MAY 3//GOLD UP $23.00 TO $1791.70//SILVER UP 99 CENTS TO $26.85//GOLD STANDING ADVANCES TO 5.35 TONNES//SILVER ADVANCES IN STANDING AT THE COMEX FOR MAY AT 37.8 MILLION OZ//LUMBER PRICES SKYROCKET//AS DOES COPPER AND ALL OF THE COMMODITIES MOST COMMODITES ARE IN BACKWARDATION IN FUTURE MARKETS// CHRIS MARCUS LETTER TO THE CFTC //CORONAVIRUS UPDATE THE GLOBE AND INDIA//VACCINE UPDATES//USA PRODUCTION SLUMPS DUE TO SUPPLY CHAIN DISRUPTIONS//SWAMP STORIES FOR YOU TONIGHT…

GOLD:$1791.70   UP $23.00   The quote is London spot price

Silver:$26.85 UP  $0.99   London spot price ( cash market)

your data.

 
 
 

Closing access prices:  London spot

i)Gold : $1793.10 LONDON SPOT  4:30 pm

ii)SILVER:  $26.89//LONDON SPOT  4:30 pm

 

 

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

 

 

PLATINIUM  $1231.18 UP $21.51

PALLADIUM: 2968.63 UP $12.63  PER OZ.

 

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

James Mc late this afternoon… May 3

Coin premiums to spot widening- Silver Eagles look like around 50%+ to spot. Gold Eagles +$170 to spot. How long can they keep this derivatives charade going?

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  23/33

EXCHANGE: COMEX
CONTRACT: MAY 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,767.300000000 USD
INTENT DATE: 04/30/2021 DELIVERY DATE: 05/04/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
332 H STANDARD CHARTE 9
435 H SCOTIA CAPITAL 25
657 C MORGAN STANLEY 3
661 C JP MORGAN 23
686 C STONEX FINANCIA 1
737 C ADVANTAGE 4 1
____________________________________________________________________________________________

TOTAL: 33 33
MONTH TO DATE: 725

ISSUED: 0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  MAY. CONTRACT: 33 NOTICE(S) FOR 3300 OZ  (0.1026 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  725 NOTICES FOR 72,500 OZ  (2.253 tonnes) 

SILVER//MAY CONTRACT

 

785 NOTICE(S) FILED TODAY FOR 3,925,000  OZ/

total number of notices filed so far this month: 5908 for 29,540,000  oz

 

BITCOIN MORNING QUOTE  $58,918   UP 2309 DOLLARS

BITCOIN AFTERNOON QUOTE.:$57,422 UP 813 DOLLARS  

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD UP $23.00 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

 NO  CHANGE IN GOLD INVENTORY AT 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  UP 99 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 167.84 UP $2.18 OR  1.32%

XXXXXXXXXXXXX

SLV closing price NYSE 24.95 UP $0.94 OR 3.92%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

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Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 4853 CONTRACTS FROM 166422 DOWN TO 161,569, AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR SMALL $0.16 LOSS IN SILVER PRICING AT THE COMEX  ON FRIDAY. 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 SMALL EXCHANGE FOR PHYSICAL ISSUANCE. WE ALSO  HAD ZERO LONG LIQUIDATION (AS THE ENTIRE LOSS WAS THE CONCLUSION OF SPREADER LIQUIDATION) 

 

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 470,, AS WE HAD THE FOLLOWING ISSUANCE: MAY:  0, JUNE: 0 JULY 470 AND ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 470 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

37.790 MILLION OZ INITIAL STANDING FOR MAY 

FRIDAY, 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 $0.16). OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS  WE HAD A STRONG SIZED LOSS OF 4383 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 SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A VERY STRONG INITIAL  SILVER STANDING FOR COMEX SILVER MEASURING AT 37.700 MILLION OZ AND THEN RISING TO 37.790 MILLION OZ ON DAY 2, v) STRONG COMEX OI LOSS //.YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

 

MAY

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

470 CONTRACTS (FOR 1 TRADING DAY(S) TOTAL 470 CONTRACTS) OR 2.35 MILLION OZ: (AVERAGE PER DAY: 470 CONTRACTS OR 2.35 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY: 2.35 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)

MAY: 2.35 MILLION OZ. (SILVER IS STILL IN SEVER BACKWARDATION)

 

RESULT: WE HAD A STRONG  DECREASE COMEX OI SILVER COMEX CONTRACTS OF 4853, WITH OUR $0.16 LOSS IN SILVER PRICING AT THE COMEX ///FRIDAY .THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 470 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A STRONG SIZED LOSS OF 4383 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.16 FALL IN PRICE)//THE DOMINANT FEATURE TODAY// SOME BANKER SHORTCOVERING/ THE CONCLUSION OF SPREADER LIQUIDATION AND A VERY STRONG INITIAL SILVER OZ STANDING FOR MAY. (37.770 MILLION OZ) FOLLOWED BY AN UNUSUAL QUEUE JUMP IN DAY 2 TO 37.790 MILLION OZ

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  470 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A STRONG SIZED DECREASE OF 4383 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.16 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.86//FRIDAY’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: 785 NOTICE(S) FOR 3,925,000, OZ OF SILVER.

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

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

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 2417 CONTRACTS TO 464,460,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 INCREASE IN COMEX OI CAME WITH OUR GAIN IN PRICE  OF $0.20///COMEX GOLD TRADING//FRIDAY.AS IN SILVER WE MUST HAVE HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO LONG LIQUIDATION AS WE HAD A STRONG SIZED GAIN OF 8406 TOTAL CONTRACTS ON OUR TWO EXCHANGES.  WE ALSO HAD A STRONG  INITIAL STANDING IN GOLD TONNAGE FOR MAY AT 3.530 TONNES TO WHICH WE HAD A GOOD QUEUE JUMP OF 700 OZ ON DAY NO 2 AND NOW 3.552 TONNES ARE STANDING. THIS FOLLOWED A STRONG APRIL AT 95.331 TONNES. 

 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF $0.20 WITH RESPECT TO  FRIDAY’S TRADING

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

WE HAD A STRONG SIZED GAIN OF 6373 OI CONTRACTS (19.82 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 3956 CONTRACTS:

CONTRACT  AND JUNE:  3956  ALL OTHER MONTHS ZERO//TOTAL: 3956.  The NEW COMEX OI for the gold complex rests at 464,460. 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 STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6373 CONTRACTS: 2417 CONTRACTS INCREASED AT THE COMEX AND 3956 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 6373 CONTRACTS OR 19.82 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3956) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (2417 OI): TOTAL GAIN IN THE TWO EXCHANGES:  6373  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//FOLLOWED BY ANOTHER QUEUE JUMP ON DAY DAY OF 700 OZ//NEW STANDING FOR MAY: 3.552 TONNES 

3) ZERO LONG LIQUIDATION,  /// ;4) FAIR COMEX OI GAIN AND 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR SMALL GAIN IN GOLD PRICE TRADING FRIDAY//$0.20!!.

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 IN 2021 INCLUDING TODAY

MAY

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 3,956, CONTRACTS OR 3,95600 oz OR 12.30 TONNES (1 TRADING DAY(S) AND THUS AVERAGING: 3956 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 1 TRADING DAY(S) IN  TONNES: 12.30 TONNES

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

THUS EFP TRANSFERS REPRESENTS 12.30/3550 x 100% TONNES =0.346% 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)

MAY:        12.30 TONNES

 

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 4853 CONTRACTS FROM 166,422 DOWN TO 161,569 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) CONCLUSION OF SPREADER LIQUIDATION FOLLOWED BY; 2) SOME BANKER SHORT COVERING//ALGO SHORT COVERING// GOOD REDDIT// RAPTOR BUYING , 3) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A GOOD INCREASE IN   STANDING FOR SILVER AT THE COMEX MAY MEASURING AT 37.790 MILLION OZ //., AND 4) ZERO LONG LIQUIDATION (THE LOSS SOLELY DUE TO CONCLUSION OF SPREADER LIQUIDATION).

EFP ISSUANCE 470 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 MAY: 0 AND JUNE: 0, JULY 470: 0ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 470 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 4853 CONTRACTS AND ADD TO THE 470 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED LOSS OF 4383 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 21.915 MILLION  OZ, OCCURRED WITH OUR $0.16 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED MAY DAY HOLIDAY   //Hang Sang CLOSED DOWN  367.34 PTS OR  1.28%     /The Nikkei closed MAY DAY HOLIDAY //Australia’s all ordinaires CLOSED DOWN 0.05%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4737 /Oil DOWN TO 63.78 dollars per barrel for WTI and 66.71 for Brent. Stocks in Europe OPENED ALL GREEN   //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4737. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4792   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/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 ROSE  BY A SMALL SIZED 2417 CONTRACTS TO 464,460 MOVING CLOSER TO  THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX INCREASE OCCURRED DESPITE OUR TINY GAIN OF $0.20 IN GOLD PRICING FRIDAY’S COMEX TRADINGWE ALSO HAD A FAIR/GOOD EFP ISSUANCE (3956 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 NON ACTIVE DELIVERY MONTH OF MAY..  THE CME REPORTS THAT THE BANKERS ISSUED /FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3956 EFP CONTRACTS WERE ISSUED:  ;:  0, JUNE:  3956 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3956  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 STRONG SIZED 6373  TOTAL CONTRACTS IN THAT 3956 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED SMALL SIZED  COMEX OI  OF 2417 CONTRACTS.WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY(3.552) 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $0.20)., BUT  WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A STRONG NET GAIN ON OUR TWO EXCHANGES OF 6373

 

CONTRACTS.  THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED 16.146 TONNES TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR MAY (3.552 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 :: 8406 CONTRACTS OR  840,600 OZ OR  26.146  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:  464,460 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 46.44 MILLION OZ/32,150 OZ PER TONNE =  1451 TONNES

 

THE COMEX OPEN INTEREST REPRESENTS 1444/2200 OR 65.65% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 
 

Trading Volumes on the COMEX GOLD TODAY:104,866 contracts// volume /dreadful//volumes used in raid today   //

CONFIRMED COMEX VOL. FOR YESTERDAY:  188,181 contracts//  poor 

//most of our traders have left for London

 

MAY 3 /2021

 
INITIAL STANDINGS FOR MAY COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
 
 
302,288.331 OZ
 
includes 1450 kilobars
JPMorgan.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory in oz

 

.

 

Deposits to the Customer Inventory, in oz
 
14,053.875 OZ
 
JPMorgan
enhanced
phony entry
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
33  notice(s)
3300 OZ
(0.1026 TO
No of oz to be served (notices)
417 contracts
(41700oz)
 
1.2970 TONNES
 
 
 
Total monthly oz gold served (contracts) so far this month
725 notices
72500 OZ
2.255 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 1 deposit into the customer account
i)Into JPMorgan enhanced (for a London bar):  14,053.975 oz
this is a phony entry.
 
 
 
TOTAL CUSTOMER DEPOSITS: 14,053.975  oz
 
 
 
 
 
 
We had 5 withdrawals..quite a run on the bank
i) Out of Brinks; 197,938.957 oz
ii) Out of HSBC: 38,155.861 oz
iii) Out of HSBC enhance: 1996.375 oz (a phony entry)
iv) Out of JPMorgan:  46,618.950 oz (1450 kilobars)
v) Out of Manfra:  18,578.188 oz 
 
 
 
 
 
 
 
 
 
 
 
total withdrawals: 302,288.331 oz
 
 
 
 
 
 

We had  2  kilobar transactions (2 out of 7 transactions)

ADJUSTMENTS  1//  all dealer to customer

 

i) JPMorgan: 68,674.491 oz  2136 kilobars

 
 
 
 
 

The front month of MAY registered a total of  450 CONTRACTS for a LOSS of 685 contracts. We had 692 notices filed on Friday so we gained 7 contracts or an additional 700 oz will stand for delivery in this non active delivery month of May. This is very unusual they we are getting queue jumping so early  in the delivery cycle.

 
 
 
JUNE LOST 1547 CONTRACTS UP TO 364,460..(AND THIS IS THE FRONT MONTH THAT WE WILL PAY CLOSE ATTENTION TO!)
 
JULY GAINED ITS FIRST 26 CONTRACTS TO STAND AT 26.
 
AUGUST LOST 1547 CONTRACTS UP TO 51,808

We had 33 notice(s) filed today for  3300   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  33  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 23 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 (725) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY:  450 CONTRACTS ) minus the number of notices served upon today 33 x 100 oz per contract equals 114,200 OZ OR 3.552 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 (725) x 100 oz  +xx OI for the front month minus the number of notices served upon today (33} x 100 oz which equals 114,200 oz standing OR 3.552 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 474.05 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 3.552 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,501,868.257 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: 15,240,932.0 (474,05 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes  15,240,932.0 (474.05 tonnes)
 
total eligible gold: 17,015,528.038 oz   (529.25 tonnes)
 
 
total registered, pledged  and eligible (customer) gold 34,517,396.295 oz or 1,073.63 tonnes (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  947.29 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

 

 
 
MAY 3/2021
 
 

 

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
768,238.323 oz
 
CNT
Delaware
HSBC
Int Delaware 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
 
704,056.400 oz
 
 
Delaware
HSBC.
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
785
 
CONTRACT(S)
(3,925,000 OZ)
 
No of oz to be served (notices)
2431 contracts
 12,155,000 oz)
Total monthly oz silver served (contracts)  5908 contracts

 

29,540,000 oz)

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

total dealer deposits: nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  2 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into Delaware: 124,633.000,  oz

ii)Into HSBC: 579,423.400 oz

 

 
 
 
 
 

JPMorgan now has 187.20 million oz of  total silver inventory or 51.81% of all official comex silver. (187.2 million/361.253 million

total customer deposits today 704,056.400   oz

we had 4 withdrawals

i) Out of CNT:  148,169.9 oz

ii) Out of Delaware:  5838.500 oz

iii) Out of HSBC:  600,210.793 oz

iiii) Out of Int Delaware:  14,110.080 oz

 

 
 
 
 
 

total withdrawals 668,238.323   oz

We had 0 adjustments: 

 


 

 

 
 
 

Total dealer(registered) silver: 120.010 million oz

total registered and eligible silver:  361.253 million oz

a net 0.05 million oz leaves the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
 
 
 
 

May fell in contracts, losing 5119 contracts to stand at  2435 contracts.  We had 5123 notices filed on Friday so we GAINED 4 contracts or AN ADDITIONAL 20,000 oz of silver will stand delivery in this very active delivery month of May.

They refused to morph into London based forwards.

 

June LOST 101 contracts DOWN to 1790.

July LOST a small 357 contracts down to 134,043 contracts

 
No of notices filed today:  785
 

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  5908 x 5,000 oz = 29,540,000 oz to which we add the difference between the open interest for the front month of MAY (2435) and the number of notices served upon today 785 x (5000 oz) equals the number of ounces standing.

Thus the MAY standings for silver for the APRIL/2021 contract month: 5908 (notices served so far) x 5000 oz + OI for front month of MAY (2435)  – number of notices served upon today (785) x 5000 oz of silver standing for the Jan contract month .equals 37,790,000 oz. ..VERY STRONG FOR AN ACTIVE MAY MONTH.

We gained 20,000 oz of silver standing for delivery.

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

 

TODAY’S ESTIMATED SILVER VOLUME 30,887 CONTRACTS // volume very weak// 

 

FOR YESTERDAY  61,588  ,CONFIRMED VOLUME/ weak//

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% (MAY 3/2021)

2. Sprott gold fund (PHYS): premium to NAV FALLS TO –1.25% to NAV:   (MAY 3/2021 )

Note: /Sprott physical gold trust is back into NEGATIVE/0.41% (MAY 3/2021)

(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!)

MAY 3/WITH GOLD UP $23.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REST AT 1017.04 TONNES./

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:

 

MAY 3 / GLD INVENTORY 1021.70 tonnes

LAST;  1051 TRADING DAYS:   +83.07 TONNES HAVE BEEN ADDED THE GLD

LAST 951 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!

MAY 3/WITH SILVER UP 99 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 567.481 MILLION OZ

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

MAY 3/2021
567.481 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Lawrie williams:

LAWRIE WILLIAMS: Global gold demand – better and worse

It really depends on which data one takes from the latest quarterly World Gold Demand Trends report from the World Gold Council (WGC) as to whether it is gold positive or not . The data and findings have been assessed by precious metals research consultancy, Metals Focus, and are thus prepared supposedly independently of any WGC bias. The latest report, covering gold supply and demand in Q1 could possibly be concluded to be both positive and negative, however given in particular that demand appears to be down year on year, but up quarter-on-quarter, There are, though, some positive signs emerging from the Q1 2021 figures,

Firstly, the quarter’s global gold demand was estimated at 815.7 tonnes, almost the same as in Q4 2020. But the big change here is that rising consumer and investment demand almost wholly compensated for the big outflows from the gold ETF sector, which had become apparent in Q4 2020 and had spilled over into Q1 this year. Gold ETF outflows were still a hefty 177.9 tonnes in Q1, but sales out of these ETFs have now dwindled to a trickle at most. This bodes well for the future assuming, of course, that big ETF sales do not resume and investment, jewellery and industrial demand hold up. At the moment sentiment towards gold as an investment asset seems to have turned more positive overall, which should help ward off further ETF sales – or could even reverse the recent trend and see some new deposits.

There has been, therefore, a high volume of sales out of the ETFs and a reduction in central bank gold buying now Russia, in particular, has ceased monthly gold purchases in favour of its gold miners selling their product on the international gold market. This has had a big positive effect on Russia’s balance of payments given the earlier big price decline for oil and gas, which had been the country’s biggest export earner. But it has proved negative for global gold demand.

Although overall gold demand was down around 23% on Q1 2020 for the above reasons, it is probably more significant that Q1 jewellery demand at 477.4 tonnes was fully 52% higher year on year. The WGC report also notes that the value of jewellery spending at US$27.5 billion, was the highest for a first quarter since Q1 2013.

Gold bar and coin investment demand totalled 339.5 tonnes and was up 36%. The WGC attributes this to bargain-hunting, as well as by expectations of building inflationary pressures – which have so far not really materialised – at least according to official data.

Although lower due to the withdrawal of Russian buying, central bank net purchases held up reasonably well at 95.5 tonnes, 23% lower than a year earlier, but 20% higher than in Q4 2020. The figure was boosted by Hungary buying some 63 tonnes for its reserves, more than offsetting a reduction of 31.5 tonnes in Turkey’s gold holdings.

Another useful boost came from technological demand at 81.2 tonnes – up 11% on a year earlier. The WGC notes that this amount exceeded the five year quarterly average for industrial demand of 80.9 tonnes.

While the WGC’s Gold Demand Trends publications do tend to focus on gold demand as their title suggests, they also publish analysis of gold supply. Interestingly, despite all the talk of peak gold, new mined gold production in Q1 actually grew to its highest-ever Q1 level at 851 tonnes. The latest estimates indicate that mine production increased by 4% compared with Q1 2020. To an extent this was due to fewer Covid-19 related interruptions compared to the same period a year earlier, but higher output from North American mines and increased mining rates at Grasberg in Indonesia primarily lifted mine production to its highest Q1 on record. On a quarter-on-quarter basis, production fell by 5% in Q1, though. It is normally the weakest quarter of the year, due principally to seasonal winter-related fluctuations in Russian and Chinese production.

In China, the world’s largest gold producer, gold output continued to fall and the WGC speculated, as we have done in the past, that China’s No. 1 spot might, in the next few years, be overtaken by Russia, where production has grown recently and looks set for further gains as some large projects are already in the pipeline. Australia is currently the world’s second largest national gold producer, but its forward plans are not as ambitious as those of Russia.

Although new mined gold output grew year-on-year, global gold supply fell by 4% overall year-on-year (and 17% quarter-on-quarter) due primarily to an 8% annual fall in recycled supply and a small amount of de-hedging. Producer de-hedging of 25 tonnes contrasts with 34.7 tonnes of new hedging in Q1 2020 and together these falls in global supply more than offset the increase in mine production. Looking ahead, the WGC/Metals Focus analysts believe annual mine production looks set to hit a new all- time high in 2021, barring unexpected disruptions, but recycling is assessed as likely to remain subdued.

01 May 2021

-END-

EGON VON GREYERZ//MATHEW PEIPENBURG

Gold Is Laughing At Powell

 
MONDAY, MAY 03, 2021 – 10:50 AM

Authored by Matthew Piepenburg via GoldSwitzerland.com,

Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.

Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to equally reckless boom and bust cycles in markets and economies.

But let us be fair to comical Fed Chairmen like Greenspan, as he is not alone in making a mockery of his post at the Eccles Building.

With the exception of Paul Volker and William Martin, the sad truth is that nearly every person who has sat in that lead Chair of a private bank masquerading as a “Federal” reserve has made the bank, and themselves, a public embarrassment.

As the legendary private investor Jim Rogers recently observed on Kitco news, almost all central bankers effectively lie and obfuscate facts as part of their job description (and job preservation) at the Fed.

A Central Banker’s Job Description

For the most part, over-hyped Fed Chairs know how to run up debt levels and create lots of money to appear “accommodative” to markets in the short term and then blame “animal spirits” on the disasters which always follow longer term.

In fact, if I had to come up with the most honest and historically-confirmed job description for a Fed Chairman, I would post the following job-post on LinkedIn:

“Seeking D.C.-based expert fluent in double-speak, comfortable with unsustainable debt expansion and handy with a money printer. Ivy League credentials a plus.”

The Latest Nonsense from Powell

As for double-speak, Mr. Powell is now seeking to outshine ol’ Mr. Greenspan’s art of spin with stunning elan.

At a recent economics club in Washington, Powell was both shameless and brilliant in his ability to spew fantasy with the skill of a circus promoter yet maintain the straight face of a circuit judge.

Specifically, Powell tried to downplay the U.S. debt elephant in the room by admitting to its horrific size yet promising a miracle policy shift sometime down the road…

That is, he was unable to deny what he described as the “unsustainable path” of current U.S. debt levels growing “meaningfully faster than economic growth,” but was quick to comfort anyone gullible enough to believe him that for now “there is no question of our ability to service our debt for the foreseeable future.”

Ahhhh. Such calming words, such confidence, such market-placating guidance.

A Brief Translation of Fed-Speak

But now, let’s translate Powell’s Fed-speak into real-speak and get a deeper look into the mind of a first-rate spin-seller.

When Powell says “there is no question of our ability to service our debt for the foreseeable future,” he is actually telling a kind of partial truth. 

Congratulations Jerome.

Yes, so long as the Fed decides to print trillions more fiat dollars and artificially cap yields and interest rates, the Fed can indeed “service” it’s nearly $30T in public debt for the “foreseeable future,” as the cost of that debt is forced to the basement of history.

But what Powell forgets to say, quite cleverly, is that the “foreseeable future” of which he is telegraphing is nothing more than a future of equally foreseeable and grotesquely expanded, and hence, debased U.S. dollars, which is needed to monetize that truly unsustainable debt.

Needless to say, such money printing is great news for gold…

But Powell’s ability to spin fantasy gets even more pronounced with his next great lie masquerading as policy comfort.

Specifically, and to wit, Powell then says, in the same breath, that “at some point in the distant future, when the economy is in better shape,” the Fed will then be in a better position “to deal with the debt issue then.”

Ahhhh. That’s just wonderful, no? At some point in the “distant future” the Fed will magically “deal” with our debt issue.

Hmmm.

Did Powell Take a Math Course? Read a History Book?

But here’s the problem with Powell’s kindergarten logic and truth-challenged phraseology: That “distant future” of “economic growth” is mathematically and historically impossible.

Impossible.

Why?

Because once a nation crosses the Rubicon of 100% debt to GDP, and once a nation’s currency has lost greater than 98% of its inherent value due to fiat money expansion (as is the case today), economic growth has never, not once in the entire history of the financial world, ever occurred.

Stated more simply, that “distant future” of “economic growth” in which the Fed “deals” with our debt problem is an open lie, no different than Bernanke’s 2009 promise that QE1 was “temporary” and would end by 2010. 

If Powell would like, I am happy to send him (or Monsieurs Greenspan and Bernanke) a few high-school text books on basic math, or maybe one or two essays on market history to help him (them) regain both a conscience and facts.

Jerome, my weblink is found below.

Don’t Forget the Endless Larry Summers

Ah, but let us not just poke fun at central bankers’ struggles with history and math. Our increasingly sordid world of so-called “financial Leadership” hardly ends at Constitution Ave.

My former Harvard President and one-time Treasury Secretary, Larry Summers, for example, is no less of a master at promoting his image while ignoring his mistakes.

Mr. Summers, the god-father of deregulating the otherwise toxic, uber-levered and price-fixing OTC derivatives market, deserves an honorable mention.

Under his watch in 1998, that derivatives market went from $95T to $670T despite open warnings from Brooksley Borne at the CFTC. Meanwhile, Summers was openly insulting her while slapping backs with bankers and promising the world not to worry about their master plan to expand this once-safe futures exchange.

But less than a decade after telling Congress that he and his banker friends were more than capable of managing OTC derivatives risk, that same market, as well as the S&P (and the Harvard endowment) tanked by greater than 50% in a matter of weeks in 2008.

Today, the same Mr. Summers who helped crash the markets in 2008 is suddenly working on re-branding himself, warning the world, correctly, about the inflation to come.

In fact, he specifically observed that the U.S. has “embarked on one of the least responsible macro-economic policies that the US has had in the last 40 years.”

Well Larry, maybe the current inflationary direction of the U.S. is the worst thing seen in the last 40 years, but rest assured of this: Your de-regulation of the openly toxic derivatives marketcomes in at a close second for some of the worst policies I’ve seen in the last 40 years…

Turning to Gold

Well, one thing which folks like Powell and even Summers can agree is that there will be lots more money printing and debt expansion to come.

For those of us who can see through Fed-speak and track facts rather than fictions, there are two factors favorable to gold (rather than just golden tongues) which we can smile upon for the next “foreseeable” 5 years, namely: More growth in the broad money supply and more negative real interest rates.

As for the money supply, we’ve written about its promiscuous expansion at length elsewhere, but in case you’re curious what it looks like, just see for yourselves:

And as for negative real (i.e., inflation-adjusted) rates, we’ve also written at length about how well gold shines when inflation rates outpace yields on US Treasury bonds.

As Powell has already told us, repressed bond yields and repressed rates are inevitable in the coming years for no other reason that the Fed can’t afford for those rates to go much higher. Period. Full stop.

And as for inflation outpacing those repressed rates, that too is no longer theoretical or debatable, as inflation is measured by the expansion of the money supply rather than the fictional math of the CPI scale, which despite even its openly bogus reporting, cannot hide the inflationary signals coming from commodity prices, rising M1 and M2 data and increased governmental control of the banking system.

In short, the “foreseeable future” is clearly one that favors inflation outpacing yields and thus smiling upon gold.

Getting Technical

Aside from such historically and fundamentally-confirmed tailwinds for this misunderstood precious metal, even the technical indicators are making gold smile.

Looking at last week’s daily price action in gold, we can see that after last August’s $2070 gold high, the subsequent (and expected) gold correction has both found and bounced off its technical support/bottom.

As the chart below confirms, gold reversed off a double-bottom line (far right) of historical support twice in March:

In addition to a critical double bounce off support, the daily gold price broke through, and then closed consecutively above, a technical resistance band in April.

Having broken resistance, gold pricing then created a new trendline up and to the right:

Such a bounce off a double bottom pattern plus consecutive price close confirmations above resistance is a classic chart confirmation of an upward technical direction in gold which may be of interest to those who trade this oh-so precious metal.

For us, a triple bottom support would have been better, and price swings, near-term, for gold are not outlawed.

Of course, we remain largely agnostic to the short-term price action of gold, as we see it as an investment rather than a speculation.

Far more importantly, we see gold as the ultimate answer to the emotional fact that fiat currencies are losing their punch by the second. Gold will rise much higher simply because the dollar’s purchasing power will sink far lower.

Thus, despite the fictional “distant future” and “economic growth” of which Powell spoke above, we see an all too real distant future of increasing debt, increasing money supply and hence increasingly open and obvious currency debasement.

Given the facts above, we hope our words make more sense than Powell’s.

OR

Peter Schiff..

Peter Schiff: The Fed Cheats To Avoid Getting An ‘F’ On The Economy

 
MONDAY, MAY 03, 2021 – 11:32 AM

Via SchiffGold.com,

A lot of the economic data that came out last week looked pretty good. GDP growth came in big in the first quarter. Personal income rose by a record amount in March. The mainstream spun it all as positive, raving as if the economy is earning an ‘A.’

But in his podcast, Peter Schiff argues that the only reason the economy isn’t getting an F is because the Federal Reserve is cheating on the test.

Dallas Federal Reserve President Robert Kaplan made some comments Friday that were widely viewed as somewhat hawkish. He warned about “excess imbalances” in the financial markets and warned about “historically” elevated stock prices, tight credit spreads, and surging home prices. And he said it’s time for the Fed to at least start talking about tapering bond purchases.

This was the exact opposite of what Fed Chair Jerome Powell said in his press conference after last week’s FOMC meeting.

Peter said it is probably safe to pretty much ignore what Kaplan said. But on one thing, Peter said he agrees with Kaplan – there are imbalances in the markets and in the economy more broadly.

They’re much bigger than what he’s letting on. It’s not only appropriate to start talking about shrinking the balance sheet. They should already be shrinking it. In fact, it was inappropriate to blow it up to the size that it’s already at. And they shouldn’t start raising rates in 2022. They should be raising them now. In fact, they should never have cut them this low in the first place. What they should have done is irrelevant to what they are going to do. And it doesn’t really matter what they say. The markets still haven’t grasped the idea that the Fed is in a box. Sure, it can talk about the need to taper its asset purchases. It could talk about normalizing interest rates. But that’s all it could do. Talk is cheap. Actions are expensive and they can’t afford to pay the price.

The economy certainly can’t afford to pay that price. The US government can’t afford to pay the price.

Even if higher interest rates are appropriate, and they are, they’re not going to happen because they’re not appropriate for maintaining the bubble economy. And the bubble economy is all we’ve got.

Also on Friday, we got the personal income and spending numbers for March. Personal income increased by over $4 trillion, a record 21.1% increase. Consumer spending was up by 4.2%. The savings rate was also way up. The financial media broadly reported this as fantastic news signaling a booming economy. Peter said the problem is that this big increase in income isn’t associated with any real economic activity.

It’s not that American citizens were a lot more productive in March and their productivity resulted in enhanced incomes. That didn’t happen. Where did all this income come from that Americans received? They didn’t really earn it. They just received it. And they got it from the government.”

In fact, 34% of household income in America is coming from the government. The government doesn’t produce anything. It just transfers money from one group to another. And Peter said a lot of this money isn’t even being transferred. It’s just being printed out of thin air.

So, inflation is what is powering increased incomes. The Federal Reserve just creates money out of thin air and makes it available to the US government, which then writes a check and sends it to American households, and that is where the added income is coming from. So, this is totally artificial. We should not be celebrating this record surge in household income when the income was not earned.”

Peter said it’s like a parent bragging about her child getting an ‘A’ on the test when the kid cheated.

You’ve got to earn your ‘A’ honestly if you’re going to brag about it. The US is cheating right now. We’re like an athlete that’s all doped up on steroids, and we’re trying to claim we’re setting all these records. Yeah, because we’ve got the steroids, this artificial stimulant that is enhancing performance.”

Of course, steroids ultimately do long-term damage to the health of an athlete.

What the Fed is doing to goose the economy in the short run is going to have tremendous long-term damage.”

The US will not prosper due to this surge in personal income because it’s not real income. People are sitting at home producing nothing and spending government money on goods and services made in other countries.

All this means is that prices are going to go much higher as people try to spend the money they didn’t earn buying products that they didn’t help make.”

In this podcast, Peter also broke down some of the other economic data that came out last week.

or
PAM AND RUSS MARTENS

Wall Street On Parade

Archegos Unpacked: Equity Derivative Contracts Held by Federally-Insured Banks Have Exploded from $737 Billion to $4.197 Trillion Since the Crash of 2008

Equity Derivative Contracts by Maturity at Federally Insured Banks

By Pam Martens and Russ Martens: April 30, 2021 ~

During Federal Reserve Chairman Jerome Powell’s press conference this past Wednesday, he took a question from Brian Cheung of Yahoo Finance. The question was: “It seems like to people on the outside who might not follow finance daily, they’re paying attention to things like GameStop, now Dogecoin. And it seems like there’s interesting reach for yield in this market to some extent — also Archegos. So, does the Fed see a relationship between low rates and easy policy to those things, and is there a financial stability concern from the Fed’s perspective at this time?”

As part of Powell’s long, meandering answer, he said this: “Leverage in the financial system is not a problem.” Within a second or so, Powell repeated himself: “Leverage in the financial system is not an issue.” (Read the full transcript here.)

Either Powell has not read any of the quarterly reports coming out of the Office of the Comptroller of the Currency (OCC), a Federal regulator of national banks, or he’s willfully misleading the American people.

According to the OCC’s most recent “Quarterly Report on Bank Trading and Derivatives Activities,” for the quarter ending December 31, 2020, equity (stock) derivative contracts at federally-insured banks and savings associations have exploded from $737 billion (notional or face amount) since the Wall Street banks last blew themselves up in 2008 to $4.197 trillion notional as of December 31, 2020. That’s a staggering increase of 469 percent in just 12 years.

Equally troubling, the OCC specifically notes that these equity derivative contracts are being held in the federally-insured banks – not at their investment banking units. That means the U.S. taxpayer will be on the hook if these derivatives blow up, as the banks’ previous reckless subprime derivative gambles did in 2008.

But here’s the really dangerous and outrageous part of this. The OCC notes on page 10 of this report that “The four banks with the most derivative activity hold 88.4 percent of all bank derivatives.” In other words, four banks out of 4,989 U.S. banks are putting the entire system at risk.

Graph 10 of the same report provides the answer to just which four banks the OCC is talking about: JPMorgan Chase, Bank of America, Citigroup’s Citibank, and Goldman Sachs.

Yes, it’s true that Goldman Sachs is allowed to own a federally-insured bank called Goldman Sachs Bank USA. That’s where it has chosen to hold $42.2 trillion notional in various derivative contracts, including equity derivative contracts according to the OCC.

While Goldman Sachs Bank USA is rather small in terms of deposits, holding just $220.7 billion in deposits as of June 30, 2020 according to the FDIC, the other three banks, JPMorgan Chase, Bank of America, and Citigroup’s Citibank, rank in the top four of the largest federally-insured banks in the United States in terms of deposits, holding a combined $4.8 trillion. (The other large bank by deposits is Wells Fargo. Its exposure to derivatives is exponentially less, however, than the three other banks.)

As the chart above indicates, while the Fed, the regulator of bank holding companies, has been assuring the American people that these banks are “a source of strength,” and that leverage “is not a problem” in the banking system, the casino has been providing massive leverage to all sorts of questionable, highly leveraged hedge funds.

The public learned through the recent implosion of the family office hedge fund, Archegos Capital Management, that Wall Street banks have been effectively loaning out their balance sheets to hedge funds by writing equity derivative contracts that provide a multitude of benefits to the one percent while putting the American taxpayer at risk of another massive bank bailout.

The equity derivative contracts, called swaps, hide the true ownership of the stocks (equities) for reporting purposes. The banks’ 13F filings with the SEC list the stocks as if they are owned by the banks when, in fact, the contract provides both the upside and downside in the stocks’ share price performance to the hedge fund, while the banks collect lucrative fees.

This highly problematic derivative contract does three other things as well: it allows the banks to avoid the Volcker Rule that bans them from owning a hedge fund while still letting them loan out their balance sheet to a hedge fund; it allows them to ignore the Federal Reserve’s Regulation T, which limits them to an initial margin loan of no more than 50 percent of the purchase price of the stock; and it allowed the banks to ignore their own internal broker-dealer rules on loaning against concentrated stock positions. There is also the riveting question of just who was paying the capital gains taxes on these stock trades. (See Did Archegos, Like Renaissance Hedge Fund, Avoid Billions in U.S. Tax Payments through a Scheme with the Banks?)

According to media reports, Archegos may have leveraged up $10 billion of its own equity to as much as $100 billion in stock positions at the banks. When Archegos couldn’t meet its margin calls, the banks had to panic sell the stocks they were holding, pushing down the prices of the stocks in some cases by as much as 50 percent.

Thus far, banks have reported a combined $10.4 billion in losses related to their dealings with Archegos.

And Archegos is just one small dot in a giant matrix. James Beech, writing for CampdenFB in 2019, put “the total estimated assets under management of family offices” at $5.9 trillion with 3,100 of those family offices in North America. He estimates that there are “7,300 single family offices worldwide.”

The Fed has increasingly become the bank supervisor that lives in a dream world of its own fictions. Former Fed Chair Alan Greenspan’s flaky theory was that Wall Street bank executives would look out for the good of the country because it was in their own interests to do so. That theory led to the greatest Wall Street crash in 2008 since the Great Depression. When questioned in a House hearing about the Fed’s myopia as the problems escalated within the banks, Greenspan offered the millions of jobless and homeless Americans this explanation: “I got it wrong.”

-END-

ii) Important gold commentaries courtesy of GATA/Chris Powell

Pan and Russ comment on the huge risk the banks are taking with their derivatives

(Wall Street on Parade)

Pam and Russ Martens: Equity derivative contracts held by federally-insured banks have exploded

 

 

 Section: Daily Dispatches

 

By Pam and Russ Martens
Wall Street on Parade
Friday, April 30, 2021

During Federal Reserve Chairman Jerome Powell’s press conference this past Wednesday, he took a question from Brian Cheung of Yahoo Finance. The question was: “It seems like to people on the outside who might not follow finance daily, they’re paying attention to things like GameStop, now Dogecoin. And it seems like there’s interesting reach for yield in this market to some extent — also Archegos. So does the Fed see a relationship between low rates and easy policy to those things, and is there a financial stability concern from the Fed’s perspective at this time?”

As part of Powell’s long, meandering answer, he said this: “Leverage in the financial system is not a problem.” Within a second or so, Powell repeated himself: “Leverage in the financial system is not an issue.”

Either Powell has not read any of the quarterly reports coming out of the Office of the Comptroller of the Currency (OCC), a federal regulator of national banks, or he’s willfully misleading the American people.

According to the OCC’s most recent “Quarterly Report on Bank Trading and Derivatives Activities,” for the quarter ending December 31, 2020, equity (stock) derivative contracts at federally-insured banks and savings associations have exploded from $737 billion (notional or face amount) since the Wall Street banks last blew themselves up in 2008 to $4.197 trillion notional as of December 31, 2020. 

That’s a staggering increase of 469 percent in just 12 years.

Equally troubling, the OCC specifically notes that these equity derivative contracts are being held in the federally-insured banks — not at their investment banking units. That means the U.S. taxpayer will be on the hook if these derivatives blow up, as the banks’ previous reckless subprime derivative gambles did in 2008. …

… For the remainder of the report:

https://wallstreetonparade.com/2021/04/archegos-unpacked-equity-derivati…

END

Commodities including gold and silver have been at their deepest backwardation since 2007

(Bloomberg/GATA)

Deepest backwardation since 2007 shows world is short of commodities

 

 Section: Daily Dispatches

 

Fortunately there’s still plenty of gold and silver — as long as no one takes delivery

 


 


 


* * *

By Gerson Freitas Jr. and Michael Roschnott

Bloomberg News//Friday, April 30, 2021

For an idea of exactly how strong the fundamentals are for commodities such as metals, agriculture, and oil today,

In commodities markets, futures are frequently pricier at longer maturities because they reflect the cost of carrying inventories over time as well as future demand expectations. But urgent demand has flipped about half of major commodity markets tracked by the Bloomberg Commodity Index — including oil, natural gas, copper, and soybeans — into backwardation. …

 


 


 


… For the remainder of the report:https://www.bloomberg.com/news/articles/2021-04-30/deepest-backwardation…* * *

consider this: These markets are now showing the steepest backwardation in more than 14 years.

That is, the premium for commodities that can be delivered now versus later into the future is the highest it has been since at least 2007, signaling just how strong the world’s demand is for raw materials and how tight supplies are.

end

 


 


 


China has good demand in the first quarter jumping 93.9%

(GATA)

China’s Q1 gold consumption jumped 93.9% over last year, trade association says

 

 
adminSection: Daily Dispatches

 


 


 


By Min Zhang and Shivani SinghReutersvia Nasdaq.com, New YorkFriday, April 30, 2021

 


 


 


BEIJING — China’s gold consumption soared 93.9% in the first three months from the same quarter a year earlier, recovering to pre-pandemic levels fuelled by strong demand for gold jewelleries and rising investment, the China Gold Association said today.

Consumption in China in the first quarter stood at 288.2 tonnes, compared with 148.63 tonnes a year ago, the association said in a statement on its website.

The rise came as spending for gold jewelleries picked up quickly during China’s Lunar New Year holidays and Valentine’s Day, the association said. …

end

A super letter written by Chris Marten to the Chairman of the CFTC

(courtesy Chris Powell/GATA/ChrisMarcus)

Chris Marcus: Why did CFTC help suppress silver futures prices?

 


adminSection: Daily Dispatches

8:21p ET Sunday, May 2, 2021

Dear Friend of GATA and Gold (and Silver):

In an open letter to the acting chairman of the U.S. Commodity Futures Trading Commission, Rostin Behnam, published tonight, Chris Marcus of Arcadia Economics asks

 


 


 


for an explanation of a comment Behnam made on March 18 that seemed to applaud and implicate the commission in the suppression of silver futures prices

Marcus tells Behnam: “In a video posted on March 18 from the International Futures Industry Conference —

 


 


 


https://www.youtube.com/watch?v=HSS3zkWYhaY&t=763s

— you made the following statement: ‘The resiliency and the market structure of the futures market was able to tamp down what could have been a much worse situation in the silver market.”

 


 


 


Also at the conference Behnam appears to have congratulated the commission “for utilizing its authority and some of the tools it has within the margin space to control the price and volatility of the silver contracts.”

Marcus also asks Behnam to explain an assertion made on CNBC in February by the research chief for the Goldman Sachs commodities desk, Jeff Currie, who, in regard to silver, said: “

 


 


 


The shorts are the ETFs [exchange-traded funds]. The ETFs buy the physical, they turn around and they sell on the Comex to be able to hedge that physical position like any other corporate”:
https://www.youtube.com/watch?v=ESxpDsUmQRE
But if silver ETFs are just accumulations of metal held for the benefit of their investors so their investment can track the silver price, why do the ETFs need to hedge against the metal’s price?

If silver ETFs are hedging their own silver, they are nullifying its potential for price appreciation and essentially rigging the market surreptitiously against their own investors.

The use of gold and silver ETFs to short the monetary metals markets for price suppression at strategic moments long has been suspected by many in the GATA camp.

 


 


 


Marcus’ letter itemizes much more evidence of improprieties in the silver market, but some of them would be explained by manipulative trading undertaken by, at the behest of, or with the approval of the U.S. governmentif such trading is legal and outside the commission’s jurisdiction.

The commission repeatedly has refused to answer whether it has enforcement jurisdiction against manipulative trading undertaken at the behest of the U.S. government, even when that question has been posed by a member of Congress:

 


 


 


https://gata.org/node/20089

Marcus’ letter to Behnam is posted at Arcadia Economics here:

 


 


 


https://arcadiaeconomics.com/wp-content/uploads/2021/05/A-letter-to-CFTC…

Silver investors and GATA supporters can strengthen Marcus’ efforts by forwarding his letter to their congressmen and asking them to press the CFTC to answer it publicly.

CHRIS POWELL, Secretary/TreasurerGold Anti-Trust Action Committee Inc.

 


 


 


CPowell@GATA.org

end

iii) Other physical stories:

COMMODITY WATCH: LUMBER

(courtesy Ozimek/EpochTimes)

Soaring Lumber Prices Add Nearly $36,000 To The Price Of A New Home: NAHB

 
MONDAY, MAY 03, 2021 – 08:27 AM

Authored by Tom Ozimek via The Epoch Times,

Skyrocketing lumber prices that have tripled over the past 12 months have driven the price of an average new single-family home to rise by $35,872, according to new analysis by the National Association of Home Builders (NAHB), with the price spike threatening to hobble the momentum of the U.S. housing market, one of the bright stars of the recovery from the pandemic recession.

While homebuilder sentiment remains optimistic, as indicated by the NAHB Housing Market index, headwinds due to rising building costs have pulled the index down from recent highs.

“The supply chain for residential construction is tight, particularly regarding the cost and availability of lumber, appliances, and other building materials,” said NAHB Chairman Chuck Fowke in a statement.

At the onset of the health crisis, “the mills stopped producing,” said Dustin Jalbert, senior economist and lumber industry specialist at Fastmarkets in Burlington, Massachusetts. “As soon as they saw 20 million unemployed, they shut down production,” Jalbert added.

But the pandemic drove demand for housing in low population density areas and for home office space, while the Fed dropped interest rates, driving mortgage rates down to historic lows. This confluence of factors turned out to be a boon for housing, with surging demand pushing housing inventories to record lows.

Lumber producers have struggled to catch up with the bustling homebuilding activity, with lumber prices jumping more than 300 percent year-on-year to record highs.

“The logging operation, the shipping of the logs to the mill, the shipping of the finished product, getting workers back on the job, it’s not like flipping a switch to bring those back online,” Jalbert said.

A worker loads logs at Ledwidge Lumber Co. in Halifax, Canada, on May 10, 2017. (The Canadian Press/Darren Calabrese)

This lumber price hike has also added nearly $13,000 to the market value of an average new multifamily home, NAHB said in a post. This translates into households paying $119 a month more to rent a new apartment, the association said, adding that its representatives on April 29 held a “productive” virtual meeting with White House staff from the Domestic Policy Council, National Economic Council, and the Office of the Vice President.

“The discussion covered mill capacity issues, mill worker shortages, and how soaring lumber prices are exacerbating the housing affordability crisis and putting the American dream of homeownership out of reach of millions of households,” NAHB said in a statement.

The association called on the White House to hold a summit on lumber and building material supply chain issues and to temporarily remove the 9 percent tariffs on Canadian lumber to help reduce price volatility.

“The administration was noncommittal on both requests but the door remains open for future talks,” NAHB said.

In the short term, mills are moving toward meeting the demand boom.

“The lumber industry is going to hit production capacity this summer, but things will calm down in 2022,” Jalbert said.

While lumber prices should come back to earth, headwinds remain. Resources remain constrained and Washington has to conduct trade negotiations with Canada, which provides the United States with about 30 percent of its lumber, according to Jalbert.

“There’s going to need to be more investment in the industry to meet this demand,” he said.

But while lumber prices have surged, the cost of concrete has remained stable, with more homebuilders considering this alternative to keep costs down.

Insulating concrete forms (ICFs), which are polystyrene forms that are stacked in place and then filled with concrete to form a solid wall, have become “a highly popular alternative to wood framing,” NAHB said.

“Home builders are not likely to leave behind traditional ‘stick-built’ homes without good reason,” NAHB said in a post. “But with lumber prices now adding nearly $36,000 to the price of an average single-family home and with recent advancements in building technology in other areas, certain framing methods at least deserve a look.”

 

END
There should never be tax on gold/silver
(Corez/MMNews service)

Arkansas Ends Sales Taxes on Gold and Silver; Additional States May Soon Follow

(May 3, 2021) Little Rock, Arkansas –  By signing sound money legislation today, Arkansas Gov. Asa Hutchinson has officially ended sales taxation on gold, silver, platinum, and palladium bullion and coins– thereby setting an example for legislators in New Jersey, Maine, Ohio, and Tennessee, who are still considering similar measures in their own states this year.

Arkansas’s Senate Bill 336, originally introduced by Sen. Mark Johnson and Rep. Delia Haak, enjoyed tremendous popularity, passing through the state Senate 30-1 before passing out of the state House unanimously by a vote of 93-0.

Backed by the Sound Money Defense League, Money Metals Exchange, and grassroots activists and coin dealers in Arkansas, Senate Bill 336 will allow Arkansas investors, savers, and small businesses to acquire precious metals without being slapped with sales and use taxes.

The Arkansas sales tax exemption takes effect on July 1, 2021.

Meanwhile, similar bills are still pending in Ohio, Maine, Tennessee, and New Jersey as the national backlash against taxing constitutional money continues.

Governor Hutchinson signs Senate Bill 336 alongside
sponsors and supporters of the measure

Including Arkansas, 40 U.S. states now fully or partially exempt gold and silver from sales taxes. That leaves 10 states and the District of Columbia as the primary jurisdictions that still harshly penalize citizens seeking to protect their savings against the serial devaluation of the Federal Reserve Note.

States have been removing sales taxes from monetary metals for the following reasons:

  • Taxing precious metals is unfair to certain savers and investors. Gold and silver are held as forms of savings and investment. States do not tax the purchase of stocks, bonds, ETFs, currencies, and other financial instruments, so it makes no sense to tax monetary metals.
  • Levying sales taxes on precious metals is illogical because gold and silver are inherently held for resale. Sales taxes are typically levied on final consumer goods. Precious metals are inherently held for resale, not “consumption,” making the application of sales taxes on precious metals illogical and especially inappropriate.
  • Taxing gold and silver harms in-state businesses. It’s a competitive marketplace, so buyers in states with precious-metals sales taxes often take their business to neighboring states that have eliminated or reduced sales tax on precious metals. Investors can easily avoid paying $136.50 in sales taxes, for example, on a $1,950 purchase of a one-ounce gold bar. Therefore, levying sales tax on precious metals harms in-state businesses, who will lose business to out-of-state precious metals dealers.  Coin conventions also tend to avoid the sales tax states.
  • Taxing precious metals is harmful to citizens attempting to protect their assets. Purchasers of precious metals aren’t fat-cat investors. Most who buy precious metals do so in small increments as a way of saving money. Precious metals investors are purchasing precious metals as a way to preserve their wealth against the damages of inflation. Inflation harms the poorest among us—including pensioners, Arkansans on fixed incomes, wage-earners, savers, and more.

Jp Cortez, policy director for the Sound Money Defense League, explained that “the vast majority of states realize that taxing sound money harms in-state investors, in-state businesses, and even state revenues.”

Cortez continued: “by eliminating taxes on the purchase of gold and silver, Arkansas citizens can protect themselves against inflation, while citizens in the few states that still tax sound money are punished for trying to preserve their wealth.”

Having eliminated sales taxes on the monetary metals, Arkansas will rise from dead last in the Sound Money Index to 30th place among the 50 states.

END

J Johnson’s Commodity repot

The Reddit boys are at it again!

The Rocky Balboa’s of Precious Metals

Posted May 3rd, 2021 at 8:31 AM (CST) by J. Johnson & filed under Gold Premium.

Great and Wonderful Monday Morning Folks,

We hope you had a restful weekend, because today we have precious metals winning the fight with Gold gaining $12.40 with the June trade at $1,780.10, close to the high of $1,782.50 with a low at $1,765.60. July Silver leads so far, with a gain of 40.2 cents and the trade at $26.275 after hitting $27.325 with the low at $28.85. The US Dollar is stumbling and has lost 17 points so far, with that internationally calculated configuration at 91.11, right close to the low at 91.07 with the high at 91.385. Of course, all this happened before 5 am pst, the Comex open, the London close, and after CNN attempted to talk to any auditor at Veterans stadium in
Maricopa County, and only one wanted to, just a little! LOLOLOLOLOL
!

Gold has gained 62,803,192 Bolivares in Venezuela, with the last trade at 4,878,250,841 with Silver adding 1,187,267 to its last trade at 72,018,668 Bolivares. Argentina’s Peso price for Gold is now at 166,570.46 proving a gain of 1,146.20 Peso’s with Silver gaining 26.06 A-Peso’s with the last quote at 2,459.20. Turkey’s Lira now has Gold valued at 14,776.94 proving a gain of 148.70 Lira’s with Silver trading at 218.16 proving a gain of 2.97 T-Lira’s, all the while Erdogan pledges to reform the collapse in five months, let’s see what happens before that?

May Silver’s Delivery Demands now stand at 2,435 fully paid for 5,000-ounce contracts waiting for receipts with a Volume of 53 already up on the board and a trading range between $26.185 and $25.875 with the last buy at the high, a gain of 33.2 cents, so far today. Friday’s full day of ICE/Comex delivery trades happened in between $26.215 and $25.84 with the very last buy at $25.90 down 14.8 cents with Comex Calculating its close at $25.853, a loss of 20.3 cents on the day that had a total of 490 swaps, which helped reduce the demand count by 5,126 contracts. Btw, ICE stands for International Commodity Exchange, and Comex is (the most) part of it. Silver’s Overall Open Interest lost 4,780 Overnighters with today’s early morning total at 161,683 short contracts to trade against the physicals, helping to prove all the activity was inside the deliveries.

May Gold’s Delivery Demands are now at 450 fully paid for contracts waiting for receipts with no Volume or Price posted so far today. Friday’s full day of delivery trade happened in between $1,771.80 and $1,763.90 with the last purchase at $1,765.70, down $2.40 with the CCC at $1,767.30, a loss of 80 cents on the day that had a total of 18 swaps which helped reduce the demand count by 685 contracts. Gold’s Overall Open Interest is now at 466,493 Overnighters, willing to trade against the physicals, proving the exchanges had to add another 1,829 contracts in order to keep the prices steady while the demands take over.

WallStreetSilverBacks have taken over! The Billboard signs are showing up and the excitement grows from the grass roots up! This is getting SERIOUS Silverbacks!!! Members jumped from 40k (when I joined not long ago) to almost 70k in no time. I always believed in silver/gold as God’s money and as an inflation hedge. I had no idea how powerful and influential this group was until last week. Now there’s billboards going up??? What?? Guys, do you realize what’s going to happen when we have 1M members? It will happen faster than you think. Silver has FINITE supply that countless industries rely on. Do you realize what’s going to happen if 1M start buying silver aggressively — it’ll be game f’n over and silver price will be discovered. Then real FOMO kicks in and dominoes start falling.

Signed, auto- generated username for which there is no escape.

There is even Wall Street Betz signs showing up in Zurich

Then there was another guy who had to turn around to take this picture here in the states, but failed to say where it was. 

For most of you, our dearest friends, the fight has been going on for over a decade. This picture is for you! You took your mining shares and put them into certificates or DRS! You took Comex deliveries when Gold was around $700 with Silver inside $7. You are the ever-constant fighter. It is You, who refused to stop fighting, you are our Rocky Balboa’s of Precious Metals and truth! You are truly Deplorable!

The fight now has other primates gathering behind you, supporting the demands like never before. Some can only afford 1 ounce, others are buying 1,000’s, and are willing to pay the sharply higher premiums just to have it in hand and are willing to wait for it. It has become an army of precious metals supporters. We have the deepest bow of respect for all involved and with that, we have prayers for all, and a smile for everyone we see. It doesn’t matter how long this takes; we will win! … As Always …

Adrian!

Jeremiah Johnson
JeremiahJohnson @cableone.net

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

i) Chinese yuan vs USA dollar/CLOSED DOWN at 6.4737 /

//OFFSHORE YUAN:  6.4792   /shanghai bourse CLOSED 

HANG SANG CLOSED DOWN 367.34 PTS OR 1.28% 

2. Nikkei closed 

 

3. Europe stocks  ALL GREEN 

USA dollar index  DOWN TO 91.14/Euro RISES TO 1.2047

3b Japan 10 year bond yield: RISES TO. +.095/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.47/ 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:: 63.78 and Brent: 66.71

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.18%/Italian 10 Yr bond yield UP to 0.91% /SPAIN 10 YR BOND YIELD UP TO 0.48%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.09: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.99

3k Gold at $1780.20 silver at: 26.24   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 44/100 in roubles/dollar) 75.44

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 109.47 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 .9145 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1014 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.18%

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 1.645% early this morning. Thirty year rate at 2.315%

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

6.  TURKISH LIRA:  DOWN  TO 8.30.. DEADLY

Futures Jump On First Day Of May In Quiet Session

 
MONDAY, MAY 03, 2021 – 07:57 AM

S&P and Nasdaq futures, and European bourses were volatile but ultimately rose on Monday to kick off a new month in a quiet session which saw several major markets closed, following a week of record earnings beat which however resulted in big stock drops with investors also keeping an eye on India covid cases and economic data to gauge the pace of recovery.

Trading was subdued with several including Japan, China and the U.K. closed for public holidays. S&P 500 futures added 0.6%, Dow e-minis were up 216 points, or 0.64%, and Nasdaq 100 e-minis were up 40.25 points, or 0.30%. Europe’s Stoxx 600 Index gained 0.4%. The yen weakened, while gold advanced.

With more than 60% of companies already having reported mostly stellar results so far, profits are now expected to have risen 46% in the first quarter, compared with forecasts of 24% growth at the start of April, which however has failed to propel stocks to new highs.

Monday’s mood reversed from last Friday’s surprise selloff as the biggest nasdaq companies reported blowout earnings only to be punished by the market. Some notable premarket movers:

  • Megacap FAAMG stocks rose in premarket trading, with Apple, Amazon.com, Alphabet and Microsoft adding between 0.2% and 0.4% after posting largely upbeat results in the prior week.
  • Tesla Inc fell 0.9%. Industry sources told Reuters the electric vehicle maker, under scrutiny in China over safety and customer service complaints, is boosting its engagement with mainland regulators and beefing up its government relations team.
  • Moderna Inc gained 2.4% after the drugmaker said it would supply 34 million doses of its COVID-19 vaccine this year to the global COVAX program

Europe’s Stoxx 600 dipped then reversed after euro zone factory activity growth surged to a record high in April, boosted by burgeoning demand and driving a rise in hiring, although supply constraints led to an unprecedented rise in unfulfilled orders, the latest PMI survey showed. IHS Markit’s final Manufacturing Purchasing Managers’ Index (PMI) rose to 62.9 in April from March’s 62.5, albeit below the initial 63.3 “flash” estimate but the highest reading since the survey began in June 1997.

“The euro zone was late out of the gates in terms of its economic rebound but it does seem to be starting. Looking at where we are now the numbers are encouraging,” said Bert Colijn at ING. “It is a foregone conclusion that Q2 will be much stronger than Q1 was.”

Here are some of the biggest European movers today:

  • Mediaset rises as much as 3.2% before paring some of the gains. The Italian broadcaster could be near a deal to resolve a legal dispute with Vivendi, Italian media reported over the weekend. Bestinver says that a solution with Vivendi could be a positive catalyst for the stock.
  • Straumann shares climb as much as 2.6% to a record after Vontobel (buy) raises PT to CHF1,570 from CHF1,280 following the Swiss dental-implant maker’s “convincing” 1Q sales and given its longer-term prospects.
  • KPN shares drop as much as 4.4% after the Dutch telecom carrier, long considered a potential takeover target, said it rejected two separate, unsolicited approaches. A report saying KPN got a EU3/share offer disappointed some investors, while analysts stressed the difficulties for would-be buyers.
  • Siemens Gamesa shares fall as much as 6% after full-year sales forecast missed estimates. While the company topped Ebit expectations in 2Q, its 2021 guidance cut was unexpected given good onshore order volumes in first half, Citi says in note.

Earlier in the session, Asian stocks declined for a second day with the MSCI Asia Pacific Index slid 0.6%, heading to a one-month low as a resurgence in Covid-19 infections continued to weigh on sentiment. Stock markets in Japan, China, Thailand and Vietnam were shut for the holidays. The region’s surging coronavirus pandemic cases remains a concern, with the daily death toll in India hitting a record 3,689 on Sunday. Meanwhile, Singapore had its first fatality due to complications from Covid-19 in nearly two months over the weekend. Taiwan semiconductor stocks and Chinese internet companies were the biggest drags on the market. “A worsening pandemic situation in India cast a shadow over the Asia-Pacific markets, as investors assess the risk of reopening delays and stricter border controls,” Margaret Yang, a strategist at DailyFX, wrote in a note. South Korea’s benchmark erased gains and closed 0.7% lower as short selling resumed after a 13-month ban. Taiwan was the worst-hit market on Monday, with its benchmark falling almost 2%. Asian stocks have underperformed global peers for the past six weeks amid a surge in coronavirus cases

“Interest rates going forward will be led more by expectations on the tapering from the Fed rather than by inflation,” Raffaele Bertoni, head of debt capital markets at Gulf Investment Corp., said on Bloomberg Television.

As we reported overnight, billionaire Warren Buffett warned of rising price pressures and a “buying frenzy” spurred by low interest rates in his latest marathon Berkshire annual meeting. On Friday, stocks were spooked after Dallas Fed President Robert Kaplan (who’s not currently a voter on the rate-setting committee) said signs of excessive risk-taking suggest it’s time to consider fewer bond purchases. His remarks contrast with those of Fed Chairman Jerome Powell. These warnings come as all top U.S. financial officials and Powell are downplaying inflation risks.

A busy week for U.S. economic data is expected to show resounding strength, particularly for the ISM manufacturing survey and April payrolls. Forecasts are that 978,000 jobs were created in the month – with whisper numbers as high as 1.5 million – as consumers spent their stimulus money and the economy opened up more.  Such gains could stir speculation of a tapering in asset purchases by the Federal Reserve, though Chair Jerome Powell has shown every sign of staying patient on policy.

“Payrolls should show another near 1 million jobs gain, but that would still leave them 7.5 million below pre-COVID levels,” said Tapas Strickland, a director of economics at NAB.

“Chair Powell recently noted that it would take a string of months of job creation of about a million a month to achieve the substantial progress required to justify tapering QE.”

In FX, the Bloomberg Dollar Spot Index inched lower as most Group-of-10 peers advanced after Friday’s rally in the greenback; the dollar index stood at 91.253 and off a two-month trough of 90.422, though it still ended April with a loss of 2%. The euro was steady at $1.2026 , having backtracked form a nine-week peak of $1.2149 on Friday. It now has solid support around $1.1990 as it shrugs off weaker- than-forecast PMI numbers and 10-year French, Belgian and Austrian yields all rose above last week’s highs as traders unwind haven buying amid thin liquidity; Eurozone April manufacturing PMI 62.9 vs flash reading 63.3. Australia’s dollar oounced from a one-week low a day before an interest rate decision from the central bank and ahead of its quarterly Statement on Monetary Policy later in the week. The front-end of Aussie swaps are fully discounting a rate hike of 15bps by mid-2022, which looks extreme relative to the bank’s latest cash rate guidance, according to Goldman Sachs strategists. The yen slipped to a three-week low against the dollar amid speculation that the Federal Reserve will tighten monetary policy over time while the Bank of Japan retains an easing bias.

In rates, Treasuries opened cheaper at 7am ET amid declines for futures on low volume as overseas cash bond markets were closed. Those losses were pared led by bund futures, leaving U.S. 10-year yields cheaper by ~2bp vs Friday’s close. Treasury yields cheaper by less than 2bp across the curve with front-end outperforming, steepening 2s10s by ~1.5bp; German 10- year yields are cheaper by around 1.5bp vs Friday as month-end demand bid fades. Focus this week is on Wednesday’s Treasury refunding announcement — where most dealers expect auction sizes to be unchanged from February — followed by Friday’s April employment report. On the supply side the dollar issuance slate empty; potential $150b of supply is expected for this month as financing remains cheap with spreads near the lowest in three years.

In commodity markets, gold held to a narrow range around $1,768 an ounce sidelined in part by investor interest in crypto currencies as an alternative hedge against inflation. Oil prices ran into profit-taking on Friday but still ended the month with gains of 6% to 8%. Brent was last up 16 cents at $66.92 a barrel, while U.S. crude firmed 18 cents to $63.76 per barrel.

Ethereum hit a record high on Monday trade above $3,000 for the first time, extending last week’s rally in the wake of a report that the European Investment Bank (EIB) could launch a digital bond sale on the ethereum blockchain network.

Powell is due to speak later on Monday and will be followed by a raft of Fed officials this week. Dallas Fed President Robert Kaplan caused a stir on Friday by calling for beginning the conversation about tapering.

Looking at 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.

Market Snapshot

  • S&P 500 futures up 0.5% to 4,193.50
  • SXXP Index up 0.3% to 438.73
  • MXAP down 0.6% to 205.19
  • MXAPJ down 0.7% to 691.51
  • Nikkei down 0.8% to 28,812.63
  • Topix down 0.6% to 1,898.24
  • Hang Seng Index down 1.3% to 28,357.54
  • Shanghai Composite down 0.8% to 3,446.86
  • Sensex down 0.6% to 48,490.19
  • Australia S&P/ASX 200 little changed at 7,028.80
  • Kospi down 0.7% to 3,127.20
  • Brent futures little changed at $66.82/bbl
  • Gold spot up 0.4% to $1,776.60
  • U.S. Dollar Index little changed at 91.20
  • German 10Y yield up 3 bps to -0.17%
  • Euro up 0.2% to $1.2042

Top Overnight News from Bloomberg

  • President Joe Biden’s $4 trillion vision of remaking the federal government’s role in the U.S. economy is now in the hands of Congress, where both parties see a higher chance of at least some compromise than for the administration’s pandemic-relief bill
  • The European Commission proposed easing restrictions on tourism and leisure travel for those who have been fully inoculated, adding to signs of a gradual return to normalcy as vaccinations gather pace
  • Container shipping rates are heading higher again, driven to new heights by unrelenting consumer demand and company restocking from Europe to the U.S. that are exhausting the world economy’s capacity to move goods across oceans
  • The booming ETF industry may be set to lure even more cash in the coming years as rich Americans facing higher capital gains taxes look to limit what they owe Uncle Sam
  • Pressure mounted on Boris Johnson as the ruling Conservative Party’s polling lead shrank ahead of local elections, and the leader of the Scottish Tories said the U.K. Prime Minister should quit if he’s found to have broken rules over the funding of refurbishments to his apartment

A quick look at global markets courtesy of Newsquawk

Asian equity markets began the week subdued amid key market closures, lack of fresh macro-drivers over the weekend and ahead of this week’s risk events including earnings, central bank updates and US NFP data. ASX 200 (Unch.) traded indecisively although was just about kept afloat by the top-weighted financials sector after big four bank Westpac posted a 256% jump in H1 net and with sentiment initially helped by strong data after AiG Performance of Manufacturing Index rose to its third highest on record. KOSPI (-0.6%) lacked firm direction as the partial lifting of the short-selling ban was counterbalanced by trade data released late last week which showed exports rose by the most in over a decade. The Hang Seng (-1.3%) was heavily pressured amid an ongoing crackdown by China which ordered tech giants to unbundle their financial services as Beijing calls for a stop to companies turning their mobile payment apps into financial supermarkets through the offering of loans and insurance policies. US-China tensions also lingered after the USTR announced it will keep China on its watchlist for IP violations and suggested the new China IP protection law was insufficient, while the absence of Stock Connect trade added to the headwinds due to market closures in mainland China, which alongside Japan, will remain shut through to Wednesday.

Top Asian News

  • More Than 40 Hong Kong Stocks Stay Halted for Delaying Earnings
  • Singapore Air Raises $1.5 Billion From Sale-Leaseback Deals
  • UBS Expects Record IPO Year for India Despite Covid-19 Crisis
  • Schlumberger-Backed Arabian Drilling Said to Plan Saudi IPO

European majors kicked the first session of May off with respectable gains across the board before fading earlier upside (Euro Stoxx 50 -0.2%) following on from a more cautious APAC session – with Japanese and Chinese players away until Wednesday. US equity futures meanwhile see varying gains with the cyclically-led RTY (+0.6%) outpacing whilst the tech-heavy NQ (Unch). From a more macro lens, eyes continue to remain on vaccination efforts/COVID developments and their corresponding effects on economic data and subsequently on monetary and fiscal policy. In early hours this morning, the ECB’s VP floated the idea of thinking about tapering emergency measures when 70% of Europe’s adult population (currently under 30%) is vaccinated – with experts suggesting the end of August as a more realistic deadline for this to be achieved. Turning to earnings, overall around 60% of the S&P 500 have reported actual results for Q1 thus far, according to FactSet, who suggest that of these companies, 86% have reported beats on EPS and 78% on revenue. During this week, 133 S&P 500 companies are due to report including three Dow components. Back to Europe, UK’s FTSE is closed on account of the early May Bank Holiday, whilst broad-based gains are seen across the Euro Zone bourses. Sectors are mostly in the green with the exception of Oil & Gas with a modest downside in prices keeping gains in the sector capped – also do note that sector heavyweights Shell and BP are not trading. Overall it is difficult to discern a particular theme or tone via the sectors. In terms of induvial movers, Lufthansa (+2.3%) is firmer after its CEO said the Co. and its Eurowings are aiming to fly to a minimum of 100 locations this summer. Siemens Healthineers (+1.9%) and Siemens Gamesa (-3.8%) see varying performances post-earnings. Finally, KPN (-3.0%) is pressured after rejecting two separate takeover offers, one from EQT/Stonepeak and the other from KKR.

Top European News

  • Europe’s Powerful Earnings Fail to Move The Needle for Investors
  • The U.K.’s Future May Be in the Hands of Scotland’s Rebel Youth
  • Europe Is Casting Aside Double-Dip Slump as Growth Restarts
  • Euro-Area Factories Face Unprecedented Supply-Chain Delays

In FX, the Dollar index looks quite comfortable above the 91.000 handle after Friday’s rebound to register a late peak for the week, but is off best levels between 91.190-390 parameters as several components claw back some losses and other majors derive a degree of traction via supportive fundamental and technical impulses. However, trading conditions are relatively thin at the start of the new month due to market closures in various countries, such as Japan (Constitution Day), China (Labour Day) and the UK (early May Bank holiday) awaiting the final US Markit manufacturing PMI, ISM and construction spending before speeches from Fed’s Williams and Chair Powell.

  • NZD/AUD/EUR/GBP – All firmer against the Greenback, with the Kiwi holding within a 0.7156-83 range ahead of NZ jobs data on Tuesday and the Aussie hovering around 0.7725 following a bounce from the low 0.7700 area in wake of solid manufacturing PMIs (AIG survey especially) and ahead of trade in the run up to the RBA tomorrow. Similarly, the Euro has drawn encouragement from resilience into 1.2000 rather than somewhat mixed Eurozone manufacturing PMIs or significantly stronger than expected German retail sales, and Sterling seems content after staving off offers within a pip of 1.3800.
  • JPY/CAD/CHF – The Yen is retesting support close to a key Fib retracement level that appears to be the only real prop protecting a more pronounced reversal from recent highs and return to 110.00 vs the Buck. Specifically, 109.64 represents a 61.8% bounce in Usd/Jpy from 107.48 low on April 23 to 110.97 apex from March 31 and the headline pair has been up to 109.69, but not convincingly through may Japanese participants are out of action and will not be back until Thursday due to Golden Week. Elsewhere, the Loonie has lost some steam alongside oil prices and is back around 1.2300 in advance of Canada’s manufacturing PMI, while the Franc is fairly flat circa 0.9130 and 1.0985 against the Euro following a strong Swiss manufacturing PMI and weekly sight deposit balances suggesting no intervention even though Eur/Chf has fallen to lows last seen on April 19.
  • SCANDI/EM/PM – The tables have turned to an extent for the Nok and Sek, as the former is back beneath 10.0000 vs the Eur amidst the aforementioned downturn in crude and a dip in Norway’s manufacturing PMI before Thursday’s Norges Bank policy meeting, but the latter pares some declines from almost 10.1900 on the back of a marked acceleration in the Swedish manufacturing PMI. Meanwhile, EM currencies are on the back foot vs the Usd and the Try has not benefited from softer then forecast Turkish CPI as it pivots 8.3000, but Gold is outperforming around Usd 1775/oz and flanked by DMAs as the 50 sits at Usd 1744.15 and 100 resides at Usd 1798.34.

In commodities, WTI and Brent front month futures again experience a choppy session with conditions also thin as China, Japan, and the UK are away on domestic holidays. The front-month contracts have thus far printed a USD 1/bbl range apiece with WTI now just under USD 64/bbl and Brent around USD 67/bbl. Prices found a floor in recent trade with news about the EU permitting vaccinated travellers from abroad also supporting sentiment in the complex. However, COVID continues to take its toll on India with the recent string of case increases continuing to mark records. Reports have also suggested that LNG cargoes are said to have been diverted away from India amid its situation. It will be interesting to see whether the developing situation prompts any response from OPEC+ after the group, in essence, opted to maintain its plan to gradually bring back oil to the market. Turning to geopolitics, there was some confusion surrounding the progress in Iranian nuclear talks, but it seems a deal remains in the balance after the US and UK refuted Iranian media reports regarding a prisoner swap and the unfreezing of funds. That being said, talks seem to have made some headway with the Iranian foreign ministry suggesting two deals have been drafted but there is a dispute over some figures and entities on the US list. Elsewhere, the Iranian spokesman also said Tehran is ready to have talks with Saudi Arabia at any level and in any form – one to watch given the two countries reside on either side of the Persian Gulf. Also to keep on the radar, Petrobras could see action from labour unions could impact production in Brazil’s 750k BPD Campos basin. Turning to metals, spot gold and silver benefit from the softer Buck but remain around recent ranges with the former around UDS 1,775/oz and the latter around USD 26/oz at the time of writing. LME and Shanghai copper both see domestic holidays. Finally, Citi expects benchmark iron ore to hit USD 200/t in the upcoming weeks but notes the average price in Q2/Q3 could be around USD 183/t before waning to USD 160/t in Q4.

US Event Calendar

  • April Wards Total Vehicle Sales, est. 17.6m, prior 17.8m
  • 9:45am: April Markit US Manufacturing PMI, est. 60.7, prior 60.6
  • 10am: April ISM Manufacturing, est. 65.0, prior 64.7
  • 10am: March Construction Spending MoM, est. 1.7%, prior -0.8%
  • 2:20pm: Fed Chair Powell Speaks on Community Development

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED MAY DAY HOLIDAY   //Hang Sang CLOSED DOWN  367.34 PTS OR  1.28%     /The Nikkei closed MAY DAY HOLIDAY //Australia’s all ordinaires CLOSED DOWN 0.05%

/Chinese yuan (ONSHORE) closed DOWN AT 6.4737 /Oil DOWN TO 63.78 dollars per barrel for WTI and 66.71 for Brent. Stocks in Europe OPENED ALL GREEN   //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4737. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4792   : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/

Biden’s non new strategy dealing with North Korea

(zerohedge)

Biden Unveils New Strategy For North Korea & Wants You To Know It’s “Not Trump’s”

 
SATURDAY, MAY 01, 2021 – 10:10 PM

On Friday the Biden administration announced the completion of its major review of US policy toward North Korea, which revealed deep White House pessimism toward prior Trump efforts to strike a “grand bargain” with Pyongyang to persuade it to abandon its nuke program.

Commenting on how “limited” the Biden admin sees its path forward with Kim Jong Un on this front, White House press secretary Jen Psaki said Friday, “Our goal remains the complete de-nuclearization of the Korean Peninsula with a clear understanding that the efforts of the past four administrations have not achieved this objective.”

Psaki further said to reporters while traveling aboard Air Force One that “Our policy will not focus on achieving a grand bargain, nor will it rely on strategic patience,” and further emphasized Biden will take a “practical approach” looking for diplomatic openings with the North based on “practical progress”.

The Washington Post summarized the Biden strategy based on the policy review as seeking to strike “a balance between President Donald Trump’s grand-bargain, leader-to-leader diplomacy and President Barack Obama’s arm’s-length approach to the crisis,” according to an admin official.

Ironically enough, to gain insight into the only team that ever made diplomatic “progress” on a “practical” level with the Kim regime, the Biden administration has been consulting Trump officials, as The Associated Press notes:

Biden administration officials have been consulting with Trump administration officials who took part in the Singapore talks between Kim and Trump in June 2018 as well as a second meeting in February 2019.

The last face-to-face talks between senior officials from the two countries were held in Sweden in October 2019, and efforts by the Biden administration to resume a dialogue have been rebuffed.

All of this appears to essentially translate to something like… we don’t actually have a path forward but we don’t want Trump’s path.

Meanwhile, officials in Seoul see things differently after the multiple historic breakthrough face-to-face summits under Trump…

Perhaps we’re simply about to witness a few years of Kamala Harris getting on the phone with Korean officials, as has been the case with other world leaders in the opening months of Harris Biden foreign policy messaging.

And in the meantime the North will no doubt keep up its pressure and leverage in the form of ever bigger ballistic missile tests and accompanying bellicose threats.

END

b) REPORT ON JAPAN

JAPAN//

 

3 C CHINA

CHINA/COPPER

Soaring copper prices are sending crippling shockwaves throughout China’ economy

(zerohedge)

Soaring Copper Prices Send Crippling Shockwaves Across China’s Economy

 
 
FRIDAY, APR 30, 2021 – 08:40 PM

As if China didn’t have (soaring) debt, (shrinking) demographic and (pent up) default nightmares to struggle with every night (and realistically, every day) it can now add one more splitting headache to its rosters of economic challenges: soaring prices in the one commodity that is absolutely critical for China’s rapidly growing economy. Copper.

While commodity and copper bulls have enjoyed a tremendous start to the year with the price of copper surpassing $10K earlier this week and set to make new all time highs, Copper’s eyewatering price – which Goldman expects to keep rising for years due to an unprecedented supply/demand imbalance – is causing ripples of stress for industrial consumers in China, the world’s largest market for the metal. As Bloomberg reports, “some Chinese manufacturers of electric wire have idled units and delayed deliveries or even defaulted on bank loans, according to a survey by the Shanghai Metals Market.” Meanwhile, end-users such as power grids and property developers have also been pushing back delivery times, unable to pay for the metal, while producers of copper rods and pipes saw orders slump this week, said the researcher.

Copper’s rally – which is fueled by soaring global demand resulting from trillions in stimulus, near-zero interest rates and the global economic recovery from Covid-19 – sent the price above $10,000 a metric ton on Thursday for the first time in a decade, making it among the best performers in a scorching surge in metals prices.

“Domestic copper users are feeling the pain right now after the recent surge caught them off guard,” said Fan Rui, an analyst at Guoyuan Futures Co. “Electric wire producers are being hit the most, with smaller plants keeping run rates low as the spike is seen slowing the pace of investment by power grids.”

In a clear indication that the laws of supply and demand still work somewhere, as the price of copper exploded, Chinese spot purchases of copper have weakened significantly amid the copper rally…

… while the latest Chinese manufacturing PMI index slipped in April and the services sector also weakened, suggesting the economy is still recovering but at a slower pace. And while China – the biggest end user of physical copper may be approaching its demand limit  – analysts at banks including Goldman Sachs Group Inc. are predicting further gains for the metal as the global economy picks up pace.

To cynics who still remember Goldman’s $200 oil price target in the summer of 2008, Goldman’s copper euphoria is just a way to offload its own exposure to naive clients.

Sure enough, Bloomberg notes that in a sign of potential weakness in Chinese physical demand, the spot contract traded at a discount of as much as 215 yuan a ton ($33) to Shanghai futures’ prices this week, the widest in about 10 months. The appetite for imports is also low, with the Yangshan copper premium, paid on top of benchmark LME prices, slumped to the lowest since data were first published in 2017.

Furthermore, there is a precedent for demand destruction in China amid higher prices, according to BMO Capital Markets analyst Colin Hamilton. Hamilton pointed to 2006 where prices recorded the largest January-April gain on record and came amid a credit-fueled sudden acceleration in developed world demand.

“2006 was the only year this century where annual Chinese copper consumption fell on a y/y basis, as marginal buyers simply stepped away,” Hamilton said in a note, hinting that 2021 may be the second such year unless copper prices don’t stabilize.

Higher price levels also could see marginal buyers pull back in the near term and look to substitute in the medium term.

“$10,000/t copper now is the biggest danger to future demand use, particularly in these nascent trends where material selection is still evolving,” said Hamilton. “There is no doubt copper may be best for electrical or heat transfer performance, but with the ratio to aluminium now well above the 3.5:1 level where we consider substitution accelerates, the risk is clear.”

Copper fell 0.8% to $9,806 a ton on London Metal Exchange on Friday after reaching $10,008 on Thursday, the highest since February 2011. Aluminum also fell, while nickel rose.

While physical demand may be reaching its limits, the financial demand for copper remains strong as speculators – who never plan to accept physical delivery – keep pushing the price higher on the back of generous leverage and trillions in central bank liquidity. The question is when does this artificial push higher reach its limits, and will the upcoming crash in copper be similar to the plunge in oil in the late summer of 2008, when brent collapsed from $150 to $30 right around the time of the Great Lehman Delevearging.

Until then, we eagerly await for the new round of horror stories involving rehypothecated Chinese copper which as a reminder, is not only the most important commodity propping up China’s economy but also the key anchor behind hundreds of billions in Chinese Copper Financing Deals or CCFDs which we have discussed extensively in the past. One place we are closely watching is Chinese brokerage Dalu Futures which in late February amassed a $1 billion long position in copper contracts within just four days…

END 

4/EUROPEAN AFFAIRS

EU/CHINA

European arrogance in dealing with China…they blame them for endangering peace and then send in flotillas of war ships

Strategic Culture Foundation

European Double-Think Blames China For Endangering Peace

 
MONDAY, MAY 03, 2021 – 03:30 AM

Via The Strategic Culture Foundation,

The European Union excelled in double-think this week when it censured China for “endangering peace” in the South China Sea while at the same time European states are sending an unprecedented number of warships to the Indo-Pacific region.

Germany is soon deploying a frigate to the South China Sea for the first time since 2002.

France has just returned a nuclear-powered attack submarine after a 100-day patrol of the Asian region.

The Netherlands is to join a British flotilla in what could be the most provocative naval maneuver yet.

Next month, Britain is dispatching its largest naval fleet since the 1982 Falklands War, headed by its new flagship aircraft carrier, HMS Queen Elizabeth. The carrier strike group will include two guided-missile destroyers, two anti-submarine frigates, and a nuclear attack submarine. Onboard the aircraft carrier are F-35 fighter jets. Warships from the United States and the Netherlands are also participating in the British expedition.

Of course, all nations have the right to freedom of navigation in all international waters. Separately, the deployment by European nations of their naval vessels to distant seas is not in itself objectionable. Russia and China also participate in long-haul exercises to test the sea-worthiness of crew, weaponry, and equipment.

But when viewed in the round, the European dispatch of warships to the South China Sea cannot be seen as innocent passage. It is more an aggressive flexing of muscles. The British flotilla for example is planning to send its two destroyers into the Black Sea while en route to the Indo-Pacific region. That move comes at a time of heightened tensions between NATO and Russia over the Ukraine conflict. It is not clear if the British will go ahead with the Black Sea maneuver, but the fact of its planning at least shows that there is a latent offensive calculation.

The European naval foray to the South China Sea is a collective affirmative response to the ramping up of hostile policy in Washington towards China under the new Biden administration. Much more than his Republican predecessor, the Democrat president has embarked on a strategic effort to “coordinate allies” in an adversarial stance towards China (and Russia). And Biden is increasing the number of U.S. warships entering waters around China.

It appears that the Europeans are falling into line with Biden’s demand for coordinated action and rhetoric which includes imposing sanctions over alleged human rights violations, as well as deploying military forces. The folly and servility of the Europeans is staggering.

The European Union relies on China as its biggest trade and investment partner. Britain is no longer part of the EU, but post-Brexit London is especially in need of improving relations with China for its economic benefit. Instead, however, we see the Europeans doing Uncle Sam’s bidding with regard to antagonizing Beijing.

In a comment for this week’s editorial, Mick Wallace, an independent Irish Member of the European Parliament, made the following remark on the U.S.-led belligerence:

“It’s pathetic that the EU is allowing itself to be dragged into a shambolic scenario that doesn’t serve its interests. But never underestimate the EU tendency to say one thing and do another. Even if the likes of Germany engage in token gestures of military support for the U.S., they will not jeopardize the vital arrangements with its number-one trading partner – China.”

So, there is a fair chance that this all a bit of theatrical saber-rattling. The Europeans are deriving some sort of phallic satisfaction from showing off their big gunboats, and so on. They may also be indulging Washington and trying to keep the Americans sweet for other favors.

Nevertheless, the recklessness and wanton provocation are contemptible. It is also irrational double-think, as Mick Wallace notes.

The Europeans say they don’t want conflict with anyone. Yet they are sailing heavy weaponry halfway around the world near to China’s shores in a de facto formation under the apparent direction of Washington. This is while they are appealing to China for lucrative trade opportunities. The Europeans can’t have it both ways. This is the 21st century, not the era of the 19th century Opium Wars when China was coerced by gunboat diplomacy. (The same applies to Europe’s snide attitude towards Russia regarding the Nord Stream-2 gas project.)

China today is a formidable military power and a pre-eminent economic superpower. European arrogance and double-think is risking the incitement of an all-out war.

It should also be borne in mind that the Americans suffer from the same double-think and blind arrogance. This week in a major speech before a joint session of Congress marking his first 100 days in office, President Joe Biden said that the United States was not seeking conflict or escalation with either China or Russia. This is while Biden bad-mouths both leaders of China and Russia. And while the U.S. is deploying ever-more offensive military forces, along with NATO allies, near the borders of China and Russia. Biden’s avowed non-aggression sounds hollow and hypocritical, if not downright disingenuous.

To be sure, China has various long-running territorial disputes with several neighboring nations in the South China Sea. But as Beijing consistently points out, these disputes can be resolved through inter-Asian negotiations. The poking into the region by Washington and its European allies is not aimed at mediating settlements; it is all about flexing muscles, which can only exacerbate tensions. Under what authority do the Americans or Europeans have to meddle? The colonial era is long gone.

The absurdity of their argument is always highlighted by running the scenario in reverse. Let’s say the US and Mexico have a border spat. How would Washington react if China and Russia were to send warships to purportedly mediate? Or, say, Britain and France are having a row over fishing rights in the North Sea, and again Beijing and Moscow deploy nuclear attack submarines to ensure “freedom of navigation”.

The double-think and double-standard are patently absurd. But dangerously absurd.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA/EUROPE

As detailed on Friday: Russia drops below the 50% mark in exports sold in USA dollars

(SouthFront.org)

For The First Time Ever, Russia Drops Under 50% Of Exports Sold In US Dollars

 
SATURDAY, MAY 01, 2021 – 08:10 AM

Via SouthFront.org,

The more America imposes its sanctions on Russia, the more natural is the desire of the latter to avoid the risk of the consequences of these sanctions.

The rejection of the dollar in this regard is something that has been expected for a while, and is happening now.

Russia’s decades-long drive to reduce its dependence on the unpredictable US dollar reached a milestone as the share of exports sold in US currency fell below 50% for the first time ever.

According to central bank figures released late on April 26th, the main decline in the use of the dollar occurred in Russia’s trade with China: more than three-quarters of the dollar turnover was replaced by the euro. According to data for the fourth quarter, the share of the single currency in total exports jumped by more than 10 percentage points to 36%.

Multiple rounds of sanctions and the constant threat of future ones have prompted Russia to look for ways to isolate its economy from US intervention.

The central bank also cut its treasury holdings in international reserves, instead increasing the share of gold and the euro.

The move away from the dollar in trade with China accelerated in 2019, when the major oil company Rosneft switched to the euro. While the share of the single currency in trade with China declined in the first half of 2020, it rose sharply in the fourth quarter.

In April 2021, Washington imposed new sanctions on Russia, including restrictions on the purchase of newly issued sovereign debt, in response to allegations that Moscow was behind the SolarWinds Corp. hack. and intervened in last year’s US elections.

The Biden administration has said it is ready to escalate and strengthen sanctions if the Kremlin does not stop hacker attacks and attempts to intervene in the political process in the United States.

Russia must take urgent measures to reduce the use of the dollar to a minimum to eliminate dependence on “this” toxic source of constant hostilities,” Deputy Foreign Minister Sergei Ryabkov said in an interview in February.

This has, as mentioned above, been a trend for a while. Back in January 2020, Russian Foreign Minister Sergey Lavrov commented on the matter.

“Against the background of the increasingly aggressive use by the US administration of financial instruments of sanctions pressure, Russia continues its policy of a gradual de-dollarization of the economy. Simultaneously with our main partners, including India, we are working on economic and legal mechanisms to reduce the negative impact of restrictions on the development of bilateral trade and investment ties,” Lavrov said.

He explained that the move away from the dollar is due to the unpredictability of Washington’s economic policy and the blatant abuse of the dollar’s status as the world’s reserve currency.

“One of the priority areas is the expansion of settlements in national currencies. In June and October last year, the relevant intergovernmental agreements on settlements and payments were concluded with China and Turkey,” the minister added.

The BRICS countries have previously come to an understanding of the need for central banks to open corresponding correspondent accounts.

Now Russia and India are working on the development of a new intergovernmental agreement on the mutual protection of investments, which should increase the protection of Russian and Indian investors.

“The agreement on a free trade zone between the Eurasian Economic Union and India, which is currently being worked out, is also intended to contribute to this,” said the head of the Russian Foreign Ministry.

END

 

IRAN/
Guess who is in charge:  the President or the Revolutionary Guards?
(COURTESY IRANWIRE)

Revolutionary Guards Raid President and Foreign Minister’s Offices

Friday, 30 April 2021IRANWIRE

 

IranWire sources report that this morning officers from the Islamic Revolutionary Guards Corps (IRGC) Intelligence Unit raided the offices of President Hassan Rouhani and Foreign Minister Mohammad Javad Zarif.

After a short altercation with the security guards of the president’s office and the Foreign Ministry, the Guards took a number of documents from the premises. 

The raids took place after government spokesman Ali Rabiei had stated that Iran’s intelligence ministry was investigating the source of a recently-leaked interview with Zarif.

The IRGC Intelligence Unit is a rival organisation to the Ministry of Intelligence, which is the country’s equivalent of the CIA and the FBI. 

In the recorded interview, which was leaked to Iran International last weekend, Zarif had told journalist and economist Saeed Leylaz that he believed Iranian diplomacy had been “sacrificed” to the regime’s military interests.

He described alleged efforts by former IRGC Quds Force commander Ghasem Soleimani and Russia to sabotage the Joint Comprehensive Plan of Action (JCPOA), and shared new details about the Quds Force’s regional operations.

The leak sparked widespread controversy, with various parties calling for Zarif’s resignation or impeachment. Zarif has been touring Arab countries since the tape surfaced and was in Kuwait on Thursday.

The interview was one of 33 conducted by the Presidential Center for Strategic Studies for a planned oral history project. It was set to focus on the achievements of the country’s 11th and 12th governments and was in its post-production phase at the time of the leak.

Earlier Thursday, the government announced that the head of the Center, Heshamoddin Ashena, who was overseeing the project, had “resigned” and been replaced by Rabiei.

Ashena took to Twitter to castigate the “professional bandits with political ambitions” he said were involved in sharing the tape, saying it had caused “an informative, methodical and non-confidential programming to be abused politically and in the media… It appears to be a political and security dilemma.”

Tehran Prosecutor’s Office also confirmed a lawsuit had been filed in connection with the audio file’s publication. 

Iranian state media reported on Thursday that 15 people involved in the production had been barred from leaving the country while investigations are ongoing. 

IranWire will publish a full report soon.

 

Related coverage:

Zarif Blames Russia and the Guards for Harming the JCPOA in Leaked Interview

Zarif vs. the Guards: A New Round

 
end

end

TALIBAN/AFGHANISTAN/USA

Taliban Declares Open Season On Americans As Weekend Fighting Erupts, Scores Dead & Wounded

 
MONDAY, MAY 03, 2021 – 11:50 AM

Fierce fighting between US-allied national Afghan forces and the Taliban broke out Saturday into Sunday, the day after the May 1st American pullout deadline set under the Trump administration. It included the Taliban immediately attacking a government base in southwestern Ghazni province. 

Afghanistan’s defense ministry counted over 100 Taliban insurgents killed over the prior 24 hours in a statement on Sunday, at a moment the US is said to have started the process of withdrawal. The statement counted a further 52 Taliban wounded. Separately an attack on the Ghazni military outpost left at least 17 national soldiers dead and some 25 captured, according to international reports.

Camp Antonik handover ceremony, via Afghan Ministry of Defense

And elsewhere in the country “Afghan officials Saturday raised the death toll to at least 30 from an overnight truck bombing in Pul-e-Alam, the capital of eastern Logar province,” VOA News reports. Over 100 more were injured, with all or most of the victims being civilians.

Amid the flare-up in fighting the US military said it launched a “precision strike” against Taliban positions in the restive insurgent hotbed of Kandahar. 

Meanwhile as expected the Taliban has now declared ‘open season’ on all remaining American troops following President Biden’s new Sept.11 full withdrawal deadline. Taliban spokesman Zabihullah Mujahid issued the following statement: “As withdrawal of foreign forces from Afghanistan by agreed upon May 1st deadline has passed, this violation in principle has opened the way for [Islamic Emirate of Afghanistan] Mujahidin to take every counteraction it deems appropriate against the occupying forces.”

“The Mujahidin of IEA will now await what decision the leadership of Islamic Emirate takes in light of the sovereignty, values and higher interests of the country, and will then take action accordingly, Allah willing.”

But US troops do appear to be drawing down in earnest, while also beefing up security to protect withdrawing forces during the dismantling process. For example on Sunday US forces handed over a Helmand camp to national forces. Senior officers representing both sides attended a handover ceremony on Sunday morning at Camp Antonik as fighting raged elsewhere in the country. The base is home to Afghan Special Forces.

“The Afghan military will intensify anti-terrorism operations and will target strongholds of the terrorists in any area of the southwest of the country (from this base),” a statement said.

Likely this is only the beginning, as indicators suggest Monday…

TURKEY

Erdogan, the dictator and where is the missing 128 billion uSA dollars spent protecting a falling Lira?

 

(Gatestone)

Turkey: How Erdogan’s Pledge For Reform Collapsed In Five Months

 
MONDAY, MAY 03, 2021 – 02:00 AM

Authored by Burak Bekdil via The Gatestone Institute,

His critics often joke that when President Recep Tayyip Erdoğan pledges democratic reforms, one should run away immediately. His latest charm offensive in November, aimed at repairing Turkey’s badly-strained ties with the West and Western institutions, has proven that the joke still holds value.

“We don’t see ourselves elsewhere but in Europe,” Erdoğan said on November 21.

“We envisage building our future together with Europe.”

Two days later, Defense Minister Hulusi Akar described NATO as the “cornerstone of our defense and security policy” and said that Turkey was looking forward to cooperating with the incoming administration under Joe Biden in the United States. Erdoğan also promised a bold package of democratic reforms.

Less than five months later, Italy’s Prime Minister Mario Draghi had to call Erdoğan a “dictator.”

That was not because an experienced European politician wanted to insult a Muslim head of state.

According to Turkish news site Gazete Duvara total of 128,872 people have been indicted in the past six years for insulting Erdoğan. Of those, 27,824 had to stand trial and 9,556 were convicted. By comparison, only 11 Turks had been convicted for insulting Ahmet Necdet Sezer, president between 2000 and 2007.

After Erdoğan’s latest reform pledge, on March 21, Turkish authorities arrested a pro-Kurdish opposition MP who had refused to leave parliament for several days after his seat was revoked. Ömer Faruk Gergerlioğlu “was brought out by force while he was in pyjamas and slippers” by “nearly 100 police officers,” the leftist Peoples’ Democratic Party (HDP) said in a statement.

On March 17, the Supreme Court Chief Public Prosecutor’s Office filed a lawsuit against HDP for its closure on the grounds that it has links with “terror acts.” On April 14, state prosecutors asked for the removal of the parliamentary immunity of main opposition leader Kemal Kılıçdaroğlu and nine MPs from his Republican People’s Party (CHP). Apparently, Erdoğan wants a democratic system without opposition.

This month, Europe’s top human rights court ruled that the right to liberty and freedom of expression of Turkish journalist and author Ahmet Altan had been violated due to his detention and imprisonment on charges related to a 2016 coup attempt. Altan, 71, has been in prison since September 2016, when he was detained over allegations that, during a TV program, he disseminated “subliminal messages” related to the coup attempt, as well as for articles he had written criticizing the government. Shortly after that ruling, the Turkish Court of Appeals released Altan. In other words, Altan had been unlawfully imprisoned for 55 months, nearly five years.

That was “normal” in a country where an army of pro-government judges has the habit of announcing rulings in defiance of rulings from superior Turkish courts, including the Constitutional Court, and from the European Court of Human Rights. Those judges who dare make “undesirable verdicts” are probed and often get disciplinary punishments. Erdoğan’s coalition partner and staunchest political ally, ultra-nationalist leader Devlet Bahçeli, has called for the closure of the country’s top judicial institution, the Constitutional Court.

On April 5, Turkish prosecutors detained 10 retired admirals over their public criticism of Erdoğan’s multi billion-dollar Istanbul canal project, which will create a new artificial waterway from the Black Sea to the Marmara Sea, to complement the Bosporus Strait. The arrest warrants came a day after a group of 104 former senior navy officials signed an open letter warning that the proposed canal could harm Turkish security by invalidating an 85-year-old international treaty (the Montreux Convention) designed to prevent militarization of the Black Sea. Pro-Erdoğan officials and prosecutors interpreted the statement as a direct challenge from the military to the civilian government, “echoing coup times.”

The prosecutors’ move is in direct breach of the Article 26 of the Turkish Constitution:

“Everyone has the right to express and disseminate his/her thoughts and opinions by speech, in writing or in pictures or through other media, individually or collectively. This freedom includes the liberty of receiving or imparting information or ideas without interference by official authorities. This provision shall not preclude subjecting transmission by radio, television, cinema, or similar means to a system of licensing.”

But who cares about the Constitution in a country where the governing bloc is proposing to close down even the Constitutional Court, in addition to banning opposition parties?

All these autocratic measures occurred in the less than half-year since Erdoğan pledged democratic reforms. But no story would be completely Turkish without an element of black humor: Where is the $128 billion?

That sum refers to the US dollars sold by state banks to support the Turkish lira in foreign exchange markets. The policy began around the time of the March 2019 municipal elections and was ramped up in 2020, when the pandemic laid bare the lira’s vulnerability and Turkey’s reliance on external funding. Bankers have calculated that the sales totaled $128.3 billion in 2019-20.

As government officials remain mute on the question, the main opposition CHP recently launched a campaign to embarrass Erdoğan’s ruling Justice and Development Party (AKP) by hanging huge posters on CHP party buildings across the country with the simple question: Where is the $128 billion? Not one more word. Not one single comment or insult. Just a question, though annoying especially at a time of economic crisis.

Turkish police started to rip down those posters without court orders. As one prosecutor confessed in a letter to a governor, “We cannot find a legal pretext to declare the posters illegal. You must rip them down citing administrative reasons.”

In protest, a CHP MP hung the same poster outside his office office window in the parliament building. Parliament’s administrative directors had to send a fire truck to rip down the poster. The MP said he would hang it again.

Erdoğan’s effort to hang onto power is taking uglier shapes every new day. A few years ago, then Prime Minister Ahmet Davutoğlu had vehemently denied claims that Turkey was a second-class democracy. He was right. Turkey has since remained a third-class democracy.

6.Global Issues

CORONAVIRUS UPDATE/VACCINE

Proliferation of fake health certificates

(zerohedge)

Fake Health Certificates Complicate The Already Messy “Vax Pass” Idea

 
MONDAY, MAY 03, 2021 – 06:30 AM

Authored by Mike Shedlock via MishTalk.com,

The proliferation of fake health certificates is exposing a logistical blind spot for the airlines. Confusion doesn’t stop there.

Airlines Struggle to Police Fake Certificates 

In Europe, Fake Covid-19 Certificates Hit Airlines, Which Now Have to Police Them

Airlines are battling a scourge of passengers traveling with falsified Covid-19 health certificates.

Deutsche Lufthansa AG has been fined up to 25,000 euros, or about $29,800, by Germany for allowing passengers with false or incorrect documents to board, according to people familiar with the penalties. 

Complications? You Bet!

At London Heathrow Airport, the additional checks by border control have led to lines of more than six hours for arriving passengers. That is with just 541,000 passengers passing through the airport in March, down 91.7% from the comparable period in 2019.

The EU wants airlines to enforce restrictions that it sets up, but that makes the airlines responsible for detecting easily faked documents. 

The six hour wait time with traffic down 91.7% is a perfect of government sponsored madness that happens more in Europe than the US although we are not totally immune to such nonsense either. 

Negative Tests Required in the US

On January 24, I noted new CDC Guidelines Require Proof of Negative Test on inbound international flights to the US.

It’s unclear how well the US is enforcing that requirement.

Where Can You Go?

Hooray! You are vaccinated and ready to travel. But where can you go?  

You may be vaccinated but the World Still Isn’t Ready For US Travelers

US Vax Pass 

No doubt the “solution” will be government-mandated heath passports in Europe.

What About the US and Canada?

  • Chicago – Yes: Chicago’s public health commissioner, said the “Vax Pass” will be required to attend concerts and other summer events starting in May.

  • Illinois – Up to Local Officials: The Sun Times says Gov. J.B. Pritzker is taking a pass on the “Vax Pass.” Instead of a passport, the governor said residents across the state will be provided with something more akin to a doctor’s note — and only if they ask for it.

  • Missouri – Will Bar: The Missourian reports Missouri Senate renews push to bar vaccine passports and limit local health orders.

  • US – Yes: On March 28, the Washington Post reported “Vaccine Passports are on the Way. The Biden administration and private companies are working to develop a standard way of handling credentials ” 

  • US – No: On April 6, the BBC reported US Rules Out Federal Vaccine Passports.

  • Canada – YesForbes reports Canada Will Require Using A Vaccine Passport For Entry.

40 States Will Ban Covid-19 Passports

Who’s in charge? That’s the key question as 40 States Creating Legislation to Ban Vaccine Passport Requirements.

At state Capitols across the country, lawmakers are advancing legislation to ban COVID-19 vaccine passport requirements for businesses and schools. 

The vaccination passports currently exist in one state — a limited government partnership in New York with a private company — but that hasn’t stopped GOP lawmakers in a handful of states, including Pennsylvania, from rushing out legislative proposals to ban their use.

“Government should not require any Texan to have proof of vaccination,” said Texas Republican Gov. Greg Abbott.

While New York rolled out the “Excelsior Pass,” a digital vaccine passport, lawmakers in Indiana worked on a bill that includes a vaccine passport ban. It passed by a wide margin, just as many Hoosier state health departments saw an uptick in no-shows for COVID-19 shots.

Confusing Mess

It’s not at all clear what the procedure will be for international flights into the US. And if you wish to travel to Europe, expect long lines on top of needing a Vax Pass.

The EU and US are messes of a different kind. The result is a hodgepodge of conflicting and confusing regulations depending on where you are at and where you are headed.

end
Not good! The EU pushes to revive tourism only by opening borders to vaccinated travelers
(zerohedge)

EU Pushes Plan To Revive Tourism By Opening Borders To Vaccinated Travelers

 
MONDAY, MAY 03, 2021 – 09:50 AM

Late last month, European Commission chief Ursula von der Leyen revealed in an interview with the NYT that the EU would soon allow Americans and others who can prove that they have been fully vaccinated travel to popular tourist destinations across the continent. The decision was made to help preserve the European tourism industry, which is hanging by a thread after missing out on last year’s summer season thanks to COVID-19.

Now, Bloomberg reports that the Commission has published its proposal to “revive the EU tourism industry and for cross-border friendships to rekindle – safely,” von der Leyen said.

Although the Continent is still battling a third wave, improving vaccination rates have coincided with falling daily tallies for both cases and deaths (which have fallen substantially since last year’s peak across Europe). Lockdowns in several countries are finally being loosened as infection rates ebb.

The proposal released by the EU’s executive arm recommends that vaccinated visitors from countries with relatively low infection rates should be welcomed to the EU by the end of May.

Source: Bloomberg

Individual EU member states will now need to ratify the plan.

These new parameters would replace a blanket ban on all non-essential travel to the EU for residents of all but a handful of countries. The rules have been in place for more than a year now, and have choked off travel and tourism to a trickle.

Under the new proposal, member states would be obliged to accept proof of vaccination for all shots approved in EU — including those produced by Pfizer-BioNTech, AstraZeneca, Moderna, as well as the J&J jab.

National governments will have the discretion to accept shots that have cleared the WHO’s emergency-use listing process, but they can’t recognize just any vaccine (which means people inoculated with Russian and some Chinese jabs may still be excluded). Though the commission will draw up a list of “approved” vaccine certificates, it looks like Russian and Chinese jabs will be intentionally excluded.

As for who will be allowed to travel, Bloomberg offers a breakdown:

  • Residents of EU countries holding a Digital Green Certificate — a planned document that will show the bearer has been fully vaccinated, has immunity through recovery from the disease or recently tested negative.
  • Residents of non-EU countries who can prove full vaccination with shots approved by the EU’s drugs regulator and, potentially, shots cleared by the WHO. The European Commission will come up with a list of vaccination certificates issued in non-EU countries that will be recognized.
  • Residents of a “white list” of non-EU countries deemed to present a low risk of spreading the disease. The list will be updated based on the epidemiological situation and requires a 14-day case notification rate of new confirmed Covid-19 cases of less than 100 per 100,000 inhabitants. The previous threshold was 25.

Should the spike in international tourism lead to another surge in cases, the EU’s new plan incorporates an “emergency brake”, which would allow member states to restore travel bans on countries where risky new variants emerge or where infection rates spike. In such an event, only essential workers, such as diplomats and health-care staff, would be allowed entry from those countries, and even then, they would be subject to strict testing and quarantine requirements.

END

CANADA

SPECIAL THANKS TO CHRIS POWELL OF GATA FOR SENDING THIS TO US:

The sorry state of affairs with Canada dealing with COVID

(Canada:  Financial Post)

https://www.ft.com/content/4b6f5200-0626-45f2-9808-2a8083e2cbb9?accessToken=zwAAAXkzHgkIkc9Lb1IABiZF8tOYCCqAg-LLuQ.MEYCIQCmbGeOetu7k94GI_TndpUZDIjsUsKlTiSERcL-JDd6gQIhALoHdVcPh1409X5U4_1_QTdkzYN3OIg91VyAK0WK4cUX&sharetype=gift?token=b5b48872-9b55-4fcd-8070-cfef2b9c7400

Canada’s muddled Covid response leaves it struggling against third wave Case count per capita exceeds that of the US for the first time since the pandemic began.

Canadians have been angered by a chaotic government response that has allowed a third wave to take hold and led to a delayed vaccine rollout. It is a contrast driven home by the fact that Canada’s case count, when adjusted for population, now exceeds that of the US for the first time since the pandemic began. “It’s such a reversal of how we felt as Canadians for the last four years of Donald Trump,” said David Coletto, chief executive of Abacus Data, a polling firm. “It’s a bizarro world for us to now look down south and say: ‘What do you mean they’re doing better than us?’” While there are hopeful signs that Canada has turned a corner in the fight against its steepest wave of Covid-19 cases, hospitals in the country’s largest city of Toronto are at full capacity and health officials are nervously watching the spread of a variant first identified in India. “The current plateau is very precarious,” said Dr Adalsteinn Brown, co-chair of the Ontario government’s Covid-19 Science Advisory Table during a presentation Thursday. “This is a place where you can either start to drive down the pandemic . . . or if we see a change [in lockdown measures], as we have seen in the past we could see substantial exponential growth and really a continuation of the third wave or a fourth wave.” Cases of Covid-19 have risen right across Canada during its third wave but the hardest-hit provinces are Alberta in the west and Ontario, the most populous. Alberta introduced fresh restrictions last week after reporting a record high 2,430 new cases, with Ontario reporting 3,370 on Saturday. The seven-day average in that province peaked on April 17 at 4,370. Ontario also reported 900 patients in intensive care, its highest figure since the start of the pandemic. Recommended Coronavirus pandemic Coronavirus tracked: has the epidemic peaked near you? | Free to read At least one Toronto hospital began moving patients to other hospitals in the past few days because of dwindling oxygen supplies. Ontario’s premier, Doug Ford, has in recent months overseen a shambolic pandemic response that has whipsawed for businesses and residents. After declaring the province’s second state of emergency in January, he then pushed for Ontario’s economy to reopen throughout February as cases and hospitalisations fell. The province allowed restaurants to reopen to patio dining in late March, only to reverse course two weeks later as the third wave took hold. Restaurants Canada, a lobby group, estimates that businesses spent C$100m (US$83m) preparing for the aborted reopening. Ford’s government declared a third state of emergency two weeks ago and imposed new social curbs, including shutting playgrounds and authorising arbitrary police stops of residents. A fierce backlash forced the premier to reverse both measures within days. “We got it wrong,” he told reporters while choking back tears. Health officials say the government’s continued focus on restricting outdoor activities such as golf, tennis and camping is misguided because workplaces and indoor spaces have seen the most outbreaks. Last week, after months of pleading from doctors, Ford’s government introduced a sick-pay plan that will compensate workers up to $200 a day for three days to encourage them not to return to work if they are unwell. Experts say the measure will not be enough, given the length of time it takes to recover from Covid-19 or to quarantine after an exposure. “It’s tokenism,” said Dr Ashleigh Tuite, an epidemiologist at the University of Toronto. “Having three days is better than no days but if you want to do this in a way that would be meaningful, it needs to be a minimum of 10.” Ontario’s third wave has been made worse by a vaccine rollout that was slow to start and has been mired in finger-pointing between the province and Justin Trudeau’s federal government. Critics say Trudeau’s government was too slow to sign agreements with vaccine makers and did not move fast enough to secure domestic manufacturing capacity. The federal government has in turn accused provinces such as Ontario of leaving too many doses sitting in fridges. When Canada fell behind many other countries in administering doses earlier this year, it adopted a strategy similar to that of the UK in which second doses of vaccines are delayed by several months. Recommended Covid-19 vaccines Covid-19 vaccine tracker: the global race to vaccinate As a result, 32 per cent of Canada’s population has received one dose, putting it in third place among major economies. However, only 2.9 per cent are fully vaccinated, compared with 21 per cent in the UK and 30 per cent in the US. “We’re seeing patients come into hospital quite sick after they’ve had their first dose and some of them well beyond the first two weeks when it becomes effective,” said Dr David Jacobs, chair of the Ontario Specialists Association and a vocal critic of Trudeau on social media. “So we’ve neither managed to get herd immunity with the volume of vaccines we’ve received and nor have we protected individuals with only one dose. Trudeau has failed on both fronts.” In recent days Ford has focused his criticism on Trudeau’s handling of Canada’s border controls, which allowed more contagious variants to gain a foothold. As of this week, 90 per cent of coronavirus cases in the country are the B.1.1.7 variant, which first emerged in the UK. Public Health Ontario has recorded three-dozen cases of the variant first detected in India. “Last week the Indian variant was reported in Ontario,” Ford said on Friday. “I can tell you it didn’t swim here.” On April 22 the Trudeau government bowed to pressure and suspended flights from India and Pakistan. Ford has since called on Trudeau to require anyone entering Canada by land from the US to face a three-day mandatory quarantine in a government-approved hotel, which is currently only required for people arriving by air. He pointed to reports of international travellers flying to US airports and either walking or taking taxis into Canada. Recommended Coronavirus: free to read Loosening lockdowns: tracking governments’ changing coronavirus responses Trudeau on Friday said his government was considering the request but suggested existing safeguards such as testing and self-quarantine rules were working. So far, it is Ford who is paying the steepest price politically for the third wave. A survey by Abacus Data found the share of Ontario’s population with a positive impression of Ford had fallen from 39 per cent in mid-April to 28 per cent last week. “For most of the pandemic people felt he was doing as good a job as he could with his ‘Aw shucks’, Uncle Doug approach,” said Coletto. “With the third wave, people started to ask why it got so bad and they’re more likely to blame him.”

END
 
ICELAND
Iceland is experiencing a deja vu//another volcanic eruption
(zerohedge)

“Monster-Size Lava Fountain” Erupts In Iceland 

 
MONDAY, MAY 03, 2021 – 02:45 AM

An Icelandic resident uploaded a stunning video on YouTube of a new volcanic eruption early Sunday morning. 

YouTube Sigfús Steindórsson has been following a new fissure vent that opened a couple of weeks ago and is visible from Reykjavík, the capital of Iceland. 

The latest development from the fissure was a “monster-size lava fountain, the biggest since the eruption started,” said Steindórsson. They said the eruption occurred around midnight local time and was filmed around 0200 Sunday. 

Twitter handle “the 3D Podcast” caught a similar view of the eruption early Sunday morning. 

 

We’ve noted the Reykjanes Peninsula has been dormant for a number of years, and volcanic activity sprung back to life in March after tens of thousands of earthquakes were recorded. 

Here’s the current map of active volcanoes around the world. 

There’s no telling when volcanic activity in Iceland will simmer down. 

END
Michael Every on the day’s most important topics
a must read….
(Michael Every)

Rabo: Our Flailing, Failing, Always-Be-Bailing Financial System Justifies Nausea

 
MONDAY, MAY 03, 2021 – 08:55 AM

By Michael Every of Rabobank

It’s not often that I will recommend a segment of contemporary TV as having direct pertinence to financial markets, but did anyone watch Bill Maher’s not-safe-for-work monologue raging against cryptocurrencies last week?

In particular, his opening remark that things starting with “crypto-” generally aren’t good spoke to me. Pre-2008, the only “crypto” word I had in my memory-bank was “crypto-fascist”; but that compound noun has since been bisected, with both halves going viral in the eyes of different parts of society. Maher really did not pull his punches as he continued: “Nothing is ever actually being accomplished and no actual product made or service rendered….It’s like Tinker Bell’s light. Its power source is based solely on enough children believing in it…Our problem is not economic but psychological. People who have been raised in a virtual world are starting to believe they can really live in it.

“OK, Boomer,” no doubt respond the cryptonites, swiping right under lock-down and waiting for their pizzas to arrive. There is not much one can say to that oft-heard, dazzling rhetoric. Yet by the power of pure serendipity, the same day Maher was speaking our own Wim Boonstra published his rebuttal of crypto too, which can be found here. To summarise, Wim goes in just as hard as Bill, but without the allusions to Peter Pan’s fairy friends. And this Daily only differs in striking a communication tone somewhere between the two – caveat Tinker Bell!

Of course this view is hugely unpopular in some circles – those who own crypto. “You just don’t get it,” will no doubt be the politer of the iterations of the message I will receive.

No, I don’t.

Or rather, I do. Trust me, I know my monetary history; and heterodox economic theory, and economic history (not the comic-book version ‘taught’ to economists); and geopolitics; and realpolitik. And it is precisely because of that wider view that I can’t bring myself to believe we are going to see both a collapse of the global international monetary order and the power of the nation state, allowing crypto to thrive, and yet we also poodle around in self-driving Teslas on smooth roads (in underground tunnels) while checking our crypto balances, as gig-economy workers or drones deliver us delicious food we didn’t grow and certainly can’t cook.

In short, if you are in full survivalist mode, or at least long commodities, then I can see the skin in the game; or, if you are entirely lacking in ideology but just buy things that go up – until they go down again. But “OK, Crypto-Boomer,” is the message to those who think they can say “Roads? Where we are going, we don’t need roads,” to avoid any future potholes.

Yes, I fully grasp our flailing, failing, always-be-bailing financial system justifies nausea rather than back-patting; I fully recognize the logic that what cannot continue will not; and I am always flagging the risks of geopolitical potholes about to be dug,…or caused by munitions: e.g.,

Yet all of this, along with that flailing, failing, always-be-bailing financial system also argues for higher gold prices,…and they have gone nowhere compared to the constant promises from gold bugs that the only way is up in this kind of environment.

Crucially, imagine what gold and crypto might do if we were to see major economies taper their current pedal-to-the-metal stimulus. China is leaning towards deleveraging rather than further credit expansion. Moreover, the BOC have just started to edge down their QE; there is enormous pressure on the RBA to do the same – which it is resisting as much as it is seeing rampant house-price inflation (CoreLogic today says they were up 1.8% m/m in April); the RBNZ now *have* to look at house prices, which means doing *something*; and there are suggestions the BOE might soon move in the same direction (tapering, not deliberate blindness or being forced to look at house prices). Of course, the Fed is still unmoved – for now. Yet watch the Anglo central banks closely. If they all start to move further towards tapering by the summer, what might August’s Jackson Hole then offer as platform for the Fed?   

Of course, then we would still get back to the issue of whether tapering means higher or lower long yields, which is intimately tied up in political-economy and power, which it itself at the root of the whole crypto (and crypto-fascist) debate. So Bitcoin’s time to shine then?

When a TV comedian can poke fun at you, and get a mainstream audience roaring with laughter, it suggests one is not as powerful or fashionable as one thinks: which is why the dictators that cryptonites ironically profess to hate so much are allergic to comedy even as they are the best material for it.  

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/VACCINE UPDATE

India Nears 20M COVID Cases As Ruling Party Suffers Election Setback

 
MONDAY, MAY 03, 2021 – 01:20 PM

India reported more than 300K new COVID-19 cases for a 12th straight day on Monday as the country’s tally of total cases climbed to 19.93M, just shy of the 20M mark, a level that only the US has surpassed. The latest daily tally was 368.15K, which is down from the peak of 400K+ cases reported on Friday.

Offering a glimpse of progress, the health ministry reported Monday that the number of new positive cases relative to the number of tests had fallen for the first time since at least April 15, a sign that the peak might finally have passed.

But deaths, meanwhile, climbed by more than 3,400, falling short of the record daily number reported over the weekend, while still pushing India’s death toll higher to 218.96K.

Experts have estimated that the total number of cases and deaths could be as much as 5x or even 10x the official number, which would put India’s tally of cases at just shy of 200M, roughly 1/7th of India’s population of 1.4 billion.

As the government struggles to boost oxygen supplies, Reuters reports that volunteer groups have stepped into the breach.

“No one should die because of a lack of oxygen. It’s a small thing otherwise, but nowadays, it is the one thing every one needs,” Gurpreet Singh Rummy, who runs the service, told Reuters. He called it an oxygen “langar”, the word used by Sikhs for a communal free kitchen.

At least 11 states and regions have ordered new restrictions on movement to try and curb infections, but Prime Minister Narendra Modi’s government is reluctant to announce a national lockdown, concerned about the economic impact (and political blowback). Modi ordered multiple lockdowns that kept the country under tight restrictions for more than a year. While those measures helped tamp down COVID-19 cases, they helped destroy the Indian economy while having a disproportionately negative impact on poor farmers and others.

One public-health expert quoted by Reuters claimed that only a new national lockdown could save India from this crisis.

“In my opinion, only a national stay at home order and declaring medical emergency will help to address the current healthcare needs,” Bhramar Mukherjee, an epidemiologist with the University of Michigan, said in a post on social media.

“The number of active cases is accumulating, not just the daily new cases. Even the reported numbers state there are around 3.5 million active cases.”

Despite being the world’s biggest producer of vaccines, India does not have enough for itself. Just 9% of a population of 1.35 billion has received a dose.

Following Sunday’s defeat of Modi’s Hindu Nationalist Bharatiya Janata Party in the state of West Bengal at the hands of a rival party, investors are bidding up Indian stocks and political commentators are cheering a sign of Modi’s weakening popularity in the face of the country’s devastating second wave, which some have blamed on Modi-approved political rallies (and Hindu holidays that saw millions gathering in the streets).

“What Bengal does today, India does tomorrow,” columnist Shobhaa De wrote in The Print, paraphrasing a quotation by 19th century liberal Gopal Krishna Gokhale.

Writing for the Strategic Culture Foundation, Jayati Ghosh blamed Modi and India’s government of “complacency, inaction and irresponsibility…even when it was eident for several months that a fresh wave of infections of new mutant variants threatened the population.”

The incomprehensible decision to allow a major Hindu religious festival — the Mahakumbh Mela, held every 12 years — to be brought forward by a full year, on the advice of some astrologers, brought millions from across India to one small area along the Ganges River and contributed to ‘super-spreading’ the disease.

The exponential explosion of Covid-19 cases — and it is likely much worse than officially reported, because of inadequate testing and undercounting of cases and deaths — has revealed not just official hubris and incompetence but lack of planning and major deficiencies in the public health system. The shortage of medical oxygen, for instance, has effectively become a proximate cause of death for many patients.

Modi has held an iron grip on Indian politics since sweeping to power in 2014 and winning a bigger victory in the 2019 national election on the back of a strong Hindu ideology. But shortages of everything from vaccines, to medication, to hospital beds, to – most critically – hospital oxygen have inspired a major public backlash.

International aid has poured in, with foreign governments – including the US and UK – and western corporations – including Amazon and Blackstone – sending ventilators, oxygen supplies and doses of remdesivir and other therapeutics approved to treat COVID-19.

India has struggled to increase capacity beyond 80M doses a month due to lack of raw materials and a fire at the Serum Institute, which makes the AstraZeneca vaccine. Pfizer is reportedly in talks with the Indian government for “expedited approval” of its vaccine, said Pfizer CEO Albert Bourla in a post on LinkedIn, where he also announced a donation of medicines worth more than $70 million. Last month, India said its drugs regulator would hand down a decision within three days on emergency-use applications for foreign vaccines, including that of Pfize

However, there’s also a fear that mutant strains detected in India are continuing to evolve, potentially posing a threat to individuals who have already been sickened, or vaccinated. Some worry that a “variant” first identified in India has now reached at least 17 countries including Britain, Iran and Switzerland. A growing number of states, including the US, are shuttering travel with India over concerns about the mutants. Nigeria became the latest state to ban travelers from India on Monday.

Finally, even as Modi has pushed back against calls for a new national lockdown, India’s economy is still suffering from the new outbreak. India’s unemployment rate rose to a four-month high of nearly 8% in April as 7M jobs were destroyed while cases surged and hospitals saw a flood of patients across the country.

 
 
 
end

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

Euro/USA 1.2047 UP .0038 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN  

USA/ YEN 109.47 UP 0.294 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3872  UP   0.0072  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2289 UP .0034 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  MONDAY morning in Europe, the Euro  ROSE  BY 38 basis points, trading now ABOVE the important 1.08 level RISING to 1.2047 Last night Shanghai COMPOSITE HOLIDAY 

//Hang Sang CLOSED DOWN 367.84 PTS OR 1.28%

/AUSTRALIA CLOSED DOWN 0.05% // EUROPEAN BOURSES OPENED ALL GREEN  

 

Trading from Europe and Asia

EUROPEAN BOURSES CLOSED ALL GREEN  

 

2/ CHINESE BOURSES / :Hang Sang DOWN 367.34 PTS OR 1.28%

/SHANGHAI CLOSED  HOLIDAY 

Australia BOURSE CLOSED DOWN 0.05%

Nikkei (Japan) CLOSED HOLIDAY

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1781.20

silver:$26.22-

Early MONDAY morning USA 10 year bond yr: 1.645% !!! UP 2 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.315 UP 2  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 91.14  DOWN 14 CENT(S) from FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing  MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.47% DOWN 1  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: 0.45%//  DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.89 DOWN 2 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 44 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 MONDAY

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

Euro/USA 1.2064  UP    .0053 or 53 basis points

USA/Japan: 109.07  DOWN .120 OR YEN UP 12  basis points/

Great Britain/USA 1.3918 UP .01183 POUND UP 118  BASIS POINTS)

Canadian dollar DOWN 15 basis points to 1.2270

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The USA/Yuan,  CNY: closed    ON SHORE  (DOWN).. 6.4737

THE USA/YUAN OFFSHORE:  6.750  (YUAN DOWN)..6.4731

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 FRIDAY at 1.618 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.229 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 MONDAY: 12:00 PM

London: CLOSED UP 8.33 PTS OR 0.12% 

 

German Dax :  CLOSED UP 93.06 PTS OR 0.61% 

 

Paris Cac CLOSED UP 30,54PTS OR 0.49% 

 

Spain IBEX CLOSED UP  68.70  PTS OR  0.78%  

 

Italian MIB: CLOSED UP 249.01 PTS OR 1.03% 

 

WTI Oil price; 64.52 12:00  PM  EST

Brent Oil: 67.58 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    74.91  THE CROSS  LOWER BY 0.38 RUBLES/DOLLAR (RUBLE HIGHER BY 38 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 : 64.47//

BRENT :  67.46

USA 10 YR BOND YIELD: … 1.611..down 2 basis points…

USA 30 YR BOND YIELD: 2.298 up 1 basis points..

EURO/USA 1.2064 (UP 54   BASIS POINTS)

USA/JAPANESE YEN:109.11 UP .076 (YEN DOWN 8 BASIS POINTS/..

USA DOLLAR INDEX: 90.96 DOWN  32  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3907 UP 108  POINTS

the Turkish lira close: 8.26

the Russian rouble 74.95   UP 0.34 Roubles against the uSA dollar. (UP  34 BASIS POINTS)

Canadian dollar:  1.2277  down  22 BASIS pts

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

The Dow closed UP 238.38 POINTS OR 0.70%

NASDAQ closed down 61.04 POINTS OR 0.44%


VOLATILITY INDEX:  18.38 CLOSED DOWN 0.23

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

USA trading day in Graph Form

Crypto & Gold Jump As Dollar Dumps, Stocks & Bonds Rise

 
MONDAY, MAY 03, 2021 – 04:01 PM

Aside from a disappointing stagflationary miss on ISM Manufacturing (and Buffett and Munger musings on inflation), the big headlines of today are in crypto where altcoins are screaming higher…

It’s really escalating…

Ethereum has literally exploded to record-er and record-er highs in the last few days, surpassing $3,000 yesterday for the first time and above $3,300 today…

Source: Bloomberg

Bitcoin is also on the rise but less so, hovering around $56k…

Source: Bloomberg

This relative outperformance has sent ETH to its strongest versus BTC since Aug 2018 (the ETH/BTC ratio is at a key historical level here)…

Source: Bloomberg

And as crypto rallies, the dollar resumes its decline…

Source: Bloomberg

Which has helped send gold prices back near $1800 as the double-bottom below $1700 seems to have held…

Source: Bloomberg

And silver surging up to $27..

Source: Bloomberg

Small Caps and Big Cap Dow stocks were the day’s biggest winners (but well off their highs by the close), S&P managed to hold some gains as Nasdaq lagged notably. The last hour or so saw notable selling pressure…

Energy stocks outperformed, Tech and Cons Disc ended red…

Source: Bloomberg

Interestingly, given the Small Cap gains, “Most Shorted” stocks continued their recent slide

Source: Bloomberg

Bonds were bid on the day (after some overnight weakness amid May Day holidays)…

Source: Bloomberg

10Y Yield dropped back below 1.60%…

Source: Bloomberg

Real yields pushed down to their lowest (most negative) since February, helping support gold…

Source: Bloomberg

Commodities continued their charge higher…

Source: Bloomberg

WTI pushed back above $64…

 

Finally, we’re gonna need a bigger global central bank balance sheet…

Source: Bloomberg

a)Market trading/THIS MORNING/USA

b)MARKET TRADING/USA//THIS AFTERNOON/

 

end

 
ii) Market data

Stagflation Slams US – Production Slumps As Supply Chain Disruptions Spark Record Surge In Prices

 
MONDAY, MAY 03, 2021 – 10:05 AM

After March’s explosive surge higher in ‘soft’ survey data on the manufacturing (and services) sector, analysts expected a very modest increase in April (despite China’s disappointing survey data.. and the ongoing slide in ‘hard’ economic data in the US).

Markit’s Manufacturing PMI for April (final) was a slight disappointment at 60.5 (60.7 exp, 60.6 flash) but well above the 59.1 in March. This is the highest level ever for Manufacturing PMI.

ISM Manufacturing was at its highest since 1983 in March and a small improvement was expected… but it plunged from 64.7 to 60.7 (even as prices paid increased further).

Source: Bloomberg

The headline index was also pushed higher by unprecedented supplier delivery delays (ordinarily a sign of improvement in operating conditions).

The PMI data for April signalled another marked monthly deterioration in vendor performance across the goods-producing sector, with lead times lengthening to the greatest extent on record. Alongside raw material shortages and pressure on supplier capacity, firms linked delays to ongoing disruption to transportation, including port congestion.

Source: Bloomberg

Everything except Propylene is higher in price…

Chris Williamson, Chief Business Economist at IHS Markit said: “US manufacturers reported the biggest boom in at least 14 years during April. Demand surged at a pace not seen for 11 years amid growing recovery hopes and fresh stimulus measures.

However, Williamson notes that “supply chain delays worsened, however, running at the highest yet recorded by the survey, choking production at many companies. Worst affected were consumer-facing firms, where a lack of inputs has caused production to fall below order book growth to a record extent in over the past two months as household spending leapt higher.”

Which is pushing prices dramatically higher…

“Suppliers have been able to command higher prices due to the strength of demand for inputs, pushing material costs higher at a rate not seen since 2008.

“Attempts to expand capacity via hiring extra staff gained further momentum, though in some cases staff shortages were an additional constraint on production. However, with confidence in the outlook continuing to run at one of the highest levels seen over the past seven years, buoyed by vaccine roll-outs and stimulus, further investment in production capacity should be seen in coming months, helping alleviate some of the price pressures.”

The bottom line is that stagflation is upon us – As prices soar at record pace, production is stagnating…

Source: Bloomberg

Get back to work Mr.Powell!

end

National Apartment Rents Rise After Pandemic Plunge 

 
MONDAY, MAY 03, 2021 – 02:35 PM

As the virus pandemic upended life last year, pricey cities across the US experienced rapid declines in rent prices and widespread concessions. The COVID-19 vaccine rollout, reopening the economy, and higher employment have brought some people back to cities searching for rentals. 

Now, US rents are beginning to move higher. Median US asking rent rose 1.1% on an annual basis in March to $1,463 a month across 50 of the largest metro areas, according to WSJ, citing a Realtor.com report. 

March’s increase was the first time since the pandemic began that rent growth had increased. For months, rent prices slid as landlords offered concessions to attract new tenants as inventories soared thanks to a tidal wave of city dwellers who fled to rural areas. 

Rising rent prices reflect increasing inflationary pressures in the economy following the Federal Reserve and US Treasury pumping trillions of dollars into financial markets and the real economy. Rents account for 33% of the consumer price index, suggesting higher inflation lurks around the corner. 

“The key question is how long does it stick around?” said Danielle Hale, chief economist at Realtor.com.

Rent increases come as one in six American tenants are in insurmountable debt as they lost their jobs and are unable to pay rent. There are also 17 million folks on some form of jobless benefits. Rising rents will price out low-income folks adding to an already worsening housing inequality crisis. 

 

Another reason why rents could continue higher is that soaring home prices are pricing out some prospective homebuyers who may not afford a home and have to resort to renting. 

“A lot of these markets with rent increases are also markets that have pretty substantial home-price increases,” Hale said.

Karlin Conklin, an executive at property investment company Investors Management Group, said many of their middle-income apartment buildings in Chicago and Florida had seen rental price increases after months of decline. 

“We’re raising rents, even on current residents, maybe 3% from the end of last year,” said Conklin. “And brand-new people are coming in the door.”

Realtor.com said asking rents in lower-cost, midsize cities like New Orleans, Memphis, Tenn., and Richmond, Va., have surged more than 10% since last year. 

This year, New York City and San Francisco saw stabilization in rent prices after double-digit percentage declines over 2019. San Francisco’s rent rose 3.4% in March over the month prior. And in Manhattan, rental rates continue to stabilize and are starting to reverse. 

“For a certain time, it seemed like it didn’t matter what you gave [in terms of concessions], the demand just wasn’t there,” said Robert Nelson, a New York apartment landlord. Now demand has returned, and new leases are being signed across his building portfolio. 

After Manhattan rents dove to a decade low in late 2020, bargain hunters scooped up apartments at great discounts starting in January. Since then, the market has stabilized, but a lot of inventory is still on the sidelines. 

Greg Willett, the chief economist at rental-property software firm RealPage Inc., said the vaccine rollout coupled with office workers returning to work could continue to drive national rent prices higher through summer. 

It’s still too early to tell if the latest price increase in rents will be one of a V-shaped recovery to pre-pandemic levels. 

end
 
(Reuters)

U.S. construction spending rebounds less than expected in March

WASHINGTON (Reuters) – U.S. construction spending rebounded far less than expected in March as strength in housing was offset by continued weakness in outlays on nonresidential structures and public projects.

The Commerce Department said on Monday that construction spending gained 0.2% after falling 0.6% in February.

Economists polled by Reuters had forecast construction spending surging 1.9%. Construction spending, which accounts for about 4% of gross domestic product, increased 5.3% on a year-on-year basis in March.

The government reported last week that the economy grew at a 6.4% annualized rate last quarter. That was the second-fastest GDP growth pace since the third quarter of 2003 and followed a 4.3% rate in the fourth quarter.

Tepid construction spending likely has no impact on economists’ expectations for double-digit GDP growth in the second quarter, fueled by massive fiscal stimulus and improving public health as more Americans get vaccinated against COVID-19.

Spending on private construction projects rose 0.7% in March, lifted by investment in single-family homebuilding. There is strong demand for housing but supply has lagged amid expensive building materials as well as land and labor shortages. That followed a 0.3% drop in February.

Spending on residential projects surged 1.7% in March after edging up 0.1% in February.

But outlays on private nonresidential construction like gas and oil well drilling fell 0.9% in March. Business investment in nonresidential structures fell in the first quarter for the sixth straight quarter as a rebound in mining exploration, shafts and wells was offset by a drop in commercial and healthcare buildings.

Spending on public construction projects dropped 1.5% in March after declining 1.6% in February. State and local government outlays decreased 1.4%, while federal government spending declined 2.1%

end

Markets are not going to like this:  the liquidity tsunami now ends with a huge bang as treasury slows down cash injections. There will be no liquidity to fuel the markets

(zerohedge).

Liquidity Tsunami Ends With A Bang: Treasury Expects Just $100BN In Cash Injections Next 2 Months

 
MONDAY, MAY 03, 2021 – 04:20 PM

Three months ago, the Treasury surprised markets when in its quarterly borrowing forecast, it revealed that in the first calendar quarter of 2021, it wouldn’t need to borrow as much debt as it had recently because the Treasury’s cash balance (held in the Treasury General Account, or TGA, which is simply the Treasury’s cash balance held at the Fed) would plunge to just $800 billion, down a record $929BN from $1.729 trillion at Dec 31, 2020.

This forecast for a flood of liquidity emanating from the Treasury prompted us (and subsequently others) to predict that as a result of the “mind-boggling liquidity” of just under $1 trillion in cash set to be unleashed by the Biden admin, stocks would soar as the Treasury’s monetary injection would be far bigger than the $120BN in liquidity injected by the Fed every month.

And while stocks indeed surged to new all time highs, the Treasury’s cash flood plan stumbled as the latest, just released Treasury Marketable Borrowing Estimates have revealed.

According to the Treasury, during the January – March 2021 quarter, Treasury borrowed $401 billion in privately-held net marketable debt – $126 billion more than the $274 billion originally forecast – and ended the quarter with a cash balance of $1.122 trillion, some $322 trillion more than the $800 billion it had forecast back in February (red arrow below), although as shown in the chart below, the actual TGA cash balance is indeed sliding fast, if not quite as fast as expected three months ago.

According to the Treasury, the $126 billion increase in borrowing resulted primarily from the increase in the end-of-March cash balance somewhat offset by lower net expenditures.

So what does the Treasury expect will happen in the current and coming quarter? Here is the summary from the latest Sources and Uses:

  • During the April – June 2021 quarter, Treasury expects to borrow $463 billion in privately- held net marketable debt, assuming an end-of-June cash balance of $800 billion. The borrowing estimate is $368 billion higher than announced in February 2021, primarily due to the government’s additional response to the COVID-19 pandemic.
  • The Treasury now expects $800BN in cash at June 30, just $100BN less than the latest print of $903BN as of the end of April. This means that the Cash flood which saw the TGA balance decline by $700BN since the start of the year is about to slow to a tricke.
  • Treasury is assuming a cash balance of approximately $450 billion at the expiration of the debt limit suspension on July 31 based on expected outflows under its cash management policies and consistent with its authorities and obligations, including the Bipartisan Budget Act of 2019. It notes that “the actual cash balance on July 31 may vary from this assumption based on changes to expected outflows in that period.”
  • During the July – September 2021 quarter, Treasury expects to borrow $821 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $750 billion.

In summary, instead of dropping by $929BN through March 31 as it had expected in February, the Treasury cash balance declined by “only” $607BN, a difference of $322BN. And in the current quarter, the Treasury now expects a similar decline in cash as last quarter, a drop of $322BN (vs $300BN previously), although since it is starting from a higher base, the June 30 cash balance will be $800BN instead of $500BN. This is summarized in the table below:

Finally, here is the full Sources and Uses Reconciliation, showing changes to not only cash, but financing needs and actual debt balances.

 

Source: Treasury Sources and Uses Table

We will have more to say on this in a subsequent post, but for now the TL/DR is that the liquidity tsunami is over, and the Treasury now expects to release just $100BN in cash for the next two months, from the $903BN currently to $800BN at the end of June, and then just another $50BN lower three months later, or $750BN at the end of Sept.

This slowdown in the Treasury’s cash injection, together with the possible announcement of a QE taper some time around the June FOMC meeting, means that the market melt up is about to end with a bang as investors start freaking out about the risk of a hard liquidity stop – one without the liquidity buffer of Treasury cash injections – some time in mid/late-summer and start frontrunning said event.

iii) Important USA Economic Stories

/CORONAVIRUS UPATE/ USA

The doorknob Biden now thinks that all USA military must be vaccinated after huge numbers refuse!

(zerohedge)

Biden Mulls Vax Mandate For All US Military After Huge Numbers Refused

 
FRIDAY, APR 30, 2021 – 06:00 PM

President Biden told NBC News in an interview which broadcast Friday that he’s mulling ordering all US military personnel to get a COVID-19 vaccine as commander-in-chief. “I’m not saying I won’t” rule it out, he emphasized in the new interview.

This would also mean that anyone wanting to enter military service would have to receive the jab as a requirement to get in, which would likely cause a blow to military recruitment in the near-term. However, he didn’t outright say he’s ready to pull the trigger on the policy, which if enacted would constitute the largest federal government-ordered mandate in terms of forcing the vaccine on some 1.3 million active duty service members, not to mention over one million more reserve personnel. 

Describing the decision as a “tough call” he suggested it was being hotly debated. “I don’t know. I’m going to leave that to the military,” Biden told NBC News’s Craig Melvin.

I’m not saying I won’t. I think you’re going to see more and more of them getting it. And I think it’s going to be a tough call as to whether or not they should be required to have to get it in the military, because you’re in such close proximity with other military personnel.”

In follow-up to Biden’s comments, national security advisor Jake Sullivan confirmed that a DoD-wide vaccine mandate is “something the Department of Defense is looking at in consultation with the interagency process and [I] don’t have anything to add on that subject today.”

The whole debate was sparked in earnest when multiple headlines earlier this month took note of the large numbers of military members who were rejecting the vaccine. 

For example, one recent USA Today report noted that nearly 40% of US Marines who have been offered a COVID-19 vaccine have refused to receive it, according to Pentagon figures. And an earlier report in The Guardian described that “Reluctance to be vaccinated for Covid-19 is now rife in the US military, with about a third of troops on active duty or in the national guard refusing to be administered the vaccine.” 

The Hill notes of the latest numbers as of this week that “Roughly 780,000 service members, or close to one-third of the total force, are partially or fully vaccinated against the coronavirus, according to the latest Department of Defense numbers.”

The broad reluctance among America’s military members to receive the jab probably has a lot to do with the vast majority being young, fit, and healthy — obviously far above the average American. And it’s clear at this point that this health demographic tends to experience fewer or minor symptoms if they get infected, if any symptoms at all

Acting Assistant Secretary of Defense for Health Affairs Terry Adirim earlier this month tried to combat this mentality among military ranks, however, calling the wealth of anecdotal evidence in the end “not true”. But so far it still looks like a large chunk of armed personnel are not convinced that the vaccine is worth getting, hence the Pentagon mulling the mandate.

END

 

New York City
A staggering damage to New York City tourism has cost the city $1.2 billion in tax receipts in 2020
(zerohedge)
 

iv) Swamp commentaries/

Journalism gone haywire!

(Kan/EpochTimes)

NYT, Washington Post, NBC Retract Incorrect Reporting On Giuliani’s Contact With FBI

 
SUNDAY, MAY 02, 2021 – 03:20 PM

Authored by Janita Kan via The Epoch Times,

The New York Times, The Washington Post, and NBC News have retracted earlier reporting that incorrectly stated former New York Mayor Rudy Giuliani was directly warned by the FBI that he was targeted by a Russian intelligence influence operation.

The stories came after federal investigators executed a search warrant at the home and office of the former New York mayor. The searches were allegedly linked to Giuliani’s dealings in Ukraine, while Giuliani said he believes the search warrant was issued because he allegedly failed to file with the Department of Justice (DOJ) for representing a Ukrainian national or office. He has since denied any wrongdoing.

The Post was the first to report the incorrect information. It also incorrectly stated that One America News had also received a similar warning from the FBI.

“This version has been corrected to remove assertions that OAN and Giuliani received the warnings,” the correct appended on the article states.

The NY Times made its correction on a story about Giuliani’s alleged role in the 2019 recall of ambassador Marie L. Yovanovitch.

“An earlier version of this article misstated whether Rudolph W. Giuliani received a formal warning from the F.B.I. about Russian disinformation. Mr. Giuliani did not receive such a so-called defensive briefing,” the correction states.

Meanwhile, NBC News elaborated on why it corrected the story, saying that a second source disputed the assertions of the first source as the briefing was only prepared for Giuliani and not delivered to him. Both sources were anonymously cited in the article.

“The report was based on a source familiar with the matter, but a second source now says the briefing was only prepared for Giuliani and not delivered to him, in part over concerns it might complicate the criminal investigation of Giuliani,” the NBC News correction reads.

The press offices of The NY Times, the Post, and NBC News did not immediately respond to questions about the corrections. Giuliani’s office did not respond to The Epoch Times’ request for comment.

In two statements on Twitter, Giuliani called for the Post and NY Times to reveal their sources for the incorrect information.

“On a Saturday, the Washington Post added this correction to their defamatory story about me,” Giuliani wrote on Twitter.

“The Washington Post and the NYT must reveal their sources who lied and targeted an American Citizen. #msnbc , #cnn forgot to mention the corrections today. #fakenews #badpeople.”

In a separate statement, he wrote“Where did the original false information come from? @MSNBC @CNN @nytimes I couldn’t quite hear your apology?”

 
 
END
 

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

German Q1 GDP SA declined 1.7%; -1.5% was expected.  GDP NSA declined 3.3%; -3.6% was exp.

The MNI Chicago PMI rises hit a 38-year high in April, soaring to 72.1 from 66.3 in March.  Prices paid hit a 41-year high!  What say you, Jerome?

Chicago Business Barometer™ – Accelerated to 72.1 in April
Prices paid at the factory gate skyrocketed a further 11.1 points in April, surging to a 41-year high. Raw
material shortages and transportation problems continue to weigh on companies cost burden…
https://s3.amazonaws.com/images.chaptermanager.com/chapters/b742ccc3-ff70-8eca-4cf5-ab93a6c8ab97/files/mni-chicago-press-release-2021-04.pdf

The Fed balance sheet for the week ended last Wednesday DECLINED $39.986B due to a $55.684B tumble in mortgage-backed securities (MBS).   https://www.federalreserve.gov/releases/h41/current/

Dallas Fed President Kaplan on Friday stunned markets by broaching the issue of QE tapering.

Fed’s Kaplan: Seeing Market Imbalances, Ready to Talk Tapering – Bloomberg 10:20 ET
We’re now observing excesses and imbalances in the markets…I’m very attentive to that and that’s why I do think at the earliest opportunity, I think will be appropriate for us to start talking about adjusting those purchases… We’ve got real excess in the housing market…”

Fed’s Kaplan warns on ‘imbalances,’ wants to talk taper
“We are now at a point where I’m observing excesses and imbalances in financial markets,” Kaplan told the Montgomery Area Chamber of Commerce in a virtual appearance in front of a live audience, pointing to “historically” elevated stock prices, tight credit spreads, and surging house prices…
    On inflation… He predicted readings of 2.75% or more. Some of that pop will recede in the fourth quarter, he said, but he did not characterize inflation’s rise as “transitory” as Powell has done. “Some of these base effects will go away, but that’s not to say that there aren’t still strains,” he said, pointing to an expected surge in consumer spending, supply shortages, rising materials costs, labor shortages, and fiscal spending.  https://www.reuters.com/business/feds-kaplan-sees-financial-market-excesses-eyes-qe-taper-2021-04-30/

Fed’s Kaplan Wants to Talk Tapering, Breaking Ranks with Powell – BBG
https://www.bloomberg.com/news/articles/2021-04-30/fed-s-kaplan-wants-to-talk-tapering-breaking-ranks-with-powell

The market did not plunge on Kaplan’s taper talk because Kaplan recently talked about tapering.

Kaplan says he wants Fed to avoid being ‘late’ on tapering   April 9, 2021
https://www.reuters.com/article/us-usa-fed-kaplan/kaplan-says-he-wants-fed-to-avoid-being-late-on-tapering-idUSKBN2BW1ZK

ESMs opened lower on Thursday night and continued to decline until the final 30 minutes of Chinese trading.  After the obligatory rally into the European open at 3 ET, ESMs rolled over and declined to a new session low.  A bottom formed when the US repo market opened at 7 ET.  Of course, traders bought the lower NYSE open.  The rally peaked by 10 ET.  After a moderate retreat, a reflex rally created a double top.  ESMs and stocks sank to new session lows at the European close.

After a midday bounce, ESMs and stock traded sideways until they broke to new lows near 14:00 ET.  The rebound rally was modest; stocks traded sideways until a modest rally at the close appeared.

Fangs got hammered.  The NY Fang+ Index dropped 1.79%, which forced Nasdaq to decline 0.85%.  Earnings season is over and the negative intermediate-term seasonal pattern for equities is commencing.  So, wise guys and operators are exiting their holdings.

The Price of the Stuff That Makes Everything Is Surging
Global economic rebound is fueling a blistering commodities rally
https://www.bloomberg.com/news/articles/2021-05-01/the-price-of-the-stuff-that-makes-everything-is-surging

Inflation tests pricing power of global brands
Consumer goods groups risk losing share as they seek to offset record rises in input costs
https://www.ft.com/content/4a30e5c4-82f2-4070-9fa7-6769aca518fc

How Costco Is Masking A 14% Price Jump with Shrinkflation – the “creative” masking of higher prices whereby retailers sell a materially lower amount of products for the ‘same’ price, covering up what is often a significant price increase on a “per unit” basis…
   The stealthy decline of 20 sheets per roll of towels from 160 to 140 for the “same price” is the functional equivalent of 14.3% inflation, and as TBT notes, “In our experience, only potato chip companies can get away with selling a half empty package… https://t.co/QEk6KriORG

Warren Buffett: We are seeing substantial inflation and are raising prices
“We are raising prices. People are raising prices to us, and it’s being accepted.”…
https://finance.yahoo.com/news/warren-buffett-we-are-seeing-substantial-inflation-and-are-raising-prices-220539307.html

Berkshire operating profit rises, buys back more stock [$6.6B]  https://t.co/VKumWwWJ4B

Berkshire shareholders reject climate change, diversity proposals that Buffett opposed
https://www.reuters.com/business/sustainable-business/berkshire-shareholders-reject-climate-change-diversity-proposals-that-buffett-2021-05-01/

Warren Buffett and Charles Munger proffered the usual nuggets of wisdom at Berkshire’s annual meeting.  However, they also sounded bitter over the recent investing successes that they missed and belittled those that profited.

@YahooFinance: Buffett on Robinhood: It’s “become a very significant part of the casino group that’s joined the stock market in the last year, year and a half… There’s nothing illegal about it, there’s nothing immoral, but I don’t think you build a society around people doing it.” 
    “Assuming we keep the [Berkshire] culture, it can go on quite a ways for a long, long time,” Charlie Munger says. “By the way, the Roman Empire worked as long as it did because it was so decentralized.
    “Bernie Sanders has basically won,” Munger says. “Because with the everything boomed out so high and interest rates are so low, the millennial generation is going to have a hell of a time getting rich compared to our generation. … He did it by accident, but he won.”  
    Charlie Munger on Modern Monetary Theory: “I do think there’s a good chance that this extreme conduct is more feasible than anybody thought. But I do know if you keep just doing it without any limit, it’ll end in disaster.”  https://t.co/zR4kojyUAK

Charlie Munger calls bitcoin ‘disgusting and contrary to the interests of civilization’
“Of course I hate the bitcoin success. I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth. I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.”  https://t.co/yewgrGcNbz

@CNBC: Berkshire vice chairman Charlie Munger says unchecked federal spending will “end in disaster.” “The Modern Monetary Theorists are more confident than they ought to be, too.” https://t.co/nOblZDNowR
Loews Hotels CEO optimistic on return of group events to help complete Covid travel recovery
“We are starting to see groups come back. We are very optimistic about group business in Q3, Q4, next year in 2022,” Tisch said in an interview on “Power Lunch.” “We’re starting to see investment banks book a couple of our hotels with big meetings. That is very optimistic.”…
https://www.cnbc.com/2021/04/30/loews-hotels-ceo-optimistic-group-events-will-return-to-complete-covid-recovery.html

@EmeraldRobinson: The CDC pretended that ramping up PCR tests to 40 cycles was fine in 2020 during the Trump Administration. That fakery yielded 85% false positives in order to create a panic. Now the CDC says PCR tests should be set at 30 for the Biden Admin.  The CDC is totally corrupt.

@AlexBerenson: Wow. WOW. @cdcgov only wants to examine post-vaccine infections with a PCR threshold of 28 or under. That standard ignores 90+% of #Covid infections. The entire epidemic would have looked very different if it had been used. “An RT-PCR Ct value ≤28”
https://cdc.gov/vaccines/covid-19/downloads/Information-for-laboratories-COVID-vaccine-breakthrough-case-investigation.pdf

@OBusybody: Covid science must be separated into “BB” & “AB” – Before Biden & After Biden
https://twitter.com/OBusybody/status/1387876259066261525

Niall Ferguson: How Ike’s 1950s America Beat The ‘Asian Flu’ With Science & Common Sense
Eisenhower did not declare a state of emergency. There were no state lockdowns and, despite the first wave of teenage illness, no school closures. Sick students simply stayed at home, as they usually did. Work continued more or less uninterrupted.  With workplaces open, the Eisenhower administration saw no need to borrow to the hilt to fund transfers and loans to citizens and businesses. The president asked Congress for a mere $2.5 million ($23 million in today’s inflation-adjusted terms) to provide additional support to the Public Health Service. There was a recession that year, but it had little if anything to do with the pandemic… President Eisenhower’s decision to keep the country open in 1957-58 was based on expert advice…  https://www.zerohedge.com/covid-19/niall-ferguson-how-ikes-1950s-america-beat-asian-flu-science-common-sense

A Record 34% of All Household Income in The US Now Comes from the Government
[Dems’ plan to cultivate more dependents on government and Dems is working splendidly!]
https://www.zerohedge.com/economics/record-34-all-household-income-us-now-comes-government

“The Staffing Shortage Is Real” – Manhattan Restaurants Struggle to Hire as Millions Paid Not to Work   https://www.zerohedge.com/markets/manhattan-restaurants-struggle-hire-servers-too-many-workers-get-paid-stay-home?s=02

@AlmanacTrader: In honor of the End of the Best Six Months November-April I paid a visit to the creator of the Best Six Months Switching Strategy Yale Hirsch. 97 and counting.

Tory lead over Labour dips to just five points ahead of ‘Super Thursday’ elections https://t.co/EHwpQIiXSV
Biden frantic after forgetting he put mask in his pocket
https://nypost.com/2021/04/30/i-cant-find-my-mask-biden-frantic-after-forgetting-he-put-it-in-his-pocket/

With guns drawn, FBI raids Homer couple’s home looking for Nancy Pelosi’s laptop
The Huepers were in D.C. for the rally with President Trump, but they never came close to entering the Capitol, and certainly never took Pelosi’s laptop.  It appears the FBI were most interested in Marilyn. They had a photo of a woman wearing the same coat as her, and with a similar hairstyle. The photo was taken from Capitol building cameras, according to Marilyn, but beyond the hair and coat, there is little similarity between Marilyn and the woman photographed inside the Capitol…
    At no point was the couple read their Miranda rights or charged with any crime, and the agents left after three hours without offering an apology. They also took Marilyn’s phones and laptop, she said…
https://alaskawatchman.com/2021/04/29/with-guns-drawn-fbi-raids-homer-couples-home-looking-for-nancy-pelosis-laptop/

The American Right is the New Target of Washington’s “War on Terror”
https://mises.org/power-market/american-right-new-target-washingtons-war-terror

@RyanAFournier: Everyone should be very concerned about the FBI tapping into Rudy Giuliani’s iCloud messages.

@SharylAttkisson: 1-Hypothetical: FBI improperly spied on Trump lawyers/associates Giuliani, Toensing (like others) & now has to make it appear as if there’s a real case before an as-yet-unannounced investigation reveals they’d secretly accessed the lawyers’ iCloud accounts a couple of yrs ago.  2-Hypothetical or real, the FBI sowed its own doubt based on its past actions and the fact that it never fully rooted out and punished the corruption regarding its earlier, proven illegal wiretaps.
    Remember: an audit showed FBI lapses in every single wiretap examined, but no known person was held accountable or sanctioned for illegal spying, and the targets were apparently never notified. And, still, no one’s apologized to Carter Page.

John Kerry’s Actions Are a Scandal — Whether the Media Covers Them or Not
The question isn’t whether Kerry would sell an American ally out to the Iranian terror state — everything in his history says he would. The fact is that a former high-ranking member of the opposition party went abroad and met with a violent American adversary, likely discussed the military actions of an ally (known or unknown to the public), and, most important, undercut the official foreign policy of the United States government. The man who did this is now a member of the new administration. And no one in mainstream political media thinks it’s worthy of more scrutiny…  https://t.co/vj8R9mAHQL

Romney booed at Utah GOP convention but motion to censure him fails https://t.co/xi0gBZpgn0

@michaeljknowles: “Look, I was an independent during the time of Reagan-Bush. I’m not trying to return to Reagan-Bush.” —Mitt Romney, 1994

Harry Reid says he sought UFO debris from Lockheed Martin, but Pentagon nixed ‘classified approval’   https://t.co/NnZE1rvnHd

@7NewsDC: The @DeptofDefense has denied a parking permit to the American Veterans, or AmVets, to stage a rallying point at the Pentagon, ending a 32-year-old tradition on Memorial Day weekend for Rolling to Remember.  https://t.co/ltUEjt3iJr

Second Largest Teachers Union in America Influenced CDC’s Questionable School Reopening Guidelines, According to Emails  https://t.co/GdOLrfBkqi

@NikolovScience: Event 201, an International training exercise organized by Bill & Melinda Gates Foundation in Oct. 2019 (2-3 months BEFORE COVID outbreak!) aimed at practicing the global response to a Coronavirus pandemic that killed millions. Watch their presentations!  https://www.centerforhealthsecurity.org/event201/videos.html
    The scenario played in the simulation exercise of Even 201 closely matches the real COVID events that enfolded 5-13 months later including the shutting down of inconvenient social media accounts and suppressing the “spread of disinformation” by High Techhttps://www.youtube.com/watch?v=LBuP40H4Tko
     How is it possible that Even 201 conducted 2-3 months prior to the COVID outbreak so closely mimicked real events that enfolded later?  Are we to believe the organizers of Event 201 had an incredible “intuition” to accurately predict the real pandemic and its viral cause?

‘SNL’ cast won’t be forced to appear with controversial host Elon Musk
The Tesla founder, 49, is set to helm the NBC institution on May 8 — but some cast members have made it clear that they’re less than enthused by the prospect of having him on stage at Studio 8H…
https://pagesix.com/2021/04/30/snl-cast-wont-be-forced-to-appear-with-host-elon-musk/

@EmeraldRobinson: At any given time now in America there’s a list of obvious falsehoods circulating that you’re not supposed to question.  If you do, you risk being ostracized. You risk losing your job & your good name. Everybody knows it. You’re just not supposed to talk about it. 

end

Let us close out Monday with this interview of Alex Newman with Greg Hunter

USA Gangster Government – Alex Newman

By Greg Hunter’s USAWatchdog.com (5.1.2021 Saturday Post)

Journalist Alex Newman says the rule of law is disappearing in America.  You can see it in the thug tactics of raiding the office of the President’s former attorney Rudy Giuliani to the election audit finally underway in Arizona that is sure to reveal massive ballot fraud.  Newman contends, “This is one of the biggest stories out there, which is why you won’t find much of it on legacy propaganda media. . . .  Arizona is ground zero. . . . If they find fraud, and I believe they have and will find more, that means all these races get thrown into question.  I think it is very clear the election was stolen from Donald Trump by Joe Biden and company. . . . If the Democrats are in such a comfortable position right now, all they have to do is wait and they will have a one-party state very much like California.  They know if they lose one seat in the Senate, all of that is suddenly in jeopardy.  Then there is the possibility to reverse this and, even more significant, to hold some of these criminals accountable.  Right now, we just saw the raid on Giuliani.  We saw the raid on some of Trump’s attorneys.  This is banana republic stuff.  This is gangster government, but it’s also the behavior that they don’t have solid control.  It is the behavior of people who are terrified if things turn the other way, and they could, that they are going to be in some very deep trouble.”

Newman says look for the legacy propaganda media to go to war over the uncovering of election fraud with the Arizona audit.  Newman says, “I think the media will distract.  They will try to litigate this in the courts.  We already saw the Democrat Party in Arizona say that this audit was a ‘threat to democracy,’ by which they mean a threat to their vote rigging.  It goes way beyond this Arizona Senate seat.  That is the first and most obvious to fall.  If they can show massive fraud in Arizona, and I suspect they will be able to do that, then we need to start looking at Georgia and Michigan.  I just interviewed a whistleblower who worked at Dominion who witnessed blatant fraud and election rigging in Michigan.  Once Arizona falls, and, yes, this will strip the Senate seat and the very narrow majority Democrats have, then we have to go back and look at the implications for the Presidential Election.”

Newman also says, “We have an illegitimate federal government.  We have the majority of the population recognize we have an illegitimate government.  They just want us to pretend that everything is normal and everything is fine.  Well, Arizona might finally force the issue.  This is why the little bit we are hearing in the public arena are things like:  these are conspiracy theorists, Trump supporters, kooks, these are partisans, extremists, and they may even be domestic terrorists and this is not a valid audit.  So, they are throwing everything they can think of at this without trying to make too many waves because this does have the potential to bring down the whole criminal enterprise.  That means a lot of people would be in legal jeopardy. . . .Then the whole narrative implodes and people start speaking out.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with hard hitting journalist Alex Newman, founder of LibertySentinel.org and author of the recent book “Deep State.”

USA Gangster Government – Alex Newman | Greg Hunter’s USAWatchdog

 

I WILL SEE  YOU TUESDAY NIGHT

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