oil view relative to market forwards through 2022… We don’t see the potential recovery in Iran exports as an exogenous shock to the oil market”, the bank says. Analysts at ING meanwhile warn of the possibility of a significant amount of oil supply returning to the market in the coming months, referring to a concoction of Iranian and OPEC+ supply – “we believe that, even with additional supply from OPEC+ along with higher Iranian output, the market will still be drawing down inventories through the year, so impacting the prospects for higher prices later in the year.”, the Dutch bank says. In terms of metals, spot gold and silver trade within tight ranges as the precious metals mirror Dollar action, with the yellow metal residing around USD 1,730/oz (1727-38 intraday range), whilst spot silver trades on either side of USD 25/oz (24.76-25.19 intraday range). Turning to base metals, copper prices are bolstered by the ongoing reflationary hopes, the US infrastructure package, and as top-producer Chile shut its borders amid a resurgence of the virus. Chinese steel prices meanwhile leaped to record highs as traders cite robust demand as low supply as its top steel-making city Tangshan saw pollution curbs.

US Event Calendar

  • 10am: Feb. JOLTs Job Openings, est. 6,900, prior 6,917

DB’s Henry Allen concludes the overnight wrap

For readers coming back to their desks this morning after the long Easter weekend, markets have been nothing short of buoyant while you’ve been away, with a very strong US jobs report on Friday along with a bumper ISM services number yesterday helping to bolster the bullish case for risk assets. For now, this momentum from the data has outweighed investor concerns about the rising Covid case count at the global level, which has led much of Europe and other regions into tighter restrictions. But unlike the big global rise we saw at the tail-end of last year, the ongoing vaccine rollout has helped to blunt that increase, and some of the most Covid-sensitive assets like airline stocks have proven resilient in the face of the latest wave.

In terms of the latest moves, the S&P 500 had advanced another +1.44% by the US close last night, solidly planting a flag above the 4,000 mark it breached last Thursday, as the Dow Jones (+1.13%) also hit a fresh record. It was a broad-based advance for the S&P as over 80% of the constituents in the index rose yesterday and 23 of 24 industry groups rose on the day. Energy stocks (-2.41%) were the sole big exception against the backdrop of lower oil prices, as both Brent Crude (-4.18%) and WTI (-4.56%) lost significant ground. Tech stocks continued their recent resilience however, with the NASDAQ up +1.67%, supported by the fact that the positive sentiment of late hasn’t seen a move higher in yields alongside that. Indeed yields on 10yr Treasuries closed -2.1bps lower yesterday at 1.700%, more than 7bps beneath their intraday high last week, and are down a further -1.1bps this morning.

As mentioned above, it was the US jobs report on Friday that propelled that latest shift upwards, with growth in nonfarm payrolls coming in at +916k, well ahead of the consensus expectation of +660k. It was the biggest rise in seven months and comes as restrictions continue to be lifted across most of the US, and payrolls increased in multiple industries, with leisure and hospitality (+280k) seeing the biggest gains thanks to the easing of restrictions, while public and private education also saw noticeable gains as school activities resumed across the country. And in further positive news, both of the previous two months saw upward revisions to payrolls, with the February number revised up +89k to +468k, and the January number revised up +67k to +233k. More broadly, the labour force participation rate rose a tenth to 61.5%, even as the unemployment rate fell to a post-pandemic low of 6.0%. And the broader U-6 measure that also includes those marginally attached to the workforce and those working part-time for economic reasons, fell to 10.7% in March. This measure is one that’s been cited by Fed Chair Powell as a more inclusive measure of underutilisation in the labour market.

On top of the very strong jobs report on Friday, the ISM services index yesterday rose 8.4pts to 63.7pts – which is the highest reading since the data series started in 1997 and well ahead of the expected 59.0, with the final number exceeding every estimate on Bloomberg. The underlying employment data tied into what the jobs data from last week showed as the ISM employment index rose to 57.2 from 52.7, as most jobs affected by the pandemic started to return. The largest increases were in new orders and business activity, two areas seen as leading indicators. New orders jumped 15.3 points to an all-time high of 67.2 in March, and the business activity index posted a record high of 69.4, after rising 13.9 points.

Overnight in Asia markets have been somewhat less positive than the US, with the Nikkei (-1.14%) and Shanghai Comp (-0.32%) moving lower and the Kospi (-0.01%) almost unchanged, though the Asx (+0.95%) has made gains. One factor weighing which seems to be weighing on markets in the region is the report from multiple outlets including the FT and Bloomberg that the People’s Bank of China is seeking to curtail credit growth, following strong growth in the first two months of the year. Meanwhile in Australia, the RBA left their policy settings on hold as expected, with the cash rate and the 3-year yield target remaining at 0.1%. Elsewhere, US equity futures are also pointing lower this morning, with those on the S&P 500 down -0.22%, though European futures are pointing to a positive open as they reopen after the extended weekend.

Turning to the week ahead now, and it’s likely that the Covid pandemic will continue to dominate given the jitters in multiple countries over the rising case counts. Europe has already been shifting towards tougher restrictions, with the French lockdown beginning on Saturday, while a rapid rise in India has seen the daily case count move above 100,000 for the first time yesterday, and the state of Maharashtra move to working from home and the closure of non-essential shops. The main exception to this pattern has been the UK however, which has one of the most advanced vaccination programmes in the world, where Prime Minister Johnson confirmed that the restrictions in England would be eased further on Monday, with the reopening of non-essential retail, outdoor hospitality venues, and indoor leisure and sports facilities.

Elsewhere, the main scheduled event will be the IMF/World Bank Spring Meetings, which kicked off virtually yesterday. That’ll feature a number of panels with major global policymakers, including Fed Chair Powell, who’ll be taking part in a panel on the global economy on Thursday, as well as US Treasury Secretary Yellen, and the special presidential envoy for climate, John Kerry. In addition, today will see the release of the IMF’s latest World Economic Outlook, which contains their global growth forecasts over the coming years.

As global policymakers come together for this event, yesterday saw US Treasury Secretary Yellen use a speech to call for a global minimum corporate tax, saying that “it is important to work with other countries to end the pressures of tax competition and corporate tax base erosion.” President Biden’s infrastructure plan last week featured an increase in the US minimum tax rate as part of the proposals to pay for it, and Yellen said that the US was “working with G20 nations to agree to a global minimum corporate tax rate that can stop a race to the bottom.” There have been talks at the OECD-level for some time on this issue, but they’re yet to reach a deal.

From central banks, the main events this week will be the release of the March minutes from both the Federal Reserve and the ECB, which are coming out on Wednesday and Thursday respectively. For the FOMC minutes, our US economists write that they’re most interested in the discussion around the Fed’s reaction function in the coming years and insights into the forecast by a majority of officials, since the median dot in the dot plot still had rates unchanged by end-2023. Indeed it’s worth noting that since the meeting in mid-March, markets have moved to price in an even faster pace of rate hikes given the very strong data that’s come out, and current pricing is indicating a rate hike by end-2022, more than a year before the Fed’s median dot indicated. Our economists say that they’ll also be focusing on the inflation outlook, and the latest views on what constitutes “substantial further progress” to initiate tapering. Over at the ECB meanwhile, the March meeting saw the Governing Council announce they’d significantly increase the pace of PEPP purchases until the end of Q2, and at the subsequent press conference, President Lagarde implied that the pace of purchases would be reviewed quarterly when new staff projections are available. Since then however, there’s been a clarification that they could do this between staff projections should the conditions warrant it, so our European economists will be looking closely to see if the minutes shed any further light on the discussion on this issue.

Given a majority of markets were closed over the holiday weekend, let’s quickly recap last week’s moves as we normally do at the start of the week. US equities rose to record highs that were then eclipsed yesterday, with the S&P 500 moving above 4000 for the first time on record having gained +1.14% during the holiday-shortened 4-day week. Technology stocks outperformed with the NASDAQ rising +2.60% on the week, while the highly concentrated megacap NYFANG index gained +4.47%. It was just the second weekly gain for the NASDAQ in the last seven weeks. European stocks rose as well even as high case counts continue to necessitate further lockdowns. The STOXX 600 gained +1.24% over the four trading days, with the German DAX (+2.43%) and French CAC (+1.91%) outperforming other bourses slightly.

US 10yr Treasury yields finished the week +4.6bps higher at 1.72%, nearly erasing the prior week’s drop in yields, which was the first weekly decline since late-January. Much of this move followed the release of President Biden’s infrastructure plan, called the “American Jobs Plan” that would see $2.25 trillion invested over the next eight years. Europe saw a similar rise in yields with 10yr bund yields falling +1.8bps to -0.33%, while gilts rose +3.8bps to 0.80%. Elsewhere in fixed income, credit markets tightened in Europe and the US as risk sentiment improved. US high-yield cash spreads tightened -14bps, while IG spreads came in -7bps. European credit performed slightly less well, with HY spreads tightening -7bps and IG spreads just -2bps tighter.

Lastly the other big piece of data out from late last week were the global manufacturing PMI data, which were some of the highest ever recorded. In the US, the ISM manufacturing PMI increased from 60.8 to 64.8, the highest level since 1983 as stronger growth in new orders and output highlight the increasing demand. While in Europe the manufacturing PMI reading for the Euro area rose to 62.5 in March from 57.9 in the month prior. Germany’s manufacturing PMI came in at 66.6 and was the highest since the series began and the ninth consecutive expansion. The UK’s PMI reading was its highest since 2011 at 58.9, compared to 55.1 in February.

end

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 1.42 PTS OR .04%   //Hang Sang CLOSED UP 560.39 PTS OR 1.97%     /The Nikkei closed DOWN 392.62 POINTS OR 1.30%//Australia’s all ordinaires CLOSED UP 0.99%

/Chinese yuan (ONSHORE) closed UP AT 6.5518 /Oil UP TO 59.60 dollars per barrel for WTI and 63.09 for Brent. Stocks in Europe OPENED ALL GREEN //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5518. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5573   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/

END

b) REPORT ON JAPAN

Japan/China

This will be interesting:  Japan is now poised to allow the coast guard to fire on Chinese vessels in new legislation 

(zerohedge)

Japan Poised To Allow Coast Guard To Fire On Chinese Vessels In New Legislation 

 
MONDAY, APR 05, 2021 – 06:40 PM

New legislation being considered that would radically alter current Japan Coast Guard policy toward how it engages foreign vessels in Japan’s waters could inadvertently hurl the region toward a hot conflict involving China. 

The new proposed law comes at a moment of more frequent and heightened incidents between Chinese and Japanese vessels around the contested Senkaku islands near Taiwan (and which happen to also be claimed as Taiwan’s). Currently Japan doesn’t have a mechanism which would activate its Self-Defense Forces in any entanglement with Chinese fishermen landing on the islands, which might escalate to involve Chinse military patrols. 

But that could change, especially after Beijing recently allowed its own coast guard to be militarized at a moment it attempts to stave off regional rivals’ claims to islands in the East and South China Seas. Tokyo is preparing to beef up is own ability for an immediate and rapid response, as Nikkei details of the new legislation“The Japanese government says the Police Duties Execution Act allows ships to fire on vessels to halt an unauthorized landing,” Further it explains, “If the police or coast guard is unable to mount an adequate response, then a phone call and a snap decision by the Cabinet would mobilize the Self-Defense Forces to a police operation.”

Via Japan Coast Guard/NY Times

And here’s more on why Japan considers the beefing up of its rules of engagement necessary, according to Nikkei

Unconvinced, LDP lawmakers involved in defense policy last week put together a proposal for legislation that “fills the gap.”

The document calls for amending Japan’s coast guard law. The changes would allow coast guard vessels, within the bounds of international law, to use arms against foreign ships that refuse to comply with expulsion orders.

The caucus is also pushing for rules that would allow the deployment of the Japanese Ground Self-Defense Force to remote islands in advance to cut down on the response time in the event of a hostile situation.

It would take current potential conflict situations that previously were dubbed ‘gray-zone’ matters – which fall short of allowing for hostile engagement – and would effectively allow for the weaponization of the coast guard to stave off a surprise takeover of an island (such as in the Senkakus). 

 

Senkakus, known in China as the Diaoyu Islands

The Nikkei report describes that one common emerging view among Japanese officials is that China is indeed preparing to dramatically scale-up its presence in the Senkakus and other contested islands in a bid to assert control.

This, the report says, is likely to lead to a“nightmare scenario” for the Japan Coast Guard, which goes something like this:

A Chinese fishing boat breaks down near Japan’s Senkaku Islands. China, which claims the islands and calls them the Diaoyu, instructs its own coast guard to protect the boat. The fishermen land on one of the islands to wait for repair parts, ignoring warnings by Japan. Amid tension and confusion, alarmed China coast guard personnel start firing at their Japanese counterparts.

Amid repeated Chinese incursions in waters near the Senkakus, such scenarios are not out of the question any more. Discussions within Japan’s ruling party have reignited regarding the need for legislation that explicitly lays out the rules of engagement in such cases.

China has spent years warning Tokyo over the islands which have been contested for over a century, with the United States officially recognizing Japan’s claims over the uninhabited islands, and with Biden previously reiterating America’s commitment to protective them in accord with Article 5 of the US-Japan Security Treaty.

Despite Japan laying claim to the islands since 1895 China began strongly reasserting claims especially in the 1970s, triggering a crisis which became more acute after in 2012 when Japan’s government purchased three of the disputed islands from a private owner. The area is considered potentially resource-rich, including likely oil and gas reserves, along with being considered excellent fishing grounds and close to key shipping lanes. 

END
PHILIPPINES//CHINA/USA
then this:

US Sails Carrier Into South China Sea As Philippines Enraged Over China ‘Territory Grab’

 
TUESDAY, APR 06, 2021 – 03:30 PM

In the latest dispute over territory in the South China Sea, the Philippine government is denouncing Beijing for sending a “maritime militia” near the contested Whitsun Reef (alternately spelled Whitson Reef). 

China has responded by saying the ships are merely civilian fishing vessels, but the bellicose rhetoric has only grown between the two sides in the past days. And now amid the ratcheting tensions American warships led by the USS Theodore Roosevelt carrier have entered the waters

 

National Task Force-West Philippine Sea via AP: “Chinese vessels are pictured moored at Whitsun Reef, South China Sea, on March 27, 2021.”

The US aircraft carrier strike group reportedly entered the region starting Sunday, according to the South China Sea Probing Initiative (SCSPI).

Perhaps feeling further emboldened by the US strike group’s presence, the Rodrigo Duterte government is livid, denouncing the Chinese vessels’ presence using “the strongest words yet” according to Reuters:

In some of the strongest words yet from Duterte’s camp about China’s conduct in the South China Sea, his lawyer Salvador Panelo called the prolonged presence of boats an unwelcome stain on relations that risked “unwanted hostilities that both countries would rather not pursue”.

“We can negotiate on matters of mutual concern and benefit, but make no mistake about it – our sovereignty is non-negotiable,” Panelo said in a statement.

Duterte’s spokesman Harry Roque echoed the view and told a news conference: “We will not give up even a single inch of our national territory or our exclusive economic zone (EEZ).”

Whitsun Reef lies some 175 miles west of the Philippine province of Palawan…

Manilla believes China is using a massive presence of over 200 vessels to effectively establish control over the area as we previously described last month.

 

USS Theodore Roosevelt carrier strike group, US Navy/Wiki Commons

Last month the Philippines lodged a diplomatic protest over what it charged is a “swarming and threatening” presence of Chinese vessels.

The United States in the meantime has vocally supported The Philippines’ version of events – hence the latest carrier presence to “warn off” the Chinese. 

END

3 C CHINA

this is big!!  China Credit impulse is now set to collapse as Beijing orders banks to curtail loan growth for the restof 2021

(zerohedge_

China Credit Impulse Set To Collapse As Beijing Orders Banks To Curtail Loan Growth For Rest Of 2021

 
TUESDAY, APR 06, 2021 – 02:00 PM

One month after global markets underwent a brief hiccup after China’s top banking regulator said he’s “very worried” about risks emerging from bubbles in global financial markets, Beijing is now looking inward and as the FT and Bloomberg reported, China’s central bank has asked the nation’s major lenders – which are all at least partially state-owned which means it wasn’t ‘asked’ but rather ‘ordered’ – to “curtail loan growth for the rest of this year after a surge in the first two months stoked bubble risks.”

The report goes on to note that at a meeting with the People’s Bank of China on March 22, banks were told to keep new advances in 2021 at roughly the same level as last year. The directive targeted not only domestic lenders but also “some foreign banks” which were also urged to rein in additional lending through so-called window guidance after ramping up their balance sheets in 2020.

As Bloomberg adds, the comments give further detail to what the central bank stated publicly after the meeting, when it said it asked representatives of 24 major banks to keep loan growth stable and reasonable.

Some context: in 2020, the year when China’s economy slammed shut briefly before staging a remarkable debt-fueled comeback, banks issued a record 19.6 trillion yuan ($3 trillion) of credit, with about a fifth directed to inclusive financing such as small business loans. Lending the same amount this year would bring the outstanding balance to about 192 trillion yuan, an annual increase of about 11%, and the slowest pace in more than 15 years.

“On the one hand, there will be slowdown in loan growth, and on the other hand, the slowdown is quite moderate,” said Lu Ting, chief China economist at Nomura Holdings adding that the pace is line with the PBOC’s stance of making no sharp policy turns.

“Moderate” or not – and the slowest growth in 15 years is anything but moderate in our book – such a slowdown in credit creation would have dire consequences on China’s all-important credit impulse which, as we have profiled repeatedly in the past, is arguably the biggest driving force behind global reflation (or disinflation, as the case may be).

For regular readers this won’t be a surprise, as this credit slowdown is precisely what we warned about last December, when we said that “In Historic Reversal, China’s Credit Impulse Just Peaked.”

To be sure, China’s crusade to tame local credit is nothing new, and now that Beijing has contained the covid pandemic and the economy rebounding, Chinese policymakers have renewed their long-running campaign to curb risks, especially in the financial and real estate sectors.

Meanwhile, even if credit growth eases, the prospect of higher interest rates and fewer soured assets may boost the profitability of banks, which saw earnings slump after they were enlisted to help borrowers obtain cheap financing during the pandemic. That said, with a record debt overhang and all time highs in the Chinese debt service ratio… 

… Beijing is also limited in how much it can tighten financial conditions for a simple reason: China’s total debt increased 29% points last year to 315% of GDP, driven by companies and provincial governments borrowing during the pandemic, according to Citigroup. As such, the country can barely afford higher rates (as was discussed last week in “Record Leverage Means No Policy U-Turn For The PBOC.)”

Meanwhile, it appears that local banks were unaware of Beijing’s desire to clamp down on record new loans, and in the first two months of the year, Chinese banks issued 4.9 trillion yuan of new loans in the first two months, 16% more than the same period last year….

… and at the fastest pace of the past five years.

This is even as the FT reported previously that the central bank told banks in February to keep new lending in the first quarter roughly at the same level as last year, if not lower.

China’s renewed crusade to tame the leverage monster is hardly what Chinese investors want to hear: according to Ken Chen, a Shanghai-based analyst at KGI Securities. credit curbs will drain liquidity from the stock market and pressure sectors with high valuations. Indeed, Kweichow Moutai, the Chinese liquor giant, led a sell-off in blue-chip shares on Tuesday, falling as much as 2.8%. WuXi AppTec Co. slid as much as 5.4%.

Meanwhile, the central bank has made its desire where new capital should flow quite clear: while hoping to keep “zombie” firm capital to a minimu, the PBOC wants commercial banks to focus on lending to areas such as innovative technology and the manufacturing sector, it said at the March gathering. This took place shortly after Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, warned about bubbles in the property and financial markets as noted above, fueling concerns policy makers will begin tightening monetary policy.

Here Bloomberg makes a laughable conclusion, noting that “China’s government is taking advantage of the economic recovery to deleverage, a long-standing goal shelved during the trade war with the U.S. and further delayed by the pandemic.” It’s “laughable” because every time Beijing pushes in earnest with its deleveraging plans either stocks – or housing – crash, or overnight fund rates explode into double (or triple) digits and the market quickly forces the PBOC to reverse its deleveraging intentions.

And while any earnest attempt at deleveraging is doomed to fail, that doesn’t mean that China won’t try again. It also means that SocGen’s forecast for sharply lower credit impulse in the coming years…

… will be validated. And as this all too critical metric fades, virtually every asset across the globe will be affected. As a reminderthe credit impulse first reaches assets that are driven primarily by the Chinese economy (Chinese bond yields and industrial metals). Next to be impacted are inflation breakevens and sovereign yields in Western economies. The peak correlation for other growth-sensitive assets such as eurozone banks and AUD/JPY arrives with bigger lag of around 4-5 quarters. This result, while logical, is quite significant, as it gives us a playbook for the ebb and flow in Chinese credit impulse.

The table above shows the correlation between different assets and Chinese credit impulse for varying lag times. The extent of the differences between lags in correlations is exemplified in the left-hand chart below. While peak correlation for Chinese interest rate swaps arrives with an eight-month lag, the peak correlation for eurozone banks manifests itself with a lag of 14 months (read more here “In Historic Reversal, China’s Credit Impulse Just Peaked: What This Means For Global Markets“).

Looking ahead, with high correlations and short lag times, Chinese interest rate swaps and industrial metals should be the first assets to be adversely impacted by the topping of the Chinese credit impulse. Australian house prices and US 5Y forward 5Y inflation will likely also be hit in this first group.

The mining and industrial sectors also have short lag times, but their correlation is slightly lower. The other highly correlated group of assets, including eurozone banks, also gets strongly affected by credit impulse, but the rather large lag time opens the door for other factors to influence the price action of these assets as well.

Low correlation with certain assets suggests that Chinese credit, while being one of the drivers, may not be the main driver of price performance for these assets (e.g. semis/software ratio, sovereign yields in the West and value/quality ratio).

In the chart below, SocGen provides a critical estimated timeline of the peak Y/Y performance for each of the assets it sees as impacted by China’s credit impulse slowdown. While these assets are influenced by multiple factors and therefore could easily diverge from expectations, the chart below does present a neat output from a lagged regression analysis and is a useful guideline for the balance of this year and next.

END

4/EUROPEAN AFFAIRS

ITALY/SUEZ CANAL

Another blockage at the Suez Canal.  This time it is an Italian tanker has has engine failure

(zerohedge)

Italian Tanker Blocks Traffic In Suez Due To Engine Failure

 
TUESDAY, APR 06, 2021 – 06:39 AM

Update (0800ET): Six ships that had been stuck behind the Rumford have started to move as this morning’s latest traffic trouble in the Suez dissipates. The first vessel, Aframax crude tanker Minerva Nike, heading north through the canal at nearly 12 knots at around noon London time. The Rumford, meanwhile, has entered the Great Bitter Lake.

* * *

Update (0700ET): The Italian tanker “is now operational and just resumed the Suez Canal Transit. The northbound convoy flow is back to normal,” according to an emailed note from Inchcape Shipping Services obtained by Bloomberg.

* * *

As Yogi Berra might say, this sounds like “de ja vu all over again.”

Little more than a week has passed since the Ever Given was successfully freed from a particularly narrow passage in Egypt’s Suez Canal, yet the canal is already struggling with another potential blockage Tuesday.

Shipping firm Sharaf Group reported that traffic in the Suez has been halted after another tanker was stricken with engine trouble. Data from tankertrackers.com showed the blockage in the northbound lane, along with a handful of tugboats dispatched to aid the ship.

Bloomberg identified the Italian tanker Rumford as the culprit, and quoted the Sharaf Shipping Agency saying in a note to clients that the ship “caused blocking for all vessels transiting” the canal.

The Suez Canal Authority “took immediate action and tried to remove the vessel form channel using their tugs” said Sharaf, which helps manage traffic in the waterway. Tanker “had a black out whilst she was transiting the SC within the northbound convoy” the SCA said. The blockage started at 1015 local time Tuesday.

“SCA tugs are now towing the vessel away from the passage to allow the flow of vessels convoys to resume,” the agency said.

SCA is towing the vessel with tugboats after the ship was “handicapped” moving north the canal according to Inchcape Shipping Services.

Still, the delay has caused a temporary disruption of traffic in the canal’s northbound lane, as ship-tracking services show.

end

FRANCE

Would you expect anything different?  French elite caught violating tough lockdown rules by attending secret restaurants spending 490 euros per person

 

(Watson/SummitNews) 

 

French Elite Caught Violating Lockdown Rules by Attending Secret Restaurants

 
TUESDAY, APR 06, 2021 – 06:30 AM

Authored by Paul Joseph Watson via Summit News,

Even as Parisians continue to struggle under lockdown, members of the French elite, potentially including government ministers, have been caught attending rulebreaking secret restaurants in the French capital.

French TV channel M6 aired secretly recorded footage of clandestine dinners taking place at an “underground restaurant located in a beautiful part” of Paris.

The clip shows guests at the restaurant without masks openly kissing each other and violating social distancing rules. There also appears to be no restrictions on the number of guests allowed.

The cost of the dinners – as much as €490 euros per person, underscores the fact that the private club caters exclusively for wealthy visitors.

According to an anonymous organizer of such events, later revealed to be Pierre-Jean Chalencon, the owner of the Palais Vivienne, they are occurring two or three times a week and are attended by government ministers.

Chalencon subsequently claimed that he was joking when he admitted to the infractions.

Last night, Paris’ chief prosecutor Remy Heitz launched an investigation into the matter, asserting that organizers and participants will be prosecuted.

“If ministers or deputies have broken the rules, they must pay fines and be penalized like any other citizen,” said junior minister Marlene Schiappa.

This is just the latest example of members of government and other insiders in major western countries avoiding the very same lockdown policies they impose on other people.

Last month, John Kerry was caught removing his face mask as soon as he boarded a flight in Boston.

Joe Biden also violated his own executive order on the day it was signed when his family took part in a photo-op on federal property after removing their masks.

California Governor Gavin Newsom’s rampant hypocrisy was exposed when he was caught on camera unmasked eating indoors at a Michelin star restaurant with a group of 12 people while telling Californians they could only celebrate Thanksgiving outside.

When Nancy Pelosi visited a hair salon in San Francisco, breaking rules that only allow service outdoors, she also removed her mask.

Meanwhile, in the UK, one of the main architects of the country’s lockdown policy, Professor Neil Ferguson, violated the law to visit his married mistress in London.

*  *  *

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE/RUSSIA

Is War Between Russia And Ukraine Now Inevitable?

 
TUESDAY, APR 06, 2021 – 02:00 AM

Via Southfront.org,

The situation in Eastern Ukraine is critical. Russia and Ukraine are on the brink of an open armed conflict. In this context, many military experts suggest their opinions and forecasts on the military developments in the region. The position of famous warlord Igor Strelkov is definitely one that deserves special attention.

Igor Streikov

He became popular during the so-called Crimean Spring in 2014. Strelkov took part in the process of the Crimean unification with Russia, after which in Eastern Ukraine, he was one of the first who organized an open resistance to the nationalist forces that had earlier staged a coup in Kiev. During his military activity, he became more and more critical of Kremlin’s factual position. According to his later statements, the situation in Donbass remains close to disastrous due to the policy of the definite part of the Russian elite. Asserting his views, Strelkov even got in conflict with the Russian President’s adviser at that time Vladislav Surkov. As a result, Strelkov was forced to leave Eastern Ukraine and lost the opportunity to influence in the situation in the region.

In ideology, Strelkov’s vision may be characterized in terms that today become known as “Orthodox socialism.” This concept is based on justice, conciliarity, national unity and social responsibility.

Strelkov is widely known as a strong supporter of the so-called “Russian world” concept. This term despite the using of the word “Russian” has nothing to do with nationalism or a hurrah-patriotic adherence to the ideas of monarchism.

“The Russian world (Pax Rossica) is the social totality associated with Russian culture. Russkiy Mir is the core culture of Russia and is in interaction with the diverse cultures of Russia through traditions, history and the Russian language. It comprises also the Russian diaspora with its influence in the world. The concept is based on the notion of “Russianness”, and both have been considered ambiguous. The Russian world and awareness of it arose through Russian history and was shaped by the respective period.

The term received a new sound in the 21st century against the background of the restoration of the foreign policy influence of the Russian state, on the one hand, and the intensifying attacks on Russian culture and the Russian language in the former Soviet republics, on the other.

Today the “Russian world” is often indicated as a threat in speeches of Moscow’s geopolitical rivals, justifying the need to contain Russia.”

In the politic field, Strelkov is a supporter of the authoritarian strong Russian state, where social life is based on the principles indicated above.

In military terms, during the hostilities in 2014-2015 and to the present, he claimed that the only chance to ensure peace in Eastern Ukraine was a full participation of the Russian army and taking control of the Ukrainian territory at least to the Dnieper River.

Thus, Igor Strelkov is a rather controversial person. However, he is one of the few alive warlords of the 2014-2015 period, who deeply knows the situation inside the region, simultaneously being a dogged critic of Kremlin policy. His analysis is very valuable for predicting the situation and simulation of possible developments.

“At the end of the day:

1. The war between Russia and Ukraine is inevitable, but at the moment (in April), it is very likely;

2. For Russia and the Russian People, war “now” is preferable to war later;

3. The USA now will not fight for Ukraine with 99% probability;

4. Comments were disabled, I will not answer clarifying questions in private messages.” – Strelkov wrote in Telegram and Vkontakte.

On April 4, he published a post on his Telegram channel reflecting his opinion on the current situation in Eastern Ukraine. There were 3 main ideas:

The first one was that the war between Russia and Ukraine is inevitable, but at the moment (in April), it is very likely.

Many military experts agree with his opinion about state of affairs in the region.

The development of the current political situation in Russia, whatever directions it would move in, sooner or later will lead to an armed conflict with Ukraine. No matter which side would instigate the conflict. If the power remains in the hands of the so-called “Putin’s team”, the conflict will develop according to the current scenario and, as a result, most likely it will dissolve into armed one in short or mid terms. Even in case of radical changes in Russia and the coming to power of pro-Western opposition, the escalation would not be avoided. The Ukrainian military thought is based on the core ideas of deoccupation of the Eastern regions and taking control, in its further advance, over a good part of Russian territory. For example, it is referring to the Rostov, Krasnodar and even Volgograd regions. Thus, the weakening of Russia as a result of internal political turmoils may lead to the decision of the current Ukrainian leadership to start a major military operation in the regions with strategic goal to give checkmate to the Russian Federation.

Secondly, for Russia and the Russian People, war “now” is preferable to war later.

Igor Strelkov adheres to this position throughout the entire conflict in Ukraine. The longer the conflict drags on, the more the nationalist regime that came to power in Ukraine strengthens. At the same time in Russia, the so-called “Crimean effect”, i.e. social excitement, build-up caused by Russian geopolitical successes in 2014-2016, is weakening. In previous years, this phenomenon contributed to increase the level of support for the Putin’s government.

Today, when the conflict in Eastern Ukraine has been persisting for 7 years, any attempts to settle it peacefully are ineffective. Considering the complicated political situation in Russia, there are no signs that the current government has found a recipe to prevent further internal deterioration. Thus, the longer the hot phase of the conflict would be postponed, the worse the conditions of the Russian side would be.

In its turn, the hot phase of the conflict in Eastern Ukraine may become a kind of medicine necessary for Moscow that would be used as an internal unifying factor.

Thirdly, the USA now will not fight for Ukraine with 99% probability.

Firstly, one should take into account the current domestic political situation in the United States, where a transitional period with the new government is taking place. A participation in a military conflict is possible only if there are threats to a key ally of the Americans, which Ukraine is not.

Secondly, the global foreign policy situation is not favorable for the deployment of US forces far beyond the country’s borders. The Biden administration must first of all confront the growing global influence of China, which is also likely to be indirectly involved in the military conflict in Ukraine, for example, through financial support. On April 2, Russian Foreign Minister Sergey Lavrov received Zhang Hanhui, Ambassador of the People’s Republic of China to the Russian Federation. The exact topics that were discussed during the negotiations were not unveiled, but it is not difficult to assume that the military escalation in the Donbass region became part of the talks.

At the same time, the position of the United States in the Middle East is not stable. The Biden administration is actively working to regulate the relations with key partners in the region, developing its position on the main issues, including the Iranian nuclear deal, the Syrian crisis, the situation in Iraq, etc.

At the moment, Washington has a number of problems of paramount importance for maintaining its global influence, which does not allow it to openly intervene in the approaching war in Ukraine. However, in the near future, in a year or more, the Biden administration will strengthen US positions in key regions. Nothing will be able to contain it.

end

Russia’s Army Begins Massive ‘Combat Readiness’ Inspection As Ukraine Tensions Soar

 
TUESDAY, APR 06, 2021 – 01:20 PM

At a moment of soaring tensions over the renewed Ukraine crisis and amid accusations out of Kiev and the Biden administration that the Kremlin is saber-rattling over heightened fighting in the Donbass region, Russian Defense Minister Sergei Shoigu announced Tuesday the start of combat readiness checks, according to RIA.

This is expected to involve armed forces exercises across all military districts of the country, according to his statement. Typically such preparedness drills and inspections assess the ability of the military to ensure the nation’s security for a potential heightened state of alert.

While this particular readiness check is being described as “planned” (as opposed to prior ‘surprise’ or ‘snap’ inspections) – there’s little doubt the Pentagon and US allies will be watching very closely, given the Kremlin was this month charged with provocatively transferring some 4,000 troops to Crimea and the border region with Ukraine. This has resulted in threats and counter-threats between Moscow and Kiev, with the Russians further warning NATO not to send any Western forces into Ukraine as it would trigger a severe reaction

 

Via AP

Military analysis site Defence Blog has further details as follows:

The ministry described the drill as a “massive inspection”, to check combat readiness on the territory of all military districts and the Northern Fleet, in the Far North, on the Kuril Islands and Kamchatka.

The tests began amid concern over Russian military activity in Crimea and eastern Ukraine.

Currently there’s widespread speculation and debate over just what Putin’s intentions are with the latest armed forces build-up. The additional forces essentially stayed in the region following recent military exercises. 

Of course, Washington hawks took it to mean nefarious imminent moves against Ukraine are in the works – or at least additional support to Russian-backed separatists in Ukraine’s east. Here’s where things stand as explained by Defense One, which maintains the latest maneuvers are all about “warning” and “messaging” the West in a preemptive manner

Recent ceasefire violations by Russian-backed forces in Ukraine and reinforcements of regular troops on the Russian side of the border don’t mean Moscow is preparing a major advance or even seriously trying to move the line of conflict, Ukraine officials and experts said. But they do show Vladimir Putin’s continued efforts to exercise control over Kiev’s affairs and peel off its international support

Over the last several weeks, unverified social media posts show Russian heavy equipment moving closer to the Ukranian border, including howitzersadvanced anti-aircraft missiles and radar, and even an advanced air assault division The moves prompted a Friday phone call between the U.S. President Joe Biden and Ukranian President Volodymyr Zelensky as well as calls between the U.S. State and Defense senior officials and their Ukranian counterparts.

The Russian government has called this  mobilization part of routine exercises, an explanation that has failed to impress many observers. But that doesn’t necessarily mean a repeat of Russia’s 2014 annexation of Crimea. 

Meanwhile military drills in Crimea have been ongoing…

And a senior Ukrainian government official was cited in the same report as saying, “This is nothing but the usual Russian tactics—to escalate tension in order to gain momentum and to dissuade the West from supporting Ukraine.”

The official further concluded with this caveat: “You can always expect that such a major buildup of military forces may lead to a serious escalation of hostilities provoked by Russia. But we always prefer diplomatic and political solutions.”

IRAN ISRAEL

Iran claims that it has captured an “Israeli spy” near the Northwest border

(zerohedge)

Iran Says It Captured An “Israeli Spy” Near Northwest Border

 
MONDAY, APR 05, 2021 – 05:20 PM

Iranian state sources on Monday are reporting that security services have arrested an “Israeli spy” in the country’s northwest region

According to Reuters the Iranian news website Young Journalists Club didn’t elaborate on whether the detained individual is an Iranian or an Israeli national. Israeli intelligence is widely believed to use Iranian dissidents as spy assets within the Islamic Republic. 

Anti-Israel demonstration, via Reuters

“An Israeli spy has been arrested in Iran’s East Azerbaijan province … also other spies who were in contact with several countries’ intelligence services have been arrested as well,” the report quoted a local Intelligence Ministry official as saying.

Iranians accused of spying for Israel or another enemy country like the US if convicted face the death penalty, with the last Iranian being executed for a spying charge in 2020.

Israel for its part never confirms or denies when the Islamic Republic claims to bust up spy rings, which is typically announced by Tehran every year or so.

Iran’s East Azerbaijan province – where the unnamed spy was said to have been apprehended:

Currently the two are on a war footing and tensions are soaring as Iran has continued enriching uranium to levels which breach the 2015 nuclear deal (JCPOA).

Tehran officials have in the recent past accused Israeli intelligence of mounting a sabotage campaign against its nuclear energy program, culminating in last November’s brazen assassination of top nuclear scientist Mohsen Fakhrizadeh outside Tehran.

Foreign Minister Javad Zarif had commented in the aftermath that there was a “serious indications of an Israeli role” – especially after it was discovered that a one-ton satellite operated automated gun was used to kill Fakhrizadeh while he traveled in his car alongside a security escort.

end

IRAN/ISRAEL//REVENGE?

Iranian Electronic Surveillance Vessel Hit In Red Sea, Unconfirmed Reports Say

 
TUESDAY, APR 06, 2021 – 02:19 PM

Unconfirmed reports circulating on social media indicate an Iranian spy ship was hit in an attack in the Red Sea, amid increasing tensions between Israel and Iran, according to Israeli newspaper Haaretz

The targeted vessel is a merchant ship but is likely a secret marine spy base operated by the Islamic Revolutionary Guard Corps (IRGC). 

Saudi-owned television network Al Arabiya reports the vessel affiliated with the IRGC was attacked in the Red Sea off the coast of Eritrea, a northeast African country on the Red Sea. 

Israel-based news network Channel 13’s Alon Ben-David, tweeted:

A spy ship and electronic surveillance of the Revolutionary Guards were attacked in the Red Sea. The ship was damaged, making it difficult for it to continue operating

The U.S. Naval Institute provides more information on the secret IRGC spy ship: 

The naval role of ships like the Saviz is hard to prove with open sources, but the inference is clear. There is no legitimate civilian explanation for the action, and uniformed men have been seen onboard. On the ship’s deck are Boston Whaler type launches, a boat type popular with the IRGC and not in keeping with Saviz’s civilian design.

The ship is anchored off the Yemen coast at the southern end of the Red Sea, near to where Bab el-Mandeb Strait forms a natural choke point. Automated Information System transmissions and analysis of commercial satellite images show the ship has barely moved in the past three years. From its position, the ship can provide constant surveillance of maritime traffic. The narrow waterway just south of its position squeezes tankers to a channel just a couple of miles wide. There have been numerous attacks on tankers in the area.

There has yet to be any confirmation on the attack from Iranian or Israeli officials. 

As we’ve noted before, Israel has attacked dozens of Iranian ships over the years

*This story is still developing… 

END

TURKEY

Erdogan warns of a new coup attempt as he arrest 10 admirals

(zerohedge)

Erdogan Warns Of New Coup As He Arrests Ten Admirals

 
TUESDAY, APR 06, 2021 – 02:45 AM

Two weeks ago, in the immediate aftermath of the latest financial crisis in Turkey following the shocking termination of the hawkish Turkish central bank head at the hands of Erdogan, we said that it was almost time for another diversionary “coup” to take place.

While this was said (mostly) in jest to demonstrate how deeply in the banana republic rabbit hole Turkey, which now has negative net FX reserves…

has fallen, it appears we were once again spot on because overnight Turkey detained ten retired admirals on Monday, as President Erdogan warned of a new coup following a letter signed by more than 100 retired admirals warning about a possible threat to a treaty governing the use of Turkey’s key waterways.

According to the Greek Reporter, the Ankara chief public prosecutor’s office said arrest warrants have been issued for the ten men. Prosecutors also ordered four other suspects to report to Ankara police within three days, opting not to detain them because of their age. The development comes one day after the letter was sharply condemned by the government, which said the move is “reminiscent of coup times” in Turkey’s past.

Turkey’s approval last month of plans to develop a shipping canal in Istanbul comparable to the Panama or Suez canals has opened up debate about the 1936 Montreux Convention. The admirals said in their letter that apart from its environmental impact, the new canal venture could undermine the Montreux accord.

The convention guarantees the free passage through the Bosphorus and Dardanelles straits of civilian vessels in times of both peace and war. It also regulates the use of the strait by military vessels from non-Black Sea nations.

The proposed canal would allow ships to transit between the Mediterranean and the Black Sea without passing through part of the straits that are covered by the treaty.

Turkey warns of a coup following letter

The declaration has drawn strong reactions from the government and officials. Presidential spokesperson Ibrahim Kalın said the statement is “reminiscent of coup periods” and made the former Navy men “a laughingstock.”

“Know your place and stay where you are,” he added. “These retirees, who’ve not been seen for years, are creating chaos with their agendas,” Parliament Speaker Mustafa Şentop charged.

Interior Minister Süleyman Soylu said the admirals should not use their ranks and uniforms as a means to push their political rhetoric.

On July 15, 2016 a fake coup attempt against Erdogan was carried out by a faction within the Turkish Armed Forces which according to Erdogan had organized themselves as the Peace at Home Council. They attempted to seize control of several places in Ankara, Istanbul, Marmaris and elsewhere, such as the Asian side entrance of the Bosphorus Bridge, but failed to do so after forces loyal to the state defeated them.

The Council cited an erosion of secularism, elimination of democratic rule, disregard for human rights, and Turkey’s loss of credibility in the international arena as reasons for the coup. The government said the coup leaders were linked to the Gülen movement, which is designated as a terrorist organization by the Republic of Turkey and led by Fethullah Gülen.

end

6.Global Issues

Michael Every on today’s major stories..

(Michael Every)

end
 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 
 
 
END

 

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

Euro/USA 1.1806 DOWN .0010 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 110.43 UP 0.232 (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 1.3826  DOWN   0.0086  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2567 UP .0047 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro ROSE BY 10 basis points, trading now ABOVE the important 1.08 level RISING to 1.1747 Last night Shanghai COMPOSITE DOWN 1,42 PTS OR 0.04% 

//Hang Sang CLOSED UP 560.39 PTS OR 1.97% 

/AUSTRALIA CLOSED UP .99% // EUROPEAN BOURSES CLOSED ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN

2/ CHINESE BOURSES / :Hang Sang UP 560.39 PTS OR 1.97%  

/SHANGHAI CLOSED DOWN 1.42 PTS OR 0.04% 

Australia BOURSE CLOSED UP .99%  

Nikkei (Japan) CLOSED DOWN 392.62  POINTS OR 1.30%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1733.80

silver:$24.96-

Early TUESDAY morning USA 10 year bond yield: 1.693% !!! DOWN 1 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 2.3392 DOWN 1  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 92.75 UP 16 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.24% UP 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.11.%  DOWN 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:  0.70 UP 7 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 35 points higher than Spain.

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.01% 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 TUESDAY

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

Euro/USA 1.1847 UP     .0031 or  31 basis points

USA/Japan: 109.88 DOWN .327 OR YEN UP 33  basis points/

Great Britain/USA 1.3842 DOWN .0071 POUND DOWN 71  BASIS POINTS)

Canadian dollar DOWN 24 basis points to 1.2544

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.5395

THE USA/YUAN OFFSHORE:  6.750  (YUAN UP)..6.5419

TURKISH LIRA:  8.15  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.11%

Your closing 10 yr US bond yield DOWN 3 IN basis points from MONDAY at 1.669 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.326 DOWN 3 in basis points on the day

Your closing USA dollar index, 92.38 DOWN 21  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 86.25 PTS OR 1.28% 

 

German Dax :  CLOSED UP 105.51 PTS OR .70% 

 

Paris Cac CLOSED UP 28.38 PTS OR .47% 

 

Spain IBEX CLOSED  57.00  PTS OR .66%  

 

Italian MIB: CLOSED UP 51.12 PTS OR .21% 

 

WTI Oil price; 59.93 12:00  PM  EST

Brent Oil: 63.28 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    77.14  THE CROSS HIGHER BY 0.77 RUBLES/DOLLAR (RUBLE LOWER BY 77 BASIS PTS)

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

END

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

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

WTI CRUDE OILPRICE 4:30 PM : 59.39//

BRENT :  62.75

USA 10 YR BOND YIELD: … 1.654..down 5 basis points…

USA 30 YR BOND YIELD: 2.310 down 3 basis points..

EURO/USA 1.1874 ( UP 57   BASIS POINTS)

USA/JAPANESE YEN:109.79 down .399 (YEN up 40 BASIS POINTS/..

USA DOLLAR INDEX: 92.34 down 26 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3830 DOWN 82  POINTS

the Turkish lira close: 8.13

the Russian rouble 77.20   DOWN 0.82 Roubles against the uSA dollar. (DOWN 82 BASIS POINTS)

Canadian dollar:  1.2572  down  52 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.31%

The Dow closed DOWN 96.95 POINTS OR 0.29%

NASDAQ closed DOWN 19.71 POINTS OR 0.14%


VOLATILITY INDEX:  18.24 CLOSED UP 0.36

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

USA trading today in Graph Form

Bonds & Bullion Bid, Dollar Skids As Biden Bonanza Hopes Fade

 
TUESDAY, APR 06, 2021 – 04:00 PM

Pushback from both sides of the aisle against the pork-laden pile of promises that is the ‘American Jobs act’ appeared to be a significant driver of markets today.

A $2.25 trillion handout… as the first act before the “American Family Act”… appears to have “inconceivably” hit a wall as investors remember just how close we are to a ‘breaking point’

Rate-hike expectations are sliding as hopes of a $2-3 trillion barrel of pork from Washington fade (in a bipartisan way)…

Source: Bloomberg

The 2s5s10s butterfly topped at the highest levels since March on Friday and went back positive; since then the ‘fly has tumbled around 10bp as the belly of the curve has put in a stellar performance over the past two sessions…

Source: Bloomberg

Since Thursday’s close (remember bonds were open half-day on Friday), the belly has tumbled from up over 8bps to down almost 4bps…

Source: Bloomberg

5Y yields are back below 90bps…

Source: Bloomberg

Who’s buying? Maybe the Europeans and the Japanese? After FX-hedged US Treasuries reached their ‘cheapest’ since 2014, they have been bid since Q2 began

Source: Bloomberg

Stocks were a mixed bag with a mirror of yesterday as Small Caps jumped relative to big-tech as the major US equity indices all ended red on the day with a weak close…

Small Caps fell back to unch from last Thursday’s cash market close, Nasdaq was up over 2% from the same before the late day tumble today…

“Most Shorted” stocks slumped late on today to erase their post payrolls squeeze gains…

Source: Bloomberg

Energy stocks have had a tough week so far as Consumer Discretionary and Tech lead…

Source: Bloomberg

Growth held on to its gains but both value and growth have really gone nowhere since the European close yesterday…

Source: Bloomberg

The dollar’s demise continued, erasing almost all the gains post-FOMC spike. Look at the pattern of selling in the dollar is occurring during the European session…

Source: Bloomberg

Just as an aside, we note that EURUSD has recoupled with the GER-US rate differentials…

Source: Bloomberg

As the dollar dumped, gold was bid, with futures back above $1740…

Copper’s surge relative to Gold has stalled of late, suggesting 10Y Yields have at least 25bps downside from here (especially as China kills the golden goose of credit impulse for the rest of the year)…

Source: Bloomberg

Oil managed gains ahead of tonight’s API data but remains in a tight recent range and slid back below $60 into the close…

The Ruble tumbled today as tensions firmed up even more in Ukraine…

Source: Bloomberg

Cryptos were hit this morning with Bitcoin diving from $59 to $57k before bouncing back (some chatter about the Hindenburg short on Ebang being related)

Source: Bloomberg

Ethereum also dived but was met with a wall of buyers around $2050 erasing all the losses…

Source: Bloomberg

ETH is dramatically outperforming BTC again…

Source: Bloomberg

Finally, we note that while gold futures have been on the rise recently, physical gold prices remain seriously more bid (with a premium of over

Source: Bloomberg

a)Market trading/FRIDAY/NON FARM PAYROLLS/USA

b)MARKET TRADING/USA//THIS AFTERNOON

 

ii)Market data/USA

Job Openings Soar To 2 Year High As Labor Market Starts Overheating

 
TUESDAY, APR 06, 2021 – 10:25 AM

While we already knew that the US labor market started off 2021 with a whimper (with a disappointing January jobs report) only to hit a bang in March when almost 1 million new jobs were created, what we didn’t know is that the blockbuster March payrolls was being set up by a frenzy in February job openings. Well, moments ago courtesy of the latest BLS JOLTS Job Openings report for the month of February, we learned that in that in the second month of the year there was a surge in job openings which spiked by 268K (and 618K in the past two months) to 7.367MM the highest level in over two years, or since January 2019, when there were 7.478 million job openings, the second highest on record.

The increase in job openings was driven by jobs in health care and social assistance (+233,000); accommodation and food services (+104,000); and arts, entertainment, and recreation (+56,000). The number of job openings decreased in state and local government education (-117,000); educational services (-35,000); and information (-34,000).

Separately, in yet another indication of the solid recovery in the labor market since the collapse in April, when there were 18.1 million more unemployed workers than there are job openings – the biggest gap on record – the gap has since shrunk dramatically to just 2.6 million in February, down from 3.2 million in January.

As a result, there has been even more continued improvement in the job availability series, and in February there were 1.35 unemployed workers for every job opening, down from 1.5 in February and from 4.6 at the peak crisis moment last April.

Meanwhile, confirming the accelerating in the hiring picture as covid lockdowns were lifted, in February hiring jumped for a 2nd consecutive month to 5.738MM, up 273K from 5.465MM in January which in turn followed a jump of 54K from December.

Hires increased in accommodation and food services (+220,000). Hires decreased in state and local government education (-80,000) and in educational services (-25,000). The number of hires increased in the South region.

As hires surged, separations also rose from 5.323MM to 5.456MM in February. Separations decreased in transportation, warehousing, and utilities (-97,000) and in federal government (-17,000); they increased in construction (+90,000); state and local government education (+51,000); and educational services (+36,000).

Finally, confirming the solid labor market data, in February the level of quits – or people leaving their job voluntarily due to better prospects elsewhere – rose by 51K to 3.357 million, after declining in the previous month. The number of quits increased in state and local government education (+29,000); educational services (+22,000); and real estate and rental and leasing (+15,000).

 

iii) Important USA Economic Stories

ARCHEGOS
 
It is far from over: Archegos positions are sliding amid fears of more deleveraging. We still do not know the full extent of this chaos!
(zerohedge)

Archegos Positions Slide Amid Fears Of Stealth Prime Broker Deleveraging

 
MONDAY, APR 05, 2021 – 05:07 PM

While the S&P closed at a new all time high, it was an ugly day for the so-called “Archegos stocks” which first puked two weeks ago when Bill Huang’s family office was margin called to oblivion…

… and despite stabilizing last week, today the selling resumed despite an early bump as GSX Techedu and Tencent Music were among the biggest decliners (falling as much as 12% and 6.4%) while FarFetch dropped 6.1%, ViacomCBS was down as much as 5.3%, Discovery -5.8%, Vipshop -3% and Baidu -1.4%.

What was behind today’s latest puke in “Archegos” positions: after all there were no Prime Brokers dumping blocks today? The reason is growing twitter chatter that the big Prime Brokers with most exposure to Archegos have yet to come clean on their full losses, and the reason for that is that they still have exposure to the now collapsed family office.

As former Lehman trader Larry McDonald also chimes in, “Eight days after the Archegos hit – the scared rabbits across the Street have only been able to quantify a $10B to $12B loss, this fact gives the word “insult” new meaning.” The loss, in question, being as large as $100 billion (with crazy leverage), so it would appear that someone is hiding something.

It also means that they may have (much) more to sell, unless of course they come out publicly and deny rumors that they are still on the hook to the Hwang unwind. And while we wait for either confirmation or denial, here are some thoughts from Larry McDonald who writes in his latest Bear Traps report that Archegos may be the catalyst that triggers a deleveraging cycle.

As the calendar turns to April, the words we have lived by for nearly twenty years come to mind. “Higher prices bring out buyers, lower prices bring out sellers – size opens eyes.” Over the last week, it was the size of the losses inflicted on Wall St. banks – all delivered from one SINGLE family office that has caught our attention.

Eight days after the Archegos hit – the scared rabbits across the Street have only been able to quantify a $10B to $12B loss, this fact gives the word “insult” new meaning.

Of course, the pain inflicted comes after the Robinhood blowup, the Melvin Capital collapse and the Greensill implosion in Europe, all idiosyncratic, NOT. The Nasdaq bulls talk up “one offs” – but the these events are piling up which points to a classic, systemic leverage breaking point.

The size and breadth of today’s bull camp incentivizes market participants to downplay encroaching risk. Almost everyone is fully invested and using leverage for more juiced returns. This crowd will go out of their way to tell the bartender it’s only midnight – when a glance toward the watch says it’s half past 2AM. Just think about how long it takes Wall St. banks to come clean to leverage losses. History tells us – the lonely truth will join us one drop at a time.

Bull markets never, EVER die of valuation old age, its the leverage blow-up which triggers the deleveraging and takes the madness out of the crowd. Just look at the ARK ETFs, the marginal – over the top buyer is taking the sword as we speak.

Every hedge fund compliance officer across the Street is now in search of the next Archegos, and they have as much trust in their prime broker as the lovely Marylin Monroe had in the playboy that was JFK.

Incidentally, as McDonald also writes, the plunge in ViacomCBS and Discovery shows us that when growth and tech sell-off hard, it can open up pockets of weakness in the market, “that are potentially systemic.The recent Archegos saga was NOT an anomaly. Bill Hwang is not the only investor who has been levered-long tech and growth stocks. The de-leveraging that took place last week was so important because as yields continues to rise, more of these are coming… When momentum-longs can blow up with Earth shattering monetary and fiscal stimulus, imagine the fallout when said stimulus is withdrawn.”

All of the above considerations are why McDonald has decided to cash out for the time being:

There are times to take on more risk and other inflection points which whisper into the wise man’s ear, “reach across the velvet and pull some chips off the table.” This is one of them, let the mad mob chase. For much of the last six months we have been in the growth to value camp, pounding the table on the migration of capital running out of Big Tech over to equities in the commodity sector. As most of our long term clients know, we have never been more bullish. Our focus has been on rotation – NOT a drawdown leaking across asset classes.

Today, we must make a stand. It’s time to take down risk positions across the board and let the fools chase.

Than again, one look at what stocks did today and it appears that fools are now firmly in charge.

Which is why we leave the last word to an equity PM and member of the Bear Traps chat room who summarized the situation perfectly:

“Insane bubble, like mania, like madness. We just have to review the family office chap running a position of $100B (estimated numbers). He dropped $15B of equity -his NAV -and banks lost a further $10B as they executed stop outs… These are insane numbers of a gambler…Yet it’s brushed off after 24 hours and it’s back to buying…

Couldn’t have said it better.

END

ARCHEGOS

From Europe, Credit Suisse is dumping huge amounts of Archegos blocks as they liquidation VIACOM Vipship and Farfetch

(zerohedge)

Credit Suisse Dumping Huge Archegos Blocks; Liquidating Millions In VIACS, VIPS And FTCH

 
MONDAY, APR 05, 2021 – 05:18 PM

Literally moments ago we said that the Archegos portfolio was being sold off all day on fears of “stealth” prime broker deleveraging, as tens of millions of shares were yet to be accounted for. Then, moments after 5pm, Credit Suisse – the firm that was hammered the hardest by the Archegos implosion and which had yet to provide a detailed breakdown of its Bill Hwang-linked P&L – confirmed what we said, when it unveiled a massive secondary offering dump, including shares of VIACA, VIPS and FTCH.

As shown in the block notice below, Credit Suisse hopes to sell its remaining holdings in VIAC at $41-$42.75; its VIPS at $28.50-$29.50 and its FTCH at $47.50-$49.25. While it is unclear what losses the Swiss bank is taking on these final unwinds, it’s safe to say that they are in the billions.

Naturally, the shares puked on the news, with ViacomCBS…

… VipShop…

… and Farfetch all tumbling…

… but the good news – for the bulls – is that with this final secondary dump eliminating the residual overhang which we discussed just minutes earlier, Credit Suisse will have no more to sell (and will finally have to come clean on what its final P&L hit was), and with all other Prime Brokers reportedly in the clear, the move higher in the hammered Archegos shares can resume as the Hwang puke turns into yet another short squeeze.

END
ARCHEGOS
The chaos continues as Credit Suisse fires its risk chief officer, Lara Warner.  Losses now climb to $5 billion
(zerohedge)

Credit Suisse Fires Risk Chief, Others As Archegos Losses Climb To $5 Billion

 
 
MONDAY, APR 05, 2021 – 09:00 PM

Shortly after Credit Suisse dumped its last blocks of the so-called Archegos stocks Monday evening in the US (and in the middle of the night in Switzerland), the Financial Times confirmed rumors from earlier in the day by reporting that Lara Warner, Credit Suisse’s chief risk and compliance officer, had been fired, along with two other senior bankers.

The others included Brian Chin, head of Credit Suisse’s investment banking division, and Paul Galietto, head of equities sales and trading.

Insider reported Galietto’s departure, while the FT reported on Chin and Warner. Chin was fired since the prime brokerage unit was part of the investment bank.

Brian Chin

While Warner wasn’t directly involved in nurturing the relationship with Greensill, she did sign off on a $140M bridge loan made by Credit Suisse to Greensill even after other risk managers raised concerns.

The FT reported that the Archegos collapse and Greensill’s filing for administration had called into question “the risk management processes within the bank.”

Fair enough.

Still, by firing Warner, the bank is axing one of the most senior women on Wall Street.

Having moved from Lehman, Warner had been with Credit Suisse since 2002, rising from senior equity analyst to head of global fixed income research (interesting specialty shift?) to COO of Investment Banking and finally to board member  and Chief Risk and Compliance Officer…

And sits (or sat, we should say) on numerous boards…

As far as optics are concerned, it might lead to some awkwardness, especially as the reins to American rival Citigroup were recently taken over by CEO Jane Fraser, the first female CEO of a Wall Street megabank.

Lara Warner

As the FT explained, Gottstein, shortly after taking over the bank, expanded the remits of both Warner and Chin, which would in theory give him exposure to the scandal.  Though the firings haven’t been made official, the FT said the bank is expected to announce their departures a soon as Tuesday morning.

However, as a number of sell-side analysts (and arm-chair commentators) have pointed out, CS has spared CEO Thomas Gottstein, a decision that the bank’s shareholders seem to support, and understandably so.

“I think it is unfair at this stage to put this on Mr. Gottstein,” David Herro from Harris Associates, one of the bank’s top shareholders, said in a Bloomberg TV interview last week.  

“He attempted and has been attempting to reorganize Credit Suisse, but Rome wasn’t built in a day. Unless we see evidence to the contrary, I think he is the right person to continue to lead the organization.”

Setting aside the question of whether Gottstein truly deserves to be fired, it’s important to remember that Switzerland’s second-largest bank is still recovering from 2019’s corporate spying scandal, which resulted in the firing of the bank’s prior CEO, Tidjane Thiam, last February. Firing two CEOs in just over a year would set a new precedent for C-suite churn, even for the famously scandal-prone Swiss bank.

As we noted earlier, if there’s a silver lining to Monday’s bloc-by-bloc dumps, it’s that Credit Suisse finally appears to be out of inventory to unload (CS having been the only bank involved in the blowup not to release an accounting of its losses). Not long after the FT broke news of the firings, Reuters reported that CS’s losses from the Archegos michegas have reached at least $5 billion. That’s more than the $4 billion initially anticipated, according to “early estimates” quoted by the FT.

Combined with the $3 billion to $5 billion CS might owe to clients (should it make good on rumors to make some of the clients who lost big on the Greensill funds whole), the bank could be looking at up to $10 billion in losses from the twin crises alone. Fortunately, the SPAC deal boom has continued to drive massive dealmaking activity – the strongest globally since 1980, even as another wave of COVID descends upon the West.

END
ARCHEGOS
More fallout as Credit Suisse cuts its dividend and slashes buybacks. It is now heading for its 2nd straight quarterly loss
(zerohedge)

Archegos Fallout: Credit Suisse Cuts Dividend, Slashes Buybacks; Headed For 2nd Straight Quarterly Loss

 
TUESDAY, APR 06, 2021 – 08:02 AM

Embattled Swiss bank Credit Suisse finally dumped its last remaining blocks of stocks tied to the implosion of hedge fund (excuse us, “family office”) Archegos Capital Management on Tuesday following the close of markets in New York. As investors waited to learn more, the bank told the financial press that this would be the last sale of the so-called Archegos stocks.

Hours later, a flurry of anonymously-sourced reports hit the tape claiming that the Swiss bank would be firing its top risk and compliance officer, along with the head of its investment bank (a white woman and asian man, respectively), and that its losses from the Archegos fiasco would total $5 billion, $1 billion more than initial estimates.

On Tuesday, CS confirmed all this and more, when it announced a bevy of layoffs (in addition to the senior execs mentioned above, at least four others will get the axe). Anonymous sources from within the bank also appeared to confirm that CS has now sold off $2.3 billion worth of stocks tied to Archegos. Thanks to the Archegos-related losses, CS said it expects to report  a Q1 pretax loss of about 900 million francs for a quarter that also saw the bank absorb potentially billions in losses tied to the collapse of Greensill, which both borrowed from the bank, and also sold it assets for special trade-finance funds marketed to the bank’s elite clients. The bank also slashed its dividend and suspended share buybacks, as expected.

Credit Suisse Group AG will take a 4.4 billion franc ($4.7 billion) writedown tied to the implosion of Archegos Capital Management and replace more than half a dozen executives in response to the firm’s worst trading debacle in over a decade.

The charge will result in a pretax loss of about 900 million francs for the first quarter, the bank said in a statement Tuesday, putting it on track for its second straight net loss. Credit Suisse scrapped bonuses for top executives, cut its dividend and suspended share buybacks to protect its capital. Investment bank head Brian Chin and Chief Risk Officer Lara Warner are leaving.

Amid the flurry of layoffs, it’s notable that CS CEO Thomas Gottstein will likely be keeping his job. In the statement, Gottstein claimed he had learned some “serious lessons” from the Archegos blowup and the collapse of Greensill. While the bank and its board are clearly less than thrilled with Gottstein’s performance (he’s about to lead the bank to its second straight quarterly net loss), the board is clearly unwilling to fire Gottstein so soon after taking the job (he took over roughly one year ago after the bank fired Tidjane Thiam in the aftermath of its corporate spying scandal). And as we noted last night, many of CS’s shareholders also want Gottstein to stay on.

Chief Executive Officer Thomas Gottstein vowed he will draw “serious lessons” from the Archegos loss and the collapse of Greensill Capital last month as they leave him with little room for further missteps. The firm is the worst-performing major bank stock in the world this year as a strong first two months for its investment bank business are being overshadowed by its exposure to the failed firms.

“I recognize that these cases have caused significant concern amongst all our stakeholders,” Gottstein said Tuesday. “Together with the board of directors, we are fully committed to addressing these situations. Serious lessons will be learned.”

Unfortunately for CS, the writedowns aren’t the end of what has been an extremely rough Q1. Bloomberg said the bank will need to set aside up to 2 billion francs ($2.13 billion) over the coming years to offset the costs of litigation tied to Greensill. While whispered reports claimed the b

The bank has slashed its dividend to 10 centimes a share from about 29 centimes and suspended its share buyback until its common equity Tier 1 ratio, a key measure of capital strength, returns to the targeted level. Credit Suisse said it expects a CET1 ratio of at least 12% in the first quarter. It had aimed for at least 12.5% in the first half of this year. Additionally, Chairman Urs Rohner has given up his 2020 compensation of 1.5 million francs ($1.6 million), and bonuses for the executive board have been scrapped. Rohner is set to step down later this month when Lloyds Banking Group CEO Antonio Horta-Osorio takes over.

CS shares climbed 1.8% in Zurich Tuesday morning, paring YTD losses to just 9.3% for one of Europe’s worst-performing banks. The bank’s $2.25 billion perpetual bonds climbed by about 2 cents on the dollar to 110 cents, though they’re still trading below levels from the Archegos blowup.

Now that the bank appears to be moving past the Archegos blowup, Credit Suisse said it will release more information about the fallout from the collapse of Greensill, which blew up some $10 billion in Credit Suisse-managed funds stocked with Greensill assets – assets that, in at least some cases, might be backed by fraudulent invoices.

CS said it will provide an update on Greensill in the coming days.

end

Fifth Avenue Landlords Are Owed About $200 Million In Unpaid Rent

 
TUESDAY, APR 06, 2021 – 11:31 AM

Among the hardest hit by Covid were retail businesses across the country, including in once-coveted, well known shopping areas like New York City’s Fifth Avenue.

What used to be a shoppers paradise has now simply turned into a “battleground between landlords and tenants seeking a way out of pricey leases”, Bloomberg reported this week. In addition to a huge drop off in tourists, shops have also been hard hit by a lack of working citizens passing by to and from their daily commute to work. 

Well known tenants like the National Basketball Association, Valentino and Marc Fisher are all in the midst of legal battles over unpaid rent. Landlords along a 20 block radius of Fifth Avenue, in sum, are owned about $200 million. 

The NBA has kept its store at 545 Fifth Avenue closed and owes $8 million in back rent, the report says. Valentino simply walked away from its property at 693 Fifth Avenue and is now battling its landlord in court over the rest of its 8 year lease. Marc Fisher is currently in the midst of a lawsuit with its landlord, the Trump Organization, over $1 million in missed rent that dates back to November. 

Armani may not retain its real estate near 56th Street after its lease runs out in two years and Abercrombie and Fitch, across the street, says it hasn’t decided on its future. 

Tom Mullaney, a managing director at brokerage Jones Lang LaSalle Inc., told Bloomberg: “The numbers are big. If some of the tenants are financially stressed and they lose, it’ll be very painful. Conversely, if some of the landlords are overleveraged and have cash flow issues, it can be traumatic for them too.”

The lack of open businesses could negatively affect tourists’ decisions to come back to the ctiy. When combined with the increase in crime that Mayor Bill de Blasio has overseen, New York could be well on its way to becoming an eventual hellscape if action isn’t taken.

Either way, Fifth Avenue may not ever be the same. Landlords are cutting prices to try and entice renters to come back:

Ground-floor asking rents on Lower Fifth Avenue, from 42nd to 49th Streets and dominated by national chains, fell 20% in the fourth quarter from a year earlier, data from Cushman & Wakefield show.

Luxury-leaning Upper Fifth Avenue, stretching to 60th Street, fared better. Rents there slipped 3.7% to $2,575 a square foot on average. For both areas, more than 23% of the retail space is available, according to the brokerage.

Simeon Siegel, an analyst at BMO Capital Markets, concluded about the stores: “They will likely never be what they’ve been before. But at the end of the day, they’re still one of the best ways to reach people — if people are there.”

CORONAVIRUS UPDATE//
Mutant strains are now appearing in the uSA including the India double mutant. Why hasnit’s the vaccines kicked in and stopping these cases from arising/
(zerohedge) 

Blue States Lead US COVID Resurgence As “Double Mutant” Strains Discovered In California

 
 
MONDAY, APR 05, 2021 – 09:40 PM

COVID cases continued to climb in the US over the holiday weekend, as the 7-day average of new cases nationwide topped 64K yesterday, its highest level since March 1. The US reported just under 68K new cases yesterday, along with 804 deaths (for what it’s worth, deaths in the US have continued to decline, as some have theorized that many of the new cases being recorded are the result of false positives).

Source: mSightly

All told, the US has more than 30.7M confirmed coronavirus cases and 555K deaths.

Furthermore, Massachusetts public health authorities warned that the Bay State now accounts for roughly 25% of total cases of the P.1 coronavirus “variant” confirmed in the US. the mutant strain was first discovered in Brazil, and has been blamed for driving the sharp acceleration in mortality rates seen among younger patients in Latin America’s largest economy.

Researchers from MIT and Harvard have traced the mutant strain to a cluster on Cape Cod. The state announced the first case of the P.1 variant, which was originally detected in Brazil and is more transmissible than the original strain, on March 16, and said it was identified in a Barnstable County woman in her 30s. She first tested positive for the virus in late February, and at the time officials said there was no information available pertaining to her travel history or illness.

But Massachusetts isn’t alone: Many of its neighboring northeastern states are also seeing new cases accelerate.

Source: mSightly

What’s more, 13 US states are now in the highest COVID-19 risk level, up from 11 last week.

Source: mSightly

In Michigan, one of the states in the “red” column, federal officials have warned about a potential fourth wave of infections as the state emerges as one of the most troublesome hotspots in the country, with average daily infections now 5x higher than they were 6 weeks ago. According to state data, since Feb. 19, average daily new COVID-19 cases among children under 10 jumped 230%, more than any other age group. The second-highest increase in infections is in the 10 to 19 age group, which saw cases rise 227%. The trends in these groups exceed that of the state as a whole. Doctors and infectious disease experts in Michigan attributed much of the rise in pediatric cases to the reopening of schools and youth sports. State data show more than 40% of new outbreaks (defined as two or more cases linked by place and time) have been traced to either K-12 schools or youth programs.

As reports about the risks posed by mutant strains spread, researchers in California’s Bay Area have confirmed a “double-mutant” strain first identified in India. The strain’s arrival in the US was recently confirmed by researchers at Stanford’s Clinical Virology Lab. Genomic sequencing was used to identify the strain, and at least 7 cases of the variant have been confirmed by the team. The variant is being labeled as the “double mutant” because it carries two mutations in the virus that helps it latch onto cells, according to Fox News.

“If you are in an elevator with someone that is infected with the variant you are more likely to be infected by that variant,” said Stanford Clinical Virology Lab Director, Dr. Ben Pinsky.

Pinsky added that the variant could be more infectious because it accounts for 20% of cases in the hard-hit Indian state of Maharashtra. Cases there have increased 50% within the last week, he said.

As the US reacts to the “mutant” threat, Cornell University officially became the first Ivy League school to follow suit, announcing Sunday night that it plans to require students (and faculty, unlike Rutgers, which gave faculty a pass) to get vaccinated against COVID-19 if they want to be allowed onto the school’s campuses in the fall. The decision follows a similar decision by Rutgers, New Jersey’s flagship public university, announced that it would require all students to be fully vaccinated before returning to campus in the fall,

Last week, New Jersey-based Rutgers became the first major university to announce that it, too, would require students and staffed to get inoculated before the state of the fall semester.

‘With the recent announcements of expanded vaccine eligibility in New York and other states, and increasing vaccine production, it is likely that all members of our community will be able to obtain vaccination sometime this spring or summer,’ Cornell President Martha Pollack and Provost Michael Kotlikoff wrote in a joint statement.

On the vaccine front, 12 more US states are allowing all adults to sign up for vaccinations starting Monday.

Source: mSightly

Still, according to pubic health experts, the US is still a ways away from achieving herd immunity. Even after hitting a new record of more than 4M vaccinations delivered over the weekend, only about 18.5% of adults are fully vaccinated.

Looking abroad, India also made headlines Monday as health officials reported more than 100K new COVID cases over the prior 24 hours – the highest daily tally since late last year. Daily infections in India have climbed 12x since hitting a multi-month low in February, as authorities have eased restrictions, and scientists warned that mutant cases have “supercharged” the pandemic. Indian stocks tumbled on Monday, as the country’s resurgent COVID outbreak has horrified investors.

END
Biden now promises to move the deadline to have all Americans eligible for the vaccines to April 19
(zerohedge)

Biden Moving Deadline To Have All Americans Eligible For Vaccine To April 19

 
TUESDAY, APR 06, 2021 – 08:02 AM

Joe Biden will announce on Tuesday that he is moving up his target for all American adults to become eligible to receive a coronavirus vaccine by almost two weeks to April 19, CNN reported citing a White House official said. Biden is also expected to announce that the United States has administered 150 million COVID-19 vaccine doses, putting the admin on track to meet or exceed the goal of administering 200 million doses in Biden’s first 100 days in office.

CNN first reported Biden’s planned announcements on Tuesday. The president is scheduled to visit a vaccination site at Virginia Theological Seminary in Alexandria, Va., Tuesday afternoon before returning to the White House to give remarks on the state of vaccinations.

Biden said during his first primetime address last month that he would urge states to make all adults eligible to receive a coronavirus vaccine by May 1. Biden also announced last week that 90% of adults will be eligible to get a coronavirus vaccine by April 19, as well as have a vaccination site within five miles of where they live. Biden said the number of pharmacies participating in the federal pharmacy vaccination program was increasing from the current 17,000 locations to 40,000.

The new target comes as the U.S. is steadily ramping up the amount of daily vaccinations. The Biden administration announced over the weekend that the US hit 4 million doses in a 24-hour period for the first time. The US administered 22mn vaccine doses over the past week, increasing the total to 165 million, with nearly half the US population now vaccinated.

end

Dr. Fauci Can’t Explain Why Texas COVID Cases Keep Dropping Despite Reopening

 
TUESDAY, APR 06, 2021 – 10:58 AM

More than a month has passed since Texas Gov. Greg Abbott shocked the Faucis of the world by scrapping COVID-inspired restrictions on businesses and individuals, including removing the mask mandate. The decisions prompted Dr. Anthony Fauci and legions of public health “experts” to warn about the devastating consequences – thousands of unnecessary deaths would result, they said – however, as the data show, practically every metric has shown that the Lone Star State’s outbreak has continued to recede, even as blue states like Michigan are seeing a new surge in infections (believed to be driven by “mutant” strains).

As epidemiologists everywhere have struggled to come up with an explanation, it’s worth noting that Texans are dining out more, according to Opentable seatings, which have become a closely watched proxy for post-quarantine economic activity.

As experts have struggled to come up with a satisfying answer, Dr. Fauci was asked about the phenomenon during an interview on MSNBC Tuesday morning as the senior advisor to President Biden made the rounds. As MSNBC noted, “if you go to Texas…it looks like 2019… the restaurants are full…the ballparks are full…” and yet, cases have continued to tick downward.

Dr. Fauci seemed dumbfounded. He first suggested that the surge in cases simply hadn’t manifested yet because of a “lag”. That might have made sense if the trend had only been in place for a week or two. But a month has passed, and Texas’ positivity rate – the share of new tests that yield positive results, seen as a more accurate representation of community spread – has continued to fall.

“It can be confusing because you may see a lag or a delay, because often you have to wait a few weeks…there’s a lot of things that go into that,” Dr. Fauci said.

“I’m not really sure, it could be because they’re doing things outdoors, you know it’s very difficult to just one-on-one compare that…I hope they continue to tick down, if they do that would be great. But there’s always the concern that when you pull back on methods, particularly things like indoor dining, or bars that are crowded…you could see a delay, then all of a sudden cases tick back up.”

“We’ve been fooled before with places opening up, then nothing happens, but all of a sudden a few weeks later cases explode on you.”

He concluded by saying “we’ve got to be careful we don’t prematurely judge” the situation in Texas.

For those who haven’t been closely following the situation in Texas, 26 days have passed since the state “reopened 100%” with no mask mandate, and 34 days have passed since Gov. Abbott announced the reopening. The number of new cases, deaths, hospitalizations ICU occupancy and positivity rate have all fallen.

Source: NYT

The doctor then speculated that last night’s packed Texas Rangers game might be a “super-spreader event” (like Sturgis? … or The Super Bowl party in Miami?).

Dr. Fauci has already rejected the CDC Director Walensky’s “impending doom” rhetoric, and on Tuesday, he told CNBC that “as long as we keep vaccinating people efficiently and effectively, I don’t think [a fourth wave] is gonna happen.”

However, “that doesn’t mean we’re not going to still see an increase in cases.”

Meanwhile, the White House announced Tuesday that it’s moving up its target date for all American adults to be eligible to receive a vaccine to April 19, two weeks earlier than its prior stated goal. Already, the government has doled out nearly 150M doses

END

Very dangerous! Senate Parliamentarian sets a dangerous precedent by granting Schumer permission for a second reconciliation vote
(zerohedge)

Senate Parliamentarian Sets Dangerous Precedent, Grants Schumer Permission For Second Reconciliation Vote

 
MONDAY, APR 05, 2021 – 10:00 PM

Congressional Democrats are resorting to desperate and undemocratic measures to bulldoze new legislation into law, which – as Politico warns – “could set a significant new precedent by empowering any party in full control of Washington to stretch the limits of its power.”

At issue; Senate Majority Leader Chuck Schumer says his office was just given the green light by the chamber’s parliamentarian to use the budget reconciliation process for a second time to “recycle the fiscal ’21 budget resolution,” which only requires a simple majority to pass certain measures as opposed to a bipartisan 60 votes currently mandated by the Senate filibuster rule, according to Politico‘s Caitlin Emma.

The Parliamentarian has advised that a revised budget resolution may contain budget reconciliation instructions,” reads a statement from Schumer’s office, adding that “While no decisions have been made on a legislative path forward using section 304 and some parameters still need to be worked out, the Parliamentarian’s opinion is an important step forward…”

Democrats used budget reconciliation to pave the way for the most recent – and massive – pandemic stimulus bill, allowing them to pass the measure with a 51-vote majority (with Vice President Kamala Harris serving as the tie-breaker).

As Emma wrote last week, “Democrats could pass Biden’s multi-trillion-dollar infrastructure agenda without GOP support, while keeping another shot at muscling through major priorities that are now stuck on the back burner.”

The move is certain to set a new precedent for any party that commands ‘every lever of government power’ – “to muscle its priorities past partisan roadblocks by using a process that’s supposed to be an exhausting lift for lawmakers.”

Now, reconciliation could technically get used as often as a Senate majority party wants to, provided that it also holds the House and White House. The biggest reason Democrats may not want to use the procedure over and over again, though, is the sheer laboriousness of a process that forces members to spend hours upon hours on the floor in both chambers, in addition to two Senate voting marathons in which anyone can force a roll-call vote on any amendment of their choice,” according to the report.

“If this is allowed, that’s going to be the thing that limits this process,” said Zach Moller, deputy director of economics at the Third Way think tank, in comments prior to today’s news. “Because Senate floor time is incredibly valuable.”

That said, Democrats aren’t going to want to use reconciliation every time – as it means that the parliamentarian can scrap portions of Democrats’ legislation if they feel they’re incompatible with various ‘arcane’ rules that dictate when the rule can be used. As such, “Democrats recognize that reconciliation doesn’t work as an end-run around eliminating the filibuster, the 60-vote threshold for passage of most bills that their left flank is pushing to kill for good.”

“You don’t want to do business via reconciliation all the time,” one House Democratic lawmaker told Politico on condition of anonymity, adding “The Senate is totally screwed up.”

“The Senate needs to figure out how it wants to be an effective legislative body, and that’s kind of the bottom line,” the added.

Last week, Senate Minority Leader Mitch McConnell (R-KY) telegraphed the decision – saying “Unfortunately, this looks like it’s not going to head in the direction that I had hoped,” adding “My advice to the administration is, if you want to do an infrastructure bill, let’s do an infrastructure bill. Let’s not turn it into a massive effort to raise taxes on businesses and individuals.

E

Carnival: “We May Have No Choice” But To Move Cruise Ships Outside US To Resume Operations

Tyler Durden's Photo

 

BY TYLER DURDEN
TUESDAY, APR 06, 2021 – 03:44 PM

Following last month’s CDC announcement that its new “conditional sailing order” barred cruise ships from departing the US, or sailing through its waters through Nov. 1, Carnival Cruise Line released a press release around 1400 ET Tuesday, saying it may have no other choice but to move its cruise ships outside US homeports to resume operations. 

Christine Duffy, president of Carnival Cruise Line, said: 

 “While we have not made plans to move Carnival Cruise Line ships outside of our US homeports, we may have no choice but to do so in order to resume our operations which have been on ‘pause’ for over a year. We appreciate the continued patience and support from our loyal guests, travel advisors and business partners as we work on a return-to-service solution.”

Duffy continued: 

“We know that this is very disappointing to our guests who continue to be eager to sail, and we remain committed to working with the Administration and the CDC to find a workable solution that best serves the interest of public health. We are asking that the cruise industry be treated on par with the approach being taken with other travel and tourism sectors, as well as US society at large.” 

Carnival shares popped and dropped on the news. 

Listen to the Carnival crew singing the “goodbye song.” 

So much for the grand reopening of the cruise ship industry this year – at least baby boomers bought RVs where they can now travel across the country. 

ND

 

iv) Swamp commentaries

Clarence Thomas a conservative Justice on the Supreme court is suggesting that Facebooks and Twitter could be regulated like Utilities

(Philips/EpochTimes)

Supreme Court Justice Thomas Suggests Facebook, Twitter Could Be Regulated Like Utilities

 
MONDAY, APR 05, 2021 – 08:20 PM

Authored by Jack Phillips via The Epoch Times,

Supreme Court Justice Clarence Thomas appeared to signal that Big Tech firms could be regulated after Facebook and Twitter suspended President Donald Trump earlier this year.

Thomas, considered a conservative on the high court, made the point during a 12-page submission as the Supreme Court issued an order that rejected a lawsuit over Trump’s blocking of certain Twitter users from commenting on his posts before his account was taken down. The Supreme Court said the lawsuit ultimately should be dismissed as Trump isn’t in office anymore and was blocked from using Twitter, coming after the Second Circuit Court of Appeals had ruled against Trump.

“Today’s digital platforms provide avenues for historically unprecedented amounts of speech, including speech by government actors. Also unprecedented, however, is control of so much speech in the hands of a few private parties,” Thomas wrote Monday (pdf).

“We will soon have no choice but to address how our legal doctrines apply to highly concentrated, privately owned information infrastructure such as digital platforms.”

Thomas also noted there are arguments suggesting digital platforms such as Twitter or Facebook “are sufficiently akin to common carriers or places of accommodation to be regulated in this manner.”

Thomas made reference to the respective owners of Facebook and Google by name—Mark Zuckerberg, Larry Page, and Sergey Brin.

“Although both companies are public, one person controls Facebook (Mark Zuckerberg), and just two control Google (Larry Page and Sergey Brin),” he wrote.

Thomas agreed that Trump’s Twitter account did “resemble a constitutionally protected public forum” in certain aspects, he noted that “it seems rather odd to say that something is a government forum when a private company has unrestricted authority to do away with it,” possibly referring to Twitter’s ban against Trump following the Jan. 6 incident.

“Any control Mr. Trump exercised over the account greatly paled in comparison to Twitter’s authority, dictated in its terms of service, to remove the account ‘at any time for any or no reason,’” he added.

“Twitter exercised its authority to do exactly that.”

Thomas then said that modern technology isn’t easily addressed by existing laws and regulations. But he warned that the Supreme Court may “soon have no choice but to address how our legal doctrines apply to highly concentrated, privately owned information infrastructure such as digital platforms.”

“The Second Circuit feared that then-President Trump cut off speech by using the features that Twitter made available to him,” Thomas said.

“But if the aim is to ensure that speech is not smothered, then the more glaring concern must perforce be the dominant digital platforms themselves. As Twitter made clear, the right to cut off speech lies most powerfully in the hands of private digital platforms. The extent to which that power matters for purposes of the First Amendment and the extent to which that power could lawfully be modified raise interesting and important questions.”

Thomas noted that Big Tech firms have a vast amount of power over the flow of information—even books. He said it does not matter that Amazon, Facebook, Twitter, and others are not the only ways in which to distribute speech as long as their power to do so is unequaled.

“A person always could choose to avoid the toll bridge or train and instead swim the Charles River or hike the Oregon Trail,” he wrote. “But in assessing whether a company exercises substantial market power, what matters is whether the alternatives are comparable. For many of today’s digital platforms, nothing is.”

 
end

Biden Disapproval Soars As Over 170,000 Illegal Immigrants Flood The US In March, Most In A Decade

 
TUESDAY, APR 06, 2021 – 04:24 PM

Authored by Mike Shedlock via MishTalk,

Biden made a campaign pledge to fix the border with Mexico. Let’s investigate how he’s doing starting with polls then the hard facts.

Only 24% Approve How Biden Is Handling Border Kids

According to an AP NORC Poll few are satisfied with President Biden’s approach to immigration, border security, and particularly toward the recent surge of unaccompanied children at the southern border.

That question specifically addressed children. 

Overall, Biden has a 44% approval rating on his handling of the border, heavily skewed towards 74% of Democrats who say they like what he is doing.

That means 74% of Democrats and 44% of people overall are clueless or simply refuse to think.

Biden Blames Trump

Politico reports Biden Bets That He Can Change How America Thinks About Migration.

I bet he can’t, especially with millions of US citizens in search of a job. Meanwhile here’s a Q&A

Q: What do politicians do when facing a situation that’s out of control?

A: Blame their predecessor.

In calls with House lawmakers this week, Biden administration officials repeatedly stressed that they inherited a disaster from the Trump administration, and said that the solutions would not be painless or quick. In a separate call with Democratic communications aides on the Hill, White House officials reiterated that the “real crisis is in Central America,” according to several people on the call. Biden and his team are emphasizing the “root causes” of migration surges, and their renewed diplomatic efforts with Central American countries, which lapsed under the Trump administration.

The problem is complex, and Trump did not create it. It’s been ongoing for decades. 

Biden did downplay it just as Angela Merkel did with a huge surge of immigrants attempting to escape Mideast wars, especially in Syria.

Send Them Back

Biden roundly criticized Trump for sending them back and turning them away.

Q: What’s Biden doing?

A: Sending them back and turning them away. 

The number of unaccompanied children arriving at the border hit a monthly-high in March, exceeding the last record-high in May of 2019. In total, some 170,000 people were apprehended by border patrol last month. About 100,000 of those migrants were single adults, who have been routinely removed from the U.S. by the Biden administration under a Trump-era public health authority.

There’s also simmering Democratic and activist frustration with Biden’s continued use of the Trump-era authority — known as Title 42 — to expel the majority of people encountered at the border. Publicly and privately, the White House has told reporters and Hill staff that they have no timeline to stop using the authority.

Non Solutions

Proving he cannot think clearly, Biden wants to house illegal immigrants in churches, stadiums, and summer camps.

His administration is also racing to expand capacity to humanely house a growing number of child migrants in emergency intake sites — like stadiums, church facilities and summer camps — rather than keep them in tightly-packed border patrol facilities.

Three Q’s, Obvious Answers

Q: What happens to the numbers when the word gets out we are housing and feeding all comers in stadiums?

Q: What the hell do you do when the stadiums fill up?

Q: What happens to Summer camps in the Winter?

Hey, Let’s Put Kamala Harris On the Mission

In addition to bribing Central American countries and filling up stadiums, Biden put Kamala Harris in charge of the mission.

That brings another question to the forefront: Why did Biden put Harris in charge of the border crisis?

The average annual income in El Salvador is $4,000; in Guatemala it is $4,610; and in Honduras it is $2,310.

People are still leaving those countries to come here; moreover, there is little — if any — reason to think it ever will [stop]. The differences between conditions in Central America and the United States are too great, particularly economic conditions.

When asked on the second night of the 2019 Democratic debates if an undocumented alien should be deported if his only offense is not having documents, her response was, “I will say, no, absolutely not. They should not be deported.”

Is she an effective negotiator?

Harris’s record as a senator indicates that being able to change the minds of people she disagrees with isn’t one of her strong points, and she seems to be aware of this shortcoming. When she was a candidate for the presidency, she admitted that she would not be able to persuade Congress to pass immigration reform legislation. Her plan was to rely instead on executive actions.

She was one of just three Democrats who voted against a compromise that would have given the Trump administration billions of dollars for a border wall in exchange for a path to citizenship for Dreamers.

So why would Biden choose her to lead his administration’s efforts to work with the Central American and Mexican governments to stop the flood of illegal crossings?

Apparently, he doesn’t want to secure the border either. 

The Pledge

In December 2020, Biden told reporters that he would establish a more “humane policy” at the borders but that he would need “probably the next six months” to rebuild a system to process migrants and secure funding for immigration judges.

Three months down and three to go before the buzzer sounds. 

Not to worry. Biden is unlikely to last a full term anyway. Soon the problem will be someone else’s. 

Oh, wait a second. What will president Harris do?

END

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

Yellen calls for minimum global corporate income tax
Yellen… downplayed the potential for the Biden administration’s domestic agenda, which also includes a $1.9 trillion COVID relief package approved last month, to spur higher inflation. Former Treasury Secretary Larry Summers, among others, has raised such concerns since the relief bill passed…The Biden administration supports the creation of $650 billion in new lending capacity at the IMF to address such issues [Covid vaccinations for underdeveloped nations], she said…  https://trib.al/GnkbyZy

Biden: I Am Not Concerned with a Tax Rise Hurting the Economy

Biden says no evidence higher corporate taxes will drive companies abroad
Asked if raising the corporate tax rate to 28% from 21% would drive away corporations, Biden said: “Not at all … there’s no evidence of that.”…  http://reut.rs/2QYSMAr

Wall St. and multi-national globalists hated Trump’s ‘America First’; now they get to live with the leftists that they aided, abetted, and funded!
GOP seeks to pull back curtain on Biden tax shelter ‘hypocrisy’
While recently touting his infrastructure plan, President Biden griped “the wealthiest 1% of Americans saw their net worth increase by $4 trillion,” he then ripped loopholes and deductions corporations used to dodge taxes… As a private citizen in 2017, 2018 and 2019, Biden and first lady Jill Biden routed $13 million in income through two S-corporations – CelticCapri Corporation and the Giacoppa Corporation – to avoid paying taxes that help fund Medicare and the Affordable Care Act (ACA), better known as ObamaCare. While entirely legal, Biden has advocated eliminating such loopholes, while also promoting the expansion of both Medicare and ObamaCare.  The Banks letter to Biden asked, “Do you intend to undo your hypocrisy and pay these taxes back to the American people?”…
https://www.foxnews.com/politics/gop-seeks-to-pull-back-curtain-on-biden-tax-shelter-hypocrisy.amp

Oil Drops [as much as 5.8%] with Virus Risks in Europe Dimming the Demand Outlook
https://finance.yahoo.com/news/oil-drops-opec-decides-gradual-232011239.html

Bonds went flat on the diverging market signals.  Astute pundits opined that bonds rallied, and commodities tumbled, because there is doubt that Biden’s infrastructure scheme can pass the Senate.

Top Democrats Float Alternative to Biden’s Corporate-Tax Plan
The new outline, released by Senators Ron Wyden of Oregon Sherrod Brown of Ohio and Mark Warner of Virginia, calls for higher levies on offshore profits and stronger penalties for companies that move income outside the country to avoid paying taxes to the Internal Revenue Service. The plan stops short of calling for any specific rate levels, and seeks feedback on the ideas as lawmakers work to draft legislation… https://www.bloomberg.com/news/articles/2021-04-05/top-democrats-float-alternative-to-biden-s-corporate-tax-plan

Last night: Sen. Manchin (D-WV) says he and other Senate Dems will vote against the Biden admin’s infrastructure package because of the proposed corporate tax raises – CNN

Rubio asks MLB commissioner if he’ll give up Augusta golf club membership
Sen. Marco Rubio (R-Fla.) on Monday sent a letter to MLB Commissioner Rob Manfred asking if Manfred would give up his membership at the exclusive Augusta National Golf Club in the wake of the league’s decision to pull the 2021 All-Star Game from Atlanta to protest Georgia’s controversial new voting law…   https://thehill.com/homenews/senate/546468-rubio-asks-mlb-commissioner-if-hell-give-up-augusta-golf-club-membership

Sen. Rubio Slams MLB Commissioner in Letter Demanding Action on China
Taking the All-Star game out of Georgia is an easy way to signal virtues without significant financial fallout. But speaking out against the Chinese Communist Party would involve a significant loss of revenue …  https://www.newsmax.com/politics/rubio-mlb-manfred-baseball/2021/04/05/id/1016389/

Coca-Cola required ID in 2020 shareholder meeting, but slams Georgia for voter ID law
https://www.foxbusiness.com/lifestyle/coca-cola-required-id-in-2020-shareholder-meeting

Justice Thomas argues for making Facebook, Twitter and Google utilities – Thomas argues that some digital platforms are “sufficiently akin” to common carriers like telephone companies.
https://www.protocol.com/bulletins/thomas-scotus-twitter-trump-ban

Christie accuses Biden of ‘doing exactly’ what he accused Trump of: ‘Lying to cause racial divisions’ – Biden takes heat for erroneous comments on Georgia’s controversial voting bill
https://www.foxnews.com/politics/christie-biden-trump-lying-racial-divisions

MLB as well as some US corporations bought the leftist/Biden BS without checking the facts or reading the Georgia voter law – so they could publicly virtue signal.  This is the US now.

President Trump: ‘Don’t have free speech in this country’
https://justthenews.com/podcasts/dr-gina-prime-time/president-trump-dont-have-free-speech-country

Andy Ngo reacts to becoming Antifa target, leaving United States
He might be the most hated man in the room depending on where he goes, but Andy Ngo has undoubtedly amassed a tremendous following for his experience covering the ins and outs of Antifa. He left the country amid threats of violence and “an escalation of safety concerns,” he told Fox News…
    Antifa’s current “plan,” Ngô writes, “is to create a decentralized system of cells and affinity groups who share in the same ideology through disseminated propaganda and literature.”…
    He says Antifa members “specifically train for street violence.” They are often seen at protests wearing masks and dressed in black and, sometimes, carrying umbrellas…
    Speaking to lawmakers in September, FBI Director Christopher Wray said Antifa is “not a group or an organization. It’s a movement or an ideology.”… [Wray is a buffoon… or worse!]
https://www.foxnews.com/us/andy-ngo-antifa-violent-extremism-interview

Disparate treatment in two fund-raising fraud cases renews debate over dual Justice system
Nigerian Clinton foundation donor gets deferred prosecution deal, Trump inauguration donor gets 12 years in prison in eerily similar cases. [“Back in the USSR, you don’t know how lucky you are.”
https://justthenews.com/accountability/political-ethics/disparate-treatment-two-fund-raising-fraud-cases-renews-debate-over

@Bret_Sears: That story about the guy who stormed the US Capitol and murdered a police officer was sure buried fast by the media. I wonder why.

’60 Minutes’ deceptively edits DeSantis’ comments on vaccine rollout in attempt to falsely implicate him in a pay-to-play scheme – Reporter Sharyn Alfonsi can be seen at a press conference where she questioned DeSantis, but instead of then showing all of the governor’s answer to her question, the meat of what he said was edited out… [Yet CBS ignores Cuomo! How far has CBS fallen?!]
https://thepostmillennial.com/60-minutes-desantis-publix-vaccine

’60 Minutes’ Ignores Democrat Governors’ Scandals, Invents One About DeSantis
CBS News continues to push partisan propaganda at the expense of the truth.
https://thefederalist.com/2021/04/05/60-minutes-ignores-democrat-governors-scandals-invents-one-about-desantis/

Ex- Senate investigator @seanmdav: The corrupt corporate media in this country are evil. They hate this country, they hate you, and they will stop at nothing to destroy you and everything that makes this country great. This nation will not survive as long as they have any power.

Babylon Bee: Media Criticizes Governor DeSantis for Vaccinating Republican Seniors Instead of Killing Them  https://babylonbee.com/news/media-criticizes-governor-desantis-for-vaccinating-seniors-for-instead-of-killing-them

Twitter confirms it suspended Rep. Marjorie Taylor Greene’s account ‘in error’
It suspended Rep. Marjorie Taylor Greene’s account “in error” because she tweeted on Easter, “He is risen” — the second time the social media giant has shelved the Georgia Republican in a month… [How can tweeting ‘He is risen’ on Easter result in a suspension?]… Greene’s office called it “yet another attempt by the Silicon Valley Cartel to silence voices that speak out against their far-left woke orthodoxy.”    https://trib.al/5C4DJpm

How come most, if not all, of the erroneous suspensions are placed on GOP types?

@barnes_law: Trump could have put three Thomas’ on the bench. Instead, he put 3 McConnells on the bench. That’s the difference between taking cert on a case, and writing solo opinions on a case.
[Trump was a poor chief executive.  The only reason for his support is his America 1st agenda and/or fear of the globalist and radicals left’s agendas.]

Brooklyn DA, Dem party leader took campaign cash from reputed mobster https://trib.al/qoIgKsb

I WILL SEE YOU WEDNESDAY NIGHT

 

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