APRIL 8/GOLD ADVANCED SMARTLY TODAY UP $16.90 TO $1757.60//SILVER ROSE IN SYMPATHY WITH GOLD UP 33 CENTS TO $25.51 TONNES//GOLD TONNAGE AND SILVER OZ STANDING AT THE COMEX REMAINED CONSTANT//SILVER OI FOR MAY HARDLY MOVED REMAINING AT 115,000 CONTRACTS: WE ARE GOING TO HAVE A VERY VERY STRONG DELIVERY MONTH FOR SILVER AND THIS SILVER WILL LEAVE THE COMEX// TODAY WE LEARN THAT IN MARCH CHINA IMPORTED A WHOPPING 167 TONNES OF GOLD//CORONAVIRUS UPDATES//VACCINE UPDATES//SHIPPING RATES SKYROCKETING ACROSS THE GLOBE/SCIENTISTS DEMAND LEGITIMIATE PROBE INTO THE WUHAN VIRUS ESCAPE AND THIS WILL BE DONE WITH OR WITHOUT CHINA’S COOPERATION//GERMANY WANTS TO BUY RUSSIAN SPUTNIK VACCINE AND SHUN THE THREE AMERICAN VACCINES + ASTRA ZENECA’S: I GUESS THEY KNOW SOMETHING//MERKEL TELLS PUTIN TO REMOVE HIS TROOPS FROM THE BORDER//18 MILLION USA FOLK STILL RECEIVING BENEFITS//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1757.60   UP $16.90   The quote is London spot price

Silver:$25.51 UP  $0.33   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1755.75 LONDON SPOT  4:30 pm

ii)SILVER:  $25.45//LONDON SPOT  4:30 pm

PLATINUM AND PALLADIUM PRICES BY KITCOL

 

 

PLATINIUM  $1221.00 UP $4.00

PALLADIUM: 2545.00 UP $3.00 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    33/66

EXCHANGE: COMEX
CONTRACT: APRIL 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,740.100000000 USD
INTENT DATE: 04/07/2021 DELIVERY DATE: 04/09/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 40
072 H GOLDMAN 14
332 H STANDARD CHARTE 3
435 H SCOTIA CAPITAL 1
624 H BOFA SECURITIES 9
657 C MORGAN STANLEY 2
661 C JP MORGAN 22 33
709 C BARCLAYS 4
737 C ADVANTAGE 2
800 C MAREX SPEC 2
____________________________________________________________________________________________

TOTAL: 66 66
MONTH TO DATE: 21,930

ISSUED: 22

Goldman Sachs:  stopped:  0

 
 

NUMBER OF NOTICES FILED TODAY FOR  APRIL. CONTRACT: 66 NOTICE(S) FOR 6600 OZ  (0.2052 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  21,930 NOTICES FOR 2,193,000 OZ  (68.211 tonnes) 

SILVER//APRIL CONTRACT

 

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

total number of notices filed so far this month: 2439 for 12,195,000  oz

 

BITCOIN MORNING QUOTE  $56,423   UP 439

BITCOIN AFTERNOON QUOTE.:  $56,500 DOWN 593 DOLLARS  

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $16.90  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A SMALL  CHANGE IN GOLD INVENTORY AT THE GLD//:  A PAPER  WITHDRAWAL OF 0.36 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: 1,028.69 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 33 CENTS

A NO CHANGES IN SILVER INVENTORY AT THE SLV//

 

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

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

INVENTORY RESTS AT:

574.868  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 164.49 UP $1.73 OR  1.06%

XXXXXXXXXXXXX

SLV closing price NYSE 23.63 UP $0.20 OR 1.24%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A VERY STRONG SIZED 1636 CONTRACTS FROM 154,593 UP TO 156,229, AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR TINY  $0.03 GAIN IN SILVER PRICING AT THE COMEX  ON WEDNESDAY. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO A HUGE BANKER AND ALGO  SHORT COVERING !//STRONG REDDIT RAPTOR BUYING//.. COUPLED AGAINST FAIR EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION AS WE GAINED A STRONG 2171 TOTAL CONTRACTS ON OUR TWO EXCHANGES. 

 

WE WERE  NOTIFIED  THAT WE HAD A FAIR  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 535,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  535 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 552 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

 

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT ROSE BY $0.03) OUR OFFICIAL SECTOR/BANKERS WERE   UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS  WE HAD A NET GAIN OF 1115 CONTRACTS ON OUR TWO EXCHANGES, THE MAJOR CAUSE WAS DUE TO i)HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) GOOD REDDIT RAPTOR BUYING//.    iii)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO 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:

2293 CONTRACTS (FOR 6 TRADING DAY(S) TOTAL 2293 CONTRACTS) OR 11.465 MILLION OZ: (AVERAGE PER DAY: 382 CONTRACTS OR 1.910 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAR: 11.465 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:  11.465 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: 11.463 MILLION OZ  (SILVER IN BACKWARDATION AND THUS DRAMATICALLY FEWER ISSUANCE OF EFP’S)

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1636, WITH OUR  $0.03 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY .…THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 535 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED GAIN OF 2171 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.03 GAIN IN PRICE)//THE DOMINANT FEATURE TODAY WAS THE HUGE BANKER SHORTCOVERING AND OUR MONTH OF MAY’S OPEN INTEREST REFUSING 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 LONGS (AND OUR WHALE) STANDING FOR DELIVERY…

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  535 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED INCREASE OF 1636 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.03 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.18//WEDNESDAY’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: 4 NOTICE(S) FOR 20,000, OZ OF SILVER.

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST  FELL BY A FAIR SIZED 4420 CONTRACTS TO 458,863,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 FAIR SIZED DECREASE IN COMEX OI OCCURRED WITH OUR TINY LOSS IN PRICE  OF $1.25///COMEX GOLD TRADING//WEDNESDAY.AS IN SILVER WE MUST HAVE HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS WE HAD A SMALL LOSS OF 1332 TOTAL CONTRACTS ON OUR TWO EXCHANGES.  WE ALSO HAD A SMALL LOSS IN GOLD TONNAGE STANDING  DOWN 79.819 TONNES AS 4 CONTRACTS WERE PAID OFF NOT TO TAKE DELIVERY AT THE COME

 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $1.25 WITH RESPECT TO WEDNESDAY’S TRADING

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

WE HAD A SMALL LOSS  OF 1332 OI CONTRACTS (4.143 TONNES) ON OUR TWO EXCHANGES 

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3158 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  0 AND JUNE:  3158  ALL OTHER MONTHS ZERO//TOTAL: 3158.  The NEW COMEX OI for the gold complex rests at 458,863. 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 1332 CONTRACTS: 4490 CONTRACTS DECREASED AT THE COMEX AND 3158 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 1332 CONTRACTS OR 4.143 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3158) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI  (4490 OI): TOTAL LOSS IN THE TWO EXCHANGES:  1332 CONTRACTS. WE NO DOUBT HAD 1 ) HUGE 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 DECLINE FOR THE FRONT APRIL. MONTH ON DAY 6 OF THE DELIVERY CYCLE TO   79.819 TONNES)  3) ZERO LONG LIQUIDATION,  /// ;4) FAIR COMEX OI LOSS AND 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR SMALL LOSS IN GOLD PRICE TRADING WEDNESDAY//$1.25!!.

 

 
 

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 : 12,848, CONTRACTS OR 1,284,800 oz OR 39.96 TONNES (6 TRADING DAY(S) AND THUS AVERAGING: 2141 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 39.96 TONNES

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

THUS EFP TRANSFERS REPRESENTS 39.96/3550 x 100% TONNES =0.871% 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:      39.96 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, ROSE BY A STRONG SIZED 1636 CONTRACTS FROM 154,593 UP TO 156,229 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 GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING// GOOD REDDIT// RAPTOR BUYING , 2) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR APRIL AT 14.210 MILLION OZ//., AND 4) ZERO LONG LIQUIDATION.

EFP ISSUANCE 535 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: 535 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 535 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 1636 CONTRACTS AND ADD TO THE 535 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 2171 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 10.855 MILLION  OZ, OCCURRED WITH OUR $0.03 GAIN IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 2.93 PTS OR .08%   //Hang Sang CLOSED UP 333.27 PTS OR 1.16%     /The Nikkei closed DOWN 21.81 POINTS OR 0.07%//Australia’s all ordinaires CLOSED UP 1.02%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5488 /Oil UP TO 59.49 dollars per barrel for WTI and 62.95 for Brent. Stocks in Europe OPENED ALL MIXED //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5488. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5569   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 4490 CONTRACTS TO 458,863 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 $1.25 IN GOLD PRICING WEDNESDAY’S COMEX TRADING…WE ALSO HAD A FAIR EFP ISSUANCE (3158 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3158 EFP CONTRACTS WERE ISSUED:  ;  AND APRIL:  0, JUNE:  3158 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3158  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 1332  TOTAL CONTRACTS IN THAT 3158 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED  COMEX OI  OF 4490 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR APRIL  (79.819 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 $1.25)., BUT WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL  NET LOSS ON OUR TWO EXCHANGES OF 137 CONTRACTS.  THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED  4.4143 TONNES TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR APRIL (79.819 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 :: 1332 CONTRACTS OR  133200 OZ OR  4.143  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:  458,863 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 45.88 MILLION OZ/32,150 OZ PER TONNE =  1427 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1427/2200 OR 64.86% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:143,975 contracts// volume extremely  poor/   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  127,313 contracts//  volume:   extremely poor/ hopeless!/ //most of our traders have left for London

 

APRIL 8 /2021

 
INITIAL STANDINGS FOR APRIL COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz NIL
OZ
Deposits to the Customer Inventory, in oz
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
66  notice(s)
6600 OZ
(0.2052 TONNES
 
No of oz to be served (notices)
3732 contracts
(373,200oz)
 
11.60 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
21,930 notices
2,193,000 OZ
68.211 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)NIL
 
 
 
 
total deposit:  NIL   oz
 
 
 

total dealer withdrawals: nil oz

we had 0 deposits into the customer account
 
 
 
TOTA CUSTOMER DEPOSITS: nil  oz
 
 
 
 
 
 
We had 0 withdrawals
 
 
 
 
 
 
 
total withdrawals:  nil oz
 
 
 
 
 
 

We had 1  kilobar transactions (1 out of 3 transactions)

ADJUSTMENTS  3:   dealer to customer 

i) Brinks:  482.265 oz  (15 kilobars)

ii) HSBC  196.538 oz

iii) Manfra: 199.96 oz

 
 
 

The front month of APRIL registered a total of 3798 CONTRACTS for a loss of 460 contracts.  We had a huge 456 notices filed on TUESDAY, so lost a tiny 4 contracts or an additional 400 oz will not  stand for gold in this very active delivery month of April./ These guys were paid off handsomely for not taking delivery at the comex for lack of metal over here.  There is not metal over in London so they received cash. 

 

 
 
 
 

MAY GAINED 7 CONTRACTS TO STAND AT 1616.

The month of May is refusing to contract at all but these we will have a strong 5.0 tonnes or better gold standing for this non active delivery month.

JUNE LOST 3946 CONTRACTS DOWN TO 378,953

We had 66 notice(s) filed today for  6,600 oz

FOR THE APRIL 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  22 notices were issued from their client or customer account. The total of all issuance by all participants equates to  66  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 33 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the APRIL /2021. contract month, we take the total number of notices filed so far for the month (21,930) x 100 oz , to which we add the difference between the open interest for the front month of  (APRIL:  3798 CONTRACTS ) minus the number of notices served upon today 66 x 100 oz per contract) equals 2,566,200 OZ OR 79.819 TONNES) the number of ounces standing in this  active month of APRIL

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

No of notices filed so far 21,930 x 100 oz  + (3798 OI for the front month minus the number of notices served upon today (66} x 100 oz which equals 2,566,200 oz standing OR 79.819 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. 

 

WE LOST A TINY 4 CONTRACTS OR AN ADDITIONAL 400 OZ WILL NOT STAND FOR GOLD ON THIS SIDE OF THE POND AS THEY AT FIRST MORPHED INTO LONDON BASED FORWARDS AND THEN PAID OUT IN CASH. 

 

 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 486.42 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 79.819 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,965,474.306 oz or 558.80 tonnes
 
 
total weight of pledged:  2,327,120.147 oz or 72.38 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,638,354.0 (486,42 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,638,354.0 (486.42 tonnes)
 
total eligible gold: 18,686,714.331 oz   (581.23 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 36,652,188.637 oz or 1,140.03 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1013.69 tonnes

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 8/2021

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
685,423.640 oz
 
 
CNT
JPM
LOOMIS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
587,637.460 oz
 
DELAWARE
INT DELAWARE
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
4
 
CONTRACT(S)
(20,000 OZ)
 
No of oz to be served (notices)
407 contracts
 2,035,000 oz)
Total monthly oz silver served (contracts)  2439 contracts

 

12,195,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

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

i) Into  Delaware:  2866.07 oz
ii) Into Int. Delaware: 584,771.390 oz
 
 
 
 
 
 
 
 

JPMorgan now has 187.409 million oz of  total silver inventory or 50.84% of all official comex silver. (187.409 million/368.618 million

total customer deposits today: 587,637.460   oz

we had 3 withdrawals:

 
 
i) out of CNT: 30,050.040 oz
ii) Out of  LOOMIS: 60,273.300 oz
iii) Out of JPMORGAN: 607,552.700 oz
 
 
 
 
 
 
 
 
 
 
 
 

total withdrawals 685,423.640   oz

We had 1 adjustments: dealer to customer

I) cnt  599,591.350  OZ
 

Total dealer(registered) silver: 121.300-million oz

total registered and eligible silver:  368.618 million oz

a net 0,026 million oz enters the comex silver vaults.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The month of April saw 407 contracts standing for delivery for a loss of 1 contracts.  We had 1 contract served upon yesterday, so we GAINED 0 contract or NIL oz will stand for delivery over here instead of morphing into London based forwards.
 
 
 

May SURPRISINGLY LOST A VERY VERY VERY TINY 764 contracts to stand at  115,333 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 68,851 oi contracts still outstanding on the May 2020.  This year:  115,333  still outstanding!!.

LAST YEAR 6417 CONTRACTS ROLLED ON APRIL 8 ; TODAY 764!

June gained 70 contracts up to 616.

July gained 2003 contracts up to 24,619 contracts

 

IT LOOKS LIKE WE HAVE OUR WHALE STANDING FOR SILVER METAL.  ERIC SPROTT’S FUND HAS NOTIFIED THE SEC THAT THEY ARE DOING A SHELF OFFERING OF $2 BILLION FOR SPROTT SILVER PHYSICAL FUNDS  (PSLV). IS ERIC TAKING ON THE CROOKS BY STANDING FOR METAL IN  MAY? THE MAY OI NUMBERS HAVE REMAINED EXTREMELY HIGH NOW FOR THE PAST 11 DAYS AS THEY REFUSE TO BUDGE. I NOW THINK THAT WE MAY HAVE TWO WHALES STANDING.  MAYBE MAINLAND CHINA?

 

The total number of notices filed today for APRIL 2021. contract month represented by 4 contract(s) FOR  20,000 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  2439 x 5,000 oz = 12,195,000 oz to which we add the difference between the open interest for the front month of APRIL (407) and the number of notices served upon today 4 x (5000 oz) equals the number of ounces standing.

Thus the April standings for silver for the APRIL/2021 contract month: 2439 (notices served so far) x 5000 oz + OI for front month of APRIL (407)  – number of notices served upon today (4) x 5000 oz of silver standing for the Jan contract month .equals 14,210,000 oz. ..VERY STRONG FOR A NON ACTIVE APRIL MONTH. 

WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY ON THIS SIDE OF THE POND.

 

TODAY’S ESTIMATED SILVER VOLUME 83,973 CONTRACTS // volume: BETTER// volumes falling off a cliff// very 

 

FOR YESTERDAY  54,376  ,CONFIRMED VOLUME/ EXTREMELY POOR

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO -0.89% (APRIL; 8/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –1.90% to NAV:   (APRIL 8/2021 )

Note: /Sprott physical gold trust is back into NEGATIVE/0.89%(APRIL8/2021)

(courtesy Sprott/)

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

NAV 18.71 TRADING 17.58//NEGATIVE 4.45

 

END

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

APRIL 8/WITH GOLD UP $16.90 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD/I: A WITHDRAWAL OF .36 TONNES FROM THE GLD//NVENTORY RESTS AT 1028.69 TONNES

APRIL 7/WITH GOLD DOWN $1.25 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.78 TONNES FROM THE GLD///INVENTORY RESTS AT 1029.05 TONNES

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.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

APRIL 8 / GLD INVENTORY 1028.69 tonnes

LAST;  1034 TRADING DAYS:   +94.88 TONNES HAVE BEEN ADDED THE GLD

LAST 934 TRADING DAYS// +  279.40TONNES  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 8/WITH SILVER UP 33 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 7 /WITH SILVER  UP 3 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ. 

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.

XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

APRIL 8/2021
574.868 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)LAWRIE WILLIAMS:

Wow! China imported 167 tonnes of gold in March 2012.  If they keep that up they will import 2000 tonnes for the year or almost all the gold produced in the globe ex China .

LAWRIE WILLIAMS: Chinese gold demand in March more than 2x prior year

China’s consumption of gold appears to be well back on track with Shanghai Gold Exchange (SGE) gold withdrawals for March coming in at more than double those reported in the same month in 2020. We had already noted a pick-up in an article a month earlier – see: Global gold demand looks to be back on the rise?, but that was based on figures recorded in February, which can be misleading because of differing closing dates for the SGE during the week-long Chinese New Year holiday period. March is thus the first really comparable month for gold withdrawal data – but before you gold bulls get too exuberant out there, SGE gold withdrawals are still running comfortably below those of 2019, and even more so below those of several prior years.

But the March SGE gold withdrawal figures are definitely a step in the right directions as measured by this particular metric. If the SGE can sustain this kind of withdrawal volume level, then 2021 figures could well start playing catch-up with the cumulative figures of 2019 where demand seemed to weaken over the final nine months of the year. By most accounts the Chinese economy has recovered strongly from the Covid-hit 2020 and is again growing at a positive rate by as much as 8.4% this year according to estimates by the IMF. This seemingly ever- improving outlook could well be replicated in this year’s gold demand figures, which should mean a huge positive for global gold demand.

True an increase in China’s gold imports is not yet showing up in global gold statistics, but it should be remembered that China is currently comfortably the world’s largest producer of the yellow metal, and exports none of its output, so a good proportion of consumer demand can be met out of domestically-produced gold. We suspect we will see imports beginning to pick up as the year progresses.

Of course there is another key Asian gold consumer, which historically has been the world’s largest until being overtaken by China a few years ago – India – and again by all accounts gold consumption there, as measured by gold imports as the country only produces insignificant amounts of gold itself, is also rising sharply. Latest unconfirmed figures published by Reuters put India’s March gold imports at a record 160 tonnes, up 471% on February 2020 (when admittedly import levels were severely depressed). If both China and India, the world’s two largest gold consumers, are indeed seeing the kinds of pick-up in consumption these latest figures suggest, this should strongly counteract some of the negative current sentiment towards gold which seems to be prevalent in the West, and in North America is particular.

Gold ETF outflows are continuing, although seem to be slowing, and could turn around. There has also been the calculation that central bank buying is likely to be lower this year now that Russia is no longer a buyer, although that could change now that oil and gas prices have been recovering from their low points, but recent news suggests India’s and Hungary’s central banks have been buyers of gold already this year, so perhaps the doom and gloom on central bank gold demand is a little premature. But it is early days in the current calendar year and much could happen in the still Covid-affected remainder thereof. It remains invidious to try and predict where precious metal prices will settle. At the moment they seem to be going through a slight surge given continued doubts on likely equity performance given the continuing fall-out from the Archegos meltdown, but recent performance has been, to say the least, erratically volatile. They are continuing to seek direction! Gold has hit $1,750 again as I write, but whether it will be allowed to stay there remains to be seen.

08 Apr 2021

-END-

OR

EGON VON GREYERZ// 

OR

Stefan Gleason.. a must read…

Rising Debt Means a Weaker Dollar

April 08, 2021

Stefan Gleason
Money Metals

Americans appear to be growing more concerned about the skyrocketing national debt level – officially $28.1 trillion and counting.

The Peter G. Peterson Foundation’s monthly Fiscal Confidence Index recently shed five points, dropping to a level of 47, in the wake of the Biden Administration’s latest $2 trillion stimulus package.

That $2 trillion bill is simply piled on top of already massive budget deficits.

And it adds furthers to concerns over the country’s currency, the Federal Reserve Note “dollar.”

Federal debt is currently the largest as a percentage of the economy since World War II. Given that no amount of tax hikes will yield enough capital to cover the debt, the nation now finds itself on an unsustainable trajectory towards bankruptcy.

The only viable way for the government to dig itself out of its debt predicament is by leaning on its banker, the Federal Reserve.

The Fed now buys $120 billion in bonds every month, artificially suppresses interest rates, and intentionally targets higher inflation. These maneuvers make issuing and servicing government debt cheaper in real terms.

image-20210408181013-1The national debt went seemingly unnoticed, for years. The consequences of massive overspending are becoming increasingly clear, however. Among them are a weaker dollar and decline in national credibility.

As the U.S. dollar loses value, it could also lose its preeminent spot on the international stage.

Other countries, such as China, continue to move away from the dollar as the global reserve currency of choice by reducing their holdings of U.S. Treasuries, holding larger allocations of other currencies, and establishing bi-lateral trade deals denominated in those other currencies.

The addition of China’s currency, the Yuan, to the IMF’s special drawing rights (SDR) basket also puts increasing pressure on the dollar’s status.

As faith in the greenback erodes, more and more nations will diversify away from it.

As more nations abandon the dollar, more dollars will flow back into the U.S. And as the supply of dollars climbs, the value of the dollar is likely to fall substantially – not just against real goods, but against other depreciating currencies.

A weaker dollar may be good for the government (and other borrowers too), because it makes debt payments more manageable.

But it’s bad for cash savers, consumers, wage earners, and retirees on a fixed income. Currency weakness makes everything more expensive.

As the cost of everyday goods and services goes up, disposable incomes go down.

As disposable incomes decline, so does economic activity. The reluctance to spend by Americans could, in turn, force the U.S. economy back into recession, or even a depression.

Debt-driven dollar weakness could become the ultimate economic driver in the decades ahead. Not only does debt lower the value of the dollar, it can also cause U.S. borrowing rates to rise.

Higher borrowing costs can further dent economic output while also causing a higher likelihood of default. As the cost of loans rises and economic activity declines, the risk of recession or worse also rises in a cycle that fuels ever more Fed “stimulus” (currency debasement).

That makes now a critical time to diversify your portfolio with asset classes that can potentially benefit from a weaker dollar.

Gold and silver have long been considered the ultimate hedges against paper currency weakness. This time around will be no different.

After pulling back from its all-time high at $2,100 last August, gold is basing out and could be gearing up for a fresh, significant leg higher that could see it reach $3,000 or higher within a couple years.

And a rally in gold (and silver) could happen fast once investors catch on to the full ramifications of the debt / devaluation cycle into which our nation is now locked.

-END-

 
END

ii) Important gold commentaries courtesy of GATA/Chris Powell

German financial magazine, Smart cites BIS intervention in the gold markets

(Smart/GATA)

German financial magazine Smart Investor cites BIS intervention in gold

 

 

 Section: Daily Dispatches

 

11:40a ET Wednesday, April 7, 2021

Dear Friend of GATA and Gold:

Word of surreptitious intervention in the gold market by governments and central banks cointinues to get around. The April edition of the German financial magazine Smart Investor publishes a report by Rainer Kromarek, “The Unexpected Decline of the Gold Price,” that cites the interventions by the Bank for International Settlements. A PDF copy of the report can be viewed here: 

https://www.smartinvestor.de/wp-content/uploads/2021/04/Edelmetalle_4_20…

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

END

Daniela Cambone formerly with Kitco delicately discusses unallocated pool accounts in silver

(Stansberry Research/GATA)

A polite discussion of the danger of unallocated pool accounts in silver

 

 

 Section: Daily Dispatches

 

9:15p ET Wednesday, April 7, 2021

Dear Friend of GATA and Gold:

In an interview with Daniela Cambone of Stansberry Research today, fund manager Vince Lanci of EchoBay Partners in Stamford, Connecticut, politely discusses the vulnerability of the fractional-reserve silver banking system.

Lanci says plainly that he does not believe that all silver claims on unallocated pool accounts offered by mints and bullion dealers are fully backed by readily available metal.

Of course nearly everything in gold and silver long has been operated on a fractional-reserve basis, in confidence that huge imaginary supplies of the monetary metals forever could be contrived for price-suppression purposes underwritten by governments and central banks. This was perceived as early as 2001 by the British economist Peter Warburton in his groundbreaking essay, “The Debasement of World Currency: It Is Inflation But Not as We Know It”:

https://gata.org/node/8303

Lanci’s interview with Cambone is 13 minutes long and can be seen at YouTube here:

https://www.youtube.com/watch?v=3silAZRu-YU  

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

END

This was brought to your attention yesterday:  Hungary’s Central bank purchases 83 tonnes of gold tripling its reserves in 3 years

(Ronan Manly/GATA)

Ronan Manly: Hungary boosts gold reserves by 3,000% in 3 years

 

 

 Section: Daily Dispatches

 

11:10p ET Wednesday, April 7, 2021

Dear Friend of GATA and Gold:

Bullion Star’s Ronan Manly writes tonight that the Hungarian central bank’s purchase of another 83 tonnes of gold, tripling the national reserves, is a big deal, as it makes the country a major gold holder.

Manly’s analysis is headlined “Hungarian Central Bank Boosts Its Gold Reserves by 3,000% in Less Than 3 Years” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/hungarian-central-bank-boo…

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

iii) Other physical stories:

 
 
 

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

i) Chinese yuan vs USA dollar/CLOSED DOWN at 6.5488 /

//OFFSHORE YUAN:  6.5569   /shanghai bourse CLOSED UP 2.93 pts or 0.08%

HANG SANG CLOSED UP 333.27 PTS OR 1.16% 

2. Nikkei closed DOWN 21.81 POINTS OR  0.07%

3. Europe stocks OPENED ALL MIXED /

USA dollar index  DOWN TO 92.27/Euro RISES TO 1.1879

3b Japan 10 year bond yield: FALLS TO. +.10/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.27/ 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:: 59.49 and Brent: 62.95

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.33%/Italian 10 Yr bond yield DOWN to 0.67% /SPAIN 10 YR BOND YIELD DOWN TO 0.34%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 01.00: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.83

3k Gold at $1747.90 silver at: 25.36   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 2/100 in roubles/dollar) 76.93

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.27 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 .9273 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1018 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.33%

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 1.648% early this morning. Thirty year rate at 2.337%

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

6.  TURKISH LIRA:  DOWN  TO 8.15..

S&P Futures, European Stocks Hit New All-Time Highs As Rates Slide

 

BY TYLER DURDEN
THURSDAY, APR 08, 2021 – 07:50 AM

European stocks hit a new record highs on Thursday, buoyed by optimism in Britain over easing lockdown restrictions, while the benign outlook on US interest rates revealed in the latest FOMC Minutes where the Fed indicated it will maintain its commitment to supportive policy, helped push S&P futures to new all time highs after the cash index closed at a record on Wednesday. Treasury yields dropped, the dollar slipped and crude oil fell as the pandemic worsened in key regions just as OPEC+ prepares to add supply over the coming months.

At 7:30 a.m. EDT, Dow E-minis were flat, S&P 500 stock futures up 13.75 points or 0.34% and Nasdaq 100 E-minis were up 122 points, or 0.89%. The S&P 500 and the Dow ended a choppy session near record highs on Wednesday, while the tech-heavy Nasdaq is still more than 3% below its February all-time high.

On Wednesday, the Fed acknowledged an improving economic outlook buoyed by massive fiscal spending and accelerating vaccinations in minutes from its latest meeting which showed members felt the economy was still far short of target and were in no rush to scale back their $120 billion a month of bond buying. Policymakers noted it would be “some time” before conditions improve enough for the Fed to rein in its support. Between the commitment to low rates and speculation that Biden’s infrastructure plan will be lowered down, interest rates resumed their decline. Elsewhere, Treasury Secretary Janet Yellen unveiled details of a plan to bring back about $2 trillion in corporate profits into the U.S. tax net. That would help fund the government’s spending initiatives, potentially reducing reliance on more borrowing that could drive rates higher.

“Many economists and market participants have been worried about a surge in inflation, but the Fed doesn’t seem to be,” Hussein Sayed, chief market strategist at FXTM, said in a client note. “So far, it seems we are in a Goldilocks situation. Expect U.S. stocks to continue outperforming non-U.S. stocks at least in the short term, equities to outperform bonds and, if corporate earnings surprise to the upside, this would pave the way for more record highs.”

Nasdaq futures jumped about 1% on Thursday, as tech-related stocks climbed ahead of weekly jobless claims data, helped by 10Y rates that dropped to session lows. FAAMG stocks rose between 0.8% and 1% in premarket trading. High-growth tech stocks have recovered in recent sessions as U.S. 10-year bond yields backed off from their 14-month highs.

In Europe, the Stoxx 600 index was up 0.3%, hitting a new high of 436.66 points, led higher by consumer products and services companies, with health care also higher, and insurance companies and banks falling as yield curves, particularly in the U.S., bull flattened. London’s blue chip FTSE 100 index was up 0.2%, while France’s CAC 40 Index jumped to its highest level since 2000. Anglo American Plc was one of the region’s biggest gainers after outlining plans to spin off its South African coal mines. AstraZeneca Plc also gained, outperforming health peers, after EU governments failed to agree on a policy that would limit the use of the drugmaker’s coronavirus vaccine over potential clotting side-effects. Here are some of the biggest European movers today:

  • Johnson Matthey shares rise as much as 7.8% to hit the highest since July 2019. The firm’s update implied earnings ahead of expectations and the review of its health division could unlock significant value, Jefferies wrote in a note.
  • Metso Outotec shares jump as much as 3.8% after the company signed a contract for the supply of a large-capacity Grate-Kiln pellet plant in the state of Odisha, India.
  • Sage Group shares advance as much as 2.7% after Citi upgraded the software firm to buy from neutral. The broker said news flow is turning more positive and company’s valuation should subsequently begin to reflect greater confidence in the longer-term growth outlook.
  • Telenor shares rise as much as 4% after the company and Axiata said they were in talks to merge their mobile-phone operations in Malaysia. Goldman Sachs the discussions said were “a strategic positive.” The broker said deal is “a positive for the local synergies it could generate.”
  • Gerresheimer shares fall as much as 6.2% after the company reported 1Q organic growth that Commerzbank said was below estimates.

“It’s looking good as evaluations in Europe are much lower than they are in the U.S. so there is potentially more upside. The line of least resistance for European markets is higher,” said Michael Hewson, chief market analyst at CMC Markets. “In terms of economic re-opening, there is enough optimism built in at the moment to drive markets quite a bit higher from here, and the Fed has reiterated it’s going to remain on hold for a while,” Hewson said.

Earlier in the session, MSCI’s broadest index of Asia-Pacific shares ex-Japan inched up 0.3% in quiet trade. Japan’s Nikkei slipped 0.3%, not helped by news Tokyo’s governor had asked for emergency measures to stem a surge of COVID-19 infections.

Asian stocks advanced, erasing earlier losses with Hong Kong among leading gainers with AIA Group providing the biggest boost. The Hang Seng Index advanced more than 1% to the highest closing level since Mar. 18. Insurance giant AIA was the largest contributor to both the Hong Kong benchmark and the MSCI Asia Pacific Index. AIA rallied 6.2% as Morgan Stanley said the life insurer’s expansion in China is key to maintaining its “premium” valuation. The brokerage lifted its target on the company by 46%. Key measures in Australia and New Zealand were also among the top gainers in the region, with the S&P/ASX 200 index climbing to its highest since February 2020. Earlier, Asian stocks were dragged down by losses in Japan as Tokyo considered a return to stricter coronavirus measures amid rising infections. Sector-wise, communication services and utilities were the worst performers on the MSCI Asia Pacific Index. Financials and materials shares advanced.

China’s stocks edged higher following a two-day slide, boosted by a rebound in healthcare and consumer staples firms. The benchmark CSI 300 Index rose 0.2% to close at 5,112.21 points, after erasing an earlier decline. Trading has stayed in a narrow band this week, extending a trend since early last month. Turnover on the Shanghai and Shenzhen markets rebounded to 726 billion yuan ($111 billion), the highest since March 29. Liquor makers including Kweichow Moutai stabilized after recent declines, with CGS-CIMB analysts noting that baijiu distillers likely saw sales growth of 10%-20% in the first quarter relative to 2020 as consumption levels normalize. Moutai rose 0.4%. Such sideways trading offers investors a respite following the stock gauge’s swift tumble into a technical correction last month. While it will take time for the market to digest potential risks in the future, including potential liquidity tightening, bellwether stocks remain among the most valuable firms within various industries despite high valuations, according to an Everbright Securities note.

Japanese stocks slid as Tokyo sought a return to stricter coronavirus measures amid increasing infections. Banks drove a broad decline in the Topix, which was headed for its third-straight weekly drop. Travel and retail stocks were weak amid virus concerns. Advantest and Sony were the largest drags on the Nikkei 225. Fast Retailing gained ahead of its earnings report, just after the market close. Tokyo Governor Yuriko Koike said she will ask the central government to designate the capital as an area that requires stricter coronavirus measures. The nation’s capital reported 545 new cases on Thursday after 555 on Wednesday, the highest daily total since early February. “Infections in Japan are rising, which will impact sectors like services and logistics, though the impact on manufacturing will be limited,” said Takashi Ito, an equity market strategist at Nomura Securities in Tokyo. “With earnings season kicking off with retail companies, investors are keen to see what their outlook for the current fiscal year is like and what impact the pandemic has.”

Australian stocks jumped to a 13 month high, with the S&P/ASX 200 index rising 1% to close at 6,998.80, its highest level since since Feb. 21, 2020 and less than 200 points away from a record high. The benchmark climbed for a fifth consecutive session in its longest streak since Dec. 9. Miners led the rally as iron ore futures in Singapore held near their highest close in almost a month. EML Payments was the best performer, extending gains on the back of its deal to acquire payments firm Sentenial. Resolute Mining was the worst performer, snapping a four-day winning streak.

In rates, as shown above, Treasuries held gains across the curve, with 10-year yields richer by nearly 3bp on the day, down to 1.647%, vs little-changed bunds and gilts, flattening 2s10s by ~2bp. Yields on 10-year Treasuries have eased back to 1.642% from the recent 14-month high of 1.776%, but have struggled to break under 1.59%. The TSY curve is flatter as long end outperforms, while Treasuries lead bunds and gilts. Notable treasury futures flows according to Bloomberg include an $800k/DV01 5-year vs bond contract block trade printed at 5:09am ET. Fed speakers Thursday include Chair Powell in a panel discussion on the global economy during IMF meeting.

Gains by U.S. Treasuries helped risk assets, although analysts said markets will be tested next week when the U.S. earnings seasons gets underway.

In FX, the dollar fell against most of its G-10 peers; the greenback is about to extend its recent run lower if charts are anything to go by. Australian and New Zealand dollars lead gains along with Japanese yen, which extended an Asia session advance against the dollar to a high of 109.44, testing the 21-DMA. The euro pared an early advance to trade little changed; euro-dollar options are overpriced again and may remain so if the pair keeps rallying in the spot market due to market makers’ positioning. The pound was little changed after erasing an earlier advance amid cautiously improving sentiment on the nation’s vaccine rollout.

In commodities, oil prices fell after official figures showed a big increase in U.S. gasoline stockpiles, causing concerns about demand for crude weakening in the world’s biggest consumer of the resource at a time when supplies around the world are rising. Brent fell 22 cents to $62.94 a barrel while WTI lost 37 cents to $59.40 per barrel. Gold was at $1,743 an ounce after meeting resistance around $1,745.

Looking at today’s calendar, the weekly initial claims report due at 830am ET is expected to show the number of Americans filing for new unemployment benefits dropped in the latest week, a further sign that the labor market’s conditions were improving. Also on deck today, Fed Chair Jerome Powell will speak at a virtual International Monetary Fund event at 1200 ET. We’ll also get the minutes of the ECB’s March meeting. Data releases include German factory orders for February and the March construction PMIs from both Germany and the UK. Otherwise, there’s the Euro Area’s PPI for February.

Market Snapshot

  • S&P 500 futures up 0.3% to 4,081.50
  • MXAP up 0.2% to 207.29
  • STOXX Europe 600 up 0.3% to 435.66
  • MXAPJ up 0.5% to 692.55
  • Nikkei little changed at 29,708.98
  • Topix down 0.8% to 1,951.86
  • Hang Seng Index up 1.2% to 29,008.07
  • Shanghai Composite little changed at 3,482.56
  • Sensex up 0.7% to 50,006.37
  • Australia S&P/ASX 200 up 1.0% to 6,998.77
  • Kospi up 0.2% to 3,143.26
  • Brent Futures down 0.3% to $62.95/bbl
  • Gold spot up 0.3% to $1,742.74
  • U.S. Dollar Index down 0.1% to 92.37
  • German 10Y yield fell 0.6 bps to -0.330%
  • Euro up 0.1% to $1.1879

Top Overnight News from Bloomberg

  • The U.S. is proposing that countries should be able to tax more corporate profits based on revenues within their borders in a bid to reach a global taxation deal
  • Currency traders have reaped gains this year betting on the U.K.’s vaccine success and against Europe’s stumbles. Now that trade in going in reverse
  • ECB Governing Council member Robert Holzmann tells CNBC that the decision on PEPP bond purchases in the third quarter will be decided upon at the end of the second
  • Peter Thiel is “pro-crypto” and “pro-Bitcoin maximalist,” but he also thinks the cryptocurrency may be undermining America
  • The EU failed to form a united response to links between AstraZeneca Plc’s Covid-19 vaccine and a rare type of blood clotting, missing an opportunity to inject momentum into the bloc’s sluggish inoculation program
  • Warren Buffett’s Berkshire Hathaway Inc. priced yen-denominated bonds on Thursday, as yield premiums in the Japanese market have tightened to the least in over two years

A quick look at global markets courtesy of Newsquawk

Asia-Pac bourses traded mixed-to-positive as the region took its cue from Wall Street where the major indices finished relatively flat after having meandered near their record levels following an anticlimactic FOMC Minutes release, although US equity futures gradually made headway after-hours. ASX 200 (+1.0%) advanced with resilience seen across all industries led by strength in the blue-chip miners and big 4 banks to lift the index briefly above the 7,000-milestone. Nikkei 225 (-0.1%) was subdued amid reports Japan is considering stronger COVID-19 controls in Tokyo and other cities but with losses cushioned by recent M&A news including the buyout offer for Toshiba and with Hitachi said to be in discussions with Bain regarding a potential sale of Hitachi Metals which boosted shares in the latter by nearly 5.0%, while the KOSPI (-0.1%) lacked direction as participants reflected on the stunning defeat by South Korea’s ruling Democratic party at the Seoul and Busan mayoral elections and as domestic COVID-19 cases continued to increase. Hang Seng (+1.2%) and Shanghai Comp. (+0.1%) were varied with sentiment in the mainland clouded by ongoing tensions in the South China Sea after the US warned China of its increasingly aggressive moves, while Hong Kong was underpinned by strength in the tech sector aside from industry heavyweight Tencent which was pressured on reports its largest shareholder plans to offload around USD 15bln of Co. shares. Finally, 10yr JGBs were lacklustre after the indecisive trade seen in USTs and as support from the firmer demand at the 5yr JGB auction dwindled, while Australian yields were slightly softer in the belly amid the RBA operation for AUD 2bln of government bonds.

Top Asian News

  • India Seeks U.S. Help as China-Backed Hacks Threaten Military
  • Uniqlo Owner’s Profit Rebounds as Pandemic Shoppers Return
  • Jokowi Doubles Indonesia’s Wealth Fund Goal to $200 Billion
  • Goldman-Backed ReNew to Invest $9 Billion in India’s Green Push

Stocks in Europe trade mostly higher, but with mild gains and off the best levels seen at the cash open (Euro Stoxx 50 +0.2%) as the region mimics a similar sentiment seen overnight and during US hours yesterday. US equity futures meanwhile see more of an advance with the NQ (+1.0%) and RTY (+0.8%) leading the gains. Fresh catalysts during European hours have been light, with a number of ECB speakers sticking to the script ahead of the ECB March accounts later today, whilst Fed Chair Powell is also poised to make an appearance at the IMF panel. European bourses see mostly broad-based gains with the exception of the IBEX (-0.1%) – weighed on by its exposure to Banks and Travel & Leisure, which reside as sectoral laggards in the region alongside Oil & Gas and Insurance. Meanwhile, some of the more defensive sectors are faring better – with Healthcare, Consumer Staples and Utilities posting relatively stronger performances thus far. The tech sector in Europe is also supported amid the low yield environment and following the Tech performance on Wall Street yesterday, whilst participants for now shrug off source reports that Apple (+0.6% pre-mkt) has postponed some production of some MacBooks and iPads due to the global component shortage. Source added that a a portion of the component orders for the two devices have been pushed back to H2-2021 from H1. In terms of individual movers, KPN (+3%) holds onto gains amid reports that PE firms EQT and Stonepeak are said to be mulling a joint USD 15bln bid for KPN, reportedly at over EUR 3/shr. Elsewhere, Johnson Matthey’s (+3.4%) trading updates bolstered the stock to the top of the Stoxx 600.

Top European News

  • EU Fails to Find United Response to AstraZeneca Vaccine Risk
  • Tesla Bemoans ‘Irritating’ Approval Process for Berlin Plant
  • American Financiers Want to Shake Up Fans-First German Soccer
  • Norway’s $1.3 Trillion Wealth Fund to Add External Managers

In FX, the Buck is softer vs most G10 rivals in wake of the latest FOMC policy meeting minutes that added little new in terms of insight or guidance, but reaffirmed the message that there is some way to go before inflation and jobs hit target. Hence, the focus turns swiftly to Fed chair Powell at the IMF for his more up-to-date assessment of developments and the economic recovery outlook, especially given last Friday’s big US headline payrolls beat and a record high services ISM. On that note, the upcoming IJC release will provide an even more timely snapshot of the labour market ahead of his speech and comments from Bullard. Looking at the DXY, 92.500-000 continues to encapsulate trade following the break down from month end and earlier April highs in the index and Greenback overall, with underlying support forged from still relatively firm Treasury yields and a steeper curve in contrast to bullish-buoyant risk sentiment that is keeping the Dollar capped.

  • JPY – Having repelled more selling pressure and another attempt to fill bids into 110.00, the Yen is now trying to breach half round number resistance at 109.50 convincingly before setting sights on more levels to fill gaps left behind following the sharp spike in Usd/Jpy that hit 110.97 on March 31.
  • NZD/AUD – Also taking advantage of their US peer’s indecision, with the Kiwi and Aussie both surviving more concerted efforts to test round number and psychological support overnight when the general risk tone was fragile to stabilise around the middle of 0.7044-04 and 0.7648-03 respective ranges. Note, Nzd/Usd also had another downbeat business survey to contend with as ANZ sentiment soured and the activity outlook dipped, while Aud/Usd will be looking to the RBA’s FSR for some independent direction after unchanged policy and guidance from the Board earlier this week.
  • CHF/EUR/GBP/CAD – The Franc and Euro have lost momentum vs the Dollar, though remain rangebound between 0.9302-0.9275 and 1.1893-1.1861 after fleeting or false upside forays on Wednesday, but Eur/Usd may now be reliant on ECB minutes for direction and also conscious that hefty option expiry interest lies just above the 200 DMA at the 1.1900 strike (1.9 bn), while not that much less resides between 1.1850-40 (1.5 bn to be precise). Elsewhere, the Pound seems to be at the whim of Eur/Gbp moves again, as Cable pivots 1.3750 and derives little impetus from a stronger than expected UK construction PMI, while bulls and bears tussle over the cross within a 0.8657-21 range. Conversely, Friday’s Canadian employment report should provide the Loonie with direction given Usd/Cad’s current containment around the 1.2600 axis eyeing crude/commodity prices and the unfolding wave of COVID-19.
  • SCANDI/EM – The Sek has unwound some of its underperformance after mixed Swedish data, but the Rub remains under pressure amidst more punchy rhetoric from Russia in response to the threat of further US sanctions.

US Event Calendar

  • 8:30am: March Continuing Claims, est. 3.64m, prior 3.79m
  • 8:30am: April Initial Jobless Claims, est. 680,000, prior 719,000

Central Banks

  • 11am: Fed’s Bullard Discusses Economy and Monetary Policy
  • 12pm: Powell Takes Part in IMF Panel on Global Economy
  • 2pm: Fed’s Kashkari Discusses U.S. Economic Outlook

DB’s Jim Reid concludes the overnight wrap

Markets continued to hover around their all-time highs yesterday as investors digested the latest Fed minutes and looked forward to Chair Powell’s remarks today, with risk assets getting further support from the fact that bond yields continued to remain subdued in spite of some pretty strong data releases of late. By the close of trade, the S&P 500 had managed to eke out a +0.15% gain, which took the index to yet another record high, with the advance led by large tech companies in particular as the NYFANG index (+0.55%) recorded its 8th successive move higher. Meanwhile the overall environment remained an incredibly benign one for investors, with the VIX index of volatility falling to 17.16pts – its lowest level since the pandemic started – whilst Bloomberg’s index of US financial conditions eased further to its most accommodative level since late-2018.

In a day that didn’t see a massive amount of newsflow, the Fed minutes were the main highlight, and showed that the committee members remain cautious with regards to the economic recovery and do not feel any urgency to remove accommodation. The overall tone was dovish and there seemed to be no concern of an overheating economy – in fact the word overheat did not appear in the minutes at all – and Fed members believe it will be “some time” before asset purchases are tapered. Though the committee notably increased their economic and inflation forecasts last month, the minutes showed continued concerns stemming from the pandemic – including the pace of vaccinations and new variants. There were also concerns about stresses in the commercial real estate market “associated with the unwinding of mortgage forbearance and eviction moratoriums provided to households”, which they will continue to monitor.

US 10yr Treasuries were near flat just prior to the minutes being released and then rose +2.3bps by the end of the day to finish the session +1.8bps higher at 1.674%. Inflation expectations (+2.7bps) drove the small rise in yields, which was tempered by a drop in real yields (-0.9bps). Given the messaging that little-to-no action was expected in the short term the 2y10y curve steepened +2.2bps. However, in spite of yesterday’s moves higher for yields, the benchmark 10yr yield is still a little more than -10bps beneath its intraday high that it hit a little more than a week ago. This came as other Fed speakers sounded a relaxed note on inflation, with Dallas Fed President Kaplan saying that “when we get into the summer months of 2021 you’re going to see year-over-year comparisons that could be well in excess of 2.5%”. Meanwhile Governor Brainard said that after the “transitory pressures associated with reopening, it’s more likely that the entrenched inflation dynamics that we’ve seen for well over a decade will take over than that there will be a sustained surge in inflation for a persistent period”. Investors will be looking forward to Fed Chair Powell’s remarks later today, where he’s scheduled to speak at an IMF debate on the global economy at their virtual spring meetings. He’ll be appearing alongside the managing director of the IMF, the Irish finance minister and the Director-General of the World Trade Organization.

Overnight in Asia, markets have mostly taken Wall Street’s lead and are trading higher with the Hang Seng (+0.83%), Shanghai Comp (+0.19%), India’s Nifty (+0.73%) and Asx (+0.98%) all posting gains. An exception to this pattern are the Kospi (-0.01%) which is essentially flat and the Nikkei (-0.38%) which is trading down. Elsewhere, futures on the S&P 500 are up +0.43% following the index’s record high yesterday, and European ones are also pointing to a positive open.

Looking at other markets yesterday, European equities also hovered around their recent highs, with the major indices including the STOXX 600 (-0.22%), the DAX (-0.24%) and the CAC 40 (-0.01%) seeing modest declines. The main exception to this was the FTSE 100 (+0.91%) which hit a post-pandemic high as the index was supported by the weaker pound sterling (-0.63% vs USD). Sovereign bond yields fell back too across the region, with those on 10yr bunds (-0.8bps), OATs (-1.2bps) and gilts (-2.4bps) all moving lower.

In terms of the latest on the pandemic, the main news yesterday was with regard to the AstraZeneca vaccine as multiple countries adjusted their guidance following reviews of the blood clot incidents. The European Medicines Agency concluded that unusual blood clots with low blood platelets should be listed as very rare side effects of the vaccine, saying that most of the reported cases have been in women under 60 within 2 weeks of receiving the vaccine. Nevertheless, their view remained that the benefits still outweighed the risks of the vaccine, given the odds of hospitalisation and death from Covid-19. Here in the UK, the MHRA’s review vaccine regulator said that evidence of a link between blood clots and the AZ vaccine was stronger, but further work was still needed. In response, the JCVI said that under-30s would be offered an alternative vaccine, although those who’d already had a first dose of AZ and hadn’t suffered from blood clots should still get their second dose. Finally, South Korea moved to temporarily suspend the AZ vaccines for the under-60s.

More broadly, the global case count continues to remain elevated, and in absolute terms the weekly increase at the moment is still at a faster pace than that seen throughout all of February and March, according to John Hopkins data. In the US, the variant first found in the UK has now overtaken the initial strain of the virus as the most common across the country, whilst cases overall have flattened around 65k a day. With vaccinations continuing to accelerate, states are going ahead with plans to reopen parts of the economy this summer. Yesterday, New York announced beaches would be fully reopened as of the start of June after barring swimmers last year, which comes after California announced a full reopening as of June 15. However in Ontario, Canada’s biggest province, a state of emergency was declared overnight and a stay-at-home order was issued. And in Asia, the Tokyo region in Japan is looking at the return of restrictions such as bars and restaurants being asked to close early after the region reported 555 cases yesterday, the most since early February. In India, as the spread of the virus accelerates, the country is now facing vaccine shortages in various states and cities including in the financial capital of Mumbai. The worst-hit Indian state of Maharashtra reported around 60,000 cases yesterday, and the state’s health minister said that it has only 3 days’ worth of vaccines in stock.

There was progress at yesterday’s G20 finance ministers meeting on reaching agreement to reform global corporate taxes, with the communique saying that they would “continue our cooperation for a globally fair, sustainable, and modern international tax system”, with an aim to reach “a global and consensus-based solution… by mid-2021.” Discussions have been ongoing for some time about whether to create a global minimum tax rate, as well as what to do about the challenges from digitisation, and although these ideas have been mooted for some years, the arrival of the new US administration has seen renewed progress, with Treasury Secretary Yellen voicing support for a global minimum corporate tax rate in a speech earlier this week. Overnight, the FT reported that the Biden administration had proposed that the largest multinationals would pay levies based on their sales in each country.

Staying on the tax theme, it’s also worth noting that the US Treasury Department unveiled a more detailed set of corporate tax proposals to fund the Biden administration’s infrastructure package announced last week. Nevertheless, the plans would need to win backing in Congress, and the centrist Democratic senator Joe Manchin has already said that he’s in favour of a 25% corporate tax rate, rather than the 28% proposed by the administration. Given the 50-50 split in the Senate between Republicans and Democrats, the administration would need to find at least some Republican support to pass the package if just one Democratic senator opposed the plans. Speaking of Manchin, a Washington Post op-ed released overnight saw the Senator say that there “is no circumstance in which I will vote to eliminate or weaken the filibuster”.

Wrapping up with yesterday’s data, the main releases came from the March services and composite PMIs in Europe, where upward revisions from the flash reading pointed to some decent underlying momentum at the end of Q1. The Euro Area services PMI was revised up to 49.6 (vs. flash 48.8) and the composite PMI was also revised up to 53.2 (vs. flash 52.5). The UK did see a slight downgrade in its composite PMI to 56.4 (vs. flash 56.6), but both France and Germany saw upward revisions to 50 and 57.3 respectively. It’ll be interesting to see if this is sustained next month, as our European economists have written (link here) that tighter restrictions present some near-term downside risks to their growth views, even if their overall view for the year remains optimistic. The other main release came from the US trade balance for February, which showed the trade deficit widening to a record high of $71.1bn (vs. $70.5bn expected).

To the day ahead now, and one of the main highlights will be Fed Chair Powell’s appearance on a panel discussing the global economy. Other Fed speakers include Bullard and Kashkari, and we’ll also get the minutes of the ECB’s March meeting. Data releases include German factory orders for February and the March construction PMIs from both Germany and the UK. Otherwise, there’s the Euro Area’s PPI for February and the weekly initial jobless claims from the US.

end

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 2.93 PTS OR .08%   //Hang Sang CLOSED UP 333.27 PTS OR 1.16%     /The Nikkei closed DOWN 21.81 POINTS OR 0.07%//Australia’s all ordinaires CLOSED UP 1.02%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5488 /Oil UP TO 59.49 dollars per barrel for WTI and 62.95 for Brent. Stocks in Europe OPENED ALL MIXED //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5488. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5569   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/

END

b) REPORT ON JAPAN

END

3 C CHINA

CHINA SHIPPING//INFLATION

Chinese shipping stocks soar on rising profits as rates explode

(zerohedge)

Chinese Shipping Giant Soars After Forecasting 200x Profit Jump On Exploding Shipping Costs

 
WEDNESDAY, APR 07, 2021 – 07:00 PM

In the past few months, we have extensively discussed the surge in shipping costs (hereherehere and here) as a result of the triple whammy of frayed supply chains, covid and the uneven global reopening, which has sent prices for everything from toilet paper to the lumber used to build houses to record highs. But while inflation is the price we all have to pay – don’t worry, the Fed vows it is transitory – there are those on the other end of the table who rejoice when shipping prices soar. One such company China’s is Cosco Shipping Holdings, part of state-owned behemoth China Cosco Shipping, whose stock price today surged the most since 2008 in Hong Kong on blowout earnings and after the shipping company forecast first-quarter net profit at 15.41 billion yuan (US$2.36 billion), around 200 times the CNY76 million reported a year earlier, thanks to container rates sky-rocketing due to pandemic-induced supply shortages.

Cosco Shipping’s Hong Kong-listed shares were last up 29% at HK$13.66 while its Shanghai-listed shares rose by the daily trading cap of 10% to CNY16.15.

Today’s 30% spike is modest compared to the 6x surge in Cosco shares in the past year.

The good days for Cosco are unlikely to end anytime soon. While shipping rates have fallen 10% from year-to-date highs, they are still sharply higher than a year earlier, Jefferies said Andrew Lee adding that a supply bottleneck could drag on in the short-term following the Suez Canal blockage.

end

CHINA/WUHAN COVID LEAK

Finally a group if international scientists are called the WHO Wuhan investigation a sham and demand a legitimate probe with or without China.

(zerohedge)

Scientists Call BS On WHO’s Wuhan ‘Investigation’ – Demand Legitimate Probe With Or Without China

 
THURSDAY, APR 08, 2021 – 04:15 AM

After a joint investigation between China and the World Health Organization (WHO) failed to produce a legitimate explanation for the origins of COVID-19, a group of international scientists has cried foul – and is demanding “more rigorous investigations” – with or without Beijing’s participation, according to Reuters.

In a Wednesday open letter, 24 prominent scientists and researchers from Europe, Australia, the United States and Japan say the WHO study – which all but ruled out a laboratory leak – was tainted by politics.

Their starting point was, let’s have as much compromise as is required to get some minimal cooperation from China,” said Atlantic Council senior fellow, Jamie Metzl, who drafted the letter – which says that the WHO study’s conclusions were based on unpublished Chinese research, while records and biological samples critical to the investigation “remain inaccessible.”

According to Metzl, the world might have to “revert to plan B” and conduct an independent investigation “in the most systematic way possible” with or without China’s participation.

China has vehemently ruled out the possibility that COVID-19 leaked from a Wuhan lab, where scientists were manipulating bat coronaviruses to more easily infect humans.

“China has databases of what viruses were being held… there are lab notes of the work that was being done,” Metzl added. “There are all kinds of scientists who are actually doing the work and we don’t have access to any of those resources, or any of those people.”

If Metzl et. al. need a blueprint for exactly how a forensic investigation of Wuhan laboratories might be conducted, this 122 page proposal might fit the bill:

(see zero hedge for report)

END

4/EUROPEAN AFFAIRS

UK/AZ/VACCINE

UK slaps restrictions on the AstraZeneca jab.  It is far from being “safe for all ages”

(zerohedge)

UK Slaps Restrictions On AstraZeneca Jab Despite Insisting It Is “Safe For All Ages”

 
THURSDAY, APR 08, 2021 – 07:15 AM

Update (0720ET): German health authorities are recommending that anyone under the age of 60 who received the AZ shot should get a Moderna jab for the second shot. (Harvey: bad advice)

* * *

Now that the EMA has acknowledged a “possible link” between the AstraZeneca vaccine and the deadly cerebral blood clots that have contributed to more than a dozen deaths across Europe, it appears the floodgates have opened, and both the UK and EU members Italy and Spain are moving to restrict the vaccine.

Spain and Italy decided late Wednesday to follow in the footstep’s of France and Germany by limiting the use of the Oxford-AstraZeneca vaccine to people aged 60 and older. France decided to restrict use of the shot for over-55s earlier this month, while Germany restricted use to over-60s.

But the UK and Australia have adopted even tighter restrictions when it comes to age. What’s more concerning – at least, for investors in the troubled pharma giant – the UK, where the jab was designed, developed and tested, has abruptly changed course and decided to limit the jab to use for patients between the ages of 18 and 29. Sweden and Finland allow its use only in the over-65s, while Denmark and Norway have suspended its use until at least next week.

Australia has also decided to limit use of the AstraZeneca vaccine for patients under 50, news it announced Thursday evening local time, making it the most recent government to impose new restrictions on the jab. Initially, Australia had defended the jab, even as one of its top health authorities was one of the first to note that a link between the jab and the dangerous blood clots was likely, even as AstraZeneca, the British government and the EMA continued to insist that there was no evidence to support a link.

But the thinking on that has changed dramatically in the past few days, and yesterday’s EMA press conference marked a notable turning point.

avoid further use of the Oxford/AstraZeneca coronavirus vaccine for under-50s, becoming the latest country to change direction after regulators found a link between the jab and blood clots.

Notably, Canberra is going further in curbing the use of the AZ jab than the UK, where authorities have asked that only patients under the age of 30 receive an alternative vaccine.

London is preparing to offer alternatives to the AstraZeneca shot to patients under 30 after officials said the “suspected” side effect actually puts younger patients at risk – even as Germany and France put the age limit much higher.

Source: BI

David Spiegelhalter, chair of the Winton Center for Risk at the University of Cambridge, said that about one in 90,000 people under the age of 30 is likely to suffer from the brain blood clots after taking the vaccine (the FT reports that the side effects afflict 4 in 1 million patients). For people in their 60s who have received the jab, the risk of developing blood clots is about one in 500,000, he said.

Despite all of this, UK Health Secretary Matt Hancock has striven to shore up public trust in the vaccine, telling Sky News on Thursday that the public should have confidence in the UK’s “high class safety system run by our world-class regulator.” He added that all three vaccines approved in the UK are “safe and safe at all ages.”

The problems with the AstraZeneca jab have created major problems for Europe and for the WHO, which was relying on the AZ jab to make up the bulk of its “Covax” program, which seeks to provide vaccine supplies to the developing world.

The fallout from the AstraZeneca controversy is reverberating beyond Europe. Nikkei reports that Indonesia is asking China and the US to provide enough COVID doses to its health ministers as AstraZeneca’s production delays (which have been drowned out by all the other AstraZeneca-related newsflow of the past few weeks) create problems for Southeast Asia’s largest country. The Indonesian government has “opened discussions with the Chinese government to ask for an additional 90 to 100 million doses of Sinovac [vaccines],” said Budi Gunadi Sadikin, Indonesia’s health minister, during a parliamentary hearing on Thursday. The minister added that the government is also planning to ask the US for additional vaccines once Washington has finished vaccinating its own citizens.

END

Bill Blain in the most important topics of yesterday and today..

(Bill Blain/MorningPorridge.com)

Can Credit Suisse Avoid Becoming The ‘Deutsche Bank’ Of Switzerland?

 
THURSDAY, APR 08, 2021 – 05:00 AM

Authored by Bill Blain via MorningPorridge.com,

“And the future is certain, give us time to work it out…”

Markets were shaken but unstirred by the collapse of Greensill and the Archegos unwind trades. Credit Suisse is the ultimate loser of the two scandals – reputationally damaged and holed below the water line.  The bank is paying the price of years of flawed management, poor risk awareness. and its self-belief it was still a Tier 1 global player. Its’ challenge is to avoid becoming the Deutsche Bank of Switzerland – which it will struggle to do without a radical and unlikely shakeout.

As the global economy bounces back, markets are having a good time as indices close higher, but things aren’t so bright in Switzerland.

I started this morning by opening Credit Suisse’s Private Banking website. I was curious. After blagging my way onto the site by stating I am an exceptionally wealthy Mexican exporter with oodles of easily transportable assets and free cash to invest, I read through the offering. As is traditional on any private banking website, it featured a video of a yacht. To be honest… and I know about yachts – I’ve seen better. But if I was looking for a “trusted partner” at “every life stage” and wanted to avail myself of the their collective experience after 164 years in business, numerous best banks awards and “Swiss-class customer service”… where else would I go?

Along the road to UBS? Or to someone infinitely better?

If you are wealthy enough to be looking for a proper Swiss private bank, you probably would not be missing the current headlines. Reputation is everything – especially for Credit Suisse which was busily leveraging its “golf-plated reputation” and “pivoting” its High Net Worth and Ultra-HNW businesses to Asia in the expectation it would attract new Asian money. Err… probably not so easy now.

CS has dropped the shop twice this year: the Chf 4.4 bln loss on the Archegos fiasco and soon to be defined losses on Greensill. The head of the investment bank, Brian Chin and chief risk and compliance officer Lara Warner have walked the plank along with dozens of minor players. There were rumours circulating weeks ago Warner’s position was untenable in the wake of the Greensill farce. Now the rumours say CS’ risk management systems were overwhelmed.

But, let’s not overegg it. CS is not bust – just badly holed. Despite the losses and eating into provisions, it still uncomfortably passes its capital adequacy tests. It was able to post a relatively modest Chf900mm Q1 loss y’day. With the exception of the double blow, its business was looking ok. Problem is – arch-rival UBS will no doubt blow the covers off when it announces its numbers tomorrow.

Sadly, it looks like my recent jest about CS becoming the Deutsche Bank of Switzerland – destined from years of underperformance, losses and disaffection – is coming true. The question is not whether banks like Credit Suisse will survive, but why should they? The last years have not been good.

When I was a young banker, Credit Suisse First Boston and its militant, quasi-religious derivatives arm, Credit Suisse Financial Products, were among the most feared firms on the street. Their defining speciality was arrogance: you were unlikely to be good enough to be their client, and the rest of the street didn’t dare ask them for favours. It survived the global financial crisis that began in 2007 battered but relatively intact and was able to rebuild its capital levels on the back of its position as market leader. It walked while the US banks ran to grab market share.

I never understood why everyone thought the appointment of Tidjane Thiam as CEO was such a pivotal moment pointing to a splendid future for the bank. He proved another damp squib – setting it on its current road to nowhere as “a leading private bank and wealth manager with strong investment banking capabilities”. Take a look at the stock price for a view on how well that worked – down 45% since 2009. TJ’s reign ended in farce as he set spies to follow rivals who dared to defect from the bank. Read the story of his spats with neighbours – they will set you a wondering.

Next month Antonio Horta-Osoria, the much-lauded Portuguese banker who “saved” Lloyds, takes over as new CS chairman – everyone expects he will successfully reinvigorate the bank, overhaul its creaking systems, and put it back on a route to profit and relevance. Really? Lloyds (and previously Santander/Abbey) is nothing like CS, and to be frank, the sleep deprived banker did not exactly leave Lloyds looking a bright shinny success story as the stock has flatlined for 12 years.

What the Archegos losses show is CS not only got scammed in their role as prime broker to the dodgy family office – failing to dig behind the veil of multiple total return swap positions the firm held with multiple broker counterparties. They were also slow off the block when the other prime brokers caught in Archegos’ web blinked and started selling. Goldman, Morgan Stanley and Deutsche Bank apparently got out scot-free!

Everyone is now twittering about transparency, oversight, and investigating the apparent fraud. But what really caused one of the largest, most successful and prestigious banks on the planet to stumble twice, or what now appear to have been obviously flawed lending decisions?

It’s all about managing risk and risk-taking culture.

Do you take risk based on gut feel or on what a spread sheet tells you? Do you invest based on documentation and reports, or on the bigger picture of where a deal might go? Do you trust the traders or the risk management officers? Is the market about what spread sheets tell you, or – as I’ve so often written – is it just a vast voting machine that repeatedly trumps common sense? Risk is not a formula – it’s cryptography, experience and the art of finance combined. If you can’t see the wood for the trees – then risk management will fail.

Compare and contrast how Credit Suisse and Goldman Sachs fared in this farce. “Family office” Archegos was designed and structured specifically to arbitrage the system – largely unregulated, and able to do whatever it wanted. Despite founder Bill Hwang’s chequered past and previous history, the banks were keen to deal with him and seek profits. Goldman Sachs’ risk managers took note of Hwang’s convictions and apparently turned him down a couple of times before the account was finally opened, at which point the Squid went in aggressively to win his business.  Eyes wide open.

Credit Suisse seems to have made the same mistake twice: being unable to process and manage the expectations of bankers wanting to do the business in either high yielding supply-chain finance with Greensill, or the complex derivative trades with Archegos, against the risks of what the counterpart was. In short – they didn’t know the client. Eyes wide shut to the dangers.

I’m damn sure Goldman understood perfectly what it was dealing with – and made its decisions accordingly.

The question is where does CS go from here? Trying to be a top private wealth manager and leading investment bank hasn’t worked. Its not top notch in either. In the CSFB days, it played with the big boys of Wall Street. Now it’s an also ran. Rather like Deutsche Bank, CS has lost its relevance. Based on the stories we’re hearing in the wake of dismissals and zero bonuses, the esprit de corp among the staff is evaporating.

How do you relaunch a botched brand? Watch that space… I don’t envy them.

END

GERMANY/RUSSIA SPUTNIK VACCINE

Germany says it will buy the Russia Sputnik vaccine…..why not? it is safe.  USA will be angry

(zerohedge)

Germany Says It Will Buy Russia’s Sputnik Vaccine, But EU Approving Agency To Likely Drag Its Feet

 
THURSDAY, APR 08, 2021 – 01:00 AM

At the moment over 50 countries across the globe have approved use of the “controversial” Sputnik V vaccine… controversial of course not with regards to science or effectiveness, but merely that it’s Russian-produced. 

There continues to be huge demand particularly in Latin America, where Brazil is foremost among those getting hit hard, suffering its deadliest month throughout the pandemic in March. But of most “concern” to EU and US officials, however, is that parts of Europe continue to do separate deals to obtain the Sputnik vaccine.

The European Medicines Agency (EMA) appears to be dragging its feet in what likely comes down to a political decision (as opposed to a health and scientific decision) – as Bloomberg writes: “EU leaders were told during a recent video conference that it could take three to four months before Sputnik receives EMA approval, according to a diplomatic cable seen by Bloomberg. Some leaders questioned whether the drug would still be needed at that point, the note said.”

Via Fodors/Shutterstock

The European Commission on Wednesday reportedly informed EU member states that Brussels does not intend to start talks with Russia for procuring Sputnik V, even as controversy continues over AstraZeneca and blood clots, and the ability of Europe to obtain enough jabs for herd immunity to the population. 

This has prompted Germany to break step and start its own bilateral negotiations with Russia, as Reuters detailed Wednesday:

That is why German Health Minister Jens Spahn announced during the virtual meeting that Germany would start preliminary negotiations with Russia on a bilateral agreement to secure the vaccine, the source added.

In the preliminary talks, Germany first wants to determine which quantities Russia can deliver and when, the source said.

But then German officials included the further key caveat that it will only purchase the vaccine once it meets EMA approval – again, which would likely extend the timeline for procurement far enough out to bring into question whether it would be needed by time of the belated EMA approval. Late last month Berlin signaled it would likely pursue talks with Russia even if other EU member countries chose not to.

And within Germany, some regions/states are moving even faster: “Bavaria signed a preliminary agreement to secure as many as 2.5 million doses of Russia’s Sputnik V Covid-19 vaccine, some of which would be produced at a facility in the German state,” writes Bloomberg.

“The deal with the state-run Russian Direct Investment Fund, which backed Sputnik V’s development and is in charge of its international roll-out, is contingent on the shot gaining European Union or German approval, Bavaria’s health ministry said in an emailed statement,” the report revealed. 

Recall that US and in some cases EU officials have linked the Sputnik V vaccine with Russia’s “malign influence” and have further questioned the spread of the vaccine from a country that “has less than desirable values” – as the European Council president once put it.

end

GERMANY/RUSSIA

Interesting move:  Merkel who is part of the Nord Stream  2 project and is buying Russian natural gas is telling Putin to reduce the number of troops near the Ukraine

(zerohedge)

Merkel Demands Putin Reduce Russian Troops Near Ukraine In Phone Call

 
THURSDAY, APR 08, 2021 – 10:10 AM

It seems only in the case of Russia that Western leaders presume to lecture a large sovereign country on where it can station its troops within its own borders. It’s primarily these “concerns” over a Russia troop build-up near Ukraine that’s now driving the new emerging crisis following an uptick in renewed clashes in the eastern Donbas region. 

On Thursday’s German Chancellor Angela Merkel demanded that Russia immediately reduce its troops presence near the Ukrainian border, according to a German government statement. Merkel conveyed the demand in a phone call with Vladimir Putin.

 

Via AFP

“Among other things, the conversation was about the strengthened Russian military presence in the environs of East Ukraine,” the statement read“The Chancellor demanded that this build-up be unwound in order to de-escalate the situation.”

The Kremlin meanwhile says its troops are responding to a Ukrainian military build-up and provocative actions in the mainly Russian-speaking Donbass:

Russian President Vladimir Putin accused Ukraine of provocative action in eastern Ukraine that was inflaming the situation there during a phone call with German Chancellor Angela Merkel, the Kremlin said on Thursday.

In a readout of the call, the Kremlin said that both sides had voiced concerns about the situation in eastern Ukraine. 

Also on Thursday Kiev announced that Ukrainian President Volodymyr Zelensky will personally visit the eastern frontline where clashes with separatists are raging.

This symbolism alone is likely to lead to serious escalation, given he also this week urged NATO to put his country on the path to full-fledged NATO membership. “I want to be with our soldiers in the tough times in Donbas,” Zelensky said. “Going to the locations of the escalation…. Ukraine needs peace and will do everything for this.”

The death toll continues to rise

The Ukrainian military on Thursday announced that another of its soldiers had been killed, bringing to 25 the number of troops killed since the start of the year, compared with 50 in all of 2020.

Zelensky, who has appealed to Ukraine’s Western allies for support, was due to visit positions where a ceasefire “has been systematically violated in recent days” and Ukrainian soldiers killed or wounded, the presidency said in a statement.

And meanwhile, more threats and counter-threats…

RUSSIA WILL BE FORCED TO DEFEND ITS CITIZENS IN EASTERN UKRAINE DEPENDING ON THE SCALE OF THE CONFLICT THERE – TASS CITES KREMLIN OFFICIAL

KREMLIN OFFICIAL KOZAK SAYS START OF MAJOR MILITARY ACTION IN EASTERN UKRAINE WOULD MARK THE BEGINNING OF THE END FOR UKRAINE – TASS

It seems if war is to be avoided a significant diplomatic avenue and breakthrough needs to be pursued – and fast.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

/RUSSIA/UKRAINE/USA

Veteran intelligence officials issue a letter to Biden urging him to avoid war in the Ukraine

(zerohedge)

Veteran Intelligence Officials Issue Letter To Biden Urging To Avoid War In Ukraine

 
WEDNESDAY, APR 07, 2021 – 10:20 PM

MEMORANDUM FOR: The President
FROM: Veteran Intelligence Professionals for Sanity (VIPS)
SUBJECT: Avoiding War in Ukraine

Dear President Biden,

We last communicated with you on December 20, 2020, when you were President-elect.

At that time, we alerted you to the dangers inherent in formulating a policy toward Russia built on a foundation of Russia-bashing. While we continue to support the analysis contained in that memorandum, this new memo serves a far more pressing purpose. We wish to draw your attention to the dangerous situation that exists in Ukraine today, where there is growing risk of war unless you take steps to forestall such a conflict.

At this juncture, we call to mind two basic realities that need particular emphasis amid growing tension between Ukraine and Russia.

First, since Ukraine is not a member of NATO, Article 5 of the NATO Treaty of course would not apply in the case of an armed conflict between Ukraine and Russia.

Second, Ukraine’s current military flexing, if allowed to transition into actual military action, could lead to hostilities with Russia.

We think it crucial that your administration immediately seek to remove from the table, so to speak, any “solution” to the current impasse that has a military component. In short, there is, and can never be, a military solution to this problem.

Your interim national security strategy guidance indicated that your administration would “make smart and disciplined choices regarding our national defense and the responsible use of our military, while elevating diplomacy as our tool of first resort.” Right now is the perfect time to put these words into action for all to see.

 

File image via Reuters

We strongly believe:

1. It must be made clear to Ukrainian President Zelensky that there will be no military assistance from either the US or NATO if he does not restrain Ukrainian hawks itching to give Russia a bloody nose — hawks who may well expect the West to come to Ukraine’s aid in any conflict with Russia. (There must be no repeat of the fiasco of August 2008, when the Republic of Georgia initiated offensive military operations against South Ossetia in the mistaken belief that the US would come to its assistance if Russia responded militarily.)

2. We recommend that you quickly get back in touch with Zelensky and insist that Kiev halt its current military buildup in eastern Ukraine. Russian forces have been lining up at the border ready to react if Zelensky’s loose talk of war becomes more than bravado. Washington should also put on hold all military training activity involving US and NATO troops in the region. This would lessen the chance that Ukraine would misinterpret these training missions as a de facto sign of support for Ukrainian military operations to regain control of either the Donbas or Crimea.

3. It is equally imperative that the U.S. engage in high-level diplomatic talks with Russia to reduce tensions in the region and de-escalate the current rush toward military conflict. Untangling the complex web of issues that currently burden U.S.-Russia relations is a formidable task that will not be accomplished overnight. This would be an opportune time to work toward a joint goal of preventing armed hostilities in Ukraine and wider war.

There is opportunity as well as risk in the current friction over Ukraine. This crisis offers your administration the opportunity to elevate the moral authority of the United States in the eyes of the international community. Leading with diplomacy will greatly enhance the stature of America in the world.

For the Steering Group, Veteran Intelligence Professionals for Sanity

  • William Binney, former Technical Director, World Geopolitical & Military Analysis, NSA; co-founder, SIGINT Automation Research Center (ret.)
  • Marshall Carter-Tripp, Foreign Service Officer & former Division Director in the State Department Bureau of Intelligence and Research (ret.)
  • Bogdan Dzakovic, former Team Leader of Federal Air Marshals and Red Team, FAA Security (ret.) (associate VIPS)
  • Graham E. Fuller,Vice-Chair, National Intelligence Council (ret.)
  • Robert M. Furukawa, Captain, Civil Engineer Corps, USNR (ret.)
  • Philip Giraldi, CIA, Operations Officer (ret.)
  • Mike Gravel, former Adjutant, top secret control officer, Communications Intelligence Service; special agent of the Counter Intelligence Corps and former United States Senator
  • John Kiriakou, former CIA Counterterrorism Officer and former Senior Investigator, Senate Foreign Relations Committee
  • Karen Kwiatkowski, former Lt. Col., US Air Force (ret.), at Office of Secretary of Defense watching the manufacture of lies on Iraq, 2001-2003
  • Edward Loomis, NSA Cryptologic Computer Scientist (ret.)
  • Ray McGovern, former US Army infantry/intelligence officer & CIA presidential briefer (ret.)
  • Elizabeth Murray, former Deputy National Intelligence Officer for the Near East & CIA political analyst (ret.)
  • Pedro Israel Orta, CIA Operations Officer & Analyst; Inspector with IG for the Intelligence Community (ret.)
  • Todd E. Pierce, MAJ, US Army Judge Advocate (ret.)
  • Scott Ritter, former MAJ., USMC, former UN Weapon Inspector, Iraq
  • Coleen Rowley, FBI Special Agent and former Minneapolis Division Legal Counsel (ret.)
  • Kirk Wiebe, former Senior Analyst, SIGINT Automation Research Center, NSA
  • Sarah G. Wilton, CDR, USNR, (ret.); Defense Intelligence Agency (ret.)
  • Robert Wing, U.S. Department of State, Foreign Service Officer (former) (associate VIPS)
  • Ann Wright, U.S. Army Reserve Colonel (ret) and former U.S. Diplomat who resigned in 2003 in opposition to the Iraq War

Veteran Intelligence Professionals for Sanity (VIPs) is made up of former intelligence officers, diplomats, military officers and congressional staffers. The organization, founded in 2002, was among the first critics of Washington’s justifications for launching a war against Iraq. VIPS advocates a US foreign and national security policy based on genuine national interests rather than contrived threats promoted for largely political reasons. An archive of VIPS memoranda is available at Consortiumnews.com.

END

RUSSIA

This is not good; Navalny is seriously ill in a Russian prison.  Supports mount protests!

(zerohedge)

6.Global Issues

“It’s A Biological Fukushima” – Brazil On Track To Pass US In COVID Deaths

 
WEDNESDAY, APR 07, 2021 – 08:00 PM

A couple of months ago, Brazil surpassed the US as the country reporting the most new COVID cases per day. Now, the stricken Latin American country is reporting as many as 4K deaths per day (for context, the US reported fewer than 500 yesterday).

The wide disparity in deaths between the US and Brazil has been attributed to mutant strains, some of which were first identified in Brazil, which researchers believe have lead to harsher symptoms, especially for younger people. Anyway, as the odds of Brazil overtaking the US in terms of total deaths grow (Brazil now has nearly 340K deaths compared with 555K in the US), its health-care system has been pushed to the breaking point.

When adjusted for population, Brazil looks set to surpass the US by the end of the week.

One Brazilian doctor suggested that Brazil’s outbreak seems like it’s powered by a nuclear reactor, according to Reuters. On Tuesday, the Health Ministry reported another 4,195 COVID-19 deaths in the past 24 hours, well above the country’s prior single-day record.

“It’s a nuclear reactor that has set off a chain reaction and is out of control. It’s a biological Fukushima,” said Miguel Nicolelis, a Brazilian doctor and professor at Duke University, who is closely tracking the virus.

Brazil has set daily death records every week since late February, according to Reuters, which blamed the mutants and the country’s “meager” social distancing guidelines. A team of researchers, citing a widely used forecasting metric, quoted by the newswire said Brazil could reach 563K total deaths by July 1.

Nicolelis and Christovam Barcellos, a researcher at Brazilian medical institute Fiocruz, are separately forecasting that Brazil could surpass the United States in both overall deaths and the record for average deaths per day.

As soon as next week, Brazil may break the record U.S. seven-day average for COVID-19 deaths, according to a model by the influential Institute for Health Metrics and Evaluation (IHME) at the University of Washington. The U.S. average for daily deaths peaked at 3,285 in January.

The IHME forecast does not currently extend beyond July 1, when it projects Brazil could reach 563,000 deaths, compared with 609,000 total U.S. fatalities expected by then.

Despite the scourge of the virus, and the fact that Brazil is presently contributing one in every four deaths to the daily global tally, Brazilian officials insist they could soon return the country to some semblance of normal, even as President Jair Bolsonaro’s reluctance to secure supplies of foreign-made vaccines, and his resistance to social distancing efforts, have been blamed for exacerbating the crisis. To be sure, Bolsonaro has shifted his approach in response to the surge in deaths, shaking up his cabinet and imploring Brazilians to get vaccinated.

But will it be enough? Only time will tell. While Brazil isn’t the only major emerging economy struggling with a surge in case (India is reporting the most new daily cases since last fall), Brazil is one of the few countries still reporting such large numbers of daily fatalities.

end
This time it is the J and J vaccine that causes several adverse reactions and the site had to be shut down
(Phillips/EpochTimes)
 

Mass COVID-19 Vaccination Site Shut Down After Adverse Reactions Reported

 
THURSDAY, APR 08, 2021 – 01:16 PM

Authored by Jack Phillips via The Epoch Times,

A mass vaccination site at Dick’s Sporting Goods Park in Colorado was shut down after several adverse reactions to the Johnson & Johnson CCP virus vaccine, said Centura Health, which is managing the site.

More than 600 people who had appointments were turned away from the “Vaccines for All” event in Commerce City after 11 people who were administered the shot developed adverse reactions during the on-side observation period, said Kevin Massey, a spokesperson for Centura Health, told local news outlets.

“Following the administration of the J&J vaccine and during onsite observation, we saw a limited number of adverse reactions to the vaccine,” Centura Health said in a separate statement.

The Colorado Department of Public Health said some patients experienced nausea and dizziness after getting the J&J vaccine, while Centura confirmed that nine individuals were monitored on-site and were sent home and two individuals were taken to nearby hospitals out of an abundance of caution.

“Over 1,700 patients received their shots today, and the 640 patients who were unable to receive their vaccine this afternoon will automatically be rescheduled for Sunday, April 11, at Dick’s Sporting Goods Park. Our goal is to continue to vaccinate Coloradans as quickly as possible while keeping our patients’ safety at the forefront,” said Centura.

Massey told the Denver Post that the number of people who experienced adverse reactions was about 0.8 percent.

“We followed our protocols and, in an abundance of caution, made the decision—in partnership with the state—to pause operations for the remainder of the day,” Massey said.

According to the U.S. Centers for Disease Control and Prevention, the Johnson & Johnson vaccine is a one-dose vaccine for the CCP (Chinese Communist Party) virus, which causes COVID-19. That’s opposed to the two-shot Moderna and Pfizer vaccines that are also approved for emergency use in the United States.

Before Wednesday’s event, the state health department recorded 10 reactions at Colorado’s community mass-vaccination sites, according to the paper.

Reactions to COVID-19 vaccines have been reported in recent weeks, including a Virginia man who suffered a reported skin reaction after what doctors said was from the Johnson & Johnson vaccine.

Colorado Health officials, following the closure of the site, stressed that getting the vaccine is “far safer than getting severely sick with COVID-19.”

European Union health officials on Wednesday made a similar statement after researchers found a “possible link” between the AstraZeneca CCP virus vaccine and rare blood clots.

The Epoch Times has contacted Centura for additional comment.

end

 
Michael Every on today’s and yesterday’s major topics
(Michael Every)

Rabo: “If One Atlas Shrugs, It Suggests A US Tax Grab, Capital Flight, Huge Malinvestment And Lower GDP Growth”

 
THURSDAY, APR 08, 2021 – 09:00 AM

By Michael Every of Rabobank

Let’s start with the Fed minutes. As Philip Marey notes, Fed Chair Powell suggested they could raise the IOER rate and the overnight RRP rate between scheduled meetings if downward pressure on money market rates became too big; rate and balance sheet policy should be based primarily on observed outcomes rather than forecasts, said some; and the FOMC viewed the rise in Treasury yields as reflecting the improved economic outlook, firming in inflation expectations, and expectations for increased issuance. Indeed, only disorderly conditions or a persistent rise in yields that could jeopardize progress towards the Committee’s goals were seen as cause for concern…and, as Kaplan added yesterday, we aren’t there yet. In short, monetary policy is still in the driving seat.

Yet so is fiscal policy, if the White House has its way. We just saw another effort to push the USD2.25 trillion infrastructure bill, which is being sold as a Space-Race national security effort to “beat China”. There was also debate over the definition of the word “infrastructure”, given much of the proposed spending does not meet its traditional definition. Can the term include education and social care, for example? It’s all D.C. politics: if 50 Senators say yes, then it can and will. At the same time, Treasury Secretary Yellen launched a Made in America Tax Plan. This “reorients corporate tax revenue toward historical and international norms,” and will specifically aim to:

  1. Finance critical investments,however these are defined in the US;

  2. Build a fairer tax system that rewards laborto reverse the long decline in the labor share of GDP vs. capital,…which will be interesting for Wall Street and Silicon Valley given the rising capital share has been driven by finance and Big Tech, and a counter-shift cannot be anything other than zero sum;

  3. Reduce profit shifting and eliminating incentives to offshore investment,which will have global ramifications and could be USD-positive in that it could logically work like an import tariff;

  4. End the global tax race to the bottom,…already discussed this week, and which has big global implications too;

  5. See a minimum tax on US firmswith large discrepancies between income reported to shareholders and that reported to the IRS; and

  6. Build a resilient economy to compete [with China],where tax breaks would shift from fossil fuels to green energy.

Indeed, the US is reportedly considering shifting to a commitment to slash its carbon footprint by 50% or more by 2030, double the Obama-era pledge, which would imply a huge economic transition. After all, 2020 US emissions were 24% down from 2005 levels – but on the back of shutting down much of the economy.

The market will probably stick to the “are there 50 votes for this?” metric.

Yet let me stress again the potential impact. If one Atlas shrugs, it suggests a US tax grab, capital flight, huge bureaucratic wastage and malinvestment, less US production, and lower GDP growth: but what does that say about the ultimate outcome of US-China global competition, and where financial markets will then sit? Conversely, if one has a Keynes eye, it implies higher US growth, higher wages, on-shoring and so a lower trade deficit: where do the US, US assets, and the dollar sit on that basis? Yes, it’s also related to the trinity of inflation – stagflation – deflation, but this goes far beyond “are there 50 votes for this?”

Even near-term there are major implications. We are weeks away from the US global climate summit, and those 40 leaders attending are going to be presented with a US plan to force higher corporate taxes, less inflows of US FDI (and tech) into their economies, and the US setting a green pace they may not want to match, but which may still be used as a reason to prevent “carbon leakage” on imports, as the European Commission has already flagged it may do. In particular, how will China and Russia react? After all, Russia’s economy is as opposite to Green as it gets; and China is busily backing major oil and gas investments in the Middle East, from Libya to Iran.

That, as the US appears to be heading in the opposite direction, with news this morning that the White House is prepared to agree to remove all sanctions on Iran in order to get back into the 2015 nuclear deal. Tehran’s diplomatic hardball —from the position of being the one stifled by economic sanctions!— appears to have paid off. Yet for those like the EU now sighing, don’t think this eases regional or global tensions. This major US U-turn, with no quid for the pro quo, will not go unnoticed anywhere, and most so in the immediate region. Indeed, Israel has already shown this week that it is prepared to act alone if needed. Embattled, and hence perhaps more hawkish, Prime Minister Netanyahu had already publicly stated: “I say to our closest friends too: ‘A deal with Iran that threatens us with annihilation will not obligate us’. Only one thing will obligate us: to prevent those who wish to destroy us from carrying out their plans.” The rhetoric, and action, is likely to increase further if the news today is confirmed.

Ironically, Iran’s potential return to global oil markets could help make a global Green transition harder if it also means cheaper fossil fuels: or at least for those who are prepared to keep using them. As I keep noting, geopolitics, like life, is complicated.

Meanwhile, inadvertently underlining how realpolitik the global backdrop is despite the Green vision being presented, Vice-President Harris yesterday stated: For years and generations, wars have been fought over oil. In a short matter of time, they will be fought over water.” Indeed, as the Russia-Ukraine military build-up continues, part of the potential casus belli may be that Ukraine cut off Crimea’s main water supply a few years ago; and even the *absence* of a US need for oil could still see war in the Middle East.

Lastly, if the backdrop to President Putin attending the US climate summit was not already awkward enough, there is a further report today that the US has completed an intelligence review of “alleged Russian misdeeds”, from election interference to the recent Solar Winds debacle, and US retaliatory actions will be coming soon. Further sanctions are being floated. Mr Putin will probably be looking to Tehran for thought leadership on that one.

Such controversial discussions can continue on the likes of social media like Clubhouse…until Twitter buys it, that is, which is now being flagged on Bloomberg.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 
 
 
END

 

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

Euro/USA 1.1879 UP .0007 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 MIXED 

USA/JAPAN YEN 109.27 DOWN 0.0588 (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 1.3759  UP   0.0018  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2594 DOWN .0019 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  THURSDAY morning in Europe, the Euro ROSE BY 7 basis points, trading now ABOVE the important 1.08 level RISING to 1.1894 Last night Shanghai COMPOSITE UP 2,93 PTS OR 0.08% 

//Hang Sang CLOSED UP 333.27 PTS OR 1.16% 

/AUSTRALIA CLOSED UP 1.02% // EUROPEAN BOURSES CLOSED ALL MIXED

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL MIXED

2/ CHINESE BOURSES / :Hang Sang UP 333.27 PTS OR 1.16%  

/SHANGHAI CLOSED UP 2.93 PTS OR 0.08% 

Australia BOURSE CLOSED UP 1.02%  

Nikkei (Japan) CLOSED DOWN 21.81  POINTS OR 0.07%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1750.80

silver:$25.40-

Early THURSDAY morning USA 10 year bond yield: 1.648% !!! DOWN 3 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.337 DOWN 3  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 92.27 DOWN 8 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.23% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.10%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.34%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.67 DOWN 4 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: FALLS TO –.34% 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 THURSDAY

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

Euro/USA 1.1904 UP     .0032 or 32 basis points

USA/Japan: 109.27 DOWN .585 OR YEN UP 59  basis points/

Great Britain/USA 1.3742 UP .0001 POUND UP 1  BASIS POINTS)

Canadian dollar UP 33 basis points to 1.2581

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.5511

THE USA/YUAN OFFSHORE:  6.750  (YUAN DOWN)..6.5608

TURKISH LIRA:  8.17  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.10%

Your closing 10 yr US bond yield DOWN 3 IN basis points from WEDNESDAY at 1.646 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.329 DOWN 3 in basis points on the day

Your closing USA dollar index, 92.14 DOWN 31  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 THURSDAY: 12:00 PM

London: CLOSED UP 56.90 PTS OR 0.83% 

 

German Dax :  CLOSED UP 26.32 PTS OR .17% 

 

Paris Cac CLOSED UP 35062 PTS OR .57% 

 

Spain IBEX CLOSED UP  40.40  PTS OR .47%  

 

Italian MIB: CLOSED DOWN 164.22 PTS OR .66% 

 

WTI Oil price; 59.47 12:00  PM  EST

Brent Oil: 63.22 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    76.09  THE CROSS LOWER BY 0.26 RUBLES/DOLLAR (RUBLE HIGHER BY 26 BASIS PTS)

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

END

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

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

WTI CRUDE OILPRICE 4:30 PM : 59.78//

BRENT :  63.27

USA 10 YR BOND YIELD: … 1.634..down 4 basis points…

USA 30 YR BOND YIELD: 2.313 down  5 basis points..

EURO/USA 1.1913 ( UP 40   BASIS POINTS)

USA/JAPANESE YEN:109.313 down .542 (YEN up 54 BASIS POINTS/..

USA DOLLAR INDEX: 92.08 DOWN 38 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3731 DOWN 11  POINTS

the Turkish lira close: 8.15

the Russian rouble 76.76   UP 0.19 Roubles against the uSA dollar. (UP 19 BASIS POINTS)

Canadian dollar:  1.2566  UP  48 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.34%

The Dow closed UP 56.14 POINTS OR 0.17%

NASDAQ closed UP 141.80 POINTS OR 1.04%


VOLATILITY INDEX:  17.01 CLOSED DOWN 0.15

LIBOR 3 MONTH DURATION: 0.194%//libor dropping like a stone

USA trading day in Graph Form

Dollar Dump Sparks Bid For Bonds, Bullion, Bitcoin, & Big-Tech

 
THURSDAY, APR 08, 2021 – 04:00 PM

The Dollar resumed its freefall today, back to pre-FOMC plunge levels today…

Source: Bloomberg

…and it’s gone…

The short-term rates market continued its dovish reversal, now expecting over 10bps less tightening by the end of 2022…

Source: Bloomberg

And that helped send the S&P to a new record high (Nasdaq outperformed on the day and Small Caps managed solid gains are plunging at the cash open)…

Right after the cash close, US equity futures went ridiculously vertical…

Small Caps are glued to their 50DMA…

Growth has ripped back, erasing all of its relative weakness to value since the end of Feb…

Source: Bloomberg

“Most Shorted” Stocks were generally flat today as hedge funds’ favorite stocks ripped…

Source: Bloomberg

As the dollar dump returns, Gold rallied back above $1750 to its highest since late February today…

Bitcoin ripped back above $58,000 today…

Source: Bloomberg

And Ethereum spiked back above $2050…

Source: Bloomberg

Bonds were bid, pushing 30Y yields lower since the Thursday equity close (remember bonds were open around the payrolls print)…

Source: Bloomberg

10Y Yield dropped back below 1.65% (so much for the spike in yields from payrolls)…

Source: Bloomberg

WTI was unable to get back above $60 today, despite the dollar weakness…

Silver jumped back above $25 this week and is extending gains…

Finally, it’s probably nothing but a United Nations gauge of global food prices climbed for a 10th month in March, driven higher by costlier vegetable oils, meat and dairy. This the highest level since June 2014

Source: Bloomberg

Oh, and don’t pay any attention to this (for the first time ever, the S&P 500 is trading 3x Price-to-Sales)… it’s probably nothing too…

Source: Bloomberg

Oh, and for the first time ever, the US equity market cap is twice that of US GDP

Source: Bloomberg

a)Market trading/this morning/USA

b)MARKET TRADING/USA//THIS AFTERNOON

 
END
ii) Market data
Still 18 million Americans are still receiving government jobless benefits despite reopenings. In the last 4 months the labour market has gone nowhere…..they need more trillions….
(zerohedge)

Over 18 Million Americans Are Still On Government Jobless Benefits, Despite Broad ‘Reopenings’

 
THURSDAY, APR 08, 2021 – 08:38 AM

After briefly dipping below 700k two weeks ago, the number of Americans filing for first time jobless claims has spiked back to 744k. This is coming despite reopenings happening broadly across America…

Source: Bloomberg

California and New York were the biggest drivers of the deteriorating situation…

While continuing claims continued to slide (good news), pandemic emergency claims rose last week...

Source: Bloomberg

And over 18 million Americans remain on some form of government jobless benefit.

Source: Bloomberg

For all intent and purpose, the labor market situation in America has gone nowhere in 4 months.

We’re gonna need another few trillion…

end

iii) Important USA Economic Stories

ARCHEGOS
none today
 
END
 
It looks like we are having another family office blow up similar to Archegos
(zerohedge)
 

Is Another Family Office Blowing Up: JPM Dumps 9MM Share Block Of ASO After Hours

WEDNESDAY, APR 07, 2021 – 05:22 PM

In the aftermath of the Archegos blow up, the biggest nightmare on Wall Street – where there is never just one cockroach – is that (many) more Archegos-style, highly levered “family office” blow ups are waiting just around the corner.

Well, in a transaction after the close that is sure to spark much heated controversy tonight and tomorrow morning, Bloomberg announced that JPMorgan was offering a 9 million block of Academy Sports and Outdoors (ASO) stock. Since this is virtually identical to what happened two Fridays ago when similar public BWICs by Goldman and other banks proceeded to unwind the Archegos portfolio, the immediate question on everyone’s lips is whether a second highly levered family office has blown up.

There are more similarities: the block offered by JPM is massive: the 9MM shares represents almost a quarter of ASO’s float and roughly 10% of ASO’s total outstanding shares.

Banks ‘Dropped the Ball’ With Archegos, Mike Novogratz Says

Furthermore, in what may have been an Archegos-style levered attempt to squeeze the shorts using billions in TRS leverage, ASO stock – whose market cap is $2.8 billion – had surged 25% in the past month… only to tumble 6% after hours.

While there are no clear catalysts that could have forced a margin call on the yet-unknown fund (if indeed this is another Archegos), on Tuesday, the stock did drop sharply at the open from $34 to $31, although if that modest drop alone was enough to force margin calls we dread to imagine just how much leverage this fund was using…

We leave readers with the following observation from Bear Traps report author Larry McDonald:

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  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. 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.

The fundamental, bottom line problem with extreme frothy priced assets, any meaningful risk threat will deliver sharp drawdowns. We are far better off raising dry powder to deploy into more attractive price points.

END

Art Laffer blasts Biden economics

Bresiger/InsideSourcs.com

Architect Of Reagan Revolution Blasts “Bidenomics”

 
WEDNESDAY, APR 07, 2021 – 06:40 PM

Authored by Gregory Bresiger via InsideSources.com,

As the Biden administration prepares the largest tax hike since World War II, a longtime Republican economic advisor is sounding the alarm on “Bidenomics.”

In an exclusive interview with Inside Sources, Arthur Laffer, who as a member of President Ronald Reagan’s Economic Policy Advisory Board is credited with America’s economic boom in the 1980s, warned of the negative impact of tax hikes, especially on those in lower-income brackets.

“Raising taxes will especially hurt the poor and minorities who need jobs,” said Laffer, adding, “It is more than bad policy; it is cruel.”

He says the principles of Bidenomics will slowly bankrupt the country if followed over the next few decades.

Biden’s oft-repeated campaign pledge not to raise taxes on anyone earning less than $400,000 is meeting the reality of his early presidential agenda. While Republicans criticize the administration’s handling of the southern border and some members of his own party clamor for immediate action on gun control, Biden is keeping his focus squarely on his $4 trillion dollar “infrastructure and jobs” plan, formally unveiling the proposal later this week at an event in Pittsburgh.

According to reports from The Washington Post, the package will be funded by as much as $3 trillion dollars in tax hikes.

Laffer, who also served as an economic adviser to President Trump, believes these policies will lower America’s standard of living and eventually reduce the country to a second-rate economic power.

“There’s a very good chance now that the United States, a few generations from now, will be a minor country,” according to Laffer. He argues that the successful tax-cutting policies of Presidents Kennedy, Reagan, Trump and were “not sustained,” but were interrupted by a return to the thinking of the 1930s to 1950s when the highest marginal tax rates were often as high as 94 percent.

“Why,” Laffer asks, “would someone earn an extra dollar when you only get to keep six cents?” He said many high earners in those periods would stop working for the rest of the tax year when they reached the 94 percent level.

He believes many Biden policies discourage work. They also demonstrate, Laffer charges, a “breathtaking economic illiteracy.”

He accuses many Bidenomics supporters of lacking an understanding of the basic principles of economics.

“These aren’t people who have any knowledge. These aren’t people who have economic education,” Laffer contends.

As an architect of the supply-side revolution championed by Reagan in the 1980s, Laffer was an advocate of a principle now known as the Laffer Curve. Proponents of the Laffer Curve argue lower tax rates promote strong growth rates, which in turn puts more money in government coffers without raising taxes.

The origins of supply-side economics can be traced to treasury secretary Andrew Mellon, who served in the administration of President Warren Harding. Harding’s tax cuts helped the United States recover from the depression of 1920, fueling a decade of prosperity and the “Roaring 20s.”

Even as a Republican who has served in multiple GOP administrations, Laffer praised the tax-cutting policies of the Democratic administrations of John F. Kennedy and Bill Clinton.

Biden, by contrast, has proposed raising the corporate tax back to 28 percent. During his term in office, Trump lowered the rate from 35 percent to its current 21 percent.

Biden has promised millions of new government-sponsored jobs owing to higher taxes on the rich and government job creation.

“Democrats,” wrote Biden in the Biden-Sanders Unity Task Force paper, “will make investments to create millions of family-supporting and union jobs in clean energy generation, energy efficiency, clean transportation, advanced manufacturing, and sustainable agriculture across America.”

Laffer, who favors more enterprise zones in poor neighborhoods, lower capital gains taxes, and tax amnesty programs, says his ideas have little chance of becoming law unless Republicans retake Congress. He is pessimistic about the GOP recapturing the Senate in 2022, but believes the House of Representatives is within reach. Laffer also predicted a Republican takeover of the Senate in 2024.

Laffer commended Larry Summers, who served as a top economic adviser to Presidents Clinton and Obama, for being a rare Democrat willing to sound the alarm on deficit spending.

Summers described the recent spending spree as the “least responsible” macroeconomic policy of the past 40 years. He blames both parties for overspending.

“Even though I disagree with him on a number of issues, he’s a real hero on this issue,” Laffer says of Summer, describing him as much smarter than the people who are running “Bidenomics.”

“These aren’t the people who understand economic science,” Laffer contends. “They are people who replace knowledge with political cliches. This will run the country into the ground.”

END

Biden’s bait and switch policies

(Lipson/RealClearPolitics)

Joe Biden’s Bait-And-Switch Presidency

 
WEDNESDAY, APR 07, 2021 – 07:20 PM

Authored by Charles Lipson via RealClearPolitics.com,

Joe Biden was elected as a moderate-left Democrat, but he is not governing as one. He pledged repeatedly to work across party lines, but he is ramming through the biggest, most expensive progressive agenda in American history without any Republican votes. He is almost certain to try it again with his next two spending proposals, the largest since Lyndon Johnson’s Great Society programs. As the White House pushes these mammoth bills with only Democratic votes, Americans are realizing they got a very different president from the one they bargained for, the one they were promised during the campaign. What’s unclear is whether they will recoil from this new reality.

Throughout the summer and fall, Biden ran as a unifier who could work across party lines. He wanted to do so, he said, and he reiterated that comforting message as late as his inaugural address. It was probably his most important policy message, and Americans believed it. They remembered his years in the Senate and his primary victory over socialist Bernie Sanders.

The reality has been very different from the promises. Biden’s pledge of bipartisanship and unity turned out to be a cynical sleight-of-hand, raw partisanship masquerading as comity. In the general election, it worked well enough to defeat a divisive incumbent, whose impulsiveness, rancor, and personal attacks repulsed many Americans. Now that the election is over, so is the message. Despite razor-thin Democratic majorities on Capitol Hill, Biden is determined to pass an ambitious agenda with no support from Republicans.

The clearest indication of Biden’s bait and switch came with the stimulus bill. Before signaling his final position, the president reached out to Republicans, who proposed a $600 billion package, focused on immediate needs plus some fiscal stimulus.

The bipartisan meeting was all for show. Biden quickly rejected the Republicans’ proposal, made no effort to meet with them again or negotiate any compromise, and chose instead to push for a bill three times as large, much of it to be spent long after the COVID crisis has passed. The extra $1.3 trillion did not include the infrastructure and other programs he now considers essential.

Those are coming in additional bills with huge price tags and associated tax hikes.

President Biden, Speaker Nancy Pelosi, and Senate Majority Leader Chuck Schumer knew their mammoth COVID bill would face unified Republican resistance. No matter. They pushed it through anyway, using the Senate’s arcane rule for budget reconciliation. They went big and unilateral, even though Republicans were eager to sign off on a large relief bill that would have commanded a Senate supermajority. This week, we learned Schumer has quietly asked the Senate parliamentarian if he can use the same 50-vote procedure for Biden’s latest spending bills, hoping to avoid any Republican filibuster.

Will this ‘ram-it-through’ mentality characterize the remainder of Biden’s first two years? You don’t have to visit the Oracle at Delphi for an answer. The clearest indication is that the president, who ran for the Oval Office as a man of the Senate, now wants to smash long-standing Senate rules so he can pass the rest of his legislative agenda without Republican votes.

The filibuster rules, Biden says, are nothing more than “relics of the Jim Crow era.”He’s relying on the distant memory that, more than half a century ago, Southern senators used the filibuster to oppose desegregation. Yet the huge civil rights and voting rights bills of the mid-1960s still passed. What’s more, they passed with enough debate and votes to buttress the statutes with a national political consensus.

Since then, both parties have used the filibuster to oppose all sorts of bills, most of them far removed from race. The Democrats used the technique repeatedly last year, when they were in the minority. They used it, for instance, to stop a police reform bill proposed by Tim Scott, an African American representing the state that fired the first shots in the Civil War. But that’s only one example among many. When Joe Biden and Barack Obama served in the Senate, they not only used the filibuster, they explicitly defended it. So did Chuck Schumer. Were they defending Jim Crow? No. They were defending the historic role of the Senate, which grants some power to the minority party.

Now, the same Democrats want to overturn those rules, and they are cynically deploying the sensitive issue of race to do it. But race is not the real issue here. It is whether the Senate wants to afford significant rights to the minority party, as it has for over two centuries, forcing either compromise solutions or stalemate. Put differently, do senators really want to turn their chamber into something like the House, where the minority is powerless and debate is meaningless? Once they do that, they can never turn back.

Behind Biden’s choice to go big, progressive, and unilateral lie three basic calculations.

  • The first is that, if history is any guide, Democrats are likely to lose the House in 2022. The incumbent president’s party almost always suffers losses, often big ones, and the Democrats don’t have any seats to spare. That means Biden has only two years to pass his aggressive agenda.

  • Second is his judgment that voters really like big government spendingRecent polling suggests they do, for now.  The question is whether that support will last and whether it will outweigh voters’ concerns about tax hikes to pay for those programs.

  • Third, Biden is betting that voters in 2022 and 2024 will care a lot more about today’s practical results than about yesterday’s broken campaign promises. That’s probably true. The White House also knows it can blame Republicans for any resistance to its agenda. It has a bully pulpit and a compliant media to help.

The result is a president determined to pass everything on the Democrats’ all-you-can-eat menu, even if he has to do it with strict party-line votes. As a candidate, Joe Biden promised voters a center-left agenda and bipartisanship. As a president, he is giving them neither. Biden’s deception is based on the oldest marketing technique in the book: bait and switch.

END
OH No!! we are running out of Ketchup for our takeouts
(zerohedge)

Ketchup Can’t Catch Up As Nationwide Shortage Fries Restaurants, Fast-Food Chains

 
WEDNESDAY, APR 07, 2021 – 08:40 PM

Ketchup packets are the next COVID-19-related nationwide shortage. 

America’s most popular condiment, ketchup packets, are in short supply at restaurants across the country, according to The Wall Street Journal.

The shortage materialized over the last year as public health orders forced restaurants to close or limit indoor dining, which resulted in a boom in takeout orders. There were also health and safety guidelines from the Centers for Disease Control and Prevention (CDC) that advised restaurants to “avoid using or sharing items that are reusable such as menus, condiments and any other food containers” to prevent the spread of the virus. More specifically, the CDC recommended eateries to use “single-serving condiments,” such as individual packets. 

Numerous regulations and or advisories sent ketchup packet prices surging, up more than 13% since the beginning of the pandemic. Heinz, the largest producer who controls 70% of the US condiment market, was overwhelmed by demand, and this is how the shortage was sparked. 

Heinz told the Journal it would shortly increase production by a quarter, for a total of 12 billion packets per year. America’s most widely used ketchup brand confirmed it still couldn’t keep up with orders for its ketchup packets. 

The shortage forced larger restaurant chains to find alternatives, the report said. From mom-and-pop eateries to large chains, restaurants nationwide have been scrambling to find alternative brands to fill the void.

“We’ve been hunting high and low,” said Chris Fuselier, operator of a small Denver-based eatery called Blake Street Tavern, who has struggled to source ketchup packets in 2021. 

Large chains like Texas Roadhouse and Long John Silvers have had to purchase other brands of ketchup. 

“We feel like the bottom of the barrel,” Texas Roadhouse spokesperson Travis Doster told the paper.

Texas Roadhouse used 55 million ounces of ketchup last year and has resorted to sourcing ketchup at Costco and other wholesalers. 

Kraft Heinz said when restaurant demand collapsed at the beginning of the pandemic, it saw a monumental shift to takeout and delivery and pivoted production lines to meet those needs. Still, demand is greater than supply. 

Other recent shortages include flour, aluminum cans as people consume beverages at home, plasticslumber, steel, semiconductors, sofas, fitness equipment, hot tubs, electronics, and cookware. 

Goldman Sachs told clients last month that supply chain woes might not be resolved until 2022.

end

GM cuts production and Volkswagen warns as semi-conductor supplies are nowhere to be found  (China took them all).

(zerohedge)

GM Cuts Production, VW Warns Texas Storms Hurt Chip Supplies As Semi Shortage Hammers Carmakers

 
THURSDAY, APR 08, 2021 – 11:24 AM

Microchip supply bottlenecks have hamstrung supply chains for everything from laptops to cars. A few hours ago, we reported that shortages of critical chip supplies have forced the company to push back production of MacBooks and iPads until the second half of the year.

And just a few weeks after we shared a warning from Bloomberg Markets commentator Michael Msika about chip shortages potentially undermining the market-beating rally in shares of carmakers, it looks like these fears have been realized, as both GM and VW have warned about production difficulties tied to chip shortages on Thursday.

GM shares skidded after the company warned it would temporarily idle plants in North America due to the ongoing semiconductor chip shortages. The temporary plant closures range from a week or two to several weeks. GM warned that the shortages would reduce its operating profits by $1.5 billion to $2 billion this year.

The temporary plant closures range from a week or two to several additional weeks for plants that have already been idled due to the parts disruption. GM will also restart production Monday of midsize pickups after a two-week shutdown due to the shortage at a plant in Missouri.

CNBC explains that semiconductors are key components use in the infotainment, power-steering and braking systems, among other critical vehicular systems. As multiple plants shut down last year due to Covid, suppliers directed semiconductors away from automakers to other industries, creating a shortage after consumer demand snapped back stronger than expected. CNBC managed to confirm the following plant closures.

  • GM’s plant in Spring Hill, Tennessee will close beginning Saturday through April 23, according to a message from the United Auto Workers union to workers obtained by CNBC. The plant builds the GMC Acadia and Cadillac XT5 and XT6 crossovers. GM confirmed the shutdown.

  • GM said another crossover plant that produces the Chevrolet Traverse and Buick Enclave near Lansing, Michigan will be idled the week of April 19 and production of the Chevrolet Blazer at a plant in Mexico will also be canceled that week.

  • The company also is extending downtime at plants in Kansas and Canada that produce cars and crossovers through mid-May. They produce the Chevrolet Malibu sedan and Equinox and Cadillac XT4 crossover. Another plant in Lansing that produces the Chevrolet Camaro and Cadillac CT4 and CT5 also had its downtime extended by two weeks to the first week of May.

  • The temporary closures are extending shutdowns at plants that have already been idled due to the parts shortages.

  • The company expects the problem will reduce its operating profit by $1.5 billion to $2 billion this year.

In a statement on the closures, GM said “we continue to work closely with our supply base to find solutions for our suppliers’ semiconductor requirement and to mitigate impact on GM.”

Shares of the automaker slipped nearly 3% on Thursday as US markets moved broadly higher.

GM wasn’t the only automaker to warn that it expects supplies of critical semiconductors to “remain tight” in the coming months, something that has been exacerbated by the winter storms that shuttered production across Texas. In Texas, “further production adjustments can’t be ruled out,” the VW group said in an email.

The impact on full-year vehicle production will depend on how long the shortage lasts, the company said, adding that VW, the world’s largest automaker, is pushing to recoup lost production as much as possible in the course of the year.

END

they will try and take the guns away from USA folks. That is when you will see a revolt

(Stieber/EpochTimes)

Biden Admin Announces Plans To Curb ‘Ghost Guns’, Push ‘Red Flag’ Legislation

 
THURSDAY, APR 08, 2021 – 12:18 PM

Authored by Zachary Stieber via The Epoch Times,

President Joe Biden’s administration is taking action to stop the proliferation of so-called ghost guns and push states to adopt “red flag” legislation.

“Enough, enough, enough,” Biden, a Democrat, said in a Rose Garden event before announcing the orders.

He also claimed that the orders he’ll sign won’t impact Americans’ rights to own guns under the Second Amendment.

Biden is directing the Department of Justice to, within 30 days, issue a proposed rule aimed at curbing the spread of so-called ghost guns, or guns that are made from build-it-yourself kits.

The department will also in the next two months issue a proposed rule declaring a stabilizing brace that turns a pistol into a short-barreled rifle and publish model “red flag” legislation for states.

Red flag laws let family members or law enforcement ask a court to bar people from owning guns if the people allegedly present a danger to themselves or others.

  

Three other actions announced by the administration are:

  1. investment in “community violence interventions” that is meant to curb the spike in murders and shootings seen last year;

  2. starting the issuance of an annual report on firearms trafficking;

  3. and the nomination of David Chipman, a former adviser to the gun control advocacy group Everytown for Gun Safety and a current adviser at Giffords, an organization that says it works to stop gun violence, as the director of the Bureau of Alcohol, Tobacco, and Firearms (ATF).

The ATF is a federal agency that aims to prevent the illegal use and trafficking of firearms, among other efforts.

The new announcements mark the first wave of executive action on guns that the White House had vowed to take following recent mass shootings in Boulder, Colorado, and Atlanta, Georgia.

Giffords Law Center Senior Policy Advisor David Chipman speaks at a House Judiciary Committee hearing on assault weapons on Capitol Hill in Washington on Sept. 25, 2019. (Andrew Harnik/AP Photo)

Biden is still urging Congress to pass legislation to reduce gun violence, the administration said, but he and other officials “will not wait for Congress to act to take its own steps—fully within the Administration’s authority and the Second Amendment—to save lives.”

Biden told a press conference after the Boulder shooting last month that Congress should ban so-called assault weapons and high-capacity magazines, referring to a bill he helped pass as a senator in 1994 that did just that for 10 years.

A Department of Justice-funded study found the results of that ban, which expired in 2004, “mixed.” A RAND Corporation review of gun restriction policies said there is “inconclusive evidence for the effect of assault weapon bans on mass shootings.”

A makeshift fence stands around the parking lot outside a King Soopers grocery store where a mass shooting took place a day earlier in Boulder, Colo., on March 23, 2021. (David Zalubowski/AP Photo)

Democrats quickly praised the Biden administration’s actions on guns, including the planned nomination of Chipman.

“This is the most significant executive action on gun violence in a generation. These actions set a model of courage & strength that Congress must now match,” Sen. Richard Blumenthal (D-Conn.) said in a tweet.

“The action on ghost guns will protect against untraceable, homemade weapons that no law abiding gun owner would want,” he added.

Everytown for Gun Safety and its grassroots networks, Moms Demand Action and Students Demand Action, also cheered the actions.

“Each of these executive actions will start to address the epidemic of gun violence that has raged throughout the pandemic, and begin to make good on President Biden’s promise to be the strongest gun safety president in history,” Everytown President John Feinblatt said in a statement.

Lateif Dickerson handles some of his rifles at his gun instruction headquarters in Jersey City, N.J., on March 25, 2021. (Spencer Platt/Getty Images)

Biden has struggled to find traction for gun restriction proposals in Congress, especially in the 50–50 Senate, where Democrats maintain a slim majority only by virtue of Vice President Kamala Harris’s tiebreaking vote.

Police gather at the scene of an afternoon shooting along Ludlow Street in the lower Manhattan neighborhood of New York City, amid a continued rise in shootings in the city, on March 30, 2021. (Spencer Platt/Getty Images)

During the pandemic, gun sales have soared to record-highs as Americans sought to protect themselves against rising crime and dramatically altered conditions.

Christopher Herrmann, an assistant professor at the City University of New York’s John Jay College of Criminal Justice, told The Epoch Times last month that some new laws or regulations, such as red flag laws, could help decrease the number of shootings and murders in the future.

But Lisa Dadio, director of The Center for Advanced Policing at the University of New Haven, said those would not help because most people committing the crimes are not getting their guns legally.

Republicans and groups who say they fight to protect Second Amendment rights said they opposed what the Biden administration is doing.

“President Biden wants to let violent criminals go free but take guns from law-abiding citizens,” Sen. Tom Cotton (R-Ark.) said in a social media statement.

Gun Owners of America Senior Vice President Erich Pratt said the group “is wholeheartedly opposed to the unconstitutional gun control threatened today by President Biden—restrictions such as the attacks on homemade and brace equipped firearms and so-called ‘Red Flag’ Gun Confiscation Orders.”

“Joe Biden knows he cannot beat gun owners in Congress. Instead, he’s circumventing the legislative process to impose his own tyrannical vision by executive fiat,” he added.

The federal government will face trouble enforcing rules deemed inconsistent with laws in Arizona. Gov. Doug Ducey, a Republican, this week signed a bill that prohibits law enforcement from enforcing any laws or rules from the U.S. government “that is inconsistent with any Arizona law regarding the regulation of firearms.”

END

“There Are Absolutely No Job Seekers”: How Trillions In Stimulus Sparked A Historic Job Market Crisis

 
THURSDAY, APR 08, 2021 – 02:15 PM

Something odd is going on in the US economy.

On one hand, in the aftermath of the covid pandemic there are millions and millions of former workers who have lost their jobs and are unable to return as their job may not even exist today (while their skills atrophy and they become increasingly unemployable with every day they are unemployed). Addressing this, on Thursday Fed Chair Powell spoke at an IMF panel saying that over nine million Americans remains out of work, while a quick look at the latest BLS data shows that there are over 100 million Americans who are out of the labor force (of whom just 6.85MM want a job currently, and a record 94 million don’t want a job).

At the same time, as we pointed out last night, JPMorgan and many others have noted that when one looks at the recent JOLTS data, which showed a near record number of job openings, a clear trend is emerging: there is a big labor shortage in the US, one which could (finally) lead to higher wages in the US.

While JPMorgan did not dwell on what may be causing this unprecedented schism within the economy – after all, for normalcy to return, people must not only be employed but must want to be employed – it did suggest that the “robust” government stimulus may be keeping workers on the sidelines, a more detailed analysis from Bloomberg confirms the nightmare scenario: the trillions in Biden stimulus are now incentivizing potential workers not to seek gainful employment, but to sit back and collect the next stimmy check for doing absolutely nothing in what is becoming the world’s greatest “under the radar” experiment in Universal Basic Income.

Consider the following striking anecdotes:

  • Early in the Covid-19 pandemic, Melissa Anderson laid off all three full-time employees of her jewelry-making company, Silver Chest Creations in Burkesville, Ky. She tried to rehire one of them in September and another in January as business recovered, but they refused to come back, she says. “They’re not looking for work.”
  • Sierra Pacific Industries, which manufactures doors, windows, and millwork, is so desperate to fill openings that it’s offering hiring bonuses of up to $1,500 at its factories in California, Washington, and Wisconsin. In rural Northern California, the Red Bluff Job Training Center is trying to lure young people with extra-large pizzas in the hope that some who stop by can be persuaded to fill out a job application. “We’re trying to get inside their head and help them find employment. Businesses would be so eager to train them,” says Kathy Garcia, the business services and marketing manager. “There are absolutely no job seekers.”

These are not one-off cases: these anecdotes, revealed by Bloomberg, expose the striking statistical reality in the US: on April 1 the NFIB (National Federation of Independent Business) reported that in March a record-high percentage of small businesses surveyed said they had jobs they couldn’t fill: 42%, vs. an average since 1974 of 22%.

Even more amazing: a stunning 91% of respondents said they had few or no qualified applicants for job openings in the past three months, tied for the third highest since that question was added to the NFIB survey in 1993.

One of our favorite labor market metrics, the so-called “take this job and shove it” indicator- or the “Quits” rate from the JOLTS survey – is the latest confirmation of how empowered workers feel: in March the number of people quitting jobs hit 2.3% of overall employment in January, just a tenth of a percentage point below the record going back to 2001.

But what is most striking is the context on these figures: recall that just one year ago, the unemployment rate was a depression-era 14.8%. And while it has since dropped to 6%, it remains well above the 3.5% rate of February 2020, before the pandemic. So judging from the jobless rate – which the Federal Reserve tracks closely – there’s still plenty of slack in the labor market.

But that’s not how employers and job counselors see it. There will be even less slack in coming months as the economy strengthens. The median forecast of economists surveyed by Bloomberg is that the jobless rate will fall to 4.5% in the second quarter of 2022.

* * *

What’s behind this unprecedented revulsion to work – which paradoxically comes at a time when the Fed still sees record slack in the economy as the primary reason behind avoiding tightening financial conditions for years to come?

To be sure, Covid is part of the problem. Fear of it the disease has kept some would-be workers home, especially in customer-facing businesses. And with schools closed by Covid, some parents are turning down work to care for children, says Holly Wade, executive director of the NFIB Research Center. Also, she says, the small businesses in the NFIB survey may have trouble competing for workers with the likes of Amazon.com, whose worldwide employment grew 63% last year, to 1.3 million. But fear of covid is irrelevant if one has no money and must put food on the table. When the alternative is starvation, one will do anything – even brave the Wu-Flu.

But the real reason behind America’s sudden distaste to step away from one’s computer, go out and look for a job, is that it is already getting a weekly stimmy from the Biden admin, which has pivoted the pandemic emergency into a platform for what is rapidly becoming an unprecedented experiment in Universal Basic Income.

As Bloomberg writes, it is becoming increasingly the case that “generous unemployment benefits discourage people from seeking work.” Anderson, the jewelry maker, says her ex-employees told her they preferred to stay unemployed—even though you’re not supposed to collect jobless benefits if you’re turning down work. But it’s not like anyone will check.

The American Rescue Plan that Congress approved last month provides an extra $300 a week in jobless benefits through Sept. 6. “There still will be some people who say, ‘I’m glad to take my $300 to $400 a week and stay home, rather than go out and work and earn $500 a week,’” BTIG LLC analyst Peter Saleh, who covers the restaurant industry, told Bloomberg in March.

Others are convinced that they will never get hired, so they don’t even try: as Bloomberg notes, some would-be workers may have lost their gumption. “I’m worried that after all this time that’s gone by, it’s going to be very hard for a lot of people to come back full time. It’s just asking an energy level that people haven’t had in a while,” says Garcia, the job counselor in California. She says a full-time job “used to be the gold standard,” but now employers are parceling out the work into part-time jobs to lure applicants.”

And that’s why there are now 100+ million people not in the labor force.

Of course, while liberals could have never possibly imagined such an outcome, conservatives were warning from day one that if you hand out free money, the desire to work will vaporize and that’s precisely what we have seen. But while one can point to the disintegration in the US labor market as a way to “own the libs”, the transformation in the job market is far more serious and is about to become a full-blown crisis because it is now keeping an entire generation away from the work force – the most important generation.

According to Bloomberg, alienation from work is most common among the young. A Pew Research Center survey in October found that 53% of those ages 18 to 29 who are working remotely because of Covid said it was difficult for them to feel motivated to perform their duties. Only 20% of those 50 and older said the same.

On the social network Reddit, which skews young, a forum called r/antiwork has 264,000 members. It’s filled with comments such as: “You’re telling me I have to enslave myself to all these applications for hours on end, competing with my fellow man and woman, giving up my dignity just for a chance to enslave myself further so I don’t literally die? I’m not having it.” One Redditor posted a video of a home computer’s mouse that’s connected to a swiveling fan so it slides back and forth, making it appear the person is working.

To be sure, there is a “chicken or egg” component (with a solid dollop of socialism thrown in for good measure): since many of the jobs that employers can’t fill are low-paying, there are few spoiled GenZ and Millennial applicants for entry level pay (they would much rather collect 6 figures off the bat), while the high-paying ones generally require skills… skills that most young Americans don’t have simply because they refuse to “subject” themselves to entry-level jobs that will build up the skills they need to be better paid.

And so, a historic crisis emerges, one where the government is actively subsidizing the minimum-wage sedentary snowflake lifestyle (while indoctrinating the young generation in liberal propaganda), which prevents those same workers from getting real jobs and developing real skills they will need to make real money. 

In short, a toxic feedback loop created by the government which – in its hope of becoming ever bigger – it has no intention of ever breaking. Meanwhile, an entire lost generation of workers is emerging.

There is, of course, one way to short-circuit this feedback loop – much higher wages, which is precisely what the Fed is hoping will be the outcome. As Bloomberg observes, “employers would have an easier time filling job openings if they raised pay or got less picky about qualifications.”

Re’gine Johnson, 26, of Chicago said she interviewed with 40 companies before she landed a job, even after completing a three-month General Assembly boot camp in user interface design. “They’re thinking, ‘Do we really want to invest in somebody that’s so junior, do we have the time to teach them something they may not know?’” she says. She’s thriving now at Neon One LLC, the software company that hired her and provided on-the-job training.

Most others won’t have the patience that Neon One demonstrated. And for those hoping that employers will hike wages to attract entry-level talent, we have a question – they didn’t do it for the past decade, why will they do it now. Well, this is where the government comes in again, with its mandatory minimum wage hikes, which however end up killing far more jobs than they create as most small and medium businesses simply don’t have the margin capacity to hike base pay by 10%, 20% or more and keep operating as is. Instead, they have no choice but to lay other workers off, leading to a net increase in unemployment.

In any case, now that Universal Basic Income courtesy of Helicopter Money is the sad new reality, employers will have no choie but to adjust to a world in which workers are harder to get. In Cleveland, manufacturers are striving to change the outdated impression that their jobs are dirty, boring, or dangerous because recruitment shortfalls are forcing them to turn away orders, says Ethan Karp, president and CEO of Magnet, a nonprofit consultancy. “It’s their No. 1 problem,” he says.

And so, once again, we have a vivid demonstration of how anything the government touches – or subsidizes – escalates to a full-blown crisis, or simply turns to shit…

iv) Swamp commentaries

Joke of the year!!

Watson/SummitNews

Not ‘The Onion’! Nancy Pelosi Claims Border Situation Has Improved Under Biden

 
THURSDAY, APR 08, 2021 – 10:26 AM

Authored by Steve Watson via Summit News,

Speaker of the House Nancy Pelosi told reporters Wednesday that the situation at the border has improved since Joe Biden took office and that it is now on a “good path”.

“The fact is that we’re on a good path at the border under the leadership of President Biden … we were in a very bad situation under the Trump administration,” Pelosi proclaimed:

Pelosi’s statement is nuts, by anyone’s standards.

Even the White House has admitted there is a humanitarian crisis on the border. What is good about that?

There are now over 17,000 unaccompanied migrant children in facilities that are only equipped to hold a few hundred.

The conditions are squalid, with illegals packed in together sleeping on concrete floors.

Many are suffering from diseases, including Covid.

Is that good?

The Cartels are engaged in people trafficking, and footage has emerged of babies being thrown over the border fences.

Women and children are being sexually abused as they attempt to cross the border, both by the traffickers and by other migrants.

But thank goodness Trump is out and Biden is in.

Texas Lt. Gov. Dan Patrick (R) has warned “The president and the vice president of the United States and the Democratic Party are so concerned about placating the left for open borders, children are allegedly being sexually assaulted on American soil because of their total neglect of protecting our border, protecting this country, and protecting these kids, whether they’re dropped over the fence, whether they’re sexually assaulted, whether they’re sent into the country into sex trafficking. Joe Biden and Kamala Harris have this on their hands.

Reuters reports that U.S. border authorities apprehended over 171,000 migrants in March, including 19,000 unaccompanied minors, 53,000 family units, and 99,000 single adults.

[ZH: At time of publication this “good news” headline hit: *MIGRANT APPREHENSIONS AT SOUTHWEST BORDER UP 71% FROM FEBRUARY]

Doesn’t sound like much of a “good path”.

END

US Apprehends Most Migrants In Two Decades As Reports Of Molested Kids Emerge

 
 
THURSDAY, APR 08, 2021 – 12:53 PM

While Nancy Pelosi insists that the situation at the US-Mexico border has improved under President Biden, and Vice President Kamala Harris – who Biden put in charge the migrant surge – refuses to even visitthe numbers on the ground paint a sobering picture.

According to new figures from the Customs and Border Protection agency, the US just had the most apprehensions in nearly two-decades, as 172,331 migrants were arrested in March after illegally entering the country.

 

Pew Research, ZeroHedge

 The March numbers are a 70.6% increase over February‘s 101,028 apprehensions.

Meanwhile, Texas has launched an investigation following accusations of child sexual abuse at a federal outflow migrant facility in San Antonio, after two Texas agencies received tips alleging the assaults.

More via The Epoch Times:

The separate complaints came to the Texas Health and Human Services Commission and the Texas Department of Family and Protective Services about the Freeman Coliseum, where some unaccompanied minors—children who crossed the southern border illegally without an adult—are currently being held, Abbott told reporters at a conference held in front of the site.

“Earlier today, the Texas Health and Human Services commission and Texas Department of Family and Protective Services, separately received tips that alleged child abuse and neglect at the San Antonio migrant facility,” Abbott said. “These products are a bi-product of President Biden’s policies.”

The allegations comprise four main complaints that allege child sexual assault, children not eating throughout the day, not enough staff on hand to supervise the children, and children with COVID-19 are not being physically separated from those who don’t have the virus. It is unclear how many children were allegedly abused or adversely affected by neglect.

Abbott called the situation at the facility a “health and safety nightmare,” and called on the administration to move the children away to safer facilities and shut down the facility. “Biden’s open border policy caused this crisis,” Abbott said on Twitter.

*  *  *

Meanwhile, Kamala ‘Hunger Games’ Harris can’t be bothered to even visit…

end

Insane!!

(Becker/BeckerNews)

NY Rewards Illegal Aliens With COVID Relief Checks 10 Times Amount Given To American Citizens

 
THURSDAY, APR 08, 2021 – 04:20 PM

By Kyle Becker of BeckerNews,

The State of New York has passed a new budget with major tax increases that will only drive more business from the declining state. It is also carving out billions to cut one-time checks for illegal immigrants who lost work due to the state’s lockdowns. The size of the checks? Over ten times that given to Americans in the last round of stimulus sent out by the Biden administration.

The bill includes $2.1 billion fund to provide “one-time payments for undocumented workers who did not qualify for federal stimulus checks or unemployment benefits,” the New York Times reported, “according to budget highlights released by the governor’s office.”

“New York will now offer one-time payments of up to $15,600 to undocumented immigrants who lost work during the pandemic,” the report continued.

“The effort – a $2.1 billion fund in the state budget – is by far the biggest of its kind in the country and a sign of the state’s shift toward policies championed by progressive Democrats.”

The last round of “stimulus” payments sent to under the Biden administration’s plan began to be issued on Friday.

“That brings the total disbursed payments from the latest stimulus package to more than 156 million payments, worth about $372 billion,” reported USA Today.

The payments, which total up to $1,400 each per individual, were distributed mostly by direct deposits and paper checks.”

New York rewarding illegal immigrants with massive one-time payments comes amidst a surge in illegal migrants that has the Biden administration taking flak from all sides. While Biden now tries to deflect from his record by telling prospective illegal migrants such things as “don’t come” to America, his lip service only serves to underscore that the president knows his administration’s policies are harmful to America.

“The president campaigned on easing immigration controls, including a moratorium on deportations, an end to former President Donald Trump’s ‘wait in Mexico’ policy for asylum-seekers and halting construction of the border wall,” an NBC opinion piece noted in March.

“That platform gave migrants good reason to believe it would be easier to get into the United States if he were elected.”

Biden has also begun building parts of the southern border wall begun under President Trump, drawing fire from radical critics. Meanwhile, New York state is handing out $15,600 checks to anyone from around the world who can make it into the state illegally — but not to American citizens whose livelihoods were decimated or destroyed by the governor’s reckless and unlawful lockdown policies.

The $15,600 checks being cut for illegal aliens while millions of Americans are struggling is the latest sign that the Democratic Party’s policies are a recipe for social discord and budgetary disaster.

The Big Apple is collapsing and surreal policies like the ones just passed in Albany is a primary reason why. The state is run by a governor whose corrupt administration hid thousands of nursing home deaths from the public and who has been credibly accused of sexual harassment by multiple aides. Meanwhile, the state’s draconian and arbitrary lockdowns have crippled small businesses, shuttering hundreds of them permanently. It has gotten so bad that many New Yorkers are throwing in the towel on the disastrously managed state.

Last year, tens of thousands of the richest New Yorkers fled the state – as many as 70,000, according to a Unacast report cited by Reuters. The spendthrift measures passed by Albany have set the state on a course for budgetary implosion and another round of blue state “bailouts” from the Biden administration.

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

WSJ: Chicago Fed leader Charles Evans said it will take some time for price pressures to sustainably hit the central bank’s 2% target https://t.co/oUB99osHHp

 

@ChicagoFed: It is highly likely that inflation expectations have drifted noticeably below 2%, Evans continues. If they stay there, then we will only see a temporary boost to inflation this year. If they move up, then we could make some real progress toward reaching our inflation targethttps://t.co/VIeQAVE2c5

What alternate universe does Evans and other Fed dolts exist?  Of course, they cannot acknowledge that inflation is percolating because it is their legal mandate to halt it.  But Evans, then equivocates by stating that if inflation does exceed the long-held Fed threshold of 2%, it isn’t a problem, even if it hits 2.5%.

As sure as the sun rises in the East, when inflation approaches or exceeds 2.5%, the lying hacks at the Fed will move the inflation goal posts.

Evans Says Only Need to Be Concerned If There’s Bothersome Inflation; 2.5% Inflation Should Not Be Viewed as Out of Bounds – BBG

Evans: Inflation Up to 2.5% to 3% Would Be Welcome – DJ [Welcome by whom?  Only debtors!]

Fed’s Evans: Because of the Scale of the Fiscal Packages, the Fed Can Ultimately Do Less – BBG

Evans’ sanguine inflation remarks abetted the usual rally that commences on the NYSE open.

WSJ Interview with Dallas Fed President Robert Kaplan https://t.co/38a4A2nkR3

Kaplan said he does not think it would be healthy for the market to think that part of the Fed’s mission is to monetize government debt – even though that’s precisely what the Fed is doing!  Apparently, it is now the Fed’s mission to lie, obfuscate and deceive – act as a Ministry of Truth.

U.S. trade deficit hits record high in February https://t.co/HSfoPYXDTL

NYT: The Biden administration seeks to raise $2.5 trillion through corporate tax increases 11:30 ET
Would raise the corporate tax rate to 28 percent from 21 percent… companies would have to pay a minimum tax of 15 percent on book income, which businesses report to investors and which are often used to judge shareholder and executive payouts…
https://www.nytimes.com/2021/04/07/business/biden-corporate-tax-increases.html

Biden releases full tax plan to raise $2.5TRILLION in 15 years with a raid on business to fund infrastructure package he insists goes ‘beyond’ bridges and roads
Double the de facto global minimum tax to 21 percent and toughening its requirements…
https://www.dailymail.co.uk/news/article-9445699/Biden-releases-tax-plan-raise-2-5TRILLION-15-years.html

Threshold Up from $100 Million Proposed During Biden’s Campaign – DJ
About 180 Companies Would Meet Threshold, 45 Would Pay Tax, Administration Estimates Say

Biden Administration Makes Pitch for Higher Business Taxes – AP 11:30 ET

After hitting session highs for the standard rally into the European close, stocks tumbled on the headlines about Biden’s massive tax hike.  After a modest Noon Balloon, ESMs and stocks rallied on the release of the 3/17 FOMC Minutes.

FOMC Minutes Highlights

  • Fed Officials See ‘Some Time’ Before Substantial Progress
  • Fed Officials Flagged Encouraging News on Economy (contradicts above?)
  • A Couple of Officials Worried Easy Financial Conditions Raising Stability Risks
  • Risks to Inflation Increased, Now Balanced Overall

Fed Saw ‘Some Time’ Before Taper Conditions Met, Minutes Show

The rally peaked just before the VIX Fix (14:15 ET).  ESMs and stocks then traced out an ‘A-B-C’ decline.

Biden willing to listen to alternatives to his plan to raise corporate taxes (15:30 ET) http://reut.rs/3ustucz

Early in the day, Sen. Coons threaten GOP senators by stating they have until the end of May to negotiate the infrastructure scheme.  Hours later, Biden makes Coons looks like a fool by admitting that his scheme cannot be passed as it is.

Biden ally in Senate says Republicans have until end of May for infrastructure deal http://reut.rs/31WXCQV

ESMs accelerated their decline before the news that Biden’s Trillions is in trouble.  ESMs and stocks bottomed at 15:36 ET.  They then exploded into the close.  We don’t know if the surge was the usual last-hour manipulation or ebullience that Biden’s massive tax hikes are facing Dem resistance.

Think we’re being facetious with our 1984, Through the Looking Glass and Fahrenheit 451 warnings?

Dem Sen. Kirsten Gillibrand @SenGillibrand: Paid leave is infrastructure. Child care is infrastructure.
Caregiving is infrastructure.  [How do dolts like this become US Senators?  Yep, it’s that bad now!]

‘Unicorns are infrastructure’: Sen. Gillibrand mocked for definition of Biden plan
Unicorns are infrastructure. Love is infrastructure… Everything is infrastructure,” If everything is infrastructure then nothing is infrastructure.”… https://trib.al/Kt5T4Sw

Taiwan threatens to shoot down Chinese drones in South China Sea – Reuters

China sent more fighter jets into Taiwan’s air defense zone today; Taiwan says it will fight to the end if there’s war. – Reuters

US military cites rising risk of Chinese move against Taiwan
The American military is warning that China is probably accelerating its timetable for capturing control of Taiwan… https://apnews.com/article/world-news-beijing-taiwan-china-788c254952dc47de78745b8e2a5c3000
Peter Thiel Calls Bitcoin ‘a Chinese Financial Weapon’ at Virtual Roundtable
“Bitcoin should be thought of in part as a Chinese financial weapon against the U.S… It threatens fiat money, but it especially threatens the U.S. dollar,” Thiel said…
https://www.bloomberg.com/news/articles/2021-04-07/peter-thiel-calls-bitcoin-a-chinese-financial-weapon-at-virtual-roundtable

Hungary triples its gold reserves in one of the biggest purchases by a central bank in decades — the latest sign of governments turning to the precious metal as a safeguard of value https://t.co/XbCPenSyuw

United Airlines roasted on social media for plan to choose pilots by race instead of ability
“We plan for 50% of the 5,000 pilots we train in the next decade to be women or people of color…”
    United got a $5 billion dollar bailout last year… what’s the first things they did:
– laid off or cut the hours for over 15,000 employees…Will Chamberlain, an attorney and co-publisher at Human Events, believes that United will face lawsuits for these discriminatory hiring practices and prioritization of specific races and ethnicities for training programs…
https://thepostmillennial.com/united-airlines-roasted-on-social-media-for-plan-to-choose-pilots-by-race-instead-of-ability

@nypost: Today’s cover: Opinion: Quality of life plummets, taxes rocket — and New York City faces doom, Goodwin writes https://t.co/iudwoWbnvy

Iran has produced 55 kg of 20% enriched uranium since January: official https://t.co/blssCeQThr

@JackPosobiec: In 2020 the murder rate jumped higher +25%] than any other year in US history and no one is talking about  [Voters will react at the polls, just like in 1968 and 1972!]

 

The Biden Regime Is About to Be Delegitimized, And They Know It
Today in Maricopa County, AZ, law firms aligned with the Democrat Party coup orchestrated last November threatened to sue the auditors planning to go door-to-door in AZ to verify who voted and who didn’t… Why… would you threaten to sue over such a thing? The only answer is you don’t want anyone to know about the massive election fraud that installed illegitimate Joe Biden in The White House… https://creativedestructionmedia.com/opinion/2021/04/07/the-biden-regime-is-about-to-be-delegitimized-and-they-know-it/

@SharylAttkisson: Sadly, many jumped the gun directly linking deaths at Capitol riots to rioters or calling them murders. Today, DC M.E. ruled the only homicide so far was Ashli Babbit, unarmed rioter shot by unnamed official. Other deaths: accidental/natural. Shame on us.
https://news.yahoo.com/cause-death-released-4-5-191717271.html

CBS faces bipartisan backlash after ’60 Minutes’ aired selectively edited footage of DeSantis
https://justthenews.com/accountability/media/cbs-faces-growing-bipartisan-backlash-after-airing-heavily-edited-footage-fl

CBS’ disgusting smear may have just given DeSantis another boost https://t.co/Kf3ZB5Lrdq

Universally panned ’60 Minutes’ hit piece on DeSantis just made him a 2024 frontrunner
https://thehill.com/opinion/campaign/546843-universally-panned-60-minutes-hit-piece-on-desantis-just-made-him-a-2024

@ArthurSchwartz: Biden leans inches from someone’s face and tells them to socially distancehttps://t.co/30WwMvk8dJ

The Trib’s top columnist, John Kass: Biden’s legacy: The president who poisoned baseball.
The corporate suits of Major League Baseball stripped Atlanta of this year’s All-Star Game. Why? They caved to the racial demagoguery of the most powerful man in the world:  Joe Biden… He’s the president who pushed baseball into taking the All-Star Game from Atlanta because Georgia’s politics offend him… He politicized something that should not be politicized…
    Just months before… Biden made that speech at his inauguration promising to end America’s “uncivil war” pitting red states against blue states… “We must end this uncivil war that pits red against blue, rural … versus urban, conservative versus liberal,” Biden told the nation…
https://www.chicagotribune.com/columns/john-kass/ct-prem-biden-baseball-all-star-game-kass-20210407-7amb7r3fzbgafpnyu2yjac4jbm-story.html

@andrewklavan: “This ‘modern’ left obsesses about race and “identity” because it’s their only claim to being progressive; in every other way they are reactionary…” @HolmanJenkins is a brilliant columnist.

Biden’s Bait-and-Switch Presidency
He pledged repeatedly to work across party lines, but he is ramming through the biggest, most expensive progressive agenda in American history without any Republican votes. He is almost certain to try it again with his next two spending proposals, the largest since Lyndon Johnson’s Great Society programs. As the White House pushes these mammoth bills with only Democratic votes, Americans are realizing they got a very different president from the one they bargained for, the one they were promised during the campaign…  https://www.realclearpolitics.com/articles/2021/04/01/bidens_bait-and-switch_presidency_145512.html

Biden Announces 6 Gun Control Executive Actions — And It’s Just the Beginning
https://beckernews.com/breaking-biden-announces-6-gun-control-executive-actions-and-its-just-the-beginning-38390/

Biden at His Worst – A combination of flattery and racial bullying convinces him he has a mandate.
I’m persuaded by one of its practitioners, Charles Blow of the New York Times, that a key feature, the administration’s rampant race-baiting, is partly a matter of a ticking clock: “If Hispanics and Asians vote then the way they vote now—a third of each group voted for Trump—their combined votes for Republicans will eclipse the Black vote for Democrats.” He means for good.
    Other clocks are ticking too. Mr. Biden is likely to be a one-term president; every historical precedent suggests the Democrats’ slim congressional majority won’t survive next year’s midterm elections…
https://www.wsj.com/articles/joe-biden-at-his-worst-11617747416

MINNEAPOLIS VS. THE EVIDENCE
In fact, in less than a week, the prosecution’s theory of the crime has subtly shifted from MURDER! to “failed to provide what we would say, in retrospect, would be a full and complete duty of care during the one- to three-minute interval between Floyd’s resisting the police to his dying, as a hostile crowd screamed obscenities at the police officers.”  The defense hasn’t even begun to make its case, but the prosecution’s witnesses keep helping Chauvin…  https://anncoulter.com/2021/04/07/minneapolis-vs-the-evidencex/

Prince William should be crowned king over Charles, Brits say in poll  [A spark of hope!]
https://pagesix.com/2021/04/07/prince-william-should-be-crowned-king-over-charles-poll/

Finding from Particle Research Could Break Known Laws of Physics
It’s not the next Higgs boson — yet. But the best explanation, physicists say, involves forms of matter and energy not currently known to science…Evidence is mounting that a tiny subatomic particle called a muon is disobeying the laws of physics as we thought we knew them, scientists announced on Wednesday. [What about ‘settled science’?]  https://www.nytimes.com/2021/04/07/science/particle-physics-muon-fermilab-brookhaven.html

Cuomo administration tracked nursing home deaths despite claims they couldn’t be ‘verified,’ document shows [So many scoundrels are elected because so many people are dependent on government.  They or a family member works for government, does business with government, or receives some entitlement from government.  This is US/Democratic feudalism.]
https://www.foxnews.com/politics/cuomo-administration-tracked-nursing-home-deaths-despite-claims-they-couldnt-be-verified-document-shows

Truth is by nature divisive. It’s far more important to be divided by the truth than united by error.” — John MacArthur

end

I WILL SEE YOU FRIDAY NIGHT

 

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