MARCH 24/GOLD ADVANCES BY ANOTHER $24.95 TO $1962.10//SILVER ALSO ADVANCES BY $.54 TO $25.60//GOLD STANDING FOR MARCH AT THE COMEX RISES BY 5900 OZ//NEW STANDING 36.482 TONNES/SILVER ADVANCES BY 35,000 OZ TO 52.795 MILLION OZ//COVID UPDATES FROM CHINA AND THE GLOBE//VACCINE IMPACT//UPDATES ON RUSSIAN INVASION OF UKRAINE//MICHAEL EVERY A MUST READ//OIL UPDATES/SWAMP STORIES FOR YOU TONIGHT//

March 24, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

march 24, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

MARCH24

GOLD;  $1962.10 UP $24.95

SILVER: $25.60 UP $0.54

ACCESS MARKET: GOLD $1957.10

SILVER: $25.52

Bitcoin morning price:  $42,988 UP 687 

Bitcoin: afternoon price: $43,905 up 1594

Platinum price: closing UP $6.45 to $1027.45

Palladium price; closing UP $6.75  at $2528.25

END

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comex notices/

March: JPMorgan stopped/total issued  90/201

  DLV615-T CME CLEARING
BUSINESS DATE: 03/23/2022 DAILY DELIVERY NOTICES RUN DATE: 03/23/2022
PRODUCT GROUP: METALS RUN TIME: 20:28:06
EXCHANGE: COMEX
CONTRACT: MARCH 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,936.600000000 USD
INTENT DATE: 03/23/2022 DELIVERY DATE: 03/25/2022
FIRM ORG FIRM NAME ISSUED STOPPED 

 072 C GOLDMAN 2
104 C MIZUHO 2
363 H WELLS FARGO SEC 10
435 H SCOTIA CAPITAL 68
624 H BOFA SECURITIES 9
657 C MORGAN STANLEY 5
657 H MORGAN STANLEY 196
661 C JP MORGAN 90
709 C BARCLAYS 9
905 C ADM 5 6 

  TOTAL: 201 201
MONTH TO DATE: 11,721  



NUMBER OF NOTICES FILED TODAY FOR  Mar. CONTRACT 201 NOTICE(S) FOR 20100 OZ  (0.6257  TONNES)

total notices so far:  11,721 contracts for 1,172,100 oz (36.757 tonnes)

SILVER NOTICES: 

9 NOTICE(S) FILED TODAY FOR  45,000   OZ/

total number of notices filed so far this month  10,496  :  for 52,800,000  oz

END

Russia is a major supplier of silver to London while Mexico supplies the COMEX

With the sanctions, London has no way to obtain silver other than compete with NY.

END

GLD

WITH GOLD UP $24.95

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

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

ALSO INVESTORS SWITCHING TO SPROTT PHYSICAL  (phys) INSTEAD OF THE FRAUDULENT GLD//

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 4.06 TONNES INTO THE GLD//

INVENTORY RESTS AT 1087.66 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 54 CENTS

AT THE SLV// A HUGE CHANGE IN SILVER INVENTORY AT THE LV/A DEPOSIT OF 2.092 MILLION OZ INTO THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 552.320 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A GOOD SIZED  966 CONTRACTS TO 154,490   AND FURTHER FROM THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE  STRONG LOSS IN OI WAS ACCOMPLISHED DESPITE OUR STRONG  $0.24 GAIN  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.24) AND WERE  UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS  AS WE HAD A TINY LOSS OF 211 CONTRACTS ON OUR TWO EXCHANGES

WE  MUST HAVE HAD: 
I) HUGE BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/. II)WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A HUGE INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 42.860 MILLION OZ FOLLOWED BY TODAY’S QUEUE JUMP OF 35,000 OZ //NEW STANDING 52.795 MILLION OZ //         V)     GOOD SIZED COMEX OI LOSS/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: 


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : -310

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS  MAR. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAR: 

TOTAL CONTACTS for 18 days, total  contracts: :  32,496 contracts or 162.480 million oz  OR 9.03 MILLION OZ PER DAY. (1805 CONTRACTS PER DAY)

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 32,496 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 162.480 MILLION OZ

.

LAST 11 MONTHS TOTAL EFP CONTRACTS ISSUED  IN MILLIONS OF OZ:

MAY 137.83 MILLION

JUNE 149.91 MILLION OZ

JULY 129.445 MILLION OZ

AUGUST: MILLION OZ 140.120 

SEPT. 28.230 MILLION OZ//

OCT:  94.595 MILLION OZ

NOV: 131.925 MILLION OZ

DEC: 100.615 MILLION OZ 

JAN 2022//  90.460 MILLION OZ

FEB 2022:  72.39 MILLION OZ//

MARCH: 162. 480  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE AND WE ARE STILL GOING STRONG THIS MONTH.

RESULT: WE HAD A GOOD  SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 966 DESPITE OUR STRONG  $0.24 GAIN IN SILVER PRICING AT THE COMEX// WEDNESDAY  THE CME NOTIFIED US THAT WE HAD A FAIR  SIZED EFP ISSUANCE OF 445 CONTRACTS( 445 CONTRACTS ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS    THE DOMINANT FEATURE TODAY: /HUGE BANKER SHORT COVERING AS THEY GET OUT OF DODGE//// WE HAVE A HUGE INITIAL SILVER OZ STANDING FOR MAR. OF 42.860 MILLION OZ  FOLLOWED BY TODAY’S 35,000 OZ QUEUE JUMP//NEW STANDING 52.795 MILLION OZ//  ///  .. WE HAD A SMALL SIZED LOSS OF 211 OI CONTRACTS ON THE TWO EXCHANGES FOR 2.605 MILLION OZ WITH THE STRONG GAIN IN PRICE. 

 WE HAD 9 NOTICES FILED TODAY FOR 45,000 OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 2894 CONTRACTS  TO 608,085 AND  CLOSER TO NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: —62  CONTRACTS. 

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE FAIR SIZED INCREASE IN COMEX OI CAME WITH OUR STRONG GAIN IN PRICE OF $15.75//COMEX GOLD TRADING/WEDNESDAY/.AS IN SILVER WE MUST  HAD  HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR GOOD SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR MARCH AT 14.818 TONNES FOLLOWED BY TODAY’S QUEUE JUMP  OF 5900 OZ//NEW STANDING 36.482 TONNES 

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $15.75 WITH RESPECT TO FRIDAY’S TRADING

WE HAD AN STRONG SIZED GAIN OF 8110  OI CONTRACTS (25.225 PAPER TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED  8172 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 608,147.

IN ESSENCE WE HAVE AN STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8172, WITH 2956 CONTRACTS INCREASED AT THE COMEX AND 5216 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 8172 CONTRACTS OR 325,418 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5216) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (2894,): TOTAL GAIN IN THE TWO EXCHANGES 8110 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) HUGE INITIAL STANDING AT THE GOLD COMEX FOR MARCH. AT 14.818 TONNES FOLLOWED BY TODAY’S  QUEUE JUMP  OF 5900 OZ//NEW STANDING 36.482 TONNES ///  3) ZERO LONG LIQUIDATION ///. ,4) FAIR SIZED COMEX  OI. GAIN 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

MARCH

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAR :

112,889 CONTRACTS OR 11,288,900 OR 351.13  TONNES 18 TRADING DAY(S) AND THUS AVERAGING: 6272 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 331.13TONNES

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

THUS EFP TRANSFERS REPRESENTS  351.13/3550 x 100% TONNES  9.88% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2022 

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN).. 

MARCH:.   276.50 TONNES (STRONG AGAIN/

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE// 

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH:  351.13 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE MONTH. 

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF APRIL.WE ARE NOW INTO THE SPREADING OPERATION OF GOLD

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:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF MARCH HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF APRIL, FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAR), 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.”

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 966 CONTRACTS TO 154,800  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  4 1/2 YEARS AGO.  

EFP ISSUANCE 445 CONTRACTS

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

MAY 445  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 445 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 656 CONTRACTS AND ADD TO THE 445 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A FAIR SIZED LOSS OF 966 OPEN INTEREST CONTRACT FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 2.605 MILLION  OZ, 

OCCURRED WITH OUR STRONG   $0.24 GAIN IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com,

4. Chris Powell of GATA provides to us very important physical commentaries

5. Other gold commentaries

6. Commodity commentaries/cryptocurrencies

3. ASIAN AFFAIRS

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 20.73 PTS OR 0.63%       //Hang Sang CLOSED DOWN 70.23 PTS OR 0.25 %  /The Nikkei closed UP 70.23 PTS OR 0.25%        //Australia’s all ordinaires CLOSED DOWN 0.05%  /Chinese yuan (ONSHORE) closed UP 6.3700    /Oil UP TO 115.09 dollars per barrel for WTI and UP TO 121.63 for Brent. Stocks in Europe OPENED  ALL MIXED        //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.37300 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3841: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

A)NORTH KOREA/

b) REPORT ON JAPAN

OUTLINE

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 2894 CONTRACTS TO 608,085  AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX INCREASE OCCURRED WITH OUR GAIN OF $15.75 IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A  GOOD SIZED EFP (5216 CONTRACTS). . THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH. 

WE NORMALLY HAVE 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. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE   NON ACTIVE DELIVERY MONTH OF MAR..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 5216 EFP CONTRACTS WERE ISSUED:  ;: ,   & FEB. 0 APRIL:5216 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  5216 CONTRACTS 

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  TOTAL OF 8172 CONTRACTS IN THAT 5216 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI GAIN OF 2956  CONTRACTS..AND  THIS SMALL GAIN OCCURRED WITH THE LOSS IN PRICE OF $7.75. 

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAR   (36.482),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY: 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL SO FAR THIS YEAR (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.482 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $15.75) AND  THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAVE  REGISTERED A STRONG SIZED GAIN  OF 25.225 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAR (36.482 TONNES)…

WE HAD  -62  CONTRACTS SUBTRACTED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 8110 CONTRACTS OR 811,000 OZ OR 25.225 TONNES

Estimated gold volume today: 227,587 ///fair

Confirmed volume yesterday: 216,411 contracts  fair

INITIAL STANDINGS FOR MAR ’22 COMEX GOLD //MARCH 24

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz1028.827 oz
Brinks
Manfra
32 kilobars for both
Deposit to the Dealer Inventory in oznil
OZ 
Deposits to the Customer Inventory, in oz868.077 oz
Brinks
27 kilobars
No of oz served (contracts) today201  notice(s)20,100 OZ
0.6257 TONNES
No of oz to be served (notices)8 contracts 800 oz
0.0248 TONNES
Total monthly oz gold served (contracts) so far this month11,721 notices
1,172,100 OZ
36.757 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz

For today:

dealer deposits  0

total dealer deposit nil oz

No dealer withdrawal 0

1 customer deposit

i) Into Brinks:  868.077 oz  (27 kilobars)

total customer deposit: 868.077   oz 

2 customer withdrawal

i) Out of Brinks 160.75 oz (5 kilobars)

ii) out of Manfra  868.077 (27 kilobars)

total withdrawals: 1028.827     oz  

ADJUSTMENTS:  0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MARCH.

For the front month of MARCH we have an oi of 209 contracts having GAINED  49

We had 10 notices filed yesterday so we  gained 59 contracts or 5900 oz  will stand at the comex as these guys refused to be  EFP’d over to London.

Our banker friends have run out of gold metal everywhere.

April saw a loss of 16,985 contracts down to 155,722.

May saw a GAIN of 325 contracts to stand at 4717

June saw a GAIN of 18,315 contracts up to 375,248 contracts

We had 201 notice(s) filed today for 20,100  oz FOR THE MAR 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and 19 notices were issued from their client or customer account. The total of all issuance by all participants equates to 201 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 90 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 2  notice(s) received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the MAR /2021. contract month, 

we take the total number of notices filed so far for the month (11,721) x 100 oz , to which we add the difference between the open interest for the front month of  (MAR: 209 CONTRACTS ) minus the number of notices served upon today  201 x 100 oz per contract equals 1,165,400 OZ  OR 36.482 TONNES the number of TONNES standing in this  active month of mar. 

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

No of notices filed so far (11,721) x 100 oz+   (209)  OI for the front month minus the number of notices served upon today (201} x 100 oz} which equals 1,165,400 oz standing OR 36.298 TONNES in this  NON active delivery month of MAR.

TOTAL COMEX GOLD STANDING:  36.482 TONNES  (A WHOPPER FOR A MAR (NON ACTIVE) DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

191,133,764.7, oz NOW PLEDGED /HSBC  5.94 TONNES

99,258.893 PLEDGED  MANFRA 3.08 TONNES

54,339.114oz PLEDGED JPMorgan no 1  1.690 tonnes

243,923.704, oz  JPM No 2  7.58 TONNES

898,821.330 oz pledged  Brinks/27,96 TONNES

12,249,333 oz International Delaware:  0..3810 tonnes

Loomis: 18,615.429 oz

total pledged gold:  1,506,092.234 oz                                     46.84 tonnes

TOTAL REGISTERED AND ELIG GOLD AT THE COMEX: 34,445,439.080  OZ (1071.39TONNES)

TOTAL ELIGIBLE GOLD: 16,752,137.756.506 OZ (521.06 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,693,140.574 OZ  (550.34 tonnes)

REGISTERED GOLD THAT CAN BE SERVED UPON: 16,187,048.0 OZ (REG GOLD- PLEDGED GOLD)  503.49 tonnes

END

MAR 2022 CONTRACT MONTH//SILVER//MARCH 24

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,028.827  oz
HSBC
CNT
Manfra
Deposits to the Dealer Inventorynil
OZ
Deposits to the Customer Inventory266,887.810 oz
Brinks
CNT
Delaware
No of oz served today (contracts)9CONTRACT(S)45,000  OZ)
No of oz to be served (notices)63 contracts (315,000 oz)
Total monthly oz silver served (contracts)10,496 contracts 52,480,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 month

And now for the wild silver comex results

we had 0 deposits into the dealer

total dealer deposits:  nil       oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 3 deposits into the customer account

i) Into Delaware:  9836.510 oz

ii) Into Brinks  256,106.300oz

iii)Into CNT  945.000 oz  

total deposit:  266,887.810 oz

JPMorgan has a total silver weight: 180.228 million oz/340.177 million =52.98% of comex 

ii) Comex withdrawals: 3

A) Out of CNT:  195,510.771 oz

ii) Out of HSBC  600,018.800 oz

iii) Out of Manfra: 256,106.300 oz

total withdrawal 1051,635.871   oz

one adjustment:

CNT/dealer to customer 4,778.600 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 92.248 MILLION OZ

TOTAL REG + ELIG. 340.177 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR MARCH

silver open interest data:

FRONT MONTH OF MARCH OI:  72, HAVING GAINED 2 CONTRACTS FROM WEDNESDAY.

WE HAD 5 NOTICES SERVED UPON YESTERDAY, SO WE GAINED 7 CONTRACTS OR AN ADDITIONAL 35,000 OZ WILL  STAND

 FOR DELIVERY OVER HERE AS THESE GUYS REFUSED TO BE EFP’D TO LONDON. 

APRIL HAD A  23 CONTRACT LOSS// CONTRACTS LOWERS TO 534

MAY HAD A LOSS OF 847 CONTRACTS UP TO 116,270 contracts

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 9 for 45,000 oz

Comex volumes: 61,119// est. volume today//fair/

Comex volume: confirmed yesterday: 26,614 contracts ( poor )

To calculate the number of silver ounces that will stand for delivery in MAR. we take the total number of notices filed for the month so far at  10,496 x 5,000 oz = 52,480,000 oz 

to which we add the difference between the open interest for the front month of MAR (72) and the number of notices served upon today 9 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAR./2021 contract month: 10,496 (notices served so far) x 5000 oz + OI for front month of MAR (72)  – number of notices served upon today (9) x 5000 oz of silver standing for the MAR contract month equates 52,795,000 oz. .

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

END

GLD AND SLV INVENTORY LEVELS:

MARCH 24/WITH GOLD UP $24.95: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.06 TONNES INTO THE GLD..//INVENTORY RESTS AT 1087.66 TONNES

MARCH 23/WITH GOLD UP $15.75//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1083.60 TONNES

MARCH 22/WITH GOLD DOWN $7.75: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.16 TONNES OF GOLD DEPOSITED INTO THE GLD//INVENTORY RESTS AT 1083.60 TONES

MARCH 21//WITH GOLD UP $.25 : A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 9.00 TONNES INTO THE GLD////INVENTORY RESTS AT 1082.44 TONES

MARCH 18/WITH GOLD DOWN $13.55 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1073.44 TONES

MARCH 17/WITH GOLD UP $33.50: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 11.61 TONNES INTO THE GLD//INVENTORY RESTS AT 1073.44 TONNES

MARCH 16/WITH GOLD DOWN $18.50//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.33 TONNES FROM THE GLD///INVENTORY RESTS AT 1061.83 TONNES

MARCH 15/WITH GOLD DOWN $30.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1064.16 TONNES


MARCH 14//WITH GOLD DOWN $22.75, HUGE CHANGES IN GOLD INVENTORY AT THE GLD//STRANGE: A DEPOSIT OF 2.62 TONNES INTO THE GLD.//INVENTORY RESTS AT 1064.16 TONNES

MARCH 11/WITH GOLD DOWN $14.60: A BIG CHANGE IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 1061.54 TONNES

MARCH 10//WITH GOLD UP $11.55: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.06 TONNES FORM THE GLD///INVENTORY RESTS AT 1063.28 TONNES

MARCH 9/WITH GOLD DOWN $53.85//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.64 TONNES INTO THE GLD//INVENTORY RESTS AT 1067.34 TONNES

MARCH 8/WITH GOLD UP $46.10: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 8.42 TONNES INTO THE GLD///INVENTORY RESTS AT 1062.70 TONNES

MARCH 7/WITH GOLD UP $28.40 A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.06 TONNES INTO THE GLD..//INVENTORY RESTS AT 1054.28 TONNES

MARCH 4/WITH GOLD UP $28.40//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1050.22 TONNES

MARCH 3/WITH GOLD UP $13.95: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 7.84 TONNES//INVENTORY RESTS AT 1050.22 TONNES

MARCH 2/WITH GOLD DOWN $20.80//A MONSTER CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 13.36 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1042.38 TONNES

MARCH 1/WITH GOLD UP $42.60: NO CHANGES IN GOLD INVENTORY AT THE GLD: //INVENTORY RESTS AT 1029.32 TONNES

FEB 28/WITH GOLD UP $12.95: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1029.32 TONNES

FEB 25/WITH GOLD DOWN $38.95: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1029.32 TONNES

FEB 24/WITH GOLD UP $17.35//A HUGE  CHANGE AT THE GLD: 5.23 TONNES INTO THE GLD// IN GOLD INVENTORY AT THE GLD/INVENTORY REST AT 1029.32 TONNES

FEB 23/WITH GOLD UP $2.00 : NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1024.09 TONNES

FEB 22/WITH GOLD UP $6.20: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.65 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1024.09 TONNES

FEB 18/WITH GOLD DOWN $1.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 17/WITH GOLD UP $29.50: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 16/WITH GOLD UP 414.60 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 15/WITH GOLD DOWN $12.70 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 14/WITH GOLD UP $27.20 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.44 TONNES

FEB 11/WITH GOLD UP $4.50 A HUGE CHANGE IN GOLD IVNETORY AT THE GLD// A DEPOSIT OF 3.48 TONNES INTO THE GLD//INVENTORY RESTS AT 1019.44 TONES

CLOSING INVENTORY FOR THE GLD//1087.66 TONNES

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them

MARCH 24/WITH SILVER UP 54 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.092 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 552.320 MILLION OZ//

MARCH 23/WITH SILVER UP 24 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.288 MILLION OZ//

MARCH 22/WITH SILVER DOWN $0.29 TODAY : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.288 MILLION OZ//

MARCH 21/WITH SILVER UP 16 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.288 MILLION OZ//

MARCH 18/WITH SILVER DOWN 37 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.217 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 550.288 MILLION OZ//

MARCH 17/ WITH SILVER UP 72 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.049 MILLION OZ INTO THE SLVV//INVENTORY RESTS AT 548.071 MILLION OZ

MARCH 16/WITH SILVER DOWN 56 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 462,000 OZ FROM THE SLV//INVENTORY RESTS AT 544.560 MLLION O

MARCH 15/WITH SILVER DOWN 18 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.022 MILLION OZ

MARCH 14/WITH SILVER DOWN 64 CENTS TODAY; STRANGE A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.125 MILLION OZ/INVENTORY RESTS AT 545.022 MILLIONOZ

MARCH 11/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.897 MILLION OZ

MARCH 10/WITH SILVER UP 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 542.897 MILLION OZ/

MARCH 9/WITH SILVER DOWN 88 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 5.174 MILLION OZ OF FAKE SILVER.//INVENTORY RESTS AT 542.897 MILLION OZ//

MARCH 8/WITH SILVER UP 88 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.217 MILLION OZ INTO THE SLV////INVENTORY RESTS A 548.071 MILLION OZ//

MARCH 7/WITH SILVER UP 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.854 MILLION OZ//

MARCH 4/WITH SILVER UP 50 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.854 MILLION OZ/

MARCH 3/WITH SILVER UP 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 545.854 MILLION OZ//

MARCH 2/WITH SILVER DOWN $.32 TODAY: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 198,000 OZ FROM THE SLV//INVENTORY RESTS AT 545.854 MILLION OZ//

MARCH 1/WITH SILVER UP $1.13 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 546.052 MILLION OZ//

FEB 28/WITH SILVER UP 31 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 546.052 MILLION OZ//

FEB 25/WITH SILVER DOWN 64 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 5.510 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 546.052 MILLION OZ/

FEB 24/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.597 MILLION OZ

FEB 23/WITH SILVER UP 22 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.597 MILLION OZ//

FEB 22/WITH SILVER UP 30 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 350,000 OZ INTO THE SLV///INVENTORY RESTS AT 551.597 MILLION OZ//

FEB 18/WITH SILVER UP 7 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.017 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 551.227 MILLION OZ

FEB 17/WITH SILVER UP 31 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.402 MILLION OZ//INVENTORY RESTS AT 550.210 MILLION OZ/

FEB 16/WITH SILVER UP 21 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.808 MILLIONOZ

FEB 15/WITH SILVER DOWN 46 CENTS TODAY : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.808 MILLION OZ//

FEB 14/WITH SILVER UP 49 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.235 MILLION OZ INTO THES LV////INVENTORY RESTS AT 547.808 MILLION OZ

FEB 11/WITH SILVER DOWN 18 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.573 MILLION OZ///

SLV FINAL INVENTORY FOR TODAY: 552.320 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

2.LAWRIE WILLIAM//,//Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, James  RICKARDS/

-END

-END-

LAWRIE WILLIAMS

3.  Chris Powell of GATA provides to us very important physical commentaries

Treating gold like collectibles…how absurd

(Bloomberg/GATA)

Investors piling into gold ETFs face a surprising tax bill

Submitted by admin on Wed, 2022-03-23 09:19Section: Daily Dispatches

By Kristine Owram and Claire Ballentine
Bloomberg News
Wednesday, March 23, 2022

Gold exchange-traded funds are one of this year’s hottest investments, with war, inflation and stock-market volatility sending people scrambling for safe havens. But those buying physical gold ETFs may face an unexpected tax burden.

Funds that invest in precious metals like gold and silver are treated like collectibles for U.S. tax purposes, meaning long-term capital gains from those funds will be taxed at a top rate of 28%, compared with a maximum rate of 20% for stocks.

This could be costly for investors who decide to cash out after the recent rally in gold prices, which hit a peak of over $2,000 earlier this month, up more than 20% from a year ago. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-03-23/investing-in-gold-etfs-or-bullion-you-may-be-surprised-by-your-big-tax-bill

END

4.OTHER GOLD/SILVER COMMENTARIES

Gold Seek came out with this headline article with nothing following it!

If true, then the rouble will be backed by gold.

Russia Will Allow “Unfriendly Countries” To Pay for Natural Gas in Gold

March 24, 2022

Profile picture for user GoldSeek

GoldSeek

5.OTHER COMMODITIES/COFFEE

We knew that this was going to happen:  a mega emergency for the world’s top coffee growers as fertilizer costs soar to astronomical heights

(zerohedge)

“Mega Emergency” Unfolds For World’s Top Coffee Growers As Fertilizer Costs Spike 

THURSDAY, MAR 24, 2022 – 05:45 AM

Coffee farmers worldwide are feeling the pressure of sanctions, as the Russian invasion of Ukraine sent fertilizer prices soaring, prompting concerns of declining harvests this year.

Bloomberg reports coffee farmers in Brazil, Nicaragua, Guatemala, and Costa Rica, some of the largest coffee-producing countries in the world, are having trouble affording high fertilizer costs. Some farmers are substituting organic waste as a low-cost solution to nitrogen, phosphorous, and potash fertilizers. The move, however, will result in significantly reduced harvests of the bean. 

Readers may recall we published a chart pack over the weekend of how the Ukrainian conflict and resulting sanctions by western countries on Russia have choked the world of natural resources, sending prices of commodities higher as traders fear shortages. 

One chart shows that Russian fertilizer exports end up in South America, a top coffee-producing region. 

We noted in a separate piece that Brazil, the world’s top coffee producer, imports more than 85% of its fertilizer demand. Russia is its leading supplier, and Belarus provides 28% of the total. High prices for the nutrient and or even reduced shipments because of sanctions could jeopardize the world’s coffee harvest this year. 

“The situation represents a mega emergency for our members,” said Fatima Ismael, general manager of the Nicaraguan coffee cooperative Soppexcca in Jinotega.

Prices for arabica in New York are flat on the year but could soon increase as fuel and fertilizer prices skyrocket. The Green Markets North American Fertilizer Index is up a little more than 30% this year, and crude oil is up 50%. Fertilizer and fuel are two major cost factors in cultivating coffee. 

Xinia Chaves, executive director of the Costa Rican Coffee Institute, warns that insufficient fertilizer will reduce farmers’ yields this year.

Rodrigo Vargas, president of Doka Estate in Costa Rica, said his farm needs 1,400 tons of fertilizer to produce 40,000 bags of coffee each harvest. Due to soaring prices, he’ll be spreading less fertilizer on the soil and understands this will hurt yields. 

Arabica coffee prices have risen 86% over the last two years due to adverse weather conditions affecting Brazilian harvests and snarled supply chains increasing freight costs. 

For over a year, we’ve been pointing out how several factors would push the world into a coffee deficit. 

The latest data from the International Coffee Organization warns global coffee production will slip 2.1% to 167.2 million bags for this year, mainly due to a 7.1% decline in arabica beans. Cofee prices will continue to soar. The move-in overall food inflation isn’t over and will go higher.

end

DIESEL

Europe in a mess as it relies on more diesel than USA

(zerohedge)

“Stock-Outs” Begin: Austrian Energy Giant Limits Diesel Spot Sales Until Further Notice

THURSDAY, MAR 24, 2022 – 01:09 PM

Earlier this week, we quoted the heads of some of the world’s biggest independent energy trades, who spoke at the FT Commodities Global Summit in Lausanne, Switzerland and unveiled a dire forecast for the diesel market: “The thing that everybody’s concerned about will be diesel supplies. Europe imports about half of its diesel from Russia and about half of its diesel from the Middle East,” said Russell Hardy, chief of Switzerland-based oil trader Vitol. “That systemic shortfall of diesel is there.”

As a reminder, Russian supplies account for about 15% of Europe’s diesel consumption, according to the FT which carried their comments.

Hardy said the shift to more diesel consumption over gasoline in Europe had helped to create shortages of the fuel. He added that refineries could boost their diesel output in response to higher prices at the expense of other oil-derived products to shore up supply, but warned that rationing was a possibility.

Meanwhile, Torbjorn Tornqvist, co-founder and chair of Geneva-headquartered Gunvor Group said that “Europe is short of diesel” but added that “Diesel is not just a European problem; this is a global problem. It really is.”

Tornqvist also warned that European gas markets were no longer functioning properly as traders faced huge demands from banks for cash to cover hedging positions. “I think it’s broken. It really is,” he said. “I never thought that somebody could say ‘ah, gas has fallen below 100 per megawatt hours is really cheap’.”

Finally, the CEO of Trafigura Jeremy Weir, which has recently fielded billions in margin calls and has warned that commodity trading houses risk imploding absent a central bank bailout, put the final nail in the coffin warning that “the diesel market is extremely tight. It’s going to get tighter and will probably lead into stock outs” referring to when fuel stations run dry.

Since then the European Diesel market has effectively frozen up, as the following chart of the absolutely insane backwardation in European diesel (2M-3M gasoil price spread) shows…

… and on Thursday the shortage finally spilled over – to use the term very loosely – on the street, after Austria’s energy giant OMV announced it was “limiting spot sales of heating oil and diesel until further notice”, Bloomberg reported.

The move, the company explained in an email, was to ensure it can meet contractual supply obligations noting that “as a precaution, the spot business has been limited until further notice.” The company didn’t give specifics on where the limits are in place, however it is safe to safe that soon the limits will hit all of Austria which is exceptionally dependent on Russian oil; to wit, earlier on Thursday, Austrian Chancellor Karl Nehammer said that talk of immediate boycott of Russian energy is both “unrealistic and wrong,” adding that “it doesn’t work. Austria gets 80% of its gas from Russia.”

Underscoring just how bad the European diesel crisis will soon, get, Europe’s scramble for alternatives to Russian diesel flipped New York from a typical import region to an exporter. According to Bloomberg, in a rare reversal of normal trade flows, New York is sending two diesel cargoes to Europe — which relies on Russia for about a third of its diesel needs — even as regional inventories are at multiyear lows and prices hover close to record highs.

The flip-flop is an example of how Russia’s invasion of Ukraine is rattling fuel markets around the globe, even though the U.S. is relatively less exposed to Russian exports. High pump prices in the U.S. have become a liability for President Joe Biden, and the burden is growing for truckers and farmers.

Two tankers, the Falcon Nostos and the Energy Centaur, are carrying more than 700,000 barrels of diesel from New York to Europe, according to Vortexa, Kpler, as well as shipping data compiled by Bloomberg. This is a reversal of recent trade flows, which saw cold-gripped New York Harbor import at least 4.5 million barrels of diesel from Europe and Russia since the start of the year for power generation and home heating.

Diesel exports from the Gulf coast to Europe are also picking up, with around 103,000 barrels a day heading to the continent so far this month, compared with 19,000 in February, Kpler estimates. This trade route is more common, although it has diminished in the last year or two, with Latin America absorbing much of the U.S. export diesel market.

But the flow of U.S. clean products will “redirect toward Europe if European buyers are less willing to lift out of Russia,” said Reid I’anson, senior commodity economist at Kpler.

The transatlantic diesel pull is taking place even as Russian-origin cargoes continue to discharge at European ports. The U.K. has said it will phase out imports of Russian oil, including diesel.

The arbitrage to ship diesel from the U.S. to Europe remains largely shut on paper, traders say. This means cargo movers risk taking a loss, especially considering the sharp backwardation in the European diesel market — a condition where prices for future deliveries are priced below prompt levels.

“It’s all a gamble,” one trader said.

And while diesel has been the hardest hit so far, the shortage is rapidly becoming a “not just diesel issue” as Bank of America explains:

Waiting for gasoline to catch diesel: bullish refiners: Distillate are in short supply on both sides of the Atlantic, setting up the conditions to keep diesel cracks strong near term. While this is bullish on its face, we see a derivative impact on gasoline being overlooked during what is the winter / summer shoulder season for gasoline. The period when refiners liquidate high pressure (butane blended) gasoline feedstock in favor of building summer grade stock, which is less evaporative at higher summer temperatures (higher Reid Vapor Pressure or RVP). This typically coincides with an operating decision to tilt the dials in the refineries back to gasoline to preparation for the seasonal ‘peak’ in demand during the traditional driving season. The problem is the spread between distillate and gasoline today is wide (above $24/bbl, USGC Basis) – so there is no obvious incentive to flexing yields yet. The longer this lasts, seasonal increases in gasoline production would not build. Without a price signal to get busy, we view this as a set up for a bullish structure for both gasoline and distillate into summer.

Translation: it’s just a matter of time before the “stock outs” hit gasoline as well, and earlier today we got an example of just that:

  • SHELL HALTS SALES OF PREMIUM GASOLINE IN HAMBURG UNTIL MONDAY

end

Nickel

Nickel Halted Limit Up Again As Chinese Tycoon Begins Covering Giant Short, Sparking Fears Of Another Mega Squeeze

THURSDAY, MAR 24, 2022 – 02:01 PM

For the second day in a row, Nickel traded in London surged by the 15% exchange limit on the scandal-plagued London Metals Exchange, putting the spotlight back on bearish position holders just two weeks since the market was roiled by an historic short squeeze, and sparked speculation that a second, even more vicious short squeeze may be forming.

Nickel futures remained locked at the price limit by late morning on the London Metal Exchange, as the latest spike extends a period of unprecedented turmoil for the market. Prices soared over 250% over two trading sessions in early March during the short squeeze centered on China’s Tsingshan Holding Group Co., before the market was suspended to avoid bankrupting China’s biggest stainless steel producer and potentially leading to billions in losses for its OTC counterparties, among which JPMorgan was the largest.

As we reported last week, Tsingshan struck a deal with its banks to avoid further margin calls, allowing the market to reopen last week, and said it would reduce its short position in the future. But the sharp two-day jump will be piling pressure on its banks and brokers who have to make margin calls of their own to cover short positions on the LME when prices rise.

Speaking to Bloomberg, Michael Widmer, head of metals research at Bank of America, said that “ultimately the short position is still out there, and they will have to close it out” adding that sharp daily price moves are likely to continue “at least until the short position is out of the market.”

And sure enough, in a separate report from Bloomberg today, we learn that Xiang “Big Shot” Guangda, the owner Tsingshan, bought some contracts on the London Metal Exchange to reduce his short bet as the nickel market briefly unfroze this week.

Tsingshan and its peers have covered tens of thousands of tons of their short positions, one of the people said. Xiang had short holdings of over 150,000 tons when the market was halted on March 8, and his business and trading partners held additional large short positions on top of that – Bloomberg

While the move modestly reduces the size of the potential pain for Xiang and his banks as nickel prices soar once again – prices on the LME are up more than 30% over the past two days – the risk is that now that markets know that the big short is covering, they may refuse to sell any metal at any price forcing yet another squeeze. Indeed, as Bloomberg first reported, the businessman and his allies have only reduced a portion of their total short position, and still hold large bets on falling prices.

On March 10, Bloomberg reported that Xiang told his banks that he didn’t want reduce his short position; that clear lie – which removed the possibility of a squeeze – helped send the nickel price sharply lower since then, falling as low as $26,675 a ton this week, compared with $48,078 a ton on March 7 — the last price that the LME allowed to stand when it closed the market. Clearly, Xiang was lying, and has been quietly seeking to cover at least some of his short.

The LME reopened the nickel market last week after Tsingshan announced a deal with its banks to avoid further margin calls; in the meantime, and following an unprecedented trading suspension, the LME canceled billions of dollars of transactions sparking outrage among the industry and destroying overnight any positive reputation the exchange may have had.

While Tsingshan holds an outsized short position on the LME, there are many other industrial users and physical traders who hold short positions to hedge their price risk, raising the threat of another squeeze if those parties need to buy their positions back, or brokers seek to close them out to avoid further margin calls.

Total short positions held by commercial parties stood at 74,166 contracts at the end of last week, according to data from the bourse. As Bloomberg correctly notes, they’ll need to turn to bullish hedge funds to liquidate their contracts: on a net basis investment funds are the largest holders of long positions in the LME nickel market.

That said, once the shorts come under renewed pressure – and now that Xiang is covering it’s just a matter of time – the new daily price limits introduced by the LME should help prevent a repeat of the extreme price swings seen earlier this month. On the other hand, if the buying pressure is big enough, we may just end up with a locked market, one where every single day we see Nickel trade immediately limit up and stay there, only to repeat that again the next day.

Finally, and perhaps confirming that we are about to see another huge squeeze, overnight nickel also surged to the maximum daily limit on the Shanghai Futures Exchange earlier – tracking the overnight gain in London – despite a cloudy short-term demand outlook due to Covid-19 restrictions in China. It indicates that traders are looking for venues where to go balls to the wall long, knowing that they may not have much chance on the LME once it locks limit up for the foreseeable future

end.

ALL COMMODITIES///

SPECIAL THANKS TO DOUG C FOR SENDING THIS TO US:

Commodity Traders Sound Alarm on Plunging Market Liquidity

Inbox

douglas cundey10:27 AM (1 minute ago)
to Chris, William, Bill, rkirby, me

https://finance.yahoo.com/news/commodity-traders-sound-alarm-plunging-211036246.html

Commodity Traders Sound Alarm on Plunging Market Liquidity

Thu, March 24, 2022, 5:08 AM

(Bloomberg) — Whipsawing commodity prices and eye-watering margin calls are forcing traders to reduce their activity, driving liquidity out of markets and exacerbating price swings, according to some of the world’s biggest trading houses.

Most Read from Bloomberg

“We’re seeing clearly that liquidity in terms of being able to find buyers and sellers in distressed or highly volatile markets is becoming less,” Engelhart Commodities Trading Partners Chairman and Chief Executive Officer Huw Jenkins said at the FT Commodities Global Summit in Lausanne, Switzerland.

Engelhart halved its positions over the past six or seven months, he said. The company is not alone. As commodities swing wildly, traders and industrial players are struggling to keep up with massive cash requirements to back up their positions or put on new ones, which is squeezing participants out of the market.

The drop in liquidity is heightening volatility when prices do move. Benchmark European natural gas, also known as TTF, surged as much as 34% Wednesday as Russian President Vladimir Putin prepared to demand ruble payments for the fuel. That was just the latest example of the wild price swings spurred by Russia’s invasion of Ukraine.

It’s not just fossil fuel markets that have become unusually volatile, but also those for other goods that underpin the global economy. Nickel prices have continued to swing wildly on the LME, even after the exchange paused trading for days after the metal soared 250% over two trading sessions in early March. Wheat futures in Chicago jumped by the exchange limit for consecutive sessions earlier this month.

“We are in the middle of a storm now,” Gunvor Group Chief Executive Officer Torbjorn Tornqvist said. “Many parties got hurt in TTF. And then they realize they just can’t go in with this type of initial margin,” he said, referring to benchmark Dutch gas futures.

Commodity trader balance sheets are also under pressure. Reliant on credit from banks to finance shipments, traders are hitting funding limits when prices rise sharply, curbing their ability to exploit arbitrage opportunities.

“It’s simply a general concern across the marketplace that we’re losing participation,” Vitol Group CEO Russell Hardy said. “Capital generally across the market is thinly spread and can’t do as much as it might have been able to do a year ago because the cost of doing businesses has increased.”

The surging volatility may increase as some participants get stopped out of derivatives positions and it becomes more expensive to put on new ones.

Several trading-house executives also said there has been a noticeable shift toward companies placing over-the-counter commodities hedges and bets through banks, rather than on exchanges.

While the costs associated with trading commodities are growing, higher prices also mean the traders, especially those with large physical books, need additional credit to finance the cargoes they ship around the world.

That’s prompted a hunt for larger credit lines; Mercuria Energy locked in $2 billion from banks earlier this month, while Trafigura Group has twice secured new packages in as many weeks.

“We do have to size our activity and our risk appetite with our financing capability. It’s as brutal as that,” said Frederic Barnaud, group chief strategy and commercial officer at Mercuria.

Ultimately, the squeeze is leading to more caution.

“This combination of very elevated volatility combined with significant increase in margin requirements, combined with significant air pockets where liquidity in markets disappears, means you have to take an extremely conservative approach to risk management,” Engelhart’s Jenkins said.

(Updates with comment from Gunvor CEO in sixth paragraph)

6.CRYPTOCURRENCIES

7. GOLD/ TRADING TODAY

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

ONSHORE YUAN: CLOSED UP 6.3700

OFFSHORE YUAN: 6.3844

HANG SANG CLOSED DOWN 204.13 PTS OR 0.94%

2. Nikkei closed UP 70.23PTS OR 0.25% 

3. Europe stocks  ALL MIXED

USA dollar INDEX  UP TO  98.77/Euro FALLS TO 1.0992

3b Japan 10 YR bond yield: RISES TO. +.240/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 121.58/ 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//

3c Nikkei now  ABOVE 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 115.09 and Brent: 121.63

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO +.0.537%/Italian 10 Yr bond yield RISES to 2.05% /SPAIN 10 YR BOND YIELD RISES TO 1.42%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.510: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 2.77

3k Gold at $1946.00 silver at: 25.18   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble;// Russian rouble DOWN 1.75/100 in roubles/dollar; ROUBLE AT 97.00

3m oil into the 115 dollar handle for WTI and 121 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 121.63 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .9304– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0227 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.

USA 10 YR BOND YIELD: 2.372 UP 8 BASIS PTS

USA 30 YR BOND YIELD: 2.558 UP 7 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 14.86

Futures Jump With Treasury Yields As NATO Says It’s Preparing For “Risk Of Nuclear Incidents”

THURSDAY, MAR 24, 2022 – 07:52 AM

After the recent torrid stock delta/gamma-squeeze rally took a breather on Wednesday, overnight U.S. index futures resumed advancing even as yields jumped as investors continued to monitor rising inflation and the escalating situation in Ukraine. U.S. equity futures pointed higher after the S&P 500 closed 1.2% lower Wednesday: Emini S&P futures were up 0.65% or 28.75 to 4,476 while Nasdaq 100 futures were up 0.72% or 104 points.

The rally stumbled a bit moments ago when headlines hit that NATO was preparing for a potential incident…

  • *U.S., NATO PREPARING FOR RISK OF RUSSIAN NUCLEAR INCIDENTS
  • *U.S., NATO PREPARATIONS INCLUDE DETERRENCE POSTURES: OFFICIALS

… but promptly resumed the grind higher as algos decided that WW3 is bullish.

Europe’s Stoxx 600 Index fell 0.3%, erasing earlier gains as manufacturing data underscored the threat to economic growth from soaring raw material prices. Shares in Russia advanced as they partially resumed trading after being closed for almost a month.  Treasuries declined, while oil fluctuated and the dollar gained. President Joe Biden is meeting NATO and G-7 allies in Brussels Thursday to discuss ways of pressuring Russian President Vladimir Putin into withdrawing his forces from Ukraine and ending the war, which has already lasted a month. 

“Event risk is back today, with what should be a lively trading session,” said Peter Chatwell, head of multi-asset strategy at Mizuho. “The EU Council summit may bring a new round of sanctions against Russia, which would increase the upside pressure that energy markets are already under.”

In premarket trading, Spotify shares rose as analysts turned positive on the music streaming firm’s agreement with Alphabet’s Google to allow the company to bill users directly. Analysts said that the sign-up process should become more straightforward for Spotify users, while other companies like dating app operators could also benefit longer-term. KB Home shares declined in premarket after the homebuilder reported first-quarter results that missed the average analyst estimate, with analysts flagging lower deliveries and supply-chain disruption. Here are some other notable premarket movers:

  • Nikola’s (NKLA US) shares rise 13% in U.S. premarket trading following the electric-vehicle maker’s Analyst Day, with JPMorgan analysts saying they had come away with a “positive impression” from the manufacturing site visit.
  • Phunware (PHUN US) shares drop 8.7% in U.S. premarket trading after the software firm reports results late Wednesday, with the company’s net loss for the year widening to $53.5m in 2021 from $22.2m in 2020.
  • Infinera (INFN US) rose 5% in extended trading after Rosenblatt Securities starts coverage of the communications equipment company with a buy rating and $12 price target, saying it’s the firm’s top pick in the optical systems space.
  • Steelcase (SCS US) shares dropped in postmarket trading after the company warned that supply chain problems are persisting and projected fiscal 2023 EPS that was a penny short of the average analyst estimate at the midpoint.
  • Traeger (COOK US) dropped 18% in extended trading after the grillmaker gives full-year forecasts for revenue and adjusted Ebitda that fall short of analysts’ projections. Peer Weber follows Traeger lower, declining 3.3% postmarket.

In Europe, the Stoxx 600 Index was slightly higher, with retail, financial services and real estate the worst performers while Russian stocks partially reopened after a record shutdown. European bourses were relatively flat at the open but saw bout of impetus amid above-forecast PMIs; however, this was short-lived. Here are some of the biggest European movers today:

  • Bridgepoint shares rise as much as 28%, the most since the U.K. private equity firm listed last year, after FY earnings that analysts say topped expectations.
  • Daimler Truck gains as much as 9.1% after reporting a forecast revenue for 2022 that beat the average analyst estimate. Daimler Truck outlook “still relatively bullish,” writes analyst Klas Bergelind (buy) in a note, with a market outlook for Trucks NA for “slight growth and for slight decline in Trucks Europe”
  • Games Workshop jumps as much as 11%, the most intra-day since September 2020, after increasing its quarterly dividend. Jefferies analysts say they were “encouraged” by the level of dividend.
  • Glencore shares drop as much as 3.8% after Qatar’s sovereign wealth fund sold 158.8m shares at a price of 497p, cashing in after strong commodity prices spurred a rally in the stock. The price represent a 2.8% discount to Wednesday’s close.
  • Next shares drop as much as 4.4%, worst performer in the FTSE 100 Index, after the U.K. retailer lowered its profit and sales outlook for the year. RBC says Next cut its guidance because of the impact from Russia’s invasion of Ukraine, which is bigger than the broker had expected.
  • L’Oreal shares fall as much as 2.4% after Jefferies cuts its recommendation to underperform from hold, citing downside risk to consensus estimates and to the stock’s valuation premium.
  • Renault shares fell as much as 3.4% after the automaker said it is preparing for an exit from Russia amid mounting pressure on the French automaker to stop doing business in the country over its invasion of Ukraine.

The MOEX Russia Index rose more than 4% after Moscow Exchange resumed shortened four-hour trading in 33 out of 50 equities listed on the benchmark. Russian government intervention to prop up the stock market helped lift shares on the first day of trading since Feb. 28.

Earlier in the session, Asian equities snapped a two-day gain as China’s tech shares fell and investors assessed the risks from rising interest rates. The MSCI Asia Pacific Index declined as much as 1%, with the technology and communication services sectors weighing down the measure. Tencent was the biggest drag as its shares fell almost 6% after the gaming giant reported fourth-quarter results that missed earnings-per-share and revenue estimates. Tencent Declares ‘Reckless’ Tech Era Over as Growth Tanks This comes as Federal Reserve officials backed Chair Jerome Powell’s call for a 50-basis-point rate hike at the next meeting amid further increases in commodity prices. Benchmark indexes in Hong Kong and China were among the worst performers in Asia. “With most Fed board members appearing to back the 50-basis-point hike, a 50-basis-point hike no longer seems to be a minority opinion, which is dragging down stocks along with some profit-taking,” said Han Jiyoung, an analyst at Kiwoom Securities Co. in Seoul. Asian equities “will likely move in a range until more data and earnings releases in April,” Han said. The Straits Times Index was the biggest gainer in the region on Thursday as reopening stocks jumped after the Singapore government significantly eased Covid rules. Japan’s Topix rose for an eighth straight day.  The MSCI Asia Pacific Index has climbed more than 1% since March 18 and is still on course for a second-straight week of gains. The resilience has confounded some analysts as the war in Ukraine and the hottest U.S. inflation in four decades threaten to undermine growth.

Japanese equities closed higher, erasing an earlier loss as the recent surge in oil cooled, providing some relief from concerns over commodities-led inflation. Automakers were the biggest boost to the Topix, which rose 0.1%, wiping out a morning drop of as much as 1.3%. Tokyo Electron and SoftBank were the biggest contributors to a 0.3% gain in the Nikkei 225.  The yen fell 0.2% against the dollar, extending its recent decline. Global benchmark Brent crude swung between gains and losses near $121 a barrel, pausing its recent rally as investors weighed threats to supplies from the war in Ukraine.

India’s key equity gauges were little changed on Thursday as lenders extended losses as accelerating inflation hurt the growth outlook. The S&P BSE Sensex held at 57,672.06 as of 10:07 a.m. in Mumbai, while the NSE Nifty 50 Index was also little changed. All except three of the 19 sector sub-indexes compiled by BSE Ltd. rose, led by a gauge of metal companies, while consumer durables stocks were the worst performers. India imports about three fourths of its oil needs, with the more than 50% increase in the cost of Brent this year fanning inflation in the South Asian nation. Kotak Mahindra fell 2.8% and was among key decliners in Sensex after 1.6% of equity changed hands in a block deal. Of 30 shares in the Sensex index, 22 rose, while 7 fell.

In rates, treasuries resumed their slide, with the 10-year benchmark yield rising as much as 10 basis points to 2.39%. The inversion of parts of the yield curve point to a mounting risk of a growth downturn as surging commodities exacerbate Europe’s energy crisis. The belly of the Germany curve underperformed during the selloff: 10y Germany breaches 0.5%, CT10s richen 9bps, heading back toward 2.4%. Peripheral spreads tighten at the margin with short-end Portugal outperforming.

Investors have been dumping bonds as Federal Reserve officials warn steeper rate hikes may be necessary to subdue the hottest inflation in four decades. According to Pimco, that tightening cycle may end with the the Fed hoisting its key rate to 2.75% by the end of 2023 — despite distress signals from the bond market.

“We’ve been in a difficult situation we haven’t been in for a long time where you have an energy price shock,” Andrew Balls, CIO of global fixed income at Pacific Investment Management Co., said in an interview with Bloomberg TV. “That is negative for growth as it pushes inflation higher. It’s the first time in more than 20 years during a period of growth shock that we are not going to have a central bank providing a cushion because they have to focus on the inflation impact.”

Meanwhile, the European Central Bank said it will begin phasing out collateral-easing measures linked to the pandemic starting in July this year, while continuing to accept Greek bonds until the reinvestment period of its coronavirus bond-buying program ends.

In FX, the dollar advanced against most of its Group-of-10 peers as an increasingly hawkish tone among Federal Reserve officials boosted the currency’s yield appeal. Leveraged accounts snapped up USD/JPY after Japan’s 10-year yield rose to a level that last prompted the central bank to intervene in the debt market, traders said.  “Speculation of Fed rate hikes continues to underpin strength in the dollar amid a series of hawkish comments from Fed officials,” said Shinsuke Kajita, chief strategist at Resona Holdings in Tokyo. “But, there’s some room for correction given the dollar looks overbought technically.” The Swiss franc was 0.3% lower after the SNB kep policy rates steady but warned it will intervene in currency markets if necessary. The Norwegian krone outperformed peers after the central bank raised its key policy rate 25bps to 0.75% as expected and flagged a faster pace of future rate hikes.

In commodities, European natural gas rises ahead of today’s European Council meeting to discuss Russian military aggression. WTI is little changed near $115. Base metals are mixed; LME lead falls 1.6% while LME nickel trades limit up. Spot gold is little changed at $1,946/oz. Bitcoin is firmer though off best levels after it briefly printed a new peak for the week at USD 43,488.

Looking at the day ahead now, and as mentioned there’ll be a number of summits taking place including between NATO leaders, G7 leaders and EU leaders. Otherwise, data releases include the flash PMIs for March from various countries, as well as the US weekly initial jobless claims, along with preliminary durable goods orders and core capital goods orders for February. Finally from central banks, we’ll hear from the Fed’s Kashkari, Waller, Evans and Bostic, the ECB’s Elderson and Schnabel, and the BoE’s Mann. In addition, the ECB will be publishing its Economic Bulletin.

Market Snapshot

  • S&P 500 futures up 0.6% to 4,474.50
  • STOXX Europe 600 up 0.2% to 455.05
  • MXAP down 0.4% to 180.83
  • MXAPJ down 0.5% to 588.79
  • Nikkei up 0.3% to 28,110.39
  • Topix up 0.1% to 1,981.56
  • Hang Seng Index down 0.9% to 21,945.95
  • Shanghai Composite down 0.6% to 3,250.26
  • Sensex down 0.3% to 57,530.38
  • Australia S&P/ASX 200 up 0.1% to 7,387.07
  • Kospi down 0.2% to 2,729.66
  • German 10Y yield little changed at 0.49%
  • Euro little changed at $1.0996
  • Brent Futures up 0.7% to $122.41/bbl
  • Gold spot down 0.1% to $1,942.31
  • U.S. Dollar Index up 0.11% to 98.74

Top Overnight News from Bloomberg

  • Europe’s two largest economies are facing a sharp increase in price pressures along with new supply problems due to Russia’s invasion of Ukraine, with the impact expected to develop further in the coming months.
  • Switzerland’s central bank refrained from sounding the alarm about the exchange rate despite the first breach of parity with the euro since 2015, as it warned that the war in Ukraine could hurt economic growth.
  • Norges Bank raised its interest rate for the third time since the onset of the pandemic and flagged a faster timetable for future increases, just as NATO determines who will be the central bank chief to enact that tightening.
  • Russian stocks gained after the sanctioned nation stepped in to halt the selloff in its equity market with a flurry of support measures as shares partially reopened following the record long shutdown.
  • North Korea launched what appeared to be its first intercontinental ballistic missile in more than four years, as Kim Jong Un seeks to bolster his ability to strike across the Pacific and deter any U.S. attack.

A more detailed look at global markets courtesy of Newqsuawk

Top Asian News

  • Sunac Said to Plan Meeting With Bond’s Holders on Extension Bid
  • Brookfield Joins Morrison as Bidding for Uniti Heats Up
  • China Envoy Says Xi-Putin Friendship Actually Does Have a Limit
  • Prosecutors Charge SMBC Nikko, Staff With Market Manipulation

European bourses were relatively flat at the open but saw bout of impetus amid above-forecast PMIs; however, this was short-lived with bourses now negative, Euro Stoxx 50 -0.6%. US futures are in-fitting directionally but diverging in terms of magnitudes, posting gains of circa. 0.4% ahead of multiple risk events. Back to Europe, as the session progressing a defensive sectoral bias has become more pronounced.

Top European News

  • NATO’s Stoltenberg Set to Stay, Confusing Norges Bank Future
  • SNB Keeps Interest Rates Unchanged, Repeats Intervention Pledge
  • Germany March Flash Manufacturing PMI 57.6; Est 56
  • Germany March Flash Services PMI 55; Est 53.7

In FX, the DXY nudges closer to 99.000 as risk tone remains tentative and Treasuries return to bear flattening mode. Yen slides through remaining 2016 lows to 121.75, breaching option barriers on the way at 121.50. Euro gets some support from above forecast PMIs in stark contrast to Sterling, EUR/USD limits losses under 1.1000, as Cable lets go of 1.3200 and EUR/GBP eyes 0.8350 to the upside. Norwegian Krona derives traction via hawkish Norges Bank rate path and commentary from the Governor, but Franc finds little new in latest SNB Quarterly Policy Review; EUR/NOK sub-9.5000, USD/CHF back over 0.9300and EUR/CHF straddling 1.0250.

In Fixed Income, bonds back under siege after short-lived Wednesday revival. US Treasuries resume bear-steepening trend following scant positive reaction to a well covered and stop-through 20-year note sale. Gilts hand back more post-DMO remit recovery gains.

In commodities, WTI and Brent are modestly firmer but choppy in around UD 3.00/bbl ranges, ahead of multiple key meetings where energy will be a focal point. On this, Eurasia’s Rahman suggested, “The threshold for energy import bans is very high”, though the EU and US are reportedly close to a deal cutting Russian oil dependence. German coalition parties agreed all tax-paying employed people to receive on-off energy price allowance of EUR 300 as supplement to their homes, shut down of coal-fired power plants can be suspended, ideally continuing with a 2030 phase-out. Spot gold/silver are rangebound but picking up back towards overnight highs as broader equity performance continues to pull back. Finally, once again hit the 15% limit up mark following similar gains in China – with market contactsLME Nickel pointing to supply-disruption positioning.

END

3. ASIAN AFFAIRS

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 20.73 PTS OR 0.63%       //Hang Sang CLOSED DOWN 70.23 PTS OR 0.25 %  /The Nikkei closed UP 70.23 PTS OR 0.25%        //Australia’s all ordinaires CLOSED DOWN 0.05%  /Chinese yuan (ONSHORE) closed UP 6.3700    /Oil UP TO 115.09 dollars per barrel for WTI and UP TO 121.63 for Brent. Stocks in Europe OPENED  ALL MIXED        //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.37300 OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.3841: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER//

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

I guess that Kim has nothing else to do except fire missiles.  He is now testing to launch his biggest missile yet

(zerohedge)

North Korean Breaks 4 Year Moratorium On ICBM Testing By Launching Biggest Missile Yet

THURSDAY, MAR 24, 2022 – 07:20 AM

As if international tensions weren’t already high enough given the ongoing wars in Ukraine and Yemen, and the steady creep of rising subvariant-induced COVID infections in the west, North Korea on Thursday carried out what’s believed to be its first ICBM test in more than four years, ratcheting up tensions with South Korea and the US to the highest level since the summer of 2017.

What’s more, the missile launched by the North on Thursday is believed to be the largest ICBM ever tested by the country, and comes after a failed test earlier this month.

The launch occurred as President Biden and other leaders of NATO states gathered in Brussels for back-to-back-to-back summits with NATO, the EU and the G7 where his hopes of convincing the Europeans to ratchet up economic sanctions on Russia will likely collide with their reluctance to risk supplies of Russian energy.

The suspected ICBM reached an altitude of 6,000 kilometers (3,728 miles) and traveled a distance of 1,080 kilometers (671 miles) with a flight time of 71 minutes before landing in the waters off Japan’s western coast, Japan’s Defense Ministry revealed in a press conference held after the launch.

Given the high altitude reached by the missile, the Japanese believe it is a “new type of ICBM”. Japan’s Vice Defense Minister Makoto Oniki said the missile landed inside Japan’s Exclusive Economic Zone, 170 kilometers (106 miles) west of Cape Tappi on the northern tip of Japan’s main island of Honshu, Oniki said.

Thursday’s launch is North Korea’s 11th of the year, including one on March 16 which is presumed to have failed, and its longest-range test since November 2017

As one might imagine, the South Koreans “strongly condemned” their neighbors to the North for violating their self-imposed moratorium on ICBM testing. Moon said Pyongyang was causing a “serious threat” to the Korean Peninsula as well as the international community. Of course, Moon will soon be succeeded by President-elect Yoon Suk Yeol, a conservative anti-North hawk, who won a bitter electoral battle when South Koreans went to the polls earlier this month.

Japanese Prime Minister Fumio Kishida also condemned the launch, speaking to reporters in Belgium: “It is a reckless and unacceptable act, and I strongly condemn it.”

Defense analysts scrutinizing the launch said the new ICBM may be a new generation of missile with the capacity to easily reach the continental US, according to CNN.

“North Korea appears to have conducted a ‘lofted’ missile test. This is a tactic often employed by them to test longer range systems without more provocatively overflying another country,” said Joseph Dempsey, research associate for defense and military analysis at the International Institute for Strategic Studies in London.

He said the preliminary data of Thursday’s test indicate it could be a Hwasong-17, a much larger ICBM than the Hwasong-15 tested in 2017.

Kim Dong-yub, a professor at the University of North Korean Studies in Seoul, said data indicates Thursday’s missile could have a maximum range of about 15,000 kilometers (9,320 miles) — theoretically putting it within reach of the continental United States, depending on the weight of the warhead it would carry — and about 3,000 kilometers (1,864 miles) further than the Hwasong-15.

Despite the potentially extended range, Kim said Pyongyang has still not demonstrated it has mastered the technology required to enable a warhead to successfully re-enter the Earth’s atmosphere into the final stages of flight.

Pyongyang has conducted 10 other missile tests since the start of the year, more than in all of 2021. The North has also carried out multiple rounds of artillery tests over the weekend.

END

3B JAPAN

3c CHINA

CHINA//COVID/MANDATES

Shanghai authorities are trying to quell citizens amid a surge in panic buying goods stoked by more lockdown fears

(zerohedge)

Shanghai Authorities Urge Calm Amid Surge In Panic-Buying Stoked By Lockdown Fears

WEDNESDAY, MAR 23, 2022 – 09:20 PM

As we reported yesterday, the situation in Shanghai, China’s financial capital, is growing increasingly tense, as the local population has grown increasingly restive in the face of the city’s restrictions on movement, and its mass-testing requirements.

And as millions fear the yoke of the city’s COVID restrictions may soon be further tightened, perhaps with another full-on lockdown like those that have been implemented in Jilin Province and elsewhere, Shanghaiers are swamping online grocery platforms with orders as citizens panic-buy stockpiles of food for fear that they may soon face a punishing lockdown that will confine them to their residential compounds for days, if not weeks, the AFP reports.

Shanghai has seen record-high numbers of confirmed COVID cases over the past week, with 981 cases reported on Wednesday alone, a figure that’s substantially larger than any earlier daily tally. The figure marked the sixth straight daily increase of case numbers in the city.

So far, the city has responded to the outbreak with “targeted” residential lockdowns where cases have been confirmed. Schools in the city have also been shuttered for the past two weeks. But as the case numbers grow, many fear that the CCP could soon move to impose a lockdown on the entire city of 25M (China’s largest city by population).

Locals have taken to social media to voice their grievances about the local authorities’ response to the outbreak, complaining about vague government messaging and alarmist warnings about more required testing. Footage that circulated on social media yesterday showed restive locals pushing back against the mandatory testing measures, and the restrictions on movement in parts of the city.

In response to this public outcry, authorities in the city have tried to smooth things over by denying rumours of a city-wide lockdown. But the fear of being locked inside a residential compound for days without sufficient food has led many to discount these reassurances, instead opting to plan for the worst-case scenario.

Online shopping platforms have collapsed under the strain, prompting many to complain on social media about being unable to fill their orders.

Chen Ying, a spokeswoman for online grocery platform Dingdong Maicai, acknowledged that the company was face serious pressure as online demand surged.

As of March 22, mainland China had reported 137,231 cases with confirmed symptoms, including both local ones and those arriving from outside the mainland. There were no new deaths, leaving the death toll at 4,638.

end

CHINA///RUSSIA//

China doubles its purchase of Russian LNG providing important revenue to Russia

(Fang/EpochTimes)

China Bought Twice As Much Russian Liquefied Natural Gas In February

THURSDAY, MAR 24, 2022 – 03:30 AM

Authored by Frank Fang via The Epoch Times (emphasis ours),

China doubled its import of liquefied natural gas (LNG) from Russia in February from a year earlier, undermining China’s proclaimed “neutral” stance in the ongoing Ukraine war.Russian President Vladimir Putin (L) and Chinese leader Xi Jinping pose for a photograph during their meeting in Beijing on Feb. 4, 2022. (Alexei Druzhinin/Sputnik/AFP via Getty Images)

Beijing bought nearly 401,000 tons of Russian LNG last month, Bloomberg reported on March 21, citing data from Chinese customs officials. That volume made up 8 percent of China’s total LNG imports in February.

Overall, China imported 12 percent less liquid natural gas last month compared to February 2021, according to Bloomberg.

Meanwhile, China imported a total of 12.67 million tons of crude oil from Russia in the first two months of this year, according to China’s customs data.

China’s continued energy purchases from Russia are providing important revenue for Moscow, as its energy sector has become increasingly isolated after being hit with sanctions and other retaliatory moves over its aggression in Ukraine.

On March 8, President Joe Biden announced the United States would ban imports of Russian coal, liquefied natural gas, and coal. The very next day, the UK announced that it would phase out imports of Russian oil by the end of this year.

On March 15, the European Union announced another package of sanctions against Moscow, among which is a ban on new investments in the Russian energy sector. Additionally, the bloc introduced a comprehensive export restriction on equipment, technology, and services for the energy industry.

China, however, has criticized sanctions imposed by Western countries. During a daily briefing on March 2, Wang Wenbin, one of China’s foreign ministry spokespersons, said Beijing and Moscow “will continue to conduct normal trade cooperation.”

On March 9, a day after Biden’s announcement banning Russian energy products, Zhao Lijian, China’s foreign ministry spokesperson, said the two neighbors “always maintain sound energy cooperation” and will continue to “conduct normal trade cooperation including on gas and oil.”

Some U.S. lawmakers are calling for secondary sanctions against Russia, including Sen. Pat Toomey (R-Pa.), ranking member of the Senate Banking Committee.

To cut off Mr. Putin’s oil and gas sales globally, the administration and Congress should impose secondary sanctions on the entirety of Russia’s financial sector,” Toomey wrote in an op-ed published on March 21 in The Wall Street Journal.

He added, “These penalties would effectively prohibit foreign banks anywhere in the world, under the threat of U.S. sanctions, from making payments to Russian banks, including for oil and gas.”

Sen. Jim Risch (R-Idaho), ranking member of the Senate Foreign Relations Committee, took to Twitter to express his support for Toomey’s suggestion.

“Secondary sanctions would seal off #Russia from the rest of the world, prohibiting foreign banks, like those in #China, from doing business with #Putin & inadvertently funding the #UkraineWar,” Risch wrote. “This is the next step the Biden Admin must take.”

Beijing’s effort to cast itself as a neutral party has drawn criticism. On March 15, NATO Secretary General Jens Stoltenberg called on Beijing to condemn Russia over what he called Moscow’s “brutal invasion” of Ukraine.

Andriy Yermak, head of the office of Ukraine’s President Volodymyr Zelensky, said on March 22 that China should play a more “noticeable role” in ending the war, during a virtual news conference organized by London-based think tank Chatham House.

So far we’ve seen China’s neutral position. And, as I said before, we believe that China … should play a more noticeable role in bringing this war to [an] end and in building up a new global security system,” Yermak said.

Weeks before the war, Beijing and Moscow updated their bilateral relationship to a “no-limits” partnership, following a meeting between Russian President Vladimir Putin and Chinese leader Xi Jinping. The two leaders also said there would be “no ‘forbidden’ areas of cooperation” between their nations.

Reuters contributed to this article.

end

CHINA/COVID/MANDATES

Goldman describes how China’s COVID lockdowns could disrupt an already fragile global supply chains

(zerohedge)

Goldman: How China’s COVID Lockdowns Could Disrupt Global Supply Chains

WEDNESDAY, MAR 23, 2022 – 10:00 PM

As China continues to struggle with its worst COVID outbreak since the virus first emerged in Wuhan more than two years ago, one of the biggest questions on the minds of American companies (not to mention investors) is how badly the lockdowns ordered by the CCP will disrupt production in the country’s factories, which form a critical link in the global supply chain.

Unsurprisingly, investment banks have been peppered with questions about the economic backlash stemming from China’s ‘zero tolerance’ approach to combating COVID (and this latest omicron-driven outbreak in particular). As COVID cases continue to climb (with Shanghai recording a record case tally this week that’s inspired a wave of panic buying), Goldman estimates that lockdowns have impacted population centers responsible for roughly 30% of China’s GDP.

Overall, daily cases have declined slightly from their peak on March 20. But that doesn’t mean the outbreak is over.

In its latest sell-side research report on the issue, a team of Goldman analysts “assess potential disruptions to China’s supply chains from intermediate goods, exports, final output and logistics perspectives, mainly through analyzing provincial level input-output tables.”

Here’s what they found: the greatest impact from the lockdowns will be on China’s chemicals, transportation equipment and timber/wood product”.

Furthermore, Goldman’s analysis suggests that “Jiangsu, Jilin, Guangdong, Shaanxi and Shanghai are more important among the virus-impacted provinces in terms of their roles in nationwide supply chains.”

The Goldman team breaks down the potential impact of lockdowns on various industries across several of the worst-hit Chinese provinces and/or cities.

The report also cites “anecdotal evidence” to suggest that regions with mid-to-high risk districts are indeed facing delivery delays or production suspensions to various degrees that could have a cascading impact.

While CCP policymakers have taken steps to mitigate the impact of lockdowns on China’s economy (the most recent example would be the reopening of factories in Shenzhen, as well as its port), they have continued to stress a “people first, lives first” approach.

Taken together, all of this suggests a couple of potential outcomes: Possible implications: “1) overall supply chain might be more resilient than before given the same outbreak severity, as policymakers are moving more swiftly to resume production once local Covid situation appears to be under control; 2) structural imbalances between large and smaller companies might further increase, as major production/investment projects, which are usually handled by large companies, might be given the “green light” and resume production ahead of other projects when policymakers relax restrictive policies.”

Moving beyond the most heavily impacted industries, the Goldman team also analyzed the impact of supply chains on other critical industries like computer components, paper  and paper products (including the toilet paper that memorably disappeared from American supermarkets during the early days of the pandemic). The chart below reflects the current impact of lockdowns on these industries.

Finally, Goldman also published an analysis examining the most vulnerable industries to Chinese lockdowns.

Using the past as a guide, Goldman also charted the impact on deliveries via the ports.

As the CCP switches from broad-based lockdowns to more “targeted” measures, Goldman expects the impact will be worse for smaller firms as opposed to larger enterprises with more flexible and robust supply chains.

Goldman’s analysis concluded that should 30% of the Chinese economy experience a COVID shutdown lasting a month, it would reduce annual GDP growth by a whole percentage point.

But the bigger question is: as these issues cascade throughout the global economy, what might the impact be for the US?

END

.

4/EUROPEAN AFFAIRS//UK AFFFAIRS

//AUSTRIA/COVID

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

/RUSSIA//THE WEST

Russia limits access to Google News over “unreliable” information on the Ukraine/Russia war

Russia Limits Access To Google News Over ‘Unreliable’ Information

THURSDAY, MAR 24, 2022 – 06:55 AM

Russia has restricted access to the Google News, accusing the service of providing access to “false” information about the war in Ukraine, according to AFP, citing Wednesday reports by Russian news agencies.

The country’s media regulator, Roskomnadzor, said in a statement that they had been ordered to do so by the Russian General Prosecutor’s Office, which claimed that the online news repository “provided access to numerous publications and materials that contain false information… about the course of the special military operation on Ukrainian territory.”

The move comes one week after Roskomnadzor accused Google of “terrorist” activities – while Russian authorities also introduced two new criminal offenses several weeks ago; one for disseminating “false” information about Russian troops, and the other for “discrediting” the Russian army.

The first offense carries penalties of up to 15 years in prison, and led to the pass pull-out of several foreign media organizations.

Russia has limited various aspects of the internet since the start of their ‘special military operation’ in Ukraine which began on February 24 – blocking foreign media such as the BBC and US social media networks after a Moscow court declared them to be “extremist.”

This isn’t Russia’s first action against US media companies. Last May they fined Facebook and Google 26 million and 6 million rubles respectively for a failure to delete content deemed illegal by Moscow. The month before, a Russian court issued three separate fines against Twitter totaling 8.9 million rubles, over accusations it allowed banned content to remain on its platform.

end

SAUDIA/YEMEN/IRAN

Saudi military thwarts another Houthi attack on its oil tankers in the Red Sea

(zerohedge)

Saudi Military Thwarts Houthi Attack On Oil Tankers In Red Sea

THURSDAY, MAR 24, 2022 – 02:45 AM

Saudi Arabia and UAE media are reporting that Saudi forces thwarted an “imminent and hostile” attack that threatened oil tankers south of the Red Sea, in a coalition statement first reported in state-run SPA.

The attempted attack reportedly involved a pair of booby-trapped boats being launched toward the tankers by Yemeni Houthi militants, from the direction of Hodeida port after the tankers crossed the Bab el-Mandeb Strait. The boats were intercepted and destroyed, according to the Saudi military.Via Middle East Institute

“The Houthi militia is escalating its hostile attacks to target energy sources and the vein of global economy,” the statement, also reported in Al-Arabiya, said.

On Sunday multiple drone and missiles launched from Yemen targeted a Saudi liquefied natural gas (LNG) plant, as well as an oil facility, power station, and other key infrastructure. While there were no casualties reported from the wave of projectilesa fire broke out at an Aramco facility in Jeddah. The “limited fire” was quickly brought under control.

For years the Houthis – who are covertly backed by Iran and who control most of northern Yemen, including Hodeidah – have threatened Red Sea shipping, also as much of the country has been under a brutal blockade by the Saudi-UAE-US coalition, which has in turn triggered what the UN has called the “world’s worst humanitarian crisis”. 

At a moment the Biden administration is desperate to tap more oil amid an aggressive Western sanctions regimen targeting Russia’s exports, Riyadh is urgently asking for more US weapons, particularly anti-air defense missile systems.

At the start of this week, following Sunday’s Houthi attacks, The Wall Street Journal detailed that “The Biden administration has transferred a significant number of Patriot antimissile interceptors to Saudi Arabia within the past month, fulfilling Riyadh’s urgent request for a resupply amid sharp tensions in the relationship, senior U.S. officials said.”

“The transfers sought to ensure that Saudi Arabia is adequately supplied with the defensive munitions it needs to fend off drone and missile attacks by the Iran-backed Houthi rebels in neighboring Yemen, one of the officials said,” the report said.

end

UKRAINE/RUSSIA

This is very dangerous:  forest fires near Chernobyl have sparked radiation concerns

(Duschamp/EpochTimes)

Ukraine Says Forest Fires Near Chernobyl Have Sparked Radiation Concern

THURSDAY, MAR 24, 2022 – 02:00 AM

Authored by Lorenz Duschamp s via The Epoch Times,

Energoatom, a Ukrainian regulatory agency that operates nuclear power plants in the country, warned earlier this week that forest fires near Russian-held Chernobyl have raised radiation concerns.

In a March 21 statement, the Ukrainian parliament said that at least seven different fires were spotted near the plant by satellite images of the European Space Agency’s (ESA) Sentinel-2 satellite.

Though the now-defunct plant no longer produces nuclear power, the radiation at the site is consistently monitored, especially after a catastrophe in 1986 – when an explosion at the plant became one of the world’s worst nuclear accidents.

Russian forces captured Chernobyl, which is located along the Ukraine–Belarus border and about 60 miles north of Kyiv, just days after Russian troops launched what Moscow calls “a special military operation” in Ukraine on Feb. 24.

Early on Monday, management of the Chernobyl plant carried out a “partial rotation” of personnel who had been working non-stop at the nuclear plant since the Russian take-over, allowing about half of the previous shift to return home. Nearly 50 other workers have volunteered to replace them and perform their duties to ensure the functioning of the enterprise.

Authorities said 64 people at the station were evacuated, including 50 Chernobyl shift personnel and nine members of the Ukrainian National Guard.

“It will be recalled that the staff spent about 600 hours at work, heroically performing their professional duties and maintaining an adequate level of safety,” officials said.

The Sarcophagus of the Chernobyl Nuclear Reactor number 4 in Chernobyl, Ukraine, on Jan. 25, 2006. (Daniel Berehulak/Getty Images)

Ukraine has accused Russia of starting the fires and stressed that firefighters available in the region are unable to “perform their functions in full” to protect the forests tainted by decades of radioactivity due to the presence of Russian forces.

“Probably the fire was caused by the armed aggression of the Russian Federation, namely the shelling or arson,” officials said.

According to the statement, the criteria for fires in the exclusion zone should not exceed a volume of 0.02-0.08 square miles, but in the current state of the fire zone, these figures are ten times higher. This means the radiation risks increase within a radius of about 6 miles around the Chernobyl nuclear power plant.

Energoatom said in a statement obtained by Reuters that the system monitoring radiation levels in the 19-mile so-called exclusion zone in the forests around the plant is currently not working,

“There is no data on the current state of radiation pollution of the exclusion zone’s environment, which makes it impossible to adequately respond to threats,” it said. It added that seasonal forest fires pose a particular threat as the zone’s forest fire service was currently unable to work.

“Radiation levels in the exclusion zone and beyond, including not only Ukraine, but also other countries, could significantly worsen,” the country’s regulatory agency warned.

end

RUSSIA/USA/UKRAINE

Pentagon is now scrambling to restock weapons sent to Ukraine

(DeCamp/Antiwar.com)

Pentagon Scrambles To Restock Weapons Sent To Ukraine As Arms-Makers Cash-In

WEDNESDAY, MAR 23, 2022 – 08:20 PM

Authored by Dave DeCamp via AntiWar.com,

The Pentagon is scrambling to replenish stocks of Javelin and Stinger missiles the US and its allies have sent to Ukraine as US defense contractors are cashing in on Washington’s support for Ukraine’s war against Russia.

According to open-sourced data examined by Politico, it is estimated that the US has sent Ukraine 1,400 Stinger anti-aircraft missile systems and 4,600 Javelin anti-tank missiles since January. US allies such as Latvia, Lithuania, Estonia, and the Netherlands have also sent either Stingers or Javelins to Ukraine that the Pentagon is looking to replace.Raytheon’s Integrated Defense Systems facility in Woburn, Massachusetts.

Javelin missiles are made through a partnership between Lockheed Martin and Raytheon Technologies. Stingers are produced solely by Raytheon, the former employer of Secretary of Defense Lloyd Austin, who served on the board of the weapons maker before taking his post at the Pentagon.

Congress has already handed the Pentagon $3.5 billion to replenish its weapons stocks as part of the $1.5 trillion omnibus spending bill that President Biden recently signed. Sources told Politico that the Pentagon faces some hurdles in getting the missiles produced as quickly as they want and is considering invoking the Defense Production Act.

The Defense Production Act would allow arms makers such as Raytheon and Lockheed to cut the line and receive necessary components ahead of other domestic manufacturers. Pentagon spokesperson Jessica Maxwell told Politico that the Pentagon hadn’t made a decision on invoking the law.

For now, Javelins and Stingers are still being made, and a source told Politico that Lockheed and Raytheon will ramp up production once funding from the government comes through. Back in January, Raytheon CEO Greg Hayes said the company could benefit from the tensions in Eastern Europe and elsewhere around the world.

“[W]e are seeing, I would say, opportunities for international sales. We just have to look to last week where we saw the drone attack in the UAE, which have attacked some of their other facilities. And of course, the tensions in Eastern Europe, the tensions in the South China Sea, all of those things are putting pressure on some of the defense spending over there. So I fully expect we’re going to see some benefit from it,” Hayes said.

END

RUSSIA/UKRAINE

Confirmed that Ukraine destroys a large Russian warship in the Azov sea

(zerohedge)

Ukraine Forces Say They’ve Destroyed Large Russian Warship

THURSDAY, MAR 24, 2022 – 08:21 AM

Ukrainian forces say they have destroyed a large Russian warship in the occupied port of Berdyansk in the southeast, and emerging photos and videos appear to confirm that a Russian ship is indeed on fire.

CNN while featuring images said it “could not confirm the Navy’s claim although social media videos appeared to show a very large fire with secondary explosions in the port.”

Berdyansk is on the Azov Sea, about 45 miles to the southwest of Mariupol and had a small Ukrainian naval base, with the city of some 100,000 having come under Russian control by the end of February, or within the first two weeks of the invasion.

Multiple reports are identifying the warship as the ‘Orsk’, which only within the last few days landed at the port which the Russians are now using to ferry in equipment for its forces as they attempt to advance across the south.

According to more of what’s alleged by Ukraine’s military, as reported in the BBC: “A Russian landing ship has been destroyed and two other boats have been damaged in the occupied Ukrainian port city of Berdyansk, say Ukrainian officials.”

“The Ukrainian military posted footage early on Thursday and said the Orsk had been hit by its forces,” the report says. “Details of what caused the explosion and fire on board the ship are unclear.”

Video showing large fireballs coming from the warship…

Another angle:

And via The Daily Mail: “Ukraine’s navy reported Thursday that it had sunk the Russian ship Orsk in the Sea of Asov near the port city of Berdyansk. It released photos and video of fire and thick smoke coming from the port area. Russia did not immediately comment on the claim.”

If confirmed that Ukraine’s military carried out the attack, one likely possibility is that it relied on its significant drone arsenal, some of which were leading up to the war supplied by Turkey.

END

US Hits Over 400 Russian Individuals & Entities With New Sanctions

THURSDAY, MAR 24, 2022 – 11:05 AM

As was fully expected and previewed by the White House earlier this week, Joe Biden while attending the emergency NATO summit in Brussels which addressed the Ukraine crisis upon the invasion reaching its one-month mark, announced a fresh sanctions package targeting Russian oligarchs, hundreds of lawmakers, as well as defense companies

It’s part of what’s been described in Brussels as “severe costs” and consequences which Russia will suffer for “many years to come”. It also comes as the US is pushing the G7 and EU to agree to a plan in the works for greatly reducing European energy dependence on Russia

As Bloomberg details of Biden’s new measures, a whopping more than 400 individuals and entities in Russia will be impacted, including “the Duma, Russia’s lower house of parliament, and 328 of its members, more than a dozen Russian elites and 48 Russian defense companies.”

And in particular, per Bloomberg, “The sanctions will hit Herman Gref, the head of Russia’s Sberbank and an adviser to President Vladimir Putin; Russian billionaire Gennady Timchenko, his companies and his family members; as well as 17 board members of the Russian financial institution Sovcombank.”

“Among the defense companies being sanctioned are Russian Helicopters, Tactical Missiles Corporation, High Precision Systems, NPK Tekhmash OAO and Kronshtadt, according to the White House.”

The new measures were said to have been coordinated with NATO, EU, and G7 leaders as the trio of emergency summits continue in the heart of Europe, with Joe Biden present also in Brussels.

Already sanctions were unveiled last month against Vladimir Putin himself and others among the highest levels of government, but so far they’ve done nothing to slow or deter Russia’s attempts at military advance on the battlefield – said to be slowed through fierce Ukrainian resistance. 

Bloomberg observes of ongoing considerations of how to strike a deeper blow to Russia’s energy sector, yet without incurring severe blowback on Europe and global markets: “The EU is considering tightening or expanding existing sanctions against Russia in coordination with the U.S., while refraining from major new steps to cut off oil and gas purchases amid a deepening divide within the bloc over how to limit Moscow’s biggest source of revenue.”

end

A must read….

Wave good bye to privilege, USD privilege and its’ hegemony

Inbox

Robert Hryniak2:10 PM (50 minutes ago)
to

I for a long time have beating the drum of rebuilding America and the importance of this in balance in the world. Because if this is not done the west will be reduced to a life more likely seen in less fortunate lands. Keep this in mind as you read this. It really starts and stops with America, if western living in style isn to be continued. 



Earlier this week, Russia announced that countries on its Unfriendly Nations list must pay in rubles  for its gas. Within hours, the rouble regained its pre-embargo value on international markets. So much for sanctions crippling. What has happened is that Russia has woken up and declared it wants its’ own currency for its’ resources and not printed Greenbacks of a unfriendly nation, who has declared war without getting the Media to hype it. The twit about a draft in America may wake up some of those who are asleep. However, have no doubt the vilification of Putin, and all things Russian is a precursor to actual war. At a time when moral responsive responsible leadership is needed we are saddled with morons and crooks on all sides of the struggle with none desirable. However, recent chatter about having Putin replaced is silly talk and there are far worse neocon types behind him who would gladly nuke Lviv or Kiev to show the West what awaits them. 

De facto, the rouble also established itself as a reserve currency in the EU, as is the petrodollar in the Middle East. Having renounced coal and nuclear power, Europe left itself with no alternative to Russian gas. Unless it wants to go dark in a hurry. And effectively this dependency makes Russia much stronger by pricing it’s natural resources be they oil and gas or minerals in its’ own currency. The wealth of a nation is in its’ productivity be it labor via goods or provision of natural resources. No doubt Russia has learnt its’ lesson about storing wealth outside the country and is not likely to send gold to London to further the gold manipulation to keep currencies afloat. This is not lost on other nations who already see the USD as a liability ill afforded as the IMF confirmed publicly the other day. It is only a matter of time before those dollars come flooding back to American shores.. 

But wait, there’s more on the currency front: next week, Russia and China will offer frictionless access to the world’s largest market, via cheap, secure, trackable, instantaneous transactions that are free of government manipulation, currency fluctuations, embargoes, and sanctions. What will the world think about the comparison given seizures of private property recently or freezing of currencies held outside of country. 

Here’s the backstory: after helping America out of the GFC, PBOC Governor Zhou Xiaochuan observed, “The world needs an international reserve currency that is disconnected from individual nations and able to remain stable in the long run, removing the inherent deficiencies caused by using credit-based national currencies.”

Zhou proposed SDRs, Special Drawing Rights, a synthetic reserve currency dynamically revalued against a basket of trading currencies and commodities. Broad, deep, stable, and impossible to manipulate.

Nobelists Fred Bergsten, Robert Mundell, and Joseph Stieglitz approved: “The creation of a global currency would restore a needed coherence to the international monetary system, give the IMF a function that would help it to promote stability and be a catalyst for international harmony”.

Putin and Xi  wasted no time.

 d

Next week will be a new turning point in the world, which through time will lead to a new world order of trade settlement and it will not be lead by Neocons who created their own Waterloo by forcing the other hegemonic world powers to wake up, unite, and react.

RUSSIA/INDIA/CURRENCY SWAPS/COMMODITY SHORTAGES

A MUST READ…

India-Russia currency swaps bypass US sanctions – Asia Times

Inbox

Robert Hryniak10:53 AM (3 minutes ago)
to

This is an important confirmation of changing realities in currency hegemony. There can be no doubt that the sanctions imposed upon Russia will have an impact on all countries and not just Russia. While punishment perhaps is required it should be focused as not to cause self inflicted pain or universally cause chaos.  One might suggest that the world is at war with itself and not just Russia as all sanctions are a form of war. And like all events each such action creates an equal force in return causing mass disruptions not seen, if poorly thought through. Most decisions made by governments are rarely reversed, no matter the impact. And case in point, the sanctions imposed by Obama on Russia over Crimea have never been reversed. It is doubtful that these current sanction will be reversed and thus will cause blowback to western countries not thought about.

The short term thinking of inept policy makers is most tragic and will affect everyone’s life. Of course inflation will rise just like the inability to tame inflation by interest hikes will fail. Interest rate hikes are meaningless amongst scarcity caused by supply chain disruptions. And the result of imposed sanctions is far more reaching than Covid related issues ever were. And economies had no time to reestablish new supply chain links to counter the effects. So impact now will only heap more disruptions and create more harm to damaged economies and people’s lives.

The return to localized currency swaps amongst countries will limit the hegemony of the USD and the Euro far beyond what is thought. The #1 use of the Euro daily is settlement of gas and oil purchases which will soon be in Rubles with a negative affect on the value of the Euro. The same will occur to the USD and all currencies traded off it’s value as the actual use of the USD declines as a settlement currency for the purchase of goods and services. When countries like India and Russia do local currency swaps to settle trade they strengthen their own currencies at the expense of the USD. And given the sanctions and the removal of Russia using Swift will only cause further retrenchment of velocity of USD in trade settlements and actual holdings of USD in Treasuries for reserve purposes. It will also cause reductions in sales of Western  countries in ares far beyond Russia because countries like India will exploit currency differences to their advantage in trade volumes. For example, a John Deere tractor is far more expensive than a tractor made in India of similar character. So effectively John Deere tractors are at a liability in USD where as a Indian tractor is paid in a direct currency making the purchase vastly cheaper. It is no different than what we have seen first with Japanese cars and Korean cars which are still cheaper than western built product.

Various trading companies in everything from metals to oil have sold hedging positions forward to secure production while sanctions have seen prices sky rocketing. While these same companies were forced to buy back hedged positions causing prices to rise further causing mass losses as trading has become frantic and erratic. Even hedge funds who got in the act looking to score are learning that losses are so large for some parties as to cause various trading houses to fully use bank lines and desperately seek fresh capital as not to default. Defaults are inevitable as the collective losses likely exceed a 100 billion in Europe alone. And why these same houses like Gunvor etc. clamor for bailouts. No doubt a few bankers are having trouble sleeping looking at potential losses. Such losses and likely collapses will cause further disruption to orderly supply as we have known it. And most of them are not positioned to conduct crossed swaps of currency to trade the basis. In other cases a lack of supply will cause trade houses to either default on supply contracts or absorb market purchase losses sending prices higher. Case in point, companies like Cargill cannot secure supply from Odessa on grains bought as the port is closed. And to make matters worse the floating contact mines the Ukrainians placed have broken away from their moorings making freighters uninsurable in the Black Sea. So no freight boat owner will pick up cargo without insurance leaving Cargill stranded in supply with purchase obligations to fill. And they are not alone. Even Moldavian walnuts will be in short supply as their sea access is restricted and will have to find alternatives. Even as it is, something as straight forward as organic walnuts from Moldavia and California are in short supply in Toronto; a first. Soon items like this will rise in price and it will be scarcity that drives the price.

We have left the shores of times and environments past and have sailed into a storm of uncharted waters left to non familiar chart directions in a world that will never be the same as the one we knew.

6// GLOBAL COVID ISSUES/VACCINE MANDATE

Collins caught flat footed as he was unaware of the publication urging the takedownof the “Great Barrington Declaration”. He and Fauci are big crooks

(Stieber/EpochTimes)

Dr. Collins Caught Flat-Footed By First Questions On ‘Takedown’ Email

WEDNESDAY, MAR 23, 2022 – 09:40 PM

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

Dr. Francis Collins, a top U.S. health official, was caught off-guard when he was asked for the first time about a report issued by members of Congress that revealed new information, including the email Collins sent urging a “takedown” of the Great Barrington Declaration, according to an email obtained by The Epoch Times.Dr. Francis Collins speaks in Washington on Sept. 9, 2020. (Michael Reynolds/Pool/Getty Images)

Collins, the head of the National Institutes of Health (NIH) until Dec. 19, 2021, called for a “quick and devastating published takedown” of the declaration, which called for a more balanced approach to combating the COVID-19 pandemic, in an email in October 2020.

The email, sent just days after the document was authored by three epidemiologists, was made public by a congressional panel near the end of 2021.

In an appearance on Fox News just hours after the panel’s report was released, Collins was confronted about the email for the first time. Host Neil Cavuto asked Collins about the report’s claims that the White House under President Donald Trump made attempts to “undermine the COVID response.”

Collins, now a senior investigator at the NIH and a top adviser to President Joe Biden, said he was “trying to stay out of the political side of this” and declined to comment before Cavuto asked about the “takedown” email.

“Well, OK, if it’s that specific,” Collins said.

“Yes, there were people, particularly Dr. Scott Atlas, that said don’t worry about this business of putting on masks or asking people to isolate themselves or stay physically distanced, ‘just let it rip’ and let this virus run through the country until everybody has had it, and then we’ll have herd immunity,’” he added. “But the consequence of that would have been hundreds of thousands of additional deaths. That didn’t make sense to me.”

Atlas was a top health adviser to Trump.

The declaration doesn’t contain the words “let it rip,” two of its authors have notedThe document noted that lockdowns had a devastating impact on the United States and other countries and urged officials to implement more focused policies that protected the elderly and other people more vulnerable to COVID-19 while letting others live their lives.

Collins wasn’t expecting to be questioned about the email he sent to Drs. Anthony Fauci, Clifford Lane, and Lawrence Tabak, according to the email obtained by The Epoch Times from a Freedom of Information Act request.

Apologies for the ambush,” Emma Wojtowicz, an NIH spokeswoman, told Collins in the missive.

“The producer said the interview would focus on Omicron and your time as director,” she added.A plane flies over a Premier League match in England a file image. (Catherine Ivill/Getty Images)

Wojtowicz sent a link to the congressional panel report and pasted the section relating to Collins.

Renate Myles, another NIH spokeswoman, told The Epoch Times in an email that Collins was surprised during the interview.

“His surprise was that the issue of the Great Barrington Declaration, which arose in 2020 and about which he has made his position clear on many occasions, was being raised in 2021 as if it were a new issue because of the release of a year-old email,” Myles said.

Collins spoke out publicly against the declaration in October 2020. The NIH has previously said people who want to learn about why Collins has described the declaration as “dangerous” should read Wikipedia.

Myles didn’t respond to a request by The Epoch Times for comment about whether Collins was aware his email had been made public before the interview.

Fox News didn’t respond to requests for comment.

Atlas, the former government adviser, meanwhile, said Collins’s comments during his appearance weren’t factually correct.

I never once advised the president or anyone else during my time in Washington to let the infection spread without mitigation,” Atlas told The Epoch Times in an email, adding that he advised in various settings “to increase protection, especially for high-risk individuals and settings, and I repeatedly stated in the media and in writing to follow recommended mitigations.”

At the same time, the more targeted approach advocated for by Atlas and the declaration “would have saved a massive number of lives while avoiding the death and destruction that ensued,” he said.

“The broad lockdowns advised by Collins, Fauci, and Birx were contrary to science, and they failed to stop the spread, they failed to protect the elderly from dying, and they killed and destroyed millions. It was the biggest failure of health policy in modern history.”

Fauci heads the National Institute of Allergy and Infectious Diseases, which is part of the NIH. Dr. Deborah Birx was a top health adviser during the Trump administration. They and Collins have defended the support for harsh restrictions imposed during the pandemic, including the forced closure of schools and so-called non-essential businesses.

Other emails obtained by The Epoch Times showed Collins writing to Fauci and Gregg Gonsalves, a professor at the Yale School of Public Health who has criticized the Great Barrington Declaration, or GBD.

Gonsalves told Collins and Fauci that he was reading the congressional report and how some people were circulating it as “‘proof’ of a conspiracy against the Great Barrington Declaration.”

“All I can say is thank you for your service, truly. The GBD has had a noxious effect on the American response to the pandemic and it doesn’t surprise me that you two were fighting back behind the scenes,” Gonsalves said.

“It’s interesting that an effort to call out genuinely dangerous recommendations from the GBD is called a conspiracy,” Collins responded. “Truth itself seems to have become a conspiracy in many minds.”

end

ISSUES/GLOBAL ISSUES

COVID// VACCINE//GLOBAL//CANADA

GLOBAL ISSUES

end

VACCINE MANDATES/

Austria Reinstates Mask, Vaccine Mandates Two Weeks After Lifting Them

Inbox

Robert Hryniak3:44 PM (8 minutes ago)
to

Crazy
https://nationalfile.com/austria-reinstates-mask-vaccine-mandates-two-weeks-after-lifting-them/

END

Leaders Of 10 Major US Airlines Urge Biden To Drop Mask Mandates, Pre-Departure Testing Requirements

THURSDAY, MAR 24, 2022 – 01:44 PM

Authored by Mimi Nguyen Ly via The Epoch Times,

The advocacy group Airlines for America issued President Joe Biden a letter demanding the end of mask mandates for transportation, and other COVID-19 requirements, such as pre-departure testing for international flights.

The letter from the group’s board of directors was signed by the leaders of 10 major U.S. airlines, including American Airlines, United Airlines Holdings, Delta Air Lines, and Southwest Airlines.

Others include the leaders of UPS Airlines, Fedex Express, JetBlue Airways, Alaska Air Group, and Atlas Air Worldwide.

“We are encouraged by the current data and the lifting of COVID-19 restrictions from coast to coast, which indicate it is past time to eliminate COVID-era transportation policies,” the group wrote in their letter, which comes as overall numbers of infections decline in the nation, according to data from the Centers for Disease Control and Prevention (CDC).

All 50 U.S. states have announced plans to lift indoor mask mandates.

The airlines’ CEOs and presidents said they implemented various policies voluntarily at the start, including mask mandates, contact tracing, and enhancing cleaning protocols, and later followed measures imposed by the CDC including pre-departure testing and vaccination requirements for international travelers.

“However, much has changed since these measures were imposed and they no longer make sense in the current public health context. The persistent and steady decline of hospitalization and death rates are the most compelling indicators that our country is well protected against severe disease from COVID-19,” the group wrote.

“Given that we have entered a different phase of dealing with this virus, we strongly support your view that ‘COVID-19 need no longer control our lives.’

“Now is the time for the Administration to sunset federal transportation travel restrictions—including the international predeparture testing requirement and the federal mask mandate—that are no longer aligned with the realities of the current epidemiological environment.”

The letter comes as BA.2, a subvariant of the Omicron strain of the novel coronavirus, now accounts for over a third of new COVID-19 cases in the country, according to CDC data. BA.2 doesn’t appear to cause more severe disease, but it is more transmissible than the original Omicron BA.1 variant.

CDC Director Rochelle Walensky said Wednesday that New York, where BA.2 is the dominant variant, have seen small increases in infections. She said there’s been no indication so far of an increase in severe disease that would strain the hospital system.

The Transportation Security Administration (TSA) announced on March 10 that it was extending the face mask mandate for public transportation, which includes airplanes, until April 18. The extension was based on a recommendation from the CDC. The order was otherwise due to expire on March 18.

“It makes no sense that people are still required to wear masks on airplanes, yet are allowed to congregate in crowded restaurants, schools and at sporting events without masks, despite none of these venues having the protective air filtration system that aircraft do,” the airline letter said.

A man gathers his luggage after arriving at Miami International Airport on a plane from New York in Miami, Fla., on Feb. 1, 2021. (Joe Raedle/Getty Images)

The TSA recently reported it had issued over $640,000 in fines to over 900 people who didn’t comply with the mask mandates. Most of the fines came from onboard airplanes, where 788 people were fined for a total of over $500,000, averaging about $636 per fine.

The White House did not immediately respond to The Epoch Times’ request for comment. It declined to comment when reached by Reuters.

On March 15, the Biden administration said (pdf) the CDC was working to help develop “a revised policy framework for when, and under what circumstances, masks should be required in the public transportation corridor.” The statement came as a response to the U.S. Senate having passed a resolution to lift the mask mandate for airplanes and other public transport.

In a separate statement, Delta CEO Ed Bastian said the federal mask mandate and pre-departure testing “no longer fits with the current environment.”

“We appreciate the leadership of the federal government throughout the pandemic,” he added. “Current data and science show it’s time to move from mandates to guidance and personal health choices.”

VACCINE INJURIES

END

/

VACCINE IMPACT


Updated Psychiatric Manual Makes Grief, Racism, and Childhood “Mental Disorders” to be Treated with Drugs

March 23, 2022 6:32 pm

Americans love their drugs. We are some of the most medicated people on the face of the planet, which means that this will not be a popular article, because I will expose people’s idols, showing how evil Big Pharma is, and how they maintain control over the U.S. population through people’s addiction to these prescription drugs. The latest version of the Diagnostic and Statistical Manual of Mental Disorders (DSM), psychiatry’s “bible” that gives them the “authority” to prescribe drugs for “mental disorders,” is scheduled to be updated this month (March 2022) with new “disorders” that psychiatrists can now prescribe drugs for, which will undoubtedly put more people on their psyche drugs now. The first thing to understand when it comes to the DSM is that there is not one single “mental disorder” that can be diagnosed by a laboratory test. These disorders are voted upon by the leaders in the field of psychiatry. Therefore, to accept their diagnosis of a “mental disorder,” is to put your trust in them, to believe in them and their alleged “expertise” on mental health. Adding new diagnoses to the DSM also weaponizes medical tyrants allowing them to commit people, most often seniors, to medical institutions against their will, and then have a judge award that “mentally disabled” person to the State, where the State can then seize all their assets and liquidate them to pay the patient’s medical bills. This is adult medical kidnapping, and it happens in this country every day, about 3x more often than children being medically kidnapped and forced into Foster Care. Psychiatry also plays a huge role in medically kidnapping children, as a school teacher or official, or a social worker, can recommend a psychiatric diagnosis of a child, and then have drugs prescribed, and if the parents disagree, they are charged with medical neglect and their children are taken away from them and awarded to the custody of the State. And State-appointed Foster Parents have no choice over what drugs their foster children are ordered to take, because they are wards of the State. So an update to the book that makes all of this “legal,” the Diagnostic and Statistical Manual of Mental Disorders (DSM), will undoubtedly lead to more medical tyranny, and more medical kidnappings. New additions to the DSM this month will reportedly include excessive grief, racism, and new guidelines for Attention Deficit Hyperactivity Disorder (ADHD), which will basically make childhood a mental disorder.

Read More…

Read More


Michael Every

Michael Every on the day’s major topics

Gasoline Stimmies: This Is How You Return To A 70’s-Style Wage-Price Spiral

THURSDAY, MAR 24, 2022 – 11:25 AM

By Michael Every of Rabobank

I have to repeat yet again that this is not just a war but an economic war, and not just a crisis but a metacrisis. As such, the latest attack from Moscow was always obvious to those expecting both sides to deliberately hurt the other while strengthening their own geostrategic position: using Russian energy as a weapon against Western sanctions.

Russia’s key Caspian oil pipeline is to be closed “for repairs” that will last two months, taking around 1mbpd out of circulation; but, eclipsing that, within a week Russia will demand payment in roubles for its gas from “hostile countries” – which means Europe.

Obviously, this is a breach of contract. Shock! Horror! Contracts might be broken! You think freezing FX reserves, sanctions, talking about naval blockades, proposing the introduction of letters of marque allowing privateers to seize Russian property at sea, as well as Russian forced nationalisations –to say nothing of blowing up civilians and threatening the use of nuclear weapons on state TV– is business as usual? Contract, shmontract.

Equally obviously, this has a benign interpretation and a grave one. The benign one is Europe will swap EUR for RUB and then give the RUB back to Russia for gas. Except that Putin is introducing this new radical measure because he says there is no point in selling Russian gas or oil for dollars or euros if he can’t spend them: they are funny money to him under sanctions. As such, the grave interpretation is Putin attempting to get his own funny money accepted as equivalent to the dollar and euro, even if it is managed by a central bank where everyone is either quitting or trying to quit, and as the last remaining Russian liberal, Anatoly Chubais, leaves both the Kremlin and the country in opposition to the war.

Yet paying Russia in roubles would both prop up RUB and undermine Western sanctions. Putin would clearly chisel away at them: “Yes, I have the euros: but now I need you to remove the following measures so I can benefit from them….” Indeed, EU countries are already saying they won’t pay in roubles. Yet don’t expect Putin to blink: he “loses money” by not selling energy, but it’s money he literally cannot spend. Better to escalate, ‘shake the box’, and try to split the West, as I have repeatedly warned was the risk.

As such, we could be looking at the scenario where Russian energy taps are turned off. Helpfully for Russia, Germany just underlined this will mean a crippling recession. European gas prices jumping 30% was a knee-jerk reaction that is only a down-payment on what we would ultimately see. We were already getting market calls that oil was heading back over $150 in the near future, and Brent was up to $121.50 at time of writing: that benchmark also overlooks the far larger squeeze on the industrial workhorse fuel that is diesel. That is what drives the trucks that drive goods from farms, factories, or ports to warehouses or retailers.

As soon as Friday, the US may announce a plan to help Europe move away from Russian gas: well, it better kick in before the following Friday. And this is the same US unable to square the circle of its own energy needs, its own shale energy (due to green policies), Canadian energy (due to green policies), energy held by geopolitical opponent Venezuela, and energy held by traditional Middle East allies (due to Iran policy, which is the inverse of what the US is doing vs. Russia, and yet expecting good outcomes – as dismembered in this Wall Street Journal op-ed.)

The EU was already looking at spending lots on energy subsidies. Some in the US Congress are talking about stimulus cheques if retail gasoline prices are over $4 a gallon. The UK government, whose Office for Budget Responsibility is forecasting the steepest one-year decline in living standards since records began in the 1950s, just cut fuel duty 5bp a litre, which takes prices all the way back to the level of a week ago(!), and tweaked national insurance thresholds while promising income tax cuts, which will help the middle class and not the poor. Clearly, even while not doing enough, fiscal deficits and public debt will growth – and as rates are also rising.

Moreover, unless the surge in energy prices is short-lived –which hinges on the war and the metacrisis suddenly resolving themselves(!)– then this is how you return to something like a 70’s-style wage-price spiral. Yes, it isn’t firms paying higher salaries to compensate for inflation, it’s the state, via direct transfers – but is the final outcome better? If we don’t do that we face stagflation, recession, and soaring populism. But if we do, global market prices won’t go down, and it is the world’s poorest who will bear the brunt of higher prices. They do populism too.

Indeed, fertilizer is soaring – leading to headlines like “Coffee Farmers Face ‘Mega Emergency’ as Fertiliser Costs Soar”, talking about Central America; Ukrainian media reporting “Russian invaders try to undermine Ukraine’s sowing campaign” and are “chaotically mining the Ukrainian territory and deliberately destroying agricultural machinery” means staple food prices are going to go up for another reason; steel prices are leaping, which will hit manufacturing and construction; and LME nickel went limit up yesterday – as trading was shut down and trades cancelled *again*. This is what key commodity ‘markets’ look like now: a total mess.  

So much so, that commodity trading houses are calling for emergency central-bank intervention, evidenced by a letter sent by the European Federation of Energy Traders pleading for emergency liquidity supportThe warnings of ‘this smells like 2008’ for the real economy are now there for all to see.

Yet the lesson from 2008 is that printing money pushes up asset prices without resolving underlying structural problems. If we don’t get central-bank support, current volatility and margin calls may, as some in the industry warn, see firms fail. However, if we CTRL-P into a market with not enough energy, fertilizer, Ukrainian wheat, steel, etc., then what do you think the impact will be for everyone except those trading them – who had been making massive profits until recently? Higher prices, until we deal with the real underlying problem. Which is the entire world order. Which higher prices destabilise.

Meanwhile, Russia Today chief Simonyan says: “Next step – barter payments with airplanes, high speed trains, whatever we need.” I was warning about barter and countertrade returning just last week. Except who will be swapping stuff with Russia to help them evade sanctions?

As NATO meets today and US President Biden pow-wows with the EU, what might be their response to Russia’s rouble move? Logically, either: kick the can down the road – for a week; blink and let Putin win  (which is unlikely); or escalate – which is most probable.

If so, how? More weapons into Ukraine and more sanctions on Russia. But that won’t solve the energy problem. In which case, the risks increase of the West trying to pressure China economically to get it to pressure Russia – all the more so if the scenario ahead is a Western recession anyway – which itself hits all Asian exporters.

Oh, how clever we thought we were with our slick 70’s-proof economies! Oh, how clever we thought we were with our 20’s- and 30’s-proof global architecture!

7. OIL ISSUES

Major initiative to direct LNG shipments to Europe

(zerohedge)

US, Europe To Announce “Major Initiative” To Direct LNG Shipments To Europe

THURSDAY, MAR 24, 2022 – 09:28 AM

Oil dipped about a $1 after the WaPo reported that the Biden administration and European Union are expected to announce a major initiative to direct shipments of liquefied natural gas to Europe during the US president’s visit to Brussels this week.  The announcement would come as European officials have asked the US to do more to help them cut their dependence on Russian energy sources.

The announcement, part of a “dramatic effort” to deprive Russia of leverage as it continues to batter Ukraine, would mark an unusual move to reorder the world’s energy flow — a shift that could have an impact long after the war is over. It comes as European officials have asked the United States to do more to help them cut their reliance on Russia for oil and natural gas.

Biden’s national security adviser, Jake Sullivan, said an agreement would be announced as soon as Friday. According to one US official, it is intended to ensure supplies of American natural gas and hydrogen for Europe.

Sullivan told reporters aboard Air Force One on Wednesday:

A major priority for both the president and his European allies is to reduce the dependence of Europe on Russian gas, full stop, and the practical road map for how to do that – what steps have to be taken, what the United States can contribute, what Europe has to do itself.

Speaking to EU lawmakers in Brussels on Wednesday, the European Commission president, Ursula von der Leyen, said all EU members “can contribute in reducing our dependency on Russian gas”.

Of course, sending an LNG flotilla to Europe is nothing new and this plan has been floated for a while – a well-known snag here is that Germany has no LNG terminals to onboard any shipments, and so will need at least 1-2 years to build the required facilities at a cost in the billions. It’s probably also why after surging more than 20% yesterday following news that Putin will only accept rubles for Russian gas purchases, European gas prices have barely budged following the WaPo report.

end

CHINA/RUSSIA/KAZAKHSTAN/NIGERA

A good reason why oil is up doay: Kazakstan says that its CPC terminal halt to last and Nigera reveals that 95% of its oil has been drained by thieves

(zerohedge) 

China Quietly Buying Russian Oil As Kazakhstan Says CPC Terminal Halt To Last; Nigeria Reveals 95% Of Oil In Key Pipeline Drained By Thieves

THURSDAY, MAR 24, 2022 – 09:30 AM

Days after we reported that India stubbornly refused to yield to western pressure and continued to buy cheap Russian crude oil at a discount of around $30 to dated brent…

… today Bloomberg reports what we have known all along, namely that China’s oil refiners are “discreetly” purchasing cheap Russian crude as the nation’s supply continues to seep into the market.

However, unlike India’s state-run oil refiners, which have issued a number of tenders seeking to buy Russia’s flagship Urals crude among other grades, traders say China’s state processors are negotiating privately under the radar with sellers so as not to make their support for the Putin regime too glaring in light of Western opposition.

At the same time, China’s worst virus outbreak since the start of the pandemic has led to some oil refiners cutting back operations and is forcing analysts to rethink their demand estimates.

So on one hand, the Covid-19 resurgence is posing a threat to global oil consumption and may accelerate demand destruction, helping to rein in bloated prices that soared on Russia’s war in Ukraine, but on the other it seems the world is about to be hit with another lengthy disruption.

As we first reported yesterday, Kazakhstan today said that it expects the halt of the CPC export terminal on Russia’s Black Sea coast to last about 1 1/2 months, Energy Minister Bolat Akchulakov said on local business TV channel Atameken after it emerged Tuesday that oil shipments to the facility will be significantly disrupted.

In response to Russian depity prime minister Novak who said that repairs could take as long as two month, Akchulakov said the halt will be only “three weeks, a month, maybe a bit more” (read: it will be a “bit more”), with the Kazakh minister saying he expects CPC has the spare parts needed for repairs.

Yesterday, we noted that Russian and Kazakhstan oil exports via the Caspian Pipeline Consortium (CPC) from the Black Sea may (read: will, now that all commodities are weaponized) fall by up to 1 million barrels per day (bpd), or 1% of global oil production, due to storm-damaged berths, a Russian official said on Tuesday.

And in another potential supply-chain snag, on Thursday a Nigerian labor union said that Nigeria is losing nearly all of its oil output pumped through a major pipeline, in what Bloomberg calls the latest example of an increase in theft that’s accompanied a surge in crude prices, according to a labor union.

Producers received as little as 5% of crude volumes pumped through the Trans Niger Pipeline between October 2021 and February 2022, with the fuel being illegally tapped in about 150 places, according to the Petroleum and Natural Gas Senior Staff Association of Nigeria. Vandalism was also a major contributor to the losses, the union said.

The losses are having an adverse impact on government revenue and foreign-exchange reserves, Central Bank Governor Godwin Emefiele said in a briefing on March 21. Africa’s largest crude producer has struggled to meet its OPEC+ quota despite rising oil prices following Russia’s invasion of Ukraine.  

“How can we be losing over 95% of oil production to thieves?” Tony Elumelu, a Nigerian billionaire who owns investment firm Heirs Holdings, said on Twitter last week. “It is clear that the reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!”

The government is intent on tackling oil-related crime, Timipre Sylva, Nigeria’s minister of state for petroleum resources, said on Wednesday while visiting sites where the stolen crude is processed.

“We are determined to stop it, because we know that we can ill-afford the continuation of this insecurity in the oil industry,” Sylva said, according to the remarks posted on Twitter by the state-owned Nigerian National Petroleum Company Ltd.

With all this taking place, oil was trading around $114, roughly unchanged from the highest levels hit on Wednesday.

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND/ SOUTH AFRICA/BRAZIL/ARGENTINA/COVID/VACCINES/LOCKDOWNS

AUSTRALIA/

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

Euro/USA 1.0992 DOWN .0014 /EUROPE BOURSES //ALL MIXED 

USA/ YEN 121.58  UP  0.451 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3209 UP   0.0006

 Last night Shanghai COMPOSITE CLOSED DOWN 20.07 PTS OR 0.63%

 Hang Sang CLOSED DOWN 208.12PTS OR 0.94%

AUSTRALIA CLOSED UP  0.05%   // EUROPEAN BOURSES OPENED ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL MIXED 

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 208.13 PTS OR 0.94%

/SHANGHAI CLOSED DOWN 20.77 PTS OR 0.63%

Australia BOURSE CLOSED UP 0.05%

(Nikkei (Japan) CLOSED UP 70.23 PTS OR 0.25%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1955.20

silver:$25.30-

USA dollar index early THURSDAY morning: 98.77  UP 14  CENT(S) from WEDNESDAY’s close.

THIS ENDS THURSDAY MORNING NUMBERS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.29%  UP 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.24%  UP 2 AND 5/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.41%// UP 1   in basis points yield from yesterday.

ITALIAN 10 YR BOND YIELD 2.05 UP 4    points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 64 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO +0.525% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.52% AND NOW ABOVE   THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.0999  DOWN .0007    or 7 basis points

USA/Japan: 121.97 UP 0.848 OR YEN DOWN 85  basis points/

Great Britain/USA 1.3184 DOWN 21  BASIS POINTS

Canadian dollar UP 37 BASIS pts to 1.2533

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.3678  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (UP)..6.3824

TURKISH LIRA:  14.83  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.24

Your closing 10 yr US bond yield UP 5  IN basis points from WEDNESDAY at  2.341% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 2.536  UP 5 in basis points 

Your closing USA dollar index, 98.68 UP 6   CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 24/62PTS OR 0.07%

German Dax :  CLOSED  UP 191.96 POINTS OR 0.33%

Paris CAC CLOSED UP 6.60PTS OR 0.10% 

Spain IBEX CLOSED DOWN 1.40PTS OR 0.02%

Italian MIB: CLOSED UP 216.24 PTS OR 0.89%

WTI Oil price 113.08    12: EST

Brent Oil:  119.29 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  99.00 DOWN  3.75 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +.525

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.1000 DOWN  .0006   OR down 6 BASIS POINTS

British Pound: 1.3190 DOWN  .0015 or DOWN 15 basis pts

USA dollar vs Japanese Yen: 122.31 UP 1.191

USA dollar vs Canadian dollar: 1.2531 DOWN .0029 (CDN dollar UP 29 basis pts)

West Texas intermediate oil: 111.37

Brent OIL:  117.94

USA 10 yr bond yield: 2.359 UP 6 points

USA 30 yr bond yield: 2.526  UP 4  pts

USA DOLLAR VS TURKISH LIRA: 14.83

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  101.50  UP  6 1/4ROUBLES (ROUBLE DOWN 6 1/4 ROUBLES/USA )//

DOW JONES INDUSTRIAL AVERAGE: UP 217.80 PTS OR 0.63%

NASDAQ 100 UP 318.15 PTS OR 2.20%

VOLATILITY INDEX: 21.61 DOWN 1.96PTS OR 8.32%

GLD: 183.09 UP 1.28 PTS OR 0.70%

SLV/ 23.60 UP .36 PTS OR 1.55%

end)

USA trading day in Graph Form

Bitcoin, Bullion, Big-Tech, & Bond Yields Rise As Crude Crumbles

Tyler Durden's Photo

BY TYLER DURDEN

THURSDAY, MAR 24, 2022 – 04:01 PM

Some early hope-filled reports of “careful optimism” about a ceasefire – which were entirely ignored by anyone in Brussels, from NATO or the G-7, ignited momentum right in time and lifted stocks today, Led by growthy-stuff (Nasdaq), it appears the ‘QE trade’ is back on as traders look through the imminent recession and bathe in the hope of rate-cuts to come and of course, more QE…

On the week, Nasdaq is leading the way (along with the S&P). The Dow scrambled up to unchanged on the week this afternoon, while Small Caps are still in the red…

The initial weakness in stocks (at the cash open) was instantly met – like yesterday – with a wall of short-squeezing (although today’s magnitude was considerably less than yesterday’s)…

Source: Bloomberg

The sudden reversal of fortune for growth – long duration – over value stocks continues…

Source: Bloomberg

Bonds were correspondingly dumped again today, with the belly underperforming (5Y +5bps, 2Y and 30Y +2.5bps), and on the week, the long-end is outperforming (though all yields are higher)…

Source: Bloomberg

Global bonds are currently suffering the largest drawdown on record – a deeper correction than during the Lehman crisis (h/t @Schuldensuehner)…

Source: Bloomberg

And Germany’s bond benchmark has also suffered its biggest drawdown in history…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NrZWxldG9uX2xvYWRpbmdfMTMzOTgiOnsiYnVja2V0IjoiY3RhIiwidmVyc2lvbiI6bnVsbH0sInRmd19zcGFjZV9jYXJkIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1507032010136690691&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbitcoin-bullion-big-tech-bond-yields-rise-crude-crumbles&sessionId=be180f00781cd2c30805412dc62b2c687b2b7a88&siteScreenName=zerohedge&theme=light&widgetsVersion=2582c61%3A1645036219416&width=550px

And consider the fact that the forward Treasury curve is deeply inverted, now at its most ‘recessionary’ since 2000 (right ahead of the recession)…

Source: Bloomberg

But no one in public sees a recession coming… “consumer too strong” etc… because – unlike every other time ever, The Fed will nail a ‘soft landing’ this time…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NrZWxldG9uX2xvYWRpbmdfMTMzOTgiOnsiYnVja2V0IjoiY3RhIiwidmVyc2lvbiI6bnVsbH0sInRmd19zcGFjZV9jYXJkIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1507076881316818955&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbitcoin-bullion-big-tech-bond-yields-rise-crude-crumbles&sessionId=be180f00781cd2c30805412dc62b2c687b2b7a88&siteScreenName=zerohedge&theme=light&widgetsVersion=2582c61%3A1645036219416&width=550px

Is it time to buy bonds? Is that a contrarian view?

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NrZWxldG9uX2xvYWRpbmdfMTMzOTgiOnsiYnVja2V0IjoiY3RhIiwidmVyc2lvbiI6bnVsbH0sInRmd19zcGFjZV9jYXJkIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9fQ%3D%3D&frame=false&hideCard=false&hideThread=false&id=1507015736882970634&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbitcoin-bullion-big-tech-bond-yields-rise-crude-crumbles&sessionId=be180f00781cd2c30805412dc62b2c687b2b7a88&siteScreenName=zerohedge&theme=light&widgetsVersion=2582c61%3A1645036219416&width=550px

Cryptos rallied today with Bitcoin back above $44,000, near post-Putin invasion highs…

Source: Bloomberg

And Ethereum outperforming, back above $3100, highest since Putin invaded Ukraine…

Source: Bloomberg

The dollar continues to limp higher (up 4 of the last 5 days)…

Source: Bloomberg

Crude was clubbed like a baby seal today with WTI back to a $110 handle…

Notably, as oil prices dip, European Diesel premiums are exploding higher amid fears of shortages…

Source: Bloomberg

Gold continues to appreciate today, after bouncing off the pre-Putin-invasion level…

Finally, it’s time to hedge. During the past few days’ rally, implied volatility has fallen so quickly that by many metrics it is below recent realized volatility. In fact, current VIX is now at its ‘cheapest’ to realized vol since the COVID collapse in 2020)…

Source: Bloomberg

As Goldman notes, falling short-dated skew and a lower VVIX also leave hedges more viable. This sets up an attractive entry point for short-dated hedges, especially if the alternative to hedging is reducing the size of long positions.

END

I) /MORNING TRADING

END

AFTERNOON

END

II)USA data

US Durable Goods Orders Plunge Most Since 2020 COVID Collapse

THURSDAY, MAR 24, 2022 – 08:37 AM

After four straight months of growth, analysts expected US durable goods orders to decline in February and they did but far more than expected (tumbling 2.2% MoM vs -0.6% MoM expected).

Source: Bloomberg

That is the biggest MoM drop since April 2020.

This drop came despite a 60.1% surge in defense aircraft new orders (offset by a 30.4% drop in non-defense aircraft orders).

Source: Bloomberg

The value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, also dropped notably (down 0.3% MoM vs an expected rise of 0.5%)…

Source: Bloomberg

And finally, core capital goods shipments, a figure that is used to help calculate equipment investment in the government’s gross domestic product report, rose in February but far less than expected (+0.5% MoM vs +1.0% exp)

Source: Bloomberg

Are we starting to see the impact of Russia’s invasion (and the economic warfare response) hitting the US economy?

end

US PMIs Unexpectedly Surge In Early March Survey, Costs Increasing At Near-Record Pace

THURSDAY, MAR 24, 2022 – 09:54 AM

After an unexpected rebound in February, analysts expected US Manufacturing and Services PMIs to fade back modestly (even as US macro data has recently improved relative to dismal expectations), but instead both Services and Manufacturing surged higher in preliminary March data.

  • US Manufacturing PMI rose to 58.5, from 57.3, better than the 56.6 expected – 6 month high
  • US Services PMI rose to 58.9, from 56.5, better than the 56.0 expected – 8 month high

Source: Bloomberg

The headline Flash US PMI Composite Output Index registered 58.5 in March, up from 55.9 in February, to indicate the fastest rise in private sector output since July 2021. The sharp expansion in activity was broad- based and signalled a further recovery from January’s Omicron-induced slowdown.

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global said:

“The pace of US economic growth occeleroted sharply in March os COVID-19 containment measures were relaxed to the lowest since the pandemic began, offsetting o drag from growing concerns about the Ukraine war. Output across both manufacturing and services rose at a rate not seen since last June with inflows of new business surging at a rate not witnessed since the strong rebound of the economy seen in the second quarter of last year.

“Services led the upturn as the hospitality sector in particular benefitted from loosened pandemic restrictions, though manufacturing output growth also accelerated, buoyed by rising demand and fewer supply constraints. Supply bottlenecks fell to the lowest for 74 months.

“Capacity continues to be stretched, however, with March seeing an unprecedented build-up of uncompleted orders as firms struggle to meet demand. Hence job creation picked up again to the highest for nearly a year as firms sought to expand to meet rising sales, both at home and abroad. Not only did domestic demand improve, but new export orders also rose at a rate not seen since last May.

“With demand running ahead of supply, selling price inflation for goods and service remained elevated in March, though cooled slightly from February. However, a further upward lurch in costs, which were pushed ever higher by rising energy and other commodity prices, means inflation does not yet appear to have peaked.

“In terms of the outlook, business confidence slipped to the lowest since last October but remained encouragingly resilient, as rising geopolitical concerns over Russia’s invasion of Ukraine, higher living costs and Fed policy tightening were largely allayed by hopes of the economy gaining strength as the drag from the pandemic continues to recede.”

Meanwhile, price pressures remained a significant theme in March, as costs increased at one of the fastest rates on record. Firms stated that further hikes in raw material, fuel and energy costs drove inflation, but also highlighted that the war in Ukraine and China’s lockdowns were exacerbating supply chain strain.

end

U.S. current account deficit biggest on record in 2021

WASHINGTON, March 24 (Reuters) – The U.S. current account deficit narrowed in the fourth quarter, but the shortfall in 2021 was the largest on record amid a surge in imports as businesses rushed to replenish depleted inventories to meet strong demand.

The Commerce Department said on Thursday that the current account deficit, which measures the flow of goods, services and investments into and out of the country, shrank 0.9% to $217.9 billion last quarter. Economists polled by Reuters had forecast a $218.0 billion deficit last quarter.

The current account gap represented 3.6% of gross domestic product, down from 3.8% in the July-September quarter. The deficit peaked at 6.3% of GDP in the fourth quarter of 2005. The United States is now a net exporter of crude oil and fuel.

For all of 2021, the current account deficit shot up 33.4% to an all-time high of $821.6 billion. The deficit last year represented 3.6% of GDP, the largest share since 2008 and up from 2.9% in 2020. The yawning current account gap in 2021 is not a problem for the United States given the dollar’s status as the world’s reserve currency.

Exports of goods increased $332.9 billion to $1.76 trillion last year, while imports of goods jumped $502.3 billion to $2.85 trillion.

The narrowing in the current account deficit last quarter reflected a smaller shortfall on secondary income and increased surpluses on services and on primary income.

Exports of goods and services to, and income received from, foreign residents increased $47.7 billion to $1.01 trillion in the fourth quarter. Imports of goods and services from, and income paid to, foreign residents rose $45.8 billion to $1.22 trillion

IIB) USA COVID/VACCINE MANDATES


iiia) USA inflation//SHIPPING commentaries//LOG JAMS//

end 

iiib) USA economic stories

Newsom is trying to quell an uprising in California with rising gas prices.  He wants to give $400 debit cards to California car owners due to the high rise in

price.

(zerohedge)

Newsom Wants To Give $400 Debit Cards To California Car Owners Because Putin Invaded Ukraine

WEDNESDAY, MAR 23, 2022 – 08:40 PM

California Governor Gavin Newsom on Wednesday proposed an $11 billion package he says will help residents grapple with the most expensive gasoline in the country – which has soared to a statewide average of $5.98 per gallon.

Included in the proposal would be a $400 tax refund in the form of a debit card – which would only apply to the registered owners of vehicles, and would be capped at a maximum of $800 per person for those who own more than one vehicle.

For those who don’t own cars, Newsom would make rail and mass transit free for three months.

In a Wednesday statement, Newsom blamed the Russian invasion of Ukraine for the soaring prices.

“We’re taking immediate action to get money directly into the pockets of Californians who are facing higher gas prices as a direct result of Putin’s invasion of Ukraine,” said the governor, ignoring both basic economics and the fact that gasoline began climbing in price long before Putin invaded.

Newsom’s proposal would apply to all Californians regardless of income, which could (will) undoubtedly spark a fierce debate among state legislators – some of whom have called for capping the rebates to those with incomes below $250,000, according to the San Francisco Chronicle, which notes that the proposal comes roughly two weeks after Newsom said California needs to break free “once and for all from the grasp of petro-dictators,” whatever that means.

Newsom needs lawmakers’ support to approve the rebate plan as part of the state budget, so the payments could start by July. But that prospective delay sparked sharp criticism from Republicans, who’ve demanded the state provide both a rebate and more immediate relief by suspending the 51 cent per gallon gas tax.

“July? Seriously?” Assembly Republican Leader James Gallagher of Yuba City (Sutter County) said in a statement. “Californians are struggling and Capitol Democrats are dragging their feet. How could it possibly take that long?”

In January, Newsom called for giving residents “a gas tax holiday” by freezing, for one year, the inflationary adjustment to the state’s gas tax, which was set to take effect July 1, saving drivers about $523 million total. -SF Chronicle

Newsom’s Wednesday proposal includes $9 billion for tax refunds, as well as several additional areas of relief, including $750 million granted to rail and transit agencies to provide free transportation for Californians for 90 days.

Not everyone’s so sure.

end

US Reportedly Agrees To Home 100,000 Ukrainian Refugees

THURSDAY, MAR 24, 2022 – 10:25 AM

A week after it was reported that several major Polish cities had reached “capacity”, President Biden, who is holding emergency talks with NATO leaders in Brussels, is expected to announce plans for the United States to take in 100,000 Ukrainian refugees and others fleeing Russia’s invasion.

The move comes as more than 10 million people in Ukraine have been forced from their homes and more than 3.4 million have fled the country, including 2 million who arrived in Poland.

Bloomberg reports, citing a senior Biden administration official, that some of those allowed into the country will come as refugees, but the U.S. will also permit others to seek parole status or immigrant on non-immigrant visas.

Interestingly, following our report on Ukrainian border officials refusing to allow transgender women to leave the country, Bloomberg reports that the official said the U.S. is committed to protecting LGBTQ people and those with medical needs that have been disrupted by war.

Bear in mind that this virtuous act of asylum-provision could be abused. As we recently noted, according to an investigation by newspaper Le Figaro, around a third of Ukrainian refugees arriving in France are actually economic migrants from other areas of the world, mostly North Africa and the Middle East.

end

iv)swamp stories

Should be lost of fun!

Trump Sues Hillary Clinton, Says She ‘Maliciously Conspired’ To Weave Collusion Conspiracy Theory

THURSDAY, MAR 24, 2022 – 02:20 PM

Former US President Donald Trump sued Hillary Clinton and several other Democrats on Thursday, alleging they attempted to rig the 2016 US presidential election by fabricating a conspiracy theory tying his campaign to Russia.

“Acting in concert, the Defendants maliciously conspired to weave a false narrative that their Republican opponent, Donald J. Trump, was colluding with a hostile foreign sovereignty,” reads the lawsuit, filed in a federal court in Florida.

Remember this?

Developing…

Meanwhile, a flashback:

Authored by Paul Sperry via RealClearInvestigations.com,

A Hillary Clinton campaign operation to plant a false rumor about Donald Trump setting up a “secret hotline” to Moscow through a Russian bank was much broader than known and involved multiple U.S. agencies, according to declassified documents and sources briefed on an ongoing criminal investigation of the scheme.

In addition to the FBI, the 2016 Clinton campaign tried to convince the Obama administration’s State Department, Justice Department and Central Intelligence Agency to look into the hoax, and continued pressing the issue even after Trump was inaugurated in January 2017.

The goal was to trigger federal investigative activity targeting her Republican rival and leak the damaging information to the media.

“The Clinton machine flooded the FBI with pressure from a number of angles until investigations of Trump were opened and reopened,” said one of the briefed sources who spoke on the condition of anonymity to discuss a sensitive law enforcement matter. “The deception was wide-ranging.”

Michael Sussmann: The indicted former Clinton campaign attorney wasn’t the only one feeding the bogus Alfa Bank story to the feds. perkinscoie.com

Special Counsel John Durham outlined the FBI part of the scheme in a felony indictment of Michael Sussmann. The former Clinton campaign lawyer was charged last month with making a false statement to the former general counsel of the FBI when he claimed he was not working “for any client” in bringing to the FBI’s attention allegations of a secret channel of communication between computer servers in Trump Tower and the Alfa Bank in Russia.

According to the indictment, Sussmann was in fact acting on behalf of clients including the Clinton campaign, and an unnamed tech executive who RCI has previously reported is Rodney L. Joffe, a regular adviser to the Biden White House on cybersecurity and infrastructure policies.

Internal emails reveal the Clinton operatives knew the links they made between Trump and Russia were “weak,” even describing them as a “red herring,” but fed them to investigators anyway.

The Sussmann indictment revealed the doubts of those developing the Alfa Bank story. U.S. District Court for the District of Columbia

After Sussmann’s meeting with the FBI in September 2016, the Clinton campaign approached the State Department the following month with the same lead, this time using paid Clinton campaign subcontractor Christopher Steele to feed the rumors. A former British intelligence officer, Steele was offered as a reliable source to help corroborate the rumors. On Oct. 11, 2016, Steele gave his contact at Foggy Bottom documents alleging that a supposed hidden server at Trump Tower was pinging Moscow.

Christopher Steele: Author of the debunked dossier passed the Alfa Bank story to the State Department, which passed it along to FBI agent Peter Strzok. (Aaron Chown/PA FILE via AP)

Two days later, a State official who previously worked under former secretary Clinton funneled the information to the FBI’s then-top Eurasia/Russia counterintelligence official, Stephen Laycock, according to recently declassified notes and testimony. Laycock, in turn, forwarded the information to Peter Strzok, the FBI agent who led the investigation of Trump and his campaign and had just weeks earlier texted a bureau lawyer, “We’ll stop [Trump from being elected].”

“I informed Peter Strzok and another supervisor,” Laycock testified last year in a closed-door Senate hearing.

Telephone: After Steele fed the Alfa Bank story to State, it was passed to the FBI’s then-top Eurasia/Russia counterintelligence official, Stephen Laycock (left), who in turn passed it on to lead FBI agent on Trump-Russia, Peter Strzok (right). Facebook/Twitter

Steele, who later confessed he was “desperate” to defeat Trump, was the author of the debunked dossier claiming Trump colluded with Russia to steal the election. He even misspelled the name of the Russian bank as “Alpha.” Still, the FBI took his rumors seriously enough to interview tech vendors working for the Trump Organization and obtain warrants to search Trump Tower servers. Within days of receiving the State Department tip, Strzok also used Steele’s dossier to secure a wiretap on Trump adviser Carter Page.

Clinton foreign policy adviser and current National Security Adviser Jake Sullivan would put out a written statement trumpeting the Trump-Alfa Bank story, which was shared by then-candidate Clinton on Oct. 31, 2016, after Slate reported on it. Fusion GPS, the Washington opposition-research group that worked for the Clinton campaign as a paid agent, and helped gather dirt on Alfa Bank and draft the materials Sussmann would later submit to the FBI, reportedly pressed Slate to publish the story by the account of its author, journalist Franklin Foer.

The Clinton campaign played up the Trump-Alfa Bank story on the eve of the 2016 election. Twitter/@HillaryClinton

“This was a highly sophisticated operation using enablers in both the media and federal agencies,” George Washington University law professor Jonathan Turley told RealClearInvestigations.

The Clinton campaign did not let up even after Trump won the election.

In mid-November 2016, it enlisted top Justice Department official Bruce Ohr – whose wife, Nellie, worked for Fusion GPS – to add credibility to the Alfa rumors. That month, Ohr advised the FBI that Steele had told him that the Alfa Bank server was a link to the Trump campaign. Then in early December, Ohr met with the FBI case supervisor who worked for Strzok at least twice. Declassified notes and other records show that during those meetings, Ohr provided him with thumb drives he had received from paid Clinton opposition researcher and Fusion GPS co-founder, Glenn Simpson, and Ohr’s wife and Simpson’s colleague, Nellie. Quoting his Clinton sources, Ohr insisted the alleged backdoor computer channel between Trump and Alfa was real.

Bruce Ohr: The Justice Department official — linked to Clinton opposition research firm Fusion GPS through his wife Nellie, a Fusion employee — brought the firm’s arguments and materials to the FBI. The Global Initiative

The FBI spent months investigating the claim, eventually dismissing it as baseless. After the FBI closed the case, Sussmann turned to the nation’s top intelligence agency for assistance, as RCI first reported.

In December 2016, Sussmann called then-CIA Director John Brennan’s general counsel – Caroline Krass – to set up a meeting to brief her about the same Alfa Bank rumors. Krass expressed interest in the tip. Then in early February 2017, officials from her office formally sat down with Sussmann for more than an hour to discuss the Trump-Russian bank rumors. Sussmann provided them updated versions of the materials he had handed off to the FBI.

Caroline Krass: General counsel to then-CIA Director John Brennan welcomed Sussmann’s pitch of the Alfa Bank story, which reportedly passed from the CIA to FBI. CIA/Wikipedia

The CIA, in turn, referred the rumors to an FBI liaison for further investigation, according to the sources briefed on his case. Strzok was the lead FBI liaison to the CIA at the time.

Among the documents Durham has obtained is a CIA memo memorializing the meeting with Sussmann, according to the sources. In his grand jury indictment, Durham accused Sussmann of also misleading the CIA, which he referred to only as “Agency-2.” The special counsel alleges that Sussmann, as he did when meeting with an FBI official, had also failed to inform contacts at Langley that he was representing a client – in the latter case specifically Joffe – tied to the Clinton campaign operation and who had been promised a high-level job in a Clinton administration.

Billing the Democrat’s campaign for his work on the “confidential project,” Sussmann recruited Joffe and a team of federal computer contractors to mine proprietary databases containing vast quantities of sensitive, nonpublic Internet data for possible dirt on Trump and his advisers. In a new court document filed last week, Durham revealed his team has obtained more than 80,000 pages of documents in response to grand jury subpoenas issued to more than 15 targets and witnesses, including the computer contractors. Among others receiving subpoenas: political organizations, private firms, tech companies and other entities, including a major university — Georgia Tech — which allegedly participated in the Clinton conspiracy as a Pentagon contractor. Some witnesses have been granted immunity and are cooperating with prosecutors, the sources close to the probe said.

Jonathan Turley: “One would expect a CIA official to express reluctance in an investigation that would have a largely domestic focus,” says the law professor. CNN

“While Sussmann may have hidden his work for the Clinton campaign, this was obviously a useful attack on Trump,” Turley said. “One would expect a CIA official to express reluctance in an investigation that would have a largely domestic focus. But as with the FBI, the Clinton campaign found eager officials to move on any such allegation.”

The CIA is largely barred from collecting information inside the United States or on American citizens.

“The CIA has no business involving itself in a domestic political issue,” Judicial Watch President Tom Fitton told RCI. “The evidence suggests the primary purpose of the meeting was political.”

Fitton said his watchdog group has filed a Freedom of Information Act request with the CIA demanding all records generated from the contacts Sussmann had with the agency in December 2016 and February 2017.

The CIA did not return requests for comment.

For good measure, old Clinton hands tried another pressure point. In early February 2017, Clinton’s foreign policy adviser Sullivan huddled with Fusion GPS’s Simpson and Daniel Jones, an FBI analyst-turned-Democrat-operative, to reboot the same smear campaign against Trump. (As RCI previously reportedSullivan, who spearheaded the campaign’s effort to promote the narrative of a disturbing Trump-Russia relationship via the Alfa Bank story, is under scrutiny for possibly lying to Congress about his role in the operation.) Jones, in turn, reached out to his former colleagues at the FBI, who reopened the investigation into the old allegations of a cyber-link between Trump and Alfa Bank.

Jake Sullivan played a pivotal role in the Alfa Bank story as 2016 Clinton foreign policy adviser. AP Photo/Ng Han Guan, File

The next month, acting on Jones’ recycled tip, FBI agents visited the offices of the Pennsylvania company that housed the Trump server, which was actually administered by a third-party hotel promotions firm – Cendyn, based in Florida. But their second investigation proved to be another dead end. The sinister communications Jones claimed were flowing between an alleged Trump server and Alfa Bank were found to be innocuous marketing emails. In other words, spam.

Sources say it is odd that FBI headquarters continued to pursue the allegations, because internal FBI communications reveal that the bureau’s own cyber sleuths had pooh-poohed them within days of Sussmann’s briefing, RCI has learned.

Strzok himself had been briefed on that assessment of the materials Sussman dropped off at headquarters on Sept. 19, 2016. In fact, in a Sept. 23, 2016, internal message to Strzok, an FBI official relayed his preliminary findings following an interview with Cendyn, the Florida marketing firm that managed the alleged Trump server.

“Followed up this morning with Central Dynamics [Cendyn] who confirmed that the mail1.trump-email.com domain is an old domain that was set up in approximately 2009 when they were doing business with the Trump Organization that was never used,” according to the message.

Reacting to the Durham indictment, Strzok recently tried to distance himself from the Alfa scandal, insisting in a Lawfare blog: “I had a minor role in the events in question, insofar as I transferred the material Sussman gave to Jim Baker, the FBI’s general counsel at the time, to the personnel who ultimately supervised and looked into the allegations.”

Echoing other critics, Strzok complained that Durham – who originally was tapped to investigate the origins of the Russia “collusion” investigation by Trump’s Attorney General Bill Barr – is conducting a partisan witch hunt on behalf of Trump.

Strzok’s claims notwithstanding, Barr’s successor, the President Biden-nominated Attorney General Merrick Garland, testified last week that he has renewed funding and staffing for Durham’s far-reaching investigation for the next fiscal year. “[Y]ou can readily assume his budget has been approved,” Garland assured Republicans on the House Judiciary Committee.

KING REPORT/SWAMP STORIE

Putin Adviser Chubais Quits Over Ukraine War and Leaves Russia
Russian climate envoy Anatoly Chubais resigned and left the country… Chubais, known as the architect of Russia’s 1990 privatizations…also gave Putin his first Kremlin job in the mid-1990s
https://www.bloombergquint.com/onweb/putin-adviser-chubais-quits-over-ukraine-war-and-leaves-russia
 
Energy commodities soared; bonds rallied moderately, and ESMs sank after China closed at 2:00 ET.
 
ESMs steadily declined until the drop accelerated on the NYSE open.  By 8:50 ET, Nasdaq was -1.2%. Bonds rallied sharply from 8:21 ET until 9:16 ET. Oil commenced its strong rally minutes before Europe opened.  The energy rally intensified after the US bond market opened at 8:00 ET. By 9:46 ET, WTI Oil was +4.5%.  The dollar was up sharply; gold was +12.20.
 
ESMs commenced a rally at 9:50 ET.  Someone aggressively bought ESMs, driving them 22 handles higher by 10:16 ET.  At the time, bonds sank, losing almost ½ point.  After a moderate retreat, ESMs rallied into the European close.  The rally extended to 12:02 ET.  Then, ESMs sank as bonds rallied.
 
The buy bonds/sell stock action intensified during midday and in the early afternoon.  Just before 14:00 ET, bonds were up 1 5/8 points; ESMs were down 48.75. ESMs hit a low at the 14:15 VIX Fix.  The usual rally into the final hour, for the expected upward manipulation, appeared.  The rally ended at 14:49 ET.  ESMs and stocks sank after St. Louis Fed President Bullard said inflation is way above the Fed’s goal and could go higher during the spring.  So, the Fed must move faster than it is used to moving.
 
At 15:45 ET, someone juiced ESMs; it failed.  ESMs sank into the close.
 
@bespokeinvest: The S&P 500 has risen 0.33% or more in the last hour of trading for five straight days.  Longest streak in over a decade. https://twitter.com/bespokeinvest/status/1506252080138358789
 
How far behind the curve is the Fed?  The Taylor Rule says Fed Funds (0.50) should be 9.81%!
 

 
The WTI Oil May future contract settled at $144.93, +$5.66 or 5.18%.  Gasoline rallied 3.24%.  Brent Oil settled +6.12 or 5.3%.  Gold was +26.00 near the NYSE close
 
David Rosenberg @EconguyRosie: As predicted, the shills are wasting their time debating the yield curve. The recession has already arrived for ~80% of the economy otherwise known as real disposable income — contracting six months running and -5.3% SAAR
 
The average new home sales price in the US is above $500,000 for the first time ever.
 
FT: Trafigura’s finance chief warns of commodity industry stress – Energy crisis could push smaller operators out of business and unleash wave of consolidation, executive warns
https://www.ft.com/content/264173c2-794e-423b-b345-60868265d92b
 
NATO: Up to 40,000 Russian Troops Killed, Wounded, Taken Prisoner or Missing in Ukraine
https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-23/card/russia-lost-up-to-40-000-troops-in-ukraine-nato-estimates-xyZjWxinMDHzdeRZvAeD
 
@PhillipsPOBrien: If this is right; the Russian Army in Ukraine is now on the point of institutional failure. Expect more soldiers to stop fighting.
 
Politico’s @paulmcleary: The US sees Russian Troops North of Kyiv actually digging into defensive positions, and not trying to move forwards, defense official says
 
@CarlaBabbVOA: Ukrainians have pushed the Russians  back to about 55 kilometers east & northeast of Kyiv according to sr. def official. “Yesterday we were telling you they were about 20 to 30 km away”
 
Today, I can announce that, based on information currently available, the U.S. government assesses that members of Russia’s forces have committed war crimes in Ukraine.” — US Secretary of State Blinken

@Jkylebass: “Wall Street is funding Putin’s war machine. Wall Street is funding Xi’s war machine.”
https://twitter.com/MorningsMaria/status/1506620022516596740
 
The Telegraph: Joe Biden’s apathetic approach to Putin is alienating America’s allies
The West is looking to the US for leadership, but the president is nowhere to be found
https://www.telegraph.co.uk/news/2022/03/22/joe-bidens-apathetic-approach-putin-alienating-americas-allies/
 
U.S. restores 64% of product exclusions from Trump China duties – BBG 16:30 ET
 
@backtolife_2022: BlackRock CEO Larry Fink says he believes in “forcing behaviors.” “Behaviors are going to have to change and this is one thing we are asking companies, you have to force behaviors and at Blackrock, we are forcing behaviors.”  https://twitter.com/backtolife_2022/status/1506726529799176203
 
@BP_Rising: As shadow Fed Chairman Larry Fink was forcing behaviors on Jerome Powell as well.
 
@FreeBeacon: Nancy Pelosi’s husband cashed in up to $5 million worth of Tesla stock last week as the speaker lobbied for legislation to give subsidies to the electric vehicle industry.
    Paul Pelosi exercised options to buy between $1 million and $5 million in shares of the electric car maker on March 17… He purchased the option on Dec. 22, 2020, at an overall contract value of between $500,000 and $1 million. Nancy Pelosi has since spearheaded legislation to give tens of billions of dollars to build electric charging stations across the country…
https://freebeacon.com/democrats/pelosis-electric-car-windfall/
 
GOP Rep. @EliseStefanik: Russian oligarch Yelena Baturina, who paid $3.5 MILLION into a bank account associated with Hunter Biden and his business partner, has not been sanctioned along with other oligarchs allied with Putin for his genocide in Ukraine. Why not? Was it an oversight or a favor?

@RNCResearch: SEN. BLACKBURN: “Can you provide a definition of the word ‘woman’?”
JACKSON: “No, I can’t” BLACKBURN: “You can’t?” JACKSON: “I’m not a biologist”
https://twitter.com/RNCResearch/status/1506451123674173443
 
@ProfMJCleveland: Given that Supreme Court holds final authority for “interpreting” what “sex” means in a variety of statutes, not knowing what a woman is, is kinda a problem.
 
@russell_nm: If Jackson is unable or unwilling to define what a woman is, how can she know what the law says on sex and gender identity? How can she even interpret Bostock if she cannot define sex?
 
@patrickjwitt: The MSM tells us Ketanji Brown Jackson’s nomination to the Supreme Court is historic because she is a black woman. Jackson must be confused by this given that she can’t even define what a woman is.
 
Whitlock: By not defining woman, Ketanji Brown Jackson defines herself as do-what-thou-wilt activist – Ketanji Brown Jackson, Joe Biden’s nominee for the Supreme Court, either lacks common sense or veracity. The absence of either should disqualify her from a seat on the court…
   Jackson does not lack common sense. She can define the word woman. If she can’t, she should ask President Biden. He made it clear he picked Jackson because she’s a black woman.
    Jackson’s flaw is that her commitment to truth is fungible based on how truth impacts her politics. She’s a politician, not a judge, not an arbiter of truth…
    Liberals believe the human mind determines gender. Men and women are their own gods…
    Brown Jackson doesn’t value the truth. That makes her unfit for the Supreme Court. She’s an activist who will collaborate with the activists who want to dismantle the Constitution and write one that favors people in search of their true will…
https://www.theblaze.com/op-ed/whitlock-by-not-defining-woman-ketanji-brown-jackson-defines-herself-as-do-what-thou-wilt-activist
 
@SenTedCruz: Ketanji Brown Jackson told me she never used Critical Race Theory. Curious.
Judge Jackson gave a speech where she said “[S]entencing is just plain interesting … because it melds together myriad types of law—criminal law, of course…constitutional law, Critical Race Theory…”
https://twitter.com/SenTedCruz/status/1506431503525363713
 
@joelpollak: Democrats are reduced to arguing that the child porn issue is a “policy dispute.” They have given up on claiming Republicans are factually incorrect, or trying to smear Judge Ketanji Brown Jackson, because the evidence of her leniency is there and she’s defending, not denying it.
 
‘A Sign of Disrespect’: Book Claims Harris Wanted Biden’s Staff to Stand Whenever She Walked in  https://conservativebrief.com/new-4-61360/?utm_source=CB&utm_medium=DJD


 

END




Let us close with this offering courtesy of Greg Hunter 

Well that is all for today. I will see you FRIDAY night

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  1. […] by Harvey Organ, Harvey Organ Blog: […]

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