APRIL 4//GOLD UP 70 CENTS TO $1930.30//SILVER DOWN 5 CENTS TO $24.50//GOLD COMEX STANDING ADVANCES BY A HUGE QUEUE JUMP: NEW STANDING 79.135 TONNES//SILVER ALSO HAS A 10,000 OZ QUEUE JUMP//STANDING NOW 4.390,000 OZ//TWO IMPORTANT COMMENTARIES TO READ: ALASDAIR MACLEOD (PROVIDED ON FRIDAY) AND RONAN MANLY//SHANGHAI NOW LOCKDOWNS ITS ENTIRE CITIY OF 26 MILLION PEOPLE//THIS IS SCARY: YOUNG CHILDREN ARE CONTRACTING COVID 19//THE COUNTRY IS FULLY VACCINATED SO WHY ARE THE CHILDREN BEING HIT WITH COVID?//GERMAN RETAILERS RAISE PRICES OF FOOD TODAY BY 20 TO 50%//FRANCE: FRENCH POWER AT RECORD LEVELS DUE TO COLD SNAP….AT 13 YEAR HIGHS//POLAND NOW OPEN TO HOST USA NUKES ON THEIR SOIL//RUSSIA TO LIMIT AGRICTULTURE EXPORTS ONLY TO FRIENDLY COUNTRIES.//SWAMP STORIES FOR YOU TONIGHT//

April 4, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

april4, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1930.30 UP $0.70

SILVER: $24.59 DOWN $0.05

ACCESS MARKET: GOLD $1932.90

SILVER: $24.55

Bitcoin morning price:  $46,091 DOWN 247 

Bitcoin: afternoon price: $45,831 DOWN 507

Platinum price: closing UP $1.05 to $987.40

Palladium price; closing UP 14.75  at $2286.25

END

Today is options expiry for the comex

end

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comex notices/

March: JPMorgan stopped/total issued  1550/7523

EXCHANGE: COMEX
CONTRACT: APRIL 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,919.100000000 USD
INTENT DATE: 04/01/2022 DELIVERY DATE: 04/05/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 1042 455
099 H DB AG 58
118 C MACQUARIE FUT 62
132 C SG AMERICAS 32
167 C MAREX 2
363 H WELLS FARGO SEC 234
365 C ED&F MAN CAPITA 2
365 H ED&F MAN CAPITA 3
435 H SCOTIA CAPITAL 535
624 H BOFA SECURITIES 745
657 C MORGAN STANLEY 16 525
657 H MORGAN STANLEY 408
661 C JP MORGAN 6050 1550
686 C STONEX FINANCIA 22
709 C BARCLAYS 1690
732 C RBC CAP MARKETS 2
800 C MAREX SPEC 2
880 H CITIGROUP 1586
905 C ADM 5 20


TOTAL: 7,523 7,523
MONTH TO DATE: 21,364



NUMBER OF NOTICES FILED TODAY FOR  APRIL. CONTRACT 7523 NOTICE(S) FOR 752,300 OZ  (23.39  TONNES)

total notices so far:  21,364 contracts for 2,136,400 oz (66.4510 tonnes)

SILVER NOTICES: 

3 NOTICE(S) FILED TODAY FOR  15,000   OZ/

total number of notices filed so far this month  685  :  for 3,425,000  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 $0.70

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 SMALL CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 0.29 TONNES INTO THE GLD//

INVENTORY RESTS AT 1091.73 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 5 CENTS

AT THE SLV// A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/ THE SLV//A DEPOSIT OF 6.326 MILLION OZ INTO THE SLV

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 564.966 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A STRONG SIZED  1811 CONTRACTS TO 147,032   AND CLOSER TO THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE STRONG LOSS IN OI WAS ACCOMPLISHED WITH OUR STRONG  $0.39 LOSS  IN SILVER PRICING AT THE COMEX ON FRIDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.39) AND WERE  SUCCESSFUL IN KNOCKING OUT SOME SILVER LONGS  AS WE HAD A STRONG LOSS OF 1531 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 SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 4.305 MILLION OZ FOLLOWED BY TODAY’S QUEUE JUMP OF 10,000 OZ//NEW STANDING: 4,390 MILLION OZ//  V)    STRONG 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  : —-146

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

TOTAL CONTACTS for 2 days, total 672  contracts:3.360 million oz  OR 1.680MILLION OZ PER DAY. (336 CONTRACTS PER DAY)

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 672 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 3.36 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: 207.430  MILLION OZ//A NEW RECORD FOR EFP ISSUANCE AND WE ARE STILL GOING STRONG THIS MONTH.

APRIL: 3.36 MILLION OZ

RESULT: WE HAD A STRONG  SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1811 WITH OUR STRONG $0.39 LOSS IN SILVER PRICING AT THE COMEX// FRIDAY  THE CME NOTIFIED US THAT WE HAD A SMALL  SIZED EFP ISSUANCE OF 280 CONTRACTS( 280 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 4.305 MILLION  OZ  FOLLOWED BY TODAY’S 10,000 OZ QUEUE JUMP//NEW STANDING: 4.390 MILLION OZ///  .. WE HAD AN STRONG SIZED LOSS OF 1531 OI CONTRACTS ON THE TWO EXCHANGES FOR 6.925 MILLION OZ WITH THE STRONG LOSS IN PRICE. 

 WE HAD 3 NOTICES FILED TODAY FOR 15,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 4854 CONTRACTS  TO 565,115 AND  FURTHER FROM 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: —241 CONTRACTS. (differentials are lowering in gold)

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE STRONG SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $19.00//COMEX GOLD TRADING/FRIDAY /.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 APRIL AT 79.135 TONNES 

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF   $19.00 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD AN FAIR SIZED LOSS OF 2635  OI CONTRACTS (8.19 PAPER TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  2219 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 565,115.

IN ESSENCE WE HAVE AN FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2635, WITH 4613 CONTRACTS DECREASED AT THE COMEX AND 2219 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 2635 CONTRACTS OR 8.19 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2219) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (4854,): TOTAL LOSS IN THE TWO EXCHANGES 2635 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) HUGE INITIAL STANDING AT THE GOLD COMEX FOR APRIL. AT 78.33 TONNES FOLLOWED BY TODAY’S 25600 OZ QUEUE JUMP//NEW STANDING 79.135 TONNES///  3) ZERO LONG LIQUIDATION ///. ,4) STRONG SIZED COMEX  OI. LOSS 5) SMALL 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 APRIL :

9188 CONTRACTS OR 918800 OR 28.58  TONNES 2 TRADING DAY(S) AND THUS AVERAGING: 4594 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES: 28.58TONNES

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

THUS EFP TRANSFERS REPRESENTS  28.58/3550 x 100% TONNES  0.805% 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:  409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  28.58 TONNES 

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 MAY.WE ARE NOW INTO THE SPREADING OPERATION OF SILVER

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 APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY, FOR SILVER:

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 1811 CONTRACTS TO 147,033  AND CLOSER TO  OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  4 1/2 YEARS AGO.  

EFP ISSUANCE 280 CONTRACTS

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

MAY 280  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 280 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 1811 CONTRACTS AND ADD TO THE 280 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED LOSS OF 1385 OPEN INTEREST CONTRACT FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES 7.655 MILLION  OZ, 

OCCURRED WITH OUR STRONG LOSS   $0.39 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)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED //Hang Sang CLOSED UP 70.49 PTS OR 0.25 %  /The Nikkei closed UP 462,76 PTS OR 2,10%        //Australia’s all ordinaires CLOSED UP 0.42%  /Chinese yuan (ONSHORE) closed DOWN 6.3634    /Oil UP TO 100.23 dollars per barrel for WTI and DOWN TO 105.35 for Brent. Stocks in Europe OPENED  ALL MIXED        //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3634 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3753: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER//

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 FELL BY A GOOD SIZED 4613 CONTRACTS TO 565,356  AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX DECREASE OCCURRED WITH OUR STRONG LOSS OF $19.00 IN GOLD PRICING FRIDAY’S COMEX TRADING. WE ALSO HAD A  FAIR SIZED EFP (2219 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   ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 2219 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 JUNE :2219 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  2219 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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED  TOTAL OF 2394 CONTRACTS IN THAT2219 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED  COMEX OI LOSS OF 4613  CONTRACTS..AND  THIS FAIR SIZED GAIN OCCURRED WITH THE LOSS IN PRICE OF $19.00

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR APRIL   (79.135),

 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: 36.678 TONNES

APRIL: 79.135

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $19.00) BUT  THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAVE  REGISTERED A FAIR SIZED LOSS  OF 8.195 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR APRIL (79.135 TONNES)…

WE HAD  –146  CONTRACTS SUBTRACTED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 2635 CONTRACTS OR 263,500 OZ OR 8.195 TONNES

Estimated gold volume today: 54,628 ///poor

Confirmed volume yesterday: 140,631 contracts  poor

INITIAL STANDINGS FOR APRIL ’22 COMEX GOLD //APRIL 4

Gold
GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz578.09 oz
BRINKS
Deposit to the Dealer Inventory in oznilOZ 
Deposits to the Customer Inventory, in oz160,755.000 OZ
(5,000 KILOBARS)
No of oz served (contracts) today7523  notice(s)752,300 OZ
23.399 TONNES
No of oz to be served (notices)4078 contracts 407,800 oz
12.684 TONNES
Total monthly oz gold served (contracts) so far this month21,364 notices
2,136,400 OZ
66.4510 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

2 customer deposits

i) Into JPM  160,755.000  oz (5,000 kilobars)

total customer deposit: 160,755.000   oz //total  customer deposit 5.000 tonnes

1 customer withdrawal

ii) Out of Brinks:  578.09 oz

total withdrawals:  578.09     oz  

ADJUSTMENTS:   customer to dealer

i) jpmorgan:  150,507.629 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR APRIL.

For the front month of APRIL we have an INITIAL oi of 11,601 contracts having LOST  1094.

We had 1350 notices filed yesterday so we gained 256 contracts or 25,600 oz will stand for delivery at the comex

May saw a LOST of 36 contracts to stand at 5335

June saw a LOSS of 3946 contracts down to 472,058 contracts

We had 7523 notice(s) filed today for 752,300  oz FOR THE APRIL 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and 6050 notices were issued from their client or customer account. The total of all issuance by all participants equates to 7523 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 1550 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 455  notice(s) received (stopped) by the squid  (Goldman Sachs)

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

we take the total number of notices filed so far for the month (21,364) x 100 oz , to which we add the difference between the open interest for the front month of  (APRIL 11,601  CONTRACTS ) minus the number of notices served upon today  7523 x 100 oz per contract equals 2,544,200 OZ  OR 79.135 TONNES the number of TONNES standing in this  active month of APRIL. 

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

No of notices filed so far (21,364) x 100 oz+   (11,601)  OI for the front month minus the number of notices served upon today (7523} x 100 oz} which equals 2,544,200 oz standing OR 79.135 TONNES in this   active delivery month of APRIL.

We gained 4000 oz queue jump on day two as our banker friends are desperate for gold.

TOTAL COMEX GOLD STANDING:  78.33 TONNES  (A WHOPPER FOR A APRIL ( 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

International Delaware::  0

Loomis: 18,615.429 oz

total pledged gold:  1,487,476.805 oz                                     46.27 tonnes

TOTAL REGISTERED AND ELIG GOLD AT THE COMEX: 35,736,235.384  OZ (1111.54TONNES)

TOTAL ELIGIBLE GOLD: 18,308,224.055 OZ (569.46 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,428,011.351 OZ  (542.08 tonnes)

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,940.535.0 OZ (REG GOLD- PLEDGED GOLD)  495.81 tonnes

END

APRIL 2022 CONTRACT MONTH//SILVER//APRIL 4

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory655.453.126  oz
JPMorgan
CNT
Deposits to the Dealer Inventorynil
OZ
Deposits to the Customer Inventory279,213.372 oz
Delaware
No of oz served today (contracts)3CONTRACT(S)
15,000  OZ)
No of oz to be served (notices)193 contracts 
(965,000 oz)
Total monthly oz silver served (contracts)685 contracts (3,425,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this mon
 this 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 1 deposits into the customer account

i) Into Delaware: 279,213.372oz

total deposit:  279,213.372 oz

JPMorgan has a total silver weight: 178.932 million oz/339.273 million =52.75% of comex 

i) Comex withdrawals: 2

i) Out of JPM  595,140.800 oz

ii) Out of CNT  60,312.326 oz

total withdrawal 655,453.126   oz

0 adjustments:

the silver comex is in stress!

TOTAL REGISTERED SILVER: 85.709 MILLION OZ

TOTAL REG + ELIG. 339.273 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL OI:  196, HAVING LOST 33 CONTRACTS FROM THURSDAY.  We had 35 notices filed yesterday,

so we gained 2 contracts or an additional 10,000 oz will stand on this side of the pond

MAY HAD A LOSS OF 2899 CONTRACTS UP TO 102,685 contracts

JUNE HAD AN INITIAL GAIN OF 5 TO STAND AT 18

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 3 for 15,000 oz

Comex volumes: 13,543// est. volume today// extremely poor/

Comex volume: confirmed yesterday: 49,783 contracts ( poor )

To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at  685 x 5,000 oz = 3,425,000oz 

to which we add the difference between the open interest for the front month of APRIL (196) and the number of notices served upon today 3 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the APRIL./2021 contract month: 685 (notices served so far) x 5000 oz + OI for front month of MAR (196)  – number of notices served upon today (3) x 5000 oz of silver standing for the APRIL contract month equates 4,30,000 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:

APRIL 4/WITH GOLD UP $.70//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1091.73 TONNES

APRIL 1///WITH GOLD DOWN $19.00 : A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSITY OF .29 TONNES INTO THE GLD///INVENTORY RESTS AT 1091.73 TONNES

MARCH 31/WITH GOLD UP $13.30 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD FROM MONDAY A WITHDRAWAL OF 1.71 TONNES FROM THE GLD:INVENTORY RESTS AT 1091.44

MARCH 28/WITH GOLD DOWN $14.65: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1093.18 TONNES

MARCH 25/WITH GOLD DOWN $7.60 : A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.52 TONNES INTO THE GLD///INVENTORY RESTS AT 1093.18 TONNES

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

CLOSING INVENTORY FOR THE GLD//1091.73 TONNES

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

APRIL 4/WITH SILVER DOWN 5 CENTS TO CHANGES IN SILVER INVENTORY AT THE SLV//: A DEPOSIT OF 6.326 MILLION OZ//INVENTORY REST AT 564.966 MILLION OZ//

APRIL 1/WITH SILVER DOWN 39 CENTS A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.302 MILLION OZ INTO THE SLV////INVENTORY REST AT 558.647 MILLION OZ//

MARCH 31/WITH SILVER UP 3 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 2.171 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 556.345 MILLION OZ

MARCH 28/WITH SILVER DOWN 30 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.847 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 554.167 MILLION OZ//

MARCH 25/WITH SILVER DOWN 20 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 552.320 MILLION OZ//

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//

SLV FINAL INVENTORY FOR TODAY: 564.966 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

LAWRIE WILLIAMS: Another weekend and no seeming end to the Ukraine war.

President Zelenskyy, who knows how to use the media to his best advantage, is winning the propaganda war hands down as far as the West is concerned. This leads one to wonder how President Putin’s Russia can ever recover any segment of high ground in the eyes of world opinion.

One suspects that the populations of even pro-Putin supporting nations will have become aware of some of the horrific video coverage coming out of beleaguered Ukraine unless their media is subjected to the kind of state control and opinion-suppression seen in Russia itself. Whatever excuses the Russians may make as to provocation, Naziism and liberation of a supposedly oppressed Russian-speaking community, images coming out of destroyed cities like Mariupol tell a story that can never be countered. Russia is thus being seen as a heavily-armed bully, which appears to be suffering something of a bloody nose in terms of extreme heroic resistance from the Ukrainian and Russian- speaking military and from a community which seems to value its independence above all else.

Of course the economic effects of the war are having an enormous effect globally. Not only is Russia a key supplier of oil and natural gas to world markets, but also of a number of vital base and precious metal commodities. But it does not stop there – both Russia and Ukraine in combination are the world’s biggest global exporters of grain, sunflower products and fertilizers. Interruption to these supplies either directly by conflict, or through drastic sanctions being imposed on Russian exports, will leave much of the world deprived of many key trade elements. Not only will this put up prices dramatically as nations compete for alternate supply sources, but confine some poorer nation in particular to food poverty and potential starvation within their populations. The whole world, therefore is reaping the whirlwind of President Putin’ s contrived war.

The world has already been reeling from the inflationary effects of exiting from Covid-related restrictions. In some nations – particularly within the world’s leading industrial economies – post-pandemic economic recovery has helped mitigate some of these effects – at least in the short term. But the longer term effects are probably yet to be fully felt. We have been a little surprised by the relatively lacklustre performance of safe haven assets like gold, which one would expect to do particularly well in a global economic crisis of this magnitude. But in our view its time will surely come as the new economic reality emerges.

Indeed the yellow metals has reacted fairly strongly to world events already – it’s just that the perception of where it was likely to head after breaching the $$2,000 level last month was not sustained. Big, and rapid, upwards price movements nearly always tend to be overdone initially and tend to prompt a fairly significant correction.

In the event there has actually been a fairly steady price increase since the end of January when the gold price was a little below the $1,800 mark. From there it surged to around $2,050 during March, before settling down to consolidate at around current levels. From here we would anticipate an upwards trend as inflation reality sets in, culminating in it testing the $2,000 level again perhaps by mid-year. There could be an occasional setback – in particular if there is seen to be a solution to the Russia/Ukraine war and Russian forces withdraw, although this still looks unlikely in the short term. Even if this should happen, if the stringent economic sanctions on Russia remain in place, there may be no downwards correction – except perhaps for a couple of days.

The other major factor which could have an effect – either positive or negative, on the gold price would be the continuation of price inflation in the U.S. at the current high rate – or even higher, which we think is likely, and the severity of any Fed moves to try and bring it down. There is already talk of possible 50 basis point Federal Fund rate rises at the next couple of FOMC meetings (scheduled for May 3-4 and for June 14-15) but although this, if these rises are put in place, might provide a shock to the markets. the rises would still likely be insufficient to take real interest rates out of negative territory and gold could then, after a short hiatus, resume an upwards path overall.

04 Apr 2022

-END-

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

Payments in rubles are not due to the second half of April.  Putin has allowed rouble accounts to be set up in Gazprombank and if followed by the west, the risk of being cut off abates

(Reuters)

European gas payments in rubles aren’t due until second half of April

Submitted by admin on Fri, 2022-04-01 11:24Section: Daily Dispatches

By Marwa Rashad
Reuters
Friday, April 1, 2022

LONDON — European governments and companies were working today on a common approach to Russia’s demand that they pay for its gas in rubles as the threat of an imminent supply halt eased.

European capitals have been on alert for a disruption to gas imports for weeks as President Vladimir Putin seeks retaliation over Western sanctions for Russia’s invasion of Ukraine.

A crunch point appeared to be in the offing when Moscow issued a decree on Thursday requiring foreign buyers of Russian gas to open rouble accounts in state-run Gazprombank from today or else risk being cut off.

But the Kremlin said today it would not immediately turn off the taps to Europe as payments on deliveries due after April 1 come in the second half of this month and May. That message and signs Europe would take a pragmatic approach sparked relief on markets.

Gas prices, which had risen on fears of disruption, fell. …

… For the remainder of the report:

https://www.reuters.com/business/energy/gas-still-flows-russia-europe-buyers-navigate-putins-rouble-order-2022-04-01/

END

Swiss court rules against gold trade transparency.  Importers of gold do not have to disclose origins

(Swiss Info/GATA)

Swiss court rules against gold trade transparency

Submitted by admin on Fri, 2022-04-01 12:12Section: Daily Dispatches

From SwissInfo
Swiss Broadcasting Corp., Bern
Thursday, March 31, 2022

Switzerland’s Federal Administrative Court has decided in favour of four big gold refineries that were under pressure to disclose their gold suppliers.

The Bern-based Society for Threatened Peoples said today that it took note of the court’s decision to “protect business secrecy.”

“Importers can now hide behind trade secrecy and are not accountable to anyone regarding the origin of the raw material and associated risks,” the organisation said in a press release.

In February 2018, the organization had submitted a request to the Federal Customs Administration to examine the files relating to the origin of gold imported in Switzerland.

This request was made due to “the complete secrecy in the gold trade.” The organization raised the question whether Switzerland is a hub for risky gold in a report focused on gold sourced in the United Arab Emirates and Peru. …

… For the remainder of the report:

https://www.swissinfo.ch/eng/business/swiss-court-rules-against-gold-trade-transparency–ngo/47481098

end

This is a must read….how the rouble/petro scheme will destroy the west.

The full report is outlined below

Ronan Manly/Bullionstar

Ronan Manly: Russian ruble is relaunched linked to gold and commodities

Submitted by admin on Fri, 2022-04-01 13:56Section: Daily Dispatches

1:48p ET Friday, April 1, 2022

Dear Friend of GATA and Gold:

The Russian central bank’s setting a fixed price for gold in rubles puts a floor under the gold price worldwide, Bullion Star researcher Ronan Manly writes today. Russia’s insistence on payment for gas and oil, he adds, will link their prices to gold.

These events, Manly concludes, may lead to increased demand for physical gold, blowups in the paper gold markets, a revalued gold price, a shift away from the U.S. dollar, and increased bilateral trade in commodities among non-Western counties in currencies other than the U.S. dollar. 

Manly’s analysis is headlined “Russian Ruble Relaunched Linked to Gold and Commodities” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/russian-ruble-relaunched-linked-to-gold-and-commodities-rt-com-q-and-a/

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

end

Rauconbridge parallels Ronan Manly on the Petro-rouble scheme

(Reuters/Raulconbridge)

Russia says it wants a new financial architecture for the world

Submitted by admin on Sun, 2022-04-03 12:15Section: Daily Dispatches

Kremlin Warns West: Ruble-for-Gas Scheme Is the ‘Prototype’

By Guy Raulconbridge
Reuters
Sunday, April 3, 2022

LONDON — President Vladimir Putin’s rouble payment scheme for natural gas is the prototype that the world’s largest country will extend to other major exports because the West has sealed the decline of the U.S. dollar by freezing Russian assets, the Kremlin said.

Russia’s economy is facing the gravest crisis since the 1991 collapse of the Soviet Union after the United States and its allies imposed crippling sanctions due to Putin’s Feb. 24 invasion of Ukraine.

 Putin’s main economic response so far was an order on March 23 for Russian gas exports to be paid in roubles, however the scheme allows purchasers to pay in the contracted currency which is then exchanged into roubles by Gazprombank.

“I have no doubt that it will be extended to new groups of goods,” Peskov said. He gave no time frame for such a move.

Peskov said that the West’s decision to freeze $300 billion of the central bank’s reserves was a “robbery” that would have already accelerated a move away from reliance on the U.S. dollar and the euro as global reserve currencies.

The Kremlin, he said, wanted a new system to replace the contours of the Bretton Woods financial architecture established by the Western powers in 1944.

“It is obvious that — even if this is currently a distant prospect — that we will come to a some new system — different from the Bretton Woods system,” Peskov said.

The West’s sanctions on Russia, he said, had “accelerated the erosion of confidence in the dollar and euro.” …

… For the remainder of the report:

https://www.reuters.com/world/kremlin-warns-west-rouble-for-gas-scheme-is-prototype-2022-04-03/

END

a must view….

(Lepard.GATA)

Informed by GATA, Russia will drive gold price, fund manager Lawrence Lepard says

Submitted by admin on Sun, 2022-04-03 23:55Section: Daily Dispatches

11:54p ET Sunday, April 3, 2022

Dear Friend of GATA and Gold:

Russia has begun driving the gold price, informed by GATA’s work about Western gold price suppression policy, according to Lawrence Lepard, founder and managing partner of Equity Management Associates in Sherborn, Massachusetts, who commented last week in an interview with Tom Bodrovics of Palisades Gold Radio

The recent default in the London Metals Exchange’s nickel futures contract may be duplicated in other commodity markets, Lepard adds.

The interview is 57 minutes long and can be viewed at Palisades Gold Radio here:

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

END

4.OTHER GOLD/SILVER COMMENTARIES

This is a must read….how the rouble/petro scheme will destroy the west.

(Ronan Manly)

“A Paradigm Shift Western Media Hasn’t Grasped Yet” – Russian Ruble Relaunched, Linked To Gold & Commodities

SATURDAY, APR 02, 2022 – 10:30 PM

By Ronan Manly of Bullionstar.com

With Russia’s central bank having just profoundly altered the international trade and monetary system by linking the Russian ruble to both gold and commodities, journalists in Moscow asked me to write a Q and A article on what these developments mean, and the ramifications of these changes on the Russian ruble, the US dollar, the gold price and the global system of currencies. This article has been published on the RT.com website here

Since RT.com is now blocked and censored in many Western locations such as the EU, UK, US and Canada, and since many readers may not be able to access the RT.com website (unless using a VPN), my Questions and Answers that are in the new RT.com article are now published here in their entirety.

Who would have thought that citizens of ‘free speech’ Western countries would need a VPN to read a Russian news site?

Why is setting a Fixed Price for Gold in Rubles significant?

By offering to buy gold from Russian banks at a fixed price of 5000 rubles per gram, the Bank of Russia has both linked the ruble to gold and, since gold trades in US dollars, set a floor price for the ruble in terms of the US dollar.

We can see this linkage in action since Friday 25 March when the Bank of Russia made the fixed price announcement. The ruble was trading at around 100 to the US dollar at that time, but has since strengthened and is nearing 80 to the US dollar. Why? Because gold has been trading on international markets at about US$ 62 per gram which is equivalent to (5000 / 62) = about 80.5, and markets and arbitrage traders have now taken note, driving the RUB / USD exchange rate higher.

So the ruble now has a floor to the US dollars, in terms of gold. But gold also has a floor, so to speak, because 5000 rubles per gram is 155,500 rubles per troy ounce of gold, and with a RUB / USD floor of about 80, that’s a gold price of around $1940. And if the Western paper gold markets of LBMA / COMEX try to drive the US dollar gold price lower, they will have to try to weaken the ruble as well or else the paper manipulations will be out in the open.

Additionally, with the new gold to ruble linkage, if the ruble continues to strengthen (for example due to demand created by obligatory energy payments in rubles), this will also be reflected in a stronger gold price.Gazprom – Natural gas powerhouse and Russia’s largest company

What does this mean for Oil?

Russia is the world’s largest natural gas exporter and the world’s third largest oil exporter. We are seeing right now that Putin is demanding that foreign buyers (importers of Russian gas) must pay for this natural gas using rubles. This immediately links the price of natural gas to rubles and (because of the fixed link to gold) to the gold price. So Russian natural gas is now linked via the ruble to gold.

The same can now be done with Russian oil. If Russia begins to demand payment for oil exports with rubles, there will be an immediate indirect peg to gold (via the fixed price ruble – gold connection). Then Russia could begin accepting gold directly in payment for its oil exports. In fact, this can be applied to any commodities, not just oil and natural gas.

What does this mean for the Price of Gold?

By playing both sides of the equation, i.e. linking the ruble to gold and then linking energy payments to the ruble, the Bank of Russia and the Kremlin are fundamentally altering the entire working assumptions of the global trade system while accelerating change in the global monetary system. This wall of buyers in search of physical gold to pay for real commodities could certainly torpedo and blow up the paper gold markets of the LBMA and COMEX.         

The fixed peg between the ruble and gold puts a floor on the RUB / USD rate but also a quasi-floor on the US dollar gold price. But beyond this, the linking of gold to energy payments is the main event. While increased demand for rubles should continue to strengthen the RUB / USD rate and show up as a higher gold price, due to the fixed ruble – gold linkage, if Russia begins to accept gold directly as a payment for oil, then this would be a new paradigm shift for the gold price as it would link the oil price directly to the gold price.  

For example, Russia could start by specifying that it will now accept 1 gram of gold per barrel of oil. It doesn’t have to be 1 gram but would have to be a discounted offer to the current crude benchmark price so as to promote take up, e.g. 1.2 grams per barrel. Buyers would then scramble to buy physical gold to pay for Russian oil exports, which in turn would create huge strains in the paper gold markets of London and New York where the entire ‘gold price’ discovery is based on synthetic and fractionally-backed cash-settled unallocated ‘gold’ and gold price ‘derivatives.Russian gold bars stored in wooden boxes in the Gokhran vaults, Moscow

What does this mean for the Ruble?

Linking the ruble to gold via the Bank of Russia’s fixed price has now put a floor under the RUB/ USD rate, and thereby stabilized and strengthened the ruble. Demanding that natural gas exports are paid for in rubles (and possibly oil and other commodities down the line) will again act as stabilization and support. If a majority of the international trading system begins accepting these rubles for commodity payments arrangements, this could propel the Russian ruble to becoming a major global currency. At the same time, any move by Russia to accept direct gold for oil payments will cause more international gold to flow into Russian reserves, which would also strengthen the balance sheet of the Bank of Russia and in turn strengthen the ruble.

Talk of a formal gold standard for the ruble might be premature, but a gold-backed ruble must be something the Bank of Russia has considered.     

What does this mean for Other Currencies?

The global monetary landscape is changing rapidly and central banks around the world are obviously taking note. Western sanctions such as the freezing of the majority of Russia’s foreign exchange reserves while trying to sanction Russian gold have now made it obvious that property rights on FX reserves held abroad may not be respected, and likewise, that foreign central bank gold held in vault locations such as at the Bank of England and the New York Fed, is not beyond confiscation.      

Other non-Western governments and central banks will therefore be taking a keen interest in Russia linking the ruble to gold and linking commodity export payments to the ruble. In other words, if Russia begins to accept payment for oil in gold, then other countries may feel the need to follow suit.

Look at who, apart from the US, are the world’s largest oil and natural gas producers – Iran, China, Saudi Arabia, UAE, Qatar. Obviously, all of the BRICS countries and Eurasian countries are also following all of this very closely. If the demise of the US dollar is nearing, all of these countries will want their currencies to be beneficiaries of a new multi-lateral monetary order.  “It was once said that ‘gold and oil can never flow in the same direction’.”

What does this mean for the US Dollar?

Since 1971, the global reserve status of the US dollar has been underpinned by oil, and the petrodollar era has only been possible due to both the world’s continued use of US dollars to trade oil and the USA’s ability to prevent any competitor to the US dollar.

But what we are seeing right now looks like the beginning of the end of that 50-year system and the birth of a new gold and commodity backed multi-lateral monetary system. The freezing of Russia’s foreign exchange reserves has been the trigger. The giant commodity strong countries of the world such as China and the oil exporting nations may now feel that now is the time to move to a new more equitable monetary system. It’s not a surprise, they have been discussing it for years.  

While it’s still too early to say how the US dollar will be affected, it will come out of this period weaker and less influential than before.      

What are the Consequences of these Developments?

The Bank of Russia’s move to link the ruble to gold and link commodity payments to the ruble is a paradigm shift that the western media has not really yet been grasped. As the dominos fall, these events could reverberate in different ways. Increased demand for physical gold. Blowups in the paper gold markets. A revalued gold price. A shift away from the US dollar. Increased bilateral trade in commodities among non-Western counties in currencies other than the US dollar.

end

5.OTHER COMMODITIES/

end

FERTILIZER

end 

6.CRYPTOCURRENCIES

7. GOLD/ TRADING TODAY

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

ONSHORE YUAN: CLOSED DOWN 6.3634

OFFSHORE YUAN: 6.3753

HANG SANG CLOSED UP  462.76 PTS OR 2.10%

2. Nikkei closed UP 70.49PTS OR 0.25% 

3. Europe stocks  ALL MIXED

USA dollar INDEX  UP TO  98.88/Euro FALLS TO 1.1005

3b Japan 10 YR bond yield: FALLS TO. +.217/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 122.78/ 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:: 100.34 and Brent: 105.35

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

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

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

3h Oil 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 +.0.493%/Italian 10 Yr bond yield FALLS to 2.05% /SPAIN 10 YR BOND YIELD FALLS TO 1.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.51: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.57

3k Gold at $1933.00 silver at: 24.81   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble;// Russian rouble UP 1  1/8 in roubles/dollar; ROUBLE AT 84.63

3m oil into the 100 dollar handle for WTI and 105 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 122.78 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 .9277– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0210 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: 2.393 UP 1 BASIS PTS

USA 30 YR BOND YIELD: 2.463 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 14.70

Futures Rise Ahead Of New Round Of Russia Talks, Twitter Soars On Musk Buying

MONDAY, APR 04, 2022 – 07:53 AM

US futures rose along with stocks in Europe and Asia, as corporate news took some of the focus off developments in the Ukraine war, where peace talks are expected to resume on Monday. Nasdaq 100 futures led gains among other gauges, climbing as much as 0.4% with S&P futures up 0.2%, while equities also rose in Europe. Twitter soared as much as 29% in premarket trading after Elon Musk took a 9.2% passive stake in the company. Tesla shares also rose after the automaker posted record first-quarter deliveries despite supply chain and logistical constraints, taking other electric-vehicle stocks higher as well. 

Chinese stocks listed in Hong Kong climbed over 4% after Beijing sought to modify a rule that restricts offshore-listed firms from sharing sensitive financial data with foreign regulators. That may allow the U.S. to gain full access to audits, reducing the risk of Chinese firms losing Wall Street listings. Starbucks Corp. fell after the coffee chain’s chief executive officer suspended its share buyback program on his first day back on the job. Among other notable premarket movers, electric-vehicle stocks in the U.S. gain in premarket trading along Tesla. Rivian (RIVN US) +1.6%, Nikola (NKLA US) +1%.

  • Starbucks (SBUX US) shares fell 1.6% in premarket trading after the coffee chain’s CEO Howard Schultz suspended its share buyback program on his first day back on the job.
  • Chinese stocks listed in the U.S. rallied on Beijing’s plans to modify restrictions on the data that overseas-listed companies are allowed to share with foreign regulators, easing concerns that these companies could be kicked off American exchanges. Alibaba Group (BABA US) +5%, JD.com (JD US) +5.9%, Pinduoduo (PDD US) +8.5%.
  • Mullen Automotive (MULN US) shares climb 2.8% in premarket after it named John Taylor to the role of senior vice-president of Global Manufacturing and Strategic Planning.
  • NIO (NIO US) jumps 6.8% in premarket as it was upgraded to buy from neutral at UBS following drop in shares of about 44% over the past year, and with potential for sales acceleration on new model launches planned for 2022.
  • SPI Energy (SPI US) jumped 32% in extended trading Friday after the renewable energy company projected revenue between $200 million and $220 million for 2022.

“It would not be surprising to see yields rise further from here and it is very hard to know where they will land,” Angela Ashton, founder and director of investment consulting firm Evergreen Consultants, wrote in a note. “Markets are volatile and there is every chance they will overshoot.”

In geopolitical news, negotiators from Russia and Ukraine may resume video talks Monday, though the European Union said it will hold Russian authorities responsible for alleged atrocities committed in northern Ukrainian towns, saying that the bloc will “as a matter of urgency” work on additional sanctions against Moscow.

Developments around Ukraine are weighing “on today’s appetite for riskier assets like stocks and underly the current uncertain and volatile state of those markets,” said Pierre Veyret, a technical analyst at ActivTrades. Meanwhile, Morgan Stanley Chief U.S. Equity Strategist Michael Wilson, one of Wall Street’s most vocal bears, said the recent rebound in equity markets will prove short-lived as the economy is heading for a sharp slowdown.

The Treasury yield curve is flashing more warnings that economic growth will slow as the Fed raises rates to tame inflation stoked in part by commodities. The two-year U.S. yield has exceeded the 30-year for the first time since 2007, joining inversions on other parts of the curve. The Fed minutes later this week will shape views on the odds of a half percentage-point rate increase in May and provide key details on how the central bank will shrink its balance sheet.

New York Fed President John Williams said Saturday a “sequence of steps” can get rates back to more normal levels. Mary Daly, president of the San Francisco Fed, said in an interview published Sunday that rising inflation and a tight labor market strengthen the case for a half-point May hike.

The Stoxx Europe 600 index fluctuated and turned higher after a soggy start. Consumer discretionary, healthcare and autos led the advance, with Delivery Hero SE jumping as much as 14% after saying it expected the entire company to hit a measure of profitability next year for the first time. The healthcare sector outperformed as Roche Holding AG climbed after the U.S. Food and Drug Administration granted a priority review for its Covid-19 drug Roactemra. Here are some of the biggest European movers today:

  • Delivery Hero rises as much as 14%, leading food delivery peers higher, after announcing debt financing of EU1.4 billion, easing concerns over a first batch of convertible bond repayments, also saying it expects to turn a profit on an adjusted Ebitda basis in 2023.
  • Persimmon and other U.K. homebuilder shares rise following a report in trade publication that the government has dropped its demand for companies to contribute to a cladding remediation fund.
  • Bayer shares gain as much as 3.4% following positive results for its thrombosis prevention drug Asundexian. This prompts Barclays to raise the stock to overweight from equal-weight.
  • Logitech rises as much as 4% after it is raised to buy from neutral at Goldman Sachs on an attractive valuation and solid secular trends for the computer-equipment company.
  • Ted Baker jumps as much as 15% after announcing it has received an improved proposal from private equity group Sycamore, and other unsolicited third-party bid interest.
  • Novartis rises after announcing a new corporate structure to save “at least” $1 billion in SG&A expenses by 2024. ZKB says the new structure increases confidence about Novartis’s margins.
  • Allegro shares sink as much as 7.7% after EBay announced plans for a new opening in the Polish market, aiming to be one of the top-3 e- commerce platforms in the country in coming years.
  • Maersk falls as much as 7.2% amid concerns about a decline in freight demand and macro factors, particularly supply chain issues that have been driving up freight rates, analysts say.

Asian stocks initially traded mixed but later rose, supported by a jump in Chinese tech shares as the risk of getting delisted from the U.S. eased, and as Indian lenders surged upon a major financial sector merger.  The MSCI Asia-Pacific Index rose as much as 1%, boosted by internet giants Tencent and Alibaba. The Hang Seng Tech Index gained the most in over two weeks after China sought to scrap a key hurdle in its spat with the U.S. over audits. Hang Seng outperformed and was bolstered at the open by Chinese dual-listed stocks, with the tech sector the main beneficiary of the weekend Audit news, whilst gains compounded after HK Chief Executive Lam said she will not seek a second term. China on Saturday proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to cooperation on audit oversight while putting the onus on Chinese companies to protect state secrets, via Reuters. Mainland China was closed due to a domestic holiday. Investors welcomed Beijing’s action as it could help avert the threat of U.S. regulators removing Chinese stocks from American exchanges, and herald a more stable relationship between the two economies. That outweighed concerns about a lockdown in Shanghai and rising expectations of a larger U.S. rate hike next month.

“The risk of Chinese ADRs getting delisted seems to have fallen even though it is of course too early to declare ‘all clear,’” said Kota Hirayama, emerging-market economist at SMBC Nikko Securities. “Perhaps Chinese authorities are taking an appeasing stance with an eye on how the West has reacted to Russia’s invasion of Ukraine.” Trading in the region was slow overall with mainland China and Taiwan closed for holidays. Indonesian stocks hit a record high, while Japanese stocks eked out small gains as the Tokyo Stock Exchange’s biggest revamp in over 60 years took effect.  Traders in Asia were also reacting to U.S. jobs data released late last week, which showed the country added close to half a million jobs in March, cementing expectations of a half-percentage point rate hike by the U.S. Federal Reserve early next month

Japanese equities closed the day higher after swinging between gains and losses earlier in the day amid light trading, as the Tokyo Stock Exchange implemented its biggest revamp in over 60 years. The bourse’s overhaul took effect today, replacing the former segments with the new Prime, Standard and Growth sections. The benchmark index Topix will remain in place, but see its components adjusted in stages over several years. “There shouldn’t be that much of a big impact on the operational side with the TSE market revamp, but companies that want to stay in the Prime section or companies that are aiming to enter it may put more focus on governance which is going to be positive for the markets,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research. Telecoms and drugmakers were the biggest boosts to the Topix, which rose 0.5%. SoftBank Group was the largest contributor to a 0.3% gain in the Nikkei 225. The yen fell 0.2% against the dollar, extending its 0.7% loss on Friday. Total daily TSE trading value was 2.7 trillion yen ($22.2b yen), the lowest since Dec. 30. Trading around the region was muted with market holidays in China and Taiwan.

In FX, the Bloomberg Dollar Spot Index was little changed, hovering after a two-day advance and the greenback traded mixed versus its Group-of-10 peers, with commodity currencies leading gains. The pound gained against the dollar as traders looked ahead to speeches by Bank of England officials for further clues on the outlook for monetary policy. BOE Governor Andrew Bailey, Deputy Governor Jon Cunliffe, as well as Chief Economist Huw Pill are all due to speak at separate events Monday. Traders have trimmed bets on the scale of future rate hikes after the central bank softened its guidance in the wake of Russia’s invasion of Ukraine. The yen traded in narrow ranges with no fresh catalysts. Australia’s dollar advanced for a second day amid speculation the Reserve Bank may turn hawkish and as rising equities support demand for growth-linked currencies. Bonds declined after robust U.S. jobs data on Friday caused the U.S. yield curve to bear flatten. While RBA is expected to leave the cash rate at 0.1% on Tuesday, a number of economists have either brought forward their forecasts for the first rate hike to June or are highlighting risks from Governor Philip Lowe turning hawkish, a Bloomberg survey shows.

In rates, Cash USTs are relatively. Treasuries curve steepens with long-end yields cheaper by ~3bp on the day despite gains for bunds and gilts rally during European morning. U.S. 10-year yields around 2.40%, cheaper by ~2bp on the day, lagging bunds and gilts by 6bp and 7bp in the sector; with 2- year richer by ~2bp on the day at 2.43%, 2s10s is steeper by more than ~3bp though still inverted. A heavy IG credit issuance slate is expected this week and, beginning Tuesday, talks by several Fed officials. Japanese government bonds were mixed, with futures and maturities up to 10-years rising on support from the Bank of Japan, while the curve continued to steepen as super-long sectors are outside of the yield-curve control policy and prone to overseas moves. Bunds, gilts climbed, erasing opening declines on haven demand amid escalating geopolitical tensions after the EU says Russia is responsible for atrocities in Ukraine.

Fixed income is mixed. German curve bull-steepens slightly, belly outperforms, richening 4-5bps. Peripheral spreads widen to core. Gilts bull-flatten, richening 6bps across the back end. Cash USTs are relatively quiet. In FX,

In commodities, crude futures give back modest gains. WTI drifts lower, stalling after a brief breach of $100. Brent dips back toward a $103-handle. Base metals are mixed; LME tin falls 1.2% while LME zinc gains 1.9%. Spot gold reverses Asia’s losses to trade near $1,926/oz.

Looking at today’s calendar, we get US February factory orders, Germany February trade balance, Canada February building permits Central bank speakers include the BoE’s Bailey and Cunliffe.

Market Snapshot

  • S&P 500 futures little changed at 4,539.50
  • STOXX Europe 600 up 0.1% to 458.89
  • MXAP up 1.0% to 181.56
  • MXAPJ up 1.1% to 598.67
  • Nikkei up 0.3% to 27,736.47
  • Topix up 0.5% to 1,953.63
  • Hang Seng Index up 2.1% to 22,502.31
  • Shanghai Composite up 0.9% to 3,282.72
  • Sensex up 2.1% to 60,498.35
  • Australia S&P/ASX 200 up 0.3% to 7,513.73
  • Kospi up 0.7% to 2,757.90
  • German 10Y yield little changed at 0.50%
  • Euro little changed at $1.1036
  • Brent Futures up 0.5% to $104.86/bbl
  • Gold spot up 0.3% to $1,930.90
  • U.S. Dollar Index little changed at 98.62

Top Overnight News from Bloomberg

  • Japan showed investors last week just how tenacious it would be in keeping interest rates locked near zero in the world’s third- biggest economy despite skyrocketing inflation across the globe and the risk of weakening the yen to damaging levels
  • Turkish inflation is galloping toward a fresh 20-year high, leaving the lira increasingly vulnerable by depriving the currency of a buffer against market selloffs
  • The EU condemned Russia for atrocities by its military in several Ukrainian towns, saying that the bloc will work “as a matter of urgency” on additional sanctions against Moscow
  • Hungarian Prime Minister Viktor Orban scored a crushing election victory to clinch a fourth consecutive term, overcoming criticism about democratic backsliding, his lukewarm support for war-ravaged Ukraine and close ties with Russian President Vladimir Putin
  • French electricity prices for Monday surged to near a ceiling of 3,000 euros as a cold snap coincided with outages for almost half of the nation’s nuclear reactors

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks initially traded mixed but later turned mostly higher. ASX 200 saw early outperformance as mining names surged, with rising EV sales also boosting some Russia-related metals. Nikkei 225 traded flat with a downside bias throughout the session. Hang Seng outperformed and was bolstered at the open by Chinese dual-listed stocks, with the tech sector the main beneficiary of the weekend Audit news, whilst gains compounded after HK Chief Executive Lam said she will not seek a second term. China on Saturday proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to cooperation on audit oversight while putting the onus on Chinese companies to protect state secrets, via Reuters. Mainland China was closed due to a domestic holiday.

Top Asian News

  • Chinese Tech Stocks Jump as U.S. Delisting Concerns Ease
  • Sri Lanka Central Bank Chief Resigns as Crisis Worsens
  • Ex-Japan Forex Chief Sees Kuroda Standing Firm Despite Weak Yen
  • Pakistan’s President to Appoint Caretaker PM After Consultation

European bourses are mixed, Euro Stoxx 50 +0.2%, failing to derive firm direction after initial opening gains faded in limited newsflow. Sectors, are mixed as well with Roche and Bayer lifting Health Care and the former aiding the SMI while Banking names lag modestly. Stateside, are similarly indifferent with a thin docket ahead.US futures Spanish PM Sanchez says they are to spend EUR 11bn on the semi-conductor and micro-chip industry, via Reuters

Top European News

  • Spain Plans to Invest $12.4 Billion in Chips, Semiconductors
  • Bunds, Gilts Lead Bond Gains Amid Haven Buying After EU Comment
  • Russian Stocks Fluctuate as Traders Mull Talks, Sanctions
  • European Gas Swings With EU Mulling New Sanctions Against Russia

In FX, greenback grinds higher amidst more Fed officials flagging half point hikes post-US jobs data and pre- factory orders, DXY forms 98.500+ base. Aussie outperforms ahead of AIG construction index, final PMIs and RBA policy meeting that might see rate guidance turn more plausible than patient; AUD/USD pivots 0.7500 and AUD/NZDsolid on the 1.0800 handle. Euro underperforms as EGB yields retreat, Russia/Ukraine angst persists and option expiry interest exerts downside pressure, EUR/USD drifts down from 1.1050+ towards 1.1000 and 1bln rolling off between the round number and 1.1010. Forint underpinned following resounding win by Hungarian PM Orban, but Lira undermined by further increases in Turkish CPI and PPI. S&P said Turkey long-term LC rating lowered to ‘B+’ from ‘BB-‘; FC rating affirmed at ‘B+’; outlook remains negative.

In commodities, WTI and are choppy within a relatively contained USD 2.0/bbl range, as we await updates on the Russia-Brent Ukraine talks set to resume on Monday. Currently, the benchmarks are holding within USD 98.00-100.70/bbl and USD  102.90-105.80/bbl parameters respectively. Reports on Saturday suggested Gazprom has stopped deliveries of Russian gas to Germany via the Yamal-Europe pipeline. It was then reported Gazprom has booked to pump gas through the Polish section of the Yamal-Europe pipeline on Sunday night to Monday, according to Interfax. Goldman Sachs upgrades its 2023 oil price forecast to USD 115/bbl (prev. 110/bbl); still forecast end-year oil at USD 125/bbl. “A UN-brokered two-month ceasefire in Yemen was broadly holding on its first full day with oil shipments reaching the port of Hodeida”, according to The Guardian. The Russian Energy Ministry has delayed the publication of March oil output numbers amid technical issues, according to reports. Azerbaijan plans to supply 9.5bcm of gas to Italy, according to Interfax. Indian State has cancelled bids by Adani Enterprises to supply imported coal as prices that were  quoted were too high, according to a government official cited by Reuters. Spot are firmer, deriving modest impetus from the deterioration in sentiment seen around thegold/silver European cash open, metals towards top-end of respective ranges.

US Event Calendar

  • 10:00: Feb. Factory Orders, est. -0.6%, prior 1.4%
  • 10:00: Feb. Factory Orders Ex Trans, est. 0.3%, prior 1.0%
  • 10:00: Feb. Durable Goods Orders, est. -2.2%, prior -2.2%; -Less Transportation, est. -0.6%, prior -0.6%
  • 10:00: Feb. Cap Goods Orders Nondef Ex Air, prior -0.3%;
  • 10:00: Feb. Cap Goods Ship Nondef Ex Air, prior 0.5%

DB concludes the overnight wrap

We also published our Q1 performance review on Friday, covering what was a lackluster month for most asset classes given the war and the tightening policy outlook. You can find that here.

In Ukraine, Russia’s retreat from the north, including Kyiv, and pivot to concentrate their war effort on the east drove some optimism across markets. However, the big story over the weekend were the atrocities left in the wake of the retreating Russian forces, which prompted renewed calls for sanctions from the EU and US. The bloc remained split on the question of whether Russia’s energy sector should be targeted, but the momentum was building toward it. Lithuania and Poland announced they would stop importing Russian energy, despite diplomats noting EU sanctions were strongest when they were coordinated. Germany demurred, though some leaders were at least countenancing energy sanctions, with Defense Minister Lambrecht telling an interviewer the EU should discuss such measures.

Elsewhere, there were positive negotiation developments. Secretary of State Blinken gave the US imprimatur for President Zelensky to offer the removal of western sanctions in exchange for peace, which was an uncertain prospect. It remains too early to tell whether negotiations have turned a new leaf given the reported war crimes and intense fighting in the east. On the latter point, port city Odessa endured rocket attacks over the weekend.

To start the week, the Nikkei (+0.06%) is flat with the Hang Seng (+1.24%) and Kopsi (+0.37%) strengthening. Chinese tech shares listed in Hong Kong soared following China’s decision to allow US authorities better audit access to Chinese firms and thus avoid delisting from US exchanges. Markets in mainland China are closed to start the week for holiday. US futures point to a lower open, with S&P 500 (-0.14%) and Nasdaq (-0.26%) futures retreating.

Oil prices are extending last week’s drop in early trading, with Brent futures -0.41% at $103.96/bbl and WTI futures (-0.25%) staying below $100/bbl. Along with the increase in US oil supply, demand could take a hit as the Covid outbreak in China has intensified, driving more severe lockdowns, including in Shanghai. Reports of emerging sub-variants to Omicron in China will also bear watching in the coming days and weeks. Elsewhere, 2yr Treasury yields (+2.44bps) increased to three-year highs of 2.48%. Try as it might to steepen, the 2s10s curve remains -6.9bps inverted this morning.

On the curve, the 2s10s Treasury yield curve ended last week -8.0bps inverted. There has been plenty ink spiled on the recessionary risk signal embedded within the yield curve. Meanwhile, the narrative is that healthy sector balance sheets, including a stockpile of excess consumer savings, will foam the runway of any slowdown. At the same time, financial conditions have now eased to pre-invasion levels despite the implied market pricing of 2022 Fed hikes hitting their highest level. One wonders if strong balance sheets have made consumers less exposed to credit conditions, attenuating the link between higher policy rates and slowing demand. Indeed, Fed data show household financial obligations as a percent of income are at multi-decade lows while FHFA data show less than 1% of outstanding American mortgages are adjustable rate, often the biggest credit exposure for households, well-below levels during the last hiking cycle let alone the peak of the housing crisis and subsequent recovery. Instead of foaming the runway, might it be that strong balance sheets will force the Fed to hack through more underbrush to reach the clearing (to mix my metaphors) via higher terminal rates? Of course, this picture could turn quickly as Covid-era mortgage and student loan forbearance programs come to an end. Further, tightening credit conditions are but one mechanism slowing demand; wealth effects as higher rates hit home prices and equity portfolios and demand destruction if real wages lag will contribute, while the Fed still holds out hope that supply side expansion will also help bring inflation back to target.

How the Fed are thinking about these questions will be expounded in the March FOMC meeting minutes released this week. Liftoff was the main event at the March meeting, and the minutes should reveal how policymakers are considering the sizing and pace of future rate hikes, especially as St. Louis Fed President Bullard dissented in favor of a +50bp hike in March. The minutes should also have more detail about the rundown of the Fed’s balance sheet, as I covered with our Chief US economist in a piece last Friday (see here). The Fed has signalled QT could begin as soon as May but didn’t clarify QT’s parameters. After a year of careful, cautious balance sheet communication (it appears QT won’t get the ‘talking about talking about’ treatment that taper received), the omission was notable, so the minutes should contain useful information.

The ECB will also release the account of their March monetary policy meeting, where investors can look for more clues about how the central bank is balancing the risks from the war and from higher inflation when setting the course for monetary policy. ECB policy pricing through 2022 has also recovered from its depths at the invasion’s outset, with +54bps of tightening priced in to start the week.

Rounding out central banks, the RBA has its meeting tomorrow, BoE Governor Bailey speaks today, Fed Vice Chair nominee Brainard speaks tomorrow, while a number of other speakers from the Fed, ECB, BoE, and BoJ will hit the tapes.

It is a lighter week for global data releases, with US ISM services, China PMIs, Eurozone PPI, and Japan consumer confidence figures among the highlights. Earnings are light as well, but Sberbank and Lukoil releases will provide insight about the impact of the war on Russian companies. On politics, the first round of the French Presidential elections are coming up Sunday.

A quick wrap on the week that was. As mentioned, Russia’s retreat from northern theaters and the yield curve inversion were the main focus along with the US’s historic release of Strategic Petroleum Reserves that sent brent crude oil futures -13.18% (-2.89% Friday) lower.

Sovereign bonds traded with notable volatility, with ten-year Bund and Treasury yields falling -3.2bps (+0.7bps Friday) and -9.1bps (+4.4bps Friday), respectively. This came as policy rates continued to price additional tightening, driving 2yr Treasury yields +18.7bps (+12.2bps Friday) higher, sending the 2s10s yield curve to -8.0bps after flirting with inversion since early in the week. 2yr Bund yields increased +6.7bps (+0.6bps Friday), even moving above zero intraweek.

Equity markets were much more subdued by comparison, with the VIX falling -1.19 ppts (-0.93ppts Friday) and below 20 for the first time in almost 2 months. The S&P 500 managed to just eek out a weekly gain at +0.06% (+0.34% Friday), while news of Russian retreat was a bigger boost to European stocks, with STOXX 600 gaining +1.06% (+0.54% Friday).

Friday brought the US employment situation report; nonfarm payrolls increased by +431k in March. The slightly-below-expectations reading was offset by a revision to the previous month’s figures. The unemployment rate ticked down to a post-pandemic low of +3.6%. Meanwhile core PCE inflation increased to a fresh four-decade high of +5.4% in the US. Eurozone CPI surprised well to the upside month-over-month, gaining +2.5% versus expectations of +1.8%, while core CPI increased to +3.0% on a year-over-year basis.

Finally, US ISM manufacturing at 57.1, was slightly below expectations and the prior month print, while the prices paid component surprised higher at 87.1.

3. ASIAN AFFAIRS

i)MONDAY MORNING// SUNDAY  NIGHT

SHANGHAI CLOSED //Hang Sang CLOSED UP 70.49 PTS OR 0.25 %  /The Nikkei closed UP 462,76 PTS OR 2,10%        //Australia’s all ordinaires CLOSED UP 0.42%  /Chinese yuan (ONSHORE) closed DOWN 6.3634    /Oil UP TO 100.23 dollars per barrel for WTI and DOWN TO 105.35 for Brent. Stocks in Europe OPENED  ALL MIXED        //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.3634 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.3753: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER//

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

END

3B JAPAN

end

3c CHINA

CHINA/

end

CHINA/SHANGHAI/COVID

Now the entire city is in lockdown, 26 million people and they cannot get food and medicines

(zerohedge)

Shanghai Lockdown Expanded To Cover Entire City As China’s Worst Outbreak In 2 Years Drags On

SATURDAY, APR 02, 2022 – 09:00 PM

Unfortunately for the CCP bureaucrats in charge of China’s largest city, the punishing 9-day staggered lockdown imposed late last month on Shanghai has failed to suppress the omicron driven outbreak in the city. Instead,  cases have continued to rise, prompting authorities to expand the scope of what was supposed to be a short-lived staggered freeze to cover the city’s entire population.

The eastern half of Shanghai remains under tight movement restrictions even after a four-day lockdown was supposed to have ended Friday morning. This means the entire city of roughly 26 million is currently under some form of restrictions as the lockdown in the western half of the city begins, Bloomberg reports.

While the lockdown of Shanghai’s east officially ended at 5 a.m. local time Friday, most residents were not able to leave their homes immediately under what the local government described as a tiered quarantine regime.

People with mild or no symptoms are required to be put under compulsory central quarantine for treatment or monitoring at mostly makeshift facilities built in massive gymnasiums or exhibition centers around the city. If parents with young kids are sent to central quarantine, authorities will try to help find volunteers or staff to look after the children left behind, Zeng Qun, deputy head of Shanghai Civil Affairs Bureau said at a briefing.

The rules also required anyone living in a building where a Covid case has been reported to stay confined in their home for two weeks. Residents of other buildings in the same compound as the block where a positive patient was reported will be subject to seven-day home quarantine.

Thanks to these “targeted” restrictions, nearly all of the nearly 9 million residents living in the eastern half of Shanghai were still subject to some form of COVID restrictions. Nearly 40% of Saturday’s newly reported infections in the city came from Pudong, the eastern part.

Now that the outbreak in Jilin Province has subsided (a punishing multi-week lockdown in that province has finally been lifted), Shanghai has emerged as the epicenter of China’s worst virus outbreak since the early days of the pandemic. The financial center’s daily case count has surged from less than five at the beginning of March to a peak of more than 6,300 on Friday.

“At present, the epidemic situation is severe and complex, and the task of prevention and control is extremely arduous,” Wu Qianyu, an official at the Shanghai municipal health commission, said at a media briefing.

To be sure, it’s likely that the increase in new cases is a result of further screening. Authorities tested more than 14 million people in the western half of the city Friday as part of two-round tests.

Last month, President Xi Jinping instructed local authorities to take a more nuanced approach to combating COVID. While preserving human life must remainthe priority, the president urged policy makers to embrace more “targeted” measures – including an increase in testing and locally-focused lockdowns on residential complexes where cases had been confirmed.

But the continuing spread of the virus in Shanghai is the biggest test yet of Xi’s plan to preserve economic growth without sacrificing lives. Amid reports of deaths of old folks homes and a surge in medical emergencies, local public health authorities have ordered hospitals and clinics across the city to reopen emergency wards amid reports that people were being denied access to treatment during the lockdown. There has even been a case of one individual dying after being turned away from a hospital due to COVID protocols, according to the SCMP.

Meanwhile, authorities have employed robot emissaries like this robot dog to bark instructions at local residents as the citywide testing campaign continues.

While millions of Chinese will likely suffer as the government scrambles to provide enough food, medicine and other emergency supplies to the increasingly desperate population, there’s one individual who stands to benefit: President Joe Biden. Assuming news of the tighter lockdown sends crude oil prices lower, Biden might be able to take credit, given the timing of the SPR release announcement earlier this week (although few sell-side analysts expect the decision to have a meaningful impact on prices long term).

end

This is extremely scary!!  Children are now becoming COVID positive in increasing numbers.  Children do not have ACE 2 receptors so how are kids being infected. Remember China is full vaccinated but with their own vaccines

(zerohedge)

“I Have No Idea What’s Going On” – Shanghai Officials Separate COVID-Positive Children From Parents As Outbreak Worsens

SUNDAY, APR 03, 2022 – 11:00 PM

Local authorities’ initial plans for a nine-day staggered lockdown in Shanghai have already been dashed, as we reported earlier that the entire city is now under some level of lockdown, despite authorities’ promises that the eastern half of the city would see restrictions eased on Friday. And while the CCP scrambles to bring more hospital capacity online to treat the desperately ill (including primarily those who are suffering from non-COVID maladies), locals are complaining that authorities have resorted to separating sick children from their parents in the name of the lockdown.

Parents who brought their children in for treatment have seen them taken by authorities and moved to official quarantine facilities, often leaving families in the dark about their childrens’ condition. When both parent and child have tested positive, doctors have used threats to browbeat families into compliance. in some cases, children as young as 3 months old have reportedly been separated from their breast-feeding mothers.

Reuters shared the story of Esther Zhao, a woman who was separated from her 2.5-year-old daughter in Shanghai after the girl came down with a fever.

Esther Zhao thought she was doing the right thing when she brought her 2-1/2-year-old daughter to a Shanghai hospital with a fever on March 26.

Three days later, Zhao was begging health authorities not to separate them after she and the little girl both tested positive for Covid, saying her daughter was too young to be taken away to a quarantine centre for children.

Doctors then threatened Zhao that her daughter would be left at the hospital, while she was sent to the centre, if she did not agree to transfer the girl to the Shanghai Public Health Clinical Center in the city’s Jinshan district.

Despite pleading with doctors for information, parents are often left in the dark, offered few – if any – updates about their child’s status.

Since then she has had only one brief message that her daughter was fine, sent through a group chat with doctors, despite repeated pleas for information from Zhao and her husband, who is in a separate quarantine site after also testing positive.

“There have been no photos at all…I’m so anxious, I have no idea what situation my daughter is in,” she said on Saturday through tears, while still stuck at the hospital she went to last week. The doctor said Shanghai rules is that children must be sent to designated points, adults to quarantine centres and you’re not allowed to accompany the children.

Making matters worse, images of crying children who had been separated from their parents went viral on Chinese social media, filling Zhao with feelings of dread. The photos and videos posted on China’s Weibo and Douyin (the Chinese version of TikTok) social media platforms depicted wailing babies, crowded three to a cot. In one video, a clearly distressed toddler crawled out of a room with four child-sized beds pushed to one side of the wall. Few adults could be seen. While Reuters wasn’t able to independently verify the videos, a sources familiar with the facility confirmed their authenticity, and also confirmed that the facility is situated in at the Jinshan District of Shanghai.

While most of these posts had been deleted by the authorities by Saturday, thousands of comments and complaints remained on the sites.

Some of the videos have survived on American social media.

The separation policy is the latest controversy to elicit widespread outrage across Shanghai. It comes after authorities were caught lying about the number of deaths in the city’s nursing homes.

The big question now: will this be enough to derail the political career of Li Qiang, the Communist Party secretary of Shanghai and an important ally of President Xi? Li is (or rather, was) expected to be elevated to the Politburo Standing Committee, China’s most powerful policy-setting body during the National Party Congress later this year.

But considering the number of local officials who have been sacked for their failure to contain local outbreaks, it’s not outside the realm of possibility that Li could be next

end.

4/EUROPEAN AFFAIRS//UK AFFFAIRS

GERMANY//EU/GAZPROM

Gazprom halts gas shipments temporarily to Europe via the critical Yamal Europe pipeline.

(zerohedge)

Gazprom Halts Gas Shipments To Europe Via Critical Pipeline

SATURDAY, APR 02, 2022 – 09:55 AM

After European nations imported the most gas from Russian sources yesterday in months, scrambling to stock up on supplies as Russian President Vladimir Putin’s deadline to either pay for gas in rubles (or be cut off) came and wentRussian gas giant Gazprom has officially halted all deliveries to Europe via the Yamal-Europe pipeline, a critical artery for European energy supplies.

Instead of flowing toward Germany and the EU, gas supplies on Friday and Saturday started flowing in the opposite direction, according to Gascade, the network operator.

In recent months, the EU has already boosted imports of LNG from the US…

…and despite President Biden’s promise to bolster to exports to the EU (although he stipulated that not all of this additional capacity would come from the US), researchers at Goldman Sachs have already shown that US exports of LNG are already at capacity.

Another problem for pipeline-dependent Europe: the continent presently doesn’t have the infrastructure to allow it to rapidly ramp up imports of LNG, which must be carefully processed and “regassified” before it can be distributed to utilities and other distributors of energy.

A map below illustrates the level of dependence that various European economies have on Russia.

But it’s not just the Germans who must now make due without Russian gas supplies. British energy major Shell is being cut off from Russian supplies in response to the UK’s economic sanctions on Russia, said Dmitry Peskov, the press secretary of Russian President Vladimir Putin.

“London wants to be the leader of everything anti-Russian. It even wants to be ahead of Washington! That’s the cost!” Peskov outlined.

So far, the UK is the only country to have imposed sanctions on Russia’s Gazprombank, through which payments for Russian natural gas are made. The measure effectively denies Britain the ability to pay for the commodity, and has forced Gazprom to walk away from the sales and trading arm. In accordance with Putin’s decree that Russian gas be paid for in rubles, Gazprom has set up foreign-currency accounts for customers where their currencies can be converted into rubles on the Moscow exchange.

Now that Putin is turning up the pressure, the European nations have a difficult choice ahead: either they can play ball and demonstrate to the world that their efforts to wean themselves off of their dependence on Russian energy have been mostly in vain. Or they can face a “catastrophic” economic crisis as energy prices soar, leading to rationing, blackouts and other measures that will make the 1970s oil crisis in the US look like child’s play.

END

GERMANY/

German retailers are to increase food prices by 20 to 50% today

(zerohedge)

German Retailers To Increase Food Prices By 20-50% On Monday

SUNDAY, APR 03, 2022 – 01:55 PM

Just days after Germany reported the highest inflation in generation (with February headline CPI soaring at a 7.6% annual pace and blowing away all expectations), giving locals a distinctly unpleasant deja vu feeling even before the  Russian invasion of Ukraine broke what few supply chains remained and sent prices even higher into the stratosphere…

… on Monday, Germany will take one step toward a return of the dreaded Weimar hyperinflation, when according to the German Retail Association (HDE), consumers should prepare for another wave of price hikes for everyday goods and groceries with Reuters reporting that prices at German retail chains will explode between 20 and 50%:

  • GERMAN RETAIL CHAINS TO INCREASE FOOD PRICES BY 20-50% FROM MONDAY

Even before the outbreak of war in Ukraine, prices had risen by about five per cent “across the product range” as a result of increased energy prices, HDE President Josef Sanktjohanser told the Neue Osnabrücker Zeitung on Friday. With Russia’s invasion hitting economies and the supply chain harder, yet another series of price increases is on the horizon.

“The second wave of price increases is coming, and it will certainly be in double figures,” Sanktjohanser warned, cited by The Local.

According to the president of the trade association, the first retail chains have already started to raise their prices in Germany – and the rest are likely to follow.

“We will soon be able to see the impact of the war reflected in price labels across all the supermarkets,” said Sanktjohanser.

Recently, popular retail chains such as Aldi, Edeka and Globus announced that they would be forced to raise their prices. At Aldi, meat and butter will be “significantly more expensive” from Monday due to price hikes from its suppliers.

“Since the start of the Ukraine war, there have been jumps in purchase prices that we have not experienced before,” a spokesperson for Aldi Nord announced on Friday.  

A fortnight ago, Aldi raised the prices of about 160 items, and a week later 20 more items became more expensive. Other supermarket brands quickly followed suit.

In February, Germany’s cost of living rose at the highest level since reunification, with everyday goods increasing by an average of 7.3%. The federal statistics agency Destatis said the jump from January’s figure of 5.1 percent to February’s 7.3 percent reflected the impact of Russia’s invasion of Ukraine, which has sent the price of oil and gas soaring.

According to a recently published survey by the Ifo Institute, almost all companies in Germany’s food retail sector are planning price increases.

Though price increases are a worry for Germany’s hard-hit consumers, industry experts don’t expect there to be a lack of products on the shelves anytime soon. Which, of course, is to be expected when prices surge so high far fewer can afford to buy products.

According to Joachim Rukwied, president of the farming association, the food supply in Germany is assured for at least another year – though after this the forecasts are less certain. With rumors of shortages swirling around, however, supermarket owners have been complaining of the sort of panic-buying not seen since the first months of pandemic.

As previously noted, German supermarkets have even started limiting the purchase of cooking oils and flour in particular to prevent a mad rush to stock up on items that customers believe will run out. In other words, limit the sale of those products which are in highest demand, also known as a “brilliant strategy.”

And now that everyday food product prices are about to surge as much as 50%, it will be interesting to watch how much longer the German population will condone a NATO stance that has been seeking to stoke and perpetuate the war in Ukraine.

end

FRANCE

Cold Snap Sends French Power Prices To 13-Year High 

MONDAY, APR 04, 2022 – 09:10 AM

A cold snap swept across France Monday morning, forcing the country’s electricity grid manager to request businesses and households to reduce power consumption as energy prices spiked. This is happening as half of the country’s nuclear reactors are offline, and parts of Europe are preparing for Russian natural gas supplies to dry up. 

The fragility of Europe’s power grid is on full display today, even as spring arrives. French power prices spiked to 3,000 euros, a 13-year high, due to an increase in heating demand as grid operator RTE requested households and businesses to reduce energy-intensive devices.

The severe power crunch comes as 25 of Electricite de France SA’s 56 nuclear reactors are offline. For some context, France’s primary power source is nuclear, contributing at least 70% of total production. 

RTE said power consumption could reach as much as 73,000 megawatts on Monday morning. Power generation will only be 65,000 megawatts. However, the grid operator said that power imports would be as much as 11,000 megawatts. 

France and other European countries have been struggling with an energy crisis that appears to be continuing and may last through summer as energy supplies from Russia decline. The conflict in Ukraine has exacerbated energy disruptions as European countries plan to reduce their dependency on Russian gas (we suspect this will be a hard transition, if not, impossible). 

Bloomberg’s commodity analyst Javier Blas reminds people, “Europe’s energy problems predate Russia’s invasion of Ukraine.” 

Even with nuclear power, the largest source of electricity in France, what continues to amaze us is the number of reactors that remain offline. 

Besides energy woes in France, the cold weather is threatening vineyards in the country’s wine-producing areas. The frost is a similar phenomenon that hit last year, causing upwards of 2 billion euros in losses.

END 

POLAND/USA/RUSSIA

Poland is now open to host USA nukes on NATO’s eastern flank

(zerohedge)

Poland ‘Open’ & Ready To Host US Nukes On NATO’s Eastern Flank

SUNDAY, APR 03, 2022 – 12:00 PM

The large NATO ‘eastern flank’ country of Poland now says it’s “open” to hosting nuclear weapons as a deterrent against Russian aggression. A fresh weekend statement from Deputy Prime Minister of Poland Jaroslaw Kaczynski urged a tougher united Western stance against Moscow.

Specifically he said Poland stands open and ready to deploy US nuclear weapons on its soil. This is the same ruling party politician who previously called for a NATO ‘peacekeeping’ mission in Ukraine, which other Western leaders have rejected given it would mean a direct shooting war with Russia. 

“The eastern flank must be much better protected in the future than before,” Kaczynski told Germany’s Welt Am Sonntag newspaper. He also explained the need for America to increase its troops presence in the region by at least half. 

In perhaps the most provocative section of the interview, he said: “Let’s face it: The soldiers of the U.S. nuclear power are the strongest stopping Russia from attacking NATO countries and provide us with the greatest security.”

He went to comment the following on tactical nukes on Polish soil, as reported in Newsweek:

Asked if he thought the U.S. should deploy tactical nuclear weapons to Eastern Europe, Kaczynski said he had discussed the idea with American senators while still in opposition with his Law and Justice Party.

“Back then, they thought it was possible. If the Americans asked us to store American nuclear weapons in Poland, we would be open to it,” Kaczynski told Welt Am Sonntag.

He explained the rationale by saying “This would significantly strengthen deterrence [against Moscow]… At the moment, this issue does not arise, but it may change soon. The initiative would have to come from the Americans. In principle, however, it makes sense to extend nuclear weapons sharing to the eastern flank.”

Addressing the US troop presence, he said, “Poland would be pleased if the Americans increased their presence in Europe from the current 100,000 soldiers up to 150,000 in the future due to Russia’s increasing aggressiveness.”Jaroslaw Kaczynski, the leader of Poland’s ruling conservative party, Law and Justice. Via AP

The Center for Arms Control and Non-Proliferation has estimated that NATO currently has about 100 US nuclear weapons in Europe, which it says is “stored in five NATO member states across six bases: Kleine Brogel in Belgium, Büchel Air Base in Germany, Aviano and Ghedi Air Bases in Italy, Volkel Air Base in the Netherlands, and Incirlik in Turkey.”

Moving any of these into Poland, just across the border from where the Russian military is operating in Ukraine – and so close to what Moscow sees as its own ‘backyard’ – would certainly result in Russia escalating its own nuclear posture. A big part of Russia-NATO tensions underlying the current Ukraine crisis is precisely related to missile placement in Europe, with both sides having expressed a prior desire to work out an agreement, but which now looks more distant than ever.

end

EU RUSSIA/

EU to issue new sanctions against Russia after the discovery of the Bucha massacre

(zerohedge)

EU Preps New Russia Sanctions After Bucha Massacre Which Kremlin Calls Staged “Provocation”

MONDAY, APR 04, 2022 – 09:51 AM

Following a weekend where Ukraine released a barrage of videos it says depicts massacres of civilians in the town of Bucha on the outskirts of Kiev, Western powers are mulling and readying a next wave of anti-Russia sanctions due to what the US and others say are war crimes. 

The European Council said in a Monday statement: “The European Union condemns in the strongest possible terms the reported atrocities committed by the Russian armed forces in a number of occupied Ukrainian towns, that have now been liberated.”

Ukrainian and Western media sources are widely citing that at least 300 residents of Bucha were killed, a town now back in control of Ukrainian forces, after the area endured “unspeakable horrors”. Western media and officials are now increasingly using the word genocide to describe it. Ukrainian authorities say they’ve counted 410 among the bodies, most of them with gunshots, strewn about the town.

“The massacres in the town of Bucha and other Ukrainian towns will be inscribed in the list of atrocities committed on European soil,” the EU added.

The Kremlin is vehemently rejecting the accusations, calling it a ‘staged provocation’ for the purpose of triggering more sanctions and drawing the West more into the fight. Russian Foreign Ministry spokeswoman Maria Zakharova said, “Yesterday, the current UN SC president, Britain, acting in accordance with its worst traditions, once again refused to give consent to holding a Security Council meeting on Bucha. Today, Russia will demand once again the UN Security Council meet in session to discuss criminal provocations by the Ukrainian military and radicals in that city,” according to TASS.

CNBC describes of the graphic and disturbing images now being featured on Western and American news networks

Haunting photos of residential streets strewn with bodies have been published by international news outlets. Russia is denying the accusations, calling the photos “another provocation” from Ukraine. 

CNN and others are reporting mass graves in the town and are now calling it scene of a “genocide” – also alleging that many civilians were executed with hands tied behind their backs:

Further in response EU Commission Vice President Valdis Dombrovskis said before going into a meeting of euro-area finance ministers in Luxembourg: “We must step up our pressure against Russia and we must step up our support for Ukraine,” according to Bloomberg. He confirmed that regarding new sanctions “discussions are ongoing” and that “nothing is off the table”.

French President Emmanuel Macron was among top European leaders to say he’s ready to support new sanctions as a result of Bucha, while German Defense Minister Christine Lambrecht called on the European Union to discuss ending Russian gas imports.

But given that 40% of Europe’s supply needs are met by Russia, it remains that:

“More sanctions of course also mean that the risk of energy disruptions in Europe rises, because of our own sanctions or because Russia might get completely serious with its counter-sanctions rather than just changing the payment mode for natural gas,” said Ulrich Leuchtmann, Commerzbank Head of FX.

Indeed the real question remains just how to do all of this without EU members hurting their own countries’ economies just as much if not more than what’s intended for Russia.

Russian Foreign Minister Sergey Lavrov had also immediately dismissed what he deemed a “fake attack” in Bucha. He said “such provocations” are a “direct threat to international peace and security” – as they aim to escalate toward a major NATO-Russia showdown.

END

UK/COVID/XE HYBRID OMICRON

England hit with another more transmissible Covid 19 called XE hybrid Omicron which is 10x more transmissible than Omicron Ba 2 which is prevalent throughout the country.

(market place)

UK adds nine more COVID symptoms to official list at its struggles with record case load

April 4, 2022 at 10:30 a.m. ET

MarketWatch

Experts fret about XE hybrid omicron variant that WHO says is likely 10 times more infectious than BA.2 subvariant

The official list of symptoms of COVID-19 has been expanded in the UK, where cases are currently running at the highest level since the start of the pandemic.

The National Health Service added nine new symptoms to the list of just three, including sore throat, fatigue and headache, as the Guardian reported.

About1 in 13 people in the UK, or 4.9 million people, were estimated to have COVID in the week through March 26, up from 4.3 million the previous week, as the Associated Press reported.

The latest surge is driven by the more transmissible omicron variant BA.2, which is the dominant variant across the U.K. Hospitalizations and death rates are again rising, although the number of people dying with COVID-19 is still relatively low compared with earlier this year.

However, the latest estimates suggest that the steep climb in new infections since late February, when British Prime Minister Boris Johnson scrapped all remaining coronavirus restrictions in England, has continued well into March.

The figures came on the same day the government ended free rapid COVID-19 tests for most people in England, under Johnson’s “living with COVID” plan. People who do not have health conditions that make them more vulnerable to the virus now need to pay for tests to find out if they are infected.

James Naismith, a biology professor at the University of Oxford, said except for those who are completely shielded or not susceptible to the virus, most people in the country would likely be infected with the BA.2 variant by the summer.

“This is literally living with the virus by being infected with it,” he told the AP.

Already, airlines EasyJet and British Airways have had to cancel thousands of flights, because staff are out with COVID, said the Guardian. A total of 62 flights scheduled for Monday have been pulled.

The news bodes badly for the U.S., where cases are still falling nationally, but are picking up in more than a dozen states thanks to BA.2. The U.S. has lagged cases in the UK and Europe by a few weeks since the start of the pandemic.

The U.S. is averaging 27,088 cases a day, according to a New York Times tracker, down 9% from two weeks ago. But cases are rising in states in the Northeast and South. The country is averaging 16,122 hospitalizations a day, down 27% from two weeks ago. The daily death toll has fallen below 700 to 649, but is still an undesirably high number

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE/THE WEST

Russian Central Bank eases capital controls as the ruble erases losses

(zerohedge)

Russian Central Bank Eases Capital Controls As Ruble Erases Losses

FRIDAY, APR 01, 2022 – 06:00 PM

Now that the Russian ruble has erased all of its post-incursion losses…

…the Russian Central Bank decided on Friday that it would loosen restrictions on the transfer of funds abroad, much to the relief of ordinary Russians (particularly the wealthy, as well as the Middle class, who have increasingly been turning to the UAE, Israel and other locales as havens for their capital and assets).

CBR said it would allow Russians and non-residents from countries that don’t support sanctions to transfer up to $10,000, or its equivalent in another currency, each month.

Shortly after Russia’s “special military operation” began last month, Russia’s central bank tightened restrictions on money flowing abroad, barring non-Russians from transferring more than $5,000 a month out of the country.

Transfer limits will be determined using the CBR’s official exchange rates for the ruble against other currencies, the bank said.

Still, Russia will retain a tight grip on its currency market even with the easing of these capital controls. Russian brokerages still aren’t allowed to let foreign clients sell securities, one of a retinue of policies intended to support the ruble.

CBR has also restricted the amount of dollars that Russians can withdraw from bank accounts denominated in foreign currencies. Russian banks have been barred from selling foreign currencies to Russians until early September as the Russian banking system continues to face the repercussions of the seizure by the West of hundreds of billions of dollars’ worth of foreign-currency reserves held in accounts abroad.

END

deadly

(Roberts/EpochTimes)

Russia Threatens To Limit Vital Exports Of Agriculture Products To “Friendly” Countries Only

MONDAY, APR 04, 2022 – 11:05 AM

Authored by Katabella Roberts via The Epoch Times,

A senior Russian government official has threatened to limit exports of agriculture products to “friendly” countries only amid sanctions from Western nations in response to its invasion of Ukraine.

Dmitry Medvedev, who previously served as Russia’s president from 2008 to 2012 and is now deputy secretary of the country’s security council, took to Telegram on April 1 where he warned of the potential move.

Medvedev said that many counties depend on supplies of food from Russia, a major global wheat exporter, writing: “It turns out that our food is our quiet weapon. Quiet but ominous,” according to Breitbart.

“The priority in food supplies is our domestic market. And price control,” he continued.

“We will supply food and crops only to our friends (fortunately, we have a lot of them, and they are not at all in Europe and not in North America). We will sell both for rubles and for their national currency in agreed proportions.”

He then explained that Russia would not supply products and agricultural products to those countries it deems as “enemies.”

And we won’t buy anything from them (although we haven’t bought anything since 2014, but the list of products prohibited for import can be further expanded),” he continued.

Russia previously imposed a ban on imports of certain agricultural products from the EU and other Western countries in 2014 after its annexation of Crimea.

Farmers harvest with their combines in a wheat field near the village Tbilisskaya, Russia, July 21, 2021. (AP Photo/Vitaly Timkiv)

Russia serves as a major global exporter of several commodities, including sunflower oil, barley, and wheat; the latter of which it mainly supplies to Africa and the Middle East.

It is the world’s largest exporter of wheat, according to the Observatory of Economic Complexity, having exported $10.1B in wheat in 2020 alone, despite the global COVID-19 pandemic and various supply chain issues.

The European Union and Ukraine are its main competitors in the wheat trade, which manifests as items such as pasta, bread, cereal, and fried foods for consumers.

A ban on exports of certain agriculture products to so-called “unfriendly” countries could put further pressure on those nations that are already bracing for potential food shortages resulting from the Kremlin’s invasion of Ukraine and subsequent western sanctions.

Speaking of possible shortages, U.S. President Joe Biden said during a press conference at the White House on March 24 that “it’s going to be real,” noting that “the price of these sanctions is not just imposed upon Russia, it’s imposed upon an awful lot of countries as well, including European countries and our country as well.”

Biden said the United States and Canada may need to boost their food production to avoid shortages in Europe and other places.

However, it is unlikely that the United States would likely experience any significant shortages, whereas European countries that are more dependent on Russia for imports, as well as less economically developed nations, could see fewer products on supermarket shelves.

Medvedev’s remark comes after Russian President Vladimir Putin set a deadline for customers from “unfriendly” countries, which includes all member states of the European Union, to start paying for Russian gas deliveries in roubles or face being cut off.

Multiple European buyers of Russian energy have so far refused to comply with the demand. However, Slovakia’s minister of the economy on Sunday said his country is willing to do so.

end

Biden vows more sanctions but they are hurting the west far more than russia

(zerohedge)

Biden Vows More Russia Sanctions, Urging ‘War Crimes Trial’ For Putin

MONDAY, APR 04, 2022 – 01:26 PM

President Biden on Monday repeated his view that Russian forces have committed war crimes, after last month he for the first time called Putin a “war criminal” – but in the latest comments the US president focused on allegations coming out of the town of Bucha, which lies on the outskirts of Kiev.

Biden said of Putin on Monday, “This guy is brutal and what’s happening in Bucha is outrageous and everyone has seen it.” He told reporters, “I think it is a war crime.” He called for a war crimes trial while saying “we have to gather all the details” to be able to have one, AFP reports.

Biden further affirmed, “I am seeking more sanctions” – but didn’t get into specifics, after EU officials have said they are in discussions for rolling out new penalties on Moscow. Some top German officials are even calling for banning Russian natural gas.

Biden’s comments were the first he’s issued specifically on Bucha, where Ukraine officials are alleging that Russian troops “massacred” over 400 civilians, which they say in many instances had hands tied behind their backs and were shot at close range execution-style. 

“He should be held accountable,” Biden said further of Putin, suggesting the US will seek a formal charge for Putin at the International Criminal Court (ICC). The Hill reports that the administration is still collecting evidence

Biden reiterated his characterization of Putin as a “war criminal” on Monday but said more evidence needed to be collected so a war crimes case can be tried. The International Criminal Court has launched an investigated into whether Russia committed war crimes in Ukraine.  

The State Department already formally accused Russia of committing war crimes in Ukraine by deliberately targeting civilians, including in strikes on a maternity hospital and theater that was being used as a shelter in Mariupol. 

Videos purporting to show the aftermath of atrocities began coming out in the last days after Ukrainian forces re-entered the town for the first time. However, some independent geopolitical commentators are questioning what they say is a hasty narrative with little that’s confirmed. 

Even The New York Times initially admitted it cannot “independently verify” the allegations surrounding what happened at Bucha…

The Pentagon too has said it can’t verify the Ukrainian narrative of events, but one official said the following:

Meanwhile, a senior U.S. defense official said the Pentagon could not independently confirm reports of killings in Bucha but said officials have “no reason whatsoever to refute the Ukrainian claims about these atrocities.” 

The Kremlin has rejected the claims of atrocities and a “genocide” at Bucha as part of ‘staged provocations’. Russian officials have urged a special UN Security Council meeting to refute the allegations – a prospect which Western allies aren’t keen on.

end

US Moves To Suspend Russia From UN Human Rights Council, Calling Presence A “Farce”

MONDAY, APR 04, 2022 – 12:05 PM

The United States is moving to suspend Russia’s from the United Nations Human Rights Council amid allegations that Russian troops have committed a massacre in the town of Bucha, which is on the outskirts of Kiev. Ukraine has alleged that 410 bodies have been found, many which had their hands tied behind their backs and were shot execution-style.

America’s ambassador to the UN Linda Thomas-Greenfield confirmed on a Monday statement that she’ll work with allies to suspend Russia from the body. “In close coordination with Ukraine, European countries and other partners at the UN, we are going to seek Russia’s suspension from the UN Human Rights Council,” she said.

She further said it was a “farce” to allow Putin’s Russia a seat on the council during remarks in Bucharest on Monday. “And it is wrong, which is why we believe it is time the U.N. General Assembly vote to remove them,” Thomas-Greenfield added.

For the US to get Russia booted from the UN HRC, two-thirds of the United Nations’ 193 member countries would have to vote in favor of the move. It must be remembered (in light of the UN HRC is being pointed to as a farce) that China and Venezuela have a seat on the council, and Saudi Arabia has in past years

Over the weekend soon after Ukrainian forces took back possession of Bucha, a flood of social media videos – many of them filmed by Ukrainian troops – came out purporting to show the extent of civilian atrocities. This has driven outrage among political officials and in Western media. 

Russia for its part is urging an emergency session of the UN Security Council over the Bucha allegations, saying that the Kremlin is ready to demonstrate they are being made over ‘staged provocations’. 

On Monday President Zelensky went to the town amid a heavy international media presence…

“The Russian Defense Ministry on April 3 dismissed the Kiev regime’s charges its forces had allegedly killed civilians in the community of Bucha, the Kiev Region,” an explanation in Russian state media begins based on the foreign ministry statements.

“The ministry recalled that Russian forces left Bucha on March 30 while faked evidence of alleged killings was presented four days later, when Ukrainian security service SBU agents arrived in the locality,” TASS writes. “The Russian Defense Ministry also said that on March 31 Bucha’s Mayor Anatoly Fedoruk said in a video address that there were no Russian soldiers in the community. Nor did he mention any locals allegedly shot on the streets.”

end

More on the ruble-petro scheme!

‘Rublegas:’ the world’s new resource-based reserve currency

Inbox

Robert HryniakSun, Apr 3, 8:41 PM (11 hours ago)
to

>
> There is no question, we are witnessing a currency war. A currency war where trust is gone between nations where payments in currencies others than the provider of material resources are subject to seizure and confiscation by arbitrary decisions. So why should any country want to hold currency outside of itself if trust and confidence do not exist? Apart from the initial no to paying in Rubles, 3 European countries have already agreed as they have no choice. Serbia is one such country. Germany for all of its’ bluster has no choice if it wants to retain a functioning economy. Otherwise, it can hand over its’ chemical industry to England and America. And while it is understandable for Russia to require payment in domestic currency, given seizure of its’ country owned capital abroad, over the pretense of the Ukraine. The Ukraine, no matter how awful, is a side show in the real game of hegemony poker.

> As many people may know the Ruble is tied to gold internally and clearly the international Ruble value has a tie to actual gold value. It is certain that this will expand beyond gas sales to oil and other natural minerals. However, it is also likely in a brief period we will see an announcement that gold is acceptable as well since the Ruble is tied to gold value. Yes, this will escalate both the value of gold and the Ruble as 100’s of billions of dollar value is directed to Rubles. So what happens if certain countries in the EU ask London for their gold stored there? Germany learnt that its’ request for gold return took 5 years and the bars were different that the ones placed for safe keeping. Will London be able to deliver on a timely basis? If that gold has been lent out or is used to hold up multiple owners, there will be a huge problem. Because as Rubles displace the Euro it will lessen the value of the Euro and in turn the USD where impacted. Add to this that all of the BREXIT negotiations are not finished you have a perfect spat in the making. Gold bugs will rejoice at this feast of value increase, because gold will head higher.

> This will be the one to watch because it has repercussions for all related parties and is sure to show sparks before it is over. Whatever happens it will affect London if it is not prepared and will put into question the LME. It is bad enough that many countries are moving to bilateral trades in currency to settle which in due course lessen current centralized Forex activities as the USD is shunned in trade settlement. It is known how certain nations are planning a mutually acceptable currency exchange value that excludes London since it is agreed between the participants as to value definition. And that will hurt London as a financial center. The question is who will throw who under the bus to survive first? While this is not known, we can be certain that survival of the most agile will win. Bring popcorn to this event in making. This is a once in a lifetime moment in the making that likely occasions once every 50 years.

https://thecradle.co/Article/columns/8638

end

Slovakia agrees to pay for Russian gas in roubles…

special thanks to Kevin for providing the following two commentaries to us:

Slovakia agrees to pay for Russian gas in rubles — RT Business News

Inbox

Kevin WallienSun, Apr 3, 8:40 PM (11 hours ago)
to me

Read it carefully. The author ends up saying that buyers will be able to pay in Euros after all. Notwithstanding they have to convert to rubles first. But that counts for payment in euros not rubles.

If I were a European sovereign I would be worried about BOE theft of their gold more than a nuclear bomb. Is there a difference? I would also be worried about the rubles strength.

Dollar strength already hurts these countries when they pay in dollars but they gain military protection. Or do they after all. That is obvious a paper charade too.

I read today that a country is defined by the economy’s physical production. And in fact in 1945 the US accounted for 85% of world industrial production and 50% of world GDP. Everything else is a derivative. The dollar then Military might are the derivatives at the top of the US. If the military appears a dud, the dollar is dead. But that goes in reverse too.

https://www.rt.com/business/553219-slovakia-russian-gas-rubles/

end

Ruble Payment Scheme Russia Uses With Gas Will Be Extended to New Groups of Goods in Future – Peskov – 03.04.2022, Sputnik International

Inbox

Kevin WallienSun, Apr 3, 8:13 PM (11 hours ago)
to me

13 hours ago-

https://sputniknews.com/20220403/ruble-payment-scheme-russia-uses-with-gas-will-be-extended-to-new-groups-of-goods-in-future—1094440515.html

end

/USA/IRAN

6// GLOBAL COVID ISSUES/VACCINE MANDATE

ISSUES/GLOBAL ISSUES//ORIGINS OF COVID 19

end

GLOBAL ISSUES

VACCINE MANDATES/

VACCINE INJURIES

Fetal deaths up 2000% since jab

Inbox

Milan Sabioncello7:25 AM (15 minutes ago)
to me

https://www.lifesitenews.com/news/frontline-doctor-says-fetal-deaths-up-nearly-2000-percent-since-covid-jab-rollout/

Frontline doctor says fetal deaths up nearly 2,000 percent since COVID jab rollout


Dr. Peterson Pierre is warning expecting mothers to “look out” for their own kids, since the CDC is not changing their COVID shot recommendations, despite the spike in preborn deaths.

Sat Apr 2, 2022 – 4:26 pm EDT

Listen to this article

0:00 / 3:091X

BeyondWords

(LifeSiteNews) — One of America’s Frontline Doctors (AFLDS) is warning pregnant women that the COVID jab rollout has coincided with a nearly 2,000 percent increase in fetal deaths, as compared to the rate during previous vaccines.

In a “Frontline Flash” segment entitled “Huge Preborn Death Spike” released Monday, Dr. Peterson Pierre presented statistics showing that the rate of fetal death per vaccine administered in the U.S. had, in fact, massively increased since the COVID shots were made available. 

Pierre noted that according to the CDC, since the COVID shot rollout, there have been 550,000,000 shots administered, and 3,725 fetal deaths. This means, he pointed out, that for every 147,651 shots, there has been one fetal death.

He contrasted this with statistics from the period between 2006 and 2019. During this time, there were reportedly “4 billion shots administered,” and “1,369 fetal deaths, which equals to” one fetal death for about every 3 million shots. 

“So if you do the math, you realize that since the COVID shots have been available, there’s been a 1,925 percent increase in fetal deaths,” he continued.

Pierre then urged expecting mothers to take heed of these numbers, for the sake of their children.

“Now, expecting moms, it doesn’t matter what the FDA or the CDC says. It doesn’t even matter what your doctor says,” he went on. “Because in spite of this data, the recommendation to get [COVID] shots has not changed.”

“You need to look out for your own kids. You are their protector. You have a lot to think about. That decision rests with you, not with anyone else.”

A stunning 23 of 32 pregnancies during which mothers received a Pfizer COVID shot resulted in “spontaneous abortions” (miscarriages), according to Pfizer and the FDA’s forced response to the Freedom of Information Act (FOIA) request (32 is the number of pregnancies with known outcomes according to reports given to Pfizer), as was reported last year.

Regarding the effect of the COVID shots on “fertility problems,” the CDC has acknowledged that “results from ongoing long-term studies are not yet available.”

Medical experts have warned expecting mothers against receiving the mRNA shots, including vaccine expert Pamela Acker, and former Pfizer vice president Dr. Michael Yeadon, who told LifeSite that women of childbearing age, especially pregnant and nursing women, should entirely reject the COVID-19 gene therapy vaccines. Catholic

“You never ever give inadequately tested medicines, medicinal products, to a pregnant woman,” he stated.

Despite all this evidence of the danger the mRNA shot poses to the unborn, CDC guidelines currently recommend that “people aged 18-49 years with certain medical conditions, including pregnancy … may receive” an RNA COVID-19 shots, including a third booster dose, “based on their individual benefits and risks.”

VACCINE IMPACT

17,500% Increase in Heart Disease in Children Following COVID-19 Vaccines – This is NOT Rare!

April 2, 2022 5:45 pm

The number of injuries and deaths recorded in the U.S. Government’s database of Vaccine Adverse Events Reporting System (VAERS) following COVID-19 vaccines has now reached 1.2 million cases as of the last update on Friday, April 1st. By way of contrast, there are 930,952 cases of injuries and deaths following all other vaccines for the previous 30+ years before the COVID-19 vaccines were issued emergency use authorizations in December of 2020. When you take the monthly average of cases filed in VAERS following all vaccines for the previous 30 years (360 months – 2,586 cases per month), and compare that to the monthly average of cases recorded after COVID-19 vaccines for the past 15 months (80,384 cases per month), that is an increase of 3,008%. The CDC admits that the COVID-19 vaccines are causing heart disease in young people, but they claim these cases are “rare” and so they continue to recommend the vaccines for children, as vaccine manufacturers are now petitioning the FDA to give emergency use authorizations to start injecting children below the age of 5 with COVID-19 vaccines. So let’s “fact check” the CDC’s claims that these cases of heart disease in young people are “rare” by using their own data. First of all, the CDC only reports on 2 types of heart disease: myocarditis and pericarditis. We are going to search for ALL cases of “*carditis,” and since they want to start injecting babies with these shots, we are only going to include children under the age of 18 in our search of VAERS. That search produces 1,261 cases of heart disease in children under the age of 18 in the past 15 months since the COVID-19 vaccines were given emergency use authorization. By way of contrast, when we conduct the exact same search for all non-COVID vaccines for this same age group for the previous 30+ years, we get a result of 172 cases. When you look at the monthly averages then for case of carditis following vaccines, we see a 17,495% increase of reported cases of heart disease in children following the COVID-19 shots. How can this be considered “rare”? And as horrible as these statistics are, the current situation for children is actually even worse than this, because the vast majority of vaccines administered in the U.S. the previous 30+ years were primarily to children, beginning at birth with the Hep. B vaccine, while the original EUAs issued for the COVID-19 vaccines were only for people above the age of 16. Pfizer was issued an EUA for children between the ages of 5 and 11 several months later, and Moderna is still waiting for approval to use their COVID-19 vaccines in children between the ages of 5 and 11, and both companies are still waiting for approval to start injecting infants and toddlers under the age of 5. What will these numbers look like in the future if this genocide is not stopped, and the COVID-19 vaccines are spread to millions of more children and babies?? I can barely wrap my mind around this, it is so evil and so horrible!

Read More.


Michael Every

Michael Every on the day’s major topics

Rabobank: Anyone Thinking Zelenskiy Is About To Sign A Peace Deal Making Territorial Concessions Is Delusional

MONDAY, APR 04, 2022 – 09:25 AM

By Michael Every of Rabobank

Until recently, the market kept trying to trade ‘war is over’. This was delusional. After not being met with flowers or seizing the government rapidly, Russia was always going to escalate to grind out a victory: we can now add Bucha to the list of war crimes. Such Russian tactics are well-known from Chechnya; and as East Europe analyst @sumlenny notes that despite the Kremlin believing it would win rapidly, the Russian army “purchased 45,000 body bags and brought mobile crematories; I am sure they planned mass executions for Ukraine.” That tactic is well-known from the Katyn Massacre in Poland.

Some in the West will try to ignore this; say it’s fake; talk about past war crimes by others; or pivot because of political ideology. In some cases, it will be due to a wish for compromise. In other it will be due to kompromat. Either way, it overlooks a simple dynamic I have stressed many times in other contexts. If this happened, it means escalation. If someone is prepared to go to these lengths to make it look like it happened,… it still means escalation. At the very least, anyone thinking President Zelenskiy is about to sign a peace deal making territorial and security concessions is again delusional.

We will also see what the Western response is. Co-EU Presidents Michiel and VDL have already tweeted: “Shocked by haunting images of atrocities committed by Russian army in Kyiv liberated region #BuchaMassacre. EU is assisting Ukraine & NGO’s in gathering of necessary evidence for pursuit in international courts. Further EU sanctions & support are on their way. Слава Україні!” and “Appalled by reports of unspeakable horrors in the areas from which Russia is withdrawing. An independent investigation is urgently needed. Perpetrators of war crimes will be held accountable.”

Indeed, fresh outrage sees talk of Germany possibly pushing for sanctions on Russian gas. Lithuania, at the EU policy vanguard as it was re: China, is already to cut itself off entirely. Meanwhile, the slower, broader Western disengagement from Russian energy continues: the UK has agreed to set up a new development vehicle to build 7 new nuclear power stations as soon as possible. Yet Russia will itself respond to any escalation:

Politically, sociologist Greg Yudin argues: “the situation in Russia has changed, and I am not sure everyone outside Russia understands that. There is an ongoing shift here from authoritarianism to totalitarianism… And in this regard, yes, just very recently there are clearly more similarities with what is classically described as fascism.”

Economically, Friday saw confusion over ruble gas payments. Moreover, former president Medvedev threatened that Russia may stop selling food to unfriendly countries entirely as it is a “quiet but formidable weapon“. That’s perhaps not devastating to the EU, but it certainly would be to the rest of the world and is obviously designed to bring them in line with Moscow.

Militarily, former Putin advisor Karaganov stresses:

“I don’t know what the outcome of this war will be, but I think it will involve the partition of Ukraine, one way or another. Hopefully there would still be something called Ukraine left at the end. But Russia cannot afford to “lose”, so we need a kind of a victory. And if there is a sense that we are losing the war, then I think there is a definite possibility of escalation. This war is a kind of proxy war between the West and the rest… for a future world order. The stakes of the Russian elite are very high – for them it is an existential war.”

Worse, of the West supplying arms to Ukraine:

There is a growing probability of a direct clash. And we don’t know what the outcome of this would be. Maybe the Poles would fight; they are always willing. I know as a historian that Article 5 of the NATO treaty is worthless. Under Article 5 –which allows a state to call for support from other members of the alliance– nobody is obliged to actually fight on behalf of others, but nobody can be absolutely sure that there would be no such escalation… It might be that Article 5 works, and countries rally to the defence of another. But against a nuclear country like Russia… I wonder?”

In other words, Russia may attack NATO to test its resolve – or is floating that threat to try to scare it into concessions.

US neo-realist Mearsheimer, who says this war –and war crimes?– could have been avoided by not expanding NATO, in a 1 March interview added now it has, “They have an Article 5 guarantee – that’s all that matters.” Yet Russia doesn’t seem to think so. Hal Brands, writing for Bloomberg on US deterrence, underlines Russia needs to be made to see it should – so brinksmanship. What can Mearsheimer add here? His critique says nothing about what to do now, other than retreat – as existential a threat for the EU/NATO as it is for Russia. He also doesn’t build credibility in adding: [Putin’s] never shown any evidence that he’s interested in conquering the Baltic states. Indeed, he’s never shown any evidence that he’s interested in conquering Ukraine.” Poland, now in NATO, sees things differently: it has flagged it is ready to host US nuclear missiles.

The EU-China summit on Friday was frosty: again, the Chinese side release its positive spin before the meeting was over, asking the EU to find its own way ahead, i.e., apart from the US. The EU saw VDL say: “Frank and open means that we exchanged very clearly opposing views.” As the Wall Street Journal’s @launorman put it, it was “Absolutely, blindingly clear” the EU received “absolutely zero assurances” from Xi on Beijing not circumventing sanctions, supporting Russia, or seriously weighing in to stop the fighting – even though the EU threatened EU-China trade could look like EU-Russia trade: as the war escalates, the risks of EU-China decoupling increase.

At the same time, we see another election victory for pro-Putin Orban in Hungary, which will rattle the EU; and for the pro-Russia party in Serbia; economic chaos in Sri Lanka; political chaos and new elections in Pakistan – where a general just gave a public speech talking about the desire to balance relations between China and the US; Russian and US shuttle diplomacy to India, the former offering $35 discounts on oil, the latter saying Russia won’t be there when China moves on the Indian border again; and, on Bloomberg, an op-ed argues ‘To Save Democracy, We Need a Few Good Dictators’, and President Biden should aim “for an orderly world where the law of the jungle does not operate. Thus, we should welcome a number of autocracies into this struggle.”

Niall Ferguson opines not only on the threat of escalation in Ukraine but, hypothetically, of China moving on Taiwan next year, and Iran attacking in its region. This, in his words, takes us from a ‘1970’s’ geopolitical scenario to something closer to 1939.

Just such a co-ordinated pushback against US hegemony was floated in my 2018 report ‘The Rise and Fall and Rise of the Great Powers (and the Great Currencies)’ – to admittedly very little interest at the time. “TL:DR” – markets weren’t interested in paradigmatic shifts back then, just the ‘New Normal’. Understandably, there is now a swell of chatter about shifts in the financial architecture. There is a particular focus on what money itself is or isn’t (i.e., commodity, fiat, crypto) and the –valid– argument that this is always a (geo)political issue.

In some cases, these arguments are Lord Haw-Haw crowing from sources asking deep questions like ‘Vladimir Putin, a Bismarck for the Modern Age?’ – although it’s another leader of Germany many are thinking of right now. The more nuanced arguments echo some of the same themes: that FX hegemony comes from power; power from the military; the military from the economy; and the economy, partly, from finance. Both are arguing for the emergence of RUB and CNY as alternatives to the US dollar. For example, Brazil’s central bank has increased CNY and decreased EUR and USD holdings (even if CNY is still only 5%).

Yet CNY is not a commodity currency: it is a currency entirely dependent on imported commodities. Can it then be an FX reserve? Yes, as Sterling showed in the past. However, one needs to control access to and pricing of global commodities. The British had an empire to do so and military primacy to control it. China can access Russian commodities – at the risk of decoupling from the US and EU, and maybe Brazil’s too(?) –  but is it going to build an empire when the US Navy still controls which commodities go where at sea, globally?

If commodities are support for FX, why are BRL and ARS, to name two, so volatile? Despite a structural bull market for commodities now, eventually resulting demand destruction will see a recession —on which, please see here from Philip Marey on yield curve downturn signalling: he’s looking for a key level of -16bp in 2s-10s as a trigger— and commodity prices will tumble again. Logically, what you need is a commodity that doesn’t vary in price: so one with either inelastic demand and/or a global monopoly position. Yet the EU is going to decouple from Russian energy, showing there are almost always alternatives.

The common thread is that countries should run a trade surplus, commodity or industrial; and have control of their and their trade partners’ supply chains. That is not a new theory, but an old one: MERCANTILISM. The problem with mercantilism is once you do it, others mirror it. And then things get geopolitical quickly. This is why, as far back as 2015, I was pointing out that a China no longer even pretending to sit under US global hegemony, but running a trade policy like pre-Plaza Accords Japan, was going to end very badly.

If you are then going to try and make your currency ‘hard’, by tying it to gold, or gas, or a digital fixity like Bitcoin, then the geopolitics gets even worse. If there is a fixed stock of money, the only way to grow *your* stock is to take it from someone else’s: it’s zero-sum – or, if not, deeply deflationary when we know we don’t like either inflation or deflation. David Graeber’s ‘Debt: the First 5,000 Years’ echoes Polanyi in showing that, historically, ‘gold ages’ are violent or imperial; debt ages are more peaceful, as the money stock grows endogenously, until the paradigm collapses. Which, yes, is clearly where we are now.

But even if we start again, if you wanted to choose a currency with lots of commodities behind it, and lots of military –and the ability to force supply chains to come back– it would still be the US dollar – although to say its strong hand is being played badly so far is an understatement. Indeed, as I have added before, if you think a petro-rouble or renminbi is going to beat a Eurodollar, you are presuming almost all Eurodollar debt will default. Enjoy that trade!

In fact, if China is so keen on a new ‘commodity-backed’ currency, why is it blinking in its stand-off with the US SEC over audits of US-listed Chinese firms? Who needs all those silly fiat dollars when you have so many rock-solid CNY? Either the news of China blinking is fake, to frame the inevitable delisting as the fault of the US, or CNY needs the USD far more than it lets on.

More so with the Fed still leaning towards hiking a lot, and market chatter of a 50bp hike. With another strong payrolls report on Friday, with strong upwards revisions and average earnings data, that chatter will linger – and yet the relative lack of importance of that datapoint is why I placed it last today. (The ECB, despite CPI hitting a shocking 7.5% y/y, won’t be following, of course.)

Moreover, largely unnoticed due to all of the meta and macro developments, at the micro level, US unions just achieved landmark victories at both Amazon and Starbucks, in David vs. Goliath wins. That’s another battle being fought with enormous longer-term market implications, and again the presumed victor is suddenly struggling.

7. OIL ISSUES

Sellers Are Looking To Unload Russian Crude For Yuan

MONDAY, APR 04, 2022 – 03:30 AM

Authored by Tsvetana Paraskova via OilPrice.com,

Cargoes of Russia’s ESPO crude loading in May have been offered to China for payments in yuan, as the world’s top crude importer continues to purchase Russian oil but is constrained in bank guarantees by the Western sanctions on the Russian banking system, traders familiar with the matter told Bloomberg on Friday.

Unlike many oil customers in the West, China and another major oil importer, India, have not been shying away from Russian oil cargoes, all the more so that Moscow’s crude is now being sold at hefty discounts to Dated Brent.

According to Bloomberg’s trading sources, the Geneva-based seller of oil, Paramount Energy & Commodities SA, has recently allowed some customers in China to pay in yuan.

Several independent refiners in China have bought the ESPO cargoes for May loading at Russia’s Far East ports, but it was not immediately clear whether the payments have gone through or settled in Chinese yuan, the sources told Bloomberg. 

For China and for India, who haven’t steered clear of Russian cargoes so far, Russian oil – at times being sold at a record $35 per barrel discount to Dated Brent – is too cheap to resistconsidering that the international oil benchmark has more or less stayed above $100 a barrel since the Russian invasion of Ukraine at the end of February.

Since the sanctions against Russia over its war of Ukraine limited the Russian trade in U.S. dollars, there have been reports that the importers not shunning Russian oil—China and India—could start settling some transactions in the local currencies of the importing countries, the Chinese yuan or the Indian rupee, respectively.

For the time being, India will not pay in rupees for oil from Russia or any other oil exporter, the junior petroleum minister of the world’s third-largest oil importer said earlier this week.

“At present, oil public sector undertakings neither have any contract nor is any such proposal under consideration from Russia or any other country for purchase of crude oil in Indian rupees,” Indian junior oil minister Rameswar Teli told Parliament today, as carried by Reuters.

end

Saudi hikes oil prices to record premiums as the Russian oil sells at record discount, but for gold

(zerohedge0

Saudi Arabia Hikes Oil Prices To Record Premiums (As Russia Sells At Record Discount)

MONDAY, APR 04, 2022 – 01:05 PM

As Russia is forced to offer its crude at a record (and massive) discount to Brent benchmarks (due to self-sanctioning among crude buyers nationwide, notably except China and India)…

…it appears other OPEC+ ‘allies’ are more than willing to take advantage of the situation with buyers forced to look elsewhere (or face the wrath of Biden?)

As OilPrice.com’s Tsvetana Paraskova reports that the world’s largest crude oil exporter, Saudi Arabia, raised its official selling prices for its flagship crude to the Asian market in May to a fresh record against regional benchmarks, in a move widely expected by traders and refiners.

The Saudis hiked the OSP for May for Asia for Arab Light – the Kingdom’s flagship grade – to a record premium of $9.35 per barrel above the Oman/Dubai benchmark, off which Middle Eastern crude is priced in Asia.

The price for May is raised by a massive $4.40 a barrel over the April OSP for Arab Light of $4.95 a barrel premium over Oman/Dubai, per Bloomberg’s estimates.

Last week, a Bloomberg survey showed that Asian refiners and traders expected Saudi Arabia to once again hike significantly the prices of its crude going to Asia in May to a record premium over the Middle Eastern benchmarks.  

For May, Saudi Arabia’s oil giant Aramco hiked the prices of all its crude going to all markets.

The soaring oil prices and the “buyers’ strike” over purchasing Russian crude could be an opportunity for Russia’s key ally in the OPEC+ pact, OPEC’s de facto leader Saudi Arabia, to hike its official selling prices to another all-time high over the Oman/Dubai benchmark.

Saudi Arabia generally sets the pricing trends of the other major Middle Eastern oil producers, and it usually sets the OSPs of its crude for the following month around the fifth of each month, typically after the monthly OPEC+ meeting.

Last week, the OPEC+ meeting concluded that no change in production plans was needed, and agreed to lift the group’s production by another 432,000 barrels per day starting in May.

The 32,000 bpd above the originally agreed to 400,000 bpd is due to shifting baselines of five of its members.

Saudi Arabia’s production quota has been lifted to 10.549 million bpd, and Russia’s quota was raised to the same amount.

8 EMERGING MARKET& AUSTRALIA ISSUES

Australia////  NEW ZEALAND/ SOUTH AFRICA/BRAZIL/ARGENTINA/INDIA

SRI LANKA

Inflation out of control in Sri Lanka

(zerohedge)

Sri Lanka Cabinet Offers To Resign As Out-Of-Control Inflation Sparks Widespread Social Unrest

SUNDAY, APR 03, 2022 – 03:35 PM

Update (1535ET): Bloomberg reports that Sri Lanka’s cabinet has submitted its resignation, a ruling party member said, amid rising public anger about the government’s economic policies that have led to soaring living costs and a foreign exchange crisis.

“We gave resignations to the Prime Minister saying we are willing to leave at any time,” Education Minister Dinesh Gunawardena told reporters in Colombo late Sunday.

“After discussing with the President the steps to be taken will be decided.”

*  *  *

As we detailed earlier, the tiny island nation of Sri Lanka is experiencing worsening shortages of food, fuel, and medicine amid a foreign exchange crisis. A 36-hour curfew went into effect this weekend as mass anti-government protests over soaring living costs are underway. 

Bloomberg reports that President Gotabaya Rajapaksa imposed a state of emergency on Friday after soaring inflation and widespread rolling blackouts for up to 13 hours a day resulted in protests in the capital and at the president’s private home. The emergency order gives authorities sweeping powers to detain and quell protests to restore public order. 

Days ago, the Washington, D.C.-based International Monetary Fund (IMF) swooped in and initiated talks with Sri Lankan authorities on a rescue loan. Rajapaksa will fly to Washington for additional discussions with IMF officials. 

confluence of factors drained the South Asian island nation’s foreign exchange reserves by more than 70% since the virus pandemic began, including the collapse in tourism and poorly timed tax cuts. 

Bloomberg explains more about the socio-economic crisis unfolding on the island nation of 22 million people. 

The island nation is undergoing a severe shortage of food and fuel as it runs out of dollars to pay for imports. Inflation has accelerated to almost 19%, the highest in Asia and has played a major part in people taking to the streets to call for Rajapaksa and his family to resign from government.

Rajapaksa’s elder brother Mahinda serves as prime minister and Basil, the youngest, holds the finance portfolio, while the eldest Chamal controls the agriculture ministry and nephew Namal is the sports minister. In a possible sign of friction within the clan, Namal openly criticized the latest curbs involving social media.

The Rajapaksa family still enjoys two-thirds majority support in parliament. National elections will be held in 2023 at the earliest. 

Rajapaksa’s administration in recent weeks has devalued the rupee, raised interest rates, placed curbs on non-essential imports, and reduced stock-trading hours to preserve electricity and foreign currency. He has also dropped resistance to seeking a bailout from the International Monetary Fund and is simultaneously in talks with nations including India and China for bilateral aid. -Bloomberg

Sri Lanka’s economic troubles are metastasizing into social unrest as households crushed by inflation can’t afford essential items like food and energy. We’ve explained before (read: here & here) that some weak emerging market economies are set for ‘Arab-Spring 2.0’-style unrest.

end

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

Euro/USA 1.1005 DOWN .0030 /EUROPE BOURSES //ALL MIXED 

USA/ YEN 122.78   UP  0.322 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3103 DOWN   0.0005

 Last night Shanghai COMPOSITE CLOSED HOLIDAY

 Hang Sang CLOSED UP 462.76 PTS OR 2.10%

AUSTRALIA CLOSED UP  0.42%   // EUROPEAN BOURSES OPENED ALL MIXED

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL MIXED 

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 462.60 PTS OR 2.10%

/SHANGHAI CLOSED

Australia BOURSE CLOSED UP 0.42%

(Nikkei (Japan) CLOSED UP 70.49 PTS OR 0.25%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1929.40

silver:$24.71-

USA dollar index early MONDAY morning: 98.88  UP 25  CENT(S) from FRIDAY’s close.

THIS ENDS MONDAY MORNING NUMBERS

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And now your closing MONDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.35%  DOWN 3  in basis point(s) yield

JAPANESE BOND YIELD: +0.216%  UP 0 AND 1/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.46%// DOWN 4   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.08 DOWN 3    points in basis points yield ./

the Italian 10 yr bond yield is trading 62 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO +0.511% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.57% 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 MONDAY  

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

Euro/USA 1.0993  DOWN .0042    or 42 basis points

USA/Japan: 122.72 UP .931 OR YEN DOWN 72  basis points/

Great Britain/USA 1.3121 UP 13  BASIS POINTS

Canadian dollar UP 13 BASIS pts to 1.2491

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.3634  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.37501

TURKISH LIRA:  14.70  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.217

Your closing 10 yr US bond yield UP 3  IN basis points from FRIDAY at  2.413% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 2.467  UP 3 in basis points 

Your closing USA dollar index, 98.84 UP 21   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 MONDAY: 12:00 PM

London: CLOSED UP 21.02PTS OR 0.28%

German Dax :  CLOSED  UP 71.68 POINTS OR 0.80%

Paris CAC CLOSED UP 47.06PTS OR 0.70% 

Spain IBEX CLOSED UP 17.10PTS OR 0.20%

Italian MIB: CLOSED UP 12.56 PTS OR 0.05%

WTI Oil price 102.05   12: EST

Brent Oil:  106.07 12:00 EST

USA /RUSSIAN ///   RUBLE FALLS TO:  84.50 UP  1 &  1/4 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +.511

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0972 DOWN  .0063   OR down 63 BASIS POINTS

British Pound: 1.3114 UP  .0006 or UP 6 basis pts

USA dollar vs Japanese Yen: 122.78 up 0.324

USA dollar vs Canadian dollar: 1.2486 DOWN .0022 (CDN dollar UP 22 basis pts)

West Texas intermediate oil: 103.81

Brent OIL:  107.91

USA 10 yr bond yield: 2.421 up 4 points

USA 30 yr bond yield: 2.485  UP 5  pts

USA DOLLAR VS TURKISH LIRA: 14.69

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  83,00 DOWN 2   3/4 ROUBLES (ROUBLE UP 2 and 3/4 ROUBLES/USA )//

DOW JONES INDUSTRIAL AVERAGE: UP 103.61 PTS OR 0.30%

NASDAQ 100 UP 298.37 PTS OR 2.01%

VOLATILITY INDEX: 18.53 DOWN 1.10PTS (5.6%)

GLD: 180.37 DOWN 0.87 PTS OR 0.48%

SLV/ 22.63 DOWN .11 PTS OR 0.48%

end)

USA trading day in Graph Form

Bullion, Big-Tech, & Black Gold Bid; Bitcoin Battered As Bond Curve Steepens

BY TYLER DURDEN

MONDAY, APR 04, 2022 – 04:00 PM

The big story of the day today was the acceleration of the recession/QE trade – a return to growth over value…

Source: Bloomberg

Which meant long-duration tech dominated the gains today (with Nasdaq up  over 2% and S&P outperforming). Dow and Small Caps underperformed…

The S&P rallied back above its 50DMA, but the Dow and Nasdaq could not manage it…

Unprofitable tech extended its rebound…

Source: Bloomberg

On yet another short-squeeze…

Source: Bloomberg

But when’s the slide back down?

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NrZWxldG9uX2xvYWRpbmdfMTMzOTgiOnsiYnVja2V0IjoiY3RhIiwidmVyc2lvbiI6bnVsbH0sInRmd19zcGFjZV9jYXJkIjp7ImJ1Y2tldCI6Im9mZiIsInZlcnNpb24iOm51bGx9LCJ0Zndfc2Vuc2l0aXZlX21lZGlhX2ludGVyc3RpdGlhbF8xMzk2MyI6eyJidWNrZXQiOiJjb250cm9sIiwidmVyc2lvbiI6NH19&frame=false&hideCard=false&hideThread=false&id=1510981046082457603&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fbullion-big-tech-black-gold-bid-bitcoin-battered-bond-curve-steepens&sessionId=5a67d13bb40960a2b4bb15a09da374c28d06a761&siteScreenName=zerohedge&theme=light&widgetsVersion=f9f80a909a60b%3A1648751432723&width=550px

Which makes some sense given the market is now pricing in 9 more rate-hikes this year and a 80% chance of a 50bps hike in May and conditioned on that a 75% chance of another 50bp hike in June… which will then all be followed by almost 4 rate-cuts in 2023/24…

Source: Bloomberg

There was some modest steepening in the yield curve today (long-end underperformed the short-end, 2Y -3bps, 10Y +4.5bps)…

Source: Bloomberg

…as 2s10s steepened (but remains inverted)…

Source: Bloomberg

…but the curve broadly speaking remains significantly inverted from 3s out…

Source: Bloomberg

Gold (in USD) managed gains today…

As Gold in Rubles hovers above The Bank of Russia’s gold price floor…

Source: Bloomberg

The Ruble remains glued at pre-invasion levels…

Source: Bloomberg

The dollar extended its very recent rebound…

Source: Bloomberg

However, Bitcoin was battered lower after yesterday’s spike back up towards its 200DMA…

Source: Bloomberg

Crude oil prices rallied today with the Saudis hiking premia to record highs. Brent rallied significantly as it became clear from Biden and Zelenskiy’s rhetoric that any peace deal is a mile away and WTI ripped back above $100…

Finally, the world’s richest man found a new plaything…

Would be fun to see if he reinstates Trump?

END

I) /MORNING TRADING/

END

AFTERNOON

END

II)USA data

US Factory Orders Tumble In February, Biggest Drop Since April 2020 Lockdown Collapse

MONDAY, APR 04, 2022 – 10:07 AM

After nine straight months of gains, US Factory Orders were expected to fall 0.6% MoM in February (echoing the unexpected tumble in durable goods orders and relative weakness in Manufacturing ISM). The final print actually dropped 0.5% MoM, so slightly better than expected, but still significant in its decline from the upwardly revised +1.5% jump in January…

Source: Bloomberg

That is the biggest MoM drop since April 2020’s COVID lockdown crash… and the 12.6% YoY rise is the weakest since Feb 2021.

The final print for February Durable Goods Orders came in at -2.1% MoM vs preliminary drop of 2.2% MoM.

Non-defense new orders saw a big 6.7% drop while Defense orders jump ed 14.0% (with defense aircraft up 60.1%).

War saves the day again?

end

IIB) USA COVID/VACCINE MANDATES

As these guys nuts?

New York City Will Mandate Masks For Children Under 5 Years Old

SUNDAY, APR 03, 2022 – 02:20 PM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

New York City Mayor Eric Adams said that the city would mandate children aged 2 to 4 to continue wearing masks after a judge issued an order in favor of his administration.

“Every decision we make is with our children’s health and safety in mind. Children between 2 and 4 should continue to wear their masks in school and daycare come Monday,” the Democrat mayor said on Twitter on April 1.Children are seen walking, on the first day of lifting the indoor mask mandate for DOE schools between K through 12, in Manhattan, New York City, on March 7, 2022. (Andrew Kelly/Reuters)

It came after State Supreme Court Justice Ralph Porzio earlier that day struck down the city’s mask order for young children. However, an appellate court issued a stay in the lower court’s ruling, allowing the mask mandate to remain intact amid the appeals process.

Porzio stated that the mandate was “absurd” after it was lifted for children aged 5 and older, and characterized it as “arbitrary, capricious, and unreasonable.” That ruling was handed down in response to a lawsuit from a group of parents who sued Adams and New York City agencies.

“Universal masking, therefore, presents one of the strongest, if not the strongest defense against COVID-19 for settings with children ages two to four,” New York City attorneys said in court papers, although numerous studies have shown that young children have exceedingly low COVID-19 death and hospitalization rates compared with other age groups—even compared with older children.

“For these reasons,” the city added, “throughout the pandemic, both the City and New York State had more stringent rules in place for this setting.New York City Mayor-elect Eric Adams speaks during a press conference in New York City on Dec. 15, 2021. (David Dee Delgado/Getty Images)

Amid the appeals process, it’s not clear how much longer New York City, which has employed some of the strictest COVID-19 rules in the United States, will keep the mandate intact. Dr. Ashwin Vasan, New York City’s health commissioner, said at a news conference on Friday that officials are “recommending to wait a little bit longer before making masks optional for this age group,” referring to young children.

Over the past several months, federal and state data have shown hospitalizations, cases, and deaths from COVID-19, the illness caused by the CCP (Chinese Communist Party) virus, have fallen dramatically. In response, other Democrat-led states and municipalities have dropped mask and vaccine mandates while some Democrats have even voiced criticism about those rules.

Michael Chessa, an attorney who represents the group of parents suing Adams, said they were pleased when Porzio agreed with their arguments. However, they were disappointed when his ruling didn’t go into effect pending the appeals process, he told Gothamist.

On Monday morning when parents send their children to school, they won’t have that choice,” Chessa said, adding that the appellate court hasn’t set a date for arguments.

end

end

NIH admits it suppressed Wuhan lab genetic data

(Tapscott EpochTimes)

NIH Admits It “Suppressed” Wuhan Lab Genetic Data, But Disputes Watchdog’s “Deleted” Label

SUNDAY, APR 03, 2022 – 11:30 PM

Authored by Mark Tapscott via The Epoch Times (emphasis ours),

A National Institutes for Health (NIH) spokesperson is disputing a non-profit watchdog group’s claim that the agency “deleted” genetic sequencing data on Covid-19 from a Chinese lab, but the same official acknowledged the data was “suppressed.”

The headline says the sequences were deleted which is inaccurate. They were not deleted. This is a really important point, and I’ve highlighted what did happen from what we provided to you earlier this week,” NIH Media Branch Chief Amanda Fine told The Epoch Times in a March 31 email.

Fine was referring to a March 29 Epoch Times story headlined “NIH Deleted Info Received From Wuhan Lab on Covid-19 Genetic Sequencing, Watchdog’s FOIA Finds.” The information Fine referenced as having been provided to The Epoch Times by NIH earlier in the week was included in the published story:

“’In June 2020, in response to a request by the same [Wuhan] researcher, National Center for Biotechnology [NCBI] gave the sequence data the status of ‘withdrawn,’ which removes sequencing data from all public means of access but does not delete them.

“NCBI subsequently reassigned the status of the sequence data to ‘suppressed,’ which means that sequence data are removed from the search process but can be directly found by accession number. This action to reassign the data was identified as part of NLM’s ongoing review into the matter. We are working to make more information available,” the spokesperson said.

The biotechnology center, which is part of the institute’s National Library of Medicine (NLM), is the U.S. component of the International Nucleotide Sequence Database Collaboration.

The Epoch Times story was prompted by a report published on March 29 by Empower Oversight Whistleblowers and Research (EO) that was based on Freedom of Information Act (FOIA) responses the group received from the institute.

The non-profit reported that “on June 5, 2020, a Wuhan University researcher requested that NIH retract the researcher’s submission of BioProject ID PRJNA637497 because of error. The Wuhan researcher explained ‘I’m sorry for my wrong submitting,’” Empower Oversight said in a statement (pdf) on March 29.

“BioProject ID PRJNA637497 is also referred to as Submission-ID SUB7554642. Three days later, on June 8th, the NIH declined the researcher’s request, advising that it prefers to edit or replace, as opposed to delete, sequences submitted to the SRA,” EO reported. SRA refers to the Sequence Read Archive (SRA) data resource made available by NCBI, and it “stores raw sequencing data.”

“But then, on June 16, 2020, NIH officials reversed themselves and deleted the genetic sequencing data, as requested by the Wuhan researcher. That researcher was quoted by EO as explaining to NIH: ‘Recently, I found that it’s hard to visit my submitted SRA data, and it would also be very difficult for me to update the data. I have submitted an updated version of this SRA data to another website, so I want to withdraw the old one at NCBI in order to avoid the data version issue.’

“After some discussion about what would be deleted, the NIH concluded the discussion by reassuring the Wuhan researcher that it ‘had withdrawn everything.’”

Asked for a response to Fine’s claim the information was not deleted, EO Founder and President Jason Foster told The Epoch Times that NIH’s actions ensure the CCP (Chinese Communist Party) virus genetic sequencing info is only available to the few individuals possessing its “accession number,” which effectively deletes the data from open access and research.

“NIH documents released with Empower Oversight’s report demonstrate that the sequencing data was deleted from public view by the NIH at the request of the Wuhan researcher,” Foster said.

“Our report also details emails between Professor Jesse Bloom and the NIH’s Steve Sherry from October 2021 that clearly indicate NIH retained copies ‘for archival purposes.’ Yet, the emails demonstrate that NIH refused to share that data in an open, transparent scientific process sought by Professor Bloom,” Foster continued.

The NIH should make more information available about each and every time it reassigned the status of sequence data and any information potentially relevant to the origins of COVID-19 should be made available for scientific inquiry,” he said.

Fine did not respond when The Epoch Times asked who “has access to all of the genetic sequencing information provided by the Wuhan researcher and which was requested by that researcher to be removed.”

The Epoch Times also asked that because “NIH must know who in fact has accessed the data … who did so and when since the Wuhan researcher requested the information’s removal?”

end

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

USA hotel prices are to soar to record highs due to consumer driven demand

(zerohege0

“Life Is Short”: US Hotel Prices Soar To Record Highs On Consumer Driven-Demand 

SATURDAY, APR 02, 2022 – 07:00 PM

Despite rising airline tickets, rental cars, food, and fuel prices, Americans are splurging on hotels as the mantra ‘life is short’ is driving up demand. 

Lodging analytics company STR reports that the average daily hotel rate (ADR) increased to $149.38 last week, the third-highest ever, besides March 19 and the week after Christmas. 

Demand appears to be coming from consumers who are booking on weekends, which has made up for the lack of corporate travelers. 

Jan Freitag, senior vice president at STR, told Bloomberg“the pandemic has reminded people that life is short.” 

“They want to splurge, and they have a lot of pent-up savings. If a market has a leisure appeal, then the hotels in that market are doing well,” Freitag said. 

All pandemics end eventually, and the latest signs of sustained declines in COVID-19 infections and deaths, and a large percentage of people are estimated to have some form of immunity, are promising signs people want to see before returning to hotels and resorts. 

The CDC recently released a new framework that says most Americans can drop their masks indoors is another belief to some that the pandemic is subsiding. 

What will dictate if the pandemic is over isn’t ‘science’ or the government but rather society. This was the same after the 1918 pandemic, when people stopped paying attention and moved on after infections and deaths declined. 

Amber Asher, the CEO of Standard International (parent company of Standard Hotels), said, “We’re not raising rates because of labor costs. “It’s really just demand-driven.” 

Americans appear to be going to big cities and staying at hotels — for whatever reason — if it’s a staycation or vacation, it is a welcoming sign and perhaps a proxy that some in society are ready to take the next giant leap in their lives and move on after losing two years of their lives due to pandemic-related lockdowns enforced by the government.

Being cooped up in a house or condo for two years has reminded everyone that life is short. Get out there and spend, which is the current mood of the consumer, though the 2-year to 10-year spread, the most closely watched part of the yield curve, inverted this week, and sends an ominous sign that the bond market sees economic turmoil ahead. 

So is 2022 the last hurrah for consumers?  

end 

iiib) USA economic stories

iv)swamp stories

Election Watchdog Finds 137,500 Ballots Unlawfully Trafficked In Wisconsin

FRIDAY, APR 01, 2022 – 08:20 PM

Authored by Steven Kovac via The Epoch Times (emphasis ours),

At least 137,500 absentee ballots were cast through unlawful vote trafficking throughout several of Wisconsin’s largest cities in the 2020 election, according to research presented last week to the state Assembly’s Committee on Campaigns and Elections by the public interest organization True the Vote (TTV).Residents place mail-in ballots in a ballot box outside of the Tippecanoe branch library in Milwaukee, on Oct. 20, 2020. (Scott Olson/Getty Images)

Ballot trafficking is an activity in which absentee ballots and votes are solicited, sometimes in exchange for money or other valuables. They are then collected through a process called “harvesting” and delivered to drop boxes by intermediaries (someone other than the voter), who are often paid a per-ballot fee by partisan actors.

“An organized crime against Americans” is how TTV cyber expert Gregg Phillips described to the committee what happened in Wisconsin and elsewhere during the 2020 election.Supporters of President Donald Trump protest outside State Farm Arena as ballots continue to be counted inside in Atlanta, on Nov. 5, 2020. (Megan Varner/Getty Images)

Based on his 15-month study of election practices in Georgia, Arizona, Wisconsin, Pennsylvania, Texas, and Michigan, Phillips estimates that at least 4.8 million votes were trafficked nationally.

According to the True the Vote report, 242 intermediaries in metro Atlanta made 5,668 stops at drop boxes during elections in late 2020. In its report, TTV said it obtained 4 million minutes of drop box video surveillance tape that helped to document its Georgia findings.

“Many of the traffickers we spoke with do not recognize what they are doing as being a problem,” TTV spokesperson Catherine Engelbrecht said.

The study found that in Arizona, 202 intermediaries made 4,282 separate visits to ballot boxes in Maricopa County.

Several Arizonans have since been indicted for election law violations, with at least one conviction, according to Phillips.Poll workers count ballots inside the Maricopa County Election Department in Phoenix, on Nov. 5, 2020. (Olivier Touron/AFP via Getty Images)

Phillips told the committee that, in the states studied, TTV purchased from commercial brokers 10 trillion unique cell phone identity signals called “pings.”

Human rights organization First Freedoms funded the time-consuming and costly project.

Using a technique called geospatial mobile device signal analysis, Phillips said researchers are able to reconstruct a four-dimensional “pattern of life” of cell phone holders.

From these pings, it can be determined where you work, where you sleep, and even what floor you are on within inches,” he said.

The Wisconsin study focused primarily on the Milwaukee County area, with some partial initial data coming from Racine and Green Bay, where the study will soon be further expanded, Phillips said.

In those three areas, TTV’s cell phone ping research found that in the two weeks from Oct. 20 through Nov. 3, 2020, 138 individuals each visited the location of a nongovernmental organization at least five times and made a combined total of 3,588 trips to absentee ballot drop boxes.

That’s an average of 26 trips per person to drop boxes in the Milwaukee area,” Phillips said.

“Is this evidence of fraud?” committee member Lisa Subeck, a Democrat, asked.

Vote trafficking is being done through the process. It is illegal,” replied Engelbrecht, who stated that every vote cast illegally cancels the vote of a legitimate voter.

Wisconsin Statute 6.87 (4)(b)1 provides that an absentee ballot envelope, in which the cast absentee ballot is placed, must be “mailed by the elector, or delivered in person, to the municipal clerk issuing the ballot or ballots.” The Circuit Court in Waukesha County in Teigen v. Wisconsin Elections Commission, has agreed, holding that use of drop boxes for absentee voting violates Wisconsin law.

Drop boxes, if unattended by a municipal clerk or in an unauthorized location, are illegal under Wisconsin law. The law is currently being challenged in the Wisconsin Supreme Court.

In her testimony, Engelbrecht stressed that the TTV report was focused on the process and wasn’t attempting to prove the 137,551 votes were illegal votes.

State Rep. Dave Murphy, a Republican member of the committee, stated: “If you vote in an illegal way, it is an illegal vote. If the process is illegal, the vote is illegal.”

Earlier in March, the report of special counsel Michael Gabelman on voter fraud revealed that some personnel of nongovernmental organizations are suspected of coordinating the 2020 ballot harvesting operations in Wisconsin’s five largest heavily Democrat-run cities—Milwaukee, Kenosha, Green Bay, Madison, and Racine.

When asked by Rep. Donna Rozar, a Republican, to name the NGOs in the study that were repeatedly visited by intermediaries, Phillips declined.

A spokesperson for Micah Inc., a leading Milwaukee nonprofit philanthropic organization, told The Epoch Times that Micah does conduct “voter engagement efforts,” but declined to say more.

Phillips and Engelbrecht testified that enormous nonprofits, such as National Vote at Home, are promoting voting from home and favor doing away with in-person voting on Election Day entirely.

Most countries around the world vote in person on election day, including Ukraine,” Phillips said.

Engelbrecht argued that some countries have perfected secure blockchain electronic voting and said she thinks U.S. technology is advanced enough to at least ensure accurate election data.

She said that some U.S. election jurisdictions view inaccurate voting rolls as a “feature rather than a bug.”

“Our rolls are abysmal. Bad records are the gateway to fraud,” Engelbrecht said.

“If you can’t verify identity, you can’t do anything else,” Phillips said.

Rep. Ron Tusler, a Republican, asked if TTV could identify the 138 alleged ballot harvesters (also known as “mules”).

“We know the names but are not disclosing them,” Phillips said. “Anyone can buy them commercially. However, law enforcement would need a warrant.”

In the other states studied, government-made video surveillance tapes of ballot drop boxes obtained through Freedom of Information Act requests were used as part of the process of estimating how many ballots were trafficked, along with personal interviews with intermediaries and other tipsters and cell phone ping data.

Engelbrecht told the committee that in Wisconsin, in September of 2020, her organization set up a hotline to receive tips from informants.

Unlike other states where video surveillance footage of the drop boxes was made available to TTV investigators, Engelbrecht said that only one of the 17 Wisconsin localities studied provided TTV with video.

Engelbrecht stated that in the summer of 2020, the Wisconsin Election Commission (WEC) announced it approved of video surveillance of the state’s drop boxes, as recommended by the federal Cybersecurity and Infrastructure Security Agency (CISA).

“WEC did not follow through,” she said.

Neither did WEC provide to localities written guidelines based on CISA’s recommendations for the locations where the drop boxes were to be placed, according to Engelbrecht.

She testified that across the country, the majority of the ballot drops surveilled typically happened between 8 p.m. and 5 a.m.Democratic National Committee headquarters in Washington, in January 2020. (Masooma Haq/The Epoch Times)

She told the committee that the removal of 234,000 problem names from Wisconsin’s registered voter rolls, as recommended by the Electronic Registration Information Center, was stopped by a lawsuit.

Forty-nine-year veteran elections attorney James Bopp Jr. came before the committee to provide a legal perspective to the facts presented in the TTV report.

Bopp has litigated 200 election lawsuits and is currently legal counsel to TTV. He is also representing special counsel Gabelman in several lawsuits against him stemming from his investigation.

Bopp testified that filing an avalanche of lawsuits was part of a years-long effort by Democrats “to make the whole system more susceptible to fraud and abuse.”

He said 425 lawsuits were filed across America by Democratic Party operatives or front organizations in the runup to the 2020 election.

Bopp asserted the suits were designed to ensure ineligible people were maintained on voting rolls; to expand voting to every voter on the rolls, whether active or inactive; and “to tear down every other anti-fraud protection, such as prohibiting signature verification and striking down witness requirements for absentee voting.”

Turning to Wisconsin, Bopp pointed the committee to what he called “the corrupt and illegal activity and administration of election laws for partisan ends engaged in by your Wisconsin state government and municipalities designed to maximize the number of Democrat votes.”

Addressing the alleged embedding of partisan get-out-the-vote efforts within local governments in Wisconsin’s largest cities, Bopp said the practice evades federal and state campaign contribution limits of just a few thousand dollars, and gives real-time, hour-by-hour, cost-free access to voter rolls to partisan actors.

Bopp said the practice disguises its partisan nature, disguises the identity of out-of-state billionaire donors contributing millions, thereby violating the principle of transparency and exceeding contribution limits.

Despite clear and unequivocal state law, drop boxes created the infrastructure to accomplish all of this,” he said. “Drop boxes left unstaffed and located anywhere clearly violated state statutes.”

He criticized what he said was the “grossly partisan, corruptly political, and blatantly illegal” actions of the people administering Wisconsin election laws.

Bopp asserted that the actions in Wisconsin gave significant partisan political advantage to Democrats, exactly the people the plan was designed to help.

“Ruthlessly exploited by large-scale organized and illegal ballot harvesting operations, involving not-for-profits and the people working with them, (the scheme) could very well have influenced the outcome of the 2020 election,” he said.

“What has been disclosed—and, in my view, proven—is that there were sufficient irregularities in the 2020 election that a court, at the time, could have reached the conclusion that the true result cannot be determined. But that time has passed.

“It’s not about overturning the 2020 election. It’s about the future. The situation is crying for reform.”

Rozar reminded the audience that numerous election reforms passed by the legislature have been vetoed by Gov. Tony Evers, a Democrat.

Neither Evers nor state Attorney General Josh Kaul, also a Democrat, responded by press time to requests for comment.

*  *  *

[ZH: and for more on this from Liz Harrington]

END

The King Report (including swamp stories)

March NFP grew less than expected (431k vs 490k expected, 528k whisper #).  Wages increased 5.6% y/y.  5.5% was consensus.  The Unemployment Rate fell 0.2 to 3.6%.  The Labor Force Participation Rate was unchanged at 62.4%.  The employment-population ratio increased by 0.2 to 60.1%.  https://www.bls.gov/news.release/empsit.nr0.htm
 
Household Survey Highlights
Employed + 736k; Unemployed -318k; Not in Labor Force -298k; Civilian Labor Force +418k  https://www.bls.gov/news.release/empsit.a.htm
 
Establishment Survey Highlights
Manufacturing +38k (32k exp); Construction +18k, Retail +49k, Professional & Business Services +102k, Leisure & Hospitality 112k, Education & health services 33k  https://www.bls.gov/news.release/empsit.b.htm
The Birth/Death Model crafted 23k jobs.   https://www.bls.gov/web/empsit/cesbd.htm
 
The problem in the Establishment Survey is jobs were concentrated in a few industries.  The Diffusion Index tumbled to 69.7 from 81.3.  The Manufacturing Diffusion Index plunged to 64.2 from 85.1.
 
The Big Guy did a Teleprompter reading to hail his role in US job growth.  He bolted without taking questions.  NFP peaked at 153m in February 2020.  NFP is now 150.925m.  Job reappearance after the unprecedented shutdown for the Covid Panic of March -April 2020 is recovery, not growth.
ESMs jumped higher when they opened on Thursday night on buying for the expected rally to start April.  The rally plodded higher until peaking at 6:01 ET.  ESMs and European stocks retreated until a rally into the 8:30 release of the March Employment Report commenced.  Alas, 2 minutes before the release of the jobs report, ESMs tumbled.  Someone traded on non-public information.  Where is the SEC?
 
The declined halted at 9:03 ET.  Traders were buying for the expected NYSE opening rally.  Alas again, the rally ended at 9:20 ET; ESMs and stocks tumbled until 10:41 ET.  The standard rally for the European close, especially after a decline, appeared.
 
USMs (June 30-yr bond futures) commenced a decline when they opened on Thursday night that persisted until 9:34 ET.  At the low, USMs were -2 5/32!  The ensuing bond rally accelerated at 11:00 ET.  By 11:23 ET, USMs had rallied 1 9/32.  The 2yr-10yr yield curve remained inverted after the big rally.  
 
The 2-year yield hit 2.46%!  The 2yr-10yr inversion hit 2bps.  At the time, Fed Funds were 33bps.  This implies the Fed is ~213bps behind the curve (2-yr yield minus Fed Funds) – 52 bps worse than before they hiked rates (.25 funds, 1.86% 2-yr)!   Baby steps in arresting inflation DO NOT WORK!
 
The bonds rallied sharply because recession angst became heightened after a troubling March ISM report.
 
March ISM Manufacturing declined to 57.1 from 58.6; 59 was expected.  This is the lowest reading since September 2020 (55.4).  Ominously, Prices Paid soared to 87.1 from 75.6; 80.0 was consensus; while New Orders tumbled to 53.8 from 61.7; 58.5 was expected.  New Orders tumbling while Prices Paid soar strongly suggest stagflation is here, but something worse is fermenting.
 
@VPatelFX: ISM manufacturing miss matters more for the direction of bond yields than payrolls. ISM largely holding up because of prices paid but if that starts rolling over sharply too, we could be sub 50 in 2H22. And historically US 10Y yield has followed ISM lower.
 
The economically sensitive DJTA was -4.59% at 12:18 ET.  Land transportation firms led the rout: JB Hunt -8.68%, Ryder -7.16%, Old Dominion Freight -5.92%, Landstar -5.54%, CH Robinson -5.76%.  Railroads were the next worst performing sector: NSC -5.13%, UNP -5.13%, CSX -4.91%
 
Why I believe a freight recession is imminent – FreightWaves CEO Craig Fuller
Tender rejections are the best indicator into real-time supply/demand in the truckload sector. The data comes from actual electronic load requests – “tenders” in the truckload contract market…
    A high rejection rate means that trucking companies have more options to choose from. A low rejection rate means carriers have fewer options in freight to pick from. Since this measures actual load activity and not load board posts or searches, it tells us what the market is actually doing.
   At the start of March, the rejection rate was 18.7% – today it sits at 13.90%… The last week of March is normally one of the best weeks of the year for carriers, but this year it has been one of the worst.  Just wait for April… https://www.freightwaves.com/news/why-i-believe-a-freight-recession-is-imminent
 
The 2-10 inversion hit 8.1bps after the NYSE close.  The 2-yr yield rose on short-term inflation fear; the 10-yr and 30-yr yields fell less on the recession that the Fed rate hikes, to stem inflation, will induce.

The Fed Balance Sheet declined $25.332B; MBS fell $23.51B. https://www.federalreserve.gov/releases/h41/20220331/
 
@DailyMail: Wealth of America’s richest 1% reached a record $45.9 trillion at the end of 2021 – more than the bottom 90% combined (Due to central banks’ historic easy credit creation)
https://www.dailymail.co.uk/news/article-10677419/Wealth-Americas-richest-1-reached-record-45-9-trillion-end-2021.html
 
Rising food, energy prices push Dutch inflation to 11.9% in March, highest level since 1975 http://xhtxs.cn/sVB
 
@AndrewCQuinn: Mitch McConnell: “In 2020, as oil prices were cratering, Republicans tried to refill the Strategic Reserve… [Schumer] bragged about killing that provision. You cannot make it up.”
 
Jen Psaki planning to leave White House this spring for MSNBC gig (To another Dem subsidiary?)
https://www.axios.com/jen-psaki-leaving-white-house-msnbc-a75bdbc6-4c6b-43f9-b406-e104ea3b88e9.html
 
LA Times’ @Noahbierman: A meta moment at the WH briefing when NBC reporter @kwelkernbc presses Psaki on whether she can ethically work as the briefer while reportedly negotiating with NBC.
 
EU Tells China It Expects Help to Persuade Russia to End War
The EU leaders also warned their Chinese counterparts against helping Russia either on avoiding sanctions, or by supplying weapons, underlying this would only serve to prolong the war and hurt global trade… https://www.bloombergquint.com/global-economics/eu-warns-china-not-to-interfere-in-russia-sanctions-over-ukraine
 
@TheInsiderPaper: China staged a huge cyberattack on Ukraine’s military and nuclear facilities in the build-up to Russia’s invasion, according to the The Times UK report
 
@WSJ: Ukrainian President Volodymyr Zelensky stripped two generals of their rank… “I do not have time to deal with all the traitors. But gradually they will all be punished.” https://t.co/0OHoc1XjAj
 
Putin ‘is constantly followed by thyroid cancer doctor’: Specialist has ‘spent 282 days’ with Russian President amid claims he is seriously ill and suffering ‘steroid rage’ from treatment
https://www.dailymail.co.uk/news/article-10675557/Putin-followed-thyroid-cancer-doctor-Specialist-spent-282-days-Russian-President.html
 
Meeting of Ukrainian, Russian presidents ‘with high probability’ to be held in Turkey – Interfax
“Neither the date nor the place is known…” https://en.interfax.com.ua/news/general/820492.html#.YkixbO_2RBY.twitter
 
Ukraine: Germany accuses Russia of ‘war crimes’ over Bucha deaths — The images of bodies lining the streets in a town outside of Kyiv have sparked horror in Ukraine and beyond.
https://www.dw.com/en/ukraine-germany-accuses-russia-of-war-crimes-over-bucha-deaths-live-updates/a-61343522?s=02
 
Defence of Ukraine (@DefenceU): The Ukrainian city of Bucha was in the hands of  animals for several weeks. *Local civilians were being executed arbitrarily*, some with hands tied behind their backs, their bodies scattered in the streets of the city. (Far worse atrocities are being alleged.)
 
@kiraincongress: This is Bucha. The outskirt of Kyiv. Russians were killing people with their hands tied behind their backs and left the bodies near the road. I am shaking.
https://twitter.com/kiraincongress/status/1510249049357791234
 
Politico’s @KaminskiMK: Report: Russian military killed all men aged 16-60 left in Bucha…
 
@lapatina_: After seeing Bucha, I am terrified to my core to even imagine what we will see in Mariupol.
 
Ukrainian children used as ‘human shields’ near Kyiv, say witness reports – Horrifying accounts tell of Russian soldiers placing children on tanks to protect their vehicles when moving
https://www.theguardian.com/world/2022/apr/02/ukrainian-children-used-as-human-shields-near-kyiv-say-witness-reports
 
@SamRamani2: In February 2000, Russia summarily executed at least 60 civilians in Novye Aldi, a suburb of Grozny, Chechnya, as part of a “mopping up” operation.  The Bucha massacre is not an anomaly. It is Vladimir Putin’s way of war.
 
@AFP: Zelensky says Russian forces committing ‘genocide’ in Ukraine
 
@AFP: Russians ‘must answer for crimes’ in Ukraine’s Bucha: French president
 
@ragipsoylu: Zelensky: I invite Merkel and Sarkozy to visit Bucha to find out what the policy of concessions to Russia has led to
 
@Jkylebass: Ukrainian civilians bound, shot in the back of the head, and thrown out with the trash…all while we continue to fund Putin’s war machine by not sanctioning his energy business. We must follow-through with our full sanction plan and stop pussyfooting aroundThe malice of the wicked continues to be reinforced and supported by the weakness of the virtuous…we better properly sanction Russia and follow these primary sanctions with secondary sanctions on the Chinese firms and individuals
 
@AFP: German chancellor urges light be shed on Russian army ‘crimes’ against civilians
 
Ukrainian and Polish officials took aim at German President Frank-Walter Steinmeier for being too close to Russia.   https://t.co/OPw1mTFkpR
 
@ragipsoylu: Germany refused to supply Ukraine with 100 Marder armoured personnel carriers that were requested last week, Welt reports, citing sources.
 
Ukraine-Russia War outcome could be determined in next ‘week or two’: Ukrainian official
Mariupol could hold strong, or potentially fall, possibly determining the outcome of the war
https://www.foxnews.com/world/next-week-two-determine-outcome-ukraine-russia-war-ukrainian-official
 
WSJ: Vladimir Putin’s 20-Year March to War in Ukraine—and How the West Mishandled It
Washington and the EU vacillated between engagement and deterrence, as the Russian leader became more isolated and more obsessed – On Feb. 19, German chancellor Scholz proposed to Zelensky that Ukraine “renounce its NATO aspirations and declare neutrality as part of a wider European security deal” signed by both Putin and Biden. Zelensky said noMr. Zelensky said Mr. Putin couldn’t be trusted to uphold such an agreement & that most Ukrainians wanted to join NATO
https://www.wsj.com/articles/vladimir-putins-20-year-march-to-war-in-ukraineand-how-the-west-mishandled-it-11648826461
 
Entire Shanghai placed under lockdown
The spread of the highly transmissible omicron strain to Shanghai — home to the world’s largest container port and country headquarters of many domestic and overseas companies — is the biggest test yet for President Xi Jinping’s dual goals of eliminating the virus while minimizing the economic and social impacts of a Covid Zero strategy. The worsening outbreak is further weighing on the world’s second-largest economy and threatening to disrupt global supply chains
https://www.stripes.com/covid/2022-04-02/entire-shanghai-placed-under-lockdown-5558264.html
 
Another global crisis: Pakistan is thrown into crisis after the prime minister dissolves parliament
https://www.npr.org/2022/04/03/1090490181/pakistan-imran-khan-parliament-early-elections
 
(SF) Fed’s Daly (ex-uber dove) says case for half-point rate rise in May has grown – The FT
Signs the US central bank is preparing aggressive moves to bring persistent inflation under control
https://www.ft.com/content/94f23e69-33d4-4688-b5b0-c996fa0d77f1#myft:my-news:page
 
Today – The bond market sees inflation and smells recession.  The credit markets also smell recession.  Stock traders “always get it last!”  The Russian atrocities in Bucha could induce weak-kneed and reluctant western leaders to finally enact sanctions on Russia, and maybe China, that have real economic bite.

NYT’s @thomaskaplan: Biden has confided to his inner circle that he believes Trump is a threat to democracy and should be prosecuted, per two people familiar with his comments…
https://www.nytimes.com/2022/04/02/us/politics/merrick-garland-biden-trump.html
 
In Watts v. United States, 394 U.S. 705 (1969), the Supreme Court held, without the benefit of oral argument, that the First Amendment does not protect true threatsThe Court also explained that political hyperbole does not qualify as such a threat… (The operative words are “true threats.”)
https://www.mtsu.edu/first-amendment/article/707/watts-v-united-states
 
If the DoJ indicts Trump, the optics would be horrific.  More importantly, Trump’s legal team, via discovery, could investigate the FBI, DoJ, Pelosi, Dems, and the Capitol Police’s complicating and/or conspiracy in fomenting trouble, ignoring intel about troublemakers, etc.
 
President says first lady Jill Biden was Obama’s VP in latest gaffe https://trib.al/TalV4vT
 
Jon Turley: Biden’s ‘absolute’ defense of Hunter leaves media and Justice Department in a muddle
The key in any influence peddling scheme is to protect the principle. People apparently were told to avoid directly referring to President Biden. In one email, Tony Bobulinski, then a business partner of Hunter’s, was instructed by Biden associate James Gilliar not to speak of the former veep’s connection to any transactions: “Don’t mention Joe being involved, it’s only when u [sic] are face to face, I know u [sic] know that but they are paranoid.”   Instead, the emails apparently refer to President Biden with code names such as “Celtic” or “the big guy.” In one, “the big guy” is discussed as possibly receiving a 10 percent cut on a deal with a Chinese energy firm; other emails reportedly refer to Hunter Biden paying portions of his father’s expenses and taxes
    Garland pledged to protect the Justice Department from such conflicts and to avoid even the appearance of political influence. He now has a president stating that alleged wrongdoing by his son is “absolutely” untrue, including dealings possibly impacting the president personally and financially. If Garland declines to appoint a special counsel, he will absolutely fail on his pledge.
https://thehill.com/opinion/judiciary/3257164-bidens-absolute-defense-of-hunter-leaves-media-and-justice-department-in-a-muddle/
 
@JackPosobiec: No one is even asking the right question – why did all these intel officials want Biden to become president so much they were willing to lie to protect him?
 
@JonathanTurley: Chief of Staff Ron Klain today repeated the new narrative being advanced in the media: “I want to just be really clear, these are actions by Hunter and his brother. …They don’t involve the president.” It ignores considerable evidence to the contrary. (All Hunter had was access to Joe!)
 
@ggreenwald: The WPost editorial page admits — the first to do so — that the corporate media owes the country a reckoning for the falsehoods they spread about the Biden docs before the election: “There’s also a danger of suppressing accurate and relevant stories.”
 
The WaPo Editorial Board: The Hunter Biden story is an opportunity for a reckoning
https://www.washingtonpost.com/opinions/2022/04/03/hunter-biden-story-is-an-opportunity-reckoning/
 
@MonicaCrowley: More and more “journalists” are talking about Biden’s grave weaknesses.  They’ve gotten their marching orders.  The Left’s power brokers want him gone.
 
House Republicans invite Hunter Biden to testify on cobalt mining, his ‘expertise’ on EV batteries
which secured him a negotiating position with Chinese officials
https://www.foxnews.com/politics/house-republicans-hunter-biden-testify-cobalt
 
@ColumbiaBugle: Tucker Carlson: The Neo-Lib Revolution Is Coming to An End
This is a religious movementWhat you’re watching is a cult in decline, it’s Jonestown… Joe Biden is the last Neo-Liberal president in history, nobody wants this stuff anymore. It’s done!”
https://twitter.com/ColumbiaBugle/status/1509693750766833731
 
If Carlson is correct, corporations that made their beds with Neo-Libs will have big problems.
 
POLL: Trump supporters split on whether he should run in 2024 (Trumpism without Trump!)
https://sharylattkisson.com/2022/04/poll-trump-supporters-split-on-whether-he-should-run-in-2024/
 
Tens of Thousands of Deceased and Duplicative Voter Registrations Found After 2020 Election in North Carolina https://t.co/p7rvQWexdS
 
“I am disturbed by the large numbers of illegal aliens entering our country. The jobs they hold might otherwise be held by citizens or legal immigrants.  The public service they use impose burdens on our taxpayers.” — Bill Clinton, SOTU January 24, 1995
 
I believe as strongly as ever that we should take on illegal immigration. That’s why my administration has put more boots on the border than ever before. That’s why there are fewer illegal crossings than when I took office.” – Barack Obama, SOTU 2012
 
It is dangerous to be right when the government is wrong.” — Voltaire.
 
Disney+ Will Now Ask You to Confirm No Parents Are in The Room Before Viewing Content (Bee)      https://babylonbee.com/news/disney-will-now-ask-you-to-confirm-no-parents-are-in-the-room-before-viewing-content



Let us close with this offering courtesy of Greg Hunter intervewing Alex Newman

https://usawatchdog.com/deep-state-controlled-demolition-of-america-alex-newman/

Deep State Controlled Demolition of America – Alex NewmanBy Greg Hunter On April 2, 2022 In Political Analysis123 CommentsBy Greg Hunter’s USAWatchdog.com (Saturday Night Post)Award winning journalist Alex Newman says the big problems in America are all caused by the Deep State.  Newman wrote a popular book called “Deep State.”  In it, Newman identified the players, tactics and plans that they are executing today in the United States and the rest of the world.  Neman explains, “I think this is what we are witnessing right now.  We are seeing the controlled demolition of American power, of American prestige, economic might, military might and credibility.  We are also seeing the implosion of cohesion in the United States.  You can see division, riots, hatred, and it’s all for the purpose of ushering in this new system.  Part of the reason they are working on this so quickly is they are deathly afraid of the United States at this point because of what happened in 2016.  They thought they had plenty of election fraud to get their minion Hillary Clinton elected.  Boom–it blew up in their face.  They said, oh my goodness, if the American people retake control of their government, we are all going to jail.  They had to accelerate this process, and I think that is what we are looking at, and there is massive amounts of evidence that support this.”Newman says there is still time to stop, or at least put off, what is happening to the United States.  Newman thinks, “If Americans can regain control of our government through the electoral process, a lot of things can change.  Some things are already baked into the cake.  They have absolutely undermined the U.S. dollar.  They are trying to blame it on Russia and Ukraine.  Gas prices are so high because of Russia and Ukraine—baloney.  They have been printing trillions of dollars and blowing up the money supply.  They have been destroying the supply chains deliberately.  So, it’s inevitable we are going to be dealing with very serious economic pain.”On the other hand, Newman says, “It is not inevitable that the United States collapses as the world’s sole superpower.  If we could regain control of our government, prosecute the criminals and send a serious message that anybody that tries that again is going to be dealt with.  We need to get rid of the tyranny.  Get rid of the bureaucracy.  Get rid of the unconstitutional laws.  We saw how quickly Donald Trump turned this around after 8 years of the Obama Administration.  After 8 years of Obama, this country was in disastrous shape, yet in a period of two to three years, things turned around.  The markets were rallying, the dollar was strong and the energy was flowing.  In fact, we became a net exporter of energy since the first time since the 1950’s.  It can be turned around again.”Newman also talks about how the Democrat Party may disappear.  Newman says, “Democrats are traitors and so are the RINO’s helping them.”Newman also talks about the implications on the 2022 and 2024 elections from the CV19 injections.  Democrats took the jabs at a much higher rate than Republican and Independent voters.In closing, Newman says, “The big wild card is God.  He is still on the throne.  He is sovereign, and if he decides to intervene, anything is possible.”Newman wrote his book “Deep State” so you know who the enemy is and anticipate what he will do to destroy your life and your country.Join Greg Hunter of USAWatchdog.com as he goes One-on-One with award winning journalist Alex Newman, founder of LibertySentinel.org and author of the recent popular book “Deep State.” (04.02.22)  (There is much more in the 46 min. video interview.) https://usawatchdog.com/deep-state-controlled-demolition-of-america-alex-newman/(To Donate to USAWatchdog.com Click Here) After the Interview:

See you Tuesday

h

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