APRIL 16/CHINA OPENS THE DOOR FOR ALL CHINESE BANKS TO IMPORT GOLD AND THAT PROPELS GOLD TODAY: GOLD UP $13.60 TO $1779.50//SILVER UP 18 CENTS TO $26.05//GOLD TONNAGE AT COMEX RISES TO 88.8 TONNES//SILVER OZ DECLINES TO 14.885 MILLION OZ//SILVER MAY OI RISES TO ALMOST 186, 000 CONTRACTS WITH 10 DAYS BEFORE FDN//CORONAVIRUS UPDATES//VACCINE UPDATES//CHINA’S GROWTH SLOWS//CHAOS AT THE BORDER CONTINUES UNABATED/SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1779.50   UP $13.60   The quote is London spot price

Silver:$26.05 UP  $0.18   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1776.80 LONDON SPOT  4:30 pm

ii)SILVER:  $25.95//LONDON SPOT  4:30 pm

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE

 

 

PLATINIUM  $1205.82 UP $4.69

PALLADIUM: 2779.00 up $37.34  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 0/0

 

 

ISSUED: 0

Goldman Sachs:  stopped:  0

 
 

NUMBER OF NOTICES FILED TODAY FOR  APRIL. CONTRACT: 0 NOTICE(S) FOR nil OZ  (0.000 tonnes)

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

SILVER//APRIL CONTRACT

 

188 NOTICE(S) FILED TODAY FOR 940,000  OZ/

total number of notices filed so far this month: 2797 for 13,985,000  oz

 

BITCOIN MORNING QUOTE  $60,220   DOWN 3460

BITCOIN AFTERNOON QUOTE.:  $61,742 DOWN 1938 DOLLARS  

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $13.60  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 18 CENTS

SHOCKING!!

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 1.113 MILLION OZ FROM THE SLV//

 

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

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

INVENTORY RESTS AT:

573.745  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 166.35 up $1.00 OR  0.60%

XXXXXXXXXXXXX

SLV closing price NYSE 24.09 up $0.06 OR 0.25%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

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Let us have a look at the data for today

THE COMEX OI IN SILVER ROSE BY A HUGE SIZED 3,150 CONTRACTS FROM 167,584 UP TO 170,734, AND CLOSER TO FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR STRONG $0.42 ADVANCE IN SILVER PRICING AT THE COMEX  ON THURSDAY. 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 STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION AS WE GAINED A HUGE 4525 TOTAL CONTRACTS ON OUR TWO EXCHANGES. 

 

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1375,, AS WE HAD THE FOLLOWING ISSUANCE:  MARCH  0 MAY:  1375 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1375 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

14.855 MILLION OZ INITIAL STANDING FOR APRIL

 

THURSDAY, 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 $0.42). OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE  ANY AMOUNT OF SILVER LONGS AS  WE HAD A HUGE NET GAIN OF 4525 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 STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL DECREASE IN SILVER STANDING FOR COMEX SILVER  FALLING TO 14.855 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:

7113 CONTRACTS (FOR 12 TRADING DAY(S) TOTAL 7113 CONTRACTS) OR 35.565 MILLION OZ: (AVERAGE PER DAY: 592 CONTRACTS OR 2.863 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF APRIL: 35.565 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:  35.565 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: 35.565 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 3150, WITH OUR  $0.42 GAIN IN SILVER PRICING AT THE COMEX ///THURSDAY .…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1375 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A HUGE SIZED GAIN OF 4525 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.42 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  1375 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A HUGE SIZED INCREASE OF 3150 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.42 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.87//THURSDAY’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: 188 NOTICE(S) FOR 940,000, OZ OF SILVER.

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

AND YET, WITH THE 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 HUMONGOUS SIZED 14,128 CONTRACTS TO 476,966,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 HUGE SIZED INCREASE IN COMEX OI OCCURRED WITH OUR STRONG GAIN IN PRICE  OF $29.40///COMEX GOLD TRADING//THURSDAY. AS IN SILVER WE MUST HAVE HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS WE HAD AN ATMOSPHERIC GAIN OF 16,932 TOTAL CONTRACTS ON OUR TWO EXCHANGES.  WE ALSO HAD A HUGE GAIN IN GOLD TONNAGE STANDING RISING TO 88.762 TONNES, AS 340 CONTRACTS (OUR ILLUSTRIOUS BANKERS) QUEUE JUMPED AHEAD OF THE LINE LOOKING FOR GOLD METAL.  (34,000 OZ OR 1.0575 TONNES)

 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $29.40 WITH RESPECT TO THURSDAY’S TRADING

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

WE HAD A HUMONGOUS GAIN  OF 16,932 OI CONTRACTS (52.666 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 2804 CONTRACTS:

CONTRACT . FEB:0,  APRIL:  0 AND JUNE:  2804  ALL OTHER MONTHS ZERO//TOTAL: 2804.  The NEW COMEX OI for the gold complex rests at 475,063. 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 AN ATMOSPHERIC SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 16,932 CONTRACTS: 14,128 CONTRACTS INCREASED AT THE COMEX AND 2804 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 16,932 CONTRACTS OR 52.666 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2804) ACCOMPANYING THE HUMONGOUS SIZED GAIN IN COMEX OI  (14,128 OI): TOTAL GAIN IN THE TWO EXCHANGES:  16,932 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 12 OF THE DELIVERY CYCLE TO   88.762 TONNES)  3) ZERO LONG LIQUIDATION,  /// ;4) HUMONGOUS COMEX OI GAIN AND 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR GAIN IN GOLD PRICE TRADING THURSDAY//$29.40!!.

 

 
 
 
 
 

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 : 29,744, CONTRACTS OR 2,974,400 oz OR 92.51 TONNES (12 TRADING DAY(S) AND THUS AVERAGING: 2478 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12 TRADING DAY(S) IN  TONNES: 92.51 TONNES

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

THUS EFP TRANSFERS REPRESENTS 92.51/3550 x 100% TONNES =2.60% 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:      92.51 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 3150 CONTRACTS FROM 167,584 UP TO 170,734 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 STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL DECREASE IN  STANDING FOR SILVER  AT THE COMEX FOR APRIL TO 14.855 MILLION OZ//., AND 4) ZERO LONG LIQUIDATION.

EFP ISSUANCE 1375 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: 1375 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 3150 CONTRACTS AND ADD TO THE 1375 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUGE SIZED GAIN OF 4525 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 22.625 MILLION  OZ, OCCURRED WITH OUR STRONG $0.42 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 27.63 PTS OR 0.81%   //Hang Sang CLOSED UP 176.57 PTS OR 0.61%     /The Nikkei closed UP 40.68 POINTS OR 0.14%//Australia’s all ordinaires CLOSED UP 0.11%

/Chinese yuan (ONSHORE) closed UP AT 6.5212 /Oil UP TO 63.33 dollars per barrel for WTI and 66.97 for Brent. Stocks in Europe OPENED ALL GREEN //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5212. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5473   : /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 HUMONGOUS SIZED 14,128 CONTRACTS TO 475,063 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 WITH OUR STRONG GAIN OF $29.40 IN GOLD PRICING THURSDAY’S COMEX TRADING…WE ALSO HAD A FAIR EFP ISSUANCE (2804 CONTRACTS). …AS THEY WERE PAID OFF NOT TO TAKE DELIVERY.  

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

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2804 EFP CONTRACTS WERE ISSUED:  ;  AND APRIL:  0, JUNE:  2804 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2804  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: AN ATMOSPHERIC SIZED 16,932  TOTAL CONTRACTS IN THAT 2804 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A HUMONGOUS SIZED  COMEX OI  OF 14,128 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR APRIL  (88.762 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $29.40)., AND  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A POWERFUL NET GAIN ON OUR TWO EXCHANGES OF 18,835 CONTRACTS.  THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 52.66 TONNES TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR APRIL (88.762 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 :: 16,932 CONTRACTS OR  1,693,200 OZ OR  52.66  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:  475,063 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.50 MILLION OZ/32,150 OZ PER TONNE =  1477 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1483/2200 OR 67.13% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:161,463 contracts// volume extremely poor/DREADFUL   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  205,808 contracts//  volume:   extremely poor/ hopeless!/ //most of our traders have left for London

 

APRIL 16 /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

and

JPMorgan

 

578.718 oz

18 kilobars

 

 

total weight removed: 32,729.718 oz

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz

nil

 

Deposits to the Customer Inventory, in oz
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
0  notice(s)
nil OZ
(0000 TONNES
 
No of oz to be served (notices)
3448 contracts
(344,800oz)
 
10.724 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)
ii) Out of JPMorgan  578.718  (18 kilobars)
 
 
 
 
 
 
total withdrawals:  32,727.718 oz (1.018 tonnes) 
 
 
 
 
 
 
 

We had 3  kilobar transactions (3 out of 4 transactions)

ADJUSTMENTS  1:   DEALER TO CUSTOMER

 

BRINKS:  11,574.360 OZ  (360 KILOBARS) 

2.  CUSTOMER TO DEALER:  DELAWARE:

496.652 OZ

 

 
 
 

The front month of APRIL registered a total of 3,448 CONTRACTS for a GAIN of 290 contracts.  We had 50 notices filed on THURSDAY, so WE GAINED A MONSTROUS 340  contracts or an additional 34,000 oz  (1.057 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 LOST  a small  24 CONTRACTS TO STAND AT 1676.

WE SHOULD HAVE ABOUT 5 TONNES OF GOLD STAND IN MAY.

JUNE GAINED 12,652 CONTRACTS UP TO 390,956

THE COMEX GOLD PRINTING PRESS WAS WORKING OVERTIME TODAY

We had 0 notice(s) filed today for NIL   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  0  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:  3448 CONTRACTS ) minus the number of notices served upon today 50 x 100 oz per contract) equals 2,853,700 OZ OR 88.762 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  + (3488 OI for the front month minus the number of notices served upon today (50} x 100 oz which equals 2,853,700 oz standing OR 88.762 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 340 CONTRACTS OR AN ADDITIONAL 34,000 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 488.04 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 88.762 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,977,219.01 oz or 559.16 tonnes
 
 
total weight of pledged:  2,286,115.402 oz or 71.10 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,691,104 (488,04 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,691.104.0 (488.04 tonnes)
 
total eligible gold: 17,759,793.096 oz   (552.407 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 35,737,012.97 oz or 1,111.57 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  985.23 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 16/2021

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER/APRIL

APRIL. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
1,495,698.244 oz
CNT
LOOMIS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
290,282.106
 
oz
MANFRA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
1,844,615.338 oz
HSBC
JPM
MANFRA
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
188
 
CONTRACT(S)
(940,000 OZ)
 
No of oz to be served (notices)
174 contracts
 870,000 oz)
Total monthly oz silver served (contracts)  2797 contracts

 

13,985,000 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 1 deposit into the dealer) 
 
i) Into Manfra:  290,282.106 oz
 

total dealer deposits: 290,282.106        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  3 deposit into the  oz

customer account (ELIGIBLE ACCOUNT)

i) Into HSBC 1,010,560.757 oz

ii) Into JPMorgan:  628,207.400 oz

iii) Into Manfra:  205,847.181 oz

 
 
 
 
 

JPMorgan now has 187.359 million oz of  total silver inventory or 51.15% of all official comex silver. (187.359 million/366.279 million

total customer deposits today: 1,844,615.338   oz

we had 2 withdrawals:

 
 
i) out of CNT:  1199,960.514 oz 
 
ii) Out of Loomis:  294,786.660 oz
 
 
 
 
 
 
 
 
 

total withdrawals  1,495,698.244   oz

We had 0 adjustments:   

 

 
 

Total dealer(registered) silver: 121.847-million oz

total registered and eligible silver:  366.279 million oz

a net 0.700 million oz enters the comex silver vaults.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The month of April saw 362 contracts standing for delivery for a LOSS of 36 contracts.  We had 0 contracts served upon yesterday, so we LOST 36 contract or AN ADDITIONAL180,000 oz will NOT stand for delivery over here as they morphed into London based forwards and were immediately bought out for a handsome fiat profit. There is no silver over here!! 
 
 
 
 
 

May shockingly  GAINED  1086 contracts to stand at  85,874 contracts. May is the next active month and it seems the cavalry are showing up for physical silver as well. Thus we have April, a non active month having an initial 14.855 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,  FRIDAY APRIL 16/2020) we had 46,262 oi contracts still outstanding on the May 2020 CONTRACT.  This year:  85,874  still outstanding!!.

LAST YEAR 3755 CONTRACTS ROLLED ON APRIL 15 ; TODAY 0 ROLL //WE GAINED 1086 CONTRACTS!

WE HAVE 10 MORE READING DAYS BEFORE FIRST DAY NOTICE!(LAST YR 10 READING DAYS)

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

June gained 37 contracts up to 1085.

July gained 1697 contracts up to 64,206 contracts

THE SILVER COMEX PRINTING PRESS WAS ALSO WORKING OVERTIME TODAY.

 

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 188 contract(s) FOR 940,000 oz

To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at  2797 x 5,000 oz = 13,985,000 oz to which we add the difference between the open interest for the front month of APRIL (362) and the number of notices served upon today 188 x (5000 oz) equals the number of ounces standing.

Thus the April standings for silver for the APRIL/2021 contract month: 2797 (notices served so far) x 5000 oz + OI for front month of APRIL (362)  – number of notices served upon today (188) x 5000 oz of silver standing for the Jan contract month .equals 14,855,000 oz. ..VERY STRONG FOR A NON ACTIVE APRIL MONTH. 

WE LOST 36 CONTRACTS OR AN ADDITIONAL 180,000 OZ WILL NOT STAND FOR DELIVERY ON THIS SIDE OF THE POND. THEY WERE BOUGHT OUT THROUGH THE EFP CHANNEL IN LONDON.

 

TODAY’S ESTIMATED SILVER VOLUME 62,068 CONTRACTS // volume: fair volumes generally falling off a cliff// very 

 

FOR YESTERDAY 84,629  ,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; 16/2021)

2. Sprott gold fund (PHYS): premium to NAV RISES TO –1.66% to NAV:   (APRIL 16/2021 )

Note: /Sprott physical gold trust is back into NEGATIVE/0.29%(APRIL16/2021)

(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 16/WITH GOLD UP $13.60 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1022.86 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

APRIL 16 / GLD INVENTORY 1022.86 tonnes

LAST;  1040 TRADING DAYS:   +89.00 TONNES HAVE BEEN ADDED THE GLD

LAST 940 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 16.WITH SILVER UP 18 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.113 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 573.745 MILLION OZ//

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///

XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

APRIL 16/2021
573.745 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)LAWRIE WILLIAMS:

end

or

EGON VON GREYERZ// 

 
 

OR

Peter Schiff..

Jerome Powell Admits Federal Budget “Unsustainable” But Assumes We Can Fix It Later

 
FRIDAY, APR 16, 2021 – 10:59 AM

Via SchiffGold.com,

Through the first six months of fiscal 2021, the US government ran a record $1.7 trillion budget deficit. Federal Reserve Chairman Jerome Powell said this is sustainable – for now.

During a webinar sponsored by the Economic Club of Washington DC, Powell said the economy can handle the current debt load. But he did warn that the long-term trajectory of the US budget is unsustainable.

The US federal budget is on an unsustainable pathmeaning simply that the debt is growing meaningfully faster than the economy. And that’s by definition unsustainable over time. It’s a different thing to say the current level of the debt is unsustainable. It’s not. The current level of debt is very sustainable. And there’s no question of our ability to service and issue that debt for the foreseeable future.”

Powell said the US government will eventually have to “get back to a sustainable path.”

That is something that is best done in very good times when the economy is at full employment and when taxes are rolling in. This is not the time to prioritize than concern. But it is nonetheless an important concern that we will ultimately have to return to again when the economy is strong.”

Newsflash – this will never happen.

The US government was on this borrowing and spending path before the coronavirus pandemic, and it will remain on this path forevermore – until that path dead ends.

It’s easy to just brush off the current government spending spree because we’re in the midst of “an emergency.” That’s exactly what Powell did. Virtually everybody agrees the stimulus is necessary to deal with the economic impacts of coronavirus. But the Trump administration was stimulating long before this emergency.

During his campaign,  Trump promised to deal with the skyrocketing national debt. In fact, he said he could take care of it “fairly quickly.” That, of course, never happened. And you can’t blame the pandemic. The Trump administration ran huge deficits in the years preceding the coronavirus outbreak. The budget deficit in the calendar year 2019 was over $1 trillion. And as you’ll recall, the mantra was that the economy was booming. President Trump kept calling it “the greatest economy in the history of America.” Wouldn’t that have been the time to tackle the budget problem?

That’s Powell’s assertion. And don’t forget that he was at the helm of the Fed during this time. I apparently missed his pleas to address the unsustainable budget problem during those economic good times.

And of course, the Trump administration didn’t tackle the budget problem.

If the Republicans weren’t willing to address the debt, does anybody actually think Biden and his Democrat cohorts will do it? Of course not. After ramming through another massive stimulus, the current president is already eyeballing a borrow and spend “infrastructure” bill.

Of one thing you can be certain — politicians will always find a reason to borrow and spend money.

There is always an excuse to borrow and spend more. Now, it’s an emergency. And when times are good, the politicians will tell us it’s time to “invest in our future.” There is never a time to “prioritize concern” about the budget deficits and paying down the national debt. It’s always “kick the can down the road,” as Powell is recommending now. That works fine – until you run out of road.

In a letter to James Madison, Thomas Jefferson asserted that we have no right to bind future generations to pay our debts.

“No man can, by natural right, oblige the lands he occupied, or the persons who succeed him in that occupation, to the paiment of debts contracted by him. For if he could, he might, during his own life, eat up the usufruct of the lands for several generations to come, and then the lands would belong to the dead, and not to the living, which would be the reverse of our principle.”

Politicians have short time horizons. That’s why they generally make poor decisions when it comes to spending money. They don’t care about the future beyond the next election cycle. They certainly don’t care about my children. Elected officials do the popular thing now to secure reelection tomorrow, with little concern for the long-term consequences. They hide the teetering house economic house of cards behind shiny new bridges and “much-needed” government programs.

Powell is right when he says the federal budget is on an unsustainable path. He’s wrong to imply anything will ever be done about it. The powers that be will stay right on that unsustainable path to the bitter end. And it will be a bitter end.

or
PAM AND RUSS MARTENS

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

A must…

Hugo is the 4th richest person in Mexico and a strong advocate for the use of silver as money.

(Hugo)

Hugo Salinas Price: Mexico could remonetize silver without its central bank’s approval

 

 

 Section: Daily Dispatches

 

8:45p ET Thursday, April 15, 2021

Dear Friend of GATA and Gold:

In a video conversation today, the Mexican Civic Association for Silver’s Hugo Salinas Price describes a plan by which the Mexican government could effectively remonetize silver and bypass the longstanding opposition of the country’s central bank.

Salinas Price complains that the Bank of Mexico is not loyal to its own country but to the international association of central banks — a complaint that well might be made about many central banks. But the complaint is even more compelling against the Mexican central bank, insofar as the country rests on enormous resources of silver and gold and, without monetizing them, is another rich country insisting on being poor.

Salinas Price adds that the fantastic money creation underway in the United States will be the end of the U.S. dollar and signifies that the United States is becoming a “failed state.”

People should start saving in silver and gold while they can, Salinas Price says: “Save it and put it away and don’t breathe a word about it.”

Salinas Price’s conversation is 11 minutes long and is headlined “Get Silver Now” and can be viewed at the Mexican Civic Association for Silver’s internet site, Plata.com, here:

http://www.plata.com.mx/enUS/More/412?idioma=2

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

 

END

Duterte saw the light…..he has now terminated his 9 year ban on new mines. He wants production of our precious metals

Reuters/GATA

To boost revenue, Philippines terminates nine-year ban on new mines

 

 

 Section: Daily Dispatches

 

By Enrico Cruz
Reuters
Thursday, April 15, 2021

Philippine President Rodrigo Duterte has lifted a moratorium on new mineral agreements imposed in 2012, reopening the door to investments in a move that will boost state coffers but has dismayed environmental activists.

The Philippines, the top supplier of nickel ore to China and a major producer of copper and gold, imposed the moratorium while the government worked on legislation to boost the state’s share of mining revenues. Since 2018 the excise tax on minerals has doubled to 4%.

Duterte’s new executive order allows new mining deals and reviews of existing contracts for possible renegotiation. It also directs the environment ministry to formulate terms and conditions and to strictly implement rules on mine safety and environmental policies. …

… For the remainder of the report:

https://www.reuters.com/business/energy/philippines-lifts-nine-year-old-…

END

Your weekend reading material:  why the future money is gold and silver and not bitcoin

Alasdair Macleod/Gold Money/GATA

Alasdair Macleod: Why the future’s money is gold and silver, not bitcoin

 

 

 Section: Daily Dispatches

 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, April 15, 2021

Here is a reminder why gold and silver always will be sound money and why bitcoin cannot fill that role

With bitcoin’s price still rising and expected to rise even more, there has been a growing belief in cryptocurrency circles that it will replace unbacked government currencies when they eventually fail.

The assumptions behind this conclusion are naïve, exposing hardly any knowledge in what qualities are needed for sound money.

This article agrees that current events are accelerating the path toward fiat destruction, and that historical precedents point to their eventual replacement with a sounder form of money. But what that money will be is decided when governments lose control over their fiat; and the public, fiat’s users, through free markets will set the monetary agenda.

Only then will the public determine the qualities required, and in the past, it has always opted for metallic money. And because government treasury departments and their central banks coincidently possess only gold in their non-fiat reserves, its monetisation is the only option for governments to survive the collapse of their fiat currencies. 

That is what will eventually happen, with silver perhaps fulfilling a subsidiary monetary role to gold. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/why-the-future-mon…

* * *

 END

A must listen to interview:

Palisades Gold Radio interview Stefan Gleason

(GATA/Palisades Radio)

Palisades Gold Radio interviews Money Metals Exchange’s Stefan Gleason

 

 

 Section: Daily Dispatches

 

By Tom Bodrovicx
Palisades Gold Radio
Thursday, April 16, 2021

We welcome Stefan Gleason, president of Money Metals Exchange, to the show. 

The idea of sound money is something that holds its value over time, in contrast to fiat currencies. The market has chosen gold and silver over thousands of years as the money that sustains and preserves purchasing power.

We focus on improving public policy at the state level via the Sound Money Defense League. There are more options for improving laws at a state level than at the federal level, and they have had several successes. To that end, they have created a sound money index that measures differences between states regarding policies like sales taxes. Stefan outlines why sales taxes on investments like bullion is a silly idea

We discuss how inflation affects capital assets that are often taxed, but there is no actual gain in wealth in most cases. Taxation is one of the great injustices of our system because it slowly destroys wealth. The Internal Revenue Service considers bullion to be collectibles and taxes it higher than other investments, and states typically follow after the federal policies. They have been able to remove gold and silver from the state income tax in Arizona and Wyoming. They point out to legislatures that taxing metals drives business to other states.

Stefan explains the potential merits of the Texas Depository Systems and why it was set up outside of Wall Street interests.

States and smaller governments often have reporting and holding requirements for small dealers and pawn shops. They are required to upload photos of items along with the information about the seller. This system is very inefficient and a significant burden on the dealers.

Stefan discusses the Federal Reserve System and why pushing for sound money at that level is difficult. They are pressing for audits of America’s gold holdings since these have not been audited in over 70 years. There are concerns regarding the quantity and quality of the metal, and just because the gold is in a vault doesn’t mean the United States has ownership.

Lastly, Stefan gives an overview of Money Metals, their various services, and educational resources. …

… To see the interview, please visit:

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

END

The big news of the day; China completely opens up its borders to multi billion dollar gold imports

(see big article below)

China opens its borders to multi-billion-dollar gold imports, sources tell Reuters

 

 

 Section: Daily Dispatches

 

By Xiao Han, Peter Hobson and Swati Verma
Reuters
via Yahoo News
Friday, April 16, 2021

China has given domestic and international banks permission to import large amounts of gold into the country, five sources familiar with the matter said, potentially helping to support gold prices after a months-long decline.

China is the world’s biggest gold consumer, gobbling up hundreds of tonnes worth tens of billions of dollars each year, but its imports plunged as the coronavirus spread and local demand dried up.

… 

With China’s economy rebounding strongly since the second half of last year, its appetite for gold jewellery, bars and coins has also recovered, and since January domestic prices have been higher than global benchmark rates, making it profitable to import bullion.

The People’s Bank of China, the nation’s central bank, controls how much gold enters China through a system of quotas given to commercial banks. It usually allows enough metal in to satisfy local demand but sometimes restricts the flow.

In recent weeks it has given permission for large amounts of bullion to enter, the sources said.

“We had no quotas for a while. Now we are getting them … the most since 2019,” said a source at one of the banks moving gold into China.

Around 150 tonnes of gold worth $8.5 billion at current prices is likely to be shipped, four sources said. Two of the sources said the bullion would be shipped in April. Two others said it would reach China over April and May. …

… For the remainder of the report:

https://finance.yahoo.com/news/exclusive-china-opens-borders-multi-09554…

* * *

iii) Other physical stories:

CHINA/GOLD BACKED YUAN:

This is why gold was up this morning and will continue..

 (zerohedge)

 

Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion

 
FRIDAY, APR 16, 2021 – 09:31 AM

In 2018, the Chinese launched a gold-backed, yuan-denominated oil futures contract.  These contracts were priced in yuan, but convertible to gold, raising the prospect that “the rise of the petroyuan could be the death blow for the dollar.

Two weeks ago, The IMF reported that the global share of US-dollar-denominated exchange reserves dropped to 59.0% in the fourth quarter, according to the IMF’s COFER data released today. This matched the 25-year low of 1995.

And just last weekChina became the first major economy to unleash a Central Bank Digital Currency, “cementing its trailblazer status in virtual currencies far ahead of other countries, after already recently experimenting with large-scale trials of actual payments by consumers, which was met with mixed results.” 

Also last week, Peter Thiel warned Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US… It threatens fiat money, but it especially threatens the U.S. dollar.”

All of which sets the stage for the dramatic headlines that hit this morning, as Reuters reports that China has given domestic and international banks permission to import large amounts of gold into the country,

The People’s Bank of China (PBOC), the nation’s central bank, controls how much gold enters China through a system of quotas given to commercial banks. It usually allows enough metal in to satisfy local demand but sometimes restricts the flow.

In recent weeks it has given permission for large amounts of bullion to enter, the sources said.

“We had no quotas for a while. Now we are getting them … the most since 2019,” said a source at one of the banks moving gold into China.

Around 150 tonnes of gold worth $8.5 billion at current prices is likely to be shipped, four sources said. Two of the sources said the bullion would be shipped in April. Two others said it would reach China over April and May.

The news sent gold prices higher (in USDollars)…

The size of the shipments signals China’s dramatic return to the global bullion market. Since February 2020, the country has on average imported gold worth around $600 million a month, or roughly 10 tonnes, Chinese customs data show.

In 2019 its imports ran at about $3.5 billion a month, or roughly 75 tonnes.

Is this just the next stage in China seeing the writing on the wall for the USDollar as global reserve currency…

…and paving the way for a gold-backed yuan?

As Alasdair Macleod wrote last yearChina can escape the fate of a dollar collapse by tying the yuan to gold.  Of all the major economies, China’s is best placed to implement a sound money solution.

With all its gold, by monetising it China could kill off the dollar tomorrow. Undoubtedly, this financially nuclear option has become a backdrop to her strategy in the ongoing trade and financial war against America. But the idea that by using this undoubted power over the dollar, China gains a simple victory if through her actions, the dollar is destroyed and understates a more complex situation. It is not in China’s interest on many levels, not least because of her ownership of dollars is about $3.4 trillion, of which only $1.5 trillion is invested in Treasuries, agency, corporate and short-term debt in the US. The balance is actively used in loan finance to China’s commodity suppliers, those involved with the belt and road initiatives and other states with which China desires to gain influence.

Destroy the dollar and China’s heft around the world is destroyed as well, because only a small proportion of China’s loan-influence is in renminbi. In that sense, if the dollar collapses America gains a geopolitical benefit over China, her means of international influence being crippled. The Chinese leadership will be acutely aware of the consequences of the dollar’s demise and therefore will do nothing to encourage it. Indeed, if the dollar begins its collapse in the foreign exchanges, we could find China increasingly calling out the Fed on its inflationary policies. But then the Fed’s problem is and will continue to be an inability to stop its addiction to unlimited inflationism.

Unfortunately, a banking crisis is embedded in the script, which will have fundamental effects on all fiat currencies, some more than others. And since international banking is overwhelmingly a dollar affair, after a short pause the consequences are bound to weigh heavily upon it as the reserve currency. This credit cycle unwind is a Category 5 compared with 2008—09’s Category 2 or 3. It is only after such a cataclysm that China will have no alternative to abandoning all attempts to support the dollar and its means of buying overseas influence. China will then need to secure its own currency.

It will require a return to gold backing — the nuclear option so far avoided. While the cost will be writing off trillions of dollars and its means of securing overseas influence, there will be a monetary vacuum to fill. And compensation will be found in an increase in the value of China’s declared and undeclared bullion stocks, as well as the enrichment of its gold-holding people.

It is clearly not in China’s current geopolitical interest to introduce a gold standard that undermines or destroys the dollar. For this reason, China will only do so once it is clear that the dollar is in the early stages of an unavoidable inflationary collapse, and the risk of the yuan going down with it must be urgently addressed. Perhaps, as the Biden/MMT agenda becomes clearer, a reappraisal of the dollar’s prospects and the debt trap of rising interest rates being sprung on western governments is likely to determine timing.

Maybe the digitization of the yuan is the ‘control’ China needs to enable this transition?

There can be little doubt that a move to a gold yuan will have a profound effect on remaining fiat currencies. A short period of time between announcing these plans and their implementation will be required for markets to adjust. It is likely that fiat currencies would face downward pressure on their purchasing power, and China must be seen to be protecting her own interests by returning to sound money and not deliberately undermining the dollar.

Other nations, particularly those in Asia, are likely to follow China in implementing their own gold exchange standards, and all nations will be then faced with a stark choice: do they hang on to their welfare states and their growing difficulties in financing them, or do they stabilise their currencies? If China does adopt a proper gold exchange standard, she would neutralise all America’s geopolitical power, whether America follows suit or not.

Perhaps Peter Thiel is right… and bitcoin is the trojan horse to attack the dollar and make way for a gold-backed yuan?

Nothing lasts forever.

END

TURKEY

Turkey needs to preserve the Lira and thus they banned cryptocurrency payments. Strange that the first one to do so was Turkey a banana republic.

(zerohedge)

Bitcoin Tumbles As Turkey Bans Cryptocurrency Payments

 
FRIDAY, APR 16, 2021 – 07:46 AM

With crypto prices trading at record highs, torrid retail interest in the sector caused Robinhood’s crypto-trading platform to crash (though, as Zero Hedge readers probably understand, that’s par for the course for Robinhood), the rally came to a screeching halt early Friday as dictatorial banana republic Turkey – of all places – decided to crack down on the use of virtual currencies in desperate hopes of preserving confidence in the Turkish lira, the world’s worst performing banana republic currency.

Bitcoin dropped as much as 4.6% on Friday as Turkey banned its use for payment, restrictions that will take effect on April 30.

The curbs also prohibit Turkish companies that handle payments and electronic fund transfers from processing transactions involving cryptocurrency platforms, essentially cutting off legions of Turkish retail traders – who have been finding respite in crypto from their increasingly worthless domestic fiat currency – from the country’s banking system.

As for why, the central bank cited a lack of regulation, supervision mechanisms or central regulatory authority, combined with the potential for criminal activity and the high volatility of their market value, mean digital tokens entail “significant risks.”

The official decree was published Friday in the official government gazette and as a statement on the website of the Turkish central bank. Find the statement, published in English, below:

Crypto assets entail significant risks to the relevant parties due to the following reasons:

they are neither subject to any regulation and supervision mechanisms nor a central regulatory authority, their market values can be excessively volatile, they may be used in illegal actions due to their anonymous structures, wallets can be stolen or used unlawfully without the authorization of their holders, and transactions are irrevocable. Recently, some initiatives have emerged regarding the use of these assets in payments. It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments.

Accordingly, pursuant to the authority vested by the Law No:1211 on the Central Bank of the Republic of Turkey (CBRT) and the Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, the CBRT has introduced “Regulation on the Disuse of Crypto Assets in Payments”.

The ban isn’t a complete surprise: In March, Turkey’s Treasury and Finance Ministry said it shared the “global concern” about the development of cryptocurrencies. The ministry signaled it was working on regulations in cooperation with the central bank, the banking regulator and Turkey’s capital markets board.

Turkey isn’t alone in moving to crack down on bitcoin: India is expected to propose a law that bans cryptocurrencies and fines anyone trading or holding such assets. Still, the timing of the ban is certainly notable, as faith in Turkey’s central bank by the community of international investors is presently at, or near, an all-time low. With this in mind, Turkey’s ban looks more like a worried government sidelining a serious competitor to its own currency.

Crypto prices dropped by about 5% on the news but have since rebounded and are set to close at new all time highs as Erdogan’s desperate attempt to ban capital flight into crypto will only lead to more demand for it.

Your early FRIDAY 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 6.5212 /

//OFFSHORE YUAN:  6.5247   /shanghai bourse CLOSED UP 27.63 pts or 0.81%

HANG SANG CLOSED UP 176.57 PTS OR 0.61% 

2. Nikkei closed UP 40.68 POINTS OR  0.14%

3. Europe stocks OPENED ALL GREEN /

USA dollar index  DOWN TO 91.52/Euro RISES TO 1.1885

3b Japan 10 year bond yield: FALLS TO. +.09/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.74/ 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:: 63.33 and Brent: 66.97

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.28%/Italian 10 Yr bond yield UP to 0.74% /SPAIN 10 YR BOND YIELD UP TO 0.38%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.02: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.90

3k Gold at $1782.25 silver at: 26.30   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 45/100 in roubles/dollar) 75.91

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 108.74 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 .9185 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1012 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 0.28%

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 1.562% early this morning. Thirty year rate at 2.248%

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

6.  TURKISH LIRA:  DOWN  TO 8.07..

US Futures, Global Stocks Hit Fresh All Time High

 
FRIDAY, APR 16, 2021 – 07:46 AM

US equity futures and global stocks rose to new record highs and oil climbed after strong U.S. and Chinese economic data bolstered expectations of a solid global recovery from the covid pandemic. At 7:00 a.m. ET, Dow e-minis were up 34 points, or 0.1%, S&P 500 e-minis were up 5 points, or 0.11% to a new all time high of 4,167, and Nasdaq 100 e-minis erased a decline of as much as 0.4% to trade little changed as of 7:20am in New York.

The benchmark S&P 500 and the blue-chip Dow are on course for their fourth straight week of gains, while the Nasdaq is less than a percent below its own all-time peak despite some turbulence last month. With the first-quarter corporate earnings season under way, focus will be on results from Morgan Stanley after bumper earnings earlier this week from JPMorgan, Goldman and Bank of America that reinforced hopes of a swift economic rebound. Oil companies, mainly Chevron Corp, Marathon Petroleum, Exxon Mobil Corp and Occidental Petroleum, gained between 0.3% and 1.1% as oil prices rose.

“As the economic reopening accelerates in the coming months, we believe the bull market remains on a solid footing,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We maintain a cyclical bias and prefer U.S. consumer discretionary, energy, financials and industrials.”

In the U.S., Thursday’s retail sales and weekly jobless claims data signaled an accelerating recovery in the world’s biggest economy. Investors will look for further confirmation as the reporting season picks up pace next week, with around 80 S&P 500 members and more than 50 Stoxx 600 firms announcing.

Looking at global markets, MSCI’s broadest gauge of world stocks edged higher in early European trade, up 0.2% to a record high. Europe’s top indexes all opened higher, led by Britain’s FTSE 100, up 0.5% and passing 7,000 points for the first time since February 2020.

“As the global recovery becomes more entrenched, fuelled by continued fiscal stimulus and ultra-loose monetary policy, we think this should translate into continued positive UK equity market performance,” said Nick Peters, multi asset portfolio manager, Fidelity International.

The Stoxx Europe 600 Index was poised for a seventh week of advances, its longest streak since May 2018, as investors continued to boost cyclicals such as carmakers and banks, while defensive sectors lagged. The Stoxx 600 benchmark index rose 0.6%, pushing further into record-high territory, with economically sensitive sectors leading gains. European cyclicals outperformed while all 20 sector groups positive: Automotives +2.2%, banks +1.6%, industrials +0.9%; consumer products & services, health care sectors up by less than 0.1%

Here are some of the biggest European movers today:

  • Bank of Ireland Group shares jump as much as 7.9%. KBC signed a memo with Bank of Ireland agreeing to “explore a route” to sell “substantially all of KBC Bank Ireland’s performing loan assets and liabilities,” the pair said in a joint statement Friday.
  • Kesko shares rise as much as 6.6% after upgrading its 2021 guidance late on Thursday. Inderes raised its recommendation on the Finnish retailer to accumulate, saying the company is “rewriting records once again.”
  • WH Smith shares gain as much as 5.3% as RBC upgraded the stock to outperform and increased the price target. The broker said in a note that the retailer’s international businesses are providing an encouraging precedent for a recovery in U.K. travel demand.
  • HelloFresh shares surge as much as 8.4% with Deutsche Bank saying the meal-kit maker’s 1Q results were a “massive beat” after the firm raised its FY guidance.
  • CD Projekt shares decline as much as 4.2% after preliminary earnings unexpectedly released late on Thursday and indicated lower-than-consensus estimate sales for Cyberpunk 2077. Patria said investors will be worried about weak preliminary sales and net income numbers.
  • L’Oreal shares slipped as much as 3.2% as the French beauty-products maker’s 10% beat in its 1Q organic-sales growth wasn’t enough to propel higher a stock trading around record levels.
  • Evolution shares drop as much as 2.6% after being downgraded to hold at DNB. While the company faces an “impressive” 1Q, near-term catalysts seem mostly priced in, the broker said in a note.

The latest data from Beijing which saw China’s GDP rise by a record 18.3%  (although the growth rate slowed substantially Q/Q) to Thursday’s string of positive economic figures out of the U.S., boosting futures on the small-cap Russell 2000 and Dow Jones Industrial Average indexes.

Overnight, Asian stocks tracked a path similar to Europe’s. MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.5%, with Shanghai shares adding 0.8% and Japan’s Nikkei up 0.1%. Driving the move was Chinese data showing record 18.3% growth in the first quarter, though the reading slightly undershot expectations. Retail sales were the only real-time print that beat expectations (see more here).

Asian stocks reversed an earlier loss, as data showing that China’s economy expanded by a record in the first quarter boosted investor sentiment. Hong Kong-listed Tencent and Meituan were the biggest boosts to the MSCI Asia Pacific Index, which was on track for a weekly gain of 1.1%, its biggest in about two months. TSMC was the biggest drag as analysts pointed to profit-margin pressure from its increased spending plan. The tech sector could be active next week, with events including Apple’s first product unveiling of the year as well as earnings from Intel and Japanese electronic components maker Nidec. Stocks in Hong Kong and China turned higher after China’s GDP data, helping the CSI 300 Index close just above its 200-day moving average. The economy grew 18.3% in the first quarter from a year earlier, largely in line with estimates. The nation’s retail sales beat expectations while industrial output moderated. Equity benchmarks in the Philippines and Vietnam fell, while those in India and Japan were sluggish amid renewed surges in coronavirus infections.

Chinese stocks rose on the strength of liquor producers and car manufacturers, after government figures showed consumer spending strengthened in the first quarter to make economic recovery more balanced. The benchmark CSI 300 Index closed 0.4% higher after sliding earlier in the session. Baijiu distillers including Kweichow Moutai and Wuliangye Yibin were the biggest contributors to the gauge while Changan Auto and Guangzhou Auto were the top performers. The Hang Seng Index ended 0.6% stronger. The National Bureau of Statistics announced that China’s gross domestic product climbed 18.3% year on year in the first quarter, compared with consensus of 18.5%. Retail sales beat expectations while industrial output moderated. Consumption of auto products surged 65.6% in the period from a year ago, out-pacing a 33.9% jump in overall retail sales. Investors beefed up buying in afternoon trading via the stock connect programs between the mainland and Hong Kong, said Daniel So, a CMB International strategist. “One of the reading into the economic data is that the central bank may slow down its pace to tighten the liquidity in the market, after the growth came in slightly below estimates.”  Net purchase of mainland stocks via the trading links exceeded 7.1 billion yuan on Friday, the second biggest in almost four weeks. That took the weekly total to the most since Feb. 5, according to Bloomberg-compiled data. The CSI 300 Index declined 1.4% for the week. It still held above its 200-day moving average, a key support level.

“We remain focused on a China-led rebound steadily helping the Asia-Pacific region,” said Sebastien Galy, senior macro strategist at Nordea Asset Management. “As the U.S. economy and then European economies open up, it should further help Asian exports. This should support Emerging Market and APAC equities as well as China equities and fixed income.”

In rates, Treasuries held onto Thursday’s gain, with traders suggesting foreign buying and geopolitical risks may have contributed to the advance. The 10-year U.S. Treasuries yield was last at 1.55%. Long-end yields are richer by 3bp on the day, flattening the curve. Treasuries faced pressure during Asia session from double block sale in 5-and 10-year futures; bunds and gilts underperform. The curve flattened from belly out to long-end, 2s10s by less than 1bp, 5s30s by ~1bp; 10-year yield around 1.57% is ~1bp lower on the day, outperforming bunds by ~2bp, gilts by ~3bp. Dollar issuance slate empty so far; nearly $24b was priced Thursday, including biggest-ever bank offering by JPMorgan ($13b 5-part), as well as by Goldman Sachs ($6b) and Tencent ($4.15b)

“As the economic reopening accelerates in the coming months, we believe the bull market remains on a solid footing,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We maintain a cyclical bias and prefer U.S. consumer discretionary, energy, financials and industrials.”

In FX, the Bloomberg Dollar Spot Index was little changed, after falling for four consecutive days, and the greenback traded mixed against its G-10 peers; Treasuries outperformed European government bonds. The euro approached $1.20 before paring gains as it gravitated toward the 55-DMA. The pound hit its weakest against the euro since February, unwinding the premium from the U.K.’s speedy vaccination program earlier this year. The yen edged lower for the first time in five sessions as traders adjusted their positions ahead of the meeting between President Joe Biden and Prime Minister Yoshihide Suga. Australian and New Zealand dollars eased against the greenback as short-term accounts trimmed existing longs; the currencies are poised for their biggest weekly gains since November, buoyed by rising commodity prices and a falling Treasury yields.

In commodities, oil hit a one-month highs thanks to the economic data and higher demand forecasts from the International Energy Agency (IEA) and OPEC, Oil headed for the biggest weekly gain since early March on optimism the recovery in demand from the Covid-19 pandemic is improving. Brent futures were last flat at $66.94 per barrel. U.S. crude was down 0.1% at $63.4 per barrel, both on course for their first substantial weekly gains in six.

Elsewhere, copper remained on course for the best week in about two months. Bitcoin slipped.

Bitcoin tumbled after Turkey banned the cryptocurrency.

Looking at the day ahead now, the data highlights include US housing starts and building permits for March, along with the preliminary University of Michigan consumer sentiment index for April. Meanwhile in Europe, there’s the new EU car registrations for March and the final Euro Area CPI reading for that month as well. Otherwise, central bank speakers include Dallas Fed President Kaplan and BoE Deputy Governor Cunliffe, and earnings releases include Morgan Stanley and BNY Mellon.

Market Snapshot

  • S&P 500 futures +0.1% at 4,167.75
  • MXAP up 0.3% to 208.61
  • MXAPJ up 0.5% to 695.84
  • Nikkei up 0.1% to 29,683.37
  • Topix little changed at 1,960.87
  • Hang Seng Index up 0.6% to 28,969.71
  • Shanghai Composite up 0.8% to 3,426.62
  • Sensex up 0.1% to 48,873.01
  • Australia S&P/ASX 200 little changed at 7,063.45
  • Kospi up 0.1% to 3,198.62
  • Brent Futures up 0.3% to $67.12/bbl
  • Gold spot up 0.2% to $1,767.31
  • STOXX Europe 600 up 0.3% to 439.92
  • German 10Y yield rose 2.3 bps to -0.268%
  • Euro up 0.1% to $1.1975
  • U.S. Dollar Index little changed at 91.626

Top Overnight News from Bloomberg

  • Hedge funds have been a major player in this year’s Treasury selloff, offloading more than $100 billion of the securities since the start of January, according to holdings data
  • Brevan Howard Asset Management is preparing to start investing in digital assets, becoming the latest money manager seeking to exploit the cryptocurrency boom
  • China’s economy soared in the first quarter as consumer spending strengthened, suggesting a more balanced recovery after an investment and export-fueled rebound from last year’s coronavirus lockdowns. GDP climbed a record 18.3% in the first quarter from a year earlier, largely in line with the 18.5% predicted in a Bloomberg survey of economists
  • Man Group Plc assets hit yet another record as investors kept pouring money into its funds, signaling a pickup in its business and the wider hedge fund industry. The world’s largest publicly-traded hedge fund firm raked in $600 million of cash in the first quarter that lifted assets under management to $127 billion, the company said in a statement Friday
  • The EU “most probably” won’t renew its coronavirus vaccine contracts with AstraZeneca and Johnson & Johnson, French Industry Minister Agnes Pannier-Runacher said on BFM TV on Friday

A quick look at global markets courtesy of Newsquawk

Asian equity markets traded cautiously after the mild tailwinds from US, where most major indices notched fresh record highs and tech outperformed amid a decline in yields and surge in Retail Sales, gradually dissipated as the region digested a miss on Chinese GDP and Industrial Production data. ASX 200 (Unch.) was subdued after the disappointing data from Australia’s largest trading partner with sentiment also dampened by underperformance in energy and the top-weighted financials sector, while Nikkei 225 (+0.1%) was indecisive with concerns of widening COVID-19 measures counterbalanced by a more favourable currency. Hang Seng (+0.6%) and Shanghai Comp. (+0.8%) were choppy following the latest economic growth and activity data from China in which GDP and Industrial Production disappointed although still showed a double-digit percentage surge Y/Y and Retail Sales surpassed estimates to suggest a strong domestic consumer profile, while the stats bureau also suggested the economy got off to a good start with continued improvement to production and demand. Finally, 10yr JGBs retraced some of yesterday’s after hours gains as the recent bull flattening and short-covering in USTs lost steam, while the indecisive risk tone and lack of purchases by the BoJ in the market today also constrained price action. PBoC injected CNY 10bln via 7-day reverse repos with the rate at 2.20% for a net neutral daily position.

Top Asian News

  • Normal Monsoon in India May Spur Growth of Virus-Ravaged Economy
  • Singapore Air to Stop Flying Transit Passengers to Hong Kong
  • Final Fantasy Maker Jumps on Report It May Be Acquisition Target
  • Distressed Firm Sritex Is Said to Pause Dollar Loan Payments

European equities trade somewhat mixed with an upside bias as the core bourses edge higher in early European trade (Euro Stoxx 50 +0.5%) following somewhat of a lukewarm cash open, with newsflow again on the lighter side. Stateside, US equity futures see sideways trade as participants look ahead to another wave of earnings, with Morgan Stanley among the bunch. Back to Europe, The FTSE 100 (+0.5%) was initially the leader amid favourable Sterling dynamics, but Germany’s DAX (+0.7%) now outpaces peers as Daimler (+2.5%) leads the gains following a significant beat in Q1 EBIT – led by favourable sales momentum by all major regions and particularly in China. Separately, Co. unveiled the electric version of its Mercedes-Benz S-Class sedan poised for sale from August and billed as a competitor to Tesla. This, alongside an almost 90% Y/Y increase in EZ New Car Registrations, sees the Auto sector as the clear outperformer closely followed by financials amid the higher yield environment. The other end of the spectrum sees Consumer Staples, Healthcare and Tech. Overall, sectors are mixed with no clear overarching theme. In terms of individual movers, L’Oreal (-2.0%) shares are pressure post-earnings amid a Q1 revenue miss.

Top European News

  • Merkel Pleads for More Control to Break Third Pandemic Wave
  • U.K. Lobbying Scandal Deepens as Hancock Accused of ‘Cronyism’
  • Stirling Square Is Said to Weigh IPO of Sweden’s Byggfakta Group
  • Hungary Regulator Suspends OTT-One Shares After Auditor Resigns

In FX, sterling has pared some losses, but remains under pressure amidst the ongoing dispute between the UK and EU over NI protocol compliance, with some progress made at a meeting between Frost and Sefcovic, but difficult issues still to be resolved according to the former. Meanwhile, Cable succumbed to sell orders when a key pivot point was breached at 1.3760 and more following the loss of 1.3750 before finding some underlying bids ahead of 1.3700 and Eur/Gbp climbed to a fresh April peak after crossing 0.8700 and is now eyeing a late February apex at 0.8731 vs 0.8719, thus far.

  • USD – Aside from Pound weakness, the Dollar has regained some yield attraction, though not across the board by any means as the DXY straddles its own former technical axis around 91.740 within a 91.813-574 range against the backdrop of buoyant risk sentiment that has seen certain EU stock indices emulate their Wall Street peers to trade at record levels, like the Dax. Ahead, US housing data and another regional survey, but this time in the form of prelim Michigan sentiment.
  • CHF/CAD/EUR – The Franc is outperforming through 0.9200 vs the Greenback and closer to 1.1000 against the Euro than 1.1050 in wake of Swiss producer/import price data showing a 0.6% m/m rise that pushed the y/y rate up to -0.2% from -1.1% previously, while the Loonie seems to be latching on to mostly firmer oil prices following yesterday’s weaker than expected Canadian manufacturing sales as it rebounds from sub-1.2550 lows towards 1.2500 in the run up to securities purchases and wholesale trade. Elsewhere, the Euro continues to hold above 1.1950 and stay capped beneath 1.2000 where bids and offers presumably lie in decent size, though without anything of note in terms of option expiries today.
  • JPY/AUD/NZD – All softer vs their US counterpart, or handing back some gains to be more precise with the Yen now nearer 109.00 following a 2nd unsuccessful attempt to pierce 108.60, Aussie back below 0.7750 after even more efforts to break above and Kiwi hovering just over 0.7150 vs a circa double top around 0.7180. Note, Aud/Usd failed to derive momentum from a raft of Chinese data as GDP and IP missed admittedly lofty expectations in contrast to retail sales, while Nzd/Usd also gleaned little lasting benefit from an acceleration in NZ’s manufacturing PMI and Usd/Jpy shrugged off strength in Reuters’ Japanese Tankan Manufacturing Index.
  • EM – A seemingly conciliatory tone from US President Biden in the context of strained relations with Russia and Brent peering over Usd 67/brl has helped the ravaged Rub recover losses to 75.3340 at one stage from 76.4800+, but the Try remains beneath 8.0000 irrespective of Turkey raising corporate tax to 25% from 20% and the Cnh is flat on the day around 6.5200, though not far from w-t-d highs on the back of a firmer PBoC Cny midpoint fix overnight.

In commodities, WTI and Brent front month futures yet again experience a choppy European morning, as the contract fails to clinch onto a narrative amid slow news flow. Meanwhile, participants attempt to gauge the supply/demand scales as COVID cases remain elevated, some vaccines are halted, and the geopolitical landscape tense on several fronts. However, supportive omens have emanated from the bullish inventory data and constructive oil market reports throughout the week. WTI Jun around the 63.75/bbl mark (63.30-63.94 range) and its Brent counterpart just north of USD 67/bbl (66.75-67.36 range). Elsewhere, spot gold and silver were rangebound for a large part of the session amid after rising in unison with the recent drop in yields, although upside was seen in wake of reports that China has reportedly permitted banks to import large amounts of gold, around 150 tonnes of gold worth some USD 8.5bln in April and May, sources said, with spot gold around USD 1,770/oz and spot silver eyeing USD 26/oz to the upside. In terms of base metals, LME copper is waning off best levels with the miss in Chinese GDP and IP not supportive for sentiment surrounding the red metal, albeit prices reside comfortable north of USD 9,000/t. Meanwhile, the APAC session saw Dalian coking coal futures surge as safety inspections sparked supply concerns.

US Event Calendar

  • 8:30am: March Housing Starts est. 1.61m, prior 1.42m; MoM, est. 13.5%, prior -10.3%
  • 8:30am: March Building Permits, est. 1.75m, prior 1.68m, revised 1.72m; MoM, est. 1.7%, prior -10.8%, revised -8.8%
  • 10am: April U. of Mich. 1 Yr Inflation, est. 3.2%, prior 3.1%; 5-10 Yr Inflation, prior 2.8%
  • 10am: April U. of Mich. Current Conditions, est. 96.0, prior 93.0; Expectations, est. 85.0, prior 79.7; Sentiment, est. 89.0, prior 84.9

DB’s Jim Reid concludes the overnight wrap

I feel truly blessed to be working today. The family are about to leave without me on a 2-hour trip to Thomas Land which is based on Thomas the Tank Engine. As with earlier this week it’s in a middle of a bigger Theme Park which looks even more frightening than the one I went to on Monday (around Peppa Pig World). So I will have Bronte curled up at my foot all day today while my wife curls up in a ball after too many rollercoasters.

Markets got back on the bullish train yesterday with both bond and equity markets performing as the decent data seemed to be already baked into bond markets (a bit like with CPI a couple of days back) whilst the strong data and strong earnings boosted equities. A Goldilocks day if ever there was one. The -5.6bps rally in 10 year US yields caught the eye with the benchmark now trading -12.5bps lower than its intra-day day high on Tuesday. Most of the bond rally came after the strong retail sales/claims report that maybe didn’t blow the lights out as much as it could have done in some people’s eyes. There were some larger whisper numbers being flagged in recent days. The other explanation for the recent rally in US bonds has been renewed demand from Japanese investors after government data showed Japanese investors bought $15.6 billion of foreign bonds last week. This comes after insurers and banks in Japan contributed to a good deal of selling in February. Geopolitical risk rising was also cited. More on the retail data below but to quickly recap other key variables, the S&P 500 (+1.11%) advanced to its 7th all-time high so far this month, while the VIX index of volatility (-0.42pts) reached a new post-pandemic low, and the NYFANG index (+1.65%) saw its 13th increase in the last 14 days.

Running through the headlines from those US data releases, retail sales rose by a stronger-than-expected +9.8% in March (vs. +5.8% expected) as they marked their fastest monthly growth since last May. The gains were aided by the stimulus checks as well as a recovery from February’s bad weather, and February’s contraction was revised to show a smaller -2.7% decline (vs. -3.0% previously). There was also good news from the weekly initial jobless claims for the week through April 10, one of the timeliest indicators we get, which showed them falling to a post-pandemic low of 576k (vs. 700k expected), a number that was beneath every estimate on Bloomberg. Survey data from April was positive too, with the NY Fed’s Empire State manufacturing survey seeing the general business conditions index rise to 26.3 (vs. 20.0 expected), in the best reading since 2017. On the inflation front, notably the prices paid index rose to its highest level since 2008, and the prices received index hit a record high. Elsewhere the Philadelphia Fed’s Manufacturing Business Outlook Survey rose to 50.3, which was its highest level since April 1973. March Industrial production was the main disappointment and only rose by +1.4% (vs. +2.5% expected). Separately, the NAHB’s housing market index for March rose by 1 point to 83 as expected.

Global equities reacted very strongly to the data tailwind and with lower yields at their backs, and as mentioned the S&P 500 soared to a fresh record in a broad-based advance that saw more than 75% of the index move higher on the day. The Dow Jones (+.90%) similarly hit a fresh record, and at one point in trading breached the 34,000 mark for the first time. 22 of 24 S&P 500 industry groups were higher on the day, with the only laggards being two of the cyclical industries that outperformed in the first quarter of the year, namely energy (-0.88%) and banks (-0.88%). Health care equipment (+2.21%) and semiconductors (+2.27%) were at the other end of the spectrum, leading the S&P higher. The outperformance of technology stocks led the NASDAQ composite to gain +1.31% yesterday, taking the index to within half a per cent of its record close.

Meanwhile Europe’s STOXX 600 (+0.55%) and the German DAX (+0.30%) both climbed to their own all-time highs. The moves in 10yr Treasuries saw the lowest yield close in over a month, with real yields (-6.1bps) driving the decline though inflation expectations (-0.8bps) fell back a touch on as well. The moves were somewhat replicated in Europe, where yields on 10yr bunds (-3.2bps), OATs (-3.4bps) and BTPs (-6.3bps) all fell. Italian bond yields fell the most since March 11 after €15b of redemptions paid Thursday and are said to be prioritising borrowing plans rather than the country’s budget deficit. 10yr gilt yields fell back -6.7 bps to 0.74%, similarly marking the biggest drop since early-March.

Overnight in Asia, we have seen China‘s economic data dump for March with Q1 2021 GDP printing largely in line with expectations at +18.3% yoy (vs. +18.5% yoy expected). In terms of quarterly growth the latest print came at +0.6% qoq as against an upwardly revised reading of +3.2% qoq (prior reading +2.6% qoq) in the previous quarter. The GDP growth was supported by a strong rebound in industrial output and robust exports even as consumer spending continued to lag. Besides this we also saw March industrial production which printed at +14.1% yoy as against expectations of +18.0% yoy while retail sales came in strong at +34.2% yoy (vs. +28.0% expected). Meanwhile, YtD March fixed asset investments ex rural stood at +25.6% yoy (vs. +26.0% yoy expected) and the surveyed jobless rate for March printed at +5.3% yoy vs. +5.4% yoy expected.

Against the backdrop of a relatively strong Chinese data, Asian markets are mostly trading up with the Shanghai Comp (+0.46%) leading the gains while the Nikkei (+0.09%), Hang Seng (+0.11%) and Kospi (+0.14%) are also up. Elsewhere, futures on the S&P 500 are down -0.10% and those on the Nasdaq are down a larger -0.20%. US 10y treasury yields are trading flattish this morning.

Another major story yesterday was the imposition of new US sanctions on Russia, which saw the Ruble decline against all the other major currencies, including a -0.76% loss against the US dollar. The moves saw 10 Russian diplomats expelled from the US, sanctions placed on over 30 individuals and entities, along with restrictions placed on the Russian primary debt market from June 14 that would prevent US institutions participating in new debt issuance by the central bank, finance ministry and sovereign wealth fund. In a letter to Congress detailing the Executive Order, Biden said that Russia’s actions such as “efforts to undermine the conduct of free and fair democratic elections”, constituted “an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States.”

Over in Germany, the race to be the CDU/CSU chancellor candidate is still ongoing ahead of September’s federal election, with both the CDU’s Armin Laschet and the CSU’s Markus Soeder remaining in the running. As mentioned earlier in the week, the issue is that normally the larger CDU decides the nominee, but their leader Laschet is less popular than the CSU’s Soeder, which has led to calls for him to be the candidate instead, particularly given their decline in the opinion polls over the last couple of months, with the party only a few points ahead of the second-placed Greens. Speaking of the Greens, they themselves will be presenting their chancellor candidate on Monday, and given they’re running at second-place in the polls, their choice could potentially become Chancellor following the election. According to our German economists (link here),they think that the odds appear slightly tilted towards Annalena Baerbock being chosen, who co-leads the party along with Robert Habeck. Given the current polls, the Greens would only move into the chancellery through a “traffic light” coalition with the SPD and the Liberals. However, that would require the Liberals to cross a number of red lines, and our economists’ baseline scenario sees the Conservatives regaining support later in the year, leading to a CDU/CSU-Green coalition where the Greens are the junior partner.

On the pandemic, Germany’s head of the Robert Koch Institute called on the country’s hospitals to “significantly reduce” elective procedures and move stable patients as the occupancy rate in intensive-care units rose to 88% on Wednesday. This comes as new cases yesterday was up to 31,117 – the most since mid-January. While the case counts grow, North Rhine-Westphalia Premier Laschet – featured above – ruled out negotiating a deal to acquire the Sputnik V Covid-19 vaccine, due to Russia not having provided enough data on the vaccine. This is also why the EMA has not yet recommended its use. He also did not want to start an “arms race” between states, relative to a cohesive German deal. There was some good news on the vaccine front with Airfinity, a London-based research company, who announced that 1 billion doses of Covid-19 vaccines have been made so far and are forecasting the world could produce another 1 billion doses of vaccines in the next month alone as production ramps up. While the US is among the world-leaders in vaccination rates, cases are still raising sharply in pockets around the country. Maine – the northeastern most state – announced their largest one-day increase since January driven by younger unvaccinated people, according to state health data. 20 to 30 year olds make up roughly a fifth of all new cases, compared with eight per cent at the start of the year. Elsewhere numbers continue to improve, NY state hospitalizations fell to their lowest level since December 1 and the weekly average rate of positive test results fell to 3.05%, which is the lowest since November 25.

To the day ahead now, and the data highlights include US housing starts and building permits for March, along with the preliminary University of Michigan consumer sentiment index for April. Meanwhile in Europe, there’s the new EU car registrations for March and the final Euro Area CPI reading for that month as well. Otherwise, central bank speakers include Dallas Fed President Kaplan and BoE Deputy Governor Cunliffe, and earnings releases include Morgan Stanley and BNY Mellon.

end

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 27.63 PTS OR 0.81%   //Hang Sang CLOSED UP 176.57 PTS OR 0.61%     /The Nikkei closed UP 40.68 POINTS OR 0.14%//Australia’s all ordinaires CLOSED UP 0.11%

/Chinese yuan (ONSHORE) closed UP AT 6.5212 /Oil UP TO 63.33 dollars per barrel for WTI and 66.97 for Brent. Stocks in Europe OPENED ALL GREEN //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5212. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5473   : /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/

China did grow by a strong 18.3% in the first quarter but it is not enough. If we use m/m it shows a clearer picture where the growth came in at .6% instead of the expected 2.6%

(zerohedge)

China’s Economy Grows By A Record 18.3% In Q1; It’s Not Enough

 
FRIDAY, APR 16, 2021 – 12:11 AM

China’s economy grew by a record 18.3% in the first three months of 2021, its fastest annual growth rate in history reflecting the weak comparison to the lockdown period in early 2020. However, in keeping with the recent theme of China’s slowing credit impulse, the GDP print wasn’t nearly enough and disappointed markets which were expecting an 18.5% number.

The Chinese slowdown was even more visible in the quarter-on-quarter growth which slowed to just 0.6% from 2.6% in the previous three months – the second lowest quarterly growth rate since the financial crisis with the sole exception of the covid crash quarter a year ago, while the picture in the monthly data dump was mixed at best.

China’s expansion was supported by household consumption, which had previously lagged behind the wider recovery but is expected to play a greater role in driving growth this year. Retail sales beat expectations to add 34.2% in March, rebounding from a period of lockdowns a year earlier. Industrial production also boosted growth, with the metric adding 24.5% in the first quarter and alongside booming exports has helped prop up growth over the past year, it did, however, miss expectations in March and only rose 14.1% year-on-year.

Other data was also mostly disappointing with both industrial production and fixed asset investment missing, while only retail sales beat:

  • March industrial production came in at +14.1% yoy, well below the 18.0% consensus forecast. Based on IP by major product data, cement production decelerated to 33.1% yoy in March from 61.1% yoy growth in January-February; steel product production grew 20.9% yoy in March vs. 23.6% yoy in January-February; electricity production decelerated to 17.4% yoy, from 19.5% in January-February.
  • Fixed investment growth also also slowed in March. FAI growth was +25.6%Y/Y in Q1 2021, below market expectations of 26.0% On single month basis FAI growth was +19.4% yoy in March (vs. +35.0% yoy in January-February).
  • Retail sales were the only bright spot and beat expectations.  March retail sales growth was 34.2% Y/Y vs. +33.8% in January-February and above the 28.0% consensus. Still, automobile sales growth slowed to +48.7% yoy (vs. +77.6% yoy in January-February).
  • The nationwide unemployment rate dropped to 5.3% in March, vs. 5.4% in January-February; and was at 5.3% for the 31 major cities in March, vs. 5.5% in January-February.
  • China Jan.-March Property Development investment rose 25.6% Y/y
    • Jan.-March property sales value rises 88.5% y/y to 3.84t yuan
    • Jan.-March home sales value rises 95.5% y/y to 3.51t yuan
    • Jan.-March property sales area rises 63.8% y/y to 360m sqm
    • Jan.-March home sales area rises 68.1% y/y to 323m sqm

The Chinese recovery from the pandemic also helped it dominate global trade, with exports rising every month since June last year. In March, exports added 30% in dollar terms compared with the same month a year earlier.

In light of China’s recent aggressive deleveraging which has pushed China’s CSI300 just shy of dipping below the 200DMA, focus has shifted to the prospect of rate rises, with signs of overheating across parts of the economy despite persistently low consumer price inflation. The government is trying to curb leverage across its property sector, as well as rein in record rates of steel production following a construction boom.

Several high-ranking officials have warned about the risks of high asset prices in recent months. Guo Shuqing, China’s top banking regulator, said in March that the country was exposed to “bubbles” in international markets and its own real estate sector.

And sure enough, with China’s CSI300 down 15% since hitting a record high in February, the overall economic direction points to an ongoing, broadening slowdown in China’s economy whose peak hit some time ago. That probably explains, why National Bureau of Statistics spokeswoman Liu Aihua talked up the recovery, especially among consumers, though she also flagged sectors such as services industries, smaller business and young workers who all need ongoing support.

“Generally speaking, the national economy in the first quarter presented continued momentum of stable recovery,” China’s National Bureau of Statistics said in a statement.  “However, we must be aware that the Covid-19 epidemic is still spreading globally and the international landscape is complicated with high uncertainties and instabilities.”

Markets were choppy on the data release with the CSI 300 Index falling as much as 0.6%, and briefly sliding below the 200DMA key support level, while the Shanghai Composite reversed its early losses to gain 0.2%. The benchmark 10-year sovereign bond yield fell 1 basis point to 3.166%; the onshore yuan lost 0.17% against the dollar.

Asian stocks traded slightly lower as China’s record economic growth failed to inspire new investment in the region’s equity markets. Across the Pacific, US 10Y yields were unchanged as were US equity futures.

 

END
The story on Huarong!/
(Ling Huawei/zerohedge)

Can Huarong Go Bankrupt?

 
THURSDAY, APR 15, 2021 – 09:50 PM

By Ling Huawei, managing editor of Caixin Media and Caixin Weekly. Originally published in Caixin,

After China Huarong Asset Management Co. Ltd. on March 31 decided to suspend its share trading the next day, the market became awash in rumors that the company, one of the country’s four largest bad-asset managers, would be forced into restructuring or might even go bankrupt (as we discussed in “This Is A Fatal Event”: China’s Bond Market Hammered After Huarong Bankruptcy Rumors).

The rumors spooked many institutional investors, sending the company’s bonds tumbling. Huarong, a product of China’s reform of state-owned banks at the end of last century, has once again found itself at the center of a critical moment in its history.

But can Huarong go bankrupt?

Huarong is not a bank. Most of its investors are the institutional sort, not individuals. If it were to go bankrupt, the spillover risks ought to be much easier to handle. Also, although Huarong has total assets upward of 1.7 trillion yuan ($259 billion), the central bank does not regard it as a systemically important financial institution. Therefore, it seems that Huarong’s problems ought to be dealt with in the same “market-oriented” way as average financial institutions. Under China’s Company Law in the case, shareholders would need to fill the holes on the books with net assets. After that, the company could issue new shares or introduce strategic investors to supplement the company’s capital. If the company was still insolvent after all that, it might end up facing debt restructuring or bankruptcy.

However, Huarong is not an ordinary company. Rather it is a central government-administrated state-owned financial enterprise. At the end of last century, the company was set up to dispose of the nonperforming assets of state-owned Industrial and Commercial Bank of China Ltd. Since 2006, it gradually expanded into a financial holding company. Huarong’s biggest shareholder is the Ministry of Finance, which holds a 61.25% stake. Huarong has grown its business mainly by obtaining financing with a state guarantee. In July 2014, the company started issuing bonds overseas, the outstanding value of which is more than $23 billion.

Huarong, which went public in Hong Kong in October 2015, provides financing to multiple industries, with a large portion of its investment flowing into the property market or other areas where bank lending is kept under tight restrictions. Excluding its subsidiary, Huarong Xiangjiang Bank Corp. Ltd., Huarong has around 1 trillion yuan in assets, connecting financial institutions including banks, trust firms and insurance firms and nonfinancial industries. That gives Huarong certain characteristics of a systemically important financial institution that probably shouldn’t be allowed to go bankrupt.

Regardless of whether it ends up going bankrupt, Huarong will need to put under strict financial constraints. Lai Xiaomin, a former chairman of Huarong who came under investigation in April 2018, was sentenced to death this January in the country’s biggest financial corruption case since the founding of the People’s Republic of China in 1949. Some believe that Lai’s misconduct as chairman left Huarong with a huge financial black hole. The complexity of Lai’s case made it difficult to unwind some of Huarong’s more problematic projects, so it’s unrealistic to expect Huarong to fill that hole all on its own.

As of mid-2020, Huarong had 160 billion yuan in net assets, and more than 30 billion yuan in loan-loss provisions. Huarong needs to be thoroughly recapitalized and have the value of its nonperforming assets correctly recalculated. It needs to “take a big bath.” Unless it does so, the company’s moral hazard will continue to grow. The financial black hole won’t disappear on its own, so Huarong needs to take responsibility and shoulder the losses.

There’s no making without breaking. “Breaking” does not mean a hasty debt restructuring or even bankruptcy, but a practical restructuring plan created after completely clarifying its assets and liabilities. “Making” means Huarong needs to have the professional capabilities to dispose of nonperforming assets, to become a professional institution that can effectively dispose of such assets at both home and abroad.

To achieve this goal, Hong Kong-listed Huarong will need the support and understanding of shareholders and other investors so that it can be privatized and delisted if necessary. Also, it needs to clear up its financials and recalculate its loss provisions. It will also need to reduce the costs of restructuring as much as possible and once again become a professional institution by reshaping its corporate culture and improving its internal governance.

Update

Confirming the above, this morning Bloomberg reported that Huarong has prepared funds for full repayment of a S$600 million offshore bond due April 27, according to a person with direct knowledge of the company’s plan.

Huarong plans to make the payment on the due date, while a Huarong spokesperson declined to comment but said the company has “adequate liquidity” and has made full repayment on bonds that have matured

Huarong International, the main offshore arm of China Huarong, “will continue its stable and compliant operations based on new business development plan,” the spokesperson said.

END

CHINA/USA:
Now China is officially “Enemy No 1” on the USA’s annual threat assessment report. Others on the list: Russ and Iran
(SouthFront).

China Officially ‘Enemy Number 1’ In Annual US Threat Assessment Report

 
THURSDAY, APR 15, 2021 – 09:10 PM

Via SouthFront.org,

On April 13th, the US Office of the Director of National Intelligence (ODNI) released [pdf] its annual threat assessment report.

The report reflects the collective insights of the Intelligence Community (IC), which is committed every day to providing the nuanced, independent, and unvarnished intelligence that policymakers, warfighters, and domestic law enforcement personnel need to protect American lives and America’s interests anywhere in the world.

“This assessment focuses on the most direct, serious threats to the United States during the next year. The order of the topics presented in this assessment does not necessarily indicate their relative importance or the magnitude of the threats in the view of the IC. All require a robust intelligence response, including those where a near-term focus may help head off greater threats in the future, such as climate change and environmental degradation.”

There are no big surprises in the report, 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.

Climate change is an important point, as well as there is an overview of the significant conflicts around the world, or simply instability between key players. This includes Afghanistan, India-Pakistan tensions, the Middle East in general, Asia as a whole, Latin America, and also Africa.

“China increasingly is a near-peer competitor, challenging the United States in multiple arenas—especially economically, militarily, and technologically—and is pushing to change global norms. Russia is pushing back against Washington where it can globally, employing techniques up to and including the use of force. Iran will remain a regional menace with broader malign influence activities, and North Korea will be a disruptive player on the regional and world stages. Major adversaries and competitors are enhancing and exercising their military, cyber, and other capabilities, raising the risks to US and allied forces, weakening our conventional deterrence, and worsening the longstanding threat from weapons of mass destruction.”

For each of the competitor countries, challenging the US interests on a global scale, there is a uniform presentation.

It presents the “Regional and Global Activities”, “Military Capabilities”, “WMD” (Weapons of Mass Destruction), “Cyber”, “Space” and “Intelligence, Influence Operations, and Elections Influence and Interference”.

These are as follows:

China – Beijing is the biggest threat, and the most significant challenge with its ambitions to replace the US as global superpower.

The Chinese Communist Party (CCP) will continue its whole-of-government efforts to spread China’s influence, undercut that of the United States, drive wedges between Washington and its allies and partners, and foster new international norms that favor the authoritarian Chinese system. Chinese leaders probably will, however, seek tactical opportunities to reduce tensions with Washington when such opportunities suit their interests.”

Beijing sees increasingly competitive US-China relations as part of an epochal geopolitical shift and views Washington’s economic measures against Beijing since 2018 as part of a broader US effort to contain China’s rise.

  1. China seeks to use coordinated, whole-of-government tools to demonstrate its growing strength and compel regional neighbors to acquiesce to Beijing’s preferences, including its claims over disputed territory and assertions of sovereignty over Taiwan.

This here includes behavior in the South China Sea, towards Taiwan as mentioned, with India, and the ever-improving relations with Russia.

  1. China will continue pursuing its goals of becoming a great power, securing what it views as its territory, and establishing its preeminence in regional affairs by building a world-class military, potentially destabilizing international norms and relationships. China’s military commitment includes a multiyear agenda of comprehensive military reform initiatives.

  2. Beijing will continue the most rapid expansion and platform diversification of its nuclear arsenal in its history, intending to at least double the size of its nuclear stockpile during the next decade and to field a nuclear triad. Beijing is not interested in arms control agreements that restrict its modernization plans and will not agree to substantive negotiations that lock in US or Russian nuclear advantages.

  3. Beijing is working to match or exceed US capabilities in space to gain the military, economic, and prestige benefits that Washington has accrued from space leadership

Counterspace operations will be integral to potential military campaigns by the PLA, and China has counterspace weapons capabilities intended to target US and allied satellites.

  1. We assess that China presents a prolific and effective cyber-espionage threat, possesses substantial cyber-attack capabilities, and presents a growing influence threat. China’s cyber pursuits and proliferation of related technologies increase the threats of cyber-attacks against the US homeland, suppression of US web content that Beijing views as threatening to its internal ideological control, and the expansion of technology-driven authoritarianism around the world.

  2. China will continue expanding its global intelligence footprint to better support its growing political, economic, and security interests around the world, increasingly challenging the United States’ alliances and partnerships. Across East Asia and the western Pacific, which Beijing views as its natural sphere of influence, China is attempting to exploit doubts about the US commitment to the region, undermine Taiwan’s democracy, and extend Beijing’s influence.

Russia – despite less-threatening than China currently, and according to the report unwilling to initiate a direct conflict with the US, Moscow is still a key adversary, not too far off from China in terms of threat to US interest.

“Moscow will continue to employ a variety of tactics this year meant to undermine US influence, develop new international norms and partnerships, divide Western countries and weaken Western alliances, and demonstrate Russia’s ability to shape global events as a major player in a new multipolar international order.”

  1. Russia probably will continue to expand its global military, intelligence, security, commercial, and energy footprint and build partnerships with US allies and adversaries alike, most notably Russia’s growing strategic cooperation with China, to achieve its objectives.

“We assess that Moscow will employ an array of tools—especially influence campaigns, intelligence and counterterrorism cooperation, military aid and combined exercises, mercenary operations, assassinations, and arms sales—to advance its interests or undermine the interests of the United States and its allies. We expect Moscow to insert itself into crises when Russian interests are at stake, it can turn a power vacuum into an opportunity, or the anticipated costs of action are low.”

  1. Despite declining defense spending, Russia will emphasize new weapons that present increased threats to the United States and regional actors while continuing its foreign military engagements, conducting training exercises, and incorporating lessons from its involvement in Syria and Ukraine.

  2. The report assesses Russia will remain the largest and most capable WMD rival to the United States for the foreseeable future as it expands and modernizes its nuclear weapons capabilities and increases the capabilities of its strategic and nonstrategic weapons. Russia also remains a nuclear-material security concern, despite improvements to physical security at Russian nuclear sites since the 1990s.

  3. Russia will remain a top cyber threat as it refines and employs its espionage, influence, and attack capabilities.

  4. Russia will remain a key space competitor, maintaining a large network of reconnaissance, communications, and navigation satellites. It will focus on integrating space services—such as communications; positioning, navigation, and timing (PNT); geolocation; and intelligence, surveillance, and reconnaissance—into its weapons and command-and-control systems.

  5. Russia presents one of the most serious intelligence threats to the United States, using its intelligence services and influence tools to try to divide Western alliances, preserve its influence in the post-Soviet area, and increase its sway around the world, while undermining US global standing, sowing discord inside the United States, and influencing US voters and decision-making.

Iran – it presents a continuing threat to US and allied interests in the region as it tries to erode US influence and support Shia populations abroad, entrench its influence and project power in neighboring states, deflect international pressure, and minimize threats to regime stability.

“Although Iran’s deteriorating economy and poor regional reputation present obstacles to its goals, Tehran will try a range of tools—diplomacy, expanding its nuclear program, military sales and acquisitions, and proxy and partner attacks—to advance its goals.”

Risks will reportedly be taken by Tehran to increase tensions and try to gain leverage against US to get concessions on sanctions.

  1. Iran will remain a problematic actor in Iraq, which will be the key battleground for Iran’s influence this year and during the next several years, and Iranian-supported Iraqi Shia militias will continue to pose the primary threat to US personnel in Iraq. The situation is largely the same for Iran’s influence in Syria and Yemen. It notably remains the biggest threat to Israel. It is expected to take more part in Afghanistan, too.

  2. Iran’s diverse military capabilities and its hybrid approach to warfare—using both conventional and unconventional capabilities—will continue to pose a threat to US and allied interests in the region for the foreseeable future.

  3. Iran remains interested in developing networks inside the United States—an objective it has pursued for more than a decade—but the greatest risk to US persons exists outside the Homeland, particularly in the Middle East and South Asia.

  4. If Tehran does not receive sanctions relief, Iranian officials probably will consider options ranging from further enriching uranium up to 60 percent to designing and building a new 40 Megawatt Heavy Water reactor.

“We continue to assess that Iran is not currently undertaking the key nuclear weapons-development activities that we judge would be necessary to produce a nuclear device. However, following the US withdrawal from the JCPOA agreement in May 2018, Iranian officials have abandoned some of Iran’s commitments and resumed some nuclear activities that exceed the JCPOA limits.”

  1. Iran’s expertise and willingness to conduct aggressive cyber operations make it a significant threat to the security of US and allied networks and data. Iran has the ability to conduct attacks on critical infrastructure, as well as to conduct influence and espionage activities.

North Korea – it is not out of the question for Kim Jong Un to undertake a number of aggressive and potentially destabilizing actions to reshape the regional security environment and drive wedges between the United States and its allies—up to and including the resumption of nuclear weapons and intercontinental ballistic missile (ICBM) testing.

  1. North Korea will pose an increasing threat to the United States, South Korea, and Japan as it continues to improve its conventional military capabilities.

  2. North Korea will be a WMD threat for the foreseeable future, because Kim remains strongly committed to the country’s nuclear weapons, the country is actively engaged in ballistic missile research and development, and Pyongyang’s CBW efforts persist.

  3. North Korea’s cyber program poses a growing espionage, theft, and attack threat.

end

4/EUROPEAN AFFAIRS

ITALY,FRANCE, GREECE

Everyone labels Nordic countries like Sweden and Finland as socialist.  They are less socialist than Italy,France and Greece.

a good read…

(Mises)

If The Nordic Countries Are ‘Socialist’, So Are These Three

 
FRIDAY, APR 16, 2021 – 05:00 AM

Authored by Eben Macdonald via The Mises Institute,

The Nordic countries draw attention from democratic socialists in America thanks to their high tax rates, strong welfare states, and supposedly tight regulation of enterprise.

The final indicator, however, is not exactly true: every single Nordic country except Finland ranks in the top ten on the World Bank’s Ease of Doing Business Index, and they maintain high positions on the Tax Competitiveness Index. But if Progressives argue that Scandinavia is indeed a socialist region, then they must admit that the following countries are just as, and if not, more socialistic: Italy, France, and Greece. None of these three countries are ones which they refer to in order to demonstrate the benefits of their economic agenda. In fact, thanks to their low living standards, high rates of unemployment, and stagnant incomes, extreme illiberal, ultranationalist right-wing movements have thrived in every single one of these countries.

Let’s examine each one.

Italy

Tax take is 42 percent of Italy’s GDP, higher than both Finland and Norway, and substantially greater than the Organisation for Economic Co-operation and Development (OECD) average. Social expenditure is 28 percent, practically identical to Nordic levels. The country ranks a hopeless fifty-eighth on the World Bank’s Ease of Doing Business Index, far lower than every single nation in Scandinavia. Furthermore, Italy has the least competitive tax system in the OECD, according to the Tax Foundation. Italy’s taxes and welfare spending are of Nordic style, and businesses are far more regulated. If the Nordic countries are socialist, so is Italy.

Yet is Italy considered to be more prosperous than the United States, or a poster child for a successful socialist system? Far from it. Pew Research Center gives us the following statistics: were Italy to become a part of the US, and thus adhere to US income metrics, 53 percent of Italians would inhabit the “low-income category,” as opposed to the American rate of 26 percent; and since 1990, Italy’s median household disposable income has declined by one-fifth.

Pew Research Center aside, OECD data show that Italy’s standard of living is substantially below America’s. The US ranks tenth on their Better Life Index—Italy ranks twenty-fourth. And data from The Economist magazine which attempt to apply the Better Life Index within countries by socioeconomic category find that someone in the top 10 percent of the Italian income spectrum has a standard of living no higher than someone in the bottom 10 percent of the US income spectrum. Moreover, in 2019, before the pandemic, their unemployment rate stood at 10 percent. Clearly, economic recovery from the 2008 crisis has not been easy.

France

Tax take is 45 percent of the French economy, the second highest in the OECD, just below Denmark. Social expenditure is 31 percent, higher than every single Nordic country, and the highest in the OECD. The country ranks thirty-second place both on the Ease of Doing Business Index and on the Tax Competitiveness Index. If the Nordic countries are socialist, France is even more so.

But does one often hear progressives lauding the welfarism and bureaucracy of the French system? Not at all. By US standards, a third of French people live in the low-income category, not as high as Italy, but still higher than the US average. Unemployment in France has fluctuated wildly over the years—perhaps a sign of fiscal instability. It reached a rate of 12 percent in the 1990s, but had declined to 7 percent by 2008, just as the global economy was collapsing. Having risen to 10 percent in 2015, it declined to 8 percent in 2019—lower than in Italy, but still shockingly high.

How does France fare on the Better Life Index? Not well. Ranking eighteenth place, it performs better than Italy, but nevertheless substantially below the United States. The Economist’s statistics reinforce this, pointing out that a Frenchman in the top 10 percent of their country’s socioeconomic pyramid is not particularly better off than someone in the bottom 10 percent of America’s.

Greece

Greece draws special attention for a particular reason. It demonstrates the danger which excessive debt and spending can pose to the overall economy. As other countries in Europe and North America clambered out of recession, the Greek economy continued to deteriorate. Between 2008 and 2013, the unemployment rate rose from 7 percent to 27 percent. Since then, it has declined to 15 percent, but the point is that Greek workers have suffered far too much thanks to fiscal recklessness: in 2008, Greek’s deficit was 10 percent of its GDP, so bondholders were not willing to lend any more money to the government for them to fund large stimulus packages. Thus, the Greek economy was drained of capital and had a prolonged depression. Its fiscal infrastructure collapsed even further: debt was 100 percent of GDP in 2008; in 2011, it was 172 percent. Meanwhile, the United Kingdom, another country burdened by a high deficit, chose to cut spending, which, while unpopular, has enabled the economy to recover and avoid a debt-ridden catastrophe.

That aside, the Greek economy is undoubtedly overregulated and overtaxed, while welfare spending is indeed very high: social expenditure is 24 percent of GDP, similar to most Nordic countries; tax take is 38.7 percent of GDP, which, while the lowest rate among the countries examined here and lower than the other Nordic countries, is still significantly higher than the OECD average. On the Ease of Doing Business Index, however, Greece ranks by far the lowest of these three countries, in seventy-ninth place; it seems there is more red tape in Greece than in Vietnam, a formerly Communist country. But at least they rank twenty-ninth on the Tax Competitiveness Index, higher than the two other countries examined.

Unfortunately, the Pew Research Center has not focused on Greece much—nor has The Economist. However, other institutions have. As always, on the Better Life Index, Greece ranks thirty-sixth, out of forty countries. Greece’s median household disposable income is a paltry $17,700 a year, far below America’s $45,000.

Conclusion

Essentially, progressive politicians and economists are guilty of cherry-picking countries: while wanting to emulate the Nordic countries, which they claim to be socialist—the same countries which are just as easy to conduct business in as the United States—they ignore these three countries, Italy, France and Greece, which are, by most metrics, more socialist than the Nordics.

Because their living standards are incomparable with the United States’s and, in some cases, akin to the Third World, they are rarely used as examples of socialist triumph.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA

No escalation. Moscow expels 10 USA diplomats

(zerohedge)

“No De-escalation”: Moscow Expels 10 US Diplomats In Sanctions Retaliation

 
FRIDAY, APR 16, 2021 – 01:22 PM

The expected Russia reaction to Biden’s Thursday sanctions rollout for the alleged SolarWinds hack and general election ‘interference’ charges has come: ten US diplomats have been expelled from Russia on order of the foreign ministry. This is the precise number that the US ordered booted from the Russian embassy in Washington. 

Foreign Minister Sergey Lavrov in a Friday press briefing announced, “Ten diplomats were on a list the US side handed over to us asking to ensure their leaving the United States. We will give a tit-for-tat response to that. We will also ask ten US diplomats to leave our country.” He added further that “the Americans will be asked to bring the number of employees in Russia in line with the number of Russians in the United States.”

US Embassy, Moscow. Getty Images

He also charged that American NGOs as well as US funds will be banned from “interfering” in Russian affairs, but it’s unclear the exact actions the Kremlin will take. He further teased that Russia still holds out the possibility of inflicting “painful measures” on US businesses, but stopped short by saying it won’t go that far at this time. 

Earlier in the day Putin’s spokesman Dmitry Peskov slammed Washington’s “addiction to sanctions” which remains “unacceptable” – explaining further “President Putin has spoken about the appropriateness of building relations, normalizing relations and de-escalating relations.”

Following this, a prominent pro-Putin TV pundit declared the current outraged sentiment in Moscow… 

“There can be no de-escalation in relations between Russia and the U.S., all of Biden’s complimentary words to Moscow are absolutely empty rhetoric,” he said.

This follows Biden’s late Thursday address wherein he expressed hope for a ‘de-escalation’ of the situation, particularly in regards to Ukraine. The expelling of the ten American diplomats is being described as appropriate “reciprocity” by the Kremlin, but that Russia’s stability is “fully ensured.”

As for the White House taking aim at Russia’s sovereign debt, which saw the US announce it will ban American banks from buying new Russian sovereign debt starting June 14, Russia’s central bank had this to say: “The Bank of Russia notes that the share of foreign investors in the total volume of government debt and even more so in primary placements has significantly decreased over the past year.”

“The Bank of Russia, if necessary, is ready to use the instruments at its disposal in order to preserve financial stability.”

Apparently, after all of this the Biden-proposed face-to-face summit offer for this summer is still on the table, with Finland offering to host according to a Friday announcement.

 
 
IRAN/RUSSIA

 

 

This may be game changer: Iran and Russia are set to sign a comprehensive strategic agreement
(zerohedge)
 
special thanks to Robert H for sending this to us.

Iran & Russia set to sign comprehensive strategic agreement: TV Report

http://middleeastobserver.net/iran-russia-set-to-sign-comprehensive-strategic-agreement-tv-report/

Description:

According to a recent Al Mayadeen TV report, the purpose behind Russian Foreign Minister Sergey Lavrov’s recent visit to Tehran was to pave the way for the signing of a comprehensive strategic cooperation agreement between his country and Iran.

This comes after Iran and China signed a 25-year comprehensive strategic cooperation agreement of their own late last month.

Source: Al Mayadeen TV (YouTube)

Date: April 13, 2021

 

Reporter:

Sergey Lavrov is in Tehran. Iranians see the visit of the Russian foreign minister as important both in timing and content. The two parties signed two MOUs in preparation for the signing of a comprehensive strategic cooperation agreement similar to (Iran’s recent) agreement with China. This significant development in the relations between the two countries is accompanied by similar political stances in many areas.

Mohammad Javad Zarif, Iranian Foreign Minister: 

The United States must understand that (imposing) sanctions is not the (right) approach for dealing with Iran. In addition, the European Union has proven, in its submission to the extremists in the US and the Zionist entity, that it no longer has a place in the international community.

Reporter:

In the same manner, the Russian guest condemned the policies of the US and Europe as well.

Sergey Lavrov, Russian Foreign Minister: 

We condemn any attempt to disrupt the nuclear negotiations, and we demand that Washington implements the nuclear agreement in full. We are surprised by the European Union’s decision to impose sanctions on some Iranian officials. We consider this a mistake worse than a crime, (a mistake) deliberately committed in the midst of the negotiations in Vienna.

Reporter:

The sudden European escalation that coincides with the Natanz incident may cast a shadow over the second round of the Vienna meetings, and cause tensions on multiple levels.

Iran realizes that it is difficult to cope with the accumulated crises, whether regarding its nuclear program and economic sanctions, or its (troubled) relations with the West and its conflict with Israel. However, (Iran) also realizes that its ties with Russia and China have become stronger than ever before, and that this is sufficient to reduce American and European pressures placed upon it.

Ahmad Al-Bahrani – Tehran – Al-Mayadeen

 
end
 
AFGANISTAN/USA/TALIBAN
 
The Taliban promises the USA a nightmare for its troops stationed in Afghanistan if they stay past May first.
 
(Dave DeCamp/Antiwar.com)

Taliban Promises ‘Nightmare’ For US Troops If They Stay Past May 1st

 
THURSDAY, APR 15, 2021 – 07:10 PM

Authored by Dave DeCamp via AntiWar.com,

Since President Biden is breaking the US-Taliban peace deal by pushing back the May 1st withdrawal deadline to September 11th, the Taliban said it is ready to attack US troops again and turn the final months of Washington’s almost twenty-year-old war into a “nightmare.”

Mullah Salih Khan, a Taliban commander in the Helmand Province, told The Daily Beast on Wednesday that the group is prepared to strike “very much prepared to strike” US and Afghan government forces, warning that the Taliban will turn Afghanistan “into a nightmare” for them.

 

Via EPA/RFERL

Mullah Mujahid Rahman, a Taliban subcommander from the Ghazni province, also said the group was ready to fight the US. He said the US has “proven they can’t be trusted after retreating from the May 1st deadline” and that the Taliban is willing to “fight till the end” of the US occupation.

“We have the pride of defeating about 100,000 invaders from [different] countries in Afghanistan. A few thousand won’t be a problem at all,” he said.

Taliban spokesman Zabiullah Mujahid delivered a warning via Twitter on Wednesday. “If the agreement is breached and foreign forces fail to exit our country on the specified date, problems will certainly be compounded and those whom failed to comply with the agreement will be held liable,” he said.

Since the US-Taliban deal was signed in Doha in February 2020, no US troops have died in combat in Afghanistan. Leading up to President Biden’s decision on Afghanistan, the Taliban has been clear that they will again target US troops if they remain in the country beyond May 1st.

Formally announcing his plan on Wednesday, President Biden tried to frame his new timeline as being compliant with the deal. But instead of leaving Afghanistan by May 1st, Biden is starting the withdrawal process on that date with the goal of completing it before September 11th.

END

6.Global Issues

CORONAVIRUS//VACCINE UPDATE

We are asking the same question: if one receives a vaccine and it works why do we need to wear a mask?

(WATSON/SUMMIT NEWS)

Tucker Carlson Responds To Fauci Labelling His Basic Questions “Crazy Conspiracy Theory”

 
THURSDAY, APR 15, 2021 – 08:30 PM

Authored by Steve Watson via Summit News,

Tucker Carlson responded to Anthony Fauci’s accusation that it is “a typical crazy conspiracy theory” to question why restrictions must remain in place even with a COVID vaccine by asking “If this stuff works, why can’t you live like it works?

Fauci has refused to appear on Carlson’s show, but instead appears daily on CNN, where Wednesday he said “I don’t have any idea of what [Carlson] is talking about,” and called the Fox host a ‘conspiracy theorist’ for questioning why masks and distancing still need to be in place if the vaccine works.

Carlson responded by repeating the same “very straightforward” question, why do people who have been previously infected and show high levels of antibodies have to live under the restrictions that the vaccines were supposed to eliminate?”

“Why, for example, does Tony Fauci say you have to wear a mask after you get the vaccine?” Carlson continued, adding “If we are following the science, and we sincerely hope to, we’re wondering, is Fauci telling Americans who have been vaccinated or who have been recovered from the coronavirus itself, that they aren’t protected against future infections?”

“Is that why he is saying they can’t eat in restaurants or go to bars? These are not trick questions. They are the most basic of all questions. We would love to have Dr. Fauci on this show to explain them.,” Carlson continued.

“This, again, is not a trick question, we are not playing word games here, what is the answer?” Carlson pleaded, adding:

“If the coronavirus vaccine prevents you from catching the coronavirus, why are you wearing a mask? Why can’t you eat in a restaurant? And if it doesn’t prevent you from catching the coronavirus, why are we taking it in the first place? Both can’t be true.”

END

NORWAY/CORONAVIRUS UPDATE

(ZEROHEDGE)

Norway’s Health Experts Recommend Banning AstraZeneca Jab As Nordics Get Cold Feet

 
FRIDAY, APR 16, 2021 – 08:56 AM

While the EU touted its latest milestone in its vaccine rollout earlier this week, leading public health officials in Denmark decided to ban the AstraZeneca-Oxford COVID-19 jab over the risks of rare but sometimes fatal cerebral blood clots. And in the latest sign that the Nordic nations are fixing to block the AstraZeneca jabs, as leading public health experts in Norway officially recommended that their government implement a similar ban.

In a press release published Thursday, the agency announced that after examining the risks of the jab in concert with other government experts, they had determined that the continued use of the AstraZeneca jab – which, like the J&J jab, is based on the adenovirus platform – wouldn’t be appropriate.

“Based on this knowledge, we have arrived at a recommendation that the AstraZeneca vaccine be removed from the coronavirus vaccination program in Norway,” Geir Bukholm, director of infection control at the National Institute of Public Health, said in the statement.

In explaining its decision, the institute argued that Norway had already succeeded in vaccinating the elderly and those patients most at risk from the virus. Now, the only patients left to be vaccinated are those who are younger and less at risk from the virus – but who are, coincidentally, also most at risk of experiencing one of the deadly thrombotic events linked to the AstraZeneca vaccine.

Those who have already received their first dose of the Anglo-Swedish jab will get a second shot from another vaccine manufacturer, the body stated. Also on Thursday, Health Minister Bent Hoeie said the government would not be drawn into a decision yet.

“The government believes that we do not have a good enough basis for drawing a final conclusion that the AstraZeneca vaccine should be removed from the Norwegian vaccination program at this point,” Hoeie told a news conference.

Should Norway’s government accept the recommendation, Norway would become the second nation after Denmark to stop using the AstraZeneca jab as part of the country’s COVID immunization program. Many countries have limited its use given the apparent, but very rare, risk of thrombotic events post-vaccination.

Read the full press release below (translated to English from Norwegian via Google Translate):

Since the AstraZeneca vaccine was paused on 11 March, the National Institute of Public Health, together with other experts, has considered further use of the AstraZeneca vaccine in Norway.

-There is now significantly more knowledge about the connection between the AstraZeneca vaccine and the rare and serious incidents of low platelets, blood clots and bleeding, than when Norway chose to put further use of the AstraZeneca vaccine on pause in March, says Geir Bukholm , director of infection control at National Institute of Public Health.

-Based on this knowledge, we have arrived at a recommendation that the AstraZeneca vaccine be removed from the coronary vaccination program in Norway , says Bukholm.

Bukholm points out that it has not been an easy recommendation. The recommendation has a direct consequence for when the risk groups can receive coronary vaccine and thus protection, and at the same time it has an impact on when it is possible to implement mitigation of infection control measures.

Greater risk associated with the Astra Zeneca vaccine than with Covid-19 disease in Norway

Norway has come a long way in vaccinating the elderly, and we have thereby reduced the risk of death in many of the most vulnerable. Since the oldest have largely been vaccinated or will be vaccinated in the near future, this means that continued use of the vaccine would mainly be relevant for age groups under 65 if we were to use this vaccine in Norway.

Calculations have been performed based on Norwegian figures where the risk of dying from Covid-19 disease in different age groups is compared with the risk of dying from the serious but rare condition with severe blood clots after AstraZeneca vaccination.

Since there are few who die of Covid-19 in Norway so will risk one for dying by vaccinated with AstraZeneca vaccine be greater than risk one of dying from the disease , particularly among young people, says Bukholm.

In addition, a reason to assume that there is skepticism about using AstraZeneca vaccine in Norway , and it is uncertain hv or many who would have accepted an offer of this vaccine now.

Those who have received the first dose

Those who have received the first dose of the AstraZeneca vaccine will be offered another corona vaccine as dose 2.

-We will return with specific information about when and how those who have received the first dose will receive the second dose. One dose provides good protection against Covid-19 for at least 12 weeks , says Bukholm.

Postpones introduction of Janssen vaccine

The European Medicines Agency (EMA) announced on April 9 that they have started a so-called signaling procedure for COVID-19 Vaccine Janssen to investigate whether there is a connection between the vaccine and a few reported cases of severe blood clots among vaccinated people. Janssen has also announced a break in extradition to Europe in connection with the FDA (US Drug Administration) and CDC (US Institute of Infectious Disease Control) recommending a temporary break in the use of Janssen’s vaccine due to reports of several cases of severe blood clots following vaccination in the United States.

-Use of the Janssen vaccine in Norway is awaited until more information is available from the ongoing investigations, says Bukholm

Consequences for vaccination progress

The National Institute of Public Health estimates that the absence of the AstraZeneca vaccine in the vaccination program will entail a delay of approximately two weeks.

 

end

Coronavirus Australia: Anthony Fauci’s words of COVID-19 warning

Email:  Robert H to me:
 
 
 
 
 
“There would be no freedom from the virus for Australia or any country that had successfully suppressed it within its own communities until the overwhelming majority of the world’s population was vaccinated against COVID-19 and its spread was controlled globally”. This is what Fauci told Australia recently.
 
Think about this and what he is really saying. Because this fool is telling you that lockdowns and all things imposed over the last year or so are here to stay. Ponder why, and what this means not just to you but to loved ones, to children and to the vast masses of people across the world.
 
Never before has anyone, or any one group attempted such a catastrophic remake of society. This is nothing short of a attempt to create a one world governmental order where national governments are meaningless in the pursuit of freedom and prosperity and well being for their citizens, and residents. And this over a virus that is proving to have been no worse than a flu. Even the CDC the other day quietly lowered the death numbers. 
 
I awoke this morning to hear screams on the radio of new announcements of ever rising case numbers that will now explode from 4000 a day to 18,000 a day in population of 11 million people. And this is because of computer models that say this? Why will no one show the data behind this modeling? And we are being told to accept that, while our neighbors to the south are opening up their businesses with declining cases numbers that somehow we are a isolated hot zone of viral spread with no means of stopping it. All the while supposed vaccines are being pushed out daily in ever increasing numbers. Can anyone say incompetence on parade ? Did these variants single us out because we live in Ontario? 
 
When you hear such bluster and noise one cannot help but wonder what logic and critical thinking politicians have and worse what has happened to the public discernment in allowing such direction to be accepted as direction or orders to be followed? Perhaps, residents of Ontario will awaken sufficiently by election time to give these incompetent politicians the boot!
 
 
 
 
 
 
END
Michael Every…..on today’s major topics
(Michael Every)

Rabobank: What’s The Point… Of No Return?

 
FRIDAY, APR 16, 2021 – 10:20 AM

By Michael Every of Rabobank

What’s the point – of no return?

What’s the point? That’s a question I ask myself more and more frequently. Thursday’s session was a key case in point of that. We got a slew of key US data and it was, almost across the board, fantastically stronger than expected: the Empire PMI at 26.3 vs. 20; initial claims 576K vs. 700K; retail sales up 9.8% m/m(!) vs. 5.8%; Philly Fed at 50.2 vs. 41.5; and only industrial production of 1.4% m/m vs. 2.5% spoiling the party a little. In short, stimulus is stimulating to an incredible degree, and it’s only just started.

So what did the markets do? Well, US stocks hit a new record – but then again US stocks always hit a new record. Whatever headline you care to think up, new records it is. More importantly, US bond yields tumbled – TUMBLED. 10-years dropped 11bp intraday, for example, before bouncing back to 1.58%. Yes, one can argue that Treasury shorts were stopped out. But why would anyone not be selling, or going short, on that kind of data basis? One can also argue that Japan and China were snapping up Treasuries too: perhaps because they recognize that all the US stimulus spending means more imports, and so more sales to the US, and so more need to park the cash somewhere? But who knew the balance of payments operated in real time like that? I am sure people far smarter than me will be able to turn round and give an explanation of how this makes sense: and I hope they can also show a time-stamped receipt that they were long US Treasuries on the back of expectations for a well-above consensus set of US data releases – otherwise it’s just a post hoc ergo propter hock.

The only fundamental arguments for a sudden swing to buy Treasuries like that strategically, not tactically, or at least the ones which appeal to me, are: the fervent belief that the more sugar-rush one gets now, the harder the crash afterwards – but why only see this now?; or the belief that none of this matters anyway because the Fed is going to look the other way regardless – which may well be true, but should lead all of us to say ‘what’s the point?’ That latter argument was at least consistent with the dip in the USD on the day, which is now at a key technical threshold. However, critical thresholds are one other argument which would back a move into Treasuries (though I am not saying this drove any price action on the day).

First, US Democrats have floated legislation to increase the number of members of the Supreme Court from 9 to 13 in order to ensure a liberal 7-6 majority. This front-runs President Biden’s six-month commission looking into the issue, and seems unlikely to pass. Yet to say this is controversial in an already bitterly-polarized US society is an understatement. It does at least hold the hope for inflation – of the number of justices, because any future Republican Congress and White House would then pack the Court too to ensure a conservative majority – and so on with each new administration until everyone is a Supreme Court justice, if one takes it to the logical extreme. The last time anyone threatened to pack the Court was 1937, when FDR was trying to get New Deal legislation through only to find conservative justices blocking it – but it’s Congress, not courts that threaten Biden’s stimulus, so does history repeat here? (By the way, that all came four years after an attempted fascist putsch backed by parts of Wall Street, which the New York Times at the time dismissed as “a hoax”.)  

Second, President Biden, while calling for “de-escalation”, imposed new sanctions on Russia and declared a national security emergency over its actions. This includes a ban on US entities taking part in the primary market for bonds issued by Russian state and financial entities. Optimists will try to say this doesn’t preclude the secondary market: and pessimists will note this is only a small step further, and that this could be a template for actions against China one day. President Biden also said he is “prepared to take further actions to respond” if Russia continues to interfere with US democracy – let alone Ukrainian. That’s as the “Russian bounty” story from last year is exposed as very probably Fake News. Will President Putin really agree to a summit with the US under that cloud?

Meanwhile, Russia has closed the Straits of Kerch to foreign vessels, which could effectively cut off Ukrainian port access through to the Black Sea; has redirected more ships to the Black Sea; 330 warplanes are nearby; the number of soldiers on the border is apparently moving closer to 110,000 within days; and there are reports of unusual movements around Moldova, Transnistria, and Belarus.

In response, the US is now no longer sending two naval vessels to the Black Sea; unconfirmed Ukrainian media reports state Kiev’s municipal government has updated maps of what can be used as civilian bunkers in an emergency; and the Ukrainian defence complex has announced it is willing and able to double arms output. (The EU has double supplies of cheese ready to roll too if needed.) One other indication of the seriousness of the situation is that Ukraine is reportedly now open to selling a 50% stake in the key firm Motor Sich, one if its strategic industrial assets, which makes engines for missiles and military helicopters, and which stopped dealing with its largest client, Russia, back in 2014. In 2017, a Chinese firm agreed to purchase a 41% stake, but under US pressure a Ukrainian court then froze the holdings for national security reasons.

As all this is happening, the EU foreign policy establishment is still talking of sofas and musical chairs, and how they can make it look weak: and Germany is saying it will not accept the BNO passports the British are allowing millions of Hong Kongers to apply for, just as most of the Anglosphere rolls out the welcome mat for these new arrivals. What does this imply for which way the EU will shift if things get out of control to their immediate east? What would Nord Stream 2, and hence global gas prices, look like once the dust has settled if more than dust flies?

Adding to the not-unconnected news-flow, Turkey has just made the purchase of goods and services with cryptocurrency illegal, beating India to it. So you can hold crypto, and buy and sell it: you just can’t ever use it in the real economy,….as the Anglosphere moves closer to putting them on blue-chip balance sheets “because reasons”. Which perhaps speaks volumes about how connected current asset prices – and data – are to the real economy.

Elsewhere, US and Chinese scientists have shown they can work together,…to create embryos that are part human, part monkeys – “because reasons”, and never having seen any of the Planet of the Apes films.

Like I said, I keep asking myself ‘What’s the point?’ – and also ‘What’s the point of no return?’

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 
 
 
 
END

 

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

Euro/USA 1.1988 UP .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 108.74 UP 0.053 (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 1.3795  UP   0.0012  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2503 DOWN .0042 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  FRIDAY morning in Europe, the Euro ROSE  BY 19 basis points, trading now ABOVE the important 1.08 level RISING to 1.1988 Last night Shanghai COMPOSITE UP 27.63 PTS OR 0.81% 

//Hang Sang CLOSED UP 176.57 PTS OR 0.61%

/AUSTRALIA CLOSED UP 0.11% // EUROPEAN BOURSES CLOSED ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN

2/ CHINESE BOURSES / :Hang Sang UP 176.57 PTS OR 0.61%  

/SHANGHAI CLOSED UP 17,73 PTS OR 0.81% 

Australia BOURSE CLOSED UP 0.11%  

Nikkei (Japan) CLOSED UP 40.68  POINTS OR 0.14%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1777.20

silver:$26.14-

Early FRIDAY morning USA 10 year bond yr: 1.562% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.248 DOWN 3  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 91.52 DOWN 2 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.29% UP 1 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: 0.39%//  UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.75 UP 2 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 36 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.26% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.04% 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 FRIDAY

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

Euro/USA 1.1979   UP    .0010 or 10 basis points

USA/Japan: 108.82  UP .128 OR YEN DOWN 12  basis points/

Great Britain/USA 1.3821 UP .0038 POUND UP 38  BASIS POINTS)

Canadian dollar UP 48 basis points to 1.2497

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.5208

THE USA/YUAN OFFSHORE:  6.750  (YUAN UP)..6.5251

TURKISH LIRA:  8.07  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.09%

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 1.571 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.278 UP 1 in basis points on the day

Your closing USA dollar index, 91.55 DOWN 14  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 FRIDAY: 12:00 PM

London: CLOSED UP 28.74 PTS OR 0.41% 

 

German Dax :  CLOSED UP 205.19 PTS OR .35% 

 

Paris Cac CLOSED UP 57153 PTS OR .92% 

 

Spain IBEX CLOSED UP  41.10  PTS OR .44%  

 

Italian MIB: CLOSED UP 228.66 PTS OR .93% 

 

WTI Oil price; 62.90 12:00  PM  EST

Brent Oil: 66.26 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    75.80  THE CROSS  LOWER BY 0.56 RUBLES/DOLLAR (RUBLE HIGHER BY 56 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.26 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 : 63.14//

BRENT :  66.71

USA 10 YR BOND YIELD: … 1.577..DOWN 0 basis points…

USA 30 YR BOND YIELD: 2.275 DOWN  0 basis points..

EURO/USA 1.1981 ( UP 11   BASIS POINTS)

USA/JAPANESE YEN:108.78 UP .090 (YEN DOWN 9 BASIS POINTS/..

USA DOLLAR INDEX: 91.54 DOWN 15 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3836 UP 53  POINTS

the Turkish lira close: 8.07

the Russian rouble 75.74   UP 0.61 Roubles against the uSA dollar. (UP 61 BASIS POINTS)

Canadian dollar:  1.2507  UP  38 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.26%

The Dow closed UP 164.68 POINTS OR 0.48%

NASDAQ closed UP 15.58 POINTS OR 1.61%


VOLATILITY INDEX:  16.16 CLOSED down 0.41

LIBOR 3 MONTH DURATION: 0.189%//libor dropping like a stone

USA trading day in Graph Form

Trannies Rally To Longest Weekly Win-Streak In History, Bonds Best Week Since June

 
FRIDAY, APR 16, 2021 – 04:02 PM

Dow Transports managed – by the smallest possible margin – to rise again this week…

…equaling its all-time record 11th straight week…

Since 1900, Dow Transports has only ever once before seen an 11-week winning streak – in February 1989…

 

Source: Bloomberg

Some Trannies context…

Source: Bloomberg

On the week, all the other majors were up around the same level (around 1.2-1.4%) despite lots of intra week variance until the last few minutes saw weakness. Nasdaq and S&P were the week’s winners, Small Caps lagged…

While the bond bear battering stole some headlines this week, it was Coinbase’s listing that dominated… until it started to fade…

And at the same time, we note all the other Bitcoin proxies also slipped lower… with MSTR down over 16%

Source: Bloomberg

Banks were very mixed during their earnings week with WFC outperforming and MS lagging…

Source: Bloomberg

The rotation back to growth (relative to value) stalled this week…

Source: Bloomberg

The 10Y yield dropped around 8bps this week (after falling 6bps last week), back to one-month lows…

Source: Bloomberg

Some weakness today in bonds likely due to BofA’s record issuance for a bank ($15 billion).

This was its biggest weekly drop in yields since June 2020

Source: Bloomberg

Real yields tumbled this week to 2-month lows, dragging gold higher…

Source: Bloomberg

Dollar dumped for the second week in a row – biggest weekly drop since mid-December…

Source: Bloomberg

Cryptos were all higher this week as the Coinbase listing came to market…

Source: Bloomberg

Bitcoin managed gains on the week (3rd in a row)…

Source: Bloomberg

ETH is up for the 3rd week in a row, smashing to new record highs…

Source: Bloomberg

For the 3rd time in the last year, we are seeing a notable rotation from BTC to ETH…

Source: Bloomberg

But all the crazy headlines go to DOGEcoin, which was utterly ridiculous this week…

Gold rallied 2% this week, its best week since mid-December, back to its highest in 2 months…

Gold also broke back above its 50DMA…

Source: Bloomberg

Interestingly the last few days have seen the recent trend of rotation from bitcoin to gold unwind…

Source: Bloomberg

Finally, in case you wondered who was selling bonds and driving up yields in the last few months… it was hedge funds.

Source: Bloomberg

As Bloomberg reports, the world’s biggest net sales of U.S. government debt so far in 2021 has been in the financial center of the Cayman Islands, well known as a domicile for leveraged accounts. In the past two months as “Cayman” investors dumped $62 billion of US. paper in February, after selling $49 billion the previous month.

But could that be over now? Two reasons suggest it’s possible the bond bear market is over.

1) Nomura suggests that “the decline in the 10yr UST yield has been driven in part by shifts in supply and demand among speculative investors” and estimates that the two key trigger lines on the way down for 10yr UST yields lie at around 1.45% and 1.20%. According to the estimates output by the Japanese bank’s model, CTAs’ outstanding holdings of short positions in 10yr UST futures (TY) break even at around 1.45% on average.

2) Foreign buyers have finally started to pile into USTreasuries

Source: Bloomberg

Having reached a 7-year-high in pickup versus domestic bonds, FX-hedged US Treasuries have been in big demand among European and Japanese investors since the start of Q2.

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//THIS AFTERNOON

 
ii) Market data
USA housing starts rebound to the highest level since 2006.  But rental permits tumble. Inflation is causing people to quickly move into homes.
(zerohedge)

US Housing Starts Rebound To Highest Since July 2006, Rental Permits Tumble

 
 
FRIDAY, APR 16, 2021 – 08:43 AM

After February’s unexpected plunge (weather-driven), Housing Starts and Permits bounced back in March but in a very different manner.

  • After a downwardly-revised 10.3% plunge in February, Housing Starts spiked 19.4% MoM in March (much better than the +13.4% MoM expected).

  • After an upwardly-revised 8.8% drop in February, Building Permits jumped 2.7% MoM (modestly better than the +1.7% expected)

Source: Bloomberg

This pushed Housing Starts to their highest since July 2006 (but the forward-looking building permits remains well off its post-pandemic-plunge spike highs),,,

Source: Bloomberg

Both single- and multi-family starts bounced back in March…

But, while single-family permits were up 4.6% MoM, multi-family permits dropped 3.6%…

It would appear homebuilders are shifting away from ‘rental nation’. Are soaring, record-high lumber prices stalling the optimism of homebuilders going forward?

end

UMich Sentiment Disappoints In April, Inflation Expectations Spike To 9-Year High

 
FRIDAY, APR 16, 2021 – 10:10 AM

Despite stimmy checks and soaring stocks and vaccination successes and COVID case collapse, preliminary April data from UMich sentiment survey fell short of expectations.

While the headline print rose from 84.9 to 86.5 (pandemic highs), it fell far short of the 89.0 expectation. Additionally, while current conditions jumped from 93.0 to 97.2, the expectations (hope) index was flat at 79.7…

Source: Bloomberg

Perhaps more importantly, half of all consumers expected declines in unemployment, the highest level ever recorded.

Buying conditions for houses and home appliances slipped as car-buying-hopes rose…

Source: Bloomberg

When asked to explain their buying plans, references to high prices have receded and have been offset by greater confidence in their future job and income prospects

Republicans’ sentiment rose for the 2nd straight month as Democrats’ confidence soared…

Source: Bloomberg

And finally, and perhaps most importantly, it would appear an inflationary sentiment is building among Americans…

Source: Bloomberg

But don’t worry, The Fed has ‘tools’, lots of ‘tools’..

 

iii) Important USA Economic Stories

The trillions of dollars Biden threw to the USA has caused historic labour shortages.  A huge 42% of businesses cannot fill job openings
 
(zerohedge)

iv) Swamp commentaries

 

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

Biden declares Russia threat ‘national emergency,’ lobs sanctions; 10 diplomats booted over election meddling   https://www.foxnews.com/politics/biden-russia-threat-national-emergency-sanctions

Russia says Moscow will respond to U.S. sanctions, summons U.S. envoy https://t.co/enUN5guypQ

Biden in Black Sea U-Turn as he CANCELS deployment of two warships despite calling Putin and threatening ‘repercussions’ over troop build-up on Ukraine border: President hits Moscow with sanctions and expels ten diplomats [‘The Big Guy’ blinks – It’s JFK-Khrushchev May 1961]
https://www.dailymail.co.uk/news/article-9474725/Biden-hits-Putin-sanctions-retaliation-election-interference-cyber-attacks-Ukraine.html

Why Russia may not be planning the invasion that Ukraine fears – ‘Biden blinked’
“…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”… President Biden’s new move is now a new topic of debate – disaster prevention or a mistaken concession
    “But the fact that it was Biden who suggested they meet does give Putin the edge.“…
    “I think Putin attracted attention, he put himself in the focus not only of Europe but the US administration,” Konstantin Eggert says. “He managed to scare them, and he likes doing that.”…
https://www.bbc.com/news/world-europe-56746144

Putin knows that Biden has a history of running his mouth, acting like a tough guy, and embellishing his athletic and academic careers – but by and large, Biden is a blowhard.  Plus, what blackmailable info does Putin have on The Big Guy and his capos?

Victor Davis Hanson, Stanford’s Hoover Institute: How to Start a War – Joe Biden, or those around him, seem determined to upset the peace they inherited.
Every new American president is usually tested… Putin earlier had concluded Trump was dangerously unpredictable, and perhaps better not provoked. After all, the Trump Administration took out Russian mercenaries in Syria. It beefed up defense spending and upped sanctions…In contrast, Biden too often talks provocatively—while carrying a twig
    While Biden was talking loudly to Putin, his administration was serially humiliated by China. Beijing’s diplomats dressed down their American counterparts in a recent meeting in Anchorage, Alaska. They gleefully recycled domestic left-wing boilerplate that a racist America has no moral authority to criticize China.  If Trump was unpredictably blunt, Biden is too often predictably confused. And he appears frail, sending a message to autocracies that America’s commander-in-chief is not fully in control
https://amgreatness.com/2021/04/14/how-to-start-a-war/

BofA Shares Slide as Tepid Laon Growth Counter Trading Bonanza  [There’re hedge funds!]
Shares fell as much as 4.2% Thursday… after the company reported a decline in loan balances and its executives said higher costs from the pandemic would persist for longer than expected…
https://www.msn.com/en-us/money/companies/bofa-shares-slide-as-tepid-loan-growth-counters-trading-bonanza/ar-BB1fG43G

@rcwhalen: #Chrisman: “The 25 leading U.S. banks curtailed loan holdings by 8% during the first quarter to $5.45 trillion, according @federalreserve. Deposits rose 16%, to $10.13 trillion, giving the lowest loan-to-deposit ratio since data collection began 36 years ago.”
    I think a big challenge is sourcing assets at reasonable prices. The banks did not replace the 20% percent prepays on 1-4s since Q2 last year. They can’t. Big banks have been neutered by @SenWarren, can’t lend to save their lives. Smaller banks have much better pricing

Germany’s top court strikes down Berlin’s controversial five-year rent freeze and restrictions forcing landlords to reduce prices, saying the city lacked the power to impose the rules https://t.co/pRrfWLlkV4
Retail sales jumped 9.8% m/m in March (5.8% expected): ex-auto sales +8.4%, ex-autos & gas sales + 8.2%.  Stimulus checks were a major factor.

Industrial Production increased 1.4% m/m in March; 2.4% was expected.  Manufacturing Production grew 1.7%; 2.5% was consensus.

Initial Jobless Claims declined to 576k (700k expected) from 769K due to a 75.6k drop in California as the state reopens more businesses.

Einhorn: “The Market Is Fractured and in the Process of Breaking Completely”
The Fed has indicated that it believes any abnormally high inflation will be transitory. We wonder, how will the Fed know? Do price increases come with a label that says “transitory?… Though one can debate whether the official government statistics are contrived to avoid capturing inflation… shortages and bottlenecks accompanied by rising demand can only be solved through increased capacity and higher prices. We have also reset the baseline income for non-working adults; it will take higher wages to bring those marginally attached to the labor force back to work.”…
      Many who would never support defunding the police have supported… in almost completely defanging, if not defunding, the regulators. For the most part, quasi-anarchy appears to rule in markets…It’s as if there are no financial fraud prosecutors; companies and managements that are emboldened enough to engage in malfeasance have little to fear…
https://www.zerohedge.com/markets/einhorn-market-fractured-and-process-breaking-completely

More from Greenlight Capital: Strange things happen to all kinds of stocks. Last year, on one day in June, the stocks of about a dozen bankrupt companies roughly doubled on enormous volume.  Recently, the Wall Street Journal reported a boom in penny stocks.  Someone pointed us to Hometown International (HWIN), which owns a single deli in rural New Jersey. The deli had $21,772 in sales in 2019 and only $13,976 in 2020, as it was closed due to COVID from March to September. HWIN reached a market cap of $113 million on February 8. The largest shareholder is also the CEO/CFO/Treasurer and a Director, who also happens to be the wrestling coach of the high school next door to the deli. The pastrami must be amazing. Small investors who get sucked into these situations are likely to be harmed eventually, yet the regulators – who are supposed to be protecting investors – appear to be neither present nor curious.  From a traditional perspective, the market is fractured and possibly in the process of breaking completely… https://www.valuewalk.com/wp-content/uploads/2021/04/Qlet2021-01-2.pdf

“Biden’s Trillions” Spark Historic Labor Shortage: Record 42% of Businesses Can’t Fill Job Openings   https://www.zerohedge.com/economics/bidens-trillions-spark-historic-labor-shortage-record-42-businesses-cant-fill-job
CIA shocker: Obama fundraiser says he was U.S. intel asset, alleges spy agency ‘abuses’
Zuberi: was instructed at times by U.S. intelligence to glean information from or try to achieve certain tasks with select members of Congress, including one prominent Republican U.S. senator. The CIA is not supposed to target, spy on or influence members of Congress…was involved in a clandestine operation that used an American journalism organization to carry out countermeasures and influence operations in a foreign country. The CIA is not supposed to use journalism organizations or journalists for operational cover…
https://justthenews.com/government/security/obama-bundler-files-extraordinary-complaint-against-cia-alleging-widespread

Rep. Nunes Blasts Democrats For ‘Hijacking’ Intelligence Committee to Target Republicans As ‘Domestic Extremists’   
Democrats see political benefits in characterizing wide swaths of American citizens, particularly Republicans and conservatives, as politically suspect, politically violent, and deserving of government surveillance,” [Police State tactics] Nunes explained. “However, I remind those assembled here today that our intelligence community exists solely to counteract foreign threats. History shows that major abuses occur when our intelligence capabilities are turned inward to spy on our own citizens, from the FBI spying on Martin Luther King Jr. in the 1950s and ’60s to its surveillance of Republican Party members in 2016. This is a red line that simply cannot be crossed. In fact, this committee was created in large part to ensure that that line should not be crossed.”…  https://t.co/o86zxoonXr

U.S. Intel Walks Back Claim Russians Put Bounties on American Troops
It was a huge election-time story that prompted cries of treason. But according to a newly disclosed assessment, Donald Trump might have been right to call it a “hoax.”

FBI Director Wray Refuses to Disclose If Antifa Has Organized Finances to Launch Coordinated Attacks – Wray admitted that while these Antifa members may have traveled in from other cities to wreak havoc, he still might classify them as “local.” “My definition of local doesn’t mean people who just live in the same city,” Wray said… [Once again, ‘Through the Looking Glass’ word redefining]
https://thefederalist.com/2021/04/15/fbi-director-wray-refuses-to-disclose-if-antifa-has-organized-finances-to-launch-coordinated-attacks/

@ShidelerK: Rep. Himes just falsely claimed that Jan 6th was first attack on the Capitol since 1812. Untrue. 1954 shooting by Puerto Rican terrorists. The capitol complex suffered multiple Weatherman bombings. Armed “occupation” of the capitol by black panther party (1967).

@EmeraldRobinson: Fauci is now making it clear that masks and distancing will still be encouraged for people who have taken the vaccine… he lied to you. It’s not about health – it’s about power.

@jimiuorio: Quick update. 17 days since “impending doom” comment from CDC. Deaths are continuing their downward trajectory and it appears that the only places cases are spiking is where lockdowns are in place. I’m not trying to be a pain but I still would like to see what she was seeing.

GOP Rep Jim Jordan’s Nuclear-Grade ‘Rant’ Against Dr. Fauci Speaks for Americans Fed Up with Violations of Their Liberty – You are the highest-paid official in the United States government. You have given us your advice on baseball, on dating apps, on cruise ships, you’ve told us zero masks, one masks, two masks, now back to one mask,” he went on, “I am just asking you, when is it going to end?”
    “You can say I’m ranting,” Jordan went on, “I am actually asking the questions that the citizens I get the privilege of representing — and my name actually goes on a ballot. I don’t think your name has ever been on a ballot.”  “My name goes on a ballot,” he added. “The citizens I represent want to know the answer to when they can get their liberties back?”…
https://beckernews.com/jim-jordans-nuclear-grade-rant-against-dr-fauci-speaks-for-americans-fed-up-with-violations-of-their-liberty-38592/

@spectatorindex: Pfizer’s CEO says third doses of coronavirus vaccine may be needed within a year of being fully vaccinated, as well as possible annual booster shots. [Is this a scam?]

The Fed balance sheet surged $84.222B ($65.2B MBS).  It seems that when stocks have huge rallies on Thursday, the Fed balance sheet shows huge growth.  Did someone get nonpublic info and act on it?
https://www.federalreserve.gov/releases/h41/current/

Biden not ready to say whether he backs Dem court-packing legislation: White House
[Obama hasn’t given The Big Guy any direct or indirect instructions yet?]
https://www.foxnews.com/politics/biden-not-ready-to-say-whether-he-backs-dem-court-packing-legislation-white-house

@marklutchman: House Democrats have introduced a resolution to abolish the electoral college.  Our country is literally being destroyed from within.

@toddstarnes: Democrats plan to expand Supreme Court to 13 justices. The fundamental transformation of our nation is well under way — and I solely blame Never Trump Republicans.

GOP @SenTomCotton: Court packing will be the end of the Supreme Court’s legitimacy and the end of the rule of law in America

@DougAndres: McConnell: “If Republicans had introduced a bill to add four Supreme Court seats for the last President to fill, there would have been weeks of wall-to-wall outrage on every newspaper and cable TV channel.”

@Breaking911: [Dem Rep] NADLER: “We’re not packing the Supreme Court, we’re unpacking it
[Once again, absurd, intelligence-insulting ‘Through the Looking Glass’ word redefining]

Lib Law Prof. Jonathan Turley (@JonathanTurley): If the report is true, they have decided not to wait for the Commission. A move to just add 4 new justices would dispense with even the pretense of principle. The bill will now strip away any semblance of constitutional values for members who do not denounce raw court packing.
    The late Justice Ginsburg and most recently Justice Breyer condemned the court packing scheme and the public overwhelmingly opposes it.  Yet, these members would reduce the court into little more than a partisan commission tasked with a political agenda.
     Ultimately, this shows the cost of a failure of leadership in the Democratic party, including President Biden. Rather than denounce court packing, Biden played to the far left and called for a Commission to study something he called a “bone headed” and “terrible, terrible idea.”

@SaraGonzalesTX: Hey Never Trumpers, how you feeling about those mean tweets now?

@Liz_Wheeler: Crickets from the Never Trumpers who voted for Biden as the radical Democrats unveil a Supreme Court packing plan. Rest assured, Never Trumpers, I do blame you.

@EmeraldRobinson: The Supreme Court is not under the total control of the Democrats so they want to pack the court – just like Biden’s Pentagon is purging the troops who might be insufficiently loyal to Democrats. These are warning signs for our republic.

Where are the GOPe and GOP leadership?  Quivering under their desks?  Checking with donors?
FLASHBACK: That time Biden called court-packing a ‘bonehead idea’
Biden said FDR’s attempt to do it put in question the independence of the Court ‘for an entire decade’
https://www.foxnews.com/politics/flashback-biden-called-court-packing-a-bonehead-idea-in-1983

1937 Democrats Had the Best Response to Court-Packing
FDR’s Court-packing scheme, wrote the Democrat-controlled Senate Judiciary Committee in 1937, “is a measure which should be so emphatically rejected that its parallel will never again be presented to the free representatives of the free people of America.”…
    In summation: “We recommend the rejection of this bill as a needless, futile, and utterly dangerous abandonment of constitutional principle.”
     “It would subjugate the courts to the will of Congress and the President and thereby destroy the independence of the judiciary, the only certain shield of individual rights.”
     “Under the form of the Constitution it seeks to do that which is unconstitutional.”
     “Its ultimate operation would be to make this government one of men rather than one of law, and its practical operation would be to make the Constitution what the executive or legislative branches of the government choose to say it is — an interpretation to be changed with each change of administration.”…
https://www.nationalreview.com/corner/1937-democrats-had-the-best-response-to-court-packing/

It is worth noting the FDR and his team of radical leftists pushed their radical agenda so far left that Democrats wanted to nominate someone else for the presidency in 1940.  Chicago Mayor Ed Kelly, Cook County Democratic Party boss, and Hudson County, NJ boss Frank Hague saved FDR’s nomination at the convention.  Were there any organizations more corrupt than Cook and Hudson Counties at the time?

@kylenabecker: The Founders instituted Constitutionally limited government, individual rights & federalism because it is unrealistic to expect a republic of diverse peoples to agree on how to live our lives. Thus concludes this elementary civics lesson for the Woke authoritarians out there.

Leniency for defendants in Portland clashes could affect Capitol riot cases
After President Joe Biden’s inauguration, federal prosecutors agreed to probation deals for charges related to last summer’s unrest in Oregon.  [Don’t forget about ‘liberal/Dem privilege!]
https://www.politico.com/news/2021/04/14/portland-capitol-riot-cases-481346

Pregnant Single Mother Raided By FBI, Detained for a Week After Going Through an Open Door at the US Capitol — Now Faces Over 30 Years in Prison
Konold still did not realize it was a protest when she followed the crowd of fellow Trump supporters to the Capitol. The door to the building was open and police seemed to be allowing people inside, so she went. She was kind and friendly to police and left quickly when she was told that people were not supposed to be there…
    A month after the protest, she was yanked from her bed at gunpoint by the FBI. Her entire street was blocked off and crowded with unmarked vehicles. Her small mobile home was raided and a two page long list of her belongings was seized… The expecting mother was detained for an entire week. Bizarrely, the FBI told her not to speak to other law enforcement agencies.
    Upon her release, Konold found that her social media accounts were all removed. She was even banned from the stock trading app WeBull. The media was smearing her as an “insurrectionist” and painting her to be someone that she is not, while all traces of her life and who she really is vanished from the internet…She is receiving threatening hate letters in the mail.
https://www.thegatewaypundit.com/2021/04/exclusive-pregnant-single-mother-raided-fbi-detained-week-going-open-door-capitol-facing-30-years-prison/

@ColumbiaBugle: Tucker Carlson Discussing The News Today That The Officer Who Shot Ashli Babbitt Won’t Be Charged, But The Video Editor (Sam Montoya) Who Captured Babbitt’s Death On Video Had His Home Raided & Has Now Been Thrown In Jail.  “We have a right to know who shot Ashli Babbitt and why.” [Every cop involved in a shooting with political ramifications was quickly identified.  Why the secrecy on this one?]  https://twitter.com/ColumbiaBugle/status/1382509645118337027

Ted Cruz ANNIHILATES Biden DOJ Nominee by Reading Her Own Words Back to Her
[She penned an article that advocated for defunding the police.]
https://rumble.com/vfofdf-ted-cruz-annihilates-bide-doj-nominee-by-reading-her-own-words-back-to-her.html

@JTAnews: The family of Sarah Halimi, a French Jew killed by her neighbor as he spewed slurs, has lost their final appeal to have the killer tried. Courts upheld that the killer was not criminally responsible for his actions because he was too high on marijuanahttps://bit.ly/3e1AuXg

@Breaking911: Facebook is no longer allowing users to share the NYP story about BLM co-founder Patrisse Khan-Cullors’ recent $3.2 million real estate binge

Project Veritas records CNN staffer saying the network is ‘trying to help’ BLM  https://trib.al/7zRzCJQ

Project Veritas founder James O’Keefe’s Twitter suspended after CNN exposé https://trib.al/2Np4ZMa

@ColumbiaBugle: Twitter censors the NY Post story on Hunter Biden, which was real news. Twitter censors James Okeefe after he exposed fake news CNN.  We know Big Tech is biased, the question is: what is the GOP going to do about it?… The GOP must take bold ACTIONS to rein in these Big Tech Tyrants.  If they don’t they will lose, and they will deserve it.

Ex-Senate investigator @seanmdav: Twitter has become a cancer on the body politic, and it needs to be excised before it destroys the entire public.

@ThomasSowell: The political left’s attempts to silence ideas they cannot, or will not, debate are a confession of intellectual bankruptcy.

Republicans Secure Special Election Victory in Biden-Won District in New Hampshire
https://www.breitbart.com/politics/2021/04/14/republicans-secure-special-election-victory-biden-won-district-new-hampshire/

After Trump’s victory in 2016, the MSM hyped each special election as a referendum on Trump.  The GOP seldom lost those elections.  You can bet that the MSM will ignore the ‘referendum’ on Biden.

Scientists Create Early Embryos That Are Part Human, Part Monkey
Belmonte teamed up with scientists in China and elsewhere to try something different… [Just like US scientists teamed up with Chinese scientists to do research on Covid!  What possibly could go wrong!]
https://www.npr.org/sections/health-shots/2021/04/15/987164563/scientists-create-early-embryos-that-are-part-human-part-monkey

Let us close out the week with this offering courtesy of Greg Hunter

Russia War Coming, CNN Admits Propaganda, More Vaccines?

By Greg Hunter’s USAWatchdog.com (WNW 475 4.16.2021)

Is the USA and Russia headed for war?  The Russians are building up 40,000 troops on Ukraine’s Eastern border.  There are also some 40,000 Russian troops in Crimea that Russia annexed in 2014.  There are warnings from people like former Congresswoman Tulsi Gabbard of nuclear war that would cause dire consequences for all Americans.  Some say Russia is preparing to invade Ukraine, but Russia says no, it is not.  My question is: Why is all this flaring up now?  Is it the weak dollar?  Is the election fraud of 2020 about to get broken wide open?  Who knows, but something is up behind the scenes.

Project Veritas has done it again.  It has caught on camera what many have long suspected–that CNN is just a “propaganda” operation to shape public opinion.  One of its top managers says the goal for the so-called news organization was to get President Donald Trump out of office.  This manager also admitted the network helps out Joe Biden and the Democrats on a routine basis.  This is just the tip of the iceberg.  I say it’s not only CNN, but other networks are really nothing but pure propaganda and, as President Trump said, the “Fake News is the Enemy of the People.”

The Fake News is also responsible for misinforming the public on CV19 and the need for vaccines.  The phony so-called news outlets would never tell the public that CV19 could be cured early on with Ivermectin, Hydroxychloroquine, Zinc and other non-vaccine remedies that have much scientific peer reviewed evidence backing this up.  The networks would also not tell the public that the vaccines were experimental DNA altering human trials, and they have no idea what the outcome will be long term.  Now, the vaccine companies are saying we need more “top-up” doses of these experimental vaccines.  Don’t expect the MSM to bring you any scientific debate such as Dr. Mike Yeadon, a former Pfizer VP, who says do not take “top-up” (or booster) vaccines because the vaccine was not necessary in the first place.

Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up for 4/16/2021.

Russia War Coming, CNN Admits Propaganda, More Vaccines?

(To Donate to USAWatchdog.com Click Here)

 

 

I WILL SEE YOU MONDAY NIGHT

 

One comment

  1. Harvey you wrote 186 000 contrats it increased to 86 000 contracts. You put in an extra 1

    Like

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