APRIL 15/GOLD AND SILVER HAVE A STELLAR DAY: GOLD UP $29.40 TO $1765.90//SILVER UP 42 CENTS TO $25.87//HUGE QUEUE JUMPING BY OUR BANKERS: UP 3 TONNES AND NOW NEW GOLD STANDING AT THE COMEX: 87.7 TONNES//SILVER REMAINS CONSTANT AT 15.035 MILLION OZ//SILVER OI FOR MAY DELIVERY: AN EXTREMELY HIGH 83,000CONTRACTS//CORONAVIRUS UPDATES//VACCINE UPDATES//RUSSIA VS UKRAINE//USA INITIATES MORE SANCTIONS ON RUSSIA: DUMB MOVE!//RUSSIA WILL CLOSE KERCH STRAIT AND THAT BLOCKS UKRAINE FROM EXPORTING GOODS VIA SEA//GLOBAL SHORTAGE OF SEMI-CONDUCTOR CHIPS TO CONTINUE ONTO 2022/USA RETAIL SALES EXPLODE: UP 9.8% M/M/SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1765.90   DOWN $29.40   The quote is London spot price

Silver:$25.87 UP  $0.42   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1763.65 LONDON SPOT  4:30 pm

ii)SILVER:  $25.85//LONDON SPOT  4:30 pm

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE

 

 

PLATINIUM  $1200.60 UP $25.40

PALLADIUM: 2744.50 up $48.65  PER OZ

 

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

James Mc late this afternoon…april 15/

If gold and silver are so dull and boring like the Crimex trading implies, and like the MSM narrative goes, then why haven’t the physical coin premiums backed off one iota for nearly a year? Gold Eagles are still +$160 and up to spot, Silver Eagles are anywhere from $10-15 over spot. Does this sound like lackluster demand? Even the narrative about coins being different than bulk physical doesn’t add up. With commodity shortages affecting virtually everything on the planet it makes no sense that silver would miraculously be plentiful and cheap. Solar panels are going crazy, industrial demand is bonkers, and mega- wealthy people still view gold and silver as wealth.

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  18//50

EXCHANGE: COMEX
CONTRACT: APRIL 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,734.900000000 USD
INTENT DATE: 04/14/2021 DELIVERY DATE: 04/16/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 5
332 H STANDARD CHARTE 22
624 H BOFA SECURITIES 3
657 C MORGAN STANLEY 1
661 C JP MORGAN 18
709 C BARCLAYS 1
737 C ADVANTAGE 13
800 C MAREX SPEC 37
____________________________________________________________________________________________

TOTAL: 50 50
MONTH TO DATE: 25,089

 
 

ISSUED: 0

Goldman Sachs:  stopped:  0

 
 

NUMBER OF NOTICES FILED TODAY FOR  APRIL. CONTRACT: 50 NOTICE(S) FOR 5000 OZ  (0.1552 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  25,089 NOTICES FOR 2,508,900 OZ  (78.037 tonnes) 

SILVER//APRIL CONTRACT

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

total number of notices filed so far this month: 2609 for 13,045,000  oz

BITCOIN MORNING QUOTE  $62,265   UP 1864

BITCOIN AFTERNOON QUOTE.:  $63,680 up 3279 DOLLARS  

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $29.40  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

MAKES A LOT OF SENSE!!:

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//:  A PAPER  WITHDRAWAL OF 3.21 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: 1,022.86 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP 42 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 163.35 up $2.63 OR  1.62%

XXXXXXXXXXXXX

SLV closing price NYSE 24.02 up $0.43 OR 1.82%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A HUGE SIZED 3,518 CONTRACTS FROM 164,066 UP TO 167,584, AND CLOSER TO FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR SMALL $0.09 ADVANCE 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 !//SOME REDDIT RAPTOR BUYING//.. COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION AS WE GAINED A HUGE 4071 TOTAL CONTRACTS ON OUR TWO EXCHANGES. 

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 473,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  473 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 473 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! SILVER IS IN BACKWARDATION AND AS SUCH THE DANGER TO OUR BANKERS IS LONDONERS WILL PURCHASE CHEAPER FUTURES METAL OVER HERE AND THEN TAKE DELIVERY.

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***(5THHIGHEST RECORDED STANDING FOR SILVER)

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY…RECORD HIGHEST EVER RECORDED

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT (3RD HIGHEST RECORDED STANDING)

8.900 MILLION OZ INITIALLY STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC. (4TH HIGHEST RECORDED STANDING)

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

15.035 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 $0.09). OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  ANY AMOUNT OF SILVER LONGS AS  WE HAD A HUGE NET GAIN OF 3991 CONTRACTS ON OUR TWO EXCHANGES, THE GAIN WAS DUE TO i)HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) SMALL REDDIT RAPTOR BUYING//.    iii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO INCREASE IN SILVER STANDING FOR COMEX SILVER  REMAINING  AT 15.035 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..

SPREADING OPERATIONS/NOW SWITCHING TO SILVER  (WE SWITCH OVER TO SILVER ON APRIL  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

APRIL

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

5738 CONTRACTS (FOR 11 TRADING DAY(S) TOTAL 5738 CONTRACTS) OR 28.690 MILLION OZ: (AVERAGE PER DAY: 521 CONTRACTS OR 2.608 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF APRIL: 28.08 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 APRIL:  28.08 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: 28.08 MILLION OZ  (SILVER IS NOW IN SEVERE BACKWARDATION AND THUS DRAMATICALLY FEWER ISSUANCE OF EFP’S)

RESULT: WE HAD A POWERFUL ADVANCE IN COMEX OI SILVER COMEX CONTRACTS OF 3598, WITH OUR  $0.09 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY .…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 473 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A HUGE SIZED GAIN OF 3991 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.09 GAIN IN PRICE)//THE DOMINANT FEATURE TODAY WAS THE HUGE BANKER SHORTCOVERING AND OUR MONTH OF MAY’S OPEN INTEREST REFUSING TO BUCKLE MUCH 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  473 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A HUGE SIZED INCREASE OF 3518 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.09 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.45//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: 0 NOTICE(S) FOR nil, 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 SILVER IN BACKWARDATION (INDICATING SCARCITY), 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 ROSE BY A SMALL SIZED 202 CONTRACTS TO 460,935,AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL SIZED INCREASE IN COMEX OI OCCURRED DESPITE OUR STRONG LOSS IN PRICE  OF $11.00///COMEX GOLD TRADING//WEDNESDAY. AS IN SILVER WE MUST HAVE HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS WE HAD A GOOD GAIN OF 2643 TOTAL CONTRACTS ON OUR TWO EXCHANGES.  WE ALSO HAD A HUGE GAIN IN GOLD TONNAGE STANDING RISING TO 87.685 TONNES, AS 1032 CONTRACTS (OUR ILLUSTRIOUS BANKERS) QUEUE JUMPED AHEAD OF THE LINE LOOKING FOR GOLD METAL.  (103200 OZ OR 3.209 TONNES)

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $11.00 WITH RESPECT TO WEDNESDAY’S TRADING

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

WE HAD A GOOD GAIN  OF 2643 OI CONTRACTS (8.22 TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2441 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  0 AND JUNE:  2411  ALL OTHER MONTHS ZERO//TOTAL: 2411.  The NEW COMEX OI for the gold complex rests at 460,935. 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 GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2643 CONTRACTS: 202 CONTRACTS INCREASED AT THE COMEX AND 2441 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2643 CONTRACTS OR 8.22 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2441) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (202 OI): TOTAL GAIN IN THE TWO EXCHANGES:  2643 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 FOLLOWED BY A STRONG GAIN TODAY FOR THE FRONT APRIL MONTH ON DAY 11 OF THE DELIVERY CYCLE TO   87.685 TONNES)  3) ZERO LONG LIQUIDATION,  /// ;4) SMALL COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR LOSS IN GOLD PRICE TRADING WEDNESDAY//$11.00!!.

 
 
 
 
 

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 : 26,940, CONTRACTS OR 2,694,000 oz OR 83.79 TONNES (11 TRADING DAY(S) AND THUS AVERAGING: 2449 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11 TRADING DAY(S) IN  TONNES: 83.79 TONNES

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

THUS EFP TRANSFERS REPRESENTS 83.79/3550 x 100% TONNES =2.36% 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:      83.79 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

 

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 HUGE SIZED 3518 CONTRACTS FROM 164,066 UP TO 167,584 AND CLOSER TO 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 HUGE SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) HUGE BANKER SHORT COVERING//ALGO SHORT COVERING// SMALL REDDIT// RAPTOR BUYING , 2) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR APRIL TO 15.035 MILLION OZ//., AND 4) ZERO LONG LIQUIDATION.

EFP ISSUANCE 473 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: 473 AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 473 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 3518 CONTRACTS AND ADD TO THE 473 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUGE SIZED GAIN OF 3991 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 19.955 MILLION  OZ, OCCURRED WITH OUR SMALL $0.09 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 .

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 17.73 PTS OR 0.52%   //Hang Sang CLOSED DOWN 107.69 PTS OR 0.67%     /The Nikkei closed UP 21.70 POINTS OR 0.07%//Australia’s all ordinaires CLOSED UP 0.51%

/Chinese yuan (ONSHORE) closed UP AT 6.5271 /Oil UP TO 63.07 dollars per barrel for WTI and 66.47 for Brent. Stocks in Europe OPENED ALL GREEN //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5271. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5283   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

CHINA VS USA//CHINA VS TAIWAN

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 202 CONTRACTS TO 460,935 MOVING CLOSER TO  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 INCREASE OCCURRED DESPITE OUR STRONG LOSS OF $11.00 IN GOLD PRICING WEDNESDAY’S COMEX TRADING…WE ALSO HAD A SMALL EFP ISSUANCE (2441 CONTRACTS). …AS THEY WERE PAID OFF NOT TO TAKE DELIVERY.  

WE HAVE ALSO  LATELY WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   0

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2441 EFP CONTRACTS WERE ISSUED:  ;  AND APRIL:  0, JUNE:  2411 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2411  CONTRACTS.(DESPITE THE STRONG BACKWARDATION IN GOLD FOR JUNE/APRIL VS SPOT)

WHEN WE HAVE BACKWARDATION,  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. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED 2643  TOTAL CONTRACTS IN THAT 2443 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED  COMEX OI  OF 202 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR APRIL  (87.770 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 $11.00)., AND  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A GOOD NET GAIN ON OUR TWO EXCHANGES OF 4097 CONTRACTS.  THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 8.22 TONNES TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR APRIL (87.770 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 GAIN ON THE TWO EXCHANGES :: 2643 CONTRACTS OR  264,300 OZ OR  8.22  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:  460,935 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 46.09 MILLION OZ/32,150 OZ PER TONNE =  1433 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1433/2200 OR 65.16% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:188,675 contracts// volume extremely poor/DREADFUL   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  152,911 contracts//  volume:   extremely poor/ hopeless!/ //most of our traders have left for London

 

APRIL 15 /2021

 
INITIAL STANDINGS FOR APRIL COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
 
32,151,000 OZ
BRINKS  1000 KILOBARS

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz

nil

Deposits to the Customer Inventory, in oz
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
50  notice(s)
5000 OZ
(0.1552 TONNES
 
No of oz to be served (notices)
3108 contracts
(310,800oz)
 
9.667 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
25,089 notices
2,508,900 OZ
78.037 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 0 deposit into the dealer

 
 
 
 
 
total deposit:  nil   oz
 
 
 

total dealer withdrawals: nil oz

we had 0 deposits into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS: nil  oz
 
 
 
 
 
 
We had 1 withdrawals
 
i) Out of Brinks:  32,151.000 oz (1000 kilobars)
 
 
 
 
 
 
total withdrawals:  32,151.000 oz (1.0 tonnes) 
 
 
 
 
 
 
 

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

ADJUSTMENTS  1:   DEALER TO CUSTOMER

BRINKS:  868.077 OZ  (27 KILOBARS) 

 
 
 

The front month of APRIL registered a total of 3,158 CONTRACTS for a LOSS of 2010 contracts.  We had 3048 notices filed on WEDNESDAY, so WE GAINED A MONSTROUS 1038  contracts or an additional 103,800 oz  (3.2286 TONNES)  will stand for gold in this very active delivery month of April./ They refused to morph into London based forwards where they will circulate as serial forwards or be paid handsomely to cash settle. They decided it was in their interest to search for metal over here. No doubt it was bankers who queue jumped ahead of other investors as the need to put out fires elsewhere intensified.

 
 
 
 

MAY gained 90 CONTRACTS TO STAND AT 1700.

JUNE GAINED 1148 CONTRACTS UP TO 378,304

We had 50 notice(s) filed today for  5,000 oz

FOR THE APRIL 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to  50  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 18 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 (25,089) x 100 oz , to which we add the difference between the open interest for the front month of  (APRIL:  3158 CONTRACTS ) minus the number of notices served upon today 50 x 100 oz per contract) equals 2,819,700 OZ OR 87.770 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 25,089 x 100 oz  + (3158 OI for the front month minus the number of notices served upon today (50} x 100 oz which equals 2,819,700 oz standing OR 87.770 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 GAINED 1038 CONTRACTS OR AN ADDITIONAL 103,800 OZ WILL STAND FOR GOLD ON THIS SIDE OF THE POND AS THEY REFUSED TO MORPH INTO LONDON BASED FORWARDS 

 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

464,420.335, oz NOW PLEDGED  march 5/2021/HSBC  13.626 TONNES

351,292.365 PLEDGED  MANFRA 10.92 TONNES

312,798.505, oz  JPM  10.162 TONNES

1,083,680.877 oz pledged June 12/2020 Brinks/33.706 TONNES

67,422.339, oz Pledged August 21/regular account 2.097 tonnes JPMORGAN

6,308.08 oz International Delaware:  .196 tonnes

192.906 oz Malca

total pledged gold:  2,286,115.402 oz                                     71.10 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 488.43 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 87.770 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,988,296.889 oz or 559.51 tonnes
 
 
total weight of pledged:  2,286,115.402 oz or 71.10 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,702,181.0 (488,40 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,702,181.0 (488.40 tonnes)
 
total eligible gold: 17,781445.106 oz   (553.07 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 35,769,744.915 oz or 1,112.58 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  996.24 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 15/2021

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
609,334.779 oz
CNT
Delaware
 
 
 
 
IT LEFT!!
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
NIL oz
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
0
 
CONTRACT(S)
(nil OZ)
 
No of oz to be served (notices)
398 contracts
 1,990,000 oz)
Total monthly oz silver served (contracts)  2609 contracts

13,045,000 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  0 deposit into the customer account (ELIGIBLE ACCOUNT)

 
 
 
 
 

JPMorgan now has 186.731 million oz of  total silver inventory or 50.89% of all official comex silver. (186.731 million/366.835 million

total customer deposits today: nil   oz

we had 2 withdrawals:

 
 
i) out of CNT:  599,591.350 oz 
 
ii) Out of Delaware: 9756.447 oz
 
 
 
 
 
 
 
 
 

total withdrawals609,347.799   oz

We had 1 adjustments:   dealer to customer

Brinks:  5005.646  oz

 
 

Total dealer(registered) silver: 121.169-million oz

total registered and eligible silver:  365.547 million oz

a net 0.609 million oz leaves the comex silver vaults.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The month of April saw 398 contracts standing for delivery for a LOSS of 2 contracts.  We had 2 contracts served upon yesterday, so we LOST 0 contract or AN ADDITIONAL NIL oz will stand for delivery over here 
 
 
 
 
 

May  LOST A  SUBNORMAL 4185 contracts to stand at  84,798 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 15.035 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,(THURSDAY APRIL 15/2020) we had 50,017 oi contracts still outstanding on the May 2020 CONTRACT.  This year:  84,798  still outstanding!!.

LAST YEAR 3201 CONTRACTS ROLLED ON APRIL 15 ; TODAY 4185!

WE HAVE 11 MORE READING DAYS BEFORE FIRST DAY NOTICE!(LAST YR 11 READING DAYS)

LAST YEAR WE HAD FINAL MAY SILVER OZ STANDING:  45.220 MILLION OZ/(5TH HIGHEST STANDING FOR SILVER EVER RECORDED)

June gained 80 contracts up to 1048.

July gained 6973 contracts up to 62,549 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 16 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 0 contract(s) FOR nil 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  2609 x 5,000 oz = 13,045,000 oz to which we add the difference between the open interest for the front month of APRIL (398) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the April standings for silver for the APRIL/2021 contract month: 2609 (notices served so far) x 5000 oz + OI for front month of APRIL (398)  – number of notices served upon today (0) x 5000 oz of silver standing for the Jan contract month .equals 15,035,000 oz. ..VERY STRONG FOR A NON ACTIVE APRIL MONTH. 

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

TODAY’S ESTIMATED SILVER VOLUME 77,653 CONTRACTS // volume: fair volumes generally falling off a cliff// very 

FOR YESTERDAY78,511  ,CONFIRMED VOLUME/ fair

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO -0.29% (APRIL; 15/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –1.66% to NAV:   (APRIL 15/2021 )

Note: /Sprott physical gold trust is back into NEGATIVE/0.29%(APRIL15/2021)

(courtesy Sprott/)

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

NAV 18.57 TRADING 17.97//NEGATIVE 3.23

END

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

APRIL 15/WITH GOLD UP $29.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.21 TONNES FROM THE GLD////INVENTORY RESTS AT 1022.86 TONNES

APRIL 14/WITH GOLD DOWN $11.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1026.07 TONNES

APRIL 13/WITH GOLD UP $14.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1026.07 TONNES

APRIL 12/WITH GOLD DOWN $11.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1026.07 TONNES

APRIL 9/WITH GOLD DOWN $13.50 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 2.67 TONNES FORM THE GLD//INVENTORY RESTS AT 1026.02 TONNES

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 15 / GLD INVENTORY 1022.86 tonnes

LAST;  1039 TRADING DAYS:   +89.00 TONNES HAVE BEEN ADDED THE GLD

LAST 939 TRADING DAYS// +  273.52TONNES  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 15/WITH SILVER UP 42 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 14/WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 13/WITH SILVER UP 51 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV///INVENTORY RESTS AT 574.868 MILLION OZ//

APRIL 12/WITH SILVER DOWN 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ///

APRIL 9/WITH SILVER DOWN 27 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.868 MILLION OZ//

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 15/2021
574.868 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)LAWRIE WILLIAMS:

end

or

EGON VON GREYERZ// 

 
 

OR

Peter Schiff..

Peter Schiff: We’re On Autopilot Down The Road Toward Inflation

 
THURSDAY, APR 15, 2021 – 03:45 PM

Via SchiffGold.com,

During his recent 60 Minutes interview, Federal Reserve Chairman Jerome Powell reiterated that he thinks any spike in price inflation will be transitory. As he put it during the interview, we may see “temporarily higher prices but not persistent inflation.” Peter Schiff appeared on RT Boom Bust to talk about Powell’s view on rising prices. He called the Fed chair’s position, “laughable.”

Peter said in the first place, contrary to popular opinion, we don’t actually have an economic recovery.

What we have is inflation. And it’s that inflation that’s masquerading as a recovery. But the economy itself is a mess. It’s weak. It hasn’t recovered. All we’re doing is spending the money that the Federal Reserve prints.”

But as Peter has pointed out on numerous occasions, this money printing is — by definition — inflation.

And that’s what’s driving the appearance of economic growth. But this is a bubble. It’s a disaster waiting to happen. And prices ultimately are going to skyrocket. And I don’t care what Powell says. Maybe they have the tools to deal with it, but they’ll never us them, because in doing so they’ll destroy the house of cards that they worked so hard to erect.”

Peter was asked what the Fed should do – even if it hurts the economy. He said the Fed needs to reverse everything it has been doing. And it wouldn’t harm the economy itself. It would harm the bubble by popping it.

They need to start shrinking the money supply and allowing interest rates to rise. And that’s going to pop bubbles all over the place, including forcing the US government to massively cut spending.”

The central bank has been backstopping the biggest spending spree in US history. The budget deficit through the first six months of fiscal 2021 came in at an all-time record of $1.7 trillion. Anything approaching normal monetary policy would stop the spending gravy train. For that reason alone, the Fed can’t unwind its extraordinary loose monetary policy.

So, not only do we have to cancel any future stimulus, but we have to take back the stimulus of the past. We have to deliver either substantial cuts to government spending or tax increases. And not just to the rich, but to average Americans. And so, I don’t see that happening. I just see more and more inflation. And so that is the way all the government is going to be paid for — through inflation, which means consumer prices are going to go through the roof.”

Peter said that at this point, we’re on autopilot down the road to inflation.

And remember, the Federal Reserve said the same thing about the mortgage crisis in the early days of subprime. ‘Don’t worry about it. Everything is fine. It’s contained to subprime.’ Well, they were completely wrong. We had a financial crisis. Now they’re saying the same thing about the big rise in consumer prices and producer prices. Anybody who’s not blind can see it. And the Fed is saying, ‘Don’t worry because it’s all transitory.’ Well, how do they know it’s transitory? Inflation is just as transitory now as subprime was contained then. They were wrong then and they’re even more wrong now.”

So, what can we do to protect ourselves from the ravages of inflation? Typically, gold is seen as an inflation hedge. But gold has floundered in recent weeks, frustrating many gold investors.

They see all the inflation and they’re wondering why gold is not reacting. Well, the reason gold is not really moving up is because most of the people in the market believe the Fed. They believe that the Fed will put out any inflation fire before it gets too big. They actually think inflation will be contained. When they realize that it won’t be, that inflation is headed much, much higher, and that there’s absolutely nothing the Fed is prepared to do about it, that’s when the price of gold is really going to take off.”

END

or
PAM AND RUSS MARTENS

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

This ought to be interesting:  A London trader fired over spoofing is suing JPMorgan. Let us see what documents this guy has on what JPMorgan central ordered him to do

Bloomberg/GATA

JPMorgan sued by London trader fired over spoofing claim

 

 

 Section: Daily Dispatches

By Jonathan Browning
Bloomberg News
via The Edge Markets, Petaling Jaya, Malaysia
Wednesday, April 14, 2021

A former JPMorgan Chase & Co trader who was fired over a spoofing allegation said he was dismissed only because the bank wanted to “appease” U.S. regulators following a scandal that cost the bank close to $1 billion in penalties.

Bradley Jones, a former cash equities trader, is suing the bank for unfair dismissal in London, saying that compliance officials ruled there was nothing suspicious about his trading only to revisit it three years later. 

..

The review came after JPMorgan decided it needed to be tougher on such cases after accepting that market manipulation was rife at two trading desks in the U.S., he said.

“As part of that attempt at appeasement, the bank decided to trawl through historic trading activity and to make an example of Mr. Jones,” his lawyer said on the first day of a trial Tuesday.

The case echoes that of a Citigroup Inc former trader who was dismissed over similar allegations even after the U.K. financial regulator cleared him of misconduct and highlights the difficulties facing banks attempting to second-guess regulators in market abuse cases. …

… For the remainder of the report:

https://www.theedgemarkets.com/article/jpmorgan-sued-london-trader-fired…

end

Ed Steer on the silver suppression

(Ed Steer/GATA)

Silver suppression just might be beaten this year, GATA’s Steer tells Investing News Network

 

 

 Section: Daily Dispatches

3:40p ET Wednesday, April 13, 2021

Dear Friend of GATA and Gold:

GATA board member Ed Steer, editor of Ed Steer’s Gold & Silver Digest letter (https://edsteergoldsilver.com/), was interviewed this week by Charlotte McLeod of Investing News Network, discussing the prospects for overthrowing the manipulative short position in silver on the New York Commodities Exchange. Steer is cautious but hopeful that the market rigging can be defeated this year.

McLeod’s interview with Steer is 24 minutes long and can be heard at Investing News here:

https://investingnews.com/daily/resource-investing/precious-metals-inves…

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

END

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 UP at 6.5271 /

//OFFSHORE YUAN:  6.5283   /shanghai bourse CLOSED DOWN 17.73 pts or 0.52%

HANG SANG CLOSED DOWN 107.69 PTS OR 0.37% 

2. Nikkei closed UP 21.70 POINTS OR  0.07%

3. Europe stocks OPENED ALL GREEN /

USA dollar index  DOWN TO 91.67/Euro FALLS TO 1.1965

3b Japan 10 year bond yield: FALLS TO. +.09/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.91/ 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:: 63.08 and Brent: 66.47

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.27%/Italian 10 Yr bond yield DOWN to 0.75% /SPAIN 10 YR BOND YIELD DOWN TO 0.39%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.02: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.91

3k Gold at $1744605 silver at: 25.44   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 124/100 in roubles/dollar) 77.03

3m oil into the 63 dollar handle for WTI and 66 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 108.81 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 .9232 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1048 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.27%

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 1.618% early this morning. Thirty year rate at 2.298%

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

6.  TURKISH LIRA:  DOWN  TO 8.12..

Futures Reverse Overnight Weakness, Surge To Record High

 
THURSDAY, APR 15, 2021 – 08:30 AM

Despite a bevy of banks now warning that this is as good as it gets and a sharp market correction is imminent, nothing could spoil the markets party overnight, overnight we saw futures reverse a modest weakness and rebound back to all time highs as investors cheered solid earnings reports from companies including Bank of America and BlackRock and waited what should be a blockbuster retail sales report.

At 8:00 a.m. ET, Dow e-minis were up 161  points, or 0.47%, S&P 500 e-minis were up 22.25 points, or 0.56%, and Nasdaq 100 e-minis were up 114.75 points, or 0.83%.

“We are probably entering the last stage of the pricing of the growth acceleration, and we see encouraging signs suggesting the ‘reflationary’ environment can continue and be supportive for risky assets in the near term,” Goldman Sachs Group Inc. strategists led by Alessio Rizzi wrote in a note. “Across assets we continue to prefer equity over credit, and favor a pro-cyclical stance within equity.”

S&P 500 contracts rose 0.4% after the underlying index eased back from an all-time high on Wednesday. Bank of America Corp. and other financialstocks rose in the U.S. pre-market after the lender posted better-than-expected trading revenue. Meanwhile, BlackRock said its assets under management rose to a record $9 trillion in the first quarter, and reported a 16% jump in first-quarter profit as investors poured more money into its diverse funds and fee revenue jumped.

Top U.S. banks kicked off first-quarter reporting season on Wednesday, with Goldman Sachs Group Inc, JPMorgan Chase & Co and Wells Fargo & Co posting sold results largely thanks to massive reserve releases and solid trading revenue.

Most high-flying technology stocks rebounded from a drop in the previous session, with Apple Inc, Microsoft Corp Facebook Inc and Amazon.com Inc rising between 0.5% and 1%. The newly-listed cryptocurrency exchange Coinbase jumped 8.8%, a day after going public in a high-profile debut on the Nasdaq that briefly valued it at more than $100 billion.

European equities climbed as electrical power firm ABB Ltd. boosted its sales guidance and miners rallied. The ruble slid as the Biden administration looked poised to take action against Russian individuals and entities in retaliation for alleged misconduct related to the SolarWinds hack and the U.S. election.  Here are some of the biggest European movers today:

  • AB InBev shares jump as much as 5.4% after being upgraded to overweight at Barclays, which said the market’s expectations of margins declining in FY21 was “too pessimistic.” The broker added that AB InBev was the only beverage stock in coverage that could “theoretically double” during 2021.
  • Neste shares gain as much as 3.8% after UBS raised the stock to buy, saying the shares discount “an overly cautious” outlook for renewable products in the long term.
  • Publicis shares rise as much as 4.6% to their highest level in over two years as the ad firm reported 1Q revenue that beat estimates. Analysts praised its return to organic growth, with Citi saying that Publicis is “back to growth with a bang.”
  • Deutsche Wohnen shares gain as much as 6.8% after Germany’s top court struck down Berlin’s five-year rent freeze and restrictions forcing landlords to reduce prices, saying the city lacked the power to impose the rules.
  • ABB shares advanced as much as 4.1% as preliminary results came in above expectations. Handelsbanken said the stronger outcome in 1Q for operational Ebita increases its FY 2021 earnings outlook by 4.3%.
  • THG shares fall as much as 5.2% after the online retailer maintained recently upgraded FY ‘21 revenue growth guidance of +30% to +35% and signaled capital expenditure would be higher.
  • SEB shares decline as much as 1.8%, with the stock being cut to sell at Handelsbanken. The broker said it saw weak loan demand from corporates, but strong capital position.

Earlier in the session, Asian stocks gained, overcoming a midday dip, as a gauge of technology shares erased a loss and climbed. TSMC was the biggest boost to the MSCI Asia Pacific Index and Taiwan’s benchmark stock gauge, climbing into the close ahead of its results. The chipmaker beat profit expectations and raised its capex target for the year to $30 billion from a range of $25 billion to $28 billion. Japanese stocks rose as gains in the yen slowed and oil surged to the highest level in a month amid an increase in U.S. demand. China and Hong Kong stocks declined as the People’s Bank of China refrained from adding more liquidity into the banking system for a fourth month, seeking to contain rising leverage. Thailand’s stock market was closed for a holiday.

Chinese stocks fell on Thursday, after the central bank underlined its intention to contain leverage and pursue policy normalization by adding just enough cash to maintain medium-term liquidity. The CSI 300 Index pared an earlier 1.6% decline to close 0.6% lower, just above its 200-day moving average. Liquor giant Wuliangye Yibin lost 3% and Industrial Bank fell 3.9%, among the biggest drags. Hong Kong’s Hang Seng Index slid 0.4%. PBOC’s Cash Injection Disappoints Stock Traders Wanting More The PBOC injected 150 billion yuan ($23 billion) into the financial system on Thursday with its medium-term lending facility, slightly less than the 100 billion yuan in one-year policy loans and 56.1 billion yuan of targeted loans maturing on April 25.

Banks fell, with the CSI 300 Financial Index declining the most in three weeks. The PBOC’s stance on Thursday also suggests it isn’t concerned about possible contagion from the recent credit stress engulfing China Huarong Asset Management Co., one of the nation’s largest distressed-debt managers. The CSI 300 Index has lost 15% since climbing to a 13-year high in February, amid investor concerns about tighter monetary policy as the economy recovers. The “PBOC’s operation confirmed the relative pessimistic expectations,” said Wang Chen, partner at XuFunds Investment Management Co., noting that it had a negative impact on the market

In rates, treasuries hold gilt-led gains accumulated during European morning, leaving long-end yields richer by ~2bp, amid gains for stock futures. U.S. 10-year, lower by 1.8bp at 1.615%, trails gilts by ~1bp with bunds broadly in line; curve flattens, with 2s10s tigher by 1.5bp, 5s30s by 0.7bp. Asia session featured choppy price action on low volume, with some focus on front-end buying following Credit Suisse analyst Zoltan Pozsar’s call for limited year-end funding pressures. U.S. economic data slate includes retail sales and industrial production. 

In FX, the Bloomberg Dollar Spot Index fell to a day low in the European session as the greenback fell against all of its Group- of-10 peers while the 10-year Treasury yield neared a three-week low. Commodity currencies, led by the kiwi and Aussie, were the top performers; the yen held its strongest level in three weeks. The euro rose to a six-week high of $1.1993 before erasing the move; options that capture the ECB monetary policy decision on April 22 suggest market makers see no big risk of a strong pick up in volatility. The pound traded in a narrow range, lacking a clear catalyst as concerns grow that its early year outperformance has run out of steam. The Australian dollar rebound in the European session; it earlier retreated after a decline in the number of full-time jobs took the shine off the nation’s March employment data. Russian bonds sank the most since March last year and the ruble tumbled as the U.S. prepared to unveil sanctions on Russian sovereign debt, the so-called “nuclear option” that has dimmed investor appetite for the market for years.

Elsewhere, Bitcoin was steady and Coinbase Global Inc. climbed 9.4% in pre-market trading following news that three funds at Cathie Wood’s Ark Investment Management bought shares. Oil declined after Wednesday’s surge.

Looking at the day ahead, there’s an array of data out from the US including March retail sales, industrial production and capacity utilisation. In addition, there’s the weekly initial jobless claims, and April data on the Empire State manufacturing survey, the Philadelphia Fed business outlook and the NAHB housing market index. Otherwise, Fed speakers include Bostic, Daly and Mester, and there are an array of earnings releases including UnitedHealth Group, Bank of America, PepsiCo, Citigroup, Charles Schwab, BlackRock and Delta Air Lines.

Market Snapshot

  • S&P 500 futures up 0.4% to 4,135.50
  • STOXX Europe 600 up 0.33% to 438.03
  • MXAP up 0.3% to 207.85
  • MXAPJ up 0.3% to 692.58
  • Nikkei little changed at 29,642.69
  • Topix up 0.4% to 1,959.13
  • Hang Seng Index down 0.4% to 28,793.14
  • Shanghai Composite down 0.5% to 3,398.99
  • Sensex down 0.2% to 48,428.51
  • Australia S&P/ASX 200 up 0.5% to 7,058.62
  • Kospi up 0.4% to 3,194.33
  • Brent Futures down 0.7% to $66.14/bbl
  • Gold spot up 0.5% to $1,745.45
  • U.S. Dollar Index little changed at 91.64
  • Euro little changed at $1.1984
  • German 10Y yield down 1bp to -0.27%

Top Overnight News from Bloomberg

  • The Biden administration is poised to take action against Russian individuals and entities in retaliation for alleged misconduct including the SolarWinds hack and efforts to disrupt the U.S. election, according to people familiar with the matter
  • The number of U.K. online job advertisements returned to levels seen before the Covid-19 pandemic for the first time last week, a tentative sign of recovery after economy’s worst slump in three centuries
  • Global bond demand appears to be reviving with the latest sign being a splurge by Japanese investors at the start of their fiscal year. Funds based in the Asian nation snapped up 1.7 trillion yen ($15.6 billion) in overseas fixed- income assets in the first full week of April, the most in five months, according to data released by the Ministry of Finance. That may set the tone for strategy briefings by local insurers this month
  • Anyone hoping Libor’s death notice would accelerate the shift of hundreds of trillions of dollars worth of derivatives toward replacement benchmarks will be sorely disappointed. In the U.S, just 4.7% of contracts traded in March were pegged to the Secured Overnight Financing Rate, or SOFR, the benchmark slated to replace the London interbank offered rate, down from 5% in February
  • Installed after Turkey’s President Recep Tayyip Erdogan abruptly fired his predecessor following a bigger-than-expected rate increase, central bank Governor Sahap Kavcioglu is under pressure to reduce rates but has so far signaled he would not rush to loosen the stance he inherited
  • The U.S. canceled plans to send two warships through Turkish straits into the Black Sea this week, Turkish Foreign Minster Mevlut Cavusoglu said Thursday, after Russia warned American vessels to stay away from a coastal region it annexed in 2014
  • The direct listing of Coinbase Global Inc. on Nasdaq is a turning point for the whole cryptocurrency sector, according to the firm’s Chief Executive Officer Brian Armstrong

Quick look at global markets courtesy of Newsquawk

Asian equity markets were cautious after the choppy performance stateside where there was a reversal of fortunes among the major indices from the day before in which the S&P 500 and Nasdaq finished negative amid underperformance in tech. Conversely, the DJIA bucked the trend and notched a fresh record high with energy the biggest gaining sector after oil prices rallied by more than 4% and financials remained afloat despite mixed trade among the blue-chip banks which kick-started earnings season. ASX 200 (+0.5%) swung between gains and losses as pressure in tech and an initially subdued financials sector were offset by energy and mining names, with participants also mulling over updates from the likes of Bank of Queensland, Qantas and Whitehaven Coal. Nikkei 225 (+0.1%) also lacked firm direction amid an indecisive currency and as Japan considers stricter COVID-19 measures for areas surrounding Tokyo, while KOSPI (+0.3%) was kept afloat after a lack of surprises by the BoK which kept rates unchanged at 0.50% and noted uncertainties for growth are high but added the recovery will continue on exports and investment. Hang Seng (-0.4%) and Shanghai Comp. (-0.5%) underperformed as tensions between US and China lingered amid the US delegation visit to Taiwan and with China’s military to conduct live-fire drills off Taiwan which is viewed as a ‘declaration of sovereignty’ and warning to foreign nations, while China’s top official in Hong Kong also warned that any foreign power which attempts to use Hong Kong as a pawn will face counter measures. Furthermore, the PBoC announced a CNY 150bln 1-year MLF operation although this failed to spur risk appetite and is expected to result to net drain for the month as there were CNY 100bln of MLF maturing today and CNY 56bln of targeted MLF loans due next week. Finally, 10yr JGBs were flat as prices held on to yesterday’s gains amid the non-committal tone seen across most the regional bourses, while the firmer demand at then enhanced liquidity auction for long-end JGBs failed to inspire price action

Top Asian News

  • TSMC Lifts Targets After Warning Chip Crunch May Spill Into 2022
  • Hong Kong Widens Vaccine Access to Residents Ages 16 And Up
  • TSMC Raises 2021 Capex, Sales Growth Outlook
  • ByteDance Is Said to Kick Off IPO Preparations for China Assets

Major bourses in Europe eke mild gains (Euro Stoxx 50 +0.2%) after experiencing somewhat of a lukewarm cash open as sentiment is seemingly more constructive following a cautious and indecisive APAC lead. US equity futures meanwhile see more pronounced gains following the reversal seen on Wall Street yesterday – with the cyclically-driven RTY (+1.0%) outpacing peers – whilst the next wave of US earnings gets underway; for reference, Bank of America, Citi, Delta, UnitedHealth, BlackRock and PepsiCo are on the docket. Back to Europe, the FTSE 100 (+0.6%) has thus far maintained a narrow lead as heavyweight oil and mining names reap rewards from the higher crude and base metal prices, whilst broad-based gains are seen across Euro bourses. Sectors in Europe kicked off trade with a more procyclical tilt, but that earlier bias dissipated with no theme to be derived. Energy and Financials lag amid recent losses in
the oil/gas and yields. The sectoral breakdown does not provide much by way more meat on the bones, but the tech sector bodes well following upbeat earnings from chip-giant TSMC, who also sees chip demand continuing to be high and the chip shortage maybe lasting into 2022. The Travel & Leisure sectors has also waned alongside commentary from the German Health Minister who stated it will take until Q3 for group immunity from COVID in Germany. In terms of individual movers, AB InBev (+4.5%) leads the gains in the Stoxx 600 as the a broker upgrade at Barclays bolstered the Co., whilst Publicis (+3.8%) is a close second amid a constructive Q1 sales update. Meanwhile, Deutsche Wohnen (+4%) and AroundTown Properties (+1.1%) derived impetus from reports a German Court has ruled that the Berlin rent cap is invalid.

Top European News

  • Berlin’s Rent Freeze Toppled Ending Aggressive Housing Clampdown
  • DNB, Norway’s Biggest Bank, Offers $1.3 Billion for Sbanken
  • Deliveroo CEO Shu Pins Weak IPO on Volatility, Archegos Fallout
  • German Institutes Cut 2021 Economic Outlook on Longer Lockdowns

In FX, the Dollar is holding in, albeit remaining soft against most major counterparts and several EM rivals as the DXY pares some losses within a 91.487-704 range. US Treasury and other bond yields are softening again awaiting a relatively busy docket including top-tier data, regional Fed surveys and 4 speakers, while the Greenback is also striving to stay above certain psychological and technical levels amidst decent option expiry interest.

  • NZD/AUD: Both still gleaning more than most from Buck weakness, but the Kiwi also benefiting from further retracement in the Aud/Nzd cross post-RBNZ and in wake of a somewhat mixed Aussie labour report overnight, as the headline employment change exceeded expectations 2-fold, but was all due to part-time workers given a near 21k fall in the number of full time jobs. Nzd/Usd is hovering towards the upper end of 0.7135-80 parameters, with Aud/Nzd testing 1.0800 and Aud/Usd trying to clear resistance around 0.7750 convincingly, but also facing a formidable hurdle in the form of 1.1 bn option expiries from the half round number up to 0.7765. Ahead, NZ manufacturing PMI and more Chinese data after conflicting trade earlier this week.
  • CAD: The next best G10 performer as the Loonie reclaims 1.2600+ status vs its US peer awaiting Canadian manufacturing sales for some independent impetus rather than ADP payrolls that are now pretty outdated, if not redundant in wake of last Friday’s blowout official employment release.
  • JPY/GBP/EUR: Also firmer against the Dollar with the Yen nearer 108.70 than 109.00 where the start of some hefty option expiry interest resides stretching up to 109.25 (2 bn from 109.00-10 and 1 bn between 109.15-25 to be precise), Sterling eyeing 1.3800 vs a 1.3765 low and the Euro looking at 1.2000 next despite ongoing COVID-19 concerns across the Eurozone that have prompted Germany’s Economic Institutes to downgrade their 2021 GDP forecast to 3.7% from 4.7%, though raising next year’s growth estimate to 3.9% from 2.7% at the same time. Note also, Eur/Usd has option expiries to contend with as 1.9 bn roll off at the NY cut between 1.1975-60, so covering the 1.1970 trough.
  • CHF: The Franc is straddling 0.9225 and 1.1055 against the Greenback and Euro respectively in the run up to speeches from SNB’s Maechler and Moser on the pandemic, financial markets and digital transformation that is likely to reinforce standard policy guidance if either Board member make remarks on negative rates and currency intervention.

In commodities, WTI and Brent front-month futures are again experiencing choppy price action heading into the US open with no particular catalyst attributed to the price action. That being said, the energy market attempts to juggle several factors including the resurgence of the virus in some economies, the limited vaccine rollouts amid blood clot reports, OPEC+ supply and geopolitical developments. Some earlier weakness in oil prices coincided with commentary from the German Health Minister who stated it will take until Q3 for group immunity, which translates to a slower pickup in domestic activity, but more-so a slower recovery in air travel. In terms of geopolitical developments, Saudi Aramco facilities were again targeted by Houthi militia – but Saudi reportedly intercepted these attacks. Elsewhere, eyes remain on the Russia /Ukraine tensions as rhetoric ramps up, with Ukraine laying out its red lines – the crossing of the border – which could prompt a military response. Meanwhile, China is poised to conduct military drill during US’ visit to Taiwan. Further, participants will also be eyeing the JCPOA talks that are set to continue today as Iran gets closer to developing  weapongrade uranium. WTI Jun is back below USD 63/bbl (vs high USD 63.50/bbl) whilst Brent loses ground below USD 66.50 /bb (vs high 65.96/bbl). Elsewhere, spot gold and silver benefit from the softer Buck with the former meandering just under the USD 1,750/oz (vs low USD 1,734/oz) mark with technicians citing a double-top at 1,749/oz. Turning to base metals, LME copper is benefitting from the broader gains across stocks, and the softer Buck, with prices comfortably back above USD 9,000/t.

US Event Calendar

  • 8:30am: March Retail Sales Ex Auto and Gas, est. 6.4%, prior -3.3%
  • 8:30am: April Continuing Claims, est. 3.7m, prior 3.73m
  • 8:30am: March Retail Sales Control Group, est. 7.2%, prior -3.5%
  • 8:30am: March Retail Sales Ex Auto MoM, est. 5.0%, prior -2.7%
  • 8:30am: April Initial Jobless Claims, est. 700,000, prior 744,000
  • 8:30am: April Philadelphia Fed Business Outl, est. 41.5, prior 51.8
  • 8:30am: March Retail Sales Advance MoM, est. 5.8%, prior -3.0%
  • 8:30am: April Empire Manufacturing, est. 20.0, prior 17.4
  • 9:15am: March Capacity Utilization, est. 75.6%, prior 73.8%
  • 9:15am: March Manufacturing (SIC) Production, est. 3.6%, prior -3.1%
  • 9:15am: March Industrial Production MoM, est. 2.5%, prior -2.2%
  • 9:45am: April Langer Consumer Comfort, prior 51.9
  • 10am: Feb. Business Inventories, est. 0.5%, prior 0.3%
  • 10am: April NAHB Housing Market Index, est. 84, prior 82
  • 4pm: Feb. Total Net TIC Flows, prior $106.3b

DB’s Jim Reid concludes the overnight wrap

Global markets are a bit dull at the moment but a lively listing from Coinbase turned another grind higher into a small risk-off session later in US trading. The S&P 500 (-0.41%) fell back from its record highs due to the underperformance of technology stocks after the Coinbase reversal (after a blistering start) and as global yields rose slightly.

Even with the marginal pullback, financial conditions are the most benign in years by some metrics, with Bloomberg’s index of financial conditions in the US easing to its most accommodative level since 2007 yesterday, which just shows how rapidly things have normalised relative to how long it took after the GFC. For comparison’s sake it took until the latter part of 2014 for the index to approach pre-GFC levels.

The turn lower in technology stocks seemed to coincide with a pullback in the new Coinbase direct listing, which at one point valued the cryptocurrency exchange at around $112bn. This was when it traded at $429 after being launched at $250 on the NASDAQ exchange. It eventually closed at $328.28. As a reference point companies around a $110bn market value in the US include Goldman Sachs ($119bn), Lockheed Martin ($108bn), and 3M ($114bn). That’s how big Bitcoin has become.

With technology shares falling back, cyclicals outperformed yesterday led primarily by the energy sector (+2.91%) as WTI futures rose +4.94% and Brent crude added +4.57%. The rally in oil prices came after a larger-than-expected draw on crude inventories. Much of the weakness in risk assets came in the latter part of US trading, and so the STOXX 600 (+0.19%) and other European bourses were able to hold on to their marginal gains.

Elsewhere in cyclicals, largely positive earnings for US financials saw earnings season start in earnest. Three of the largest US banks reported yesterday morning. JPMorgan (-1.75%) started off the cycle and reported a +49% beat on EPS at $4.5/share. Trading revenue climbed 25% even as expectations were for lower volumes across the market. The higher trading numbers were dimmed by lower loan demand, but the bank had a larger-than-expected reserve release as the lender did not see as much loan losses coming in the future. In the ensuing conference call, bank executives noted that many of the bank’s clients seem to be saving or paying down debt with the recent stimulus checks rather than going out and spending it. Goldman Sachs (+2.31%) saw a record profit last quarter on the back of strong trading and deal-making, with the firm’s SPAC business boosting equity underwriting revenues by over 300%. Lastly Wells Fargo (+5.63%) rose strongly as Q1 net income increased to $4.7bn, aided by a larger-than-expected release of loan-loss reserves, even as net interest income was lower than expected. The bank’s CEO noted on the conference call that the lower-for-longer rates will continue to drag on earnings. ‘

In addition, we heard from Fed Chair Powell, who took part in a moderated discussion sponsored by the Economic Club of Washington late in the US session. Chair Powell spoke about the order of operations when it comes to tightening financial conditions and said the Fed would follow the 2013-2014 blueprint, where asset purchases were tapered “well before” any interest rate hikes were considered. Powell noted that the FOMC, “haven’t voted on that order, but that is the sense of the guidance that it would work in that way.” He noted that there also has been no discussion of whether the Fed would then shrink the balance sheet – by letting bonds mature – after additional purchases were paused. When speaking on market pricing, Powell noted that “Markets focus too much on what we call the economic predictions, and I would focus more on the outcomes that we’ve described” – pointing specifically to job creation and price levels.

His counterpart in Europe, ECB President Lagarde spoke at a Reuters Newsmaker event yesterday as well. She described the European economy as still standing on the “two crutches” of monetary and fiscal policy and that neither should be removed until there is a full recovery. The comments come ahead of the ECB meeting next week, which is the first since they increased the pace of the Pandemic Emergency Purchase Programme (PEPP) to slow the surge in bond yields and keep credit cheaper for member governments.

Even before Powell had begun speaking sovereign bond yields had moved higher, and actually 10yr US Treasuries peaked (+3.4bps) just prior to the Fed Chair’s comments before ending up +1.8bps at 1.632%, with inflation expectations (+2.2bps) increasing even as real yields (-0.4bps) fell back slightly. Europe saw more noticeable moves, with yields on bunds (+3.4bps), OATs (+3.4bps) and BTPs (+4.6bps) rising as well.

Asian markets are trading mixed this morning with the Nikkei (+0.10%) and Kospi (+0.38%) up while the Hang Seng (-0.96%) and Shanghai Comp (-1.18%) are losing ground. The underperformance of the Shanghai Comp comes as the PBOC injected CNY 150bn into the financial system which is just enough to offset CNY 100bn due today and CNY 56.1bn of targeted loans maturing on April 25. This came short of expectations as sales of government bonds are forecast to accelerate and banks are assisting corporate clients in paying taxes. Outside of Asia, futures on the S&P 50 are up +0.13% while European ones are pointing to a mixed open with those on the Stoxx 50 (-0.15%) and Dax (-0.09%) trading weak but with FTSE 100 futures up +0.13%.

On the pandemic, the rise in the global case count has shown no sign of abating, with John Hopkins data showing that the number of confirmed cases rose by over 5m in the week through Tuesday. That’s the first time the weekly increase has been above 5m since mid-January and is a sizeable reversal from the recent low in mid-February, when cases were rising by “only” 2.5m a week. India has been one of the worst affected, and only yesterday reported another record 200,739 new cases, according to India’s Health Ministry data. Iran also reported a record 25,582 new cases yesterday. Some areas of the US are also in serious difficulty right now, with Michigan experiencing a major surge in new cases (70 cases per 100k people), and numerous states are experiencing rising caseloads, albeit not to the same extent. Elsewhere, Japanese daily Jiji cited Toshihiro Nikai, the secretary general of the ruling Liberal Democratic Party, as saying that the Tokyo Olympics could be cancelled if it was determined to be impossible to hold the Games.

There were some further developments on the vaccine front, as Denmark became the first EU country to drop the use of the AstraZeneca vaccine permanently from its rollout. This follows a number of countries restricting its usage to various age categories in the aftermath of blood clotting incidents. Meanwhile on the Johnson & Johnson vaccine, which the US has recommended be paused, the European Medicines Agency separately confirmed that they expected to issue a recommendation on the vaccine next week. In more positive news however, European Commission President von der Leyen said that 50m extra doses of the Pfizer/BioNTech vaccine would arrive in Q2, having previously been foreseen for Q4. In turn, this will take the total number of doses from Pfizer/BioNtech to 250m in Q2.

It was a fairly quiet day on the data side yesterday ahead of today’s more notable releases, but we did get Euro Area industrial production for February, which fell by -1.0% in February (vs. -1.3% expected). Otherwise, the US import price index in March rose by +1.2% month-on-month (vs. +0.9% expected), while the export price index also rose by a stronger-than-expected +2.1% (vs. +1.0% expected).

To the day ahead now, and there’s an array of data out from the US including March retail sales, industrial production and capacity utilisation. In addition, there’s the weekly initial jobless claims, and April data on the Empire State manufacturing survey, the Philadelphia Fed business outlook and the NAHB housing market index. Otherwise, Fed speakers include Bostic, Daly and Mester, and there are an array of earnings releases including UnitedHealth Group, Bank of America, PepsiCo, Citigroup, Charles Schwab, BlackRock and Delta Air Lines.

end

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 17.73 PTS OR 0.52%   //Hang Sang CLOSED DOWN 107.69 PTS OR 0.67%     /The Nikkei closed UP 21.70 POINTS OR 0.07%//Australia’s all ordinaires CLOSED UP 0.51%

/Chinese yuan (ONSHORE) closed UP AT 6.5271 /Oil UP TO 63.07 dollars per barrel for WTI and 66.47 for Brent. Stocks in Europe OPENED ALL GREEN //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5271. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5283   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/

END

b) REPORT ON JAPAN

END

3 C CHINA

CHINA/

Chinese stocks slide as the decline in China’s credit impulse begins to show

(zerohedge)

Chinese Stocks Slide As Latest PBOC Cash Injection Again Disappoints Traders

 
THURSDAY, APR 15, 2021 – 10:17 AM

The ongoing decline in China’s credit impulse, which we have discussed extensively here in recent weeks, just made its latest appearance and the market was not happy.

Chinese stocks fell on Thursday, after the central bank underscored its intention to contain leverage and pursue policy normalization by adding just enough cash to maintain medium-term liquidity.

On Thursday, the PBOC injected 150 billion yuan ($23 billion) into the financial system on Thursday with its medium-term lending facility. That was slightly less than the medium-term lending facilities due in April even as liquidity is set to tighten this month, with 100 billion yuan due and 56.1 billion yuan of targeted loans maturing on April 25.

The PBOC withdrew a net 40.5 billion yuan of one-year funds in the first quarter, as policy makers address the twin challenge of a buildup in leverage while supporting the economic recovery from the pandemic. The tightening ricocheted through markets, with the main equity gauge falling from the highest in more than a decade while the benchmark money-market rate jumped to a three-year high in February.

In kneejerk response, the CSI 300 Index pared an earlier 1.6% decline to close 0.6% lower, just above its 200-day moving average.  Banks fell, with the CSI 300 Financial Index declining the most in three weeks.

The CSI 300 Index has lost 15% since climbing to a 13-year high in February, amid investor concerns about tighter monetary policy as the economy recovers. The “PBOC’s operation confirmed the relative pessimistic expectations,” said Wang Chen, partner at XuFunds Investment Management Co., noting that it had a negative impact on the market.

And while money markets barely reacted, unlike the last time China’s tightened financial conitions, Bloomberg notes that the decline in stocks showed how equity traders are struggling to come to terms with plans by Chinese policy makers to gradually wind back pandemic-fueled stimulus: “The test for the economy will come in the weeks ahead as banks need to help corporate clients pay taxes, and as sales of government bonds are forecast to accelerate.”

“The expectation in the market is that the central bank will gradually tighten its liquidity as it seeks policy normalization after the pandemic,” said Zhang Gang, a strategist at Central China Securities Co.

“PBOC is fully aware of the impact of tax payment and local government bond issuance in April on domestic liquidity,” says Tommy Xie, head of Greater China Research at Oversea- Chinese Banking Corp. in Singapore

He added that authorities will probably add more cash via open-market operations, noting that “It looks like PBOC is phasing out TMLF as they rely more on re-lending and re-discount to support the demand from smaller companies, MLF rollover is actually higher.”

Also notably, the PBOC’s stance on Thursday suggests it isn’t concerned about possible contagion from the recent credit stress engulfing China Huarong Asset Management Co., one of the nation’s largest distressed-debt managers.

Which is odd since Chinese policy makers have always been cautious about rapid increases in leverage. In 2017, the PBOC guided money rates higher, driving the benchmark 10-year yield to a three-year high, after low borrowing costs spurred a surge in property prices. The government has said it aims to keep macro leverage “basically stable” in 2021, after the country’s debt-to-GDP ratio soared to a record 279% late last year following a series of stimulus measures deployed to blunt the virus impact.

The central bank’s operation Thursday “is a bit disappointing to the bond market and funding costs will rise,” said Xing Zhaopeng, senior China strategist at Australia & New Zealand Banking Group Ltd. in Shanghai. The PBOC is likely to add more cash through seven-day reverse-repurchase agreements to plug the liquidity gap as the tax payment season starts later this month, he said.

That said, as Bloomberg notes, banks aren’t suffering from a severe shortage in cash. The 7-Dau repurchase rate is close to its average level for the past year, and the 10-year sovereign bond yield is near its lowest level in more than two months. Of the analysts surveyed by Bloomberg, two had forecast a neutral stance from the PBOC, with the third seeing a gross injection of 150 billion yuan to 200 billion yuan.

The PBOC looks to be phasing out the usage of targeted loans, and is instead focusing on other policy tools to support small firms, according to Tommy Xie, head of Greater China research at Oversea-Chinese Banking Corp. in Singapore.

4/EUROPEAN AFFAIRS

UK/CORONAVIRUS UPDATE//VACCINE UPDATE

END

EU/MONTENEGRO

You will recall that China lent this tiny country in the Balkan 1 Billion euros to build a highway through mountainous regions.  China is demanding increasing influence from Montenegro and they do not like it.  The country is asking the EU for help and they were turned down.

(zerohedge)

EU Slams Door On Montenegro Plea For €1BN China Loan Bailout

 
THURSDAY, APR 15, 2021 – 05:45 AM

The European Union this week rebuffed a desperate plea from the tiny country of Montenegro – among the Balkans’ youngest nations after it broke from from a federation with Serbia in 2006 – to pay off an almost one billion euro loan from China which it borrowed for an ambitious highway project, deemed among the world’s most expensive.

At a moment Beijing is said to hold a quarter of all Montenegro’s debt, the state-owned China Road and Bridge Group has completed one-third of the highway at an estimated cost of €20 million per kilometer. Part of Xi’s ‘Belt & Road Initiative’ the highway is so expensive in part due to Montenegro’s extreme mountainous terrain and “difficult geological conditions” – according to a recent Chinese government statement.

The Financial Times reported this week that Montenegro has essentially begged the European Union to step in, and to help a rescue deal along officials are now hyping the “Chinese influence threat” on Europe’s periphery. It should be noted that tiny Montenegro became a NATO member in 2017, to Russia and Serbia’s great consternation.

Unfinished Bar-Boljare motorway in Montenegro, via Shutterstock

A European Commission spokesperson said at the start of this week that there’s essentially no chance that the EU will come in to bail out Montenegro, which hopes to within the next few years become an EU member – a process it started immediately upon breaking with Serbia. 

“We are not repaying the loans they are taking from third parties,” said the European Commission statement. The statement went on to voice concern over the sizeable Chinese investment in the country. “There is the risk of macro-economic imbalances and debt dependency.”

And further an EU official was cited in FT as explaining the following:

The EU has indicated a willingness to help but a commission official said it would be hard to find the proper financial instruments, a task made harder because the project was almost complete. “Politically we want to help . . . But the size of the loan is disproportionate to the size of the economy, so the mechanics are not obvious yet,” the official said.

Montenegro would also need to commit to fiscal reforms, the official added, noting that the highway project did not match EU standards.

FT noted further the China loan has “imperilled the finances of the small western Balkan nation.”

Critics have accused China of luring small and struggling Asian and Balkan nations into signing onto huge infrastructural investment project deals as part of the BRI, which often involve outsized loan packages that their already strapped governments and tiny populations can’t handle. 

Further, “Montenegro will have to find its own way to handle the Chinese loan, spent on a 44 km stretch of the 165 km motorway, the spokeswoman said, but the EU was willing to help with money for the rest of the road through its 9 billion euro Economic and Investment Plan for the Western Balkans,” Reuters noted of the statement.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

/UKRAINE/RUSSIA/TURKEY/BELARUS/POLAND

Russia Deploys Su-34 Jets To Black Sea Region, US Not To Send It’s Warships There

 
 
 
There is something for a bigger going on than just the potential conflict between the Ukraine and Russia. They are 2 complete armies now poised within a 50 km radius of the Russian border and 3 paratroop Divisions.
Addition there is over 300 fixed wing aircraft and numerous helicopters now brought up within a short strike distance within the Russian borders. And in the Belarusian/ Russian border missiles have been moved into forward positions effectively now being able to create a NO FLY zone over Belarus and a strike zone well beyond Belarus within 3 minutes. Poland looks very vulnerable now. I wonder if they realize just how vulnerable they are?

It is unlikely that all this equipment and manpower is being brought up for a simple fight between the Ukraine and Russia. It would be a kin to bringing a sledgehammer to use on a nail. And yes, it’s very clear that additional sanctions are being imposed by the US and Russia. And to further escalate matters is also just as clear that there will be no meetings between Russia and the United States in the short term. Big telltale sign is the fact that the Russian ambassador of the United States has not returned to the US. And there are unconfirmed rumors of NATO MISSILES being deployed in the western Ukraine pointed at Russia. This a RED LINE for Russia as it means that such missile placement is 5 minutes away from target strike within Russia and does allow for severe damage if not outright risk for Russian sovereign existence. They are being placed into a position of fighting now vs later. As later will be too late as country safety will be in jeopardy. While such activity is madness of the first order, it is occurring now.

What also is alarming and gives rise to thinking something else is a foot on a larger scale is the resupply of the Russian Pacific Fleet which is being re-supplied with additional missiles and stores and being rapidly redeployed to sea. A resupply is a natural event that occurs; what is unusual is that various ships are taking on additional missiles to what they normally would carry in routine naval operations. This makes one think there’s something much bigger than a confrontation between Ukraine and Russia is a foot. And the Risk of use of tactic nuclear missiles should not be ruled out in Europe. Sadly, it seems the time dialogue is past and the next step is well under way .

By the end of this month, the ground will be hard enough with the winter thaw having departed for the use of heavy military equipment in the Donbas. And I anticipate that without de escalation we will witness a broad based conflict between NATO AND RUSSIA and whether it goes beyond, is anyone’s guess. The fact that the US is not sending in their ships into the Black Sea tells us that they have taken the Russian warnings seriously that the ships will be sunk, and this distances the actual US military from NATO. And that SUGGESTS that there is a division within America between the government and military as to the course of escalations going on in Europe. It will not be surprising to see a war break out where the US stands back and a further hint is the carrier forces on both sides of America to protect  America. The job and oath of the US military is to defend the constitution and the American people and not to engage in foreign intrigue. America state affairs are another story entirely. And one cannot help but wonder what else is in play beyond what is visible.

At the same time there are growing signs of a Chinese invasion of Taiwan which may well occur within hours or days of a conflict in Europe. There is a huge build up in the vicinity of Taiwan and there are over 250 Chinese vessels in territorial waters of the Philippines.

May looks like a most uncertain month full of volatility on a number of fronts.

https://southfront.org/russia-deploys-su-34-jets-to-black-sea-region-us-not-to-send-its-warships-there/

Cheers
Robert

 
RUSSIA/USA/UKRAINE
Not a very smart move on the part of Biden:  USA to slap new sanctions on Russia today.
(zerohedge)

US To Slap Russia With New Sanctions Thursday: Report 

 
THURSDAY, APR 15, 2021 – 07:03 AM

Sources tell Reuters the Biden administration is preparing to announce a series of sanctions against Russia as soon as Thursday for election interference and the alleged SolarWinds hack. This is also happening as Russia amasses tens of thousands of troops near the Ukrainian border and convoys of tanks as a flare-up in tensions in eastern Ukraine could be imminent. 

Several Russian officials are expected to face expulsion from the US in a new round of sanctions. There are about 30 entities also expected to face sanctions for election interference and the alleged SolarWinds hack. As many as ten Russian could be expelled, the sources continued. 

This is all happening as storm clouds gather over Europe’s eastern flank. 

On Sunday, US Secretary of State Antony Blinken told NBC’s “Meet the Press” that Russia faces “consequences” if at any point it acts “aggressively” towards Ukraine

“I have to tell you I have real concerns about Russia’s actions on the borders of Ukraine,” Blinken warned. “That’s why we’re in very close contact, in close coordination, with our allies and partners in Europe. All of us share that concern.”

“President Biden’s been very clear about this. If Russia acts recklessly, or aggressively, there will be costs, there will be consequences,” the secretary of state said further.

But when pressed on potential military options on the table, he responded, “I’m not going to get into hypotheticals.”

The Biden administration appears to be plotting their revenge against Moscow for the alleged SolarWinds hack and election interference. 

We would suspect if the US officially announces the sanctions tomorrow – a tit-for-tat sanction war would ensue, further straining relations between Washington and Moscow while the threat of war on the eastern Ukraine border rises. 

END
and late this afternoon:
KERCH STRAIT: 
This is dangerous!!
please read….
from Robert to me:

Kerch strait will be closed as of next week until October of this year

 
 
 
If you were wondering why gold soon to be followed by silver is rising fast, ponder no more.
War is coming to Europe, there is no question, only denial by those parties not listening or watching a nightmare unfold. 
 
This denial of passage of state or foreign vessels is effectively  closing off the Ukrainian ports of Mariupol and Berdyansk to traffic for 6 months. This only the tightening of the vise to the effective Ukrainian declaration of war against Russia. 
 
If this is not clear enough please watch various video’s of cars leaving the Donbas for Russia for safety. Citizens there understand better than anyone what is coming. Does anyone really think the Ukrainians are creating minefields for fun? Or that their massing of troops or that of Poland is strictly for parade? One can only pray for the many souls who will parish as a result. 
 
War will bring new realities and some of these realities will come at the expense of personal freedom as we are already seeing in countries like Czechoslovakia as tough rules exist for business openings and civilian movement. And they are not alone. This should be considered as the new normal going forward.  The bigger question is whether various governments in Europe default on their debts. War brings opportunities to denounce the past and it is doubtful that the “build back better” crowd will waste opportunity. That is if they get to play in the new realities that war will bring to the continent. Britain could be a big winner if they manage to stay out of the fight. 
 
There are new realities on the horizon to be faced by Europe that will bring no doubt many unexpected events. And it is becoming more doubtful by the day that tactical nukes will not be used by various parties. As survival of factions will come to be more important early in the conflict. 
 
Russia will be fully deployed and ready by the middle of next week. You can expect the shooting to start anytime there after. If you were thinking of visiting the eastern part of Europe this spring, waiting is the better part of valor as travel will be disrupted. Even now prudent pilots will give the area a wide berth. And soon any existing flights across and in the region will face cancellations. 
 
 
 

end
Biden blinks first but pulling warships out of the Bosphorus. Biden calls for a meeting with Putin which will never happen
(zerohedge)

US Cancels Black Sea Deployment Of 2 Warships After Biden-Putin Call

 
THURSDAY, APR 15, 2021 – 11:10 AM

Turkey has revealed that a pair of US warships which were scheduled to sail through the Bosporus starting Wednesday have canceled their passage. Interestingly it comes on the heels of the Tuesday Biden-Putin phone call wherein Biden is said to have proposed the two leaders meet “in the coming months”.

Anadolu state news agency has indicated that both deployments scheduled to take place through Thursday have been cancelled, and that no further rescheduling has yet occurred. The news comes after the Kremlin issued threats for the warships to steer clear of Crimea “for their own good” and announced naval exercises of its own. 

Turkey first indicated the planned-for passage last week, and at the same time a US defense official had told CNN the warships would be deployed “in the next few weeks in a show of support for Ukraine,” and further the deployment would “send a specific message to Moscow that the US is closely watching.”

Via AFP

But it appears the Biden White House has chosen to issue its ‘deterrent messaging’ related to the Russian troop build-up near the border with eastern Ukraine in the form of Thursday’s new sweeping anti-Russia sanctions measures that were prompted chiefly by the SolarWinds hack and alleged ‘election meddling’.

The avoidance of sending more warships into the Black Sea also came just after Tuesday’s Biden-Putin phone call. The BBC has this important commentary which says the call was a major diplomatic victory for the Russian side

The build-up has been impossible to ignore: thousands of Russian troops deployed towards Ukraine; US warships reportedly heading for the Black Sea and Russia’s foreign ministry warning them off “for their own good”.

As the hostile rhetoric and military moves around Ukraine have intensified, Western politicians have begun fearing an open invasion and urging Russia’s Vladimir Putin to “de-escalate”.

Russia has refused: the defense ministry this week insisted its moves were in response to “threatening” Nato exercises in Europe.

Then Mr Putin got a phone-call from the White House.

And then, notes the BBC, Biden suggested a near-future face-to-face summit with Putin, which gives Russia the edge given it was the US side that first proposed it:

“In Putin’s game of brinkmanship, Biden blinked first,” argues journalist Konstantin Eggert, after Joe Biden made his first call to the Kremlin and proposed meeting Mr Putin “in the coming months”.

It’s just weeks after the US president agreed with an interviewer that Russia’s leader was “a killer”.

President Biden’s new move is now a new topic of debate – disaster prevention or a mistaken concession – but in the run-up to a summit, the risk of major military action by Russia certainly fades.

“That would be really unstatesmanlike: a slap in Biden’s face,” Mr Eggert told the BBC. “But the fact that it was Biden who suggested they meet does give Putin the edge.”

However, given Thursday’s executive order which included the expelling of ten Russian diplomats from their embassy in D.C. and a wide range of sanctions, including against Russian officials and entities “linked to Russia’s occupation of Ukraine’s Crimea region and human rights abuses” – the Biden-Putin summit is unlikely to happen anytime soon… if at all.

 
ISRAEL/IRAN/NATANZ NUCLEAR FACILITY
The story behind the Iran/USA nuclear deal and Israel opposing such a deal
(South Front)

Iran’s Much-Troubled Nuclear Program

 
 
WEDNESDAY, APR 14, 2021 – 07:40 PM

Submitted by South Front,

Iran’s Natanz nuclear facility is an incredibly important piece of infrastructure for Tehran’s interests.

One of its most important roles is that of providing leverage when the Islamic Republic is on the Nuclear Deal negotiating table. Natanz was largely built underground to withstand enemy airstrikes.

Back in 2002, when it was established it became a focal point of Western fears regarding the potential of Tehran acquiring nuclear weapons. Despite many accusations, mostly from Israel, Iran maintains that it develops its enriched uranium for peaceful purposes.

The fact that it also applies pressure on the other signatories on the Joint Comprehensive Plan of Action (known as the Iranian Nuclear Deal) is an added, and needed bonus.

The Natanz facility was subject to an alleged cyber-attack on April 11th. This led to a large blackout, and was considered a significant strike against Tehran. Iran’s nuclear program spokesman, Ali Akbar Salehi, confirmed that the electrical disruption at Natanz was a deliberate act of sabotage, calling it “nuclear terrorism.”

Israel’s officials refused to provide any comment, and disregarded the incident. Israeli media, however, continue citing anonymous sources, claiming that it had been a Mossad operation, and that it had achieved great success.

The timing of the attack was also said to not be incidental, coming the day after Iran celebrated its National Nuclear Technology Day.

Iran itself didn’t blame Israel, but in statements, officials said that the attack came from those who oppose Tehran’s negotiations with  the West. The United States and the Islamic Republic have been involved in indirect negotiations in rescuing the Nuclear Deal.

Anything conclusive is still far off.

For any real progress to occur, Iran requires from the Biden Administration to lift all sanctions against it, related to the Nuclear Deal or otherwise.

The result is a standstill, in which Iran refuses to accept the US back into the deal with significant concessions, and Washington not in a hurry to fulfill any demands.

Tehran then continues incrementing various reductions of its commitments to the Iran Nuclear Deal, in loosely permitted margins.

In this way, it not only attempts to gain leverage over the US, but also tries to push the EU signatories into entering into discussions with Washington to salvage the deal.

The United States has admitted, without specifying clearly, that some sanctions that are inconsistent with the Nuclear Deal and could be lifted. Iran likely did not appreciate such a concession.

Tehran, still, shouldn’t hold its breath, since the enemies of any such progress are many, and it is not put out of the question that if Israel was actually behind the incident in Natanz, that some from Washington’s fold were also present in the plot.

Still, Israel and also many in the US oppose any form of normalization between Tehran and Washington, and the continuous MSM reports that attempt to stir the pot stand testament to that.

 
IRAN/USA/ISRAEL

Iran Teases 90% Enrichment While Threatening To Cut Off Vienna Talks If “Not Constructive”

 
THURSDAY, APR 15, 2021 – 11:51 AM

Iran is warning that it doesn’t plan to let nuclear negotiations “drag on” and has threatened to cut talks short if they are “not constructive”. The fresh warning from Iranian Deputy Foreign Minister Abbas Araghchi comes the same day Tehran has initiated its uranium enrichment process up to 60% purity as retaliation for Sunday’s Natanz nuclear facility sabotage attack, widely blamed on Israel. 

The country’s Supreme Leader Ayatollah Khamenei weighed in on this note with forceful words Wednesday, saying“The talks shouldn’t become talks of attrition,” and that they “shouldn’t be in a way that parties drag on and prolong the talks. This is harmful to the country.” This is a signal to Washington that it’s running out of time for sanctions relief, which is Iran’s singular demand for even coming to the table for “direct” talks (interaction with the US team in Vienne is only happening “indirectly”). 

Via AP

Of course one major concern looming large in the background is that so long as no agreement for the US to rejoin the JCPOA is reached (which for Iran means Washington dropping all sanctions), Israel is believed poised to continue its brazen and aggressive campaign to sabotage the deal, likely targeting more Iranian tankers or military vessels akin to last week’s Red Sea Israeli operation against the Saviz ship.

Indeed the more talks drag on the more likely a provocation between Israel and Iran is likely to “complicate” Vienna dealings and ultimately cancel out any progress made. As a case in point, Iran’s President Rouhani has issued a hugely inflammatory scenario on Thursday as yet the latest in an escalation of threatening rhetoric

Iran’s president said on Thursday that his country was capable of enriching uranium up to 90% “if we wanted to”, but it was not on Iran’s agenda, state TV reported.

Hassan Rouhani was responding to concerns by European countries over Tehran’s announcement it had started 60% uranium enrichment in light of an attack on its Natanz facility.

As a reminder 90% purity is precisely the level required to build a nuclear bomb

Despite the words which are sure to raise the alarm in Tel Aviv, possibly provoking more military action against Iranian facilities, Rouhani again reiterated the Islamic Republic’s official position that it’s not interested in pursuing nuclear weapons, but that it’s program is for peaceful energy purposes. 

“Therefore, the concerns raised by the US and Europe… and the perception that the 60% enrichment means moving towards 90%, is not true; It is wrong to think that we are paving the way for the production of atomic bombs,” Rouhani said Thursday.

6.Global Issues

CORONAVIRUS//VACCINE UPDATE

Herd immunity will be difficult as 25% of Americans refuse to take the M RNA vaccines and the two Adeno Vector models, J& J and Astra Zeneca.

From what I have seen the only safe vaccine is the Cdn one, Medicago which uses plants to mimic the virus.  The adjuvant used is Glaxo’s which is currently in usa in MMR and other vaccines.

(zerohedge)

Former FDA Chief Warns US Will “Struggle” To Reach Herd Immunity As Vaccine Refusals Rise

 
THURSDAY, APR 15, 2021 – 09:50 AM

Across the developing world, 130 countries have yet to receive even a single dose of any of the COVID vaccines, while the US stockpiles hundreds of millions of doses as the Biden Administration announces ever more ambitious targets, currently 200MM jabs in arms by the end of his First 100 Days (which will formally expire at the end of April).

So far, the US has managed its vaccine rollout efficiently relative to the EU, though Washington, unfortunately, didn’t manage to avoid the safety scandals that unfolded in Europe with the AstraZeneca jab. Now that federal regulators have raised questions about the safety of the Johnson & Johnson jab, it looks like the entire adenovirus platform is now suspect (which is truly unfortunate for the developing world, since they were the ones who were supposed to get those vaccines).

Dr. Scott Gottlieb

According to the latest numbers from Bloomberg, 195MM doses have been distributed in the US already, putting Biden well on track to meet his 200M shot goal.

The US vaccination rate is 3,346,301 doses per day, on average. At this pace, it will take another 3 months to cover 75% of the US population, according to Bloomberg. But some have other ideas. And only 23% of the US population is currently fully vaccinated.

But as we look at the projections for herd immunity…

…at least one former senior public-health figure – former FDA Director Scott Gottlieb – believes the real obstacle might be compliance, despite all those polls proclaiming public confidence in the vaccines has never been higher. Especially as the new questions about potential side effects, and anecdotal reports of the sometimes dayslong post-vaccination symptoms experienced by many, a large number of younger Americans may simply refuse the vaccine.

Seeing as he’s a board member of Pfizer, and in theory this should make him a natural cheerleader for the vaccine effort, it’s worth listening to what Gottlieb is saying, since it clashes with the administration’s official position.

And Gottlieb is saying that the US is reaching a point where supply will outstrip demand.

One in 4 Americans would refuse a coronavirus vaccine if offered, a recent NPR/Marist poll found. Another 5% are “undecided” about whether they would get the shot. And some researchers are growing worried that this reluctance will be enough to prevent the nation from reaching what’s known as herd immunity.

A former head of the Food and Drug Administration also has doubts about reaching herd immunity, the point at which the virus can no longer spread easily through the population. Gottlieb, who is on the board of Pfizer, one of the biggest makers of the vaccines, according to NPR’s Morning Edition, which invited Gottlieb for a recent interview.

More than 123 million people, or about 37% of the U.S. population, have received at least one dose of a COVID-19 vaccine and Dr. Scott Gottlieb, who was FDA commissioner from 2017 to 2019, says the nation is reaching a point where supply will outstrip demand. Gottlieb is on the board of directors of Pfizer, which makes one of the coronavirus vaccines.

“I think that there’s probably 150 million Americans who are eager to get vaccinated. And as we expand into the younger age cohorts and a new eligible population … you’re not going to see the demand be as brisk,” Gottlieb says in an interview with NPR’s Morning Edition.

“I think we get to 150 million vaccines. I think we struggle to get to 160 million,” he says, which is roughly half the U.S. population. “Beyond that, I think it’s going to be difficult. I’m not sure that you have the demand there.”

But it’s not as bad as that sounds.

“I don’t know that we ever get to herd immunity,” Gottlieb says. “But I think the combination of vaccinating that many people and having a lot of immunity in the population from prior infections, [is] enough that the level of spread of this virus is going to be substantially reduced.”

Despite revelations about rare blood clots tied to the J&J jab, Gottlieb said he expects the pause to be short. The reality, of course, is that the global rollout can’t afford to scrap the adenovirus-vector jabs, so patients with low platelet counts may need to make their own decisions. The official US government line is that the risks of vaccine side effects are far outweighed by their benefits.

“I think this is probably a temporary pause where the agency is going to evaluate the information it has, see if there is more cases out there to be reported into the agency, perhaps issue some guidance around the use of the vaccine and what doctors should be alert for and then allow the vaccine to continue to be distributed,” he says.

He adds, “I think it’s more likely than not that there’s going to be a resumption in the use of the vaccine for some portion of the population. That should be reassuring to the public.”

To be sure, Dr. Gottlieb believes the US will reach herd immunity, and soon. But he also suspects that COVID likely won’t be going away any time soon. Already, cases have surged worldwide over the past month, and numbers are rising even in India.

Of course, herd immunity is a nebulous concept, and projections can vary widely. One Professor at Johns Hopkins penned a WSJ editorial earlier this year claiming herd immunity would arrive by April, and that rising case numbers can be dismissed as deaths continue to decline. “Experts should level with the public,” he said.

Already, at least 7 states – South Dakota, North Dakota, Rhode Island, Arizona, Oklahoma, Utah, and Tennessee – are already on the cusp of herd immunity. The real answer, of course, is that projections can vary widely – and nobody knows what the future may hold.

END

CORONAVIRUS UPDATE/VACCINE

This may turn out to be deadly if they administer a 3rs Pfizer vaccine.  Medicago, derived from plants is quite safe and will commence jabbing by late July.  You can also use Ivermectin   12 mg, once a month and you will be safe from the virus and mutants.

3rd Dose Of Pfizer’s COVID Vaccine “Likely” Needed To Combat Mutant COVID Strains, CEO Says

 
THURSDAY, APR 15, 2021 – 03:33 PM

As American waits for the CDC to finish a review of blood-clotting risks associated with Johnson & Johnson’s COVID-19 vaccine, Pfizer CEO Albert Bourlas has warned reporters that recipients of the Pfizer vaccine – the most widely distributed jab in the US – will “likely” need to receive a third “booster” shot within 12 months of being vaccinated, and possibly as early as six months after receiving their second dose.

The news is hardly a surprise. Comments and rumors about the need for booster shots have been reported by the US media since late last year. But on Thursday, Bourlas said a booster shout would likely be necessary, and that patients may need to be vaccinated against COVID annually, similar to the way that flu vaccines are developed and distributed.

“It is extremely important to suppress the pool of people that can be susceptible to the virus,” he told CNBC’s Bertha Coombs during an event with CVS Health. Bourlas added that vaccines will need to be used to combat not just COVID, but the evolving mutant strains – or “variants” – like B.1.1.7, known as the “Kent” strain, which has been blamed for some of the botched rollout in the US.

Bourlas isn’t the only major public health official warning about the need for booster shots. On Thursday, the Biden administration’s Covid response chief science officer David Kessler said Americans should expect to receive booster shots to protect against coronavirus variants. He noted that while the current crop of COVID jabs is highly effective, they could be “challenged” by the new variants.

New data released earlier this month by Pfizer said that updated data from its clinical trial showed its vaccine to be highly effective six months after the second dose. The data was based on more than 12K vaccinated participants. More data is still needed to determine whether protections last after six months, however. Pfizer and German partner BioNTech began studying a third dose of their vaccine in late February.

The booster shot is aimed at protecting against future variants, which may be better at evading antibodies from vaccine than earlier strains of the virus. About 144 volunteers will be given the third dose, mostly those who participated in the vaccine’s early-stage U.S. testing last year.

“We don’t know everything at this moment,” he told House Select Subcommittee on the Coronavirus Response. “We are studying the durability of the antibody response,” he said. “It seems strong but there is some waning of that and no doubt the variants challenge…they make these vaccines work harder. So I think for planning purposes, planning purposes only, I think we should expect that we may have to boost.”

Bourla said the company would likely try out the third doses first on a select group of individuals who participated in the original studies.

In other news, Pfizer has been focusing on trials of its COVID jab in children as it aims to become the first to be approved for use in minors. Currently, the pharma giant is testing the jab on children and babies younger than one year old.

ST VINCENT UPDATE

(zerohedge)

St Vincent Volcano Eruption Morphs Into Humanitarian Crisis 

 
WEDNESDAY, APR 14, 2021 – 05:20 PM

The volcanic eruption on the Caribbean island of St Vincent last Friday is quickly morphing into a humanitarian crisis as “chronic water shortages” develop, government spokesperson Sehon Marshall told local radio station Power 95.1 FM Grenada on Tuesday. 

La Soufriere volcano has been erupting nearly every day – and sent ash columns into the air, as well as other volcanic material flowing down the mountain. 

St Vincent’s Central Water and Sewage Authority has been unable to extract water from its traditional sources since the last Friday’s eruption, Marshall said, which has halved water reserves by 50%. 

According to AP, between 16,000 to 20,000 people have been evacuated from the island’s northern region, where the volcano continues to erupt. At one point, cruise ships were evacuating thousands of people to other islands but were only taking people who had previously been vaccinated against COVID-19. Still, there are thousands of evacuees that reside in government shelters. 

 At the moment, the island is completely covered with ash from the volcano. This poses a very serious question, one which a humanitarian crisis could be in the making. Volcanic ash has contaminated water supplies and wiped out crops. 

Before And After 

Before And After 

Prime Minister Ralph Gonsalves told a local television station that hundreds of millions of dollars in aid is needed to recover from the natural disaster. 

Thousands of people on the island are desperate for food and clean drinking water. Every day this week, people stand in long lines to receive water and food to survive. Besides the humanitarian crisis, there’s also an economic impact that is quite severe considering the island nation’s economy is heavily dependent on agriculture, being the world’s leading producer of arrowroot and other exotic fruit, vegetables, and root crops. If a substantial amount of crops are wiped out, this could create a shortage and boost food inflation

“No water, lots of dust in our home. We thank God we are alive, but we need more help at this moment,” Paul Smart, a retired local police, told AP. 

43-year-old Jenetta Young Mason told Reuters, “We are still looking for drinking water and food.” She had to flee her home due to multiple eruptions. 

On Monday, the spokesman for United Nations Secretary-General Antonio Guterres said most of the population on the tiny island is without electricity or clean drinking water.

Stephane Dujarric, the Spokesperson for the United Nations Secretary Antonio Guterres, said tens of thousands of people are in need of shelters. 

“The eruption has affected most livelihoods in the northern part of the island, including banana farming, with ash and lava flows hampering the movement of people and goods,” Dujarric said during a briefing.

The World Bank has distributed $20 million to St. Vincent as part of an interest-free catastrophe financing program.

While volcanic activity at La Soufriere may last for days or weeks, the volcano is “still pretty dangerous”, Richard Robertson with the University of the West Indies Seismic Research Center told AP. “It can still cause serious damage.”

In a matter of days, the entire Caribbean island is on the verge of a humanitarian crisis. We all remember Puerto Rico’s post-Maria water/health care crisis several years ago. Let’s hope that doesn’t happen in St Vincent. 

end
GLOBAL SEMICONDUCTOR CHIPS//MASSIVE SHORTAGE
Shortage could extend well into 2022
(zerohedge)

“The Shortage Will Continue”: Taiwan Semi Warns Chip Shortage Could Extend Into 2022

 
THURSDAY, APR 15, 2021 – 12:35 PM

Chip giant Taiwan Semiconductor Manufacturing Co. is now warning that the global chip shortage may extend into next year, following comments we had reported on in early April suggesting that prices would rise for the rest of 2021.

TSMC didn’t rule out the possibility of “overbooking or an inventory correction”, Bloomberg reported, but the chip giant said on its most recent conference call that “the shortage will continue throughout this year and may be extended into 2022 also.”

Recall, in early April we noted that semi chip prices were expected to rise through all of 2021. This month alone, suppliers like Japan’s top silicone producer, Shin-Etsu Chemical Co. Ltd. marked up prices between 10% and 20%, according to Caixin, who reported that growing input costs and supply disruptions could be tide that continues to push up prices. 

One Jiangsu diode manufacturer said it’s suppliers had raised prices five times since the second half of 2020. The hikes represented a total markup of between 30% and 40%, including a new 10% hike that came into effect last week. The same firm’s inventory was at “half their normal level”, Caixin reported.

Last week, we had noted that smartphone sales in China had risen in March by 67.7% despite the shortage. According to the China Academy of Information and Communications Technology, smartphone shipments were up 67.7% year over year for March. The huge comp was mostly helped along by last March’s lockdowns across most of Asia due to the pandemic – despite the shortage.

Days prior to that, we were writing how the automotive industry in China had also returned back to its pre-pandemic levels – despite the shortage. Recall, the China Passenger Car Association released auto sales numbers last Friday, indicating that sales are back to levels they were at two years ago, despite still being far below the country’s record set in March 2018. 

But we have written for the last couple months about how the semi shortage has wreaked chaos on the auto industry – and other industries – so far in 2021.

Just weeks ago we noted that Samsung was the latest to join the chorus of companies stating they were being negatively affected by the semi shortage. The company said the current crisis is “very serious” and that it “poses a slight problem” for the electronics company heading into the second quarter. The company continues to try and address supply issues, Reuters reported that CEO and mobile chief Koh Dong-jin said at Samsung’s recent annual general meeting.

Recently, we also wrote about how difficult it was becoming for U.S. companies to export chipmaking hardware to China due to trade restrictions. We also documented weeks ago how critical Taiwan would be in getting the semiconductor industry back up and running. We noted that Taiwan Semiconductor Manufacturing was rushing to try and build new facilities through the Chinese New Year in order to meet demand. 

TSMC is one of the biggest suppliers of chips to company like Apple, Google and Qualcomm. As a result of a worldwide shortage in chips that was brought on due to the pandemic, they are now rushing to try and get a new factory in the southern Taiwanese city of Tainan built. Construction the new facility will take place throughout 2021, with completion expected in 2022. 

Earlier in 2021 we noted that the semi situation had been turning dire and was now being referred to as the “most serious shortage in years”.

end
Michael Every on today’s major topics
(Michael Every)

Rabobank: Is Biden Retreating From A Clash With China… Or Doubling Down

 
THURSDAY, APR 15, 2021 – 10:10 AM

By Michael Every of Rabobank

Power abhors a vacuum

There’s an old phrase that neoliberal economists pay virtually no attention to at all, and which is one of the largest problems with the discipline: power abhors a vacuum.

None other than Adam Smith himself stated “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” You don’t hear too much of that echoed when it comes to regulatory action; and less so as globalization has made the largest firms even larger. ‘Leviathan’, indeed. Smith also added “The government of an exclusive company of merchants is, perhaps, the worst of all governments for any country whatever”. You don’t hear too much of that from economists talking about election (or lack of election) results in places where “business-friendly” candidates win. Quite the opposite.

In short, Smith was passionately interested in far more than just the efficiency of pin-making – he understood power in general, not just the power of markets. By contrast, neoliberal economists who claims to follow Smith have long tried to focus just on ‘pin-making’ and not underlying power – while theoretically justifying this by counting how many hypothetical angels can fit on the head of a pin. In particular, this was done by rolling the classical economic conception of ‘rent’ into ‘capital’, leaving ‘labor’ to struggle against both in one. ‘Leviathan’ again.

For a purported science like economics, to overlook the structure of the society in which it operates makes us much sense as for physics to fold one of the three states of matter (gas, liquid, solid) into one of the others ‘to simplify things’. Indeed, that’s a metaphor that fits markets beautifully today. Rolling the liquid into the solid sums up how our central banks are working; rolling liquid into a gas makes markets all Jumpin’ Jack Flash; and for those left outside the winners’ circle, all that is solid melts into air. If you don’t know who said that then, congratulations, you really are a neoliberal economist! 

More pointedly, such fundamental taxonomy matters. Especially when it comes to matters like taxes. When one hears US Treasury Secretary Yellen talking about ‘labor vs. capital’, is she talking about labor vs. businesses, or labor vs. rent-seekers? Surely the policy response required depends on an understanding of these underlying issues – yet I don’t hear any Fed speakers addressing such conceptual points. Regardless, the same economic thinkers ironically seem willing to leap from pin-making and pinheads-and-angels to the very deepest of societal and global problems embedded in the genuine need to Build Back Better – through which there must be questions of power and legitimacy involved. One has to wonder how much of this is accidental and how much is deliberate oversight – which I put to you would be exactly how Adam Smith would put it to you himself if he were alive today.

The latest Fed-speak was far more prosaic for once: QE tapering will happen before rate hikes, says Powell (no, really?!), while the Beige Book noted: “Prices accelerated slightly since the last report, with many Districts reporting moderate price increases and some saying prices rose more robustly.”; and “Employment expectations were generally bullish. Wage growth accelerated slightly overall, with more significant wage pressures in industries like manufacturing and construction where finding and retaining workers was particularly difficult. Some contacts mentioned raising starting pay and offering signing bonuses to attract and retain employees.

Moving on, I was struck by the timing of two stories yesterday: the death of Ponzi schemer Bernie Madoff in prison, and a cryptocurrency-related IPO. Before Madoff was less than zero, he was a market hero. Before his near-USD65bn “one big lie” was uncovered, he provided outsized returns. Nobody in power tried to dig into the fundamentals of how. By contrast, cryptocurrency appeals to people who do question, and who are interested in the ideas of power. However, that does not give them any power against such structures; and, yes, there are always going to be the less scrupulous among them too, and those who don’t ask questions and just chase outsized returns.

Power of course relates to geopolitics too. Yes, I know the same threads are here almost every day now. Send an email to DC, Beijing, Moscow, or Tehran to express one’s frustration with that if you wish – see how much impact it will have (which is an object lesson in power). The latest is that:

  • Iran has warned the US that there is “not much time” and “no alternative” other than to grant it all it demands: that as uranium enrichment hits 60% and even the EU starts to feel the resultant heat. The pattern so far appears to be that it isn’t Iran who blinks;
  • The US is finally to exit Afghanistan in September, ending a 20-year war that leaves the country largely in the hands of the Taliban. Is that a warning for those thinking about US military action against Iran?; and
  • US ships are arriving in the Black Sea as the Russia-Ukraine stand-off continues. However, as the BBC reports, the Russian view is that the White House’s recent offer of a summit represents America blinking and recognition the US is not prepared to fight. Which is positive, but would represent three US blinks in a row.

This raises a key question if so: is the US doing it because it is going to also retreat from a potential clash with China,…or to allow a greater US focus against China? Given the US appears to be deepening ties with Taiwan rapidly, with ex-US officials being sent to Taipei; there are reports the US is pushing Japan to stand alongside it in a pro-Taiwan statement; and China is carrying out live-fire exercises around Taiwan, then the better bet would arguably be that any US retreat elsewhere is indeed tactical, and aimed towards new focus on the Pacific.

If so, that in turn implies two things. First, hopes for greater calm near term – but a huge underlying increase in geopolitical tensions around obvious geographical flashpoints that are going to become harder and harder for either side to step back from. Second, and ironically, more space for the likes of Russia and Iran to act at the margin, knowing the US cannot handle a fight with them and the challenge of China. Which does not then imply calm near term for those nearby, as we already see in the Middle East.

As I started with, even if neoliberal economist abhor seeing it, power abhors a vacuum.   

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 
 
 
 
END

 

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

Euro/USA 1.1965 DOWN .0019 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN 

USA/JAPAN YEN 108.81 DOWN 0.080 (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 1.3782  UP   0.0004  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2495 DOWN .0022 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  WEDNESDAY morning in Europe, the Euro FELL  BY 19 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1965 Last night Shanghai COMPOSITE DOWN 17.73 PTS OR 0.52% 

//Hang Sang CLOSED DOWN 107.69 PTS OR 0.37%

/AUSTRALIA CLOSED UP 0.51% // EUROPEAN BOURSES CLOSED ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN

2/ CHINESE BOURSES / :Hang Sang DOWN 107.69 PTS OR 0.37%  

/SHANGHAI CLOSED DOWN 17,73 PTS OR 0.52% 

Australia BOURSE CLOSED UP 0.51%  

Nikkei (Japan) CLOSED UP 21.70  POINTS OR 0.07%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1744.60

silver:$25.44-

Early THURSDAY morning USA 10 year bond yr: 1.618% !!! DOWN 1 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 2.298 DOWN 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 91.67 DOWN 2 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.28% DOWN 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.09%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.38%//DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.73 DOWN 6 points in basis points yield from yesterday./

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

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.02% 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 1.1958 DOWN     .0026 or 26 basis points

USA/Japan: 108.77  DOWN .117 OR YEN UP 12  basis points/

Great Britain/USA 1.3780 UP .0002 POUND UP 2  BASIS POINTS)

Canadian dollar DOWN 37 basis points to 1.2554

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.5228

THE USA/YUAN OFFSHORE:  6.750  (YUAN UP)..6.5272

TURKISH LIRA:  8.05  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.09%

Your closing 10 yr US bond yield DOWN 8 IN basis points from WEDNESDAY at 1.558 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.22 DOWN 10 in basis points on the day

Your closing USA dollar index, 91.69 DOWN 0  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 51.25 PTS OR 0.74% 

German Dax :  CLOSED UP 52.38 PTS OR .34% 

Paris Cac CLOSED UP 27.33 PTS OR .44% 

Spain IBEX CLOSED DOWN  14.80  PTS OR .17%  

Italian MIB: CLOSED DOWN 16.09 PTS OR .07% 

WTI Oil price; 62.90 12:00  PM  EST

Brent Oil: 66.26 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    76.28  THE CROSS  HIGHER BY 0.49 RUBLES/DOLLAR (RUBLE LOWER BY 49 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.29 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 OIL PRICE 4:30 PM : 63.35//

BRENT :  66.84

USA 10 YR BOND YIELD: … 1.547..DOWN 9 basis points…

USA 30 YR BOND YIELD: 2.241 DOWN  8 basis points..

EURO/USA 1.1969 ( DOWN 14   BASIS POINTS)

USA/JAPANESE YEN:108.69 DOWN .202 (YEN up 20 BASIS POINTS/..

USA DOLLAR INDEX: 91.65 DOWN 4 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3785 UP 9  POINTS

the Turkish lira close: 8.02

the Russian rouble 76.34   DOWN 0.55 Roubles against the uSA dollar. (DOWN 55 BASIS POINTS)

Canadian dollar:  1.2532  UP  15 BASIS pts

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

The Dow closed UP 305.10 POINTS OR 0.90%

NASDAQ closed UP 228.28 POINTS OR 1.61%


VOLATILITY INDEX:  16.40 CLOSED down 0.59

LIBOR 3 MONTH DURATION: 0.188%//libor dropping like a stone

USA trading day in Graph Form

Bond Bears Barf, COIN Carnage Continues As Dollar Dumps, Crypto Jumps

 
THURSDAY, APR 15, 2021 – 04:00 PM

Before we get to the real bloodbath (for bond bears), COIN was a shitshow again (down over $100 from its highs yesterday)…

Will Cathie be buying the dip again?

Big-tech stocks surged, continuing to outperform small caps. Dow and S&P made new record highs…

The cash open saw a panic puke in Small Caps while everything else was bid… so bid in fact that the TICK surged to two-week highs (after last night’s puke)…

Source: Bloomberg

Banks were mixed on their second day of earnings…

Source: Bloomberg

Value underperformed Growth as the reflation trade unwinds along with bond shorts…

Source: Bloomberg

But today’s big story was the bloodbath for bond bears. Long-end yields crashed 10bps or so, the belly down 5bps…

Source: Bloomberg

It appears the global macro funds and CTAs were ‘stuffed’…

Today was the biggest yield drop since 2/26/21 and 2nd biggest since 11/12/20 and this was the biggest 3-day drop in 10Y TSY yields since June

Source: Bloomberg

The NOB Spread seemed to signal something was coming…

Source: Bloomberg

The dollar also signaled trouble ahead for bond bears as it has tumbled since the start of Q2…

Source: Bloomberg

The question is – with the Dollar at what looks like key support, will it bounce or break?

Source: Bloomberg

Cryptos were more mixed. Bitcoin managed modest gains, erasing COIN losses…

Source: Bloomberg

But Ether was well bid back to new record highs near $2500…

Source: Bloomberg

As ETH continues to outperform BTC…

Source: Bloomberg

Gold extended the recent gains, above $1760 and near two-month highs…

WTI also extended gains, closing back above $63…

Finally, we note that this is the longest streak of ‘extreme’ overbought readings for the S&P 500 since January 2018.

Source: Bespoke

And smaller U.S. companies are weaker relative to larger peers than they have been in more than a quarter century. This conclusion is based on a comparison made by Strategas Research Partners LLC in a Twitter post Tuesday. Strategas cited the percentage of stocks in the Russell 2000 and S&P 500 indexes which exceeded their 50-day moving average, a gauge of price trends.

Source: Bloomberg

Just 50.7% of the Russell 2000’s components were above the average as of Tuesday’s close, according to data compiled by Bloomberg. The index trailed the S&P 500 by 40.2 percentage points, the most since the figures began in 1995.

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//THIS AFTERNOON

Bond Yields Are Tumbling. Here’s Why…

 
THURSDAY, APR 15, 2021 – 11:29 AM

Despite soaring vaccination rates, surging economic data and spiking inflation prints, Treasury yields have been (unexpectedly) plunging in the last few days with 10Y, for example, down 15bps this week alone, to its lowest in five weeks…

Source: Bloomberg

Yields are tumbling across the entire curve as 30Y seemed to find resistance at the Nov 2019 highs just too much to break

Source: Bloomberg

And it’s not just bonds, the reflation trade (value over growth) has notably unwound in recent weeks

Source: Bloomberg

The question is why?

Nomura’s quant guru Masanri Takada has the answer – Short-term investors (global macro hedge funds, CTAs) have been conspicuously backing out of short positions in USTs.

Short-term investors trimming their short UST positions

Global equity markets, while holding at high levels (especially in the US), are now merely inching upwards. Major classes of investors appear to be adopting more of a wait-and-see attitude. That said, our own gauge of sentiment among equity market investors worldwide is still holding in positive territory, indicating a preference for risk-taking over risk avoidance. It looks as though the risk-on mood remains intact, with some psychological support from the recent upside surprises in the macroeconomic data.

Turning to the trading behavior of the major classes of speculators, what sticks out to us is the course correction away from bear trades in the market for USTs.

Although the 10yr UST yield is still elevated, holding as it is above 1.6%, it clearly appears to have hit a ceiling. We think that the closing of short positions by short-term investors may be behind this.

According to the estimates output by our team’s model, it seems likely that fundamentals-oriented global macro hedge funds have already closed out the entirety of their aggregate net short position in USTs, and may have swung to the net long side. These macro funds trade not only in futures but also in cash instruments and derivatives.

Options on 10yr UST futures (TY) had been significantly skewed to the put side, but this is no longer the case, and this change correlates to an extent with the flows generated by the course correction being executed by global macro hedge funds.

We estimate that technically oriented CTAs as well have been covering short TY positions. We estimate that the short positions accumulated by CTAs since January break even at a 10yr UST yield of around 1.47% on average, so with market yields where they currently stand, we think it makes sense to assume that CTAs are engaged in some preemptive profit-taking.

However, we also note that CTAs have been extending their aggregate net long position in NASDAQ 100 futures, as if to balance out the downsizing of their net short position in UST futures. According to our model, CTAs are likely to stay bullish on NASDAQ 100 futures for as long as the NASDAQ 100 index itself holds above 13,100, which we estimate to be the average break-even line for long positions accumulated since last November. This shift in futures market positioning by CTAs arguably may have played a part in the recent pick-up in the performance of some growth and momentum stocks.

Only time will tell whether the trades currently being made by short-term investors in the market for USTs are just a temporary position adjustment or whether they represent a genuine withdrawal from the reflation trade.

END
ii) Market data
Those receiving some sort of pandemic aid drops below 17 million.  This is going to be as good as it gets
(zerohedge) 

Initial Jobless Claims Crash To Pandemic Lows; There’s Just One Thing…

 
THURSDAY, APR 15, 2021 – 08:43 AM

After rising for two straight weeks, initial jobless claims crashed to pandemic lows, back below 600k for the first time since early March 2020…

Source: Bloomberg

Notably, the drop in claims was largely driven by a 75,645 drop in California… which, as Joe Brusuelas suggests, is indicative of the problems that remain in processing claims, backlogs and fraud in the states.

‘Normal’ Continuing Claims continue to drop as do Pandemic Emergency claims…

Source: Bloomberg

Finally, we note that the number of Americans on some form of employment-based welfare fell below 17 million for the first time since early January…

Source: Bloomberg

However, with no new stimmies on the horizon, and employers finding it increasingly difficult to pry government-handout-heavy employees off the couch to do a day’s honest work, we wonder if this is as good as it gets for the post-pandemic jobs situation.

end

My goodness: retail sales double expectations of of 5.8% m/m gain: it soared to a 9.8% M/M

(ZEROHEDGE)

Stimmy Checks Spark ‘Spectacular’ Retail Sales Spendfest In March… But What Happens Next?

 
THURSDAY, APR 15, 2021 – 08:35 AM

After surging in January (stimmy checks), and plunging in February ( no stimmy checks and bad weather), BofA has warned investors to expect “March Madness” for retail sales as the latest round of stimmy checks as they expect theheadline print to more than double consensus expectations of a 5.8% MoM jump. They were not far off as the headline print soared a stunning 9.8% MoM

Source: Bloomberg

But, it’s the year-over-year data that really stands out as retail sales soared 27.7% YoY, thanks to last March’s collapse…

Source: Bloomberg

Retail sales soared in every category with sporting goods, clothing, food services, motor vehicles, and building materials all exploding higher as economies reopened…

Personal incomes were boosted during the month by the distribution of $1,400 stimulus checks from the latest federal pandemic aid bill, signed by President Joe Biden on March 11. Further, the labor market added more than 900,000 jobs last month.

The big question now, of course, is what then – with far fewer direct stimmies on the horizon, is this as good as it gets for a long, long time?

end
Industrial production disappoints in March only up 1.4% m/m
(zerohedge)

Industrial Production Rebound Disappoints In March

 
THURSDAY, APR 15, 2021 – 09:22 AM

After a big (unexpected) drop in February, analysts expected a rebound in March but were disappointed in its scale as US Industrial Production rose just 1.4% MoM (vs +2.5% expected) after a downwardly revised 2.6% slump in February.

Source: Bloomberg

The 1.4% rebound was still the biggest jump since July and, given the weak comps, sent Industrial Production up 1.01% YoY. The gain in March followed a drop of 2.6 percent in February, which largely resulted from widespread outages related to severe winter weather in the south central region of the country.  For the first quarter as a whole, total industrial production rose 2.5 percent at an annual rate.

In March, manufacturing production and mining output increased 2.7 percent and 5.7 percent, respectively. The output of utilities dropped 11.4 percent, as the demand for heating fell because of a swing in temperatures from an unseasonably cold February to an unseasonably warm March.

All of which leaves US Industrial Production severely lagging the Dow Industrials…

Source: Bloomberg

Which one of those two lines will revert to the other?

iii) Important USA Economic Stories

FOOD PRICES
Food prices are rising aggressively
Report: Michael Snyder

iv) Swamp commentaries

 

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

Dallas Fed President Kaplan and Fed Chief Powell abetted the Weird Wednesday rally.

Fed’s Kaplan Says the Economy Still Needs Central Bank Support
The Dallas Fed chief also says reducing stimulus when the pandemic abates and more economic progress is made will help keep the recovery going
     “When we’re in the middle of a crisis, we should be aggressively using our tools, so I agree with what we’re doing now in terms of asset purchases and stance of policy generally… I believe that as we’re making progress toward meeting our goals, I think it would be much healthier—the economy would be much healthier if we wean off these extraordinary measures.” Mr. Kaplan declined to give a timeline for when those conditions might be met…
https://www.wsj.com/articles/feds-kaplan-says-the-economy-still-needs-central-bank-support-11617787800

Powell: Economy at inflection points; US entering period of faster growth; risk of spike in Covid infections; won’t give advice on fiscal policy; won’t comment on spending plans; long-run federal budget is on an unsustainable path; current level of debt is serviceable; now is not the time to prioritize long-run debt concerns; most fed officials don’t see rate hikes this year; highly unlikely that the Fed would raise rates this year; big banks very focused on risks from climate change; racial inequality holds the US economy back; really want inflation to average 2% over time; Fed unlikely to sell bonds back to market; we seek inflation that is moderately above 2%; QE taper will be well before rate hike; greater outreach to Congress (Democrat ideology?) has been deliberate; the Fed works for Congress…

There was nothing new in Powell’s comments, including the now standard virtue signaling and sucking up to Democrats.

There are decades of research that shows mandatory diversity and diversity training exacerbate racial tensions.  They make matters worse.  So does incessant pontificating about racism.  You cannot heal a wound by constantly pulling off the scabs.

Jim Bianco (@biancoresearch): The next chart shows the surplus/deficit as a percentage of GDP for more than 225 years. The current deficit is now the second-highest in history. Only World War II produced a larger deficit…
     Only 46% of the rolling 12-month deficit is now financed by taxes (bottom panel)… It is rare in American history that taxes cover less than 50% of federal spending. Only WW II (1943), the Great Depression (1932), WW I (1919), the Civil War (1862), and the War of 1812 (1814) were more extreme than the current pandemic period.  https://twitter.com/biancoresearch/status/1382025250225991680

Ergo, US taxes as a percentage of federal funding only fall below 50% in times of all-out war, including the all-out war to remove Trump from the presidency.

Federal Reserve chair Jerome Powell takes heat after admitting economy is rigged
On Tuesday, Navarro reacted to Powell’s interview on 60 Minutes in which he admitted the system is rigged against everyday Americans. He said Powell’s interview is the inside joke of all of corporate media as he blames the country’s money problems on blue collar workers…
    Navarro asserted that Powell is doing nothing to help Americans compete in the global economy and is, instead, helping push American jobs overseas. “The people who control this government think that whenever your wages go up, they’re going to ship our jobs overseas so people can have cheap crap at Walmart,” stated the former trade advisor. “Even though they don’t have a paycheck, they’ve got cheap crap at Walmart.”…  https://www.oann.com/federal-reserve-chair-jerome-powell-takes-heat-after-admitting-economy-is-rigged/

Why women matter in monetary policymaking
Our results show that, for the same level of inflation, a higher share of women on the central bank board is associated with a higher interest rate… This suggests that women in central banks have a more hawkish attitude, i.e. they are more aggressive in fighting inflation…, our results appear to closely reflect the general literature on women’s representation on corporate boards, i.e. that women are more risk-averse than men are, and take more conservative decisions. [Not Yellen]
https://voxeu.org/article/why-women-matter-monetary-policymaking

Coinbase shares continue to fall – Coinbase shares opened at $381 each, traded as high as $429.54
https://trib.al/rqvLv7F

SEC’s Gary Gensler eyes crypto and climate change with confirmation official  [Green is so ‘70s!]
https://www.foxbusiness.com/markets/secs-gary-gensler-confirmed-crypto-and-climate-change-top-his-agenda

Stocks bottomed precisely when the final hour of NYSE trading appeared.  The rally ended at 15:33 ET.  After falling near session lows with 5 minutes remaining.  Someone juiced ESMs 10 handles on blatant manipulation (always ignored by regulators).  SPY April put volume presaged equity weakness again.

Corporate critics of Georgia election law incorporated in Delaware, which has strict voting rules
State requires excuses for absentee voting, makes voters request absentee application.
https://justthenews.com/politics-policy/elections/corporate-critics-georgia-voting-law-are-incorporated-delaware-which-has

Nancy Pelosi’s Husband Uses Call Options to Buy Microsoft Ahead of Big Govt Contract
https://www.zerohedge.com/markets/nancy-pelosis-husband-uses-call-options-buy-microsoft-ahead-big-govt-contract

Annual Threat Assessment of the US Intelligence Community
Beijing, Moscow, Tehran, and Pyongyang have demonstrated the capability and intent to advance their interests at the expense of the United States and its allies, despite the pandemic…
   The effects of the COVID-19 pandemic will continue to strain governments and societies, fueling humanitarian and economic crises, political unrest, and geopolitical competition… and even when a vaccine is widely distributed globally, the economic and political aftershocks will be felt for years.  Countries with high debts or that depend on oil exports, tourism, or remittances face particularly challenging recoveries, while others will turn inward or be distracted by other challenges…
[Keep buying stocks, ‘the heavy stuff isn’t going to come down for a while.’]
https://assets.documentcloud.org/documents/20613962/ata2021unclassifiedreport.pdf

Kushner-Linked ‘America First Policy Institute’ Hires Former Spokesman for Anti-Trump Group
https://nationalfile.com/kushner-linked-america-first-policy-institute-hires-former-spokesman-for-anti-trump-group/

The US cannot afford another Jared Kushner administration!  “Trumpism without Trump!” Go DeSantis!

House and Senate Democrats are reportedly preparing to unveil a bill on Thursday to add 4 seats to the US Supreme Court, bringing the total to 13, from the current 9 – The Intercept

GOP Sen. @TomCottonAR: Packing the Supreme Court would destroy the Supreme Court.  The Democrats will do anything for power.  [History shows this is leftists’ nature!]

We doubt the SCOTUS expansion bill will pass.  But if it does, it is the end of the US as a Constitutional Republic.  You can imagine what would then occur.  How ‘hot’ would the ensuing conflict be?

The US is roughly 50-50 on socialism/leftists taking over America.  Do woke companies understand what will happened to them if leftists take control?  Keep ‘feeding the crocodile!’

House Judiciary Committee set to vote on reparations bill
I can’t imagine a more divisive, polarizing, or unjust measure than one that would require those that never owned slaves to pay reparations to those who never were slaves,” Rep. Tom McClintock (R-Calif.) https://nypost.com/2021/04/14/house-judiciary-committee-set-to-vote-on-reparations-bill/

Today – Weird Wednesday, which typically contains the peak intensity of the expiry manipulation, was a disappointment for upward manipulators.  April SPY put volume was greater than call volume for the second consecutive session.  The put buying on Tuesday presaged Wednesday’s market weakness.

Senior U.S. officials arrived in Taiwan as China steps up what it calls ‘combat drills’ around the island https://reut.rs/3uPD8WU

China warns US to stop ‘playing with fire’ on Taiwan
There is zero room for compromise and not an inch to give…We urge the US side to grasp the situation, earnestly abide by the one-China principle and the three China-US joint communiqués, refrain from playing with fire, immediately stop official contact with Taiwan in any form.” https://trib.al/6qeTMRK

Texas nonprofit got massive border contract after hiring Biden official [What % for ‘The Big Guy’?]
The no-bid contract [$520m] also is the second largest ever awarded by the agency overseeing the migrant child program…Family Endeavors won the contract just months after it hired Andrew Lorenzen-Strait as its senior director for migrant services and federal affairs…
https://www.axios.com/texas-nonprofit-border-contract-biden-official-23a493f4-6779-44f0-a5d4-db8690f11aec.html

CNN Director Admits They Push Covid Death Toll for Ratings
https://rumble.com/vfnyv5-insane-part-2-cnn-director-admits-they-push-covid-death-toll-for-ratings.html

@RaheemKassam: CNN director admits Zucker [CNN chief] personally calls to demand COVID death numbers appear on screen because they’re good for ratings.

Speaker Pelosi Actually Sent Biden a Reminder to Give an Address to Congress
https://beckernews.com/speaker-pelosi-actually-sent-biden-a-reminder-to-give-an-address-to-congress-38580/

Rep. Tlaib (D-MI) calls for an end to the police and the military; says the U.S. should stop jailing criminals and release all current prisoners – Fox News

Ex-Minnesota police officer Kim Potter to be charged with second-degree manslaughter in Daunte Wright shooting  https://www.foxnews.com/us/daunte-wright-shooting-minnesota-brooklyn-center-officer-kim-potter-charge

‘I Lost My Job, But I Still Have My Integrity’: Brooklyn Center City Manager Who Was Fired for Calling for Due Process Speaks Out – Boganey was fired from his job by the Brooklyn Center City Council after saying that the police officer who shot Duante Wright should have due process.
https://dailycaller.com/2021/04/13/job-integrity-brooklyn-center-city-manager-curt-bogany-fired-calling-due-process-speaks-out/

Calling for due process is now a reason for dismissal in Leftists’ America.  Racial politics are destroying the US legal system and law enforcement.

@WSJ: A prominent forensic pathologist testified that George Floyd died of sudden cardiac arrest because of heart disease… https://on.wsj.com/3wRYzIC

Pathologist says George Floyd had an enlarged heart – and drug use ‘played a role’ in his ‘sudden cardiac death’ – Later Fowler said the Chauvin’s knee caused no significant injury to Floyd’s neck
https://www.dailymail.co.uk/news/article-9470837/Derek-Chauvin-trial-Pathology-expert-says-George-Floyd-died-sudden-cardiac-arrhythmia.html

No Criminal Charges for Officer Who Shot Capitol Rioter Ashli Babbitt – Justice Department says there is no evidence indicating Capitol Police officer wasn’t acting in self-defense… was acting as a last line of defense between rioters and members of Congress and shouldn’t be charged with any crimes…
https://www.wsj.com/articles/no-criminal-charges-for-officer-who-shot-capitol-rioter-ashli-babbitt-11618423059

The DoJ decision is sound.  However, due to the poisonous racial politics atmosphere, critics complain that if the races were reversed in the Capital shooting, the DoJ would have filed some charge.

81-year-old Nancy Pelosi said she’s a “street fighter” and that Capitol rioters “would have had a battle on their hands” if they challenged her   https://notthebee.com/article/81-year-old-nancy-pelosi-said-shes-a-street-fighter-and-that-capitol-rioters-would-have-had-a-battle-on-their-hands-if-they-challenged-her

A California County Urges Teachers to Hide Anti-American “Ethnic Studies” Lessons from Parents  https://redstate.com/brandon_morse/2021/04/14/a-california-county-urges-teachers-to-hide-anti-american-lessons-for-children-from-parents-and-administrators-n360889

The US is increasingly being Balkanized by identity politics and the leftist agenda.  What US leftists have done and are planning to do have been accomplished in other countries – to disastrous results!

Biden says parts of the US are ‘backsliding’ to Jim Crow era https://trib.al/c4MhdUk

The Big Guy is a pathological race baiter.  When it suited his political agenda in the ‘80s and ‘90s he was ‘tough on crime’ and freely spewed what is now considered racist rhetoric.  Now, Joe is tres woke!!!

Op-ed in WaPo: Biden is making the Trump presidency seem like a golden age of unity
How does Biden justify the hyperpartisan start to his presidency? Just as Democrats redefined “infrastructure,” the president is now trying to redefine “bipartisanship.” Biden recently declared, “I would like . . . elected Republican support, but what I know I have now is that I have electoral support from Republican voters.” First, that is flat untrue — in a recent Gallup poll, just 8 percent of Republicans approved of Biden’s job performance. Second, that is not what Biden promised. He pledged to work “across the aisle to reach consensus.”…
https://www.washingtonpost.com/opinions/2021/04/13/biden-promised-bipartisanship-instead-hes-made-washington-more-partisan-divisive/

How Russia Tried to Start a Race War in the United States (2016) [Is China an accomplice now?]
https://repository.law.umich.edu/cgi/viewcontent.cgi?article=1290&context=mjrl

The History of Russian Involvement in America’s Race Wars – The Atlantic
From propaganda posters to Facebook ads, 80-plus years of Russian meddling
https://www.theatlantic.com/international/archive/2017/10/russia-facebook-race/542796/

@DailyCaller: Biden’s UN Ambassador Linda Thomas-Greenfield: White supremacy is weaved into our founding documents and principles.”    https://twitter.com/DailyCaller/status/1382393077260779526

‘Out to Kill A Cop’ – Sniper on The Loose in Maryland
https://www.zerohedge.com/political/out-kill-cop-sniper-loose-maryland

@benandjerrys Apr 12: The murder of Daunte Wright is rooted in white supremacy and results from the intentional criminalization of Black and Brown communities. This system can’t be reformed.  It must be dismantled and a real system of public safety rebuilt from the ground up. #DefundThePolice

Suspect arrested in Burlington Ben & Jerry’s store burglary   https://wcax.com/content/news/M

@RaheemKassam: Wow @benandjerrys which pretends to oppose police in America (for sales) secretly prosecutes black Americans!?

To reiterate: The US is reliving the late ‘60s through the ‘70s.  ‘Going Green’ was the ‘climate change’ back then.  Acid rain, global cooling, and police (‘pigs’) were bogeymen.  The same exact racial politics by the cast was conducted.  The media pounded Nixon and Republicans daily.  The ‘racist’ epitaph was hurled so much that is lost effect and meaning.  The USSR funded and abetted dissension.  Crime soared as did animosity to US institutions and big business.  Perhaps this is why big biz is now going woke. 

What has been will be again, what has been done will be done again; there is nothing new under the sun.” — Ecclesiastes 1:9

I WILL SEE YOU FRIDAY NIGHT

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