APRIL 30//GOLD CLOSED UP 20 CENTS TO $1768.70//SILVER WAS DOWN 16 CENTS TO $25.86//GOLD TONNAGE STANDING FOR MAY: 3.5 TONNES//SILVER STANDING: 37.7 MILLION OZ//CORONAVIRUS UPDATES//VACCINE UPDATES//RUSSIA VS UKRAINE UPDATE//IRAN UPDATE//IRAN NUCLEAR DEAL VS ISRAEL//COMMODITY UPDATES:PALLADIUM COPPER AND CHICKENS//USA ECONOMIC DATA//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1768.70   UP $0.20   The quote is London spot price

Silver:$25.86 down  $0.16   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1769.10 LONDON SPOT  4:30 pm

ii)SILVER:  $25.90//LONDON SPOT  4:30 pm

 

 

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

 

 

PLATINIUM  $1199.55 down $4.90

PALLADIUM: 2937.45 down $16.14  PER OZ* after hitting $3,002.00 at 4 am this mornig.

 

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  466/692

EXCHANGE: COMEX
CONTRACT: MAY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,768.100000000 USD
INTENT DATE: 04/29/2021 DELIVERY DATE: 05/03/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 261
332 H STANDARD CHARTE 198
365 H ED&F MAN CAPITA 6
435 H SCOTIA CAPITAL 63
657 C MORGAN STANLEY 56
661 C JP MORGAN 466
686 C STONEX FINANCIA 250
737 C ADVANTAGE 31 28
905 C ADM 25
____________________________________________________________________________________________

TOTAL: 692 692
MONTH TO DATE: 692

ISSUED: 0

Goldman Sachs:  stopped: 0

also they filed the last 67 notices for April/6700 oz

final gold standing:  30,649 notices for 3,064,900 oz or 95.331 tonnes

 
 

NUMBER OF NOTICES FILED TODAY FOR  MAY. CONTRACT: 692 NOTICE(S) FOR 69200 OZ  (2.1524 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  692 NOTICES FOR 69,200 OZ  (2.1524 tonnes) 

SILVER//MAY CONTRACT

 

5123 NOTICE(S) FILED TODAY FOR 25,615,000  OZ/

total number of notices filed so far this month: 5123 for 25,615,000  oz

 

BITCOIN MORNING QUOTE  $54,216   UP 1309 DOLLARS

BITCOIN AFTERNOON QUOTE.:$56,879 UP 3972 DOLLARS  

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $0.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

 A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//:  A PAPER  WITHDRAWAL OF 4.67 TONNES OF PAPER GOLD FROM THE 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: 1,017.04 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER DOWN 16 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 165.67 down $0.55 OR  0.33%

XXXXXXXXXXXXX

SLV closing price NYSE 24.012 down $0.24 OR 0.99%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 1813 CONTRACTS FROM 168,235 DOWN TO 166,422, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR TINY $0.02 LOSS IN SILVER PRICING AT THE COMEX  ON THURSDAY. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO FINAL  SPREADER LIQUIDATION  AS WELL AS SOME BANKER AND ALGO  SHORT COVERING !//GOOD REDDIT RAPTOR BUYING//.. COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION AS EVEN THOUGH THE NET TOTAL LOSS ON OUR TWO EXCHANGES EQUALS 288 OR 1.440 MILLION OZ, ALL OF THE LOSS WAS DUE TO FINAL SPREADER LIQUIDATION!.

 

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 1525,, AS WE HAD THE FOLLOWING ISSUANCE: MAY:  100, JUNE: 25 JULY 1400 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 1525 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

37.770 MILLION OZ INITIAL STANDING FOR MAY 

THURSDAY, 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 $0.02). OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS  WE HAD A TINY SIZED LOSS OF 288 CONTRACTS ON OUR TWO EXCHANGES.  HOWEVER THE LOSS WAS SOLELY WAS   DUE TO i)  FINAL SPREADER LIQUIDATION AS WELL AS ii) SOME BANKER/ALGO SHORT COVERING// WE ALSO HAD  iii) GOOD REDDIT RAPTOR BUYING//.    iv)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A VERY STRONG INITIAL  SILVER STANDING FOR COMEX SILVER MEASURING AT 37.805 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 GOLD  (WE SWITCH OVER TO GOLD ON MAY  1)

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

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 GOLD 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 MAY. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD 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 APRIL:

16,946 CONTRACTS (FOR 22 TRADING DAY(S) TOTAL 16,946 CONTRACTS) OR 84.730 MILLION OZ: (AVERAGE PER DAY: 770 CONTRACTS OR 3.85 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF APRIL: 84.730 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: 84.730 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 1,813, WITH OUR $0.02 LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY .THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1525 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A SMALL SIZED LOSS OF 288 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.02 FALL IN PRICE)//THE DOMINANT FEATURE TODAY WAS THE FINAL SPREADER LIQUIDATION ON OUR RAID ATTEMPT// SOME BANKER SHORTCOVERING AND A VERY STRONG INITIAL SILVER OZ STANDING FOR MAY. (37.770 MILLION OZ

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1525 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED DECREASE OF 1813 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.02 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.02//THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

FOR THE NEW MAY.  DELIVERY MONTH/ THEY FILED AT THE COMEX: 5123 NOTICE(S) FOR  25,615,000, OZ OF SILVER.

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 3460 CONTRACTS TO 462,043,AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE FAIR SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE  OF $5.70///COMEX GOLD TRADING//THURSDAY.AS IN SILVER WE MUST HAVE HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR GOOD/FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS WE HAD A FAIR SIZED GAIN OF 3928 TOTAL CONTRACTS ON OUR TWO EXCHANGES.  WE ALSO HAD A STRONG STANDING IN GOLD TONNAGE FOR MAY AT 3.530 TONNES WHICH FOLLOWED APRIL AT TO 95.331 TONNES. 

 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF $5.70 WITH RESPECT TO THURSDAY’S TRADING

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

WE HAD A SMALL SIZED GAIN OF 1307 OI CONTRACTS (4.065 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  AND JUNE:  4767  ALL OTHER MONTHS ZERO//TOTAL: 5918.  The NEW COMEX OI for the gold complex rests at 462,043. 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 INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1307 CONTRACTS: 3460 CONTRACTS DECREASED AT THE COMEX AND 4767 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1307 CONTRACTS OR 4.065 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4767) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (3460 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1307  CONTRACTS. WE NO DOUBT HAD 1 HUGE BANKER SHORT COVERING AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MAY AT 3.530 TONNES 

3) ZERO LONG LIQUIDATION,  /// ;4) SMALL COMEX OI LOSS AND 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR LOSS IN GOLD PRICE TRADING THURSDAY//$5.70!!.

 

 
 
 
 
 

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 : 60,906, CONTRACTS OR 6,090,600 oz OR 189.44 TONNES (22 TRADING DAY(S) AND THUS AVERAGING: 2768 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 22 TRADING DAY(S) IN  TONNES: 189.44 TONNES

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

THUS EFP TRANSFERS REPRESENTS 189.44/3550 x 100% TONNES =5.33% 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:      189..44 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 1813 CONTRACTS FROM 168,235 DOWN TO 166,422 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) FINAL SPREADER LIQUIDATION FOLLOWED BY; 2) SOME BANKER SHORT COVERING//ALGO SHORT COVERING// GOOD REDDIT// RAPTOR BUYING , 3) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG  STANDING FOR SILVER AT THE COMEX MAY MEASURING AT 37,805 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:

 MAY: 100 AND JUNE: 25, JULY 1400: 0ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1525 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 1813 CONTRACTS AND ADD TO THE 1525 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED LOSS OF 288 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 1.440 MILLION  OZ, OCCURRED WITH OUR $0.02 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, Gold

(Mark O’Byrne/zerohedge + OTHER COMMENTARIES

3. ASIAN AFFAIRS

i))FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 28.04 PTS OR 0.81%   //Hang Sang CLOSED DOWN  578.38 PTS OR  1.97%     /The Nikkei closed DOWN 241.34 POINTS OR 0.83%//Australia’s all ordinaires CLOSED DOWN 0.75%

/Chinese yuan (ONSHORE) closed UP AT 6.4670 /Oil UP TO 63.80 dollars per barrel for WTI and 66.84 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT GERMAN DAX  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4670. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4648   : /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 FAIR BY A SMALL SIZED 3460 CONTRACTS TO 462,043 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 $5.70 IN GOLD PRICING THURSDAY’S COMEX TRADING…WE ALSO HAD A FAIR/GOOD EFP ISSUANCE (4767 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/FAIR 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:  ;:  0, JUNE:  4767 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4767  CONTRACTS .(DESPITE THE STRONG BACKWARDATION IN GOLD FOR JUNE/AUG VS SPOT)

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 1307  TOTAL CONTRACTS IN THAT 4767 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST FAIR SIZED  COMEX OI  OF 3460 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY(3.530) WHICH FOLLOWED  (95.331 TONNES) IN APRIL, WHICH FOLLOWED 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 $5.70)., BUT  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL NET GAIN ON OUR TWO EXCHANGES OF 1307 CONTRACTS.  THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 12.217 TONNES TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAY (3.530 TONNES)..I  STRONGLY BELIEVE THAT 0UR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL GAIN IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”. 

NET GAIN ON THE TWO EXCHANGES :: 1307 CONTRACTS OR  130,700 OZ OR  4.065  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:  462,043 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 46.20 MILLION OZ/32,150 OZ PER TONNE =  1437 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1437/2200 OR 65.31% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:280,115 contracts// volume /dreadful//volumes used in raid today   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  246,053 contracts//  better but volumes used in raid yesterday //most of our traders have left for London

 

APRIL 30 /2021

 
INITIAL STANDINGS FOR MAY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz

end

 

.

 

Deposits to the Customer Inventory, in oz
 
nil OZ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
692  notice(s)
69200 OZ
(2.1524 TO
No of oz to be served (notices)
443 contracts
(44300oz)
 
1.3779 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
692 notices
69,200 OZ
2.1524 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 0 withdrawal
 
 
 
 
 
 
 
 
 
total withdrawals: nil oz
 
 
 
 
 
 

We had  1  kilobar transactions (1 out of 4 transactions)

ADJUSTMENTS  4//  all dealer to customer

 

i) Brinks:  5,883.633 oz  183 kilobars

ii) HSBC 10,704.305  oz

iii) JPMorgan: 2832.824 oz

iv) Manfra: 53,941.171 oz  

 

 
 
 
 

The front month of MAY registered a total of 1135 CONTRACTS for a GAIN of 71 contracts. 

thus be definition, the initial amount of gold standing at the comex for the non active delivery month of May

is as follows:

 

1135 notices x 100 oz per notice =  113500 oz or 3.530 tonnes 

 

 
 
JUNE LOST 5944 CONTRACTS DOWN TO 369,640
 
AUGUST GAINED 1768 CONTRACTS UP TO 47,554

We had 692 notice(s) filed today for  69,200   oz

FOR THE MAY 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  692  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 466 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 MAY /2021. contract month, we take the total number of notices filed so far for the month (692) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY:  1135 CONTRACTS ) minus the number of notices served upon today 692 x 100 oz per contract) equals 113,500 OZ OR 3.530 TONNES) the number of ounces standing in this  active month of APRIL

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

No of notices filed so far (692) x 100 oz  +1135 OI for the front month minus the number of notices served upon today (692} x 100 oz which equals 113,500 oz standing OR 3.530 TONNES in this  active delivery month of MAY.

 

 

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 476.10 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 3.530 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,570,542.542 oz or 546.51 tonnes
 
 
total weight of pledged:  2,260,936.250 oz or 70.32 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,309,606.0 (476,10 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,309,606.0 (476.10 tonnes)
 
total eligible gold: 17,236,087.903 oz   (536.11 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 30/2021
 
 

 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//MAY

MAY. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
587,333.490
 
oz
Brinks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
575,759.926 oz
 
 
Delaware
JPMorgan.
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
let’s see if this leaves on Monday.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
5123
 
CONTRACT(S)
(25,615,000 OZ)
 
No of oz to be served (notices)
2431 contracts
 12,155,000 oz)
Total monthly oz silver served (contracts)  5123 contracts

 

25,615,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 1 deposit into the dealer 
i) Into the dealer Brinks:  587,333.490 oz

total dealer deposits: 587,333.490        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into Delaware:  55,213.496  oz

ii)Into JPMorgan: 520,546.430 oz

 

 
 
 
 
 

JPMorgan now has 187.20 million oz of  total silver inventory or 51.81% of all official comex silver. (187.2 million/361.318 million

total customer deposits today 575,759.926   oz

we had 0 withdrawals

 

 
 
 
 
 

total withdrawals nil   oz

We had 2 adjustments:  1 dealer to customer

Manfra:  99,454.339 oz

and one customer to dealer:

JPMorgan:  2,388,819.990 oz


 

 

 
 
 

Total dealer(registered) silver: 120.010 million oz

total registered and eligible silver:  361.218 million oz

a net 1.1 million oz enters the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
 
 

May fell in  contracts, losing  3,779 contracts to stand at  7,554 contracts

Thus by definition the initial amount of silver standing in this very active delivery month of May is as follows:

 

7554 notices x 5,000 oz per notice =  37,770,000 oz  

 

No of notices filed today:  5123

June GAINED 77 contracts up to 1891.

July gained a strong 1913 contracts up to 134,400 contracts

 
 

To calculate the number of silver ounces that will stand for delivery in MAY. we take the total number of notices filed for the month so far at  5123 x 5,000 oz = 25,615,000 oz to which we add the difference between the open interest for the front month of MAY (7554) and the number of notices served upon today 5123 x (5000 oz) equals the number of ounces standing.

Thus the MAY standings for silver for the APRIL/2021 contract month: 5123 (notices served so far) x 5000 oz + OI for front month of MAY (7561)  – number of notices served upon today (5123) x 5000 oz of silver standing for the Jan contract month .equals 37,770,000 oz. ..VERY STRONG FOR AN ACTIVE MAY MONTH.

the big question: where is the 100 million oz of silver that Sprott has sought? 

 

TODAY’S ESTIMATED SILVER VOLUME 29,043 CONTRACTS // volume very weak// 

 

FOR YESTERDAY  94,908  ,CONFIRMED VOLUME/ strong//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; 30/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –1.25% to NAV:   (APRIL 30/2021 )

Note: /Sprott physical gold trust is back into NEGATIVE/0.41%(APRIL30/2021)

(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 30/WITH GOLD UP $0.20 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD///INVENTORY RESTS AT 1017.04 TONNES.

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 30 / GLD INVENTORY 1021.70 tonnes

LAST;  1050 TRADING DAYS:   +83.07 TONNES HAVE BEEN ADDED THE GLD

LAST 950 TRADING DAYS// +  267.59TONNES  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 30//WITH SILVER DOWN 16 CENTS TODAY; No CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

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 30/2021
567.481 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Lawrie williams:

 

EGON VON GREYERZ//

 

OR

Peter Schiff..

 
or
PAM AND RUSS MARTENS

Wall Street On Parade

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

With the USA weaponizing the dollar they risk what happened to the British sterling after World War ii when the dollar replaced in as the world’s reserve currency

(Stirling/BloombergNews/GATA)

Weaponizing the dollar risks duplication of Sterling’s decline, study says

 

 

 Section: Daily Dispatches

 

By Craig Stirling
Bloomberg News
Thursday, April 29, 2021

U.S. officials leveraging the dollar’s dominance as a reserve currency to wield influence should heed the lessons of the Sterling area’s decline, according to a newly published study.

The paper, released this month by the Centre for Economic History at Queen’s University Belfast, looks at how international monetary leadership can end by chronicling the disintegration of the pound’s hold on the global economy in the decades after World War II.

In findings that should worry U.S. leaders tempted to weaponize the dollar for geostrategic gains, we find that constraints imposed on Sterling-area members accelerated exits,” the authors wrote. “Just as recent U.S. efforts to sanction and exclude countries from the dollar order have accelerated efforts to find alternatives, so too did Britain’s imposition of direct controls and constraints.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2021-04-29/weaponizing-dollar-ri…

 

end

For your interest….

Royal Mint unveils giant L10,000 gold coin

 

 

 Section: Daily Dispatches

 

From the Press Association
via The Guardian, London
Thursday, April 29, 2021

The Royal Mint has produced a 10-kilogram (22-pound) gold coin, the biggest in its 1,100-year history. It took 400 hours to produce the coin — described by the Mint as a “masterwork” — including four days of polishing.

The coin has already been sold. The Mint did not give details about the sale or buyer, but said a coin of this calibre and craftsmanship would be priced in the region of six figures.

END

Bill Murphy interviewed by Belgian bullion dealership, John Verkuringen

(GATA)

GATA Chairman Murphy interviewed by Belgian bullion dealership

 

 

 Section: Daily Dispatches

 

11:58a ET Thursday, April 29, 2021

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy was interviewed this week by Johnny Verkuringen, chief executive of the European Gold Standard bullion dealership in Belgium (https://www.europesegoudstandaard.be/nl), discussing gold market manipulation by governments and investment banks and GATA’s work against it.

The interview is 16 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=TOYVlm0kyG4 

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

END

The author is correct:  China owns probably 25,000 tonnes of gold

Domenic Frisby/GATA

Dominic Frisby: China owns a lot more gold than it’s letting on — and here’s why

 

 

 Section: Daily Dispatches

 

By Dominic Frisby
Money Week, London
Wednesday, April 21, 2021

It has been clear for some time that China has designs on the US dollar’s global reserve currency status. For China, this is simply a return to its rightful position on top of the world. To us Western usurpers, the implications of this are just enormous.

Nine in ten central banks are working on digital currencies, according to research by Fintech and IT Benchmarks 2021, but none (except perhaps the Bahamas), are as advanced as China, which has been working on its since at least 2014. Word is, it wants it to be fully functional in time for the Beijing Olympics in 2022. Forget Rishi Sunak’s Britcoin, China is way ahead.

The Wall Street Journal, meanwhile, reports that Chinese broadcaster CGTN has been circulating an animation in English of a man in an American-flag shirt being knocked out by a golden coin with the stamp of the digital yuan. One word stuck out for me from that Wall Street Journal piece – “golden”. Gold is some useless, inert asset, right? Whose heyday was in the 19th century, as irrelevant to modern finance as the horse is to transport? …

… For the remainder of the report:

https://moneyweek.com/investments/commodities/gold/603131/how-much-gold-…

END

 

Tanzania starts a gold refinery and production of gold increases that to Jim Sinclair and his gang!

(Yahoo/GATA) 

Tanzania gold refinery starts producing in drive to boost revenue

 

 

 Section: Daily Dispatches

 

From Reuters
via Yahoo News, Sunnyvale, California
Thursday, April 29, 2021

DAR ES SALAAM, Tanzania — A new gold refinery set to be the biggest in Tanzania has begun production in a step towards the government’s aim of processing more of the precious metal domestically.

Africa’s fourth-biggest gold producer and home to industrial gold mines run by Barrick, AngloGold Ashanti, and others, Tanzania has been trying to formalise subsistence gold mining and develop refineries to generate more revenue from the sector.

The refinery — in Mwanza, a city on Lake Victoria — is processing gold from sources including subsistence or “artisanal” miners, Tanzania’s State Mining Corp. (STAMICO), a 25% shareholder, said.

Subsistence miners have been estimated to number around 1 to 1.5 million in Tanzania, though the actual number could be much higher. Gold mining has become more attractive as prices jumped. …

… For the remainder of the report:

https://finance.yahoo.com/news/tanzania-gold-refinery-starts-producing-1…

END

Fascinating: former uSA Mint director states and gold and silver shorts can never be covered with real physical metal

(GATA//Kitco)

Former U.S. Mint director says gold and silver shorts can’t be covered with metal

 

 

 Section: Daily Dispatches

 

7:34p ET Thursday, April 29, 2021

Dear Friend of GATA and Gold:

Getting dangerously close to relevance, Kitco News Editor-in-Chief Michelle Makori today induces former U.S. Mint Director Ed Moy to say that gold and silver supplies are extremely tight but gold and silver futures positions are “artificially depressing” prices. Moy adds that “paper” gold and silver are extremely leveraged and can’t possibly be covered by real metal.

Moy says he expects the gold and silver futures shorts to be lifted this year.

The interview is headlined “Mints Are Running Out of Gold; Not Enough Physical Silver to Cover Paper — Former U.S. Mint Director,” is 10 minutes long, and can be viewed at Kitco here:

https://tinyurl.com/4facmpss

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

END

Hopefully the New Orleans Investment Conference will be attended in person

(Lundin/GATA) 

Brien Lundin: The New Orleans Investment Conference is returning — in person

 

 

 Section: Daily Dispatches

 

By Brien Lundin
Gold Newsletter, Metairie, Louisiana
Thursday, April 29, 2021

https://goldnewsletter.com/

It’s been an open secret in the industry, but we’re hard at work planning to host this year’s New Orleans Investment Conference in person.

https://neworleansconference.com/

Enough of this pandemic craziness — we can’t wait to meet you face-to-face, shake hands, have a few hugs, and catch up like we just can’t do in a virtual setting.

.

As things are progressing, and subject as always to unforeseen developments, it looks like everything will fall into place by the October 19-22 dates of this year’s event. The United States looks safely on trend. (As I write, Louisiana has just dropped its mask mandate and is actually refusing its full allocation of vaccines.

On the other hand, Canada — where so many of our friends and supporters reside — is a bit behind, but I’m confident they’ll be in good shape by mid-summer.

So we’re going full-bore for the kind of conference experience that has made this event legendary — where you can mingle with so many of the world’s most notable experts among our speakers, and most successful and insightful investors among our audience.

From the feedback I’ve been getting from long-time attendees and exhibitors, everyone is dying to get back to in-person events generally, and back to New Orleans specifically.

So I think New Orleans 2021 is going to be a real blockbuster — a veritable homecoming for gold bugs from around the world and an event that we’ll be talking about for many years to come.

We’re already well into our planning and have much of our speaker roster lined up. I don’t want to spring all the surprises just yet, but rest assured that you’re going to be amazed at our speakers and our agenda.

It’s going to be like nothing you’ll find anywhere else.

I’ll be sharing the details with you very soon. In the meantime, there are some special considerations you need to be aware of.

First, because we’re also in the midst of adding our year-round membership concept to our registration, in which everyone will enjoy virtual programs throughout the year and those who can’t travel to New Orleans will be able to “attend” virtually at a reduced cost.
Because of this, we don’t yet have on-line registration available. 

But you can add your name, with no obligation, to our “wait list” by visiting:

tinyurl.com/53arcc5e

This will let us know you want to come, so we’ll save a spot for you and send you a registration link as soon as it’s available.

Second, it may turn out to be very important that you reserve your place. You see, the current social distancing requirements in New Orleans and in the Hilton Riverside (our host hotel) are limiting our attendance to a number that is a couple hundred short of our average attendance.

Now I fully expect this to change. In fact, I expect there to be no attendance limits by the time of the conference.

But I can’t guarantee that, so we’ll be able to accept reservations only up to whatever limits are in place at the time.

So I urge you to let us reserve your place now, again by visiting —

http://tinyurl.com/53arcc5e

— to put your name on our “wait list.” (You’ll also be treated to our special “welcome back to New Orleans video!)

In the meantime, we’ll keep working on our registration system so we can unveil the extraordinary lineup for New Orleans 2021

* * *

 

iii) Other physical stories:

Palladium tops 3,000  dollars per oz

(zerohedge)

Palladium Tops Record $3,000 Amid EV-Demand Surge, Supply Chain Pressure

 
FRIDAY, APR 30, 2021 – 01:00 PM

Palladium futures climbed Friday to over $3,000 an ounce for the first time as the market is worried about a shortage of the precious metal used mainly by automakers in exhaust systems and green technologies such as hydrogen power. 

Palladium briefly rose above $3,000 an ounce around 0445 ET. As of 0828 ET, palladium was up 1% at $2,981.

Prices have erupted since March 16, up more than 20% since Nornickel, a Russian nickel and palladium mining and smelting company, announced flooding at two of its mines. 

Since the COVID low in March 2020, palladium prices have jumped more than 100%.

“Many people thought palladium at $1,000 was a bubble. Wow was that wrong,” R. Michael Jones, chief executive officer at Platinum Group Metals Ltd. PLG, told MarketWatch. “As the world economy emerges from a COVID economic lockdown, personal transport will almost certainly be very popular.”

Given that, “palladium looks very good here in the short and medium-term,” Jones said.” Long term new applications for palladium and the other platinum group metals look interesting” in terms of the energy transition from hydrogen to batteries, he added.

UBS analyst Giovanni Staunovo told Reuters that palladium has been in a “structural deficit for ten years. We have seen above ground inventories falling to very low levels.” 

Lower inventories of the precious metal come as the global economy, supercharged by central banks and governments unleashing trillions of dollars into financial markets and real economies, has produced a demand surge from consumer and industrial goods.

Chris Blasi, president and chairman at Neptune Global, told MarketWatch that “increased automobile production directly drives increased demand for palladium, which is drawing on a strategic metal whose annual industrial demand has outstripped mine output for several years.”

Palladium is primarily used in catalytic converters in fossil fuel burning vehicles to help control emissions. Earlier this year, we noted catalytic converter thefts across the US skyrocketed as thieves take advantage of higher prices at scrap yards. 

Platinum is another precious metal used in catalytic converters that have seen prices soar to a six-year amid supply shortages

On a per announce basis, palladium is strongly outpacing gold in hopes that more stimulus will create a more robust industrial rebound. 

So the combination of an actual shortage of the precious metal, an artificially supercharged global economy, a green transition for hydrogen technologies, and, of course, momentum traders and anyone trying to make a quick buck has pushed Palladium prices to the moon. 

end

COMMODITY WATCH//COPPER

Copper is on a tear…

MNGordon EconomicPrism.com

Dr. Copper Is Talking; Are You Listening?

 
FRIDAY, APR 30, 2021 – 01:51 PM

Authored by MN Gordon via EconomicPrism.com,

Dr. Fauci still believes there are precarious levels of COVID-19 cases.  But he’s the only one.

By now, even the most fearful amongst us have come to a very obvious conclusion.  Fauci isn’t a real doctor.  He’s a quack.  An imposter.  A fraud.

Most people of sound mind and honest intentions are ready to move on.  Here in the ‘land of fruits and nuts’ things are even opening back up.  Governor Newsom, compelled by a recall election, is now granting some slack to the plebs.  He has to…or he’ll lose his job.

The reopening of an economy following a great plague – or even a moderate virus – is a remarkable time to be alive.  The impossible becomes possible.  DOW 36,000 is now within reach – only 22 years late.

Indeed, it feels great.  The stars have never burned brighter.  Water has never tasted sweeter.  And the first hues of sunrise have never been more colorful.

Yesterday the Commerce Department reported that Q1 GDP increased at an annualized rate of 6.4 percent.  This marks the second highest rate of quarterly growth since 2003 – exceeded only by the epic bounce in third quarter 2020.

But, alas, it did not live up to expectations.  Egghead economists surveyed by Bloomberg predicted Q1 GDP growth at an annualized rate of 6.7 percent.

Somehow $2 trillion in stimulus couldn’t nudge GDP growth above expectations.  But we’re certain the Commerce Department will make up for the 0.3 percent miss in their two scheduled forthcoming revisions to Q1 GDP growth.

Regardless, at this point who really cares.  GDP is backward looking.  What can we expect going forward?  Where are things headed next?

Dr. Copper

To answer this question, we’ll consult with a real doctor – not a quack doctor like Fauci.  Specifically, we turn to Dr. Copper for an honest answer…

Dr. Copper – the metal with a PhD in economics – is always the first to know which way the economy will go.  Copper’s broad use in industry and many different sectors of the economy, ranging from infrastructure to housing and consumer electronics, makes it a good early indicator of economic activity.

When copper prices rise, economic activity soon often follows.  When copper prices fall, the economy often then stagnates.  Over the last year, the price of copper has risen over 90 percent.

Copper is now at a 10 year high of $4.50 per pound, and just a scratch below its all-time high of $4.6255 per pound.  What’s more, the price of copper could go much higher.

Certainly, some of copper’s price rise may be attributed to rising demand for semiconductors, cellular towers, and other electronics.  But at least some of the most recent price rise is due to supply disruption.

The President of Chile, Sebastian Piner, recently had the gall to tell his country’s workers they could not make a third round of early withdrawals from their pension funds.  Piner, a Class A fuddy-duddy, still holds the antiquated belief that one must be retired to spend their pension fund.  And now this is contributing to a global copper supply crunch.

For example, this week port workers in Chile went on strike in protest of Piner’s blockage of additional early withdrawals from pension funds.  The strike threatens to disrupt copper shipments.

The reason this matters is because Chile is the world’s largest copper producer and is responsible for a quarter of the world’s copper mine production.

[Editor’s note: Paid up subscribers to the Wealth Prism Letter are sitting on 235 percent gains on shares of copper miner Freeport-McMoRan, which was recommended in February 2020.  The May edition of the Wealth Prism Letter will be published this coming Monday Morning, May 3.  Subscribe today to get first notice of our new recommendation; one with very promising prospects.]

What to make of it…

Dr. Copper is Talking, Are You Listening?

Copper’s price has been rising for much longer than port workers have been striking in Chile.  We believe it will continue to rise long after workers return to the docks.

Perhaps Dr. Copper is telling us the economy is on the up and up.  That a new building boom has commenced.  That we’re entering a post-COVID-19 period of renewed prosperity. 

Yet if you close your eyes and put your ear to the ground you’ll hear Dr. Copper telling something much, much more.

Specifically, you’ll hear Dr. Copper telling you that money supply inflation leads to asset price inflation, and commodity price inflation, and consumer price inflation, and, ultimately, complete societal breakdown.

The Federal Reserve’s balance sheet has doubled over the last 18-months.  Similarly, the price of copper is up over 90 percent over the last 12 months.  What’s next?

Are you ready for your grocery bill to double over the next year?

You should be.  Crop prices are now at an 8 year high.

Without question, rising consumer prices will amp up to a fever pitch over the hot summer months.  That’s when it will become apparent that the post-pandemic economic rebound was nothing more than an inflation surge.  Copper is telegraphing this.  Agriculture prices are too.

Gold and silver, confounded by enthusiasm for cryptocurrencies, have been left behind.  All the reason to add more to your stash…while you still can.

END

CHICKENS

America Runs Low On Chicken. Blame Surging Demand And Labor Shortages 

 
FRIDAY, APR 30, 2021 – 03:30 PM

By now, Americans are pretty used to living in a third-world country where supply chain disruptions have produced soaring prices for certain foods or even created shortages. It seems like every week, another company is complaining about surging prices for raw materials or shortages. So far, consumers have yet to lash out, but the next nationwide shortage materializing could do just that. 

Bloomberg reports a massive chicken shortage could be developing as fast-food chains have already reported shortages. KFC says it’s struggling to keep up with soaring demand as supplies are tightening. At 750 Bojangles locations, the chain is suffering a “system-wide shortage” of chicken

The most popular meat in the US was broiler chicken, at about 96.4 pounds per capita in 2020. So any shortage and or price surge would easily upset tens of millions of Americans. 

COVID has resulted in a demand surge for chicken. McDonald’s Corp. and KFC, owned by Yum! Brands Inc. reported this week that fried chicken products were selling like hotcakes. There is no direct evidence why chicken demand at fast-food shops is soaring – but one can assume that with millions of Americans still out of work and can barely afford to eat, they’re going buck wild with their stimulus checks at cheap fast food joints. 

“Demand for the new sandwich has been so strong that, coupled with general tightening in domestic chicken supply, our main challenge has been keeping up with that demand,” Yum Chief Executive Officer David Gibbs told investors on a Wednesday. 

McDonald’s said this week that its new chicken sandwich line is “far exceeding expectations.”

Bloomberg notes poultry companies have been struggling to keep up with demand from fast-food chains. According to Pilgrim’s Pride Corp., the second-biggest US chicken producer, they can’t expand capacity due to labor shortages. 

Under a Biden administration, millions of people are getting paid more to sit on their couch and play Xbox or trade crypto than actually find a job. This is already having significant implications on the labor market recovery and the economic recovery as a whole. 

Wingstop Inc.’s chairman, Charles Morrison, warned:

“Suppliers are struggling just as many in our industry are, to hire people to process chicken, thus placing unexpected pressure on the number of birds that can be processed and negatively affecting the supply of all parts of the chicken in the US, not just wings.” 

America is running low on chicken, and a mass shortage appears to be brewing. 

Google search term “chicken shortage” has exploded to new highs as people across the country panic search why there’s no more chicken at their favorite fast food shops. 

So maybe, just maybe, a combination of huge demand and labor shortages at poultry houses creates a massive chicken shortage that could freak out millions of people. 

People on Twitter are not happy about the shortages. 

Is it time to panic hoard chicken? 

END

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

i) Chinese yuan vs USA dollar/CLOSED UP at 6.4670 /

//OFFSHORE YUAN:  6.4648   /shanghai bourse CLOSED DOWN 28.04 pts or 0.81%

HANG SANG CLOSED DOWN 578.38 PTS OR 1.97% 

2. Nikkei closed DOWN 241.34 POINTS OR  0,83%

3. Europe stocks  ALL RED EXCEPT SPAIN 

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:: 63.80 and Brent: 66.84

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.20%/Italian 10 Yr bond yield UP to 0.90% /SPAIN 10 YR BOND YIELD UP TO 0.47%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.10: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.98

3k Gold at $1766.00 silver at: 25.89   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 41/100 in roubles/dollar) 75.09

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 .9107 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1000 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.20%

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 1.646% early this morning. Thirty year rate at 2.303%

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

6.  TURKISH LIRA:  DOWN  TO 8.26.. DEADLY

Futures Slide On Last Day Of April Despite Blowout Earnings And Econ Data

 
FRIDAY, APR 30, 2021 – 07:47 AM

As good as it gets.”

U.S. index futures slumped on the final trading day of April, dragged lower alongside European and Asian markets, despite stellar economic data and blockbuster earnings as traders took a month-end breather amid a record high for the S&P 500 Index and some earnings disappointments. The dollar pared April losses, and the VIX jumped.

Russell 2000 futures tumbled 1.1% and Nasdaq 100 futures dropped 0.8% after China’s antitrust crackdown weighed on Asian technology shares. Twitter plunged 13% in premarket trading after forecasting second-quarter revenue below some expectations, while Amazon’s blockbuster earnings helped push the stock to all time highs, although gains were trimmed in the premarket.

As Bloomberg notes, confidence in the U.S. economy has surged amid a string of positive data culminating in a report Thursday that showed quarterly growth at an accelerated 6.4%. Given the Federal Reserve’s dovish resolve, that emboldened investors to stay bullish on stocks despite concern about high valuations. Some speculated Fed Chair Jerome Powell will come under pressure later this year to reassess the extent of accommodation.

Meanwhile, earnings continue to be impressive and with just over a half of S&P 500 companies reporting earnings, about 87% beat market expectations, the highest level in recent years. For both the MSCI world index and the S&P500, analysts are expecting earnings in the next 12 months to recover to above pre-pandemic levels.

“The trouble is the asset froth that results from this — we see asset valuations very, very stretched,” said Yves Bonzon, chief investment officer at Julius Baer Group Ltd. “Will Chairman Powell blink and start to guide for slightly less accommodative policy sooner than expected? That could be a risk as early as the third quarter.”

But not yet, and the MSCI’s index of world stocks covering 50 markets dipped 0.1% but remained close to a record peak touched the previous day, up 5% on the month.

“The Federal Reserve continues to support, Biden has this huge stimulus programme as well and the earnings season continues — so far we have seen relatively benign as well as strong earnings,” said Eddie Cheng, head of international multi-asset portfolio management at Wells Fargo Asset Management.

Europe’s Stoxx 600 Index reversed earlier gains and fell as much as 0.4% to a session low, with basic resources the worst-performing European sector, sliding 1.6%; Technology -1%, Travel & Leisure -0.9%, Energy -0.9%; Telecoms, Healthcare and Insurance are only industry groups out of 20 that are in the green. Here are some of the biggest European movers today:

  • AstraZeneca shares rise as much as 4.4% after the company reported profit and sales that exceeded analyst estimates in the first quarter and reiterated FY guidance. The company’s cancer drugs are among key products helping overcome disruption from Covid-19.
  • Signify shares jump as much as 7.9% to a record after first-quarter results that Degroof Petercam said were “much stronger than anticipated,” saying results were supported by robust consumer demand for digital products.
  • Banco Sabadell shares jump as much as 7.4% to highest in more than a year after the Spanish lender reported earnings that Barclays says are good, with solid commercial trends.
  • Barclays shares drop as much as 7.5% after the bank warned that costs are rising and reported a quarterly bad debt provision of GBP55m, despite peers releasing funds this week. Strength in the investment banking arm came at a cost, adding to the firm’s bonus expenses.
  • Scatec shares drop as much as 12% after earnings. Pareto says the Norwegian solar firm had a “mixed quarter” and adding that long- term it “will be difficult for Scatec to live up to what we view as unrealistic market expectations on future growth and profitability.”

Eurozone GDP and inflation data surprised to the upside, with economic growth shrinking -0.6%, better than the -0.8% expected, while HICP came in at 1.6%, in line with expectations as unemployment of 8.1% was also better than tha 8.3% expected. France, the euro zone’s second-biggest economy, saw stronger than expected growth in the first quarter.

“The speed of the vaccinations is picking up and the EU recovery fund is also finally getting off the ground” said Commerzbank analysts adding that “there is increasingly bright light at the end of the tunnel.”

It wasn’t all roses: Q1 GDP in largest economy Germany fell more than expected on a seasonally adjusted basis. Germany’s 10-year Bund yield, which moves inversely to price, slipped 0.009% to -0.202%. The German economy contracted by a greater than expected 1.7% in the first quarter as a lockdown in place since November to contain the coronavirus stifled private consumption in Europe’s largest economy, data showed on Friday.

“The coronavirus crisis caused another decline in economic performance at the beginning of 2021,” the Federal Statistics Office said. “This affected household consumption in particular, while exports of goods supported the economy.” A Reuters poll had pointed to a first-quarter contraction of 1.5%.

Earlier in the session, Asian stocks fell as China’s crackdown on technology and its disappointing economic data damped sentiment. The MSCI Asia Pacific Index was down 0.9% on Friday, with Hong Kong’s Hang Seng Index leading the region lower, falling 2% after Chinese regulators imposed wide-ranging restrictions on the financial divisions of 13 companies. Tencent and Meituan, which dropped 3.6%, were among the biggest drags on the MSCI Asia Pacific Index.

Chinese shares also took a hit after data showed manufacturing slipped in April and the services sector weakened. The April NBS manufacturing PMI fell to 51.1 from 51.9 in March and below the 51.8 consensus while Caixin manufacturing PMI improved to 51.9 from 50.6 in March. Mixed signals from two manufacturing PMI surveys due to sample differences likely suggest relatively faster growth in machinery manufacturing sectors in April and solid external demand. Overall, manufacturing growth remained decent in April. The NBS non-manufacturing PMI moderated to 54.9 from 56.3 in March, also missing the 56.1 consensus. Construction activities decelerated more meaningfully than services.

Energy and financials pushed the CSI 300 Index down 0.8%. Asian stocks are still headed for a gain of more than 1.6% in April, their third monthly advance in four. Material and tech stocks are leading the advance as investors continue to bet on a global economic recovery. Taiwan’s Taiex index, which is closed for a holiday along with Vietnam, gained almost 7% in April, the best performance in the region so far. Taiwan equities are “set to keep EM Asia leadership,” driven by a brighter outlook on exports as developed market economic activity continues to pick up, Bloomberg Intelligence analyst Marvin Chen wrote in a note.

New coronavirus infections in India surged to a fresh record and France’s health minister said the dangers of the Indian variant must not be underestimated. “Risky assets have had quite a few wobbles within the month,” said Eddie Cheng, head of international multi-asset portfolio management at Wells Fargo Asset Management.. “We need to get used to the fact that this is not going to be a straight line.”

In rates, the 10-year Treasury yield was steady and on course for the biggest monthly decline since July. Treasuries were little changed as U.S. trading gets under way after paring Asia-session declines that were led by a supply-induced selloff in Australian bonds. Yields are higher by less than 1bp across the curve, 10-year 1.64% vs session high 1.658%; 50-DMA at about 1.59% Friday continues to provide support.  Yields are higher on the week, in which stocks, commodities and inflation expectations have moved up, but Treasuries remain on pace for their first monthly gain since November. 10-year yield touched 1.686% Thursday, highest since April 13, and is 8bp higher on the week, reflecting inflation concerns that persist despite the Fed’s view of a still-fragile U.S. economy.

In FX, the Bloomberg Dollar Spot Index was higher as the greenback advanced against most of its Group-of-10 peers after it got some traction as London trading got underway. The dollar advanced beyond the 1.21 handle versus the euro despite mostly better than forecast data out of the euro zone. The pound trailed both the dollar and euro as investors prepared for next week’s Bank of England meeting; banks are divided over whether policy makers will taper bond purchases or wait until later. Scandinavian currencies were the worst G-10 performers but were still set to end the month as peer-group winners. The Australian dollar was steady while the nation’s bond yields rose, tracking higher Treasury yields and ahead of a 2031 bond auction; kiwi bonds slid after a very large offer emerged at the central bank’s QE operation. The yen rebounded from a two-week low as a decline in equities supported demand for haven assets ahead of a holiday in Japan next week.

In commodities, oil prices took a breather after hitting six-week highs on strong U.S. economic data, on concerns about wider lockdowns in India and Brazil. Brent slipped 0.54% to $68.19 per barrel, after having hit a high of $68.95 on Thursday, while U.S. West Texas Intermediate (WTI) fell 0.78% to $64.50 per barrel.

To the day ahead now, in the US we get the personal income and personal spending data for March, the MNI Chicago PMI for April and the final University of Michigan consumer sentiment index for April. From central banks, the Fed’s Kaplan will be speaking, while earnings releases include Exxon Mobil, Chevron, AbbVie and Charter Communications.

Market Snapshot

  • S&P 500 futures down 0.3% to 4,191.25
  • MXAP down 0.8% to 207.06
  • MXAPJ down 0.9% to 698.55
  • Nikkei down 0.8% to 28,812.63
  • Topix down 0.6% to 1,898.24
  • Hang Seng Index down 2.0% to 28,724.88
  • Shanghai Composite down 0.8% to 3,446.86
  • Sensex down 1.4% to 49,046.71
  • Australia S&P/ASX 200 down 0.8% to 7,025.82
  • Kospi down 0.8% to 3,147.86
  • Brent Futures down 0.83% to $67.99/bbl
  • Gold spot down 0.15% to $1,769.56
  • U.S. Dollar Index up 0.2% to 90.793
  • STOXX Europe 600 was little changed at 439.11
  • German 10Y yield fell 1 bps to -0.202%
  • Euro down 0.21% to $1.2096

Top Overnight News from Bloomberg

  • The euro-area economy slid into a double-dip recession at the start of the year as strict coronavirus lockdowns across the region kept many businesses shuttered and consumers wary to spendU.K. house prices surged at the strongest pace since 2004 this month as the country eased out of lockdown and buyers rushed to take advantage of an extended tax break on purchases
  • Copper’s surge toward a record high is starting to cause stress for industrial consumers in China, such as manufacturers of electric wire and end-users such as power grids and property developers
  • World powers are working to restore their nuclear agreement with Iran by the middle of May, before a key monitoring deal expires, with talks now in their third week bogged down over which sanctions the U.S. intends to lift
  • UBS Group AG will relocate its Tokyo-based rates trading business to Sydney by the end of this year as the Swiss bank reorganizes its Asia-Pacific operations

Quick look at global markets courtesy of Newsquawk

Asian stocks traded subdued after the momentum from yesterday’s intraday rebound and fresh record highs on Wall Street waned, with the region tentative on month-end and as participants digested an influx of earnings and mixed data releases, while an extended weekend for key markets in which Japan and China will remain closed through to Wednesday also contributed to the paring of risk. ASX 200 (-0.8%) declined with broad early pressure across all sectors. In addition, the recent pullback in copper from a decade high and announcement by ANZ Bank of a substantial impact to its H1 net also added to the sombre mood. Nikkei 225 (-0.8%) was dragged lower by currency inflows and amid an overload of recent earnings releases ahead of its 5-day closure but with losses stemmed following stronger than expected Industrial Production data and after the Japanese cabinet approved the use of JPY 500bln in reserve funds to support businesses impacted by pandemic and curbs. Hang Seng (-2.0%) and Shanghai Comp. (-0.8%) weakened heading into the Labor Day holidays for the mainland and amid a deluge of corporate results including the largest banks which were pressured after relatively tepid earnings growth amongst China’s big four banks although PetroChina was bolstered following a jump in earnings. There were also concerns regarding a crackdown on the tech sector after Chinese regulators warned of tighter oversight for its tech giants and ordered 13 firms to adhere to tighter regulation of data and lending practices, while markets also reflected on the latest Chinese PMI data in which official Manufacturing and Non-Manufacturing PMI disappointed but remained in expansionary territory and Caixin Manufacturing PMI topped estimates. Finally, 10yr JGBs were steady after the indecisiveness in T-notes and amid the lack of BoJ purchases in the market today, while the central bank also recently announced its bond buying intentions for May whereby it maintained the amounts and frequency of JGB purchases across all maturities.

Top Asian News

  • Pertamina Exploration Unit Said to Mull $3 Billion Jakarta IPO
  • China Policy Banks Postpone Earnings, Echoing Last Year’s Delay
  • Taiwan’s Economy Grows Fastest Since 2010 on Export Boom
  • China Stocks Fall After PMI Data, Tech Leads Drop in Hong Kong

Major bourses in Europe are again subject to lacklustre morning trade (Euro Stoxx 50 -0.1%), as newsflow remains quiet on month-end, and earnings take focus. State-side futures are subdued vs their counterparts across the pond, with relatively broad-based and modest downside experienced across peers. It’s also worth noting that Japanese and Chinese players will be away from their desks next week until the 5th of May amid domestic holidays – thus overnight volume is likely to be low during the first half of next week. Back to Europe, Germany’s DAX (+0.5%) narrowly outperforms regional peers after yesterday’s underperformance coupled with some gains across large-cap stocks, albeit the breadth among European cash bourses remains narrow. In-fitting with the indecisive tone, sectors across Europe are mixed and again it is difficult to observe a particular theme given earnings distortions. The healthcare sector is the clear outperformer as AstraZeneca (+3.3%) soars post-earnings after side-lining reports that point to a delay in its vaccine’s US FDA approval. On the flip side, the basic resources sector stands as the laggard amid a pull-back in base metal prices, whilst banks also reside towards the bottom of the pile as yields waned from yesterday’s best levels and following corporate updates from Barclays (-4.7%), BNP Paribas (-1.0%) and BBVA (+0.9%), although the latter has nursed opening losses. Some attribute the downside in Barclays and BNP to sluggish fixed income trading performances vs rivals including JPM, Goldman Sachs and Deutsche Bank (+0.1%). Finally, Darktrace (+35%) shares were bolstered on their London debut whereby shares traded above GBP 3.50 at one point vs guided range GBP 2.20-2.80.

Top European News

  • Euro-Area Economy Slips Into Double-Dip Recession: GDP Update
  • Ogury Said to Pick BofA, BNP for IPO at $2.4 Billion Valuation
  • DoorDash Goes on European Deal Hunt Just Months After IPO
  • Synlab Rises After $813 Million IPO as Covid Testing Ramps Up

In FX, only one day left for the Dollar to evade any residual month end selling, and so far so good as it continues to defy bearish rebalancing signals and the ongoing dovish overtones imparted by the Fed with some assistance from a back-up in yields and curve re-steepening. However, the Buck is also benefiting at the expense of others and a degree of consolidation or corrective price action approaching the end of a 4th successive week of depreciation. Looking at the DXY as a proxy, a marginal new recovery high from sub-90.500 lows in the index was forged at 90.822 after the Euro filled remaining bids in to 1.2100 and tripped a layer of stops on the back of weaker than forecast prelim German Q1 sa q/q GDP. However, Eur/Usd has found a base nearby and 2.1 bn option expiries at the round number could be keeping the headline pair underpinned alongside bids in the Eur/Gbp cross around 0.8700 that may be due to RHS fix and/or month end demand. Accordingly, Sterling is facing a task to retain grip of 1.3900 vs the Buck after topping out below yesterday’s 1.3975+ peak and failing to breach a double top against the Euro circa 0.8674, irrespective of Pound positives in the form of a super strong Nationwide UK house price survey and upbeat Lloyds business barometer.

  • AUD/CAD/JPY/NZD/CHF – All more rangebound and narrowly mixed vs their US counterpart, as the Aussie and Loonie continue to derive traction from recent rallies in metals and oil among other commodities like palladium hitting Usd 3k/oz for the first time ever. Aud/Usd is holding above 0.7750, while Usd/Cad is hovering around 1.2275 following a decline to new multi-year lows sub-1.2270 in the wake of last week’s hawkish BoC policy meeting. Elsewhere, the Yen is back above 109.00 with the assistance of greater Japanese participation for a session in between Showa Day and Golden Week market holidays, plus data on balance as ip confounded downbeat expectations and the unemployment rate fell against consensus for a steady print to offset weaker than anticipated Tokyo CPI. Back down under, the Kiwi is lagging between 0.7255-30 parameters in the absence of anything fresh on the NZ front and the Franc remains tethered to 0.9100 after a big base effect boosted Swiss retail sales in March and KoF’s leading indicator smashed forecasts in April.
  • SCANDI/EM – Although crude prices have come off the boil, the Nok is still comfortably above 10.0000 vs the Eur in stark contrast to the Sek that has slipped to fresh weekly lows near 10.17000, with traction from an unexpected decline in Norway’s jobless rate, a firmer credit indicator (albeit due to a back month revision) and steady Norges Bank daily foreign currency sales for next month (Nok 1.8 bn equivalent). Meanwhile, the firmer Usd bounce is taking its toll on almost all EM currencies, bar the resilient Cnh and Cny that are close to w-t-d pinnacles of 6.4607 and 6.4654 respectively regardless of somewhat disappointing Chinese official PMIs that were only partially compensated by a stronger Caixin manufacturing survey.

In commodities, WTI and Brent front-month futures trickle lower in early European trade as catalysts remain light and the tone across the market tentative. WTI, at the time of writing, has dipped back below USD 64.00/bbl (vs high USD 64.95/bbl) while its Brent counterpart hovers around USD 67.25/bbl (vs high USD 67.97/bbl). Barring any other macro headlines, the focus will be on the state of the Iranian nuclear talks – with cautious optimism expressed by the US and Iran, whilst others stated they expect a deal within weeks. That being said, commentary from the Iranian delegation has suggested there remain difficulties in discussions and a deal hasn’t yet been reached. In case of any agreement, eyes will likely turn to the details surrounding the oil-related sanctions. Elsewhere, spot gold and silver are uneventful within recent ranges around USD 1,775/oz and on either side of USD 26/oz respectively. Spot palladium meanwhile has reached USD 3,000/oz for the first time with some citing a supply shortage. Turning to base metals, LME copper has waned back below USD 10,000/t ahead of the Chinese and Japanese holidays through to next Wednesday, whilst Chinese steel rebar and futures posted weekly gains amid an improved demand outlook.

US Event Calendar

  • 8:30am: March Personal Income, est. 20.2%, prior -7.1%
    • 8:30am: March Personal Spending, est. 4.1%, prior -1.0%
    • 8:30am: March PCE Deflator MoM, est. 0.5%, prior 0.2%; Core Deflator MoM, est. 0.3%, prior 0.1%
    • 8:30am: March PCE Deflator YoY, est. 2.3%, prior 1.6%; Core Deflator YoY, est. 1.8%, prior 1.4%
  • 9:45am: April MNI Chicago PMI, est. 65.2, prior 66.3
  • 10am: April U. of Mich. Mich. Sentiment, est. 87.5, prior 86.5; Current Conditions, est. 97.6, prior 97.2; Expectations, est. 81.0, prior 79.7;
    • 10am: April U. of Mich. 1 Yr Inflation, prior 3.7%; 5-10 Yr Inflation, prior 2.7%

DB’s Jim Red concludes the overnight wrap

After what is probably more than 6 months I’m actually going to a restaurant tomorrow night. Reservations are like gold dust here in the U.K. at the moment so my wife and I are very lucky to join a couple who have one. Only a few problems. We have to eat outside, it’s going to be cold, it might rain, and my old school friend who booked it hasn’t replied to me confirming it. The good news is that he reads the EMR so I’m hoping he’ll confirm once this hits inboxes. Unless of course we’ve been replaced by a more exciting couple. In that case I’m keen to shame him. I hope not as my wife and I are like caged tigers waiting for social interaction that isn’t each other at the moment.

After a little bit of consolidation over the last month, bond yields have acted a little like a caged tiger this week with yesterday seeing another big climb higher. 10yr US Treasuries were up as much as +7.8bps intra-day yesterday to 1.686% after being as low as 1.53% intra-day last Friday. It was the highest yields had traded since April 13. However the benchmark rate finished a more moderate +2.5bps higher on the day at 1.634%. This still left the week-to-date rise at +7.7bps, which would be the first weekly increase in yields since the week ending April 2 unless there is a massive rally in bonds today. Real rates (+2.5bps) drove much of the final move as inflation expectations (+0.1bps) were more muted. However, inflation expectations did rise for the 5th straight session (+9.4bps in all over this period), with the 10yr breakeven measure closing at 2.426% – its highest level in just over 8 years. In Europe there was a similarly large selloff, with yields on 10yr bunds up +3.8bps to -0.19%, marking the first time in over a year that they’ve closed above the -0.20% mark, while 10yr French yields (+4.4bps) likewise closed at a 1-year high.

Although rising bond yields seemed to clip their wings a little as the move higher accelerated, US equities still moved to fresh all-time highs yesterday as the combination of strong economic data and better-than-expected earnings releases helped to buoy investor sentiment and fuel fresh life into the reflation trade. By the close, the S&P 500 had gained another +0.68% to end the session above the 4,200 mark for the first time, and the MSCI World index was up +0.39% at its own record high. This positive mood music could be seen across a range of indicators, and Bloomberg’s index of US financial conditions actually eased to its most accommodative level since 2007 yesterday, which just shows the extent to which markets are primed for a strong recovery over the coming months.

A late selloff in Europe meant that indices there ended the session lower with the STOXX 600 closing down -0.26%. Banks outperformed however thanks to the moves higher for yields, and the STOXX Banks index was up +1.16% in its 6th successive daily advance, taking the index to its highest level since the pandemic began. Over in the US, the gains were fairly broad-based with over 78% of the S&P moving higher on the day, though the NASDAQ (+0.22%) underperformed slightly, while the small-cap Russell 2000 (-0.38%) lost ground. US banks (+2.10%) joined their European counterparts in reacting strongly to global yields. Otherwise nearly every industry group outside of the pandemic winners of Software (-0.59%) and Biotech (-1.02%) gained in the S&P. The biggest industry laggard was autos (-3.03%), where Ford (-9.41%) reduced its forecast significantly due to a semiconductor shortage that has caused vehicle production across the industry to stall. They forecasted a -$2.5bn hit to earnings because of the lack of chips, in what they considered the “worst-case”. This is becoming a recurring theme across different sectors.

Elsewhere in earnings, Amazon saw their shares rise +3.2% in after-market trading on strong beats across business segments. Q1 revenue rose +44% and the company offered guidance on sales for the upcoming quarter ahead of analysts’ estimates, with indications that aspects of the pandemic bump in online-sales may endure. Elsewhere in big tech, Twitter saw shares slide over -7% with EPS at $0.16 (vs. $0.12 exp.) on lower revenue guidance even as user growth was in-line with prior estimates. One issue for the company may be the stronger ad revenues seen by competitors Google and Facebook earlier this week.

Overnight in Asia we have seen China’s official April PMIs come in softer than expectations for both manufacturing (51.1 vs. 51.8 expected) and services (54.9 vs. 56.1 expected). Zhao Qinghe, an economist at the statistics bureau said that “some surveyed companies said problems such as chip shortages, poor international logistics, shortages of containers, and rising freight rates are still serious.” He also added that a slowdown in manufacturing supply and demand and rising cost pressures are also issues. These comments on rising cost pressures and chip shortages are likely to get more attention from markets and particularly inflation enthusiasts. In the details of the manufacturing PMI, a sub-index of new export orders for factories eased to 50.4 in April from 51.2 previously, while new orders were at 52. In contrast to the official manufacturing PMI, China’s Caixin manufacturing PMI came in at 51.9 as against 50.9 expected. The statement accompanying the release said that the increase was supported by significant expansion in both manufacturing demand and supply, as “manufacturers stayed confident about the economic recovery and keeping Covid-19 under control.” So a little different to the official release.

Elsewhere, Chinese regulators have imposed wide-ranging restrictions on the financial divisions of 13 companies, including Tencent and ByteDance in an antitrust crackdown.

Asian markets are mostly trading lower this morning with the backdrop of conflicting signals from China’s April PMIs and the continued antitrust crackdowns on tech giants in the country. The Nikkei (-0.52%), Hang Seng (-1.53%), Shanghai Comp (-0.51%) and Kospi (-0.74%) are all losing ground. Futures on the S&P 500 are also down -0.28% and European ones are also pointing to a weaker open. In terms of other overnight data, Japan’s final April manufacturing PMI printed 0.3pt stronger than the flash at 53.6.

There were also a number of important data releases for markets to digest yesterday, even if the overall impact was muted as they came in basically as expected. The main highlight was the news that the US economy had grown at an annualised pace of +6.4% in Q1 (vs. +6.7% expected), leaving US GDP less than 1% beneath its pre-Covid peak in Q4 2019. Meanwhile, the upward revision of +19k to last week’s initial jobless claims data from the US meant that this week’s number of 553k was the lowest since the pandemic began last year, albeit above the 540k reading expected.

Another story yesterday was the continued strength in commodity markets, which has been one of the major themes of the month as pretty much the entire range from metals to agriculture to energy prices have shown sizeable gains in recent weeks. Oil prices rose for a 3rd day running, with both Brent crude (+1.92%) and WTI (+1.80%) prices seeing decent advances, which were in part attributed to data showing road-fuel demand in the UK is nearing the levels seen last-summer and also as large cities in the US announce reopening plans. Meanwhile copper rose above $10,000/tonne in trading at one point for the first time in a decade yesterday, as it closes in on an all-time high set in February 2011 of $10,190 on an intraday basis. The industrial metal finished the day marginally lower (-0.11%), but is up nearly +28% YTD.

Positive headlines regarding the pandemic were another factor supporting sentiment yesterday. Firstly, French President Macron said that the restrictions would be eased from May 3 when restrictions on domestic travel would be lifted, while the nightly curfew would be gradually eased before it’s completely lifted on June 30. Meanwhile in Germany, health minister Spahn said that 1.1m vaccine doses had been administered yesterday, which is a record for the country. And in the UK, the 7-day case average fell to 2,259 yesterday, which is its lowest level since early September when the level of testing was a fraction of its current levels. In the US, NYC Mayor de Blasio said that they planned to fully reopen the city on July 1, though Governor Cuomo pushed back that he would like it to happen even sooner. Chicago’s mayor also announced they would be easing restrictions to allow for more seating capacity at restaurants, bars and other indoor venues. There was some bad news in the US, where Oregon announced a surge in cases, driven primarily by the younger, partially-vaccinated populations. The Governor has responded by increasing the risk-level on many counties to their extremes, shuttering indoor dining among other restrictions.

Elsewhere, emerging markets like Brazil and India are continuing to reel under the severe current wave with total fatalities in Brazil now topping 400k with the country reporting more covid deaths so far in 2021 than in whole of 2020. India has reported a record 386,452 daily infections while daily fatalities came in at 3,498. On the more positive side, BioNTech CEO Ugur Sahin said that he is “confident” the company’s Covid-19 vaccine with Pfizer will be effective against the Indian variant of the COVID-19 virus. He added that the company is evaluating the strain and the data will be available in the coming weeks.

Looking at yesterday’s other economic data, and the European Commission’s economic sentiment indicator for the Euro Area advanced to 110.3 in April (vs. 102.2 expected), which is the highest it’s been since September 2018. Over in Germany, data showed that unemployment unexpectedly rose by +9k in April (vs. -10k expected), while the preliminary inflation reading for April rose to a 2-year high of +2.1% (vs. +2.0% expected). Finally, pending home sales in the US rose by a lower-than-expected +1.9% in March (vs. +4.4% expected).

To the day ahead now, and there are an array of data highlights including the first look at Q1 GDP for the Euro Area, Germany, France and Italy. On top of that, we’ll also get the flash Euro Area CPI reading for April, and the unemployment rate for March. Over in the US, there’s the personal income and personal spending data for March, the MNI Chicago PMI for April and the final University of Michigan consumer sentiment index for April. From central banks, the Fed’s Kaplan will be speaking, while earnings releases include Exxon Mobil, Chevron, AbbVie and Charter Communications.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 28.04 PTS OR 0.81%   //Hang Sang CLOSED DOWN  578.38 PTS OR  1.97%     /The Nikkei closed DOWN 241.34 POINTS OR 0.83%//Australia’s all ordinaires CLOSED DOWN 0.75%

/Chinese yuan (ONSHORE) closed UP AT 6.4670 /Oil UP TO 63.80 dollars per barrel for WTI and 66.84 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT GERMAN DAX  //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.4670. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.4648   : /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/

China’s all important PMI’s disappoint again as production and new orders falter

(zerohedge)

China PMIs Disappoint Again As Production, New Orders Slide

 
THURSDAY, APR 29, 2021 – 09:38 PM

For the 4th time in the last 5 months, China’s Services and Manufacturing PMIs missed expectations in April.

China’s official manufacturing purchasing managers index declined to 51.1 in April from 51.9 in March (and well below the 51.8 expectations), according to data released Friday by the National Bureau of Statistics.

The non-manufacturing gauge, which measures activity in the construction and services sectors, dropped to 54.9 (from 56.3 in March), compared to 56.1 projected by economists.

While the trend is not the friend of the Chinese economy, we do note that both PMIs remain above the 50-level demarcating an expansion in output. The reading has now remained in expansionary territory for 14 straight months.

The subindex measuring production fell to 52.2 from 53.9 in March. Total new orders also dropped to 52 from 53.6 in March, and new export orders fell from 51.2 in March to 50.4, but stayed in the expansionary territory for two straight months.

Surveyed manufacturers said chip shortages, international logistics jams and rising delivery costs have weighed on their operations, the statistics bureau said.

The non-manufacturing PMI again outpaced manufacturing, supporting the view of the services sector is catching up and manufacturing activity peaking.

The one potential silver lining, looking ahead, is that China’s economy could be about to get a boost as Deutsche Bank notes that from June onward, the credit impulse -on a YoY basis – should mechanically rebound thanks to base effects. More importantly, as the chart below shows, higher frequency leading indicators are also consistent with a recovery in the credit impulse.

Indeed, recent easing of financial conditions suggests the credit impulse should converge towardsa zero. In turn, this would be consistent with stable PMI manufacturing new orders. And even more notably, for those paying attention to supply chain disruptions and inflationary impulses worldwide, a stabilization of China’s manufacturing is key given that it tends to lead global manufacturing and is a key driver of global inflation expectations.

END
Chinese population is still growing but shortly it will turn the corner and decline
(zerohedge)

China Population Still Growing… For Now

 
THURSDAY, APR 29, 2021 – 09:10 PM

Earlier this week, we highlighted an interesting article in the FT this according to which China’s population was set to decline for the first time since the 1950s when the national census data is released soon. However, in response to the report which prompted widespread speculation over implications of this demographic inflection point, the Chinese National Bureau of Statistics (NBS) best known for faking every possible piece of data, released a statement this morning saying that the population continued to grow in 2020 ahead of the official release. Watch for 2016-19 revisions though.

So although a decline was avoided, the NBS recently said that China’s demographics has reached an important turning point”.

Here Deutsche Bank’s Jim Reid reminds us that using UN population forecasts, China’s population is predicted to peak in 2031 at around 2% above 2019 levels, so expectations were already that the population was plateauing. With normal margins of error the peak could come notably before (maybe even now) or indeed after. For the record, on the UN’s data, India’s population is expected to climb above China’s in 2027 – to be the largest in the world – and will be 17% above by 2050.

More interestingly, the working-age population peaked in China around 2015 (2013 using NBS data) having surged in the globalization era. In the forty years to 2015 this increased c.97% but is predicted to fall c.-12% over the next 20 years.

As Reid concludes, we can only speculate whether this changes the global inflation outlook. Over the last few decades the surge of global workers and the integration of originally very cheap Chinese labor into the global system has had a very depressing impact on inflation. But as workers become relatively more scarce across the world, including the now much higher-paid Chinese, not to mention with countless supply chains permanently frayed or broken, will there be more pricing power for labor in the years ahead?

end
CHINA
 
China finds a clever way to limit damage to the African Swine 
(zerohedge)

China Creates Countrywide ‘No-Pig Zones’ To Limit African Swine Fever 

 
THURSDAY, APR 29, 2021 – 11:30 PM

The African Swine Fever (ASF) decimated China’s hog population in 2018 and has since been brought under control as the country rebuilds its hog herd. China released a novel plan to reshape the entire hog industry to mitigate future spreading, according to Bloomberg

The Chinese agriculture ministry recently announced that the country would split into five regions from May. Pigs in each region will not be transported into other areas to mitigate the potential threat of ASF spreading. 

Source: Bloomberg 

Senior analyst Lin Guofa at consultancy Bric Agriculture Group said approximately 20% of the country’s pigs, or about 140 million live animals, are transported across the country each year and increase the chances of spreading diseases. The main transportation route for farmers is from the northeast to the south to meet the large demand for fresh meat in metropolises. 

With new guidelines expected to be in place in a matter of days, areas known for little or no pig farming will have to increase capacity. 

“Some areas that used to call themselves no-pig counties or no-pig cities will have to build pig farms,” Guofa said. 

Under the guidelines, the only way for pork to be transported across regions will have to be in frozen meat form, leading to an expansion of the cold-chain industry, added Guofa. 

Pigs are a significant source of protein in China. According to data from the Dalian Commodity Exchange, the country is the world’s top consumer of pork, with annual sales of around $308 billion per year.

Chinese consumers have caught a period of relief after nearly two years of elevated pork prices due to the culling of millions of pigs countrywide during the ASF outbreak. Wholesale pork prices are down 30% year-to-date. 

 

Source: Bloomberg 

“The controls will depress prices in the north in the short term and push them up in the south,” according to Wang Zhong, chief consultant at Systematic, Strategic & Soft Consulting Co. “That may eventually prompt big pork producers — including Muyuan Foodstuff Co., New Hope Liuhe Co. and Wens Foodstuff Group Co. — to build more hog farms in the south and more slaughtering facilities in the northeast and northwest,” Bloomberg said.

The new guidelines are similar to ones in Brazil and Spain that limit farmers from transporting live animals around the country. Such a measure has been successful in eradicating ASF from both countries.

END 

4/EUROPEAN AFFAIRS

UK/

My goodness:  A Christian pastor arrested in the UK for saying marriage is between a man and a woman

(Watson/SummitNews)

Christian Pastor Arrested In UK For Saying Marriage Is Between A Man And A Woman

 
FRIDAY, APR 30, 2021 – 03:30 AM

Authored by Paul Joseph Watson via Summit News,

A Christian pastor in the UK was arrested by police after a member of the public reported him for the “homophobic” comment of saying that marriage was between a man and a woman.

Yes, really.

The incident occurred outside Uxbridge Station in west London. A video clip shows the elderly pastor being confronted by police and forcefully handcuffed before being led away.

“I wasn’t making any homophobic comments, I was just defining marriage as a relationship between a man and a woman. I was only saying what the Bible says – I wasn’t wanting to hurt anyone or cause offence,” said John Sherwood, who has been a pastor for 35 years.

“I was doing what my job description says, which is to preach the gospel in open air as well as in a church building,” he added.

Sherwood was arrested under the Public Order Act, for using “abusive or insulting words” that cause “harm” to another person after a member of the public flagged down officers snitched on him.

Although the pastor was released without charge after spending a night in jail he is still under investigation by the Crown Prosecution Service and could be charged at a later date.

“When the police approached me, I explained that I was exercising my religious liberty and my conscience,” he added.

“I was forcibly pulled down from the steps and suffered some injury to my wrist and to my elbow. I do believe I was treated shamefully. It should never have happened.”

The UK is notorious for hate crime laws where authorities will investigate supposed “hate incidents” if the “victim” merely perceives themselves to have been victimized.

Earlier this year, we highlighted how officers in Merseyside took part in an electronic ad campaign outside a supermarket which claimed “being offensive is an offence.”

In 2019, UK police investigated the potential “hate crime” of a transgender woman being turned down for a porn role because she still has a penis.

A video published by the UK government Home Office last year also suggested that insulting someone’s appearance now constitutes a “hate crime,” despite this not being the law.

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

end
EU//RUSSIA
It passed:  European Parliament approves the resolution to sanction Russian for many aggressions
(zerohedge)

European Parliament Approves Resolution On Far-Reaching Sanctions For ‘Russian Aggression’

 
FRIDAY, APR 30, 2021 – 01:00 AM

On Thursday European Parliament passed a resolution that calls for far-reaching EU sanctions on a number of fronts against Russia, and which most notably seeks to require a Russian ban on access to the SWIFT payment system if there’s ever a future move against Ukrainian sovereignty.  

The European Parliament “Demands that the EU should reduce its dependence on Russian energy, and urges the EU institutions and all Member States, therefore, to stop the completion of the Nord Stream 2 pipeline and to demand a stop to the construction of controversial nuclear power plants built by Rosatom,” the now approved resolution says.

569 members of the European Parliament voted for approval while there were 67 against the resolution’s adoption. As we explained previously, it appears a ‘preventative’ and threatening measure in the instance of any future scenario of another major Russian troop build-up in Crimea and along Ukraine’s border such as occurred over the last month.

“Should military build-up lead to an invasion of Ukraine by Russia, the EU must make clear the consequences for such a violation of international law and norms would be severe, MEPs agreed,” a European Parliament press release stated. “Such a scenario must result in an immediate halt to EU imports of oil and gas from Russia, the exclusion of Russia from the SWIFT payment system and the freezing of assets and cancellation of visas for Europe of all oligarchs tied to the Russian authorities.”

And further it underscored the EU member states must no longer be “welcoming places for Russian wealth and investments of unclear origin” as well as “the Kremlin’s strategic investments within the EU for the purposes of subversion.”

Needless to say, if the trigger were ever actually pulled on what are at this point these official threats to “require” immediate EU action in the face of “Russian aggression” – it would be all out economic and diplomatic war – or worse. 

Previously the Kremlin warned that such a drastic move as cutting off Russia from SWIFT would indeed be considered an “act of war” – but this is precisely what officials in Kiev have been seeking to pressure Brussels to do.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE/EU

Email Robert H to me on this:

European Parliament approves resolution on Russia – World – TASS

 
 
 
 
 
Let’s be clear this is a coordinated move with the US civilian administration’s moves against Russia. Why does one say this? Well, this civilian government has not the support of the US military to combat Russia, so this is the hammer to be used in light of this obvious reality, given recent activity.
 
Russia has also been clear that there are red lines that will cause it to act in the interests of its’ own defense. Given the reality that there is no diplomatic ties between Russia and the US as both ambassadors have returned to their homelands. Today, we see a situation worse than in the Cold War as at least then there was measured trust and dialogue. Today, Russia does not trust the US, and it is clear that the US civilian government does not feel the need to have dialogue either to change the status quo.
 
Apparently, the US has put forward a request to the Ukrainians for authorization of 3 US military bases on Ukrainian soil and 1 naval base. Now any request made to the Ukrainians will undoubtedly be supported and authorized. It is not entirely clear whether this is strictly US bases or to used as NATO bases. Although there is no NATO acceptance of the Ukraine to warrant NATO bases. Nor do I think other European countries would go along with this at this time. So it is likely just the US move on a singular basis to trigger what has now been put into place as punishment to Russia to achieve certain interest group objectives.
 
Clearly this is a RED LINE, the moment the Ukrainians endorse it with legislation.Thus, one can expect that Russia will move quickly within minutes and hours of such an endorsement. This plain and simple means a destruction of the Ukraine and possibly a lot more. Why more ? It is simple to cut Russia off swift and while a limited hurtful move, it clearly ends a relationship with the west to the detriment of many parties as this is not one sided. And getting Parmesan cheese for pasta in Russia will become more expensive no doubt. But the seriousness of this should be considered. And Russia has recognized this for some time as a distinct possibility and has prepared.
 
Russia will be put into a position of making sure that this does not take place and in so doing it is clear that relationships with western countries will be broken for a long time and NORD STREAM 2 will be a collapsed deal causing Germany great stress as higher price gas will be sought to replace much cheaper Russian gas. And affect their manufacturing costs and lessening their Economy. The pipelines through the Ukraine are in poor shape needing work that costs. It is doubtful that Russia will bother to fix them or even consider extending contracts beyond the existing period which I believe is 4 years. Given the reality of colder winters in Europe ( France had the coldest winter in a 104 years which cost them 80%of their vines ) one imagines keeping warmer will get a bunch more expensive. And this reality is not without economic impact on the EU. And a reasonable question is what will Russia choose to do in other locations given a severing of relationships? After all if a relationship is over the one might consider what else should you do to safeguard one’s self since you are absorbing pain in any case
.
But there are other considerations. Russia is the 3rd largest exporter of oil to America. Why would they wish to continue to do this ? Why would Russia bother with using the Euro for American oil supply? Cut one off and you cut the other. What would America do? Putin has on his desk a proposal to fund gas shipments to the East that would have gone to Europe, under NORD STREAM 2. Does he take that and say goodbye ? China is quite willing to act as a buyer of any and all goods to resell to Russia and China has already warned the Ukraine about their displeasure. Who else will China warn as Blinken warns Africans about China? And what if Chinese investment in Europe? Will it be seen at risk as well and what of loans to countries who cannot pay back ?  Does anyone consider the global impact on other nations of such decision making on a broad basis? Singularity and unipolar hegemony is long gone for America and such brazen moves to threaten Russia will be seen by China as blatant proof that America is not deal possible. Once, they realize this, Chinese options and moves are likely to take a much more direct path to challenge American hegemony in Asia sooner than later. And you can bet China will put pedal to the metal to get stronger sooner than later to feel comfortable in a direct confrontation. And what consideration exists if Taiwan is taken? Yes Taiwan will fight, but who will fight for Taiwan ? What if the western world loses that chip capacity that Taiwan represents, in the process? Think chip shortages are a problem now, think again. What will Apple for instance do if they cannot rely on chip availability as we already see Ford and others feeling pain ? 
These moves being made will affect everyone and every market in days ahead, without exception. And travel to the region will be more difficult and disconnected. 
 
Cheers

 

Robert

END

IRAN/
Zarif-gate leak causes shakeup in the Presidential office
(zerohedge)

Zarif-Gate Leak Causes Shake-Up In Iran’s Presidential Office As FM Expresses ‘Regret’

 
THURSDAY, APR 29, 2021 – 07:30 PM

This week’s ‘Zarif-Gate’ audio leak has caused a shake-up in Iran’s presidential office, reportedly leading to the resignation Hessameddin Ashena, head of the Strategic Studies Center (a think tank closely associated with the Iranian presidency), as he was present during the interview with Zarif. The top Iranian diplomat had essentially said it was the military leadership that sets policy.

“Hesamodin Ashena of the Center for Strategic Studies resigned over ‘the theft’ of the three-hour tape of Foreign Minister Mohammad Javad Zarif being interviewed at the CSS,” AFP reports Thursday. “Ashena, who held the post of Iranian deputy intelligence minister in the 2000s, has headed the center since 2013 and also serves as adviser to President Hassan Rouhani.”

But it’s not enough for Islamic hardliners representing the clerical and military establishment, who are now calling for Zarif to step down immediately, also given his remarks were taken as disparaging toward the late “national hero” Soleimani

 

Iranian FM Javad Zarif, via AP

The interview, which was reportedly captured months ago and was never meant to be made public, included Zarif speaking with surprising frankness and criticism toward the role of the Islamic Revolutionary Guard Corps (IRGC) in the Islamic Republic. He bluntly admitted, for example, that the powerful IRGC often overrides government decisions and that the late Quds Force chief Qassem Soleimani’s actions often harmed diplomacy. Even Iranian newspapers described the leak as a major “scandal” which embarrassed Iran on the world stage at a moment of “progress” at the Vienna nuclear talks. 

In his first public comments since the scandal, Zarif said in an Instagram post that he’s committed to “protecting the interests” of the country and Iranian people. He expressed regret, but stopped short of a direct apology:

“I am very sorry how a secret, theoretical discussion about the necessity of increasing cooperation between diplomacy and the field (the Guard) — in order for the next officials to use the valuable experiences of the last eight years –- became an internal conflict,” Zarif wrote.

“I did not censor myself, because this is a betrayal of the people,” he added.

“I have always been subject to the policies approved by the country and I have strongly defended them. But in expressing my expert opinion, I have considered seeking forgiveness, appeasement, and self-censorship as betrayal,” he said, essentially suggesting it was the leak itself that was a betrayal.

While the widespread international coverage of the leaked tapes triggered a firestorm of debate within Iran which in typical fashion pitted the Islamic hardliners against ‘moderates’ (Zarif and Rouhani are widely seen within the “moderate” camp that seeks engagement with the West), it appears the Iranian top diplomat’s job is safe, for now.

There’s speculation that the leak was intended to sabotage Vienna talks, which is viewed by deep suspicion within the Iranian hardliner political camp – particularly represented in parliament and among the Shia clerical establishment. 

 
end
IRAN/ISRAEL USA
Israel is warning the doorknob Biden, that if he strikes a deal with Iran, there there will be war
(zerohedge)

“Our Warplanes Can Reach Iran”: Israeli Intelligence Minister Vows War If “Bad Deal” Reached In Vienna

 
FRIDAY, APR 30, 2021 – 01:35 PM

A top Israeli intelligence official has warned that if the end result of the Vienna talks is a return to the JCPOA nuclear deal, then war between Iran and Israeli will very likely follow.

Israeli Intelligence Minister Eli Cohen in Thursday comments said that “A bad deal will send the region spiralling into war” while repeating Tel Aviv’s position that it will not consider itself bound politically by the terms of any future US-Iran agreement. Tel Aviv has long viewed the 2015 nuclear deal as allowing Iran’s ‘path to a bomb’ – and so deems no part of it salvageable or valid.

“Anyone seeking short-term benefits should be mindful of the longer-term,” Cohen told Reuters. “Israel will not allow Iran to attain nuclear arms. Iran has no immunity anywhere.”

And this is where his remarks became particularly bellicose and threatening, saying next that “Our planes can reach everywhere in the Middle East – and certainly Iran.”

The Likid member of Knesset and Minister of Intelligence further highlighted the Islamic Republic’s ballistic missile program which must be stopped along with its “destabilizing other countries” and funding proxy militants throughout the region, primarily a reference to Hezbollah and allied forces in Syria.

The remarks show that Israel is certainly spooked by widespread reports of progress at Vienna, and most especially by the latest reports that Biden is mulling a “wholesale rollback” in Trump-era sanctions on Iran in order to restore the nuke deal. 

 

Intelligence Minister Eli Cohen

Israel’s consistent position through the years has been that the Obama-brokered JCPOA would be used as cover for Tehran to secretly pursue atomic bomb capability, which the Iranians have denied, asserting the program is only for peaceful domestic energy purposes, along with the Ayatollah issuing fatwas that say nuclear weapons are “un-Islamic”. 

Mossad has been allegedly engaged in a covert sabotage campaign to derail both Iran’s uranium enrichment facilities, and the Vienna talks themselves – but so far to no avail. Instead the attacks such as at Natanz on April 11 appear to have only hardened the Islamic Republic’s resolve to strike an agreement with the Biden administration. 

Meanwhile the Israelis are lobbying hard for the Biden administration to halt the talks via meetings in Washington with Secretary of State Blinken. Mossad chief Yossi Cohen and Israel’s ambassador Gilad Erdan are currently arguing for a new stringent deal which would make Iranian pursuit of nukes an impossibility; however, Iran has long warned that any entirely “new deal” is a non-starter. But that’s precisely the point: Israeli wants to see no rapprochement between Washington and Tehran whatsoever.

Afghanistan/USA
White House announces troop drawdown as officially begun
(zerohedge)

White House Says Afghanistan Troop Drawdown Has Officially Begun

 
 
THURSDAY, APR 29, 2021 – 10:10 PM

Following the earlier this month Biden-ordered full troop exit from Afghanistan slated to be completed by Sept.11 of this year, the White House on Thursday announced the military withdrawal has now officially begun

While traveling aboard Air Force One, the deputy White House press secretary Karine Jean-Pierre confirmed to reporters that “A drawdown is underway,” but also added the caveat that, “While these actions will initially result in increased forces levels, we remain committed to having all of US military personnel out of Afghanistan by September 11, 2020.”

 

Via Reuters

“The President’s intent is clear, the US military departure from Afghanistan will not be rushed.… It will be delivered and conducted in a safe and responsible manner that ensures the protection of our forces,” Jean-Pierre explained.

Previously Pentagon officials have described “increased forces levels” as constituting the security and personnel required to oversee a safe logistical exit from the country that includes a vast amount of military equipment and defense facilities that have accumulated over the course of the two-decade long war and occupation. 

CNN details that “Fewer than 100 troops, along with military equipment, have been moved largely by aircraft to execute President Joe Biden’s order to begin the withdrawal process no later than May 1, according to several US defense officials.”

“There have been about 2,500 US troops in Afghanistan that are openly acknowledged, plus several hundred additional special operations forces. All of them will depart under the President’s orders,” the report adds. NATO at the same time is signaling a full draw down within months.

It’s likely these slew of new statements Thursday are intended to seek to assure the Taliban that an exit is indeed in motion. But Saturday could see a proverbial all hell breaking loose given May 1 is the deadline (from the Taliban’s perspective) based on the prior Trump admin-Taliban deal that was inked in February 2020.

The Taliban has vowed to strike at any American targets should troops remain in the country after that date. US leaders are now worried that the Taliban could hit hard just as the Pentagon is in the midst of its draw down; and in the medium to longer term it’s expected that entire major cities could once again fall to the hardline Islamic fundamentalist group.

To protect the exiting US troops, over the past weeks the US has sent additional B-52 bombers to the region to safeguard the pullout, along with the presence in regional waters of the USS Eisenhower aircraft carrier. 

Many pundits ultimately see this whole spectacle as just a recipe for continuing to stay far past Biden’s anticipated Sept.11 exit, given there’s a seeming endless number of ways this could go wrong. So it’s worth asking: will we still be seeing similar headlines of “drawdown has begun” a few years from now as the prior pattern has shown when it comes to America’s longest ever running war?

end

6.Global Issues

CORONAVIRUS UPDATE/

A biggy:  American Journal of Therapeutics on the effective of prophylaxis //COVID using ivermectin

end

UK STUDY/PFIZER VACCINE

We were warning you of this:  the Pfizer vaccine does not offer full protection from the mutant covid strains.

(zerohedge)

UK Study Finds Pfizer Vaccine Doesn’t Offer “Full Protection” From Mutant COVID Strains

 
FRIDAY, APR 30, 2021 – 12:25 PM

As shortages of COVID-19 vaccine supplies force more countries stretch the time between the first and second vaccine doses to try and vaccinate more people, the latest data out of a UK study of vaccination rates has stumbled on a disturbing finding: the study found that people who have had one dose are still at risk from mutated strains of the virus.

The study, published Friday afternoon in London by Imperial College London and published in the journal Science, examined the immune responses of health-care workers following their first dose of the Pfizer jab.

It found that people who had previously been infected saw significantly enhanced protection against mutant strains of the virus typically referred to as “variants”. Those who only received the jab, but weren’t previously infected, showed an immune response that was “less strong after a first dose, potentially leaving them at risk from variants.” The findings show that those who have received the Pfizer jab aren’t “fully protected” from COVID-19 variants.

Professor Rosemary Boyton, Professor of Immunology and Respiratory Medicine at Imperial College London, who led the research, said: “Our findings show that people who have had their first dose of vaccine, and who have not previously been infected with SARS-CoV-2, are not fully protected against the circulating variants of concern. This study highlights the importance of getting second doses of the vaccine rolled out to protect the population.”

Imperial College published the results in full on its website.

Meanwhile, another study released Friday came to a similar conclusion, showing that some patients who have received their first dose still wind up in the hospital with COVID symptoms.

The news appeared to weigh on US stocks, which tumbled to their lows of the session shortly after the news broke. Analysts claimed the study is a problem for the global growth outlook – which has already taken a hit thanks to to the latest data out of China – as countries like Canada aim to stagger doses by months to try and make the most out of limited supplies.

According to the latest data released on Friday, 65% of British adults have already received at least one dose, while 3,736,654 people were vaccinated in the past 7 days. More than 25% of adults in the country, meanwhile, have received both doses. 48,748,962 doses of COVID-19 vaccine have now been administered in the UK, while the US just announced that 100M Americans have now been fully vaccinated.

But the latest study data available suggests that patients who have received only one shot are still vulnerable. Researchers say the findings are reassuring because vaccines are never 100% perfect and failures are expected. But others have said that the most vulnerable patients may be letting their guard down too soon after one vaccine.

The study analyzed a quarter of all hospital patients in England, Scotland and Wales between early December and early April, and is one of the first to look at the impact of vaccinations on the numbers of people subsequently admitted to hospital.

Prof Calum Semple, study leader from the University of Liverpool, told the BBC that this data represented strong real-world evidence of few vaccine failures.

“It’s reassuring that the numbers admitted are very, very small – and mostly in those at risk of severe disease,” he said.

Meanwhile, Dr. Annemarie Docherty, a study co-author and honorary consultant in critical care, warned that this is just the latest sign that patients are assuming they’re “safe” immediately after being vaccinated, rather than weeks later.

“It’s entirely possible that elderly people will catch coronavirus again and may die,” she said.

In the study, 526 people who tested positive for coronavirus were admitted to hospital from 21 days after one vaccine dose, and 113 died – out of more than 3,500 hospitalised patients in the study. The data comes from the ISARIC/CO-CIN study, which has been presented to the government’s scientific advisers, Sage, but not yet reviewed by other experts. More complete NHS hospital data is set to be released in due course.

Gibraltar/UK Territory

Gibraltar is a small UK territory located in the southern part of Spain It has 34,000 inhabitants with 98% vaccinated. They seem clear of COVID.  However we know nothing about any adverse reactions to the vaccines

(zerohedge)

“Operation Freedom”: Post-COVID Normalcy Has Officially Begun In Gibraltar

 
FRIDAY, APR 30, 2021 – 04:15 AM

If you’re aching for a look at what post-Covid life in the U.S. should eventually look like – assuming clueless politicians and double-maskers don’t seek to wield supreme executive power over our daily lives ad infinitum – you shouldn’t have to look much further than Gibraltar. 

Due to its small size, the U.K. territory already has 85% of its adults vaccinated. It’s just one of a handful of places in the world to have vaccinated a majority of its public, according to the Wall Street Journal, who profiled the country this week.

The country has a population of just 34,000 and has vaccinated 98% of adults over 60 years old. It hasn’t had a Covid case since April 8 and one of its vaccination centers closed at the end of March. The country has embarked on a plan called “Operation Freedom”, which is a plan to fully re-open its society. 

 Albert Stagnetto, director of a family chain of tobacco and liquor stores told The Journal: “I walked out of my flat and put my mask on and then remembered that I didn’t have to do that anymore.”

“You are seeing people greet each other in the street, shaking hands, hugging for the first time in months. People are smiling,” he continued. When his family got together for a meal for the first time in months, he said: “It was like being back in normality, but it gave you a false sense of what was going on in the world. It was as if Covid hadn’t happened.”

Schools, businesses and restaurants are all open. The country still only requires masks in a few places, like buses and healthcare centers. 

Samantha Sacramento, Gibraltar’s health minister, commented: “We thought we might encounter difficulty in the [vaccine] take-up, but the actual end result was the opposite. People were calling us up complaining that they hadn’t been called yet.”

72 year old local historian Tito Vallejo just saw four of his grandchildren for the first time in four months. He said: “They are at that sort of age where they grow and change overnight. It’s only been a short time but still I have noticed they’ve grown since I saw them.”

Gibraltar is a self-governing British Overseas Territory. The country is comprised of “a mix of Italians, Spaniards, Maltese and North Africans.” The country remains on edge due to its proximity to Spain, where only 8% of the population has been vaccinated so far. 71 year old Tony Cruz said: “I won’t feel completely confident until everyone else in Spain and elsewhere are vaccinated.”

23 year old Leandro Gonzalez lives in a Spanish town and works in a Gibraltar hair salon. He says reactions have still been mixed: “It’s 50-50 between the people who still want to keep their distance and wash their hands a lot, and those who want to hug you and kiss you.”

He continued: “My mind changes every day. As soon as I cross into Spain, everything changes: People wear masks, they keep their distance. Every time I cross I must also change how I behave.”

Gibraltar had about 4,300 confirmed Covid cases and 94 deaths, almost all in January and February of this year as virulent strains from the U.K. and Spain hit the country. 

The U.S., for comparison, has vaccinated about 37% of all adults. For the U.K., that number drops to about 26%. 

MICHAEL EVERY/

With today’s major topics discussed…

Rabo: Where’s The “Return To Normality” We Were Promised?

 
FRIDAY, APR 30, 2021 – 09:26 AM

Authored by Michael Every via Rabobank,

The Normality We Were Promised

Happy Friday! It’s end of the week and the end of the month, and a third of 2021 is now already behind us. Does it feel like the promised return to normality for you yet? Maybe it does for some markets, with US stocks at the latest highest-ever high; and while commodity prices aren’t that high, they are certainly at the highest for many years – and still rising for a variety of reasons. Meanwhile, our global-economy meme factory, like US 10-year yields, is still waiting to see what happens. Let’s just take a brief moment then to look at some less well-covered news stories from around the world, and see what picture they paint.

In Europe, Politico points out the recent Sofagate’ was all about an internal power struggle. It includes a line I wish I had written: “A joke emerged among critics of the Commission president: She was not leading the geopolitical Commission, but the ego-political Commission.” Which is a lot less funny if you are European in a new age of Great Power politics. The European Systemic Risk Board (ESRB) warning: “In a worst-case scenario, the postponed insolvencies would suddenly materialise and trigger a recessionary dynamic, potentially causing further insolvencies…The current low rate of insolvencies would then be similar to the sea retreating before a tsunami.” Yet Finland is still blocking the roll out of the Recovery Fund, which a court has ruled requires a two-thirds not a simple parliamentary majority to pass. However, the Helsinki Times quotes a local economist saying this is unlikely to cause market jitters because “If Finland were to reject it, it’d be difficult to see the package ultimately collapse in Europe. Large countries have already approved it, and it’d be taken forward one way or the other.” Which says a lot about EU internal power – and on the external front, Telecom Italia is apparently going to drop Huawei as a supplier.

In the UK, the “Cash for Curtains” scandal has led Prime Minister Johnston to declare “I love John Lewis” (a middle-class British department store that doesn’t sell GBP58,000 wallpaper); and as Scotland gets ready to vote, in Northern Ireland the Democratic Unionist Party are perhaps about to elect a new leader who believes the world is only 6,000 years old, with even Daily Mail mutterings of what this might also mean for the future of the Union.

In New Zealand, we have the headline ‘China’s communists fund Jacinda Ardern’s Labour Party: What the United States Congress was told’, which states “US lawmakers needed to consider whether New Zealand should be kicked out of the Five Eyes intelligence alliance because of problems at its “political core”. This issue also seems to cut across party lines, as the “bombshell testimony” also saw a former CIA analyst allege “anything on China that was briefed to Bill English was briefed to Mr Yang Jian”, the National MP revealed last year as having trained spies for China.”” Meanwhile, after ordering the RBNZ to include house-price inflation as part of its remit, the Kiwi government is apparently considering introducing both stamp duty, to tax house purchases, and rent controlsOne upon a time, it was this kind of interference in markets that would have seen US analysts screaming about New Zealand being ‘pinkos’: not today, of course – although even US President Biden didn’t go as far as rent controls in an annual address to Congress that saw Wall Street bashed and the economic role of the state praised.

In China, we have seen a flurry of laws and regulations: to prevent spying by foreign entities, which covers a wide range of potential offenders; to allow Hong Kong to block the arrival of anyone they see fit, which can technically also be used to block their exit; and a new mainland law making binge eating and food waste illegal. Food vloggers are banned from making and distributing binge-eating videos, with fines of up to CNY100,000 (USD15,450); restaurants can charge diners an extra fee if they leave excessive amounts of food uneaten; food providers that induce consumers into making excessive orders can be fined CNY10,000; and food service operators that waste large amounts of food can be fined up to CNY50,000. Is this about pocket books and culinary etiquette, or food security? China has also just reigned in the fin-tech arms of 13 key firms, including Tencent, ByteDance, JD.com, Meituan, and Didi Chuxing.

We also saw China announce that, contrary to rumours, its population rose in 2020 – but no figures were given. (One person would still be an increase, I suppose.) On which, a PBOC working paper argues that even as the population ages, this does not mean China should run down its savings: rather, it should maintain savings and substitute capital for labour. As the paper states:

Understand this: without [capital] accumulation, there is no growth. Secondly, we must recognize that consumption is never a source of growth. We must understand that it is easy go from frugality from extravagance, but difficult to go from extravagance to frugality. The high consumption rate of developed economies has historical reasons; once you switch, there’s no going back, so we should not take them as an example to learn from. Thirdly, we should pay attention to investment. We must expand domestic investment in the central and western regions; although China’s marginal return on capital continues to decline, the potential for replacing workers with robots in these regions is still promising. We must expand outward, and especially invest in Asia, Africa, and Latin America, because these regions provide the only remaining large demographic dividend.”

There is *so much* to unpack there on so many fronts – and so little correlation between this view and the straight-line bullish projections one sees elsewhere. At the very least it means our current global imbalances, and geopolitical tensions, will be locked in ahead rather than addressed. And when can we finally drop the “China is shifting to a consumption model” meme?

In the US there is obviously lots of coverage of President Biden’s annual speech, aimed at competing with China via higher public investment; and on the political math of how many of these plans could actually make it through the present Congress ahead of the 2022 mid-terms. And in the background, former President Trump gave a press interview where he strongly suggested he would run again in 2024, and may restart MAGA rallies as soon as next month.

Lastly, The Economist magazine has as its front cover today a map of Taiwan on what is obviously a military radar screen under the title: “The Most Dangerous Place on Earth”.

So there you have it: just a little snapshot of just some events transpiring around the world in the last few hours as one ponders what the rest of 2021 holds. Happy Friday!

end
 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE UPDATE
Standard Chartered Bank in India, one of the largest international banks is scrambling to find oxygen for COVID stricken staffers.
(zerohedge) 

“We’ve Seen Some Deaths” – StanChart Scrambles To Find Oxygen For COVID-Stricken Staffers In India

 
THURSDAY, APR 29, 2021 – 10:50 PM

If the last year has taught us anything, it’s that dealmaking doesn’t come to a stop just because of a once-in-a-century global pandemic. And although some have written the obituary for the SPAC boom, there’s clearly still enough dealmaking activity happening in India to warrant investment banks pushing ahead even as the second wave of the country’s COVID-19 pandemic leads to unprecedented devastation.

And as banks work to ensure their employees can grind on regardless of the circumstances, Bloomberg reported that StanChart is attempting to buy medical grade oxygen for workers in its Indian offices who have become stricken with COVID-19.

Chief Financial Officer Andy Halford says the London-based bank is “actively” attempting to find oxygen concentrators with hundreds of the company’s 20K-plus staff based in India infected.

“I think we have got 800 cases currently of Covid and I think in total we have had some deaths among our employees in India to date,” Halford said in a phone interview after the bank published first-quarter earnings.

“We are actively out there seeing what we can do make vaccine more available, and particularly offer more locations where staff can get it,” he said. However, he added the bank was reluctant to use “connections that would be inappropriate.”

Standard Chartered is one of the biggest international banks operating in India. As well as providing banking and wealth management services in the country it also operates major back-office hubs in Bangalore and Chennai.

StanChart CEO Bill Winters said that in reaction to the crisis, the bank is looking to transfer work away from India to service centers in Kuala Lumpur, Tianjian and Warsaw to help support employees within the country. “We are looking carefully at how we can rebalance loads,” Winters reportedly told the bank’s analysts on Thursday.

“We have material case counts amongst our population, both in our services center and in the bank itself, consistent with what we are seeing across the country,” Winters said. “We’ve kept most of our branches open, banks are considered essential services, so we have had a disproportionate share of the cases in the branches’ staff, very unfortunately.”

While most of the bank’s staffers are working from home, especially in hard-hit cities like Bangalore and Chennai, where the bank has thousands of employees, some 10% of front-office personnel are still working in the office at least part time.

Their efforts helped the bank post an 18% jump in Q1 pre-tax profit as it cited the economic “recovery” seen in many of its key international markets (including India) as COVID-19 restrictions were loosened. To be sure, some of the bank’s strong quarterly performance was due to the bank dedicating less cash to offset feared loan losses, but trading, dealmaking and particularly strong performance in the bank’s wealth management business also contributed to the jump in profits.

 
END
 
CORONAVIRUS UPDATE/VACCINE UPDATE INDIA
 
It took a while but our boy, Biden finally banned travel from India.
(ZEROHEDGE)

Biden Bans Travel From India Amid COVID Crisis As Vaccine Supplies Run Dry

 
FRIDAY, APR 30, 2021 – 03:15 PM

The COVID-19 situation in India has continued to worsen late this week as the country reported another daily record of nearly 400K (386.6K) newly confirmed COVID-19 cases on Friday, while more than 3K new deaths were recorded.

And while multiple Indian states close vaccination sites due to shortages of supplies, Reuters reports that President Joe Biden is expected to impose new travel restrictions on India starting Tuesday that will bar most non-US citizens from entering the US, according to White House sources.

The new restrictions are being imposed on the advice of the CDC “in light of extraordinarily high COVID-19 case loads and multiple variants circulating in India,” the official said. A formal announcement is expected on Friday and the policy will take effect on Tuesday, May 4.

The policy means most non-US citizens who have been in one of those countries – and now India – within the last 14 days are not eligible to travel to the US China and Iran are also both covered by the policy.

Biden in January issued a similar ban on most non-US citizens entering the country who have recently been in South Africa. He has also reimposed an entry ban on nearly all non-US travelers who have been in Brazil, the UK, Ireland and 26 countries in Europe that allow travel across open borders.

Meanwhile, India – the country that has more vaccine-producing capacity than any other in the world – has reportedly run out of vaccines, leaving residents who signed up for a jab unable to get one.

The shortage is undermining a plan to ramp up and widen inoculation from Saturday. Mumbai’s government announced that 94 vaccination centers in the city would be closed from Friday through Sunday due to “non-availability of vaccine stock.” Shortages cropped up in other places, including New Delhi and other states.

Only about 9% of its 1.4 billion people have had a dose. India has struggled to increase capacity beyond 80 million doses a month due to lack of raw materials and a fire at the Serum Institute, which makes the AstraZeneca vaccine.

Of course, while Indian states have run out of vaccines, many states in the US are watching unused jabs pile up.

Total deaths have surpassed 200K this week and cases are nearing 19MM, nearly 8MM new cases since February alone as mutant strains and a number of “super spreader” events – political rallies and Hindu religious celebrations – are believed to have triggered the latest run-up in cases. Medical experts say real numbers may be five to 10 times higher than the official tally. Patients have been begging for spaces in hospitals while oxygen tanks are scarce and prized.

Other countries have imposed similar travel restrictions on India, including the United Kingdom, Germany, Italy and Singapore, while Canada, Hong Kong and New Zealand have suspended all commercial travel with India.

end

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

Euro/USA 1.2079 DOWN .0045 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 RED EXCEPT SPAIN  

USA/ YEN 108.92 UP 0.011 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3908  DOWN   0.0042  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2281 UP .0005 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL  BY 45 basis points, trading now ABOVE the important 1.08 level FALLING to 1.2079 Last night Shanghai COMPOSITE DOWN 28.04 PTS OR 0.81% 

//Hang Sang CLOSED DOWN 578.38 PTS OR 1.97%

/AUSTRALIA CLOSED DOWN 0.75% // EUROPEAN BOURSES OPENED ALL RED EXCEPT SPAIN 

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL RED EXCEPT SPAIN 

 

2/ CHINESE BOURSES / :Hang Sang DOWN 578.38 PTS OR 1.97%

/SHANGHAI CLOSED  DOWN 28.04 PTS OR 0.81% 

Australia BOURSE CLOSED DOWN 0.75%

Nikkei (Japan) CLOSED DOWN 241.34  POINTS OR 0.83%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1769.45

silver:$25.97-

Early FRIDAY morning USA 10 year bond yr: 1.646% !!! UP 0 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.303 UP 0  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 90.86  UP 24 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.48% UP 0  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 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.91 UP 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 43 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.20% 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 FRIDAY

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

Euro/USA 1.2030  down    .0095 or 95 basis points

USA/Japan: 109.33  UP .425 OR YEN DOWN 43  basis points/

Great Britain/USA 1.3810 DOWN .0132 POUND DOWN 132  BASIS POINTS)

Canadian dollar DOWN 33 basis points to 1.2309

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The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.4736

THE USA/YUAN OFFSHORE:  6.750  (YUAN DOWN)..6.4708

TURKISH LIRA:  8.28  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.095%

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 1.634 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.307 UP 1 in basis points on the day

Your closing USA dollar index, 91.26  UP 65  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 11.75 PTS OR 0.17% 

 

German Dax :  CLOSED UP 7.25 PTS OR 0.05% 

 

Paris Cac CLOSED DOWN 31,69PTS OR 0.50% 

 

Spain IBEX CLOSED DOWN  2.10  PTS OR  0.02%  

 

Italian MIB: CLOSED DOWN 127.20 PTS OR 0.52% 

 

WTI Oil price; 63.42 12:00  PM  EST

Brent Oil: 66.58 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    75.19  THE CROSS  HIGHER BY 0.50 RUBLES/DOLLAR (RUBLE LOWER BY 50 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.20 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OIL PRICE 4:30 PM : 63.53//

BRENT :  66.63

USA 10 YR BOND YIELD: … 1.38..down 1 basis points…

USA 30 YR BOND YIELD: 2.313 up 1 basis points..

EURO/USA 1.2018 (DOWN 106   BASIS POINTS)

USA/JAPANESE YEN:109.33 UP .421 (YEN DOWN 42 BASIS POINTS/..

USA DOLLAR INDEX: 91.30 up  68  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3811 DOWN 140  POINTS

the Turkish lira close: 8.28

the Russian rouble 75.20   DOWN 0.51 Roubles against the uSA dollar. (DOWN 51 BASIS POINTS)

Canadian dollar:  1.2289  down  36 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.20%

The Dow closed down 182.28 POINTS OR 0.54%

NASDAQ closed down 119.86 POINTS OR 0.85%


VOLATILITY INDEX:  18.83 CLOSED up 1.22

LIBOR 3 MONTH DURATION: 0.176%//libor dropping like a stone

USA trading day in Graph Form

Dollar Dumps In April As S&P Does Something It’s Never Done Before

 

 
FRIDAY, APR 30, 2021 – 04:00 PM

April saw gold, bonds, and stocks (The Dow) all rise around 2% while the dollar fell around 2% against its fiat peers

Source: Bloomberg

All major US equity indices ended April higher with Nasdaq 100 leading the way and Small Caps lagging…

Source: Bloomberg

And while the 5%-ish gain for the month in S&P is notable, during 18 sessions this month through trading on Thursday, 95% or more of the index’s members traded above their 200-day moving average.

Source: Bloomberg

That’s the most days ever observed in a single calendar month and double the previous high of nine days in September 2009.

Source: Bloomberg

“The fact that 95% of the S&P 500 is now above its 200-day moving average is NOT a bullish sign,” Matt Maley, chief market strategist for Miller Tabak + Co., wrote in an April 26 note.

“Yes, a high number of stocks above their 200 DMA’s is usually positive, BUT it is NOT bullish when the number becomes extreme (like it is now…at 95%). In other words, this data point is much like sentiment. When it is strong, it is positive…but when it becomes extreme, it becomes a contrarian indicator!”

Remember, if stocks are up…

Trannies continue their all-time record streak of weekly gains (now 13 weeks in a row) while the other US majors struggled on the week (with Nasdaq 100 the biggest laggard)…

Source: Bloomberg

Financials managed to lead the S&P sectors on the month (despite lower yields) and the Energy sector was laggard (despite surging oil prices)…

Source: Bloomberg

Despite crushing earnings this week, FAAMG stocks went nowhere (though were up large on the month)…

Source: Bloomberg

Treasury yields were lower on the month with the long-end down 11bps, 2Y unch. This was the first monthly drop in yields since November (and biggest 10Y Yield drop since July)

Source: Bloomberg

Treasury yields were higher on the week with the long-end up around 7bps

Source: Bloomberg

April saw Real Yields tumble (and drag gold higher with them)…

Source: Bloomberg

April saw the dollar on a one-way dump all months, ending down almost 2% – the first monthly loss since Dec 2020. The last three days saw the dollar whipsawed as Fed losses were reversed and stops run…

Source: Bloomberg

Bitcoin surged today, reversing some of April’s Ethereum outperformance…

Source: Bloomberg

Ripple was up 177% in April, Ethereum was up 43%… and Bitcoin slipped 3%…

Source: Bloomberg

After reaching record highs at $65,000, Bitcoin saw its first monthly loss since September…

Source: Bloomberg

Ethereum ended the month at its record highs, despite a couple nasty drawdowns…

Source: Bloomberg

Commodities soared in April – the best monthly return since Feb 2014

Source: Bloomberg

Copper was among the best performers in April – back near record highs – and crude also performed well. Gold saw its first positive month of the year..

Source: Bloomberg

Copper and Crude rallied this week as PMs modestly lagged.

Source: Bloomberg

Commodities are the top-performing asset for the first time since 2002…

Finally, after 8 straight months of yields rising with soaring commodity prices, April saw that correlation regime collapse with bonds bid (yields dropping) despite spike commodity prices.

Source: Bloomberg

We wonder who’s right? Bonds or Commodities?

Depends if you trust ‘real’ economic data or ’emotion’-based surveys?

Source: Bloomberg

“Hope” is still not a strategy.

a)Market trading/THIS MORNING/USA

b)MARKET TRADING/USA//THIS AFTERNOON/

 

end

 
ii) Market data

Stimmies Spark Record Surge In Personal Incomes In March, Spending Spikes

 
FRIDAY, APR 30, 2021 – 08:37 AM

After February’s MoM collapse in income (no stimmies) and drop in spending, analysts expected March’s income and spending data to rebound massively as more government handouts reached the hungry American consumer. Analysts were right as personal income exploded by a record 21.1% MoM (vs 20.3% exp) and personal spending soared 4.2% MoM…

Source: Bloomberg

Totally normal…

Source: Bloomberg

All thanks to the government handouts – a record $8.2 trillion annualized in March!

That means a record 34% of all income is from the government…

And thanks to all that, spending is up 11.0% YoY (and incomes up 4.6% YoY)…

Source: Bloomberg

Private worker wages have surged YoY with government workers’ wages down YoY…

And the savings rate rose to 27.6% (of DPI) vs 13.6% in February…

What the f**k are we going to do when the stimmies stop and we, the people become accountable for our own actions and lives once again? (Rhetorical question, of course).

Finally we note that The Fed’s favorite inflation indicator – the PCE Deflator – rose 2.3% YoY, the highest since July 2018…

But of course, that’s “transitory“.

end
 
From the latest Personal Income and spending data:  34% of all household income in the uSA comes from Government
(zerohedge)

A Record 34% Of All Household Income In The US Now Comes From The Government

 
FRIDAY, APR 30, 2021 – 09:49 AM

Following today’s release of the latest Personal Income and Spending data, Wall Street was predictably focused on the changes in these two key series, which showed a jump in personal spending, offset by a record surge in personal income (to be expected in the month when Biden’s latest $1.9 trillion stimmy hit).

But while the change in the headline data was notable, what was far more remarkable was data showing just how increasingly more reliant on the US government the population has become.

We are referring, of course, to Personal Current Transfer payments which are essentially government sourced income such as unemployment benefits, welfare checks, and so on. In March, this number exploded to a mindblowing $8.1 trillion annualized, which was not only double the $4.1 trillion from February, but was also $5 trillion above the pre-Covid trend where transfer receipts were approximately $3.2 trillion.

This means that excluding the $8.1 trillion surge in govt transfers, personal income excluding government handouts would be virtually unchanged from a year ago level at $16TN.

In longer-term context, one can see the creeping impact of government payments, shown in red below.

This, as noted earlier, was due to the latest round of government stimulus checks hitting personal accounts which in turn helped double the savings rate to a whopping 27.6% from 13.6% in February.

Stated simply, what all this means is that the government remains responsible for a third of all income, or 33.8 to be precise!

Putting that number in perspective, in the 1950s and 1960s, transfer payment were around 7%. This number rose in the low teens starting in the mid-1970s (right after the Nixon Shock ended Bretton-Woods and closed the gold window). The number then jumped again after the financial crisis, spiking to the high teens. And now, the coronavirus has officially sent this number to a record 34%!

And that’s how creeping banana republic socialism comes at you: first slowly, then fast.

So for all those who claim that the Fed is now (and has been for the past decade) subsidizing the 1%, that’s true, but with every passing month, the government is also funding the daily life of an ever greater portion of America’s poorest social segments.

Who ends up paying for both?

Why the middle class of course, where the dollar debasement on one side, and the insane debt accumulation on the other, mean that millions of Americans content to work 9-5, pay their taxes, and generally keep their mouth shut as others are burning everything down and tearing down statues, are now doomed.

The “good” news? As we reported last November, the US middle class won’t have to suffer this pain for much longer, because while the US has one one of the highest median incomes in the entire world, with only three countries boasting a higher income, it is who gets to collect this money that is the major problem, because as the chart also shows, with just a 50% share of the population in middle-income households, the US is now in the same category as such “banana republics” as Turkey, China and, drumroll, Russia.

What is just as stunning: according to the OECD, more than half of the countries in question have a more vibrant middle class than the US.

So the next time someone abuses the popular phrase  “they hate us for our [fill in the blank]”, perhaps it’s time to counter that “they” may not “hate” us at all, but rather are making fun of what has slowly but surely become the world’s biggest banana republic?

And as we concluded last year, “it has not Russia, nor China, nor any other enemy, foreign or domestic, to blame… except for one: the Federal Reserve Bank of the United States.”

END
Interesting:  the Chicago PMI price index explodes:  the last time it was this high was when the Fed funds rate was at 22%
(zerohedge)

The Last Time The Chicago PMI Prices Index Was This High, The Fed Funds Rate Was 22%

 
FRIDAY, APR 30, 2021 – 09:56 AM

Confirming the same pattern of hope-filled surges in ‘soft’ survey data in the last month, Chicago PMI just exploded higher in April, printing at 72.1 from 66.3 prior (and well above even thhighest analyst estimate).

Under the hood, everything was inflationary:

  • Prices paid rose at a faster pace; signaling expansion
  • New orders rose at a faster pace; signaling expansion
  • Employment rose at a faster pace; signaling expansion
  • Inventories fell and the direction reversed; signaling contraction
  • Supplier deliveries rose at a slower pace; signaling expansion
  • Production rose at a faster pace; signaling expansion
  • Order backlogs rose at a faster pace; signaling expansion

And something stunning: the last time the Chicago PMI prices index was this high was in Feb 1980 – that’s when the Fed Funds rate was 22% as Volcker was waging a nuclear war to push inflation down. Now, however, the Fed sees no inflation.

Chicago’s survey data confirms the current surge in ‘hope’…

As the gap between hard economic data and emotionall-driven surveys nears a record high once again.

 

iii) Important USA Economic Stories

Manhattan/New York City

Rents continue to fall as the narrative for recovery is falling apart.

(zerohedge)

Manhattan Retail Rents Continue Slide As Recovery Narrative Falls Apart 

 
 
THURSDAY, APR 29, 2021 – 08:10 PM

Manhattan’s “prime” retail real estate market remained under pressure in the first quarter even as COVID-19 vaccines became widely available and public health restrictions eased. 

According to Bloomberg, citing a report by Cushman & Wakefield, SoHo, a neighborhood in Lower Manhattan known for designer boutiques, fancy chain stores, and high-end art galleries, experienced the worst slump in retail rents in the first quarter, down 20% from a year earlier to $279 a square foot. The latest surge in long-term leases barely put a dent in overhead supply that has been increasing since the beginning of the pandemic. About 30% of SoHo’s retail space is dormant and available for rent. 

We noted in a piece titled “Manhattan Retail Rents Plunge In “Prime” Shopping Areas” that retail rents slid in the fourth quarter of last year. 

Besides SoHo, Herald Square and Madison Ave.’s retail rents tumbled 19% over the same quarter last year. Madison Avenue had the most inventory available, with the availability rate at a whopping 40%.

 

Source: Bloomberg 

“The bad news is that first quarter of 2021 is showing the true impact of the pandemic on the market,” Steven Soutendijk, an executive managing director at Cushman & Wakefield, told Bloomberg. 

Soutendijk continued: “The good news is that landlords are responding and adjusting rents even further downwards to spur leasing.”

Mayor DeBlasio’s solution to mitigate the virus spread has doomed the city. A speedy economic recovery is now questionable.

Former New York City Mayor Rudy Giuliani recently said DeBlasio has “ruined” the metro area through strict public health orders crushing businesses and liberal policies that have made the area more dangerous. 

“Now he’s consistently doing horrible things and destroying my city,” Giuliani said. “He’s ruining it all, he’s doing it in a flash of an eye.”

To revive the city, DeBlasio will spend $30 million on a tourism campaign this summer to attract tourists. 

“It’s critical that we deliver the message that New York City is open and welcoming visitors once again,” Fred Dixon, president and chief executive officer of NYC & Company, the city’s official tourism organization, told WSJ

Tourism accounts for hundreds of thousands of jobs – for a sustainable recovery, there needs to be an influx of tourists to visit attractions, shop at retail shops, eat at restaurants, and stay in hotels. 

An exodus of office workers, companies, and residents also adds to the city’s economic woes. Without the uptick in foot traffic on streets, the city should prepare for a new reality, one where its economic recovery lags the rest of the country.

 

END

A must read..

where we are heading!

(Brandon Smith)

Red States Are Fighting Back Against The Reset – What Does This Mean For The Future?

 
THURSDAY, APR 29, 2021 – 11:50 PM

Authored by Brandon Smith via Alt-Market.us,

The past year I have been writing extensively about what I call the “great conservative migration”; a shift in US demographics not seen since the Great Depression. Approximately 8.9 million Americans have relocated since the beginning of the covid lockdowns according to the US Postal service, and a large portion of these people are leaving left-leaning blue states for conservative red states in the west and the south. States like California, Illinois, New York and New Jersey were at the top of the list of states people wanted to escape.

The response from leftist states has been amusing. California, for instance, has tried to obscure the data on population loss and has dismissed the existence of the migration. They claim that the state population is actually rising, but fail to mention that most of California’s population “gains” have been from babies born along with an increase in illegal immigration. This has not offset the 267,000 individuals and families that left the state in the last three months 2020 alone. That’s an entire city of people, gone in 90 days.

And where are these people going? Places like Idaho, Texas, Tennessee, Florida, etc. ALL red states that are fighting back against draconian covid mandates and other unconstitutional measures. The only outlier seems to be Oregon, which also has seen a population spike, and this indeed appears to be a migration of Californians to the north.

This leads some conservative groups to believe there is an “invasion” going on of liberals into red states. After looking at the data and meeting many people moving to my own area in Montana, I find the “liberal invasion” narrative to be fraudulent.

Leftists don’t relocate to red states, at least not very often. They do not run away from their safe spaces. Rather, they relocate an hour or two from the cities they are addicted to. This is what the data from San Francisco shows. With over 80% of people moving from the city staying within California. In other words, some leftists want to get out of the cities, but they don’t want to move far from their beloved progressive Utopias and they certainly don’t plan on embedding in conservative strongholds and trying to “take over”.

Why this theory persists is beyond me as it has no basis in reality.

No, the people moving across state lines today are mostly conservatives, they are congregating en masse in red states, and the effects have been rather dramatic. Home prices have skyrocketed due to extreme demand. In Montana, people are buying real estate sight unseen, a lot of it raw land that they are trying to build on. Lumber prices have tripled, and anyone in the construction business is booked a year and a half out. There are new residents actually scouring the message boards looking for ANYONE that can do work for them. There is nobody available. No one I know has seen anything like it in their lifetime.

Luckily, a lot of these people seem to be on the same page in terms of principles. Those I have met are all conservative and the majority of them are preppers. They moved here because they know what is coming and they want to be surrounded by like minded neighbors when the manure hits the fan.Specifically, they do not want to be caught isolated in a blue state where vaccine passports, masks and lockdowns become a regular part of life for them and their children. They want to remain free.

On the other hand, I am also hearing rumors that the relatively small number of leftists that live in my county want to leave. Some have expressed the need to “get out” and vacation in places like Portland, Oregon, where they “feel safe” because “everyone wears masks”. And I say, good for them. Hopefully they will stay there. These types of people are miserable excuses for human beings and they make everyone else around them miserable by constantly whining about how “no one follows the rules”.

As a point of reference, there have been only 17 deaths from covid in my county in well over a year. The death rate is non-existent, and the virus already swept through the area with almost everyone either infected or asymptomatic. No one in Montana is afraid of this virus except a handful of weak minded progressives.

My suspicion is that when all is said and done by the end of 2021 the US will essentially be split into two distinct nations: A leftist Marxist nation that continues to degrade into tyranny, and a conservative nation that people want to escape to so they can keep their liberties. Leftists won’t want to live near us, and we certainly will not want to live near them. Hypothetically, it should be a win-win situation, but there are other factors to consider.

We must also take into account red counties. For example, the blue state of Virginia is actually only blue in a handful of counties. The majority are conservative and have stood in defiance of attempts by gun grabbing governor Ralph Northam, saying they will ignore any new gun laws Northam and the state legislature passes. County governments and county sheriffs are in agreement; Northam has no power in these places.

In Eastern Oregon and Northern California, there is a push by multiple counties to actually join Idaho and become a part of the conservative state. The majority of voters in these counties supported the transition. The idea being that this is not a secession, and so the move will be far easier to accomplish with less legal obstacles. The decision will be voted on by county residents in May, and of course there will be attempts by congress to obstruct if the outcome is favorable.

Even if the movement is not successful, the fact that voters in red counties are unified in their goal to get away from leftist political control should be taken very seriously. This is not just about states defying federal dictates, it’s also about counties defying state governments that do not represent their values.

The bottom line is this – The leftist ideology is collectivist and totalitarian in nature. It is completely incompatible with the conservative principles of liberty, self determination, meritocracy, limited government and free market economics.

The social justice cult has gone so far into extremism that reason and logic are actually vilified by them. They openly support mass censorship, mass violence against innocent people, mob intimidation against the citizenry, they argue in favor of economic lockdowns and unconstitutional covid mandates, they support draconian vaccine passports, and they are partners with Big Tech corporations as well as globalists institutions like the Ford Foundation and the Open Society Foundation. They are diametrically opposed to everything that conservatives and lovers of liberty hold dear.

Honestly, it is unlikely that we will be able to share the same land mass, let alone the same cities and states, but I’ll get to that in a moment…

At the state level, there has been a dramatic push-back against constitutional trespasses by the federal government under Biden, and these include measures which are aggressively promoted by the World Economic Forum and other globalist institutions in the name of the “Great Reset”. Multiple red states have passed laws or executive orders making it illegal to require proof of vaccination (vaccine passports). Some blue states have also “claimed” they will not require vaccinations, but the devil is in the details when dealing with the political left.

In Montana, the governor and the state legislature will not allow government enforcement of vaccine passports, AND, they also will not allow corporations to demand vaccine passports either. In blue states like Illinois, the government might keep its word on passports, it might not, but they don’t really need to enforce vaccinations; all they have to do is allow major corporations to do it for them.

With colleges (public institutions posing as private), airlines, hotels, hospitals, and major retail chains requiring a vaccine passport for employment or to make purchases, the effect of medical tyranny will be the same.

Without state legal protections in place to limit social engineering by corporate behemoths the establishment still has all the tools it needs to assert covid controls.

These companies do not represent private business or free markets anymore. Instead, they are appendages of establishment power that receive billions in taxpayer dollars to finance their operations. They should no longer be treated as if they have the same rights as normal businesses.

Another interesting development is the number of red states that are passing laws which prevent the enforcement of any new federal gun controls. In Montana, Greg Gianforte just signed a bill nullifying federal gun bans. Federal rules do not apply here and state law enforcement agencies are prohibited from helping federal agencies enforce such laws. Similar legislation has been passed or is being considered in other red states like Utah and Arizona.

It is unclear what would happen if the ATF or FBI tried to make arrests within Montana based on federal gun restrictions. I suspect that without extra protection from local law enforcement these agencies would be much more vulnerable in their operations. If they met with stiff resistance, they would be on their own. I also would not be surprised if sheriffs in most Montana counties stood in their way.

The mainstream media has been almost completely silent on these developments. They barely even acknowledge the conservative migration. I doubt they will speak of the separation at all until the latest census data and postal data is more thoroughly examined. However, the changes to our nation are going to have far reaching consequences, and the consequences will be obvious in the near term.

The “Great Reset” is meant to be a global project; meaning, no one is allowed to opt out. Leftists and globalists are notoriously plantation-minded; they believe that society is involuntary, and their rules for society should apply to all people. Those who wish to leave are actually seen as traitors, because the very act of leaving suggests that the system is flawed, and doubt creates questions, and questions create demands, and demands lead to defiance, and defiance leads to rebellion.

The progressive/globalist plantation becomes an exercise in antagonistic self affirmation – You cannot leave the system, because everything is fine, and if you left people might think something is wrong and then everything would not be fine, so why would you want to upset the balance and ruin what is already perfect?

In my last article I noted that red states in the US are the ONLY places in the world where freedom from the Reset is ingrained and people have the means to fight back. I still stand by that assertion. Some conservatives assume countries like Russia are going to fight the Reset, yet Putin and the Russian government enforced extensive covid restrictions recommended by the World Economic Forum and the World Health Organization, just like every other government. The head of the Russian Parliament’s committee on public health, Dmitri Morozov, stated that vaccine passports were “very important and needed in Russia”.

Let’s face it, no major government is coming to save us; these delusional fantasies of Russia or any other foreign nation fighting against the Reset need to stop. The bottom line is this: The American red states are probably the only regions in the world that are resisting the reset agenda while also having the arms to back their resolve. If a rebellion is going to start against the globalists, it will start here.

What does this mean for the future? It means we are going to be targeted. This is how I see the situation playing out…

I have no doubt that the first step by the federal government under Biden will be to start cutting off federal funds to red states while flooding blue states with stimulus money. The strategy being that blue states will have unlimited free goodies while red states languish in poverty. Biden will be betting that red state citizens reliant on government checks will become despondent or angry. Of course, these taxpayer backed funds belong to all the states, but that won’t matter to Biden or to leftists; they will claim we are getting what we deserve.

The logical response by red states will be to stop paying taxes, and to take over federal lands and the resources within their borders. Red states and red counties could also negate all EPA and BLM restrictions on resource usage and launch an epic revitalization of industry. In my area, I believe the logging industry which has been stifled by the federal government will return in full force. With lumber prices nearing hyperinflationary levels, it makes perfect sense. This will enrage the feds.

The next step would be to make travel to and from certain red states difficult in order to isolate them. The feds may shut down airline flights while proclaiming that red states are “havens for covid infection”. This will not go over well with conservatives, and we will start demolishing any checkpoints that are meant to keep us in. Leftist controlled states and counties will start checking license plates and ID and harassing or arresting anyone from a conservative area. Travel will stagnate as people will not know which places are safe and which are dangerous.

There will also be attempts to use federal agencies to insert into conservative areas to make arrests based on federal laws that have already been nullified. The goal will be to make examples out of some people, and send a message that conservatives “are not safe”, even in their own states. Eventually, the shooting will start and federal agents will die. Biden will demand a martial law response.

If everything develops as described, the question arises, how many people in the military are actually willing to die for Biden? My guess is not that many, but with the right excuses and rationalizations who knows? Conservatives have been demonized for many years now, there may be a large enough chunk of the military that believes the propaganda, but I am doubtful.

It could take two full terms of Biden for these events to happen. It could take far less time. I would not hold my breath for a 2022 or 2024 election to defuse matters. I think most conservatives learned their lesson on the futility of politics the last four years. The best possible outcome right now is that conservatives congregate, unify and organize from the local level to the state level to the point that we act as a deterrent to future tyranny.

We all know one day the establishment is going to come for us, and if so then we’ll greet them with a long range love letter (if you get my meaning). But at least we will know where we stand. At least we will be living among kindred spirits, and at least there will be a glimmer of hope for the world. Sometimes the greatest act of rebellion is to offer people an alternative, a place where the rules of tyrants hold no weight. Conservative states and counties are doing this today, and it is a beautiful thing.

END

TEXAS OKLAHOMA

This is the 2nd billion dollar weather loss for Texas

(zerohedge)

 

Hailstorms Bombard Texas, Oklahoma, Causing Billions Of Dollars In Damage 

 
FRIDAY, APR 30, 2021 – 02:48 PM

Residents in Texas and Oklahoma are recovering Friday after major hailstorms battered portions of the states late Wednesday, destroying homes and businesses and automobiles. 

AccuWeather forecasters estimate the damage could be more than $3 billion because the devastating storms unleashed large amounts of hail in metro areas, such as Norman, Oklahoma, and San Antonio, and Fort Worth, Texas. 

AccuWeather Senior Vice President and Chief Meteorologist Jonathan Porter estimates “total damage and economic loss caused by Wednesday night’s hailstorms are predicted to be about $3.5 billion.” 

“To put the economic toll of these storms into context,” Porter continued, “AccuWeather’s estimate for Hurricane Isaias, a Category 1 storm that struck the Caribbean and moved up the Eastern Seaboard of the U.S. in July and August of 2020, was $3 billion to $5 billion. It is yet another in a series of $1 billion-plus weather disasters.”

In Hondo, Texas, located west of San Antonio, grapefruit-sized hailstones, measuring up to 4 inches in diameter, decimated everything in sight. In Norman, the diameter of hail was equivalent to baseballs and golf balls. 

Readers may recall we quoted the Storm Prediction Center, who warned hailstones up to 4 inches in diameter were headed Texas and Oklahoma. 

The hail hit with such force that one grapefruit-sized hailstone penetrated the roof of a house in Sabinal, Texas. 

Tennis ball-sized hail rained down in North Fort Worth, creating widespread destruction. 

Anything left outside was damaged. 

In Norman, cars were severely damaged. 

Hail damage at a car dealership in Norman. 

Damage in Norman alone could be upwards of $500 million. 

AccuWeather outlines the storm’s path of destruction. 

This would be the second billion-dollar disaster this year in Texas, following the polar vortex split in February that paralyzed the state for more than a week. 

END

 

 

iv) Swamp commentaries//CORONAVIRUS UPATE/ USA

Man Kicked Off Plane For Not Wearing Mask In Between Bites Of Food

 
FRIDAY, APR 30, 2021 – 01:15 PM

Authored by Paul Joseph Watson via Summit News,

A man was kicked off a Southwest Airlines flight because he didn’t wear his mask in between eating bites of food, which according to the TSA is now a federal mandate.

Yes, really.

“I, Avi Mandel, just got kicked off a plane because I wasn’t wearing my mask in between bites while I was eating,” said Mandel in a video shot immediately after the incident, which occurred while the plane was waiting to take off from Thurgood Marshall Baltimore Washington International Airport.

“The way I was treated was absolutely absurd. It was crazy and it wasn’t fair,” Mandel subsequently told WJZ, explaining that he had opened a pack of Twizzlers but was then told to mask up by a flight attendant who immediately “ran away.”

A loudspeaker announcement was then made to all passengers telling them, “Everyone who’s eating has to wear masks in between bites.”

The plane then returned to the terminal and Mendel, who said he remained calm throughout the incident, was escorted off by security.

 

“That is so wrong. He did nothing wrong. Wow!” passenger Stephanie Misiaszek commented during Mandel’s removal.

The most stunning aspect of this story is not that flight attendants were pedantically enforcing a stupid rule made up on a whim, but that this ludicrous practice is now a federal mandate.

After Mandel emailed Southwest, he was told that it is now official TSA policy.

“According to the Transportation Security Administration, passengers may remove masks while eating, drinking or taking medications but must put them on between bites and sips — and cannot leave them off for “prolonged periods,” reports the New York Post.

“If I knew this rule ahead of time, I would have happily listened, but I had no clue,” said Mandel, who has vowed never to fly with Southwest again.

*  *  *

Brand new merch now available! Get it at https://www.pjwshop.com/

 
END
 

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

US Q1 GDP is 6.4%; 6.7% was expected.  Personal Consumption jumped 10.7% (10.5% exp).  The GDP Price Index surged 4.1% (Is this significantly >2%, Jerome?]; 2.6% was expected. March Pending Homes Sales increased 1.9% m/m; +4.4% was expected.  February was revised to -11.5% from -10.6%.

@EconguyRosie: It’s not hard to generate strong growth when Q1 federal transfers soar to $6tn (28.6% of personal income). Strip out Biden Benefits, and real incomes were flat & have been stagnant for two years! Stimulus checks/jobless benefits have come to define the vitality of the US economy.

Biden’s SOTU Speech (more below) did not provide much of a boost for stocks early on Thursday.  However, bonds got hammered Thursday morning while oil and gas soared again.

WSJ Editorial Board: Biden’s Cradle-to-Grave Government
His latest $1.8 trillion plan rejects the old social contract of work for benefits.
     It’s more accurate to call this the plan to make the middle class dependent on government from cradle to grave. The government will tell you sometime later, after you’re hooked to the state, how it will force you to pay for it… [Government dependents tend to be Democratic voters!]
     That’s $6 trillion of new spending in 100 days. That doesn’t include the regular federal budget of more than $4 trillion a year. No worries, mate, the Federal Reserve will monetize the debt
     The destructive part is the way the plan seeks to insinuate government cash and the rules that go with it into all of the major decisions of family life. The goal is to expand the entitlement state to make Americans rely on government and the political class for everything they don’t already provide
https://www.wsj.com/articles/bidens-cradle-to-grave-government-11619650937
Did Emergency PPP Loans Work? Nearly $800 Billion Later, We Still Don’t Know – NPR
Economists have also raised questions about whether the loans actually kept workers on the job or simply subsidized businesses that would have been open anyway…
     Friedman and his colleagues estimate that in its first four months, the loan program actually saved only about 1.5 million jobs — at a cost of about $377,000 each
https://www.npr.org/2021/04/27/990888476/did-emergency-p-p-p-loans-work-nearly-800-billion-later-we-still-dont-know

Mastercard Drops after Warning Expenses Will Climb at Least 30%
The company plans to invest more in data and cybersecurity products and boost spending on advertising and marketing…  https://finance.yahoo.com/news/mastercard-drops-warning-expenses-climb-155855773.html

Yesterday, the US sold T-bills at 0% for the first time since the Covid panic

Business owner on Democrat promotion call undercuts Biden message on jobless payments – “It’s very hard to find people who can take the jobs right now,” said Pennsylvania small business owner.
https://justthenews.com/government/white-house/expanded-jobless-benefits-making-it-hard-hire-workers-says-business-owner

Dem Senator Manchin expresses discomfort with Biden’s big spending agenda: ‘It’s a lot of money, a lot of money’  https://t.co/IRNXOrMhBH

@charliebilello: At $7.5 trillion, the combined market cap of Apple, Microsoft, Amazon, and Google is higher than the GDP of every country in the world with the exception of the US and China.

Amazon rallied 135 points in after-hour trading on great EPS and revenue.  Perhaps part of the afternoon rally was someone acting on nonpublic information – again!

Amazon sales surge 44% as it smashes earnings expectations

  • Earnings: $15.79 per share vs. $9.54 per share expected
  • Revenue: $108.52 billion vs. $104.47 billion expected

https://www.cnbc.com/2021/04/29/amazon-amzn-earnings-q1-2021.html

Today is the end of April and the terminus of the ‘best six months for stocks’.  Traders and money managers want to push holding higher to embellish April performance.  However, this week there has been crystal clear liquidation operations late in sessions.

Following the S&P 500 Index’s Inside Day on Wednesday was an Outside Day on Thursday.  It’s futile to read too much into the positive Outside Day on Thursday because it was produced by manipulation. 

The questions for today:  Will there be enough organic buyers to absorb traders that want to sell near the close?  When will the exiting process begin in earnest?  Seasoned traders and operators know that next week, it will be: “Sell in May and go away.”

Early April’s rally momentum is spent.  Stocks need to jump ASAP because the intermediate-term grand seasonal (propensity for stocks to rally from Nov 1 to April 30) turns negative next week.

Despite AMZN’s boffo results, ESMs traded -8.25 at 21:00 ET.

Expected economic data: Q1 Employment Cost Index 0.7%; March Personal Income 20.0%, Spending 4.2%, PCE Deflator 0.5% m/m, PCE Core Deflator 0.3% m/m; April MNI Chicago PMI 65; April UM Sentiment 87.5; Dallas Fed Prez Kaplan 9:45 ET

@bennyjohnson: Tucker tears into Biden’s politicization of our justice system, warns of tyranny
https://twitter.com/bennyjohnson/status/1387572686411509760

@RichardViguerie: Biden is doing what Obama routinely did but Trump never did – using the power of government to take out his political enemies

Feds ‘had secret backup plan to ARREST Derek Chauvin in court for police brutality if he was cleared of killing George Floyd’
https://www.dailymail.co.uk/news/article-9523465/amp/Feds-backup-plan-ARREST-Derek-Chauvin-court-cleared-killing-George-Floyd.html

Giuliani Shocker: FBI Refused to Take Hunter’s Hard Drive
Giuliani offered to give the hard drive to the agents, telling them “it has evidence of President Biden committing multiple crimes with his son Hunter.” Surprised, the agents reportedly not only rebuffed the evidence, they didn’t even bother to check what was on the hard drive.
   In a statement released after the raid by Giuliani’s attorney, Robert Costello, the lawyer said the refusal to even look at the hard drive demonstrates the political nature of the probe of his client
https://www.newsmax.com/us/drive/2021/04/28/id/1019426/?s=02

Statement by Robert J. Costello on April 28, 2021 (Giuliani’s attorney)
The Biden department of justice has completely ignored clear evidence (which the FBI has had for over a year) in texts and emails on Hunter Biden’s hard drive of failing to register numerous times as a foreign agent, child pornography, money laundering, and 30 years of the Biden Crime family taking millions and millions in bribes to sell his public offices.
   Instead, the Justice Department decided it was a higher priority to serve (at dawn) search warrants for electronics at the home and law office of former Mayor Rudolph Giuliani.  The search warrants involve only one indication of an alleged incident of failure to register as a foreign agent… This contrasts with multiple proven incidences of failure to file as a foreign agent contained on the Biden hard drive which the FBI and the Department of Justice has ignored… It is also a clear example of a corrupt double standard. One for high-level democrats whose blatant crimes are ignored, such as Hilary Clinton, Hunter Biden, Joe Biden…  https://rudygiulianics.com/2021/04/28/statement-by-robert-j-costello-on-april-28-2021/

@disclosetv: Ratings are in:11.6 million people watched Biden’s speech last night. 48 million people watched Trump‘s first State of The Union address. Trump’s lowest was at 37 million. [81m votes my…]

@RaheemKassam: A fully vaccinated Biden enters the fully vaccinated, and sparsely populated Capitol, to a smattering of applause, while all masked for no reason. This is already going terribly. [Pic at link]
https://twitter.com/RaheemKassam/status/1387574116182634496

At the SOTU Speech, Congress looked like the attendance at Biden rally!

@MorningAnswer: Every member of Congress in that chamber is fully vaccinated yet they are all still wearing masks. You can’t tell us that they believe in “science” ever again. This is nothing but theater.

@Breaking911: PRES. BIDEN: “We have to do more than just build back better, we build back.  We have to build back better…”  https://twitter.com/Breaking911/status/1387637183251615745

Biden emphasized that “America is always on the move” and “America is ready for a takeoff.

@charliekirk11: Are we really supposed to believe America is “on the move” when a half empty room of fully vaccinated people are wearing masks for no apparent reason?

GOP @RepBrianMast: President Biden is now taking credit for President Trump’s Operation Warp Speed.

@ABC: Pres. Biden: “The IRS is going to crack down on millionaires and billionaires who cheat on their taxes. It’s estimated to be billions of dollars.”
    “For all transgender Americans watching at home…I want you to know your president has your back.”
     Pres. Biden: “We won’t ignore what our intelligence agencies have determined to be the most lethal terrorist threat to our homeland today: White supremacy is terrorism.”

@cspan: President Biden: “We’ve all seen the knee of injustice on the neck of Black Americas. Now is our opportunity to make some real progress.”

@ChadPergram: Biden: As we gather here tonight, the images of a violent mob assaulting this Capitol—desecrating our democracy—remain vivid in our minds…The insurrection was an existential crisis—a test of whether our democracy could survive President Biden spoke for 64 minutes…

Biden ripped for calling Capitol riots ‘worst attack on our democracy since the Civil War’ https://trib.al/MWnMZJE

Governor Kristi Noem @govkristinoem: Biden’s entire vision for America is just more government. Government creates all the jobs. Government spends all the money. Government makes the decisions. Nothing about empowering the independence and ingenuity of the American people. What happened to the American Dream?

@seanmdav: We’ll know Joe Biden is serious about enforcing America’s gun laws when his son Hunter is indicted by DOJ for lying on a federal background check form to purchase a gun he was legally prohibited from possessing. There’s no Hunter Biden exception to background check laws.

Real America Just Showed Biden What They Think of His First Presidential Address
There was much more negative reaction than positive reaction on the Youtube livestreams. Just take a look… https://beckernews.com/real-america-just-showed-biden-what-they-think-of-his-first-presidential-address-38845/

@TCPigott: Even CNN’s poll, with viewers that lean-Democrat, is giving Biden the worst grade for his first speech to Congress of any president in 20 years. https://twitter.com/TCPigott/status/1387607676033568777?s=02

CNN Poll Delivers Bad News for Biden: His First Presidential Address to Congress Underperforms Trump’s – The 51% who had a very positive reaction to Biden’s speech is a bit more muted than reaction to the first address from other recent presidents,” CNN said about the poll. “Barack Obama had the strongest first outing of the last four presidents, with 68% saying they had a very positive reaction to his speech, and George W. Bush in 2001 earned a similar 66% very positive. Fewer — 57% — had a very positive reaction to Donald Trump’s 2017 address.”…
https://beckernews.com/2-cnn-polled-bidens-address-to-congress-trump-must-be-laughing-his-ass-off-38857/

@RaheemKassam: CBS’s “85% Biden Speech Approval” Poll Quizzed Just 169 Republicans out of 1,000 Viewers.

Babylon Bee: Man Who Has Been In Government For Nearly 50 Years Promises To Fix Government   https://babylonbee.com/news/man-who-has-been-in-government-for-48-years-promises-to-fix-government

@jendebenBiden spontaneously tempered his criticism of Wall Street, saying the industry employs “good guys and women,” and recounted arguments with his Democratic friends: “I think you should be able to become a billionaire or a millionaire but pay your fair share.” https://t.co/p3s3aGQj62

Biden revolts against his socialist Obama handlers?

Tim Scott in GOP response to Biden: ‘Hear me clearly — America is not a racist country’ https://trib.al/Mw2heow

@cspan: Sen. Tim Scott [Gave GOP response to SOTU]: “Hear me clearly. America is not a racist country. It’s backwards to fight discrimination with different types of discrimination. It’s wrong to use our painful past to dishonestly shut down debates in the present.”   https://t.co/bXNVR0uR84

@TPostMillennial: Senator Tim Scott: “Hear me clearly: America is not a racist country. It’s backwards to fight discrimination with different types of discrimination.”

@nicholaswu12: Scott’s upbeat bottom line: “Original sin is never the end of the story. Not in our souls, and not for our nation. The real story is always redemption.”

@cspan: WATCH: Complete remarks from Sen. Tim Scott (R-SC) here —> https://t.co/BhW0D2AS3W

@DineshDSouza: “Uncle Tim” was trending on Twitter last night as leftists attacked Tim Scott, a black Republican, for delivering the GOP’s response to Biden’s speech. How many Democrat leaders will denounce this overt and widespread racism against a US Senator?

Tim Scott responds to ‘stunning’ assault from the left: ‘They’re literally attacking the color of my skin’ [Liberal/Dem Privilege]  https://www.foxnews.com/media/tim-scott-responds-to-stunning-assault-left-color-skin

NYC schools chancellor calls for end to elite school test as Asians dominate   https://trib.al/op0C0Vn

The world will not be destroyed by those who do evil, but by those who watch them without doing anything.” — Albert Einstein [Talking about the GOPe?]

end

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

 

(Greg Hunter/)

 

AZ Election Audit Continues, Biden Anti-Unity, Drought & Food Prices

By Greg Hunter’s USAWatchdog.com (WNW 477 4.30.21)

The Arizona 2020 Election audit in of 2.1 million ballots in Maricopa County, Arizona, is going to continue–for now.  Is the Biden gangster DOJ or FBI going to shut down the audit before the results are totally revealed?  Let’s hope not, but if it does continue, I think it’s going to reveal hundreds of thousands of fraudulent ballots and mistakes.  This, alone, will not put Trump back in office as the rightful winner of the 2020 Election, but I think Dem Senator Mark Kelly is toast and will be recalled by the Arizona legislature.

Vice President Biden, the illegitimate winner of the 2020 Election, gave a speech to a joint session of Congress.  Nancy Pelosi invited very few Republicans in what was billed as some sort of “unity” message for our deeply divided nation, where at least 51% (according to a recent poll) think Biden cheated to win the White House.  His address was some sort of crazy left wing expensive wish list that he is going to have trouble selling to some Democrat Senators.  He was also calling the Washington D.C. protests of the election fraud “the worst attack on democracy since the Civil War.”  Biden, the drama king, is just stoking the continued attacks on Trump supporters and the GOP (not the RINO co-conspirators of the 2020 Election fraud).  Don’t believe me?  Just ask former Trump attorney Rudy Giuliani, who was just raided by the DOJ in some trumped up investigation concerning more phony Russian interference narrative.

There is a new report out warning about big food inflation causing civil unrest.  Put that with the growing severe drought out west and you have the making of a full blown shortage and price spikes in food costs.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 4.30.21.

 

 
 
 

AZ Election Audit Continues, Biden Anti-Unity, Drought & Food Prices

 

end

“Election Panic” Coming In 2022, Martin Armstrong Warns “It’s Going To Turn Violent”

 
 
THURSDAY, APR 29, 2021 – 10:30 PM

Via Greg Hunter’s USAWatchdog.com,

According to a recent poll, 51% of Americans think Joe Biden cheated to get into the White House.  The breakdown is 74% Republicans and an astounding 30% Democrats think cheating played at least a part of the 2020 Election outcome.  In Arizona, the 2020 Election ballots are finally being audited as court battles to stop it continue.  Legendary financial and geopolitical cycle analyst Martin Armstrong is predicting an election “panic in 2022.”  

Armstrong explains, “It means extremely high volatility…”

”  Despite whatever they want to say, there is a large proportion of the population that do not believe the election.  Polls are saying it’s at 51%, but it’s probably close to 60% or 70%.  You are also seeing that 60% of Americans want a third party, and you are talking about Democrats and Republicans…

I think because we have such a high number of people who do not trust the election results, I don’t think they are going to be able to get away with rigging the elections again.  It’s going to turn into violence.  There is no question about that.”

Armstrong also sees Biden Administration tax plans on things like capital gains causing problems in the not-too-distant future.  Armstrong says,

“If they raise capital gains, I don’t care if you are Republican or Democrat, you are going to have to sell.  Your accountant is going to say if you don’t sell, you going to pay twice or three times as much in taxes next year.  So, they can create a serious, serious collapse in the world economy.  This is in addition to all this Covid nonsense that they have created.”

Armstrong has been saying for months that deflation would be the overarching theme in the economy.  Is that going to continue or has there been a change?  Armstrong says, “Deflation is now over…”

”  People have to understand.  It has nothing to do with the supply of money. . . . If you don’t see a bright rosy future, what do you do?  You save your money. . . . One of the number one selling objects in Europe is a safe.  People are storing cash. 

Biden was the straw that broke the camel’s back.  People are now seeing that things are going to cost more in the future than they do today.  They have also created shortages because of these lockdowns.  The inflation is just beginning to start now.  It’s based on shortages, and it will continue going into about 2024.”

The bottom line on the cause of inflation, according to Armstrong, is “a loss of confidence in government.”

Armstrong also predicts,

We are looking at the prospect of a serious war between 2025 and 2027.  All this is completely because of this great reset nonsense.  They have been using the Corona Virus as an excuse to try and shut down the economy.  If you look at rents in New York City, they are in a freefall.  Real estate is going crazy outside of the urban centers.  In Florida, what was a $500,000 house last year is now more than $1 million.”

On Trump, Armstrong says, “I don’t see him returning to office before 2024.”

But, if massive ballot fraud is proven with the Arizona audit going on right now, Armstrong predicts, “The state legislature can recall a Senator” who won by election rigging.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One in this in-depth interview (60 mins. in length) with Martin Armstrong of ArmstrongEconomics.com.  (What is written above is a very small sample of the actual interview.)

 

*  *  *

I WILL SEE  YOU MONDAY NIGHT

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