APRIL 29//OUR USUAL AND CUSTOMARY RAID ON OUR PRECIOUS METALS, ONE DAY PRIOR TO OTC/LBMA OPTIONS EXPIRY: GOLD DOWN $5.70 TO $1768.50//SILVER DOWN 2 CENTS TO $26.02//COMEX GOLD FINAL STANDING FOR DELIVERY : 95.331 TONNES//SILVER FINAL STANDING FOR DELIVERY: 14.935 MILLION OZ//PROBABLE SILVER STANDING FOR TOMORROW: 45 MILLION OZ//NO GOLD HAS ENTERED THE COMEX VAULTS FOR AT LEAST THE PAST 12-13 DAYS// KITCO ISSUES TO CEASE AND DESIST ORDER TO AUSTRALIA’S JOHN ADAMS: THEY ARE COMPLAINING OF HIS USE OF THE WORLD “SYNTHETIC” IN DESCRIBING KITCO SALES OF SILVER// CORONAVIRUS UPDATE//VACCINE UPDATES//THE DOORKNOB BIDEN IS GIVING IN TO THE IRANIANS ON ALL MAJOR POINTS (TERRORISM IS SOMEWHOW LEFT OUT)//KEY RESEARCH SHOWS SPIKE PROTEINS CAN BE RELEASED BY VACCINATED PEOPLE AND THIS CAN HARM LUNGS//DEUTSCHE BANK REPORT ON GLOBAL INFLATION//INDIA VS THE VIRUS AND IT SEEMS THE VIRUS IS WINNING//NEGATIVE INTEREST RATES ARE COMING TO THE USA//JOBLESS BENEFITS STILL BEING HANDED OUT TO OVER 16 MILLION SOULS// SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1768.50   DOWN $5.70   The quote is London spot price

Silver:$26.02 down  $0.02   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1772.20 LONDON SPOT  4:30 pm

ii)SILVER:  $26.10//LONDON SPOT  4:30 pm

OPTIONS EXIRY WEEK:

OTC OPTIONS EXPIRE 11 AM APRIL 30//FIRST DAY NOTICE APRIL 30//

GOLD/SILVER WILL BE DEPRESSED UNTIL CLOSING APRIL 30//

ALL COMMODITIES ARE ON FIRE EXCEPT TWO: GOLD AND SILVER, I WONDER WHY?

 

For the second day in a row we have had BIS intervention in attacking our precious metals. The BIS deals strictly in gold but the raids main focus was on knocking the price of silver down. They have failed as silver refuses to break below 26.00 on closing. They have try again tomorrow but it will be futile as well.  Gold and silver will rise right after London is put to bed  (around 11 am)

 

 

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE)

 

 

PLATINIUM  $1205.30 down $20.43

PALLADIUM: 2962.17 up $9.09  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

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

receiving today  10/10

EXCHANGE: COMEX
CONTRACT: APRIL 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,773.200000000 USD
INTENT DATE: 04/28/2021 DELIVERY DATE: 04/30/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 9
661 C JP MORGAN 10
686 C STONEX FINANCIA 1
____________________________________________________________________________________________

TOTAL: 10 10
MONTH TO DATE: 30,582

ISSUED: 0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  APRIL. CONTRACT: 10 NOTICE(S) FOR 1000 OZ  (0.03110 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  30,582 NOTICES FOR 3,058,200 OZ  (95.123 tonnes) 

SILVER//APRIL CONTRACT

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

total number of notices filed so far this month: 2987 for 14,935,000  oz

 

BITCOIN MORNING QUOTE  $54,354   DOWN 527 DOLLARS

BITCOIN AFTERNOON QUOTE.:$52,907 DOWN 1974 DOLLARS  

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD DOWN $5.70 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD//:  A PAPER  DEPOSIT OF 0.00 TONNES OF PAPER GOLD FROM GLD

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS)

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: 1,021.70 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 2 CENTS

 

NO  CHANGES IN SILVER INVENTORY AT THE SLV//  //

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

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

INVENTORY RESTS AT:

567.481  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 166.24 down $0.67 OR  0.40%

XXXXXXXXXXXXX

SLV closing price NYSE 24.26 down $0.14 OR 0.55%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 4235 CONTRACTS FROM 172,470 DOWN TO 168,235, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR $0.31 LOSS IN SILVER PRICING AT THE COMEX  ON WEDNESDAY. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO HUGE  SPREADER LIQUIDATION  AS WELL AS SOME BANKER AND ALGO  SHORT COVERING !//GOOD REDDIT RAPTOR BUYING//.. COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION AS EVEN THOUGH THE NET TOTAL LOSS ON OUR TWO EXCHANGES: 3705 OR 18.525 MILLION OZ, ALL OF THE LOSS WAS DUE TO SPREADER LIQUIDATION!.

 

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 530,, AS WE HAD THE FOLLOWING ISSUANCE: MAY:  380, JULY 150 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 530 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

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

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400MILLION 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

60 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

14.935 MILLION OZ INITIAL STANDING FOR APRIL

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE
SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.31). OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS  WE HAD A LARGE SIZED LOSS OF 3705 CONTRACTS ON OUR TWO EXCHANGES.  HOWEVER THE LOSS WAS SOLELY WAS   DUE TO i)  MAJOR SPREADER LIQUIDATION AS WELL AS ii) SOME BANKER/ALGO SHORT COVERING// WE ALSO HAD  iii) GOOD REDDIT RAPTOR BUYING//.    iv)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO INCREASE IN SILVER STANDING FOR COMEX SILVER  REMAINING AT 14.935 MILLION OZ, v) STRONG COMEX OI LOSS //.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:

15,421 CONTRACTS (FOR 21 TRADING DAY(S) TOTAL 15,421 CONTRACTS) OR 77.105 MILLION OZ: (AVERAGE PER DAY: 734 CONTRACTS OR 3.67 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF APRIL: 77.105 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: 77.105 MILLION OZ  (SILVER IS NOW IN SEVERE BACKWARDATION AND THUS DRAMATICALLY FEWER ISSUANCE OF EFP’S)

 

RESULT: WE HAD A STRONG  DECREASE COMEX OI SILVER COMEX CONTRACTS OF 4235, WITH OUR $0.31 LOSS IN SILVER PRICING AT THE COMEX ///WEDNESDAY .THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 530 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED LOSS OF 3705 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.31 FALL IN PRICE)//THE DOMINANT FEATURE TODAY WAS THE STRONG SPREADER LIQUIDATION ON OUR RAID ATTEMPT// SOME BANKER SHORTCOVERING AND ANOTHER MASSIVE BAILOUT FROM OUR LONGS AS A HUGE 12,640 CONTRACTS BOLTED FROM MAY TO JULY AND THUS ALLOW OUR CROOKS TO CONTINUE AND MANIPULATE SILVER.

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  530 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A HUGE SIZED DECREASE OF 4235 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.31 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.04//WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW APRIL.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR  NIL, OZ OF SILVER.

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A STRONG SIZED 7802 CONTRACTS TO 465,503,AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE STRONG SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE  OF $4.80///COMEX GOLD TRADING//WEDNESDAY.AS IN SILVER WE MUST HAVE HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR GOOD SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS WE HAD A SMALL LOSS OF 1884 TOTAL CONTRACTS ON OUR TWO EXCHANGES.  WE ALSO HAD A STRONG GAIN IN GOLD TONNAGE STANDING RISING TO 95.331 TONNES. 

 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $4.80 WITH RESPECT TO WEDNESDAY’S TRADING

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

WE HAD A SMALL GAIN OF 1198 OI CONTRACTS (3.726 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 5918 CONTRACTS:

CONTRACT .  APRIL:  0 AND JUNE:  5918  ALL OTHER MONTHS ZERO//TOTAL: 5918.  The NEW COMEX OI for the gold complex rests at 465,503. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1884 CONTRACTS: 7802 CONTRACTS DECREASED AT THE COMEX AND 5918 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 1884 CONTRACTS OR 5.860TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5918) ACCOMPANYING THE GOOD SIZED LOSS IN COMEX OI  (7802 OI): TOTAL LOSS IN THE TWO EXCHANGES:  1884CONTRACTS. 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 ANOTHER STRONG GAIN TODAY FOR THE FRONT APRIL MONTH ON DAY 21 OF THE DELIVERY CYCLE TO  95.331 TONNES)  3) ZERO LONG LIQUIDATION,  /// ;4) GOOD COMEX OI LOSS AND 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR LOSS IN GOLD PRICE TRADING WEDNESDAY//$4.80!!.

 

 
 
 
 
 

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 : 56,139, CONTRACTS OR 5,613,900 oz OR 174.61 TONNES (21 TRADING DAY(S) AND THUS AVERAGING: 2673 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 21 TRADING DAY(S) IN  TONNES: 174.61 TONNES

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

THUS EFP TRANSFERS REPRESENTS 174.61/3550 x 100% TONNES =4.90% 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:      174.61 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, FELL BY A STRONG SIZED 4235 CONTRACTS FROM 172,470 DOWN TO 168,235 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO 1) HUGE SPREADER LIQUIDATION FOLLOWED BY; 2) SOME BANKER SHORT COVERING//ALGO SHORT COVERING// GOOD REDDIT// RAPTOR BUYING , 3) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN  STANDING FOR SILVER  AT THE COMEX FOR APRIL REMAINING AT 14.935 MILLION OZ//., AND 4) ZERO LONG LIQUIDATION (THE LOSS SOLELY DUE TO SPREADER LIQUIDATION).

EFP ISSUANCE 530 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: 350 AND, JULY 150: 0ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 530 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 4235 CONTRACTS AND ADD TO THE 530 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED LOSS OF 3705 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 18.525 MILLION  OZ, OCCURRED WITH OUR $0.31 LOSS IN PRICE///

 

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

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 17.83 PTS OR 0.52%   //Hang Sang CLOSED UP  231.92 PTS OR 0.80%     /The Nikkei closed UP 62.08 POINTS OR 0.21%//Australia’s all ordinaires CLOSED UP 0.36%

/Chinese yuan (ONSHORE) closed UP AT 6.4688 /Oil UP TO 63.48 dollars per barrel for WTI and 66.81 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT GERMAN DAX  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4688. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4649   : /ONSHORE YUAN TRADING BELOW 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//

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 FELL BY A STRONG SIZED 7802 CONTRACTS TO 465,503 MOVING FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX DECREASE OCCURRED WITH OUR LOSS OF $4.80 IN GOLD PRICING WEDNESDAY’S COMEX TRADING…WE ALSO HAD A STRONG EFP ISSUANCE (5918 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.  

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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 5918 EFP CONTRACTS WERE ISSUED:  ;  AND APRIL:  0, JUNE:  5918 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5918  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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 1884  TOTAL CONTRACTS IN THAT 5918 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A GOOD SIZED  COMEX OI  OF 7802 CONTRACTS.WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR APRIL  (95.331 TONNES) WHICH FOLLOWS MARCH:  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL OF JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $4.80)., AND  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL NET LOSS ON OUR TWO EXCHANGES OF 1884 CONTRACTS.  THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 5.860 TONNES TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR APRIL (95.331 TONNES)..I  STRONGLY BELIEVE THAT 0UR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET LOSS ON THE TWO EXCHANGES :: 1884 CONTRACTS OR  188,400 OZ OR  5.860  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:  465,503 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 46.55 MILLION OZ/32,150 OZ PER TONNE =  1447 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1447/2200 OR 65.81% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:223,710 contracts// volume /better//volumes used in raid today   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  308,079 contracts//  better but volumes used in raid yesterday //most of our traders have left for London

 

APRIL 29 /2021

 
FINAL STANDINGS FOR APRIL COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
1,270.654 OZ
 
 
manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz

end

 

.

 

Deposits to the Customer Inventory, in oz
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
10  notice(s)
1000 OZ
(0.03110 TONNES
 
No of oz to be served (notices)
67 contracts
(6700oz)
 
0.2083 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
30,582 notices
3,058,200 OZ
95.123 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 withdrawal
 
i) Out of Manfra:  1,207.654 oz  
 
 
 
 
 
 
 
total withdrawals: 1,207,654 oz
 
 
 
 
 
 

We had  0  kilobar transactions (0 out of 3 transactions)

ADJUSTMENTS  2//  dealer to customer

 

i) Brinks:  166,767.267 oz

ii) HSBCL 24,933.062  oz  

 

 
 
 
 

The front month of APRIL registered a total of 77 CONTRACTS for a LOSS of 681 contracts.  We had 753 notices filed on TUESDAY, so WE GAINED 72  contracts or an additional  7200 oz  (0.2239 TONNES)  will  stand for gold in this very active delivery month of April./ They refused to  morph into London based forwards where they would have circulated as serial forwards or be paid handsomely to cash settle. They decided it was in their interest to search for metal over here. 

 

 
 
 

MAY LOST  A STRONG 116 CONTRACTS TO STAND AT 1064.

WE SHOULD HAVE ABOUT 3.3 TONNES OF GOLD STAND IN MAY 

 

JUNE LOST 9035 CONTRACTS DOWN TO 375,584

We had 10 notice(s) filed today for 1000   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  10  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 10 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 (30,582) x 100 oz , to which we add the difference between the open interest for the front month of  (APRIL:  77 CONTRACTS ) minus the number of notices served upon today 10 x 100 oz per contract) equals 3,064,900 OZ OR 95.331 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 (30,582) x 100 oz  + 77 OI for the front month minus the number of notices served upon today (10} x 100 oz which equals 3,064,900 oz standing OR 95.331 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 72 CONTRACTS OR AN ADDITIONAL 7200 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

300,622.584, oz  JPM  9.35 TONNES

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

54,419.138, oz Pledged August 21/regular account 1.690 tonnes JPMORGAN

6,308.08 oz International Delaware:  .196 tonnes

192.906 oz Malca

total pledged gold:  2,260,936.250 oz                                     70.32 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 484.43 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 95.107 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,643,904.681 oz or 548.80 tonnes
 
 
total weight of pledged:  2,260,936.250 oz or 70.32 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,382,968.0 (478,47 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,382,968.0 (478.47 tonnes)
 
total eligible gold: 17,162,723.970 oz   (533.83 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,806,630.651 oz or 1,082.63 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  956.29 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 29/2021
 
 

 

And now for the wild silver comex results

FINAL STANDING FOR SILVER/APRIL

APRIL. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
922,946.474 oz
 
 
Brinks
JPMorgan
Manfra
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
457,754.200 oz
 
 
Delaware
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
0
 
CONTRACT(S)
(NIL OZ)
 
No of oz to be served (notices)
0 contracts
 nil oz)
Total monthly oz silver served (contracts)  2987 contracts

 

14,935,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into Delaware: 457,754,200  oz

 

 
 
 
 
 

JPMorgan now has 186.70 million oz of  total silver inventory or 51.83% of all official comex silver. (186.7 million/360.154 million

total customer deposits today 457,754.200   oz

we had 3 withdrawals

i) Out of JPM:  603,479.100 oz
ii) Out of Brinks:  300,291.287 oz
iii) Out of Manfra:  19,176.787 oz
 
 
 
 
 
 
 

total withdrawals 922,946.474   oz

We had 4 adjustments:   dealer to customer

CNT:  602,359.90

ii) Out of Delaware: 105,893.460 oz

iii) Out of JPMorgan: 4764.100 oz

iv) Out of Manfra: 87,912.199


 

 

 
 
 

Total dealer(registered) silver: 117.191 million oz

total registered and eligible silver:  360,154 million oz

a net 0.465 million oz leaves the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The month of April saw 0 contracts standing for delivery for a LOSS of 26 contracts.  We had 26 contracts served upon yesterday, so we GAINED 0 contracts or AN ADDITIONAL nil oz will stand for delivery over here as they REFUSED to to morph into London based forwards.  As such they negated receiving a fiat bonus. 
 
 
 
 
 
 
 

May  fell in  contracts, losing  a huge 12,795 contracts to stand at  11,340 contracts with a considerable portion of the loss due to initiation of our spreader liquidation. 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 14.935 million oz stand and May with open interest refusing to buckle. 

No of notices filed today:  0

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,  APRIL 29/2020) we had 13,803 oi contracts still outstanding on the May 2020 CONTRACT.  This year:  11,340  still outstanding!!.

LAST YEAR 7559 CONTRACTS ROLLED ON APRIL 28 ; TODAY 12,795  (looks like many were paid off in cash)

 

WE HAVE 1 MORE READING DAYS BEFORE FIRST DAY NOTICE!(LAST YR 1 READING DAYS)

LAST YEAR WE HAD FINAL MAY SILVER OZ STANDING:  45.220 MILLION OZ/(5TH HIGHEST STANDING FOR SILVER EVER RECORDED) LAST YEAR THE SPREADERS DID NOT LIQUIDATION UNTIL THE FINAL FEW DAYS. THE SIGNAL WAS GIVEN THIS YEAR TO BEGIN A TOUCH EARLY TRYING TO STEM THE DEMAND FOR SILVER.

HERE IS LAST YEAR’S SUMMARY OF OI STANDING WITH CORRESPONDING ROLLS:

APRIL 29/20   OI  STANDING FOR SILVER:  13,803  AND 7559 ROLLOVERS

APRIL 30/20   OI  STANDING FOR SILVER:   10,543 AND 3260 ROLLOVERS  (10,543 CONTRACTS EQUALS 52.715 MILLION OZ)

FOR MAY INITIALLY 52.715 MILLION OZ STOOD FOR DELIVERY BUT THE BANKERS COAXED 7 MILLION OZ TO EXIT FOR EFP’S AND THUS EVENTUALLY 45.22 MILLION OZ STOOD FOR DELIVERY.

 

June GAINED 214 contracts up to 1815.

July gained a strong 8047 contracts up to 132,518 contracts

 
 

The total number of notices filed today for APRIL 2021. contract month represented by 0 contract(s) FOR NIL oz

To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at  2987 x 5,000 oz = 14,935,000 oz to which we add the difference between the open interest for the front month of APRIL (0) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

Thus the April standings for silver for the APRIL/2021 contract month: 2961 (notices served so far) x 5000 oz + OI for front month of APRIL (0)  – number of notices served upon today (9) x 5000 oz of silver standing for the Jan contract month .equals 14,935,000 oz. ..VERY STRONG FOR A NON ACTIVE APRIL MONTH. 

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

 

TODAY’S ESTIMATED SILVER VOLUME 87,701 CONTRACTS // volume: strong//raid and rolls today// 

 

FOR YESTERDAY  122,657  ,CONFIRMED VOLUME/ huge//rollovers

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO -0.41% (APRIL; 29/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –1.25% to NAV:   (APRIL 29/2021 )

Note: /Sprott physical gold trust is back into NEGATIVE/0.41%(APRIL29/2021)

(courtesy Sprott/)

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

 

NAV $19.09 TRADING $18.72//NEGATIVE 1.92

END

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

APRIL 29//WITH GOLD DOWN $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES.

APRIL 28/WITHGOLD DOWN $4.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES.

APRIL 27/WITH GOLD DOWN $2.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES.

APRIL 26/WITH GOLD DOWN $1.80 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES

APRIL 23/WITH GOLD UP $3.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES

APRIL 22/WITH GOLD DOWN $11.30 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1021.70 TONNES

APRIL 21/WITH GOLD UP $14.40 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESSTS AT 1021.70 TONNES

APRIL 20/WITH GOLD UP $8.25 TODAY:A HUGE CHANGE IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.04 PAPER TONNES INTO THE GLD///INVENTORY RESTS AT 1021.70 TONNES

APRIL 19/WITH GOLD DOWN $9.25 TODAY A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 3.2 TONNES FROM THE GLD///INVENTORY RESTS AT 1019.66 TONNES.

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

APRIL 29 / GLD INVENTORY 1021.70 tonnes

LAST;  1049 TRADING DAYS:   +87.74 TONNES HAVE BEEN ADDED THE GLD

LAST 949 TRADING DAYS// +  272.26TONNES  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 29/WITH SILVER DOWN 2 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ..

APRIL 28/WITH SILVER DOWN 31 CENTS TODAY:: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.206 MILLION OZ FORM THE SLV////INVENTORY RESTS AT 567.481 MILLION OZ//

APRIL 27./WITH SILVER UP 20 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 568.687 MILLION OZ//

APRIL 26/  WITH SILVER UP 10 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.260 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 568.687

APRIL 23/WITH SILVER DOWN 10 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 278,000 OZ INTO THE SLV.///INVENTORY RESTS AT 569.847 MLLION OZ/

APRIL 22/WITH SILVER DOWN 34 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A MASSIVE WITHDRAWLA OF 3.619 MILLION OZ//INVENTORY REST AT 569.569 MILLION OZ..

APRIL 21/WITH SILVER UP 72 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 573.188 MILLION OZ//

APRIL 20/WITH SILVER UP 1 CENT TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIST OF 1.114MILLION OZ INTO THE SLV////INENTORY RESTS AT 573.188 MILLION OZ.

APRIL 19/WITH SILVER DOWN 31 CENTS TODAY: A HUGE  CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.671 MILLION OZ FORM THE SLV//INVENTORY RESTS AT 572.074 MILLION OZ//

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 FROM 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)

XXXXXXXXXXXXXX

SLV INVENTORY RESTS TONIGHT AT

APRIL 29/2021
567.481 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Lawrie williams:

LAWRIE WILLIAMS: Fed up with the Fed – No changes – yet

With the U.S. being the principal driver of movement, the gold price tends to move up or down based on the nuances that are assessed to arise from statements following the U.S. Fed’s regular FOMC meetings. The latest such meeting, which took place on Tuesday and Wednesday this week, has been no exception. Significant changes forthcoming at the meetings themselves are rare so analysts have become adept at ‘reading between the lines’ of statements following these meetings, and in particular to those made by Fed Chair, Jerome Powell.

The analysts and commentators are looking for the slightest hint of any impending change in the Fed’s interest rate policy, and corresponding worries about inflation, both of which can have a significant effect on gold and silver prices, and the dollar index. The Fed’s and Powell’s views on the likely path of the U.S. economy as the nation is seen to be recovering from the Covid-19 virus pandemic, also comes under intense scrutiny, as likely colouring medium to long term policy decisions. In the latest case analysts were particularly looking for any evidence that the Fed might start ‘tapering’ its bond purchases perhaps as soon as later this year.

It is seldom worth trying to second guess the FOMC meeting outcomes, so one needs to wait and see what arises in the usually mostly non-committal post meeting statements and base one’s assessment accordingly. On the face of things the Fed is not, at least in the short term, open to diverging from its current ultra-low interest rate policy despite a potential ris in its current inflation assessment. So far Fed chair, Powell, has deemed any above-target inflation rises as being transitory.

And so it was again this time around. The Fed did not signify any interest rate rise in the foreseeable future and kicked the can down the road as far as any serious discussion on possible tapering was concerned. However there did seem to be some recognition in post-meeting statements that the situation could change as the economy continues to recover, and if anything beyond transitory inflation rises begin to be seen. Some economists reckon worrying inflation trends may already be happening.

The Fed statement that it is “prepared to adjust the stance of monetary policy as appropriate if risks emerge” is seen by some as being beyond normal non- committal Fed-speak. Thus this is being taken in some circles as being an indicator that rate rises and tapering may come about sooner than earlier Fed statements would have us believe. The next FOMC meeting takes place in mid-June, and perhaps further clarity will be forthcoming by then.

In a post-meeting Q&A session, Powell made it clear that the Fed would be unlikely to consider tapering, nor raise interest rates, until the U.S. reaches its 3.5% unemployment target and the annual inflation rate exceeds the current target of 2% for an extended period of time.

The basically unchanged Fed position for now on inflation and interest rates had the dollar index coming off a few points and precious metals breathing something of a sigh of relief with all rising on consideration of the Fed statements, although reaction in European trading this morning has been somewhat mixed so far U.S. equities fell, but not significantly. The proposed $4 trillion Biden infrastructure/ tax/family programme, which was spelled out by the U.S. President also yesterday, probably helped the markets too, mitigating any potential falls arising from the Fed statement.

We would anticipate precious metals marking time for a few days at, or around, current levels before gold takes another run at the $1,800 level. If it breaks through decisively, which is by no means certain, it will predictably drag silver up with it, but the pgms’ price pattern will largely be directed by perceptions of economic recovery in Europe and North America. Both platinum and palladium are seen as being in a serious potential supply-deficit situation, particularly if the light vehicle market continues to pick up and could thus trade higher into the mid-year.

end

 

EGON VON GREYERZ//

Gold vs Fed Chairmen: 

(courtesy Egon Von Greyerz)

“Read My Lips…” – FedSpeak Exposed

 
THURSDAY, APR 29, 2021 – 06:30 AM

Authored by Egon von Greyerz via GoldSwitzerland.com,

“Read my lips: No New Taxes” Bush Sr said in his acceptance speech for his nomination in 1988 when he promised no tax rises. As most politicians, he didn’t keep his word. In the 1992 campaign Clinton made a devastating attack on Bush’s pledge and the rest is history.

The simple rule is: Don’t listen to WHAT people say, but HOW they say it. Already 50 years ago the Mehrabian model concluded that words only convey 7% of a message, body language accounts for 55% and tone of voice delivers 38%. That is why you should never focus on the words of a speaker since they are the least important.

A WORLD OF QUANTS AND NEURAL SYSTEMS

Automation of investment decisions is a massive growth area. In early 2020 Goldman Sachs had 920 vacancies for engineers, including technologists, quants and data professionals. These vacancies were just under half of all jobs Goldman had on offer.

So gone are the days from over half a century ago, when in the City (financial district) in London stockbrokers drifted in around 10 in the morning, took a 2 hour lunch with gin and tonic and wine plus port with the cheese afterwards. I remember it all well since I spent some time in the City at that time.

A WORLD WITH NO COMPLIANCE AND NO REGULATION

Those were the days when business was done with a handshake rather than a 250 page agreement and 10 legal advisors. There was total trust and a broker’s word was his bond. There was virtually no compliance and insider trading was legal.

Today the world of finance is totally controlled by stringent laws and regulations, ridiculously complex compliance and 1000s of lawyers. Trust is gone and it is all driven by fear and covering your backside.

Still business probably ran more smoothly and definitely more pleasantly in the old days than in today’s ruthless business world.

INVESTMENT DECISIONS BASED ON FED HEADS TONE OF VOICE

Fifty years ago there were no neural networks and no quants. But today this area is developing so fast that soon no humans will be required. A new study by three individuals at the universities in Berkeley, Birmingham and Reading (both UK), has found that emotions in human speech by central bankers not just move stock markets but can be acted upon. They analysed the voices of Bernanke, Yellen and Powell in the press conferences after the FOMC meetings.

Their findings were that switching from negative to positive tone in the voices of Fed Chairs could raise the S&P by up to 200 basis points. For this they built a neural network to compare segments of each audio recording against a database. The database categorises how emotions are reflected in human speech using recordings of actors delivering the text in different ways.

Investment banks have been using similar type of models already but with nowhere near the sophistication of this model. But this will clearly be their next step. Analysing statements not just from central bankers but from finance ministers, corporate Ceo’s etc will become mainstream in coming years.

So let’s turn to the Fed speak in relation to gold. The neural system discussed above did not have the same accuracy for gold and forex as for stocks.

GREENSPAN ON GOLD

That politicians speak with forked tongues is a well-known axiom. The day they put the political cap on, it is impossible for them to tell the truth.

The same with the heads of the Federal Reserve. Whatever views the appointee previously had about sound money is completely blown out of the water, once he/she enters the Eccles building.

My colleague Matt Piepenburg wrote about the author of the “Everything Bubble” Alan Greenspan last week. And the “Maestro” is the epitome of someone who lost all his senses as he had to violate virtually every single principle he stood for when he became chairman of the Fed.

In 1966 Greenspan wrote his famous essay “Gold and Economic Freedom” in which he said:

“Thus, under the gold standard, a free banking system stands as the protector of an economy’s stability and balanced growth. When gold is accepted as the medium of exchange by most or all nations, an unhampered free international gold standard serves to foster a world-wide division of labor and the broadest international trade.”

In a 1978 Congress hearing, Greenspan stated:

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.”

But as my colleague wrote last week, all Greenspan’s noble principles of sound money were thrown out of the window once he became Fed chief in 1987. Instead he fathered the everything bubble which is now reaching a crescendo.

It is a brilliant scheme that has only been possible with the absence of a gold standard and by creating megatons of worthless fiat money out of thin air.

When Greenspan was Fed head, he had to conveniently suppress his fondness of gold so he developed his own gobbledygook Fedspeak.

He admitted it himself:

“Since becoming a central banker, I have learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.”

– Speaking to a Senate Committee in 1987.

At least he clearly had a good sense of humour!

In a testimony before the Committee on Banking and Financial Services, U.S. House of Representatives July 24, 1998, Greenspan dared to mention his fondness for gold:

“I am one of the rare people who have still some nostalgic view about the old gold standard, as you know, but I must tell you, I am in a very small minority among my colleagues on that issue.”

BERNANKE ON GOLD

The most classic exchange of the role of gold was when Bernanke delivered his report to the House Financial Services Committee in July 2011. At the time gold was $1,560.

When questioned by Ron Paul, Bernanke states that: “The reason people hold gold is to protect against tail risk, a really, really bad outcome”.

Paul goes on to ask: “Is gold money?”

“No” answers Bernanke after long hesitation…… “it is an asset”.

“So why do central banks hold gold” asks Paul – “Well it is a tradition” answers Bernanke”.

So according to Bernanke gold is not money, but a tradition.

Interesting that the Fed stores 8,000 tonnes of “traditions” in Fort Knox and other vaults.

Bernanke conveniently omitted to mention that people hold gold to protect against a precipitous collapse of the dollar. At the time, the dollar had lost 82% in real terms in the 21st century and 98% since 1971.

This is what Bernanke calls tradition. What he doesn’t say is that it is the only money which has survived in history due to the total mismanagement of monetary policy by central banks.

POWELL ON GOLD

The current Fed head also has, not unexpectedly, very little understanding of gold. In a recent discussion at the Bank for International Settlement (BIS) Powell described Bitcoin as an asset that is not backed by anything.

So far I will clearly agree with him. 

“Crypto assets are highly volatile and therefore not useful as a store of value,” he said.

“It is a speculative asset that is essentially a substitute for gold rather than for the dollar”.

So yet another clueless Fed head!

The obvious question to ask Powell is:

Why the hell don’t you sell your 8,000 tonnes (allegedly) of gold and buy Bitcoin instead??

That is the obvious conclusion if Crypto assets are a substitute for gold. Also, imagine the costs you would save Mr Chairman as 8,000 tonnes of gold is $4.4 trillion and would fit on a small memory stick that you could keep in your pocket.

GREENSPAN WITHOUT THE FED GAG

Finally, let’s go back to Greenspan after he got rid of the Fed gag and returned to his sound money views. In a 2014 interview he stated:

“Gold is a currency. It is still, by all evidence, a premier currency, where no fiat currency, including the dollar, can match it.”

“Yet gold has special properties that no other currency, with the possible exception of silver, can claim. For more than two millennia, gold has had virtually unquestioned acceptance as payment. It has never required the credit guarantee of a third party. No questions are raised when gold or direct claims to gold are offered in payment of an obligation”.

So there we have it. The now 95 year old Greenspan, when allowed to speak freely, knows that in a world filled with quadrillions of debt, no fiat money can match gold.

COMMODITY INFLATION IS RAGING

As KWN has recently illustrated, commodity inflation is raging. Here is a chart of the Wisdom Tree Commodity Index which is up 50% since 2020.

GOLD – BULL MARKET RESUMES

Inflation is likely to run well ahead of interest rates, like in the 1970s. This means that negative real interest rates will continue which is very beneficial for gold and silver.

As the chart below shows, gold has now finished the correction since August 2020 and the next (temporary) stop should be around $3,000

However, investors should not worry about the gold price but instead hold gold as the ultimate protection against the biggest financial bubble in history.

END

OR

Peter Schiff..

“We’re On An Economic Cliff!”

 
THURSDAY, APR 29, 2021 – 08:58 AM

Via SchiffGold.com,

By and large, the mainstream is bullish on the economy. According to conventional wisdom, we are in the midst of a robust recovery. In fact, many people out there believe the Fed is going to have to tighten monetary policy sooner rather than later. But there are a few people in the mainstream who seem to have caught a glimpse behind the veil. Former JP Morgan managing director Jon Deane told Kitco News that we’re sitting on an economic cliff. And because of that, Deane is extremely bullish on gold and silver.

Gold has struggled in recent months due to inflation expectations. Many in the mainstream think the Fed will reverse monetary policy sooner than expected to deal with inflation. In an interview with Kitco News, Deane said inflation is already here.

If you look around the world, you see real estate prices, building supplies, and services skyrocket.”

Historically, the Fed has dealt with inflation by tightening monetary policy and raising interest rates. But how does the central bank do this in an economy built on debt? Peter Schiff has been saying the Fed won’t fight inflation because it can’t. Deane echoed that sentiment.

What we created since the early 1990s is an entire financial infrastructure that is relying on debt, and we have accelerated that dramatically in our response to managing the COVID-19 crisis. In that regard, we will continue to increase the money supply globally, and we will continue to have a quite aggressive fiscal policy. We are sitting on an economic cliff.”

Deane says that the monetary policy system is broken. The entire global economy is built on debt. There was a massive debt problem even before the pandemic. Monetary policy is incentivizing even more borrowing. You can’t raise rates to fight inflation without popping the debt bubble.

If you are now at 50 basis points and you raise rates by 25 basis points. That is a 50% increase in your borrowing costs at a time when the world has the greatest amount of debt we ever had. It would be a huge economic shock to put it through the system.

Meanwhile, all of this stimulus is doing the exact opposite of stimulating. It’s actually blowing up a giant economic bubble.

Monetary policy is broken because of the debt situation everyone is in and it is impossible to get rates back up to a meaningful level without some form of significantly higher inflation. Money printing creates stimulus in the economy. You are pushing those dollars out the door. And people are building houses, renovating their properties, starting new businesses, spending cash. That naturally creates inflation.”

Peter has been saying that once the Fed figures out inflation is a problem, it will be too late. Deane echoes this sentiment, saying that once inflation starts running hot, it’s very difficult to control.

We don’t want inflation to run too hot. And this is the risk of Fed’s approach to inflation right now. People are losing confidence in economic management. People are less likely to hold US dollars. The return on them is zero.”

As a result, Deane expects to see a big move in gold, with the yellow metal trading above $2,000 in 2021.

We’ll see a real big move in gold. We’ve taken a lot of the length out. We are in a real position to move higher. We’ll go well north of $2,000 this year. Realistically, $2,200 is probable. It may have some headwinds as we go through $2,000 again. Gold is in a much better position than where it was a few months ago.”

He’s also bullish on silver, saying we could see the price upward of $40 by Q1 2022.

end

or
PAM AND RUSS MARTENS

Wall Street On Parade

Figures:  Gensler picks a 20 yr defender of bankers for his crime chief

(courtesy Pam Martens/Russ Martens)

SEC’s Gary Gensler Picks a 20-Year Wall Street Bank Defender for His Crime Chief

By Pam Martens and Russ Martens: April 28, 2021 ~

Gary Gensler, SEC Chairman

 

Gary Gensler, SEC Chairman

The only thing worse than SEC Chairman Gary Gensler’s pick for Director of Enforcement at Wall Street’s so-called watchdog is the way corporate media is attempting to spin it.

On April 22 Gensler announced that he had appointed Alex Young K. Oh to be his top Wall Street crime fighter. Reuters (and numerous other media outlets) spun the announcement like this:

“The U.S. Securities and Exchange Commission on Thursday named former federal prosecutor Alex Oh as its new head of enforcement, the first woman of color to lead the division, which plays a crucial role in policing U.S. financial markets.”

Yes, Alex Young K. Oh was a former federal prosecutor, but one of numerous assistant U.S. Attorneys working in the Southern District of New York more than two decades ago. What Oh has been doing for the past two decades is working as an attorney for Paul, Weiss, Rifkind, Wharton & Garrison, the law firm that major Wall Street banks repeatedly choose to fight their serial fraud charges.

Oh has been with Paul Weiss since October 2000. She became a partner in January 2004. Her stint as an assistant U.S. Attorney was for a brief three and one-half years, from January 1997 to June 2000, according to her LinkedIn profile.

Career attorneys at the SEC are disgusted that someone from their own ranks is never selected as Director of Enforcement to make a genuine effort at fighting crime on Wall Street.

James Kidney, a former 25-year veteran trial lawyer at the SEC, worked under another Wall Street revolving door appointee, Robert Khuzami, who served as Director of Enforcement under President Obama. In 2018, Kidney described that experience with Wall Street On Parade’s readers as follows:

“I was one of several trial lawyers at the SEC involved in the Commission’s investigations into conduct of the big banks and their employees. I can say, based on my experience and that of other trial lawyers, that there was an inexplicable reluctance on the part of the Division of Enforcement to utilize conspiracy theories to investigate – let alone sue – higher ups at Goldman Sachs, Bank of America, Morgan Stanley and other large banks.

“Yet, it was obvious to many talented lawyers at the SEC, both senior and junior, that the products offered by these banks to investors were developed cooperatively and approved by knowledgeable men (almost exclusively men) of Wall Street far above the levels of those few who were unfortunate enough to be sued. It is very likely that at least some participated in a scheme to defraud – a conspiracy. But the Division of Enforcement under Khuzami chose to pursue cases almost exclusively on a much narrower ‘false statement’ theory, which courts have increasingly interpreted to mean liability solely for the individual who actually misrepresented to an investor a fraudulent product. In effect, the SEC applied at the outset the narrowest legal theory available to restrict the investigation and, therefore, protect higher-ups from questioning, let alone possible charges. Conspiracy theories were rejected at the outset of most investigations and not pursued.”

Brad Karp is the Chairman of Paul Weiss. Max Moran, writing for the American Prospect in February 2020, had this to say about Karp:

“But if the Democrats do nominate a candidate of the old guard, the traditional school of money-for-access politics, chances are high that one name will be at the top of their list of advisers: Brad Karp. After all, Karp’s name shows up on almost every bundler [fundraiser] list the 2020 race has seen so far. If money is seductive in politics, then Karp is a master of seduction. And he’s in it for a reason: to make sure the next president doesn’t appoint regulators and prosecutors who will bring his corporate clients to heel…”

In terms of both billable hours and serial crimes, one of Karp’s biggest clients has been Citigroup – the bank that imploded in the 2008 Wall Street collapse only to be resuscitated by government bailouts and $2.5 trillion in secret, cumulative loans from the Fed from 2007 to the middle of 2010.

We outlined the relationship between Karp and Citigroup for our readers in 2012, writing:

“It’s one of the few things predictable on Wall Street; an immutable signature on the reply briefs whenever Citigroup is charged with fraud – and that is quite often.

“Brad Karp, a partner at the 737-attorney-strong Wall Street law firm, Paul, Weiss, Rifkind, Wharton & Garrison LLP, has been Citigroup’s go-to guy for fraud allegations since the company was born out of the too-big-too-fail merger of Travelers Group insurance, its myriad Wall Street investment banks, brokerage units, and Citicorp, parent of Citibank.

“When the London-based private equity firm, Terra Firma, claimed it had been lied to and defrauded by Citigroup, making it overpay for the purchase of EMI, a British music label, in 2007, Karp and colleagues wrung an 8-0 decision from the jury in favor of Citigroup. Karp was also on hand to witness victory when the trustee for the bankrupt Italian dairy giant, Parmalat, charged Citigroup with fraud. Then there were fraud charges connected to Citigroup’s involvement in the collapse of WorldCom and Enron – along with auction rate securities, rigged stock research and understating its exposure to subprime debt by $39 billion. Karp, Karp, and more Karp.”

When Citigroup was under investigation by the Financial Crisis Inquiry Commission (FCIC) for its role in the 2008 financial collapse, it was Karp who penned Citigroup’s 21-page response in an effort to get Citigroup off the hook. Nonetheless, the FCIC referred three of Citigroup’s former top executives to the Justice Department for potential criminal charges: the former Chairman of the Executive Committee of Citigroup, Robert Rubin; former Citigroup CEO Charles (Chuck) Prince; and former Citigroup CFO Gary Crittenden. (The Justice Department failed to pursue any criminal referrals against Wall Street titans from the FCIC.)

Then there is the matter of all of those internal investigations that Paul Weiss so obligingly conducts for its corporate clients. In May of 2019 the Chief Judge for the U.S. District Court for the Southern District of New York, Colleen McMahon, wrote a decision finding that the U.S. Justice Department had outsourced a criminal investigation to the target of the investigation – Deutsche Bank – and Deutsche Bank’s outside law firm…(wait for it)…Paul Weiss.

Judge McMahon wrote in her decision that “…there are profound implications if the Government, as has been suggested elsewhere, is routinely outsourcing its investigations into complex financial matters to the targets of those investigations, who are in a uniquely coercive position vis-à-vis potential targets of criminal activity.”

The Judge wrote that the government didn’t take any investigative depositions on its own unless it had “first passed through the maw of Paul Weiss’s five-year, $10 million investigative machine and been fully digested for the Government by the target of the investigation…It is hard not to conclude that the Government did not conduct a single interview of its own without first using a road map that Paul Weiss provided – illuminating just how the Government should ‘investigate’ the case against certain Deutsche Bank employees…”

In 2011, Paul Weiss was named in an SEC Inspector General report that delved into claims from a whistleblower inside the SEC that alleged that the then Director of Enforcement, Khuzami, had spoken on the phone on June 28, 2010 with Mark Pomerantz, a partner at Paul Weiss who was representing the bank in connection with SEC charges that it had misled investors about its exposure to subprime debt. Pomerantz and Khuzami knew each other from their work at the U.S. Attorney’s office in the Southern District of New York.

According to the unnamed whistleblower, SEC attorneys working under Khuzami had already decided to bring fraud claims against Citigroup’s CFO, Gary Crittenden, for misstating the amount of Citigroup’s exposure to subprime debt by almost $40 billion. But during the phone call, Pomerantz told Khuzami that Citigroup would experience collateral damage if a key executive were charged with fraud.

Shortly after this call, another Citigroup lawyer, Lawrence Pedowitz of Wachtell, Lipton, Rosen & Katz (the law firm that helped former Citigroup CEO Sandy Weill maneuver the repeal of the Glass-Steagall Act in order to merge his casino trading firms with the federally-insured Citibank) told SEC Associate Enforcement Director, Scott Friestad, that Khuzami had agreed to drop the fraud charges against Crittenden. The Inspector General’s report says that Khuzami denies ever making this promise.

Nonetheless, the fraud charges were dropped and the deeply redacted Inspector General’s report does not inform the public as to how they came to be dropped.

If you’re not sick to your stomach that Wall Street’s top watchdog has been a completely captured regulator under both Democrat and Republican administrations for decades, then you’re simply not paying attention.

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

Figures:  Gensler picks a 20 yr defender of bankers for his crime chief

(courtesy Pam Martens/Russ Martens)

Pam and Russ Martens: SEC’s Gary Gensler picks a 20-year bank defender for his crime chief

 

 

 Section: Daily Dispatches

 

By Pam and Russ Martens
Wall Street on Parade
Wednesday, April 28, 2021

The only thing worse than Securities and Exchange Commission Chairman Gary Gensler’s pick for director of enforcement at Wall Street’s so-called watchdog is the way corporate media is attempting to spin it.

On April 22 Gensler announced that he had appointed Alex Young K. Oh to be his top Wall Street crime fighter.

Reuters (and numerous other media outlets) spun the announcement like this:

“The U.S. Securities and Exchange Commission on Thursday named former federal prosecutor Alex Oh as its new head of enforcement, the first woman of color to lead the division, which plays a crucial role in policing U.S. financial markets.”

Yes, Alex Young K. Oh was a former federal prosecutor, but one of numerous assistant U.S. Attorneys working in the Southern District of New York more than two decades ago. What Oh has been doing for the past two decades is working as an attorney for Paul, Weiss, Rifkind, Wharton & Garrison, the law firm that major Wall Street banks repeatedly choose to fight their serial fraud charges. …

… For the remainder of the report:

https://wallstreetonparade.com/2021/04/secs-gary-gensler-picks-a-20-year…

 

end

Then two days later:

SEC enforcement chief Alex Oh resigns just days after taking job

 

 

 Section: Daily Dispatches

 

By Benjamin Bain and Matt Robinson
Bloomberg News
Wednesday, April 28, 2021

The U.S. Securities and Exchange Commission’s new enforcement chief abruptly resigned tpday, citing a complication in a case from her prior legal career, an early and significant setback in Chairman Gary Gensler’s tenure running the Wall Street regulator.

Alex Oh’s surprise move, announced just a week after she got the job, means Gensler won’t have his preferred pick leading what is arguably the agency’s most important division. Melissa Hodgman, who was previously serving as acting director of the enforcement division, will return to that role, the SEC said in a statement.

“A development arose this week in one of the cases on which I worked while still in private law practice,” Oh, the first Asian-American woman to head the enforcement division, said in an emailed resignation to Gensler that was reviewed by Bloomberg. 

“I have reached the conclusion that I cannot address this development without it becoming an unwelcome distraction.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-04-28/sec-enforcement-chief…end*

end

Stefan Gleason talks about the technicals and they are pointing to a new gold rally despite the antics of our crooked bankers.

(Stefan Gleason)

Stefan Gleason: Are technicals pointing to a new gold rally?

 

 

 Section: Daily Dispatches

 

By Stefan Gleason
Money Metals News Service
Money Metals Exchange, Eagle, Idaho
Wednesday, April 28, 2021

Although we tend to focus more on the fundamentals here at Money Metals, the technical indicators can offer important insights. Such as right now.

Many traders, investors, and momentum players will closely examine the market trend to determine if and when to enter or exit the market. 

A market with a strong technical foundation can launch to dizzying heights, while a market displaying weak technicals will have a tough time putting together any sustainable upside.

The gold market has been primarily range-bound for the last two months. The $1,700 and $1,800 levels have acted as support and resistance. Medium-term, though, gold has been in a downtrend since its $2,100 high last August.

The chart has provided some clues, however, that suggest the bulls are finally regaining traction and the market is potentially gearing up for a breakout above $1,800 in the coming weeks. …

… For the remainder of the analysis:

https://www.moneymetals.com/news/2021/04/28/are-technicals-pointing-to-n…

* * *

end

iii) Other physical stories:

Agnico Eagle Mines Limited – Agnico Eagle Reports First Quarter 2021 Results – Record Quarterly Gold Production; Drilling Identifies Potentially Significant Extension to the East Gouldie Zone at Odyssey; Updated Climate Change Strategy Outlined in 2020 Sustainability Report

 

Kitco attacks John Adams

(John Adams)

KITCO issues Cease and Desist Notice to John Adams

 

Dear Colleagues of the Silver Market,

With every day goes by there is more interesting action in the silver market. 

In the past 24 hours, I have been served with a cease and desist notice from a large law firm in Sydney on behalf of Kitco Metals Inc. Who would have thought that little me, John Adams, in Australia would get the attention of KITCO in North America.

I have had a lawyer review the letter and I will be speaking with them tomorrow morning (it is 10:16pm in Sydney now).

In the interim, I will be preparing a letter to address several points which have been raised by letter. 

If you read page 7 of the letter, you will see a reference to ”synthetic material’ – this suggests I am claiming that Kitco is selling fake or counterfeit silver bars and coins which is not the case at all. I have never made this accusation. The lawyer is attempting to misconstrue what I meant by the word ‘synthetic’. I will seek to address this.

A few people who have read the letter today believe this is purely an intimidation tactic by KITCO. This doesn’t phase me at all. 

I am interested in your thoughts about the letter? Is this letter standard in America and Canada? Why do you think KITCO is coming after me? Is it because they don’t have the physical silver and they don’t want their unallocated/pool allocated products exposed?

I recall an article published by Bix Weir about 10 years ago who stated that John Nadler from KITCO invented unallocated/pool allocated products. So no doubt Kitco has a vested interest in keeping these products going.

If Kitco’s unallocated/pool allocated products are of a fractional reserve nature, I am assuming that Kitco does not want to go to legal discovery? I am assuming they will not want their program exposed to the market? What do you guys think? One person here in Australia suggested I call Kitco’s bluff given that they are unlikely to file an actual case against me.

Also, In terms of the e-mail below and letter attached – don’t pay any attention to the words “Not for publication or dissemination” – in the Australian context – these words have no legal significance and they are used to scare people not disclosing what their client is up to.

Cheers,

John Adams

———- Forwarded message ———
From: Alcarraz, Sylvia <sylvia.alcarraz@dentons.com>
Date: Thu, Apr 29, 2021 at 10:19 AM
Subject: Cease and Desist Notice – Publication of false statements (Kitco) [IWOV-Documents.FID10124777]
To: john@adamseconomics.com <john@adamseconomics.com>
Cc: Massey, Louise <louise.massey@dentons.com>

29 April 2021
PRIVATE & CONFIDENTIAL
NOT FOR PUBLICATION OR DISSEMINATION
John Adams
John Adams Economics

BY EMAIL: john@adamseconomics.com
Our ref: LJM:SMA:41014694

Dear Mr Adams

Cease and Desist Notice – Publication of false statements

We act for Kitco Metals Inc (Kitco).
We have been instructed to write to you in relation to the numerous false, baseless and misleading
statements and representations made about our client. The purpose of this letter is to formally demand
that you immediately cease and desist in the publication and other dissemination of the statements
and representations regarding Kitco.
We set out Kitco’s position in further detail below.
Factual Background
1. Our client has become aware of a number of statements published on Twitter regarding our
client’s business (Tweets).
2. The Statements were published as separate Tweets from your account. The Tweets were
published using a Twitter account belonging to “John Adams” with the handle
@adamseconomics which our client has reason to believe is your Twitter account and therefore,
is controlled by you. You have published the false and misleading statements to an audience
of 17.1k Twitter followers that undoubtedly have an interest in the business of precious metals.
3. Kitco notes that your Twitter account @adamseconomics contains a link to your website
http://www.adamseconomic.com (Website).
4. Your Website contains a link to the website of As Good As Gold at the very top of the Website
and is prefaced by the caption “Want to buy gold or silver? Check out – As Good As Gold
Australia”. On that basis, Kitco considers that you are acting as either an agent or representative
of As Good As Gold Australia Pty Ltd. Kitco notes that As Good As Gold Australia is engaged

Page 2

 

in the same business as Kitco and is therefore in direct competition with it, with a direct vested
interest in causing damage to Kitco’s reputation.
The Tweets

5. In a Tweet published on or about 6 April 2021, Mr. Adams said the following:
“BREAKING
I just received a following STUNNING message from a KITCO customer!
A 1 YEAR WAIT to get physical silver?
Can this SCAM get anymore INSANE?
If you are a KITCO customer please call +1 877 775-4826 immediately and stand for delivery.
LITTLE TIME LEFT!
This Tweet contained an embedded text message screenshot which contained the following:
“Hello John. I just converted 2700ozs to physical silver from Kitco Pool. They did not have
any 100oz bars and only 330 10oz bars in inventory. I was getting mixed stories as to if they
have all the silver to back up the entire pool. I did not get a good feeling. The wait to get
physical silver is about 1yr they told me. I hope this helps to keep people informed about the
Kitco pool account.

6. In a Tweet published on or about 7 April 2021, you said the following:
(a) “IT IS OFFICIAL!
KITCO ADMITS TO RUNNING A FRACTIONAL RESERVE SYNTHETIC SILVER
PROGRAM!
STAND FOR DELIVERY IMMEDIATELY OR ASK FOR A CASH REDEMPTION!
TIME IS OF THE ESSENCE!”
This Tweet contained an embedded text message screenshot which contained the
following:
“not backed 100% by physical silver. They don’t have the physical silver sitting to
back up every ounce of digital silver sold The physical silver they have is what is sent
to them from the mints. They do NOT guarantee that they will have the physical silver
for each person who is part of the pool. She did emphasize that Kitco pool is
unallocated more than once and confirmed that if every pool owner would come at
once they would not have the physical for everyone. Please post this so every kitco
pool owner is aware that what they…”

7. In a Tweet published on or about 10 April 2021, you said the following:
(a) “QUESTIONS?
If I was full of BS, wouldn’t KITCO issue a public statement stating that their
SYNTHETIC PRODUCTS were all 100% backed & legitimate?
Why on the other hand is KITCO’s media director trying to silence any discussion of
them by independent gold and silver commentators?
(b) “KITCO’s financial exposure on their synthetic products is MASSIVE!

Page 3

THEY ARE DESPERATE & EXPOSED!
If you have a KITCO synthetic gold or silver product, please call + 1 87 775-4826 &
STAND FOR DELIVERY or seek for IMMEDIATE CASH REDEMPTION”
(c) “BREAKING
KITCO admits that its synthetic products have NO SPECIFIC TERMS &
CONDITIONS!
Look at the following email!
Do KITCO customers understand the RISKS & POTENTIAL LOSSES they are
exposed to?
DUMP THESE SYNTHETIC PRODUCTS ASAP!
TIME IS OF THE ESSENCE!”

8. All the aforementioned have been clearly published maliciously or with reckless indifference as
to their truth of the matters. The actions have caused, and will continue to cause, Kitco and
personnel, severe, unlawful and irreparable damage, including but not limited to reputational
damage and financial loss and damage.
9. Further, we note that the Tweets were published notwithstanding publication of a letter by Kitco,
dispelling the factual inaccuracies in your Tweets. A copy is enclosed at Schedule A. The
letter was published on the following platforms:
(a) Facebook:
https://m.facebook.com/story.php?story_fbid=2340278976108165&id=937943206341
756
(b) Instagram: https://www.instagram.com/p/CNcmJFprBb0/?igshid=1lclnpixq2u0v
(c) Twitter: https://twitter.com/Kitco_Metals?s=03
(d) Reddit :
https://www.reddit.com/r/Wallstreetsilver/comments/mnic8b/kitco_pool_accounts/?utm
_medium=android_app&utm_source=share

(e) Kitco Forum Page : https://gold-forum.kitco.com/showthread.php?154090-Discussion-
of-converting-Kitco-pool-holdings-to-physical-metal/page7

10. It is apparent that the Tweets give rise to various inferences and representations
(Representations) including, but not limited to the following:
(a) Kitco conducts its business in a dishonest and deceitful manner;
(b) Kitco’s business engages in fraudulent practices involving deception;
(c) Kitco intentionally misleads and deceives investors to purchase metals from Kitco when
the products are synthetic products;
(d) Kitco intentionally makes false representations regarding its products;
(e) Kitco, because of the fraudulent or dishonest way it operates its business or otherwise,
has knowingly caused or is otherwise responsible for the loss of money on investments.

Page 4

 

11. It is apparent that the Statements were made and the Representations were advanced with the
intention to harm the reputation of Kitco. In the alternative, and at the very least, the Statements
were made with reckless indifference to their truth.
12. By use of the words “BREAKING” and “IT IS OFFICIAL” including use of the siren emoji is
designed to sensationalise the Tweets and create interest, thereby suggesting the malicious
intent behind the Statements and Representations.
Demand
13. As noted above, the Statements and Representations have caused and continue to cause loss
occasioned by loss of business. Such loss includes, but is not limited to, future profits,
reputational damage, loss of revenue and loss of opportunity.
14. Kitco is concerned that the Statements and Representations, which are false, were made
maliciously or with reckless indifference as to their truth. As such, Kitco considers that the
Statements and Representations constitute injurious falsehood, for which there is an entitlement
to relief and damages in tort, including an injunction to restrain you from continuing to make the
Statements and Representations.
15. Further, the wording of the Statements clearly suggests your intention to continue to act
maliciously and cause financial and reputational harm to Kitco through continued dissemination
of the Statements to future prospective investors in Kitco’s products because the Statements
made in the Tweets provide ongoing updates regarding Kitco’s communication and products.
Next Steps
16. Given the serious nature of the Statements and Representations made, Kitco is considering its
position relating to the above causes of action and associated avenues of relief, including any
quantum of damages. Notwithstanding the above, Kitco requires you to:
(a) immediately on receipt of this letter:
(i) cease and desist from making the Statements regarding Kitco, or against any
of its subsidiaries, affiliated entities or personnel;
(ii) cease and desist from making the Representations regarding Kitco, or against
any of its subsidiaries, affiliated entities or personnel; and
(iii) delete the Statements from Twitter, and any other mediums (electronic and
otherwise) and take all steps to ensure that the Statements are not
disseminated or otherwise published (including but not limited to in print form,
picture, electronic form and video footage).
(b) within 24 hours from you receiving this letter:
(i) to undertake to us, in writing, that all the aforementioned posts and comments
including any posts that have been initiated since the issuance of this legal
notice have been deleted from all social media platforms and/or any other
online platforms; and
(ii) publish a Tweet on @adamseconomics as set out in Schedule B retracting the
incorrect statements.

17. In the event you refuse or otherwise fail to comply with the above requests within the timeframe
stipulated, Kitco will take such action as it considers appropriate which may include issuing
proceedings without further notice. This includes, but is not limited to Kitco taking all measures,
including making an urgent application seeking injunctive relief to restrain the unlawful conduct
described above, together with seeking damages without further notice to you; and/or by
commencing proceedings against you and As Good As Gold Australia.

Page 5

 

18. Kitco also notes that any further publication of the Statements and Representations, or
publication of any other statements and representations that seek to damage Kitco’s
reputation may be used as evidence of malice and your intent to damage our client’s
reputation, in any proceedings brought against you and As Good As Gold Australia.
19. Kitco reserves all its rights to claim compensation for all damages it has incurred as a result of
your actions, and those that they continue to incur, in addition to all associated legal costs and
expenses.
Yours sincerely

Louise Massey
Partner
Dentons Australia

end

COMMODITY WATCH

Stanley Black & Decker raises prices

 

Apr. 28, 2021 2:18 PM ETStanley Black & Decker, Inc. (SWK)By: Kim Khan, SA News Editor

Stanley Black & Decker (NYSE:SWK) will raise prices as part of its plan to counter higher costs, the company illustrated in its earnings call presentation.

In a slide entitled “Commodity Inflation Update” it says steel, resin, base metals, electrical components and batteries are pushing incremental inflation for 2021 up by $160M vs. January guidance.

The company is initiating price increases and measures to boost productivity to benefit 2H 2021 and carry over into 2022.

Commodity inflation will hit 2021 EPS by $0.80, but the company still raised the midpoint of full year EPS guidance to $10.85 from $10.

END

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

i) Chinese yuan vs USA dollar/CLOSED UP at 6.4688 /

//OFFSHORE YUAN:  6.4649   /shanghai bourse CLOSED UP 17.83 pts or 0.52%

HANG SANG CLOSED UP 231.92 PTS OR 0.80% 

2. Nikkei closed UP 62.08 POINTS OR  0,21%

3. Europe stocks  ALL GREEN EXCEPT GERMANY 

USA dollar index  DOWN TO 90.59/Euro FALLS TO 1.2133

3b Japan 10 year bond yield: RISES TO. +.095/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.92/ 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:: 64.68 and Brent: 68.22

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 RISES TO -.21%/Italian 10 Yr bond yield UP to 0.84% /SPAIN 10 YR BOND YIELD UP TO 0.45%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.05: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.96

3k Gold at $1777.25 silver at: 26.39   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 18/100 in roubles/dollar) 74.26

3m oil into the 64 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 108.92 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 .9087 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1025 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 0.21%

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 1.654% early this morning. Thirty year rate at 2.325%

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

6.  TURKISH LIRA:  DOWN  TO 8.20.. DEADLY

Futures Jump To Record Above 4,200 On Blockbuster Earning, Bubble-Blowing Fed

 
THURSDAY, APR 29, 2021 – 07:58 AM

S&P Futures roared to new record highs above 4,200 and Nasdaq futures jumped 1% on Thursday as Powell’s dovish assurances and blow-out earnings from Apple and Facebook powered a rally in tech stocks and cemented conviction the world’s largest economy is resurgent ahead of GDP numbers and jobless claims data which are expected to show further improvements.  At 7:30 a.m. ET, Dow e-minis were up 130 points, or 0.38%, S&P 500 e-minis were up 28.00 points, or 0.67%, and Nasdaq 100 e-minis were up 144  points, or 1.03%.

Some notable premarket movers:

  • Apple gained 2.7% in premarket trading after posting sales and profits ahead of Wall Street estimates, led by much stronger-than-expected iPhone and Mac sales.
  • Facebook jumped 7.3% on beating analysts’ expectations for both quarterly revenue and profit, helped by a surge in digital ad spending during the pandemic, along with higher ad prices coupled with a 10% growth in active users.
  • Other megacap companies, including Microsoft Corp, Alphabet Inc and Netflix Inc, rose between 0.2% and 1.1%.
  • EV companies, including Tesla and Nikola rose 1.1% and 2.6%, respectively, as sales picked up speed in the first quarter, according to the International Energy Agency.
  • Caterpillar rose 2.8% after the heavy equipment maker reported a rise in adjusted first-quarter profit.
  • Merck slid 3.2% on posting a 1.2% fall in quarterly profit.

With almost half of the S&P 500 companies having reported results so far, about 88% have either met or beaten expectations.

Global shares extended gains after the Federal Reserve said it was too early to consider rolling back emergency support for the economy, and U.S. President Joe Biden proposed a $1.8 trillion stimulus package. On Wednesday, Powell acknowledged the economy’s growth but dismissed worries about price surges or anecdotes of labor shortage, implying the central bank is prepared to run the economy hot for a while; he said there was not yet enough evidence of “substantial further progress” – whatever that means – toward recovery to warrant a change in policy. He also glossed over soaring prices as “transitory.”

“Equities should continue to power higher but there will be bouts of volatility along the way,” Mehvish Ayub, State Street Global Advisors senior investment manager, said on Bloomberg TV. “Yields should continue to trend higher, and this is very much a reflection of better economic prospects so it’s not really a negative for equity markets.”

But while Powell may not be concerned about inflation, the bond market is and the 10-Year TSY yield headed for the biggest weekly increase since March 19, and a key gauge of commodities was on course for the longest daily rally in more than three years.

Reflation trades got a boost after Joe Biden unveiled a $1.8 trillion spending plan targeted at American families, adding to the economic optimism.

Europe’s benchmark Stoxx 600 index rose 0.4%, moving closer to a record reached earlier in April. Personal-care shares climbed after Unilever delivered a sales beat and announced a share buyback. Oil giants Total SE and Royal Dutch Shell Plc boosted their sector after reporting better-than-forecast profits. Here are some of the biggest European movers today:

  • Unilever shares jump as much as 4%, most since Nov. 25, after the consumer-goods company reported 1Q sales that beat market expectations and announced plans for a share buyback that impressed most analysts.
  • Nokia’s shares surged as much as 15% to their best day since getting caught up in a Reddit trader frenzy in January, after results surpassed analyst expectations. Analysts were particularly positive on Nokia’s adjusted gross margin, and were also reassured by the telecom equipment maker maintaining its guidance for 2021 and management pointing toward the higher end of the range.
  • Straumann shares jump as much as 10.3% to a record high after the Swiss dental-implant maker reported 1Q sales that Mirabaud says were “super strong,” especially in APAC.
  • Airbus shares gain as much as 3.5% in Paris trading and is the day’s best performer on the CAC 40; Bernstein says the company had a strong start to the year, with 1Q results better than expected on all key metrics.
  • WH Smith shares fall as much as 5.8% after the U.K. retailer issued convertible bonds. Separately, its 1H results are better than expected, driven by a good performance in its high street business, RBC (outperform) writes in a note.

Earlier in the session, Asian stocks rose and were set for a second day of gains, with the MSCI Asia Pacific Index rising 0.3% led by material and energy shares, as investors cheered Joe Biden’s ambitious spending plans and buoyant earnings from U.S. tech giants like Apple. China stocks rose for a third session in their longest streak of gains this month, on the back of solid first-quarter earnings growth by financial and consumer staples companies. The CSI 300 Index gained 0.9%, while Hong Kong’s Hang Seng rose 0.8%. India’s S&P BSE Sensex Index pared an advance of as much as 1.3% and traded little changed as the South Asian country continued to report record daily coronavirus cases. The nation’s biggest conglomerates and global giants such as Amazon.com Inc. stepped in to help ease the country’s pandemic-induced crisis. Overall, the MSCI Asia Pacific Index rose 0.3% led by material and energy shares, getting a boost from Biden’s promise of tax increases on the wealthy to pay for plans to spend trillions of dollars on infrastructure, education and other Democratic priorities. Biden’s address to a joint session of Congress on Wednesday came after the Fed upgraded its assessment of the U.S. economy but said it was not ready to consider scaling back pandemic support. “I didn’t expect the degree to which Biden will embark on this incredible spending program,” Mark Mobius, co-founder of Mobius Capital Partners told Bloomberg Television. The spending plan will benefit global markets, he added, because it means the U.S. will be importing more and there are “opportunities for more exports” from China and India. Asian markets got a lift earlier this morning on a slew of tech earnings. Apple Inc. crushed revenue estimates and Facebook Inc. reported increases in sales and users. However, shares of Samsung Electronics and its suppliers fell even though South Korea’s largest company reported a better-than-forecast first quarter profit. Markets in Japan and Malaysia were closed on account of local holidays

In rates, Treasury futures traded near lows of the day heading into early U.S. session as post-FOMC gains are unwound. Yields were higher by nearly 4bps across intermediates, steepening 2s10s by 3.5bp, 2s5s by 2.5bp; 10-year around 1.65% underperforms bunds by ~2bp, gilts by ~1bp. Most of the move occurred when cash trading — closed in Asia as Japan’s Golden Week holiday begins — resumed in London. Volume light in both futures and cash. S&P 500 futures’ advance to record above 4200 and USD/JPY strength also weigh on Treasuries. Treasuries bull steepened on Wednesday, with markets showing a modest dovish repricing after Fed Chair Powell reiterated the central bank’s commitment to asset purchases while the economy is recovering.

In FX, the Bloomberg Dollar Spot Index edged up and the greenback advanced versus most of its Group-of-10 peers; the euro retreated after rising to a fresh one-month high of $1.2150. The pound advanced to the highest in over a week before paring gains; sterling was still among the top G-10 performers. Sweden’s krona largely ignored better-than-forecast economic tendency survey and GDP data out of the Nordic nation while Norway’s krone fell for the first day in five; the Scandinavian currencies are still set to be the best G-10 performers this month. The Australian dollar swung to a loss after rising as much as 0.4% earlier as U.S. President Joe Biden’s speech disappointed some traders betting on an additional stimulus announcement; bonds firmed into the central bank’s purchases in the 7-10 year sector.

In commodities, crude oil extended gains on a confident outlook on demand from OPEC and its allies, despite the threat from India’s Covid-19 crisis. The Bloomberg Commodity Index increased for a ninth day, nearing a three-year high on a closing basis.

Looking at today’s calendar, we’ll get a fresh round of earnings releases with the highlights including Amazon, Mastercard, Comcast, Merck, Thermo Fisher Scientific, McDonald’s, Bristol Myers Squibb, Caterpillar, American Tower and Twitter. On the data front, we’ll get the advance estimate of Q1 GDP in the US, as well as the weekly initial jobless claims and March’s pending home sales. In Europe, we’ll get the change in German unemployment for April and the country’s preliminary CPI reading for that month, on top of the final Euro Area consumer confidence reading for April. Central bank speakers include Fed Vice Chair Quarles, ECB Vice President de Guindos, and the ECB’s Elderson and Holzmann.

Market Snapshot

  • S&P 500 futures up 0.6% to 4,202.00
  • STOXX Europe 600 rose 0.3% to 441.25
  • MXAP up 0.3% to 209.16
  • MXAPJ up 0.4% to 706.99
  • Nikkei up 0.2% to 29,053.97
  • Topix up 0.3% to 1,909.06
  • Hang Seng Index up 0.8% to 29,303.26
  • Shanghai Composite up 0.5% to 3,474.90
  • Sensex little changed at 49,765.82
  • Australia S&P/ASX 200 up 0.2% to 7,082.28
  • Kospi down 0.2% to 3,174.07
  • Brent Futures up 0.89% to $67.87/bbl
  • Gold spot down 0.25% to $1,777.20
  • U.S. Dollar Index up 0.06% to 90.663
  • German 10Y yield rose 1.2 bps to -0.219%
  • Euro down 0.03% to $1.2122

Top Overnight News from Bloomberg

  • Forty years ago, President Ronald Reagan and Federal Reserve Chairman Paul Volcker oversaw a root-and-branch restructuring of the U.S. economy. Today, Joe Biden and Jerome Powell are trying to do the same thing — only in reverse. In the Reagan-Volcker regime change, power in the economy shifted from the government to the market and from labor to the owners of capital. The emphasis was on efficiency, not equality, and on promoting supply, not demand
  • China said its population increased in 2020, countering concerns that its upcoming census will show a possible decline as the nation ages rapidly
  • German unemployment unexpectedly rose in April, signaling that the labor market is experiencing strains from lockdown restrictions that have been tightened
  • The retreat in Treasury yields this month has revived demand for emerging-market carry trades with China and South Korea bonds looking among the most attractive targets in Asia

Quick look at global markets courtesy of Newsquawk

Asian equity markets traded positively in reaction to the continued dovish tone from the FOMC and beat on earnings amongst the tech giants including Apple, Facebook and Qualcomm. In addition, focus was also on President Biden’s first address to a joint session of Congress where he stated America is on the move again and that the American Jobs Plan is a blue-collar blueprint to build America, while he called on Congress to pass the USD 15/hour minimum wage and extend child tax credit through at least end-2025, as well as outlined the American Families Plan. This facilitated a continued upside in US equity futures to push the Emini S&P to a record high and briefly above the 4,200 level although gains for Asia bourses were tempered amid a heavy slate of earnings and with Japanese participants absent due to a holiday closure. ASX 200 (+0.3%) was positive with outperformance in gold miners amid a rebound in the precious metal in the aftermath of the dovish FOMC, but with gains in the index capped by losses in consumer stocks after weaker quarterly sales from Woolworths and with Treasury Wine Estates dampened by a 4% decline of Australian wine exports in the year to end-March. KOSPI (-0.2%) benefitted initially as its top constituent Samsung Electronics remained afloat following its final Q1 earnings results which topped forecasts for net profit and posted a slight increase in revenue from the preliminary. Hang Seng (+0.8%) and Shanghai Comp. (+0.5%) also gained with sentiment encouraged by earnings releases including China’s largest oil company Sinopec and big 4 bank China Construction Bank.

Top Asian News

  • China Says Population Grew in 2020, Rebutting Report of Drop
  • Singapore Finds 16 New Coronavirus Cases in Wider Community
  • China Huarong Leaves Rating Firms Guessing on State Support (1)
  • India’s RBI May be Augmenting its T-Bill Holdings, Traders Say

Major bourses in Europe, for the most part, see gains (Euro Stoxx 50 +0.3%) although to varying degrees as earnings take the driving seat with the FOMC meeting and Biden’s speech are out of the way and heading into month-end. US equity futures meanwhile remain elevated with the NQ (+1.0%) leading the gains whilst its peers see broad-based upside. Heading into month-end, JPM forecasts balanced mutual funds to sell some USD 30bln of equity, although, by historical portfolio rebalancing standards, this is quite modest. Back in Europe, the AEX (+0.9%) narrowly outperforms among the majors as the index is propped up by heavyweights Unilever (+3.0%) and Shell (+2.0%) post-earnings, with the latter beating on the top and bottom lines whilst increasing its dividend. Conversely, the DAX (-0.1%) underperforms as losses in German autos keep gains capped, whilst post-earnings BASF (-1.6%) provides further pressure. Sectors are mostly higher but again it is hard to discern a particular risk tone or theme as idiosyncratic factors are at play. Autos sit at the bottom of the pile amid the ongoing chip shortage coupled with Ford (-2.7% pre-mkt) earnings that were not well received. Telecoms outperform as Nokia (+14%) and Swisscom (+5%) were bolstered following their metrics, whilst further tailwinds are felt from BT (+2.1%) amid reports the Co. is in talks with Amazon, Disney, and others regarding a potential sale of its sports arm. Oil & Gas also see a firm performance amid the numbers from Shell, Total (+1.4%), and Equinor (+3.3%), and against the backdrop of firmer oil prices. Individual movers are largely earning-oriented and include the likes of Lufthansa (-2.5%), Airbus (+2.2%), Standard Chartered (+5.7%), Natwest (-3%), Logitech (+1.3%) and Clariant (-3%).

Top European News

  • NatWest Starts to Reverse Covid Provisions as Earnings Beat
  • Cboe Opens Derivatives Venue in Amsterdam in Latest Brexit Shift
  • Bankinter Bolsters Spanish Insurers With Spinoff
  • Total Profit Surges to Pre-Pandemic Levels on Oil Recovery

In FX, the Dollar remains in a clear bear trend following another dovish message from the Fed and Chair Powell in the post-meeting press conference/Q&A, but perhaps there was enough in the latest official statement and assessment to indicate more confidence or less caution about the economic outlook. Indeed, the FOMC no longer deems downside risks to be considerable, upgraded activity levels to strengthening from turning up and acknowledged rising inflation, albeit still mainly due to transitory factors. Meanwhile, US President Biden’s first address to a joint Congress was largely as expected in terms of content and details of the America Families Plan, so no real surprises or reason for the Greenback and markets in general to dwell for too long. Hence, Treasuries have reverted to bear-steepening mode and are providing the Buck with some impetus to pare deeper losses after the DXY slipped to fresh April and cycle lows under 90.500 at 90.422 in the run up to a raft of data before Fed’s Williams appears at the NY Economic Club. The index is currently hovering just shy of a 90.721 recovery high amidst with the Dollar firmer vs most components and major counterparts.

  • JPY – Holiday-thinned volumes may well be compounding price action, but the Yen is bearing the brunt of the aforementioned Greenback rebound and yield/curve retracement, as Usd/Jpy retests the 109.00 level vs sub-108.50. However, while Japan observes Showa Day, decent option expiries could keep the headline pair contained before Tokyo CPI, jobs and ip tomorrow given 1.9 bn and 1.3 bn rolling off at 108.50 and 109.00 respectively.
  • AUD/NZD/CHF/EUR – Also handing back gains vs their US rival, with the Aussie back under 0.7800 irrespective of an acceleration in Q1 export prices and perhaps more conscious of comments by Treasurer Frydenberg putting a 4% handle on the jobless rate to generate stronger wages and inflation, while predicting that it will take 2 years before returning to full employment. Similarly, no sustained impetus for the Kiwi to reach 0.7300 via improvements in NBNZ business sentiment or the activity outlook after trade data showing an almost flat balance, as Nzd/Usd hovers below 0.7250. Elsewhere, the Franc is now straddling 0.9100 and the Euro has breached key chart resistance in the form of a descending trendline, but hit another obstacle at 1.2150 before waning amidst a barrage of mostly firmer than expected Eurozone data/surveys that should keep Eur/Usd afloat along with 1.1 bn option expiry interest either side of 1.2100 (1.2095-1.2105 specifically).
  • GBP/CAD – Relative G10 outperformers, as the Pound rebounds firmly from midweek session lows to straddle 1.3950 vs the Buck and probe 0.8675 against the Euro, though again on little fundamental bar firmer oil prices that are boosting the Loonie around 1.2300 and even loftier multi-year peaks circa 1.2287.

WTI and Brent front month futures continue edging higher in conjunction with the broader sentiment across markets following Powell and Biden’s appearances since the European close yesterday. The upside could also be supported by the overall bullish inventory data seen during the week, whilst eyes remain on India’s situations amid its rampant “double variant”, although the nation is receiving international support. On this note, analysts at ING suggest that Indian refiners are erring towards increased refined product exports in a bid to tackle a domestic glut. “Increased export flows from India are a risk to regional product cracks, with additional supply potentially weighing on them. This is particularly the case, given that refiners in the country so far appear to have made only marginal cuts to run rates.”, the Dutch bank states. WTI resides just around USD 64.75/bbl (vs low USD 63.35/bbl) and Brent hovers sub-USD 67.75/bbl (vs low USD 66.64/bbl). Elsewhere, spot gold and silver are mixed but price action during European trade has been pegged to the Buck, with the former still around the USD 1,775/oz and spot silver just north of USD 26/oz. Turning to base metals, LME copper remains firm after testing but failing to breach USD 10,000/t to the upside, with overnight prices again experiencing upside as Chinese players entered the market. LME nickel meanwhile topped the USD 17,000/t mark yesterday with some citing restocking ahead of the Chinese labour day holiday between May 1st and 5th.

US Event Calendar

  • 8:30am: 1Q GDP Annualized QoQ, est. 6.6%, prior 4.3%;
    • Personal Consumption, est. 10.5%, prior 2.3%
    • PCE Core QoQ, est. 2.4%, prior 1.3%
  • 8:30am: April Initial Jobless Claims, est. 540,000, prior 547,000; Continuing Claims, est. 3.59m, prior 3.67m
  • 9:45am: April Langer Consumer Comfort, prior 54.2
  • 10am: March Pending Home Sales YoY, est. 27.5%, prior -2.7%; Pending Home Sales (MoM), est. 4.4%, prior -10.6%

DB’s Jim Reid concludes the overnight wrap

The main event yesterday was the Federal Reserve meeting in the US, where expectations were low for there being much new information. The FOMC did announce upgraded forecasts for the US economy though, and Chair Powell noted in the ensuing press conference that “amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened.” However the FOMC kept both the pace of asset purchases and its key interest rate unchanged, with no change to the forward guidance. Powell softened some language and acknowledged that the recovery has been faster than previously expected but that “it remains uneven and far from complete” and that he viewed the economy as “a long way from our goals.” He once again noted that inflation metrics would be higher in coming months but that it remains a “largely” a transitory phenomenon. For more see our US economists report here.

The market was very steady going into the Fed announcement. The S&P was trading within a 13.3pt (0.3%) range before finishing slightly lower on the day (-0.08%) after gaining as much as +0.35% at the intraday highs which were reached at the beginning of the Powell presser. That marginal loss left the S&P just off its record levels, though cyclicals such as energy (+3.35%), retailing (+0.56%) and banks (+0.47%) continued to lead the index. Yields on US treasuries retreated to the lows of the day after being as much as +2.9bps higher just prior to the FOMC release. Afterward the FOMC announcement, they rallied through the rest of the US afternoon with 10yr yields finishing the day down -1.2bps at 1.609%. The fall in yields was driven by real yields (-2.9bps) falling back, even as inflation expectations rose even further (+1.6bps) with 10yr breakevens at fresh 8 year highs. The dollar index ending the day down -0.33%. Commodities were largely higher with copper (+0.22%), gold (+0.29%), and WTI (+1.46%) all gaining.

Tech shares largely traded lower yesterday with the NASDAQ down -0.28%, but this reversed after the US close, when we saw earnings from Apple and Facebook. Facebook was up +6.2% in after-market trading on a large revenue beat, with reported sales up 47% at $26.17bn (est 23.7bn). Investors seemed to respond well to a strong Q2 guidance and steady user growth. Apple rose +2.3% after the largest public company in the US announced strong revenues, up +54% to $89.6bn (est. $77.3bn). Sales were strong across their suite of products with the company reporting “revenue records in each of our geographic segments and strong double-digit growth in each of our product categories,” in the earning release. Nasdaq futures are now up +0.93%.

Biden delivered his first speech to a joint session of Congress yesterday outlining his plans on infrastructure, education and other party priorities. We actually got the contents of the American Families Plan from the White House ahead of the speech, which is a $1.8tn package that has $1tn in spending and $800bn in tax cuts. Among the measures are free universal pre-school for 3 and 4-year olds, two years of free community college, measures on paid leave and affordable childcare, and an extension of various tax credits. In terms of how they propose to pay for this, it would see the top tax rate go back up to 39.6%, and households earning over $1m would also face the same 39.6% rate on capital gains tax. The president tried to keep much of the focus on the job-making possibilities, especially for those without college degrees. “Nearly 90% of the infrastructure jobs created in the American Jobs Plan don’t require a college degree… and 75% percent do not require an associate’s degree.” President Biden also struck a more hawkish tone against Russia and China, particularly where he sees American interests being at risk – such as election tampering and the South China Sea. S&P futures rose around +0.6% after the start of the speech having already rallied slightly on the stronger tech earnings after the close.

Asian markets are also trading up this morning on the prospect of more stimulus from the US with the Hang Seng (+0.62%), Shanghai Comp (+0.17%), Kospi (+0.16%) and India’s Nifty (+1.04%) all up. Japan’s markets are closed for a holiday. European futures are also pointing to a positive open. Elsewhere, Reuters has reported that China is preparing to fine Tencent as part of its antitrust crackdown on the country’s internet giants. The report added that the fine could be as much as CNY 10bn.

In other news, the global chip shortage is worsening with Honda and BMW joining the growing list of automakers (including Jaguar Land Rover, Volvo and Mistubishi Motors) temporarily pausing production for a few days next month to deal with the crisis. Meanwhile, Ford has gone a step further and reduced its full year earnings guidance due to the shortage and has said that it now sees the shortage extending into next year. Elsewhere, tech giants like Apple and Samsung have also flagged production cuts and lost revenue as a result of the shortage in their earnings releases overnight. Apple’s CFO Maestri warned that supply constraints are crimping sales of iPads and Macs, two products that performed especially well during lockdowns. Maestri added that this will knock $3 bn to $4 bn off revenue during the fiscal third quarter.

Risk assets had performed well in Europe ahead of the Fed, with the DAX (+0.28%), the CAC 40 (+0.53%) and the FTSE 100 (+0.27%) all posting solid gains. The STOXX 600 (+0.02%) lagged behind somewhat thanks to an underperformance in Swedish equities, but still managed to close just shy of its all-time high. Separately, sovereign bond yields outside of the US climbed to their highest level in months, with yields on 10yr bunds up +1.8bps to -0.23%, their highest closing level in over a year, as those on 10yr OATs (+2.0bps) and BTPs (+5.1bps) similarly moved higher.

There wasn’t a great deal of news on the pandemic yesterday, though in New York, Governor Cuomo said that the 12am outdoor dining area curfew for bars and restaurants would be lifted from May 17, and that the 12am indoor curfew would go on May 31. Poland announced an easing of restrictions as well, with shopping malls partially open from May 4 and outdoor dining to recommence on May 15. Meanwhile on the Tokyo Olympics, it was announced that athletes will now be tested on a daily basis, though a decision on whether to have domestic spectators won’t be made until June. Sticking with Japan, the Nikkei has reported overnight that the country is considering making vaccines and medical treatments that have yet to be domestically approved available for emergency use in order to reduce regulatory delays to vaccination as cases are continuing to rise. Elsewhere, the US has issued a level 4 travel advisory for India overnight and have told its citizens to leave India as soon as possible and not to travel there because of the escalating coronavirus crisis. India reported 379k cases and 3645 fatalities over the past 24 hours, marking new record highs.

Here in the UK, yesterday saw the ONS published their latest antibody survey, which found that in England 68% of the adult population had tested positive for antibodies in the week ending April 11, the highest since they began running this survey late last year. The effects of the vaccination drive could be seen through the age breakdowns, as all the groups covering the over-50s had an antibody rate of higher than 80%. See the graph below for the breakdown. There was also late news in the UK that the government had secured a deal with Pfizer and BioNtech for an additional 60 million doses of its vaccine as part of a booster program to protect the most vulnerable ahead of the winter.

To the day ahead now, and we’ll get a fresh round of earnings releases with the highlights including Amazon, Mastercard, Comcast, Merck, Thermo Fisher Scientific, McDonald’s, Bristol Myers Squibb, Caterpillar, American Tower and Twitter. On the data front, we’ll get the advance estimate of Q1 GDP in the US, as well as the weekly initial jobless claims and March’s pending home sales. In Europe, we’ll get the change in German unemployment for April and the country’s preliminary CPI reading for that month, on top of the final Euro Area consumer confidence reading for April. Central bank speakers include Fed Vice Chair Quarles, ECB Vice President de Guindos, and the ECB’s Elderson and Holzmann.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 17.83 PTS OR 0.52%   //Hang Sang CLOSED UP  231.92 PTS OR 0.80%     /The Nikkei closed UP 62.08 POINTS OR 0.21%//Australia’s all ordinaires CLOSED UP 0.36%

/Chinese yuan (ONSHORE) closed UP AT 6.4688 /Oil UP TO 63.48 dollars per barrel for WTI and 66.81 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT GERMAN DAX  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4688. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4649   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/

END

b) REPORT ON JAPAN

JAPAN//

 

3 C CHINA

CHINA/ET AL

A top Australian official warns us that war drums are beating loud and clear.

Dave DeCamp/Antiwar..com

Top Australian Official Warns “Drums of War Beat” As China Tensions Rise

 
WEDNESDAY, APR 28, 2021 – 10:00 PM

Authored by Dave DeCamp via AntiWar.com, 

A senior Australian official warned that the “drums of war” are “beating” in comments to his staff over the weekend as relations between Beijing and Canberra continue to strain.

“In a world of perpetual tension and dread, the drums of war beat — sometimes faintly and distantly, and at other times more loudly and ever closer,” said Australia’s Department of Home Affairs Secretary Mike Pezzullo in comments that were made public on Tuesday.

Home Affairs Secretary Mike Pezzullo, via ABC

“Today, as free nations again hear the beating drums and watch worryingly the militarization of issues that we had, until recent years, thought unlikely to be catalysts for war, let us continue to search unceasingly for the chance for peace while bracing again, yet again, for the curse of war,” he said.

While Pezzullo didn’t mention China in the remarks that were published, it’s clear he was referencing tensions with Beijing in the Indo-Pacific. Australia has followed the US in its military provocations against China and is a member of the Quad, a group that is seen as a possible foundation for an anti-China NATO-style alliance in Asia.

On Sunday, Australia’s defense minister said the possibility of a war erupting over Taiwan should not be “discounted” and warned of regional tensions. “People need to be realistic about the activity,” Defense Minister Peter Dutton said. “There is militarization of bases across the region. Obviously, there is a significant amount of activity and there is an animosity between Taiwan and China.”

Beijing responded to Dutton’s comments on Monday. Chinese Foreign Ministry spokesman Wang Wenbin said China hoped Australia would “fully recognize the high sensitivity of the Taiwan issue” and refrain from “sending any false signals to the separatist forces of ‘Taiwan independence.'”

 

Via AFP

Australia-China relations have followed the trajectory of US-China relations and are rapidly deteriorating. Further straining ties, last week, Canberra canceled two deals between Beijing and the Australian state of Victoria that would have been part of China’s infrastructure global project, known as the Belt and Road Initiative.

Beijing rebuked Australia’s decision to cancel the projects and urged Canberra to abandon its “Cold War mentality and ideological bias.”

end

4/EUROPEAN AFFAIRS

UK/VACCINE UPDATE

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE/EU

END

IRAN/USA/ISRAEL
 
The “doorknob” is caving to Iran’s demands for end sanctions. Biden is ignoring their terrorist activities
(zerohedge)

Biden Eyes “Wholesale Rollback” In Iran Sanctions To Restore Obama Nuke Deal

 
 
WEDNESDAY, APR 28, 2021 – 05:20 PM

Starting last week there were widespread reports that this month’s ongoing ‘indirect’ tanks between the US and Iran in Vienna were showing positive signs. This despite what’s clearly an Israeli campaign to derail progress on the nuke deal front – something seen especially with the April 11 Natanz nuclear facility sabotage incident – as well as in the recent tanker tit-for-tat attacks.

And now the Associated Press is reporting that a major breakthrough appears to have arrived as Biden is mulling “a near wholesale rollback of some of the most stringent Trump-era sanctions.” 

So it appears the Islamic Republic’s own “counter-pressure” campaign is working. At every point since Biden entered office, when Washington tried to tighten the screws by refusing to soften the prior Trump sanctions, Tehran increased its uranium enrichment purity as well as its numbers of centrifuges. Iran also recently threatened to boot IAEA inspectors from the country altogether, with the consistent demand of Iranian leaders from which they wouldn’t budge being that the US would have to “move” first.

 

Tehran, Getty Images

The AP on Wednesday afternoon is strongly suggesting this is precisely what’s about to happen, at a moment GOP leaders are pointing to Biden’s “caving” to the Islamic Republic’s demands. The AP writes “American officials have become increasingly expansive about what they might be prepared to offer Iran, which has been driving a hard line on sanctions relief, demanding that all U.S. penalties be removed, according to these people.”

While it remains undisclosed which sanctions are up on the chopping block, The Wall Street Journal late last week cited US officials who pointed to vital sectors such as banking, oil, national tanker companies, and steel and aluminum as likely the first to witness significant relief. 

The Biden White House is further signaling that it refuses to be “boxed-in” by prior Trump actions:

“Biden administration officials say this is necessary because of what they describe as a deliberate attempt by the Trump administration to stymie any return to the deal.”

Meanwhile, the usual neocons are outraged…

This also comes at a moment Republican hawks are accusing John Kerry of compromising intelligence secrets by allegedly sharing information on Israeli covert ops in Syria with the Iranians, despite much or all of that appearing to have been long ago reported public record

end
 

6.Global Issues

CORONAVIRUS UPDATE/

Coronavirus Spike Protein Alone May Cause Lung Damage

Research on mice has found that exposure to the SARS-CoV-2 spike protein by itself, without the rest of the virus or any viral replication, is enough to cause COVID-19-like symptoms, including severe inflammation of the lungs. Dr Pavel Solopov, Research Assistant Professor at Old Dominion University in America, who led the research, told the Medical Xpress:

Our findings show that the SARS-CoV-2 spike protein causes lung injury even without the presence of intact virus. This previously unknown mechanism could cause symptoms before substantial viral replication occurs.

The researchers injected genetically modified mice with a segment of the spike protein and compared them after 72 hours with a control group injected with saline. The outcome was unmistakable, according to the Medical Xpress.

The researchers found that the genetically modified mice injected with the spike protein exhibited COVID-19-like symptoms that included severe inflammation, an influx of white blood cells into their lungs and evidence of a cytokine storm – an immune response in which the body starts to attack its own cells and tissues rather than just fighting off the virus. The mice that only received saline remained normal.

The researchers did not, according to this report, indicate whether the finding has any significance for the vaccines and their side effects. The Pfizer, Moderna, AstraZeneca and Johnson & Johnson vaccines all work by delivering genetic material that induces cells around the body to produce the spike protein, which the immune system then becomes primed to recognise. A question arising from this research is whether, if the spike protein is pathogenic in its own right and not just a means of gaining entry to cells, this explains any of the Covid-like side-effects of the vaccines, including some of the rare serious ones.

Other research has suggested that “the SARS-CoV-2 spike protein (without the rest of the viral components) triggers cell signalling events that may promote pulmonary vascular remodelling and pulmonary arterial hypertension as well as possibly other cardiovascular complications”. These matters should continue to be investigated.

Worth reading the Medical Xpress report in full.

(Image: Using a newly developed mouse model, researchers found that exposure to the SARS-CoV-2 spike protein alone was enough to induce COVID-19-like symptoms including severe inflammation in the lungs. The left images show healthy mouse lung tissue while the right images show tissue from mouse lungs exposed to the spike protein. Credit: Pavel Solopov, Old Dominion University.)

GLOBAL INFLATION

Deutschebank, and their major economist JIm Reid warns that soaring food prices will lead to social unrest.

(Jim Reid/Deutschebank/zerohedge)

One Bank Warns Soaring Food Prices Will Lead To Social Unrest

 
WEDNESDAY, APR 28, 2021 – 09:00 PM

Yesterday we explained why with prices already soaring, global inflation was about to go into overdrive as the leading food price indicator that is the Bloomberg Agri spot index hit the highest level in six years.

In a nutshell, this is a problem since food is a large component of CPI baskets in Asia, and “this large inflationary impulse in the region that houses more than half the world’s population should result in higher wage costs in the factory base of the world. As CPI and PPI rise in Asia, it will feed through globally in the months ahead.”

Today, DB’s Jim Reid picked that chart as his “Chart of the day”, repeating what readers already know, namely that Bloomberg’s agriculture spot index has risen by c.76% year-on-year, noting that that’s the biggest annual rise in nearly a decade, and there are only a couple of other comparable episodes since the index begins back in 1991.”

Like us, Reid then patiently tries to explain to all the idiots – like those employed in the Marriner Eccles building – that the importance of this record surge “extends far beyond your weekly shop, as there’s an extensive literature connecting higher food prices to periods of social unrest.” Indeed, you’ll notice from the chart that the last big surge from the middle of 2010 to early 2011 coincided with the start of the Arab Spring, for which food inflation is regarded as a contributing factor.

While this is hardly new – we discussed it in “Why Albert Edwards Is Starting To Panic About Soaring Food Prices” and in “We Are Edging Closer To A Biblical Commodity Price Increase Scenario” – Reid also reminds us that emerging markets are more vulnerable to this trend, since their consumers spend a far greater share of their income on food than those in the developed world.

The DB strategist then goes all-in and says what everyone is thinking, namely that “this trend of higher food prices leading to social unrest extends far back into history and surrounds many key turning points. The French Revolution of 1789, which overthrew the Ancien Régime, came after a succession of poor harvests that led to major rises in food prices. It was a similar story at the time of Europe’s 1848 revolutions too, which followed the failure of potato crops in the 1840s and the associated severe famine in much of Europe. And the 1917 overthrow of the Tsarist regime in Russia took place in the context of food shortages as well.”

So while it remains to be seen what the consequences of today’s surge in food prices could be, Reid cautions that “given the hardship that’s already occurred thanks to the pandemic, a fresh wave of unrest would be no surprise on a historical basis.”

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

Rabobank: Powell Is Feddling While Rome Burns

 
THURSDAY, APR 29, 2021 – 10:55 AM

By Michael Every of Rabobank

Feddling While Rome Burns?

“Friends, Romans,…”

“Countrymen!”

“I know!”

As expected, the Fed didn’t do anything yesterday. Our Fed-watcher Philip Marey underlines here that the FOMC said: amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened; that the sectors most adversely affected by the pandemic remain weak, but have shown improvement; and inflation has risen, largely reflecting transitory factors. And that was it. During his press conference Powell repeated that the US is only going to see transitory inflation, and does not want to start talking about tapering – they are not close to the substantial further progress the FOMC wants to see before starting this discussion. Perhaps the most surprising thing was Powell daring to use the word “froth” to describe the stock market he himself is boiling.

Bloomberg chimes in that “The Fed’s New Reaction Function is Winning”, and that the market now understands what the Fed is doing. Yes, many of us do. It couldn’t really be any more obvious. But is the Fed really in control via this process of actively doing nothing?

If one believes yes, then all is well: assets will levitate; the USD to soften; rates and yields to stay low; and it’s boom-time.

By contrast, if one believes no, and that the Fed is blind to how bad the current supply-chain snarl is, and how high prices are likely going to rise as a result, and to risks of a further USD4.1 trillion in stimulus spending (over a decade) being thrown in on top, then Powell is Feddling while Rome burns: markets are on fire; and soon prices will be too; and then what?

For those who don’t know, the source of this phrase is the popular belief that Emperor Nero played the fiddle while Rome burned during the great fire of 64AD. It’s a useful idiom to describe doing something useless while important events are transpiring. The only problems with it are that: 1) fiddles didn’t exist when Nero was alive; and 2) we have no idea if Nero actually did such a thing, because historical records are written by the winners. One historian says Nero did; others disagree. Today we have The New York Times and Glenn Greenwald/Matt Taibbi. Plus ça change.

Indeed, as I type, US President has just started his first annual message, traditionally in a Roman-style Capitol building to a Congress including a Roman-named Senate. Some traditions have deep roots, as both proponents and opponents point out at the moment.

Media reports suggest there will be a further push for the USD2.3 trillion American Jobs Plan, which will be partially spent on physical infrastructure, and involve higher taxation; and on the USD1.8 trillion American Families Plan, which will be spent on more European-style social care, and again involve higher taxation. The appeal will be to the American people – and to one Democratic Senator in particular, Joe Manchin, who is again making press statements showing his unhappiness with what is being floated so far.

There will no doubt be mention of foreign policy, with reports the White House is intent on removing all sanctions on Iran, including over terrorism and its ballistic missile program, in order to re-enter the 2015 JCPOA nuclear deal. In effect, the US will accede to every Iranian demand. The ripple effects of this are already being seen in the region. Alongside tit-for-tat attacks on shipping and ports, there are rumours Riyadh is talking to Tehran, and that Saudi Aramco may sell a 1% stake to China, giving Beijing a foothold in what was always considered a critical US interest. It’s unclear if this US U-turn will mean lower energy prices due to new Iranian supply, or higher, due to greater geopolitical instability as the regional power-balance shifts. Markets will also be listening carefully to what President Biden has to say about India and vaccine help (as Prime Minister Modi calls President Putin “my friend” on Twitter and thanks him for his cooperation on multiple fronts); and about Russia; and about China, of course.

Meanwhile, thinking of the classical architecture of Washington DC —and without making any partisan political statement— while brushing up on my Nero, I was surprised to see how much history can echo down to the present:  

  • Nero negotiated peace with the Parthian Empire (today’s Iran); crushed a major revolt in Britain, led by the Iceni Queen Boudica (what will the US say about Scottish independence prospects?); got deeply involved in the Bosporan Kingdom (today’s Crimea); and also ended up at war with a rebellious Kingdom of Israel that didn’t see eye-to-eye with the Empire;
  • Nero focused much of his attention on diplomacy and trade, as well as theatres and athletic games;
  • Nero also introduced what his critics dubbed as extravagant, empire-wide programs of public and private works, funded by a rise in taxes that was much resented by the Roman upper classes who paid them – yet this economic populism sold well among the Roman lower classes until his death, and even beyond. Which might explain why the story was then spread that he fiddled while Rome burned: perhaps it was all just “Fake News”?

Of course, inflation isn’t fake news, and supply chains aren’t fake news, and geopolitics aren’t fake news. They are just uncomfortable truths that we can temporarily choose to ignore. Thinking of the Fed more than the White House, historians will also point out that well after Nero’s populism, Emperor Diocletian was forced to introduce his ‘Edict on Maximum Prices’ to try to order inflation caused by constant monetary debasement to disappear. That policy certainly went up in flames.

Of related interest, yesterday saw China slash import tariffs on steel and impose export tariffs of up to 25%, effectively making it very expensive to sell steel abroad and even cheaper to bring it in. Is this about capping soaring local prices? Probably partly, yes. Is it about lowering carbon emissions? Maybe, if it is also about reducing local steel output, which has been often promised and never delivered. Is this about China trying to import more and export less to rebalance global trade? Hardly, if you have paid attention to their stated policy goals. Yet what could it mean for the rest of the world if China stopped exporting steel and started buying it the way it has been doing agri-commodities? How much global Building Back Better is going to be affordable then?

Maybe it’s time for Bread and Circuses instead…

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE UPDATE

State Department Warns Americans To Leave India As Deaths Surge – “It’s Like A Mass Killing”

 
 
THURSDAY, APR 29, 2021 – 10:37 AM

As India reports growing numbers of COVID-19 deaths every day, the US and other nations are sending critical supplies while cutting off travel links. But Washington has just taken its first steps toward an evacuation as it warns all Americans still in India that it’s time to get out of Dodge.

Bloomberg reports that the US has – via the State Department and local consulates – warned any Americans in the country to start making arrangements to leave as soon as possible, while also advising anybody with travel plans “not to travel to India or to leave as soon as it is safe to do so.”

There are still 14 direct daily flights between India and the US, and others that connect through Europe, according to the State Department

It’s particularly urgent for Americans to leave since shortages of beds and oxygen at Indian hospitals have led to sick Americans being turned away, according to the State Department. “US citizens are reporting being denied admittance to hospitals in some cities due to a lack of space,” the website of the U.S. Embassy and Consulates in India warned in a health alert. “US citizens who wish to depart India should take advantage of available commercial transportation options now.” All routine US citizen services and visa services at the US Consulate General Chennai have been canceled.

But before they can return to the US, anybody traveling from abroad – whether they’re citizens, or not – must have a COVID-19 test done between three and five days before travel. Those who ahven’t been vaccinated should also stay at home and self-quarantine for a week, the embassy urged. Which is why individuals should start working on plans to leave now.

The latest numbers out of India continued to set new records for most cases reported in a single day anywhere in the world. Indian authorities confirmed 379,257 cases over the past 24 hours, while another 3,645 infected patients died, pushing India’s death toll further past 200K to 204,800.

Source: Johns Hopkins

As President Biden dithers about whether to support a WTO motion from India and South Africa asking for a waiver for vaccine IP so developing nations can start producing their own jabs instead of relying upon (and enriching) American pharma giants, corporations like Amazon have been chipping in with aid, with the Bezos-controlled tech giant airlifting 100 ICU ventilators. Private Equity giant Blackstone has reportedly committed $5 million to India relief.

Meanwhile, the scenes at hospitals, crematoriums and neighbors around the country have been described as “like a mass killing” by one activist fighting India’s devastating second wave. According to NBC News, creamtoriums have had to forgo the rituals that Hindus believe release the soul from the body during the cycle of rebirth. And it’s not just crematoriums, Muslim burial yards in New Delhi are running out of space.

END

 
The COVID 19 crisis has lead to black market price explosion on oxygen and remdesivir.
(zerohedge)

India’s COVID-19 Crisis Leads To Black Market Price Explosion

 
WEDNESDAY, APR 28, 2021 – 11:40 PM

India recorded another 320,000 Covid-19 infections on Tuesday as the country struggles to cope with a deadly surge of the disease. Hospitals in Delhi and many other cities have run out of beds and oxygen and patients are being turned away. Countries have scrambled to assist India with the United States, France, Germany and the United Kingdom among the governments sending aid. The first ventilators and oxygen have touched down in India but more aid is desperately needed.

The situation, as Statista’s Niall McCarthy notes, in Indian hospitals has seen the price of essential medical supplies skyrocket, according to an investigation carried out by the BBC.

Infographic: India's Covid-19 Crisis Leads To Black Market Price Explosion | Statista

You will find more infographics at Statista

They found that the $80 price for a standard 50 liter oxygen cylinder has climbed as high as $1,330 on the black market while the cost of an oxygen concentrator has nearly tripled.

Likewise, the cost of essential drugs has also risen dramatically.

For example, the highest price for 100mg of Remdesivir in India was quoted by the BBC as $53 and this has climbed as high as $1,000 on the black market. (Harvey: the drug is crap)

 
END

 

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings THURSDAY  morning 7:30 AM….

Euro/USA 1.2133 DOWN .0002 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 EXCEPT GERMANY  

USA/ YEN 108.92 UP 0.418 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3946  DOWN   0.0008  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2288 DOWN .0015 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL  BY 2 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2133 Last night Shanghai COMPOSITE UP 17.83 PTS OR 0.52% 

//Hang Sang CLOSED UP 231.92 PTS OR 0.80%

/AUSTRALIA CLOSED UP 0.36% // EUROPEAN BOURSES OPENED ALL GREEN EXCEPT GERMANY 

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN EXCEPT GERMANY 

 

2/ CHINESE BOURSES / :Hang Sang UP 231.92 PTS OR 0.80%  

/SHANGHAI CLOSED  UP 17.83 PTS OR 0.52% 

Australia BOURSE CLOSED UP 0.36%

Nikkei (Japan) CLOSED UP 62.08  POINTS OR 0.21%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1776.20

silver:$26.86-

Early THURSDAY morning USA 10 year bond yr: 1.654% !!! UP 4 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.325 UP 4  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 90.59  DOWN 2 CENT(S) from WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.48% UP 4  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.095%  UP 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.48%//  UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.88 UP 4 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 40 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.19% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.07% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.2111  down    .0024 or 24 basis points

USA/Japan: 108.82  UP .323 OR YEN DOWN 32  basis points/

Great Britain/USA 1.3947 DOWN .0007 POUND DOWN 7  BASIS POINTS)

Canadian dollar UP 3 basis points to 1.2291

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The USA/Yuan,  CNY: closed    ON SHORE  (UP).. 6.4722

THE USA/YUAN OFFSHORE:  6.750  (YUAN UP)..6.4672

TURKISH LIRA:  8.23  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.095%

Your closing 10 yr US bond yield UP 4 IN basis points from WEDNESDAY at 1.656 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.319 UP 3 in basis points on the day

Your closing USA dollar index, 90.72  UP 11  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 2.19 PTS OR 0.03% 

 

German Dax :  CLOSED DOWN 137.98 PTS OR 0.90% 

 

Paris Cac CLOSED DOWN 4,41PTS OR 0.07% 

 

Spain IBEX CLOSED UP  23.60  PTS OR  0.27%  

 

Italian MIB: CLOSED DOWN 181.37 PTS OR 0.74% 

 

WTI Oil price; 64.70 12:00  PM  EST

Brent Oil: 68.01 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    74.61  THE CROSS  HIGHER BY 0.18 RUBLES/DOLLAR (RUBLE LOWER BY 18 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.19 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 : 64.99//

BRENT :  68.50

USA 10 YR BOND YIELD: … 1.643..up 3 basis points…

USA 30 YR BOND YIELD: 2.302 up 1 basis points..

EURO/USA 1.2128 (DOWN 7   BASIS POINTS)

USA/JAPANESE YEN:108.89 UP .386 (YEN DOWN 39 BASIS POINTS/..

USA DOLLAR INDEX: 90.60 DOWN  1  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3948 DOWN 7  POINTS

the Turkish lira close: 8.22

the Russian rouble 74.60   DOWN 0.16 Roubles against the uSA dollar. (DOWN 16 BASIS POINTS)

Canadian dollar:  1.2315  UP  93 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.19%

The Dow closed up 240.58 POINTS OR 0.71%

NASDAQ closed up 31.52 POINTS OR 0.22%


VOLATILITY INDEX:  17.63 CLOSED up 0.25

LIBOR 3 MONTH DURATION: 0.186%//libor dropping like a stone

USA trading day in Graph Form

Stocks Panic-Bid Off EU Close After Biden-Induced Breakdown

 
THURSDAY, APR 29, 2021 – 04:00 PM

After solid gains overnight building on the FB and AAPL earnings beats (understatement) but a disappointing miss on GDP (bear in mind that jobless were basically flat and pending home sales also disappointed), everything went to shit as US cash markets opened and stocks puked below pre-FOMC lows. Then that selling was exaggerated when the Biden admin said they would like all gig workers to be employees (whether they like it or not), which sparked another big puke. The European close appeared to stall the selling and dip-buyers rushed in to lift everything back into the green in one-trade. And then, around 1500ET, it all started to slide again, but that didn’t last…

The S&P 500 broke above the psychologically important 4200 level, then plunged to a crucial support level 4170 (vol trigger) and ripped back before fading in the end to close above 4200 at a new record high…

VIX was wild too…

The early puke saw the most widespread sell program in over a month…

Source: Bloomberg

AAPL shocked many with blowout earnings last night, but lost its gains during the day session…

COIN is down 9 out of 11 days since going public…

UBER and LYFT were both battered by Biden’s plan for gig-workers…

Bonds whipsawed just like stocks today (but not as you’d expect) – Treasuries were dumped along with stocks and bid-back along with stocks…

Source: Bloomberg

The dollar managed gains on the day, ramping back to erase post-Fed losses, only to fade once those stops were run…

Source: Bloomberg

Gold ended the day flat amid some more whipsaw action…

WTI surged back above $65 for the first time since mid-March…

And Copper pushed up near $10,000 record highs…

Source: Bloomberg

Bitcoin rolled over ahead of a major opex tomorrow…

Source: Bloomberg

And while Ethereum gave some early gains back, it outperformed, hitting $2800 (record highs) intraday…

Source: Bloomberg

Pushing the ETH/BTC back above 0.05x for the first time since Aug 2018…

Source: Bloomberg

Finally, we note that as stocks have pushed to new highs over the last month (and most notably the last week), demand for downside protection has accelerated (SPY Skew below)…

Source: Bloomberg

a)Market trading/THIS MORNING/USA

b)MARKET TRADING/USA//THIS AFTERNOON/

Negative rates here we come: USA tells treasury bills //28 days for 0% yield.

(zerohedge)

US Sells Treasury Bills At 0% For The First Time Since The Covid Crash

 
THURSDAY, APR 29, 2021 – 12:48 PM

While 4-week Treasury Bill rates had dipped negative on occasion over the past several months, the last time the 4-Week Bill priced at a 0.000% investment rate was during the post-covid crash scramble, when the 4-Week printed at 0.000% on the March 26 auction.

Until today that is, because moments ago, the Treasury sold $40BN in 4-week bills at a price of 100.000% representing a rate of 0.00%.

To be sure, Bills had printed at 0.000% at auction previously, but that was largely during the reserve glut days of 2015.

So why now? The same reason usage of the Fed’s Reverse Repo facility has soared in recent weeks from nothing to over $100 billion…

as investors choose to directly transact with the Fed – where only positive rates are allowed – rather than the open market where collateral rates have frequently been negative in recent weeks, as Curvature’s Scott Skyrm explains in this note from April 26:

Overnight rates are low. Too low by all normal standards. The fed funds rate is well below the mid-point of the fed funds target range and the Repo GC rate is at zero; often trading negative. Zero percent interest rates are forcing billions of dollars of cash into the Fed’s RRP facility; a total of $100.9 billion went there today.

While this is a delightful case of deja vu irony – the Fed is taking Treasurys out of the market through QE purchases and putting them right back in via the RRP – it is also distorting the Repo market, and although the Fed can fix this aberration by hiking the IOER or RRP rates, it has so far refused to do so. 

If the Fed wants to push Repo rates higher, an IOER hike would help. Raising the IOER will move fed funds, which, in turn, will put upward pressure on Repo rates. As an alternative, the Fed could increase the RRP rate – currently at zero. This is most favored by economists. However, increasing the RRP will mean cash investors sending more cash to the Fed each day.

This is also having a knock-on effect on Treasury bills, which have been under pressure as the government is reducing its issuance of short-term securities in order to draw down its mammoth cash balance so it can comply with a possible debt-ceiling reinstatement and to cover expenses.

As Bloomberg writes, in its survey of dealers ahead of the next refunding announcement, the Treasury Department has asked about “the impacts that reinstatement of the debt limit could have on the Treasury market as well as on broader financial markets.” Related to that, it has also asked about for expectations for bill supply over the next three months and adjustments in issuance.

The good news is that negative bill rates at auction are not possible (yet). The bad news is that as the Treasury continues to draw down on its cash, the rate on 4-week (and soon 8-week and so on) auctions will be 0.000% while secondary market yields will dip negative again, encouraging the return the infamous ZIRP/NIRP auction arbitrage trade which we observed a year ago.

end

 
ii) Market data
This is a recovery:  still over 16 million Americans are on some form of government jobless benefits
(zerohedge)

There Are Still Over 16 Million Americans On Some Form Of Government Jobless Benefits

 
THURSDAY, APR 29, 2021 – 08:37 AM

The prior week’s pandemic cycle low print for initial claims was revised higher, only to see this week’s claims drop to a new post-pandemic-spike low at 553k…

Source: Bloomberg

Continuing Claims followed a similar path with a historical upward revision and a new cycle low for the latest print, but we note that the pace of improvement has dramatically slowed…

Source: Bloomberg

However, the total number of Americans still on some form of government jobless benefit remains above 16.5 million…

Source: Bloomberg

Maybe it’s time to stop the handouts and get Americans off the couch and back to work… the job openings are out there!

end
Q1GDP
Despite the stimmy cheques and a spending surge, Q 1 GDP misses
(zerohedge)

Q1 GDP Unexpectedly Misses Despite Stimmy-Funded Spending Surge

 
THURSDAY, APR 29, 2021 – 08:48 AM

With the US economy overheating in virtually every aspect, with inflation scorching hot and with retail spending at record highs, all funded of course by trillions in fiscal stimulus, it was actually a surprise to see that annualized Q1 GDP was reported at “only” 6.4%, which while an improvement to the 4.3% in Q4 missed consensus expectations of 6.6%, and certainly missed the whisper numbers some of which were even in the double digit range. Is this all the growth that $2 trillion in stimulus can buy?

The highlight of the report is surely that personal consumption soared 10.7% in 1Q after rising 2.3% prior quarter, and contributed more than 100% of the final GDP print. This was the 2nd biggest jump in consumption since the 1950s with just the stimulus-frenzy fueled Q3 2020 coming in higher.

Final sales to private domestic purchasers q/q rose 10.6% in 1Q after rising 5.5% prior quarter, while nonresidential fixed investment, or spending on equipment, structures and intellectual property rose 9.9% in 1Q after rising 13.1% prior quarter.

According to the BEA, the jump in Q1 growth reflected the “continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the first quarter, government assistance payments, such as direct economic impact payments, expanded unemployment benefits, and Paycheck Protection Program loans, were distributed to households and businesses through the Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act. In the  fourth quarter of 2020, real GDP increased 4.3 percent.”

Here are the highlights from the report:

  • The increase in consumer spending reflected increases in goods (led by motor vehicles and parts) and services (led by food services and accommodations).
  • The increase in business investment reflected increases in equipment (led by information processing equipment) and intellectual property products (led by software).
  • The increase in government spending primarily reflected an increase in federal spending related to payments made to banks for processing and administering the Paycheck Protection Program loan applications as well as purchases of COVID-19 vaccines for distribution to the public.
  • The decrease in inventory investment primarily reflected a decrease in retail trade inventories.

Looking at the breakdown of components we find the following:

  • Personal Consumption contributed more than 100% of the bottom line 6.4% GDP number at 7.02%, up from 1.58% in Q4. All of this was thanks to stimmy checks.
  • Fixed Investment dipped from 3.04% in Q4 to 1.77% of the final GDP print
  • The change in private Inventories saw a big drop, sliding from +1.37% to subtracting 2.64% from the GDP print
  • Net exports also subtracted from the GDP print, reducing it by 0.87%, an improvement from the -1.53% detraction in Q4
  • Government added 1.12% to the GDP print, up solidly from the -0.14% in Q4.

The BEA also noted that real disposable personal income (DPI)—personal income adjusted for taxes and inflation—increased 61.3% in the first quarter after decreasing 10.1% in the fourth quarter of 2020. The increase in current-dollar DPI primarily reflected an increase in government social benefits related to pandemic relief programs, notably direct economic impact payments to households established by the Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act. Personal saving as a percent of DPI was 21.0 percent in the first quarter, compared with 13.0 percent in the fourth quarter of 2020.

Finally for those keeping tabs on PCE, the GDP price index rose 4.1% in 1Q after rising 2.0% prior quarter while core PCE q/q rose 2.3% in 1Q after rising 1.3% in the prior quarter.

Prices of goods and services purchased by U.S. residents increased 3.8% in the first quarter of 2021 after increasing 1.7% in the
fourth quarter of 2020. Energy prices increased 46.7% in the first quarter while food prices decreased 0.1% (check back on that in a few weeks). Excluding food and energy, prices increased 3.1 percent in the first quarter after increasing 1.6 percent in the fourth quarter of 2020.

end  

Pending homes sales

As promised: pending home sales disappoint again in March.  Realtors blame low inventory

(zerohedge)

Pending Home Sales Disappoint In March, Realtors Blame “Low Inventory” Again

 
THURSDAY, APR 29, 2021 – 10:05 AM

After a surge in new home sales and tumble in existing home sales, today’s pending home sales print is the tie-breaker for whether the housing bubble has peaked on the back of un-affordability and rising mortgage rates. After a 10.6% plunged in February (weather-related), analysts expected pending home sales to rebound 4.4% MoM in March, but were disappointed by a mere 1.9% rebound (and a downward revision to -11.5% MoM in February)…

Source: Bloomberg

Of course, thanks to the comps from last March’s collapse, the year-over-year surge of 25.3% is a little misleading (biggest YoY since March 2010).

So the new home sales surge looks like a big outlier for now…

Source: Bloomberg

It is likely that the severe winter weather that limited housing activity in February impacted March’s pending sales data and rising borrowing costs and skyrocketing property values have been pricing some buyers out of the market.

“Low inventory has been a consistent problem,” Lawrence Yun, chief economist at the NAR, said in a statement.

“With mortgage rates still very close to record lows and a solid job recovery underway, demand will likely remain high.”

All regions except the Midwest saw gains, with sales rising the most in the Northeast.

 

iii) Important USA Economic Stories

Conrad Black is one smart cookie.  Please pay attention to what he writes this morning

Conrad Black/Canada’s National Post

Joe Biden’s Speech Was A Declaration Of War On America

 
THURSDAY, APR 29, 2021 – 08:25 AM

Authored by Conrad Black via The National Interest,

The best aspect of President Biden’s speech to the nation from the House of Representatives was his competent and persuasive delivery. He once again beat back the claims that he is a senescent, robotic dummy of severely diminished cognitive abilities. It was just reading a Teleprompter, but everyone remembers what an almost insurmountable challenge even that was at times in his candidacy, while the national political media conducted his campaign for him.

He spoke to a sparse, well-distanced corporal’s guard of well-masked and double-vaccinated legislators-signaling their doubts about vaccines and determination to continue lock-downs-Covid got Biden to the White House but they all seemed absurd.

  

He did not mention his predecessor and his entire address of over an hour was based on the only argument the Democrats have put forward on their own behalf in the last five years: Trump hate. He assumed the headship of ”a nation in crisis,” in which our “house was on fire,” and “We stared into the abyss of insurrection and autocracy,” a pitiful and almost subliminal appeal to the Trump Monster.

The country had “done nothing about immigration in 30 years,” (most of them under Clinton and Obama), except that under Trump illegal immigration was reduced by 90 percent, and the principal problem was effectively solved until Biden stopped construction of the southern border wall and reopened the borders. He said it was time to do something about the ”dreamers” but that was not the policy of his party when Trump attempted to help them. Biden called for resources to deal with the “root cause of why people are fleeing” Central America as if it were the business of the United States to raise the welfare of those poor countries, and feed more graft into them, rather than to monitor its own border and apply a sane system of an admission of immigrants.

He revived the old Obama nonsense about combating employment with unionized green jobs, and leaped into the time warp of bygone days with the bunk that “the middle class built the country and the unions built the middle class, and we must promote the right to unionize.” Unions today are an almost wholly retrograde force redundant to market pressures for higher wages and better working conditions and largely confined to the stagnant backwater the public sector.

The former administration created huge numbers of “millionaires and billionaires who cheat on their taxes…adding $2 trillion of debt and extending the pay disparity between the chief executive and the lowest wage earner to 320 to 1.” Naturally ignored were the facts that under his predecessor the income taxes of 83 percent of taxpayers were reduced, the number of positions to be filled exceeded the number of unemployed by over 750,000 and the lowest 20 percent of income-earners was in percentage terms gaining income more swiftly than the top ten percent.

He taxed the former administration with  “trickle-down” economics, though that charge was leveled at President Reagan’s massively popular and successful economic policies. Most outrageously, Biden took all credit for 220 million vaccinations with no hint that if it had not been for Trump’s direct intervention to accelerate the development of vaccines, none of it would have happened.

Almost as disingenuous was the claim that House of Representatives Bill Number 1, which would effectively eliminate any serious method of verifying the validity of individual votes, is really an attack on the Republican effort to attack “the sacred right to vote.“ That bill is almost certainly unconstitutional, would institutionalize and protect mass ballot harvesting, and it ignores the fact that 77 percent of Americans support photo-identification for voters.

The climate was again bandied as an “existential crisis” even though Biden acknowledged that the U.S. only provides 15 percent of the world’s carbon emissions. He also omitted to mention its splendid record in reducing those omissions even though there remains no convincing argument that they are relevant to the alleged crisis. Foreign affairs was an unrecognizable dreamworld: ”while leading with our allies” and  “working closely“ with them to deal with Iran and North Korea, (principally by recommitting the West to acquiescing in Iranian nuclear militarization), he will ”stand up to (Chinese leader) Xi” whom he realizes is ”in deadly earnest” in his determination to supplant the United States as the world’s most important country.    

After the usual reassertion that everyone is created equal, Biden slipped in the need to ”root out systemic racism that plagues America… White supremacy is terrorism” and has “surpassed Jihadism” as a menace. He gave no hint of what he thinks of organizations that are constantly threatening to burn America down if they’re not successful in extracting a full-body immersion in self-humiliation from the majority of Americans who despise all racism. Rarely in his rabidly bowdlerized summary of the nation’s affairs does the president allow the truth to intrude. This made the opposition response by Sen. Tim Scott of South Carolina particularly effective.

In sum, Biden’s address was cringe-worthy, fatuous, and deeply distressing. The State of the Union is almost at suicide watch.

end

Biden’s economic plan has no chance

(MishShedlock/Mishtalk

Biden’s Lofty Economic Plan Will Be Dead On Arrival In The Senate

 
THURSDAY, APR 29, 2021 – 10:15 AM

Authored by Mike Shedlock via MishTalk.com,

Wednesday Evening Biden proved he is beholden to the Progressive wing of the party. His speech was a cornucopia of dead on arrival ideas…

Massive Overreach

President Biden wants people to believe he is a moderate. The plan he presented to Congress and the nation Wednesday evening was more like a Progressive wish list.

In case you missed it, here is the Transcript of Biden’s Speech.

I discussed pre-disclosed details yesterday in Biden to Propose a $1.8 Trillion “Family Plan” in a Prime Time Address

Wednesday evening Biden added climate change, a $15 minimum wage, right to organize, gun control, paycheck fairness, defense spending, charging stations, even a goal to cure cancer.

He kicked things off with a catchy phrase “My fellow Americans, trickle-down economics has never worked. It’s time to grow the economy from the bottom and middle-out.

The Big Lie

Biden jumped from that catch phrase immediately to a big lie: “A broad consensus of economists – left, right, center – agree that what I’m proposing will help create millions of jobs and generate historic economic growth.”

There is no “broad consensus”.

His plan cannot possibly pass the Senate as is, and I rather doubt it can even make its way unscathed through the House. 

Dead on Arrival

Biden cannot afford to lose a single Democrat Senator but many have already expressed Reservations Over Tax Hikes.

  • Sen. Joe Manchin (D., W.Va.), a pivotal centrist lawmaker, said Congress should focus on raising revenue by enhancing enforcement for existing tax levels. “It intrigues me to understand that we have 400 billion to a trillion dollars that people have stated that we haven’t collected; don’t you think we ought to look at that first?” he said. “I’ve been very clear on 25% corporate, but I want to see basically where our loopholes are and why we’re not collecting and why the IRS has been eviscerated.”

  • Sen. Bob Menendez (D., N.J.): “For me, it is what you’re doing, the totality of the package, and how does it affect the ability of growth to continue to take place. That’s how I’m judging it. Right now it seems like a rather high rate to me,” said Sen. Menendez, a member of the Senate Finance Committee, of the proposed capital-gains rate. New Jersey has one of the highest median household incomes in the U.S.

  • Sen. Ron Wyden (D., Ore.) chairman of the Senate Finance Committee, has put forward an alternative to the president’s proposal for the capital-gains tax. Under his approach, unrealized gains for wealthy people would be taxed annually, which would limit the tax benefits for people waiting to realize their gains even more than the president’s plan would.

  • Sen. Angus King (I., Maine), who caucuses with Democrats. “I want to understand what it would raise in the way of revenues. I want to have some research on what, if any, impact it would have on stock ownership. But fundamentally I’ve always had a hard time explaining to somebody who pays straight taxes when they work 40 hours a week, why they pay twice as much as somebody who gets a check in the mail.”

  • Sen. Jon Tester (D., Mont.) said that he didn’t want the spending to contribute to deficits, which have piled up during the pandemic. “My answer to that would be hell, I don’t want to raise any taxes, but I don’t want to put stuff on the debt, either,” he said. “But if we’re going to build infrastructure we have to pay for it somehow. I’m open to all ideas.”

Consensus? 

Biden cannot even corral the Democrats. The above quotes are from the WSJ.

Two Keys

At a minimum there are at least two keys to the lock. In addition to Manchin (as usual) we can now safely add Menendez. 

Wyden’s idea to tax gains annually is the worst of the lot. About all that will do is sow confusion because it’s going nowhere.

The non-budget items will not stand up to a filibuster. But the whole plan is so overreaching that it’s possible nothing passes.

Call For Unity

Biden finished with a plea to be united. But kowtowing to the Progressives is a sure way to go it alone.

Ultimately, I expect Biden to rally the troops and settle for whatever Manchin, Menendez, and Senator Krysten Sinema (D, AZ) will go along with, but it will be a huge struggle.

end

Gee! I wonder how this could be possible?

(Watson/SummitNews)

34 Million Fewer People Watched Biden Speech Compared To Trump’s First SOTU

 
THURSDAY, APR 29, 2021 – 03:20 PM

Authored by Paul Joseph Watson via Summit News,

34 million fewer people watched Joe Biden’s speech last night compared to Donald Trump’s first State of the Union address.

Ratings show that 11.6 million watched Biden’s speech compared to 45.6 million who watched Trump’s first address to Congress in 2018.

The lowest number of Americans who watched a Trump State of the Union throughout his term in office was 37 million.

Biden barely managed to beat the viewership for this year’s Oscars (9.8 million), even though that set a new record low for the Academy Awards

Biden’s speeches and public appearances have become notorious for their poor ratings and lack of engagement, unless you’re talking about the overwhelming number of people who downvote videos on the official White House YouTube channel.

As a reminder, Biden officially received 81 million votes during the presidential election, the most a presidential candidate has ever received and over 11 million more than Barack Obama achieved in 2008.

Respondents to the announcement of the viewing figures expressed their surprise, given Biden’s overwhelming ‘popularity’ in 2020.

“Most popular president of all time,” commented one.

“Just wait, Dominion is finding more viewers as we tweet,” joked another.

“Biden’s speech to Congress was not only boring, but the chamber was mostly empty. Even the Democrats who showed up couldn’t stay awake,” remarked another.

*  *  *

iv) Swamp commentaries

A big story:  Judicial watch on a Freedom of Information gets documents linking Big Tech and government to censor election posts during the 2020 election.

(zerohedge/Van Burgen/EpochTimes)

California Officials, Biden-Linked Firm Coordinated With Big Tech To Censor Election Posts: Judicial Watch

 
WEDNESDAY, APR 28, 2021 – 11:20 PM

Authored by Isabel Van Burgen via The Epoch Times (emphasis ours),

California officials colluded with Big Tech to censor social media posts in the United States during the 2020 presidential election, government watchdog group Judicial Watch announced Tuesday.

 

A thumbprint is displayed on a mobile phone as the logo for the Twitter social media network is projected onto a screen in London, England on Aug. 9, 2017. (Leon Neal/Getty Images)

The findings come after Judicial Watch received 540 pages and a further four pages of documents from the office of the Secretary of State of California in response to an open records request, the group said.

It had filed the request after a December 2020 report surfaced revealing that California’s Office of Election Cybersecurity had surveilled and asked the social media giants to remove or flag as “misleading” at least two dozen messages.

Judicial Watch President Tom Fitton said that SKDKnickerbockera communications company linked to President Joe Biden’s election campaign, was involved in the censoring of speech during last year’s election period.

The company did this by sharing its “Misinformation Daily Briefings” with California officials, who then passed them on to social media giants Facebook, Twitter, and Google for dissemination, according to Judicial Watch.

These new documents suggest a conspiracy against the First Amendment rights of Americans by the California Secretary of State, the Biden campaign operation, and Big Tech, Fitton said.

 

Tom Fitton, president of Judicial Watch, in Washington on Nov. 1, 2019. (Samira Bouaou/The Epoch Times)

He added, “These documents blow up the big lie that Big Tech censorship is ‘private’—as the documents show collusion between a whole group of government officials in multiple states to suppress speech about election controversies.

Jenna Dresner, senior public information officer for the Office of Election Cybersecurity, responded to the December report at the time saying that “we don’t take down posts, that is not our role to play.”

“We alert potential sources of misinformation to the social media companies and we let them make that call based on community standards they created,” Dresner said.

According to Judicial Watch, the documents it obtained show how officials pushed big tech companies to censor social media posts.

 

The Google and YouTube logos are seen at the entrance to the Google offices in Los Angeles, Calif., on Nov. 21, 2019. (Robyn Beck/AFP via Getty Images)

Google’s YouTube was contacted directly by a state official to remove a Judicial Watch video on the platform on Sept. 24, last year, according to the group.

YouTube seemed to respond by deleting the video on September 27, 2020,” Judicial Watch said.

In another instance, a Facebook user who implied having voted twice with multiple ballots had their post removed on Oct. 31, 2020. Other posts removed by social media giants included claims of voter fraud, receiving multiple ballots in the mail, and finding thousands of alleged unopened ballots in a dumpster.

Meanwhile, a Twitter post from Fitton that said “Mailing 51 million ballots to those who haven’t asked for increases risk of voter fraud of voter intimidation,” was flagged by SKDKnickerBocker as part of its “Misinformation Tracker.”

Washington-based SKDKnickerBocker said in a statement last November that it developed the Biden campaign’s vote-by-mail program in Pennsylvania, Michigan, Wisconsin, and Arizona.

The communications firm and California’s Office of Election Cybersecurity didn’t immediately respond to requests for comment by The Epoch Times.

Big Tech companies have drawn intense scrutiny for perceived political bias and alleged unbalanced moderation of users’ content. Critics say much of the companies’ moderation in the past year has unfairly targeted conservative speech and speech from individuals deemed to be supporters of former President Donald Trump.

Meanwhile, groups on the other side of the aisle have been taking issue with how social media companies are operating, claiming that the Silicon Valley companies have failed to adequately address misinformation that is being proliferated online.

Janita Kan contributed to this report.

END
 

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

Europe is ramping up its recovery plan.
France and Germany together laid out plans for billions in spending from the European Union’s pandemic recovery fund aimed at fighting climate change and boosting the use of digital technology across the economy…Under the fund’s formula, France should get around 40 billion euros ($48 billion) while German Finance Minister Olaf Scholz said his country planned about 28 billion euros ($36 billion)in spending. Scholz said that half the money would go to environmentally friendly projects and a quarter to spreading the use of digital technology. He said the fund would build on domestic relief and stimulus measures already passed by the German government…   https://t.co/pr9WY0wksq

UK PM @BorisJohnson: Great news that the European Parliament has voted overwhelmingly in favour of our zero tariffs, zero quotas Trade and Cooperation Agreement. Now is the time to look forward to a new relationship with the EU and a more Global Britain.

Brexit Trade Deal Gets a Final OK From E.U. Parliament – The vote is the formal end of a Brexit process that began nearly five years ago. But mutual mistrust remains high.
https://www.nytimes.com/2021/04/28/world/europe/brexit-eu-parliament-approval.html

Boeing posts sixth consecutive quarterly loss, expects turning point in 2021
Boeing took a $318 million charge on problems in its Air Force One program after reporting supplier issues…The plane manufacturer reported a net loss of $561 million for the first three months of 2021 on revenue of $15.2 billion, 10% lower than last year but slightly ahead of analysts’ estimates…
https://www.cnbc.com/amp/2021/04/28/boeing-ba-q1-2021-earnings.html

Apple trims AirPods production plans [by 25% to 30% this yearas sales lose steam
Wireless earphones face heated competition from Samsung, Xiaomi and others
https://asia.nikkei.com/Business/Technology/Apple-trims-AirPods-production-plans-as-sales-lose-steam

Despite the good news of the EU-UK Brexit trade deal, ESMs and European stocks tumbled when European bourses opened.  A plodding steady rally ensued.  It ended when the US repo market opened.  ESMs and European stocks sank to new session lows.

Powell Comments

  • Economy is a long way from our goal and full employment
  • Inflation to rise somewhat further before moderating
  • 12-month inflation likely to rise above 2%; if it persists, Fed would use tools (the Fed is a tool!)
  • Transitory rise of inflation won’t warrant rate hike
  • Unlikely to see persistent rise in inflation with slack in labor market (Powell ignores the ‘70s)
  • If Labor Market were tight, wages would be rising (Oblivious to current worker shortage!)
  • We haven’t seen the level of scarring we were worried about
  • It’s going to be a different economy
  • Service sectors workers may struggle to find work
  • Don’t see financial stability concerns around housing (The Fed seldom does!)
  • We’re watching housing prices carefully (You’re too late Jerome!)
  • We’re in close touch with industries on bottlenecks; think it will be resolved
  • No one should doubt that the Fed would move to contain inflation
  • Some things in equities do reflect froth in markets… [in response to question about Dogecoin]”

https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-11619644895?mod=e2twe

Amazon to hike wages for over 500,000 workers [at least 50 cents to up to $3 an hour]
https://www.cnbc.com/2021/04/28/amazon-to-hike-wages-for-over-500000-workers-to-up-to-3-an-hour.html

While Powell trafficked in inflation deceit, oil rallied 1.5% and gasoline surged 2.5%.

Fed holds interest rates near zero, sees faster growth and higher inflation
https://www.cnbc.com/2021/04/28/fed-holds-interest-rates-near-zero-sees-faster-growth-and-higher-inflation.html

Powell’s requisite virtue signaling: “I plan to visit a homeless shelter.”

When Powell noted the froth in markets, ESMs and stocks tumbled.  With 48 minutes remaining in the session, someone boosted ESMs for the final hour upward manipulation and in anticipation of great Apple and Facebook earnings.  The rally ended with 22 minutes remaining.  Stocks fell into the close.

The NY Fang+ Index was strongly positive all day due to Google’s strong results and ginormous stock buyback.  Google closed +3.16%.  Amazon (reports today) and Facebook lost their gains after 15:00 ET.

Facebook reported Q1 EPS of 3.30; 2.37 was expected; and revenue of $26.17B; $23.72B was consensus.  Active daily users: 1.88m; 1.87m was expected. Ad revenue growth was driven by a higher y/y price increase.  The stock jumped 6% in after-hour trading.

Apple reported Q2 EPS of 1.40; .00 was expected; and revenue of $89.58B; $77.30B was consensus.  Apple boosted its dividend to .22 from .205 and increased its buyback scheme by $90B.  The stock jumped 4% in after-hour trading.

AP: Biden admin is considering a near wholesale rollback of Trump-era sanctions imposed on Iran to revive nuke deal [Obama’s cherished appeasement of Iran has returned.  It is his 3rd term after all!]
CDC now says it does NOT yet recommend pregnant women get COVID-19 vaccines despite its director saying the agency endorses the shots for expectant mothers [flip-flop again; what science?]
https://www.dailymail.co.uk/health/article-9518731/CDC-walks-directors-recommendation-pregnant-women-Covid-vaccines.html

@WSJecon: The $1.8 trillion proposal President Biden plans to unveil tonight follows a $1.9 trillion Covid-19 relief law and comes as he is also promoting a $2.3 trillion infrastructure package that includes new spending on bridges, roads and broadband internet.
https://www.wsj.com/articles/biden-to-propose-1-8-trillion-plan-aimed-at-families-tax-hikes-for-wealthiest-americans-11619600400

Biden set to announce $1.8tn plan to expand US social safety net
‘American Families Plan’ to cover areas such as childcare and be funded by tax increases on wealthy
https://t.co/4GHq81a9sZ

The People behind Biden plan included $225B for childcare expenses; $225B to seed a national family and medical leave scheme; $200B for universal pre-K schooling, $109B for two free years of community college, subsidies for insurance payments, and up to a $3600 tax credit per child until 2025 (after the 2024 Election, of course).

The socialists behind Biden reportedly will propose the following tax hikes:

  • Personal income top tax rate to 39.6%
  • Capital gains tax to 39.6% from 20% for those earning $1 million or more
  • Eliminates the “step-up in basis” capital gains tax break on inheritances that allows heirs to use the market value of assets at the time of inheritance rather than the actual purchase price as the cost basis for capital gains when the holdings are sold.
  • The elimination of carried interest for private equity & hedge funds was omitted at the last hour
  • Eliminates the tax break for property investors that sell one holding for a more expensive one.

The current Fed is the most liberal US central bank, in policy and attitude, in its history.  But the people that run Biden are pushing him to make the Fed even more liberal.

Biden is being urged by activists to make potentially significant changes at the U.S. central bank

  • Fed Up campaign praises Powell but wants more done on equality
  • Powell’s term as chair up in February. Other top roles in play…
  • Vice Chair Richard Clarida’s tenure as a Board governor ends the month before…

Fed Up urges the White House to back legislation to require the Fed to discuss racial employment and wage gaps twice a year, and what steps it is taking to eliminate them, and to create Fed Accounts to provide access to lower cost financial services and the more efficient distribution of federal benefits and aid…  https://t.co/4m97IyAXLq

@EamonJavers: Biden will tell Congress tonight: “Wall Street didn’t build this country. The middle class built this country. And unions built the middle class.” [But Wall St. built, supported, and funded Biden!]

The people that run Biden made the SOTU an invitation-only Joint Session of Congress!  Do they fear Americans might see sour reactions to the socialist schemes?  PS – Congress has been vaccinated.

@jason_meister: Joe Biden is expected to refer to the Capitol Hill riots as “the worst attack on our democracy since the Civil War” in his speech. The only person murdered on January 6th was an unarmed Trump supporter…[Team Biden eschewing 9/11, Pearl Harbor, decades of riots & terror attacks]

@robbystarbuck: The crowd at the Capitol on Jan. 6th didn’t fire one shot and they didn’t kill one person. It wasn’t even the worst thing in the last year. Lawlessness destroyed our nation all last summer. Countless deaths, injuries and rapes resulted from Antifa/BLM riots and autonomous zones

@EmeraldRobinson: The GOP is so upset about Biden’s radical agenda that 20 GOP senators just voted for Samantha Power to run USAID today. That’s the same Samantha Power who illegally unmasked Americans to spy on the Trump campaign.  What does the GOP stand for? Nothing.

Federal Investigators Execute Search Warrant at Rudy Giuliani’s Apartment
Prosecutors obtained the warrant as part of an investigation into whether Mr. Giuliani broke lobbying laws as President Trump’s personal lawyer. [Meanwhile, Hunter Biden…]
    Under the Foreign Agents Registration Act, or FARA, it is a federal crime to try to influence or lobby the United States government at the request or direction of a foreign official without disclosing it to the Justice Department… [Yet Clinton & Obama stooges, including John Kerry, were given FARA passes!]
https://www.nytimes.com/2021/04/28/nyregion/rudy-giuliani-trump-ukraine-warrant.html

@DailyMail: ‘This is Trump derangement syndrome’: Giuliani’s lawyer accuses FBI of ‘ignoring Hunter’s hard drives’ during raids’ – Feds examining if Giuliani was an unregistered foreign lobbyist
https://www.dailymail.co.uk/news/article-9521931/DOJ-executes-search-warrant-Rudy-Giulianis-Manhattan-apartment.html

@EmeraldRobinson: It’s strange that when John Kerry gets into trouble for helping Iran, Rudy Giuliani suddenly gets raided by the Feds.

FISA court doc shows FBI looked for domestic terrorists without warrants, report
Seven FBI field offices were implicated in violations…
[And the Bureau still cannot halt mass murders committed by people on their watch list.]
https://justthenews.com/government/courts-law/fisa-court-docs-show-fbi-looked-domestic-terrorists-without-warrants-report

FBI combed through NSA’s trove of Americans’ communications WITHOUT a warrant in its search for ‘racially motivated violent extremists’ when it was already warned the practice was unconstitutional
https://www.dailymail.co.uk/news/article-9516639/FBI-sifted-troves-foreign-communications-information-American-WITHOUT-warrant.html

@rorycooper: Here’s a shocker. As teacher unions forced children out of schools, they ramped up their political giving to Democrats by millions. This corrupt money should be toxichttps://t.co/TF36Fh6gzT

@CortesSteve: California rejects 1 out of 5 signatures in Recall Newsom drive. But, in 2020, CA rejected a miniscule 0.6% of all mail-in ballots. Two sets of rules?

It’s one of “the most wonderful times of the year”: The NFL Draft begins! 

end

We will close today’s commentary with this offering courtesy of Greg Hunter interviewing 

 

(Greg Hunter/)

 

end

I WILL SEE  YOU FRIDAY NIGHT

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