APRIL 21/1922//ALL PRECIOUS METALS WHACKED TODAY: GOLD DOWN $6.80 TO $1946.40//SILVER IS DOWN 57 CENTS TO $24.57//PALLADIUM DOWN $86.10 TO $2383.75 AND PLATINUM DOWN $16.70 TO $972.95//GOLD GOLD STANDING FOR DELIVERY IN APRIL RECEIVES A STRONG QUEUE JUMP OF 1900 OZ: NEW STANDING 82.06//SILVER FOR APRIL ALSO RECEIVES A SMALL QUEUE JUMP: NEW STANDING 6.425 MILLION OZ//COVID UPDATES FROM CHINA//VACCINE IMPACT//CHINA HAS A HUGE FOOD PROBLEM AS FARMERS CANNOT GET SUPPLIES (FERTLIZERS) TO START THE GROWING SEASON//CHINA DOUBLES ITS IMPORTS OF COKING COAL FROM RUSSIA//DAVID STOCKMAN ON INFLATION, A MUST READ//SWAMP STORIES FOR YOU TONIGHT//

by harveyorgan · in Uncategorized · Leave a comment·Edit

April 21, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

april21, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1946.40 DOWN 6.80

SILVER: $24.57 DOWN $0.57

ACCESS MARKET: GOLD $1951.80

SILVER: $24.66

Bitcoin morning price:  $42,464 UP 1411

Bitcoin: afternoon price: $41,331 DOWN 278

Platinum price: closing DOWN $28.10 to $972.95

Palladium price; closing DOWN 86.10  at $2383.755

END

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comex notices/

: JPMorgan stopped/total issued  125/336

EXCHANGE: COMEX
CONTRACT: APRIL 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,952.300000000 USD
INTENT DATE: 04/20/2022 DELIVERY DATE: 04/22/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 333 10
132 C SG AMERICAS 69
363 H WELLS FARGO SEC 6
435 H SCOTIA CAPITAL 7
624 H BOFA SECURITIES 15
657 C MORGAN STANLEY 2 12
661 C JP MORGAN 125
709 C BARCLAYS 36
732 C RBC CAP MARKETS 5
737 C ADVANTAGE 1 3
880 H CITIGROUP 34
905 C ADM 14


TOTAL: 336 336
MONTH TO DATE: 25,681



NUMBER OF NOTICES FILED TODAY FOR  APRIL. CONTRACT 336  NOTICE(S) FOR 33,600 OZ  (1.045  TONNES)

total notices so far:  25,681 contracts for 2,568,100 oz (79.878 tonnes)

SILVER NOTICES: 

4 NOTICE(S) FILED 20,000   OZ/

total number of notices filed so far this month  1283  :  for 6,415,000  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 DOWN $6.80

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

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

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD A HUGE DEPOSIT OF 6.36 TONNES INTO THE GLD//

INVENTORY RESTS AT 1106.74 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 57 CENTS

AT THE SLV// A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WHOPPING DEPOSIT OF 2.955 MILLION OF INTO THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 577.941 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A STRONG SIZED  3211 CONTRACTS TO 167,366   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE STRONG LOSS IN OI WAS ACCOMPLISHED DESPITE OUR SMALL   $0.15 LOSS  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE  SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.15) AND WERE SOMEWHAT  UNSUCCESSFUL IN KNOCKING OUT SOME SILVER LONGS  AS WE HAD A STRONG LOSS OF 1650 CONTRACTS ON OUR TWO EXCHANGES. I AM NOT SURE AS WE WILL NEED TO WAIT UNTIL NEXT WEEK’S COT REPORT BUT I THINK WE HAD OUR INITIAL SILVER SPREADER LIQUIDATION COMMENCE

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 STRONG 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 15,000  OZ//NEW STANDING: 6.424 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  : —-350

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

TOTAL CONTACTS for 14 days, total 11,626  contracts:  58.130 million oz  OR 4.15 MILLION OZ PER DAY. (830 CONTRACTS PER DAY)

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 11,626 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 58.130 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: 58.130 MILLION OZ (LOOKS LIKE OUR BANKERS ARE NOW LOATHE TO ISSUE EFP’S)

RESULT: WE HAD A STRONG  SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3211 DESPITE OUR SMALL  $0.15 LOSS IN SILVER PRICING AT THE COMEX// WEDNESDAY.  WE MAY HAVE WITNESSED OUR INITIAL COMMENCEMENT OF SILVER SPREADER LIQUIDATION.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 725 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 15,000 OZ QUEUE JUMP//NEW STANDING: 6.425MILLION OZ///  .. WE HAD A STRONG SIZED LOSS OF 2486 OI CONTRACTS ON THE TWO EXCHANGES FOR 12.43 MILLION  OZ DESPITE THE  SMALL LOSS IN PRICE. 

 WE HAD 4  NOTICES FILED TODAY FOR 20,000 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 FAIR SIZED 2876 CONTRACTS  TO 572,326 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:  -15 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  FAIR SIZED DECREASE IN COMEX OI CAME WITH OUR  LOSS IN PRICE OF $3.05//COMEX GOLD TRADING/WEDNESDAY /.AS IN SILVER WE MUST  HAD  HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD MINOR LONG LIQUIDATION   

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR APRIL AT 78.33 TONNES ON FIRST DAY NOTICE 

YET ALL OF..THIS HAPPENED WITH OUR  LOSS IN PRICE OF   $3.05 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A SMALL SIZED LOSS OF 1665  OI CONTRACTS (5.178 PAPER TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED  1211 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 572,341.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1665, WITH 2876 CONTRACTS DECREASED AT THE COMEX AND 1211 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS ON THE TWO EXCHANGES OF 1665 CONTRACTS OR 5.178 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1211) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2861,): TOTAL LOSS IN THE TWO EXCHANGES  1650 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 1900 OZ QUEUE JUMP //NEW STANDING 82.068 TONNES///  3) TINY LONG LIQUIDATION IF ANY AS  IT LOOKS LIKE WE HAD OUR COMMENCEMENT OF SPREADER LIQUIDATION. ,4) FAIR SIZED COMEX  OI. LOSS 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

APRIL

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

31,188 CONTRACTS OR 3,118,800 OR 97.007  TONNES 14 TRADING DAY(S) AND THUS AVERAGING: 2227 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES: 97.007TONNES

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

THUS EFP TRANSFERS REPRESENTS  97.007/3550 x 100% TONNES  2.73% 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:  97.007 TONNES (THIS IS GOING TO BE A LOW ISSUANCE MONTH)

SPREADING OPERATIONS

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

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF 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 3211 CONTRACT OI  AND FURTHER FROM  OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  5 YEARS AGO.  

EFP ISSUANCE 725 CONTRACTS

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

MAY 725  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 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 3211 CONTRACTS AND ADD TO THE 725 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A VERY STRONG SIZED LOSS OF 2486 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES 12.43 MILLION OZ

OCCURRED WITH OUR  LOSS IN PRICE OF  $0.15 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

end

5. Other gold commentaries

.

end

6. Commodity commentaries/cryptocurrencies

3. ASIAN AFFAIRS

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 71.24 PTS OR 2.26% //Hang Sang CLOSED DOWN 262.45 OR  1/45%   /The Nikkei closed UP 335/21 PTS OR 0.23%        //Australia’s all ordinaires CLOSED UP .22%   /Chinese yuan (ONSHORE) closed DOWN 64749    /Oil UP TO 103.09 dollars per barrel for WTI andDOWN TO 107.10 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4745 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4502: /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER//

a)NORTH KOREA

outline

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 FAIR SIZED 2876 CONTRACTS TO 572,326  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 GOOD COMEX DECREASE OCCURRED WITH OUR LOSS OF $3.05 IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A SMALL SIZED EFP (1211 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 SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 1211 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 JUNE :1211 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  1211 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 SMALL SIZED  TOTAL OF 1665 CONTRACTS IN THAT 2861 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI LOSS OF 2876  CONTRACTS..AND  THIS LOSS OCCURRED WITH OUR  LOSS IN PRICE OF GOLD $3.05

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR APRIL   (82.068),

 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: 82.068

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $3.05) AND  AND WERE BASICALLY  UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAVE  REGISTERED A SMALL SIZED LOSS  OF 5.179 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR APRIL (82.068 TONNES)

WE HAD —15  CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 1665 CONTRACTS OR 166,500 OZ OR 5.178TONNES

Estimated gold volume today: 154,145/// poor

Confirmed volume yesterday: 149,816 contracts  poor

INITIAL STANDINGS FOR APRIL ’22 COMEX GOLD //APRIL 21

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz8198.50 oz
Int Delaware
Manfra
250 kilobars and 5 kilobars
Deposit to the Dealer Inventory in oz32,118.849 oz
Brinks
999 kilobars 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today336  notice(s)33,600 OZ
1.045 TONNES
No of oz to be served (notices)704 contracts 
70400 oz
2.189 TONNES
Total monthly oz gold served (contracts) so far this month25,681 notices
2,568,100 OZ
79.878 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  1

into the dealer Brinks:  32,118.849 oz (999 kilobars)

what is interesting is that Brinks has made this deposit exactly to the 3 decimals 5 times this past 30 days

total dealer deposit  32,118.849   oz//

No dealer withdrawals

0 customer deposit

total customer deposit  nil oz

2 customer withdrawals

i) Out of Int. Delaware  8037.750 oz (250 kilobars)

ii) Out of Manfra: 160.75 oz (5 kilobars

total customer withdrawal: 8198.50  oz /

ADJUSTMENTS:   

0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR APRIL.

For the front month of APRIL we have an  oi of 1040 contracts having LOST 116 contracts

We had 135 notices filed yesterday so we GAINED  19 contracts or an additional  1900 oz will stand for delivery at the comex

May saw a LOSS of 36 contracts to stand at 3344

June saw a LOSS of 4672 contracts UP to 469,685 contracts

We had 336 notice(s) filed today for  33,600  oz FOR THE APRIL 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 336 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and   125 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 10  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 (25,681) x 100 oz , to which we add the difference between the open interest for the front month of  (APRIL 1040  CONTRACTS ) minus the number of notices served upon today  336 x 100 oz per contract equals 2,638,500 OZ  OR 82.068 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 (25,681) x 100 oz+   (1040)  OI for the front month minus the number of notices served upon today (336} x 100 oz} which equals 2,638,500 oz standing OR 82.068 TONNES in this   active delivery month of APRIL.

We GAINED 1900 additional oz that will stand for delivery on this side of the pond.

TOTAL COMEX GOLD STANDING:  82.009 TONNES  (A WHOPPER FOR AN 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:  1,887,433.936 oz                                     58.70 tonnes

TOTAL REGISTERED AND ELIG GOLD AT THE COMEX: 35,976,423.645  OZ (1119,01 TONNES)

TOTAL ELIGIBLE GOLD: 18,342,444.928  OZ (570.52 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,633,978.717 OZ  (548.49 tonnes)

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,746,545.0 OZ (REG GOLD- PLEDGED GOLD)  489.78tonnes

END

APRIL 2022 CONTRACT MONTH//SILVER//APRIL 21

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,402,798.100  oz
JPM
CNT
Deposits to the Dealer Inventorynil
OZ
Deposits to the Customer Inventory774,889.206
oz
Brinks
Delaware
No of oz served today (contracts)4CONTRACT(S)20,000  OZ)
No of oz to be served (notices)2 contracts (10,000 oz)
Total monthly oz silver served (contracts)1283 contracts 6,415,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

And now for the wild silver comex results

we had 0 deposit into the dealer

total dealer deposits:  nil      oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

We have 2 deposits into the customer account

i) Into Brinks:  582,485.470 oz

ii) Into Delaware: 192,403.736 oz

total deposit:  774,889.206   oz

JPMorgan has a total silver weight: 175.637 million oz/334.079 million =52.57% of comex 

i) Comex withdrawals: 2

ii) Out of CNT 32,272.170  oz

i) Out of JPMorgan  1,370,525.930 oz

total withdrawal 1,402,798.100    oz

3 adjustments:  dealer to customer//Delaware:  20,691.086 oz

and Int Delaware:  90,422.110 oz

and JPMorgan 185,819.150 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 85.910 MILLION OZ

TOTAL REG + ELIG. 334.079 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL OI: 6, HAVING LOST 77  CONTRACTS FROM MONDAY.  We had 80 notices filed yesterday,

so we GAINED 3 contracts or an additional 110,000 oz will  stand on this side of the pond

MAY HAD A LOSS OF 8105 CONTRACTS DOWN TO 52,257 contracts

JUNE HAD A GAIN OF 18 TO STAND AT 1244

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 80 for 400,000 oz

Comex volumes: 92,416// est. volume today//  very good/

Comex volume: confirmed yesterday: 63,225 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 1283 x 5,000 oz = 6,415,000 oz 

to which we add the difference between the open interest for the front month of APRIL (6) and the number of notices served upon today 4 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the APRIL./2021 contract month: 1283 (notices served so far) x 5000 oz + OI for front month of APRIL (6)  – number of notices served upon today (4) x 5000 oz of silver standing for the APRIL contract month equates 6,425,000 oz. .

We GAINED 3  contract or an additional 15,000 oz will  stand on this side of the pond 

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 21/WITH GOLD DOWN $6.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1106.74 TONNES

APRIL 20/WITH GOLD DOWN $3.05: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT IF 6.36 TONNES INTO THE GLD..//INVENTORY RESTS AT 1106.74 TONNES

APRIL 19//WITH GOLD DOWN $26.90//A SMALL CHANGE IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .87 TONNES INTO THE GLD//INVENTORY RESTS AT 1100.36 TONNES

APRIL 18/WITH GOLD UP $11.20: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.93 TONNES FROM THE GLD..//INVENTORY RESTS AT 1099.44 TONNES

APRIL 14/WITH GOLD DOWN $8.90: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A  DEPOSIT OF 11.32 TONNES INTO THE GLD..//INVENTORY RESTS AT 1104.42 TONNES

APRIL 13/WITH GOLD UP $8.80: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1093.10 TONNES

APRIL 12/WITH GOLD UP $26.95: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.61 TONNES INTO THE GLD///INVENTORY REST AT 1093.10 TONNES

APRIL 11/WITH GOLD UP $3.40 //A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD.//INVENTORY RESTS AT 1090.49 TONNES

APRIL 8/WITH GOLD UP $7.70: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES INTO THE GLD//INVENTORY RESTS AT 1088.75 TONNES

APRIL 7/WITH GOLD UP $13.40: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1087.30 TONNES

APRIL 6/WITH GOLD DOWN $4.10: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.68 TONNES FROM THE GLD..//INVENTORY RESTS AT 1087.30 TONNES

APRIL 5/WITH GOLD DOWN $5.70: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.75 TONNES FROM THE GLD//INVENTORY RESTS AT 1089.98 TONNES

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 DEPOSIT 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

CLOSING INVENTORY FOR THE GLD//1106.74 TONNES

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

APRIL 21/WITH SILVER UP 57 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 577.941 MILLION OZ

APRIL 20/WITH SILVER DOWN 15 CENTS : A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.955 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 577.941 MILLION OZ///

APRIL 19/WITH SILVER DONW 62 CENTS: A SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .461 MILLION OZ FROM THE SLV INVENTORY…//INVENTORY RESTS AT 574.986 MILLION OZ

APRIL 18/WITH SILVER UP 38 CENTS: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.771 MILLION OZ INTO THE SLV./INVENTORY RESTS AT 575.447 MILLION OZ//

APRIL 14/WITH SILVER DOWN 25 CENTS : A MONSTROUS CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.355 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 569.676 MILLION OZ//

APRIL 13/WITH SILVER UP 27 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 565.521 MILLION OZ

APRIL 12/WITH SILVER UP 66 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 565.521 MILLION OZ//

APRIL 11/WITH SILVER UP 13 CENTS: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 831,000 OZ FORM THE SLV////INVENTORY RESTS AT 565.521 MILLION OZ

APRIL 8/WITH SILVER  UP 11 CENTS :NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 566.352 MILLION OZ//

APRIL 7/WITH SILVER UP 27 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 566.352 MILLION OZ//

APRIL 6/WITH SILVER DOWN 9 CENTS : NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 566.352 MILLION OZ

APRIL 5/WITH SILVER DOWN 16 CENTS : A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.386 MILLION OZ INTO THE SLV..//INVENTORY RESETS AT 566.352 MILLION OZ//

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/

SLV FINAL INVENTORY FOR TODAY: 577.941 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Peter Schiff: Real Incomes Collapsing At An Unprecedented Rate

THURSDAY, APR 21, 2022 – 10:35 AM

Via SchiffGold.com,

Americans are earning more, but inflation is eating up their rising wages and then some.

In his podcast, Peter Schiff talked about the unprecedented collapse in real incomes and how it will trickle down through the economy.

Year-over-year, average hourly wages for production and nonsupervisory employees were up 6.7% in March. That sounds great – until you factor in inflation.

With CPI at 8.5% (according to official government numbers), real wages for these workers have dropped nearly two percent. Their bigger paychecks aren’t even covering rising prices.

Overall, wages are rising at around 4 to 5%. That means in aggregate, real wages are dropping even faster.

Peter says it’s even worse than that.

The wage numbers are real. Those are actual numbers because they’re easy to measure. There is no hedonics. There is no substitution. The wage increases are accurate. It’s the price increases that are not. Because if inflation is actually 17 or 18%, not 8.5% but wages are only growing by four or five percent, real incomes are collapsing at an unprecedented rate.”

We can see the impact of falling real wages on American savings. The US household savings rate has imploded in 2022. It’s now lower than it was prior to all of the COVID stimulus and PPP checks going out.

In late 2020 and into 2021, there was a big jump in savings because the government sent everybody a bunch of money. People paid down credit cards and stashed some money in the bank. Now we’re seeing savings depleted and people are running up credit cards at a blistering pace. Consumer debt is rising at the fastest pace since 2001.

Now, not only is [savings] completely gone, they actually have less savings than they had before they got that government slush fund because they spent that money on rising prices. Now, that money is gone, and they’re relying on credit cards to fill the gap between what they earn and what they spend.”

Peter reiterated that this is an “unprecedented” decline in real earnings for American households. And it’s going to impact the broader economy.

They have to cut back everywhere they can.”

In other words, people will try to spend less. They will cancel the Netflix subscription. They won’t go on vacation. They won’t eat out as much. This is bad news for an economy that is predicated on people spending money on stuff.

Peter said this will trickle over into the stock market, particularly in the NASDAQ where companies are priced for growth.

Not only are they not going to get growth; they’re actually going to see a reduction in their business. And so, the stocks are priced for perfection, and what we’re actually getting is the opposite of that. There is still a long way down to go for all these stocks because they were overpriced. But the fact that earnings are not even coming close to expectations, these stocks need to be marked down in a much bigger way.”

In this podcast, Peter also talks about the bear market in bonds, rising yields, Netflix losing subscribers, the slow-motion disaster playing out in Japan, and why sanctions might actually help Russia in the long term.

END

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

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

GATA’s Ed Steer discusses London nickel default and Fed’s awful choice

Submitted by admin on Wed, 2022-04-20 12:45Section: Daily Dispatches

12:48p ET Monday, April 18, 2022

Dear Friend of GATA and Gold:

GATA board member Ed Steer, publisher of Ed Steer’s Gold and Silver Digest, was just interviewed by Wall Street Silver, discussing the default of the London Metals Exchange’s nickel contract, the implications of that default for silver and other metals, and the awful choice facing the Federal Reserve — hyperinflation vs. depression.

The interview is 17 minutes long and can be heard at YouTube here:

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

END

Quite a surprise for Israel as it adds yuan, yen, Cdn dollar and the Aussi dollar

(bloomberg news/gata)

Israel adds yuan, reduces dollar and euro in ‘philosophy’ change for FX reserves

Submitted by admin on Wed, 2022-04-20 12:57Section: Daily Dispatches

By Daniel Avis
Bloomberg News
Wednesday, April 20, 2022

Israel’s central bank has made the biggest change to its allocation of reserves in over a decade, adding the Chinese yuan alongside three other currencies to a stockpile that last year exceeded $200 billion for the first time ever. 

Starting this year, the currency mix will expand from the trio of the U.S. dollar, the euro, and the British pound to include the Canadian and Australian dollars as well as the yen and the yuan, which is also known as the renminbi. The additions mark a change in the Bank of Israel’s “whole investment guidelines and philosophy,” Deputy Governor Andrew Abir said in an interview.

To accommodate the changes, the euro’s share will fall to 20% — the lowest in at least a decade — from just over 30%, while the dollar will account for 61%, down from 66.5%. The pound’s weighting, by contrast, will almost double to 5%, returning to a level last seen in 2011. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-04-20/israel-adds-yuan-to-206-billion-reserves-in-philosophy-change

END

This is very interesting:  within 5 years, Britains’ broken energy system may be faced with enery from solar panels placed in the Sahara connected the world’s largest undersea cabel

a good read..

(Ambrose Pritchard Evans/GATA)

Sahara solar could soon rescue Britain’s broken energy system, replacing OPEC and Russia

Submitted by admin on Wed, 2022-04-20 13:08Section: Daily Dispatches

By Ambrose Evans-Pritchard
The Telegraph, London
Wednesday, April 20, 2022

Within five years, the world’s longest undersea cable will link Devon to a vast territory of solar panels in the Sahara Desert, supplying electricity directly into Britain’s grid at a fraction of today’s power prices.

A second cable will land two years later in 2029. Together they will provide 3.6 gigawatts of constant baseload power, equivalent to two Hinkley-sized nuclear reactors. The difference is that we will be able to afford it. That, at least, is the plan.

The L16 billion Xlinks Morocco-UK Power Project — chaired by former Tesco chief Sir Dave Lewis — has an elegant feature. It combines wind and solar in perfect geographic circumstances to make near-constant power for 20 hours a day.

Trade winds on the coast of North Africa raise the average “capacity factor” of onshore wind turbines to 54%. A desert convection effect creates a regular wind current in the early evenings and smooths the handover from solar to wind.

“It picks up every afternoon just as the sun is setting, said Simon Morrish, the project’s chief executive. This overcomes the curse of intermittency, with lithium batteries in the desert to cover the remaining gaps. …

… For the remainder of the report:

https://www.telegraph.co.uk/business/2022/04/20/sahara-solar-could-soon-rescue-britains-broken-energy-system/

4.OTHER GOLD/SILVER COMMENTARIES

Bill Holter..

Bill Holter: Gold-backed Ruble set to leave PetroDollar behind

Despite Wall Street pricing in 200 basis points of interest rate increases before the end of 2022, the gold price continues to flirt with $2000 per ounce. Largely because of the developments in Russia, where their quasi-gold-backing to the ruble has provided support to the gold market.

Which is not the easiest situation to reconcile. Although fortunately, Bill Holter of JS Mineset joined me on the show to explain what’s happening, what to watch out for, and what he’s expecting next.

So to find out the latest developments with the Ruble, the gold and silver markets, and the petro-dollar, click to watch the video now!

***https://lemetropolecafe.com/pfv.cfm?pfvID=17643

https://bigcharts.marketwatch.com/quickchart/quickchart.a sp?symb=XX:HUI

end.

5.OTHER COMMODITIES  RICE

end

COMMODITIES IN GENERAL

6.CRYPTOCURRENCIES

7. GOLD/ TRADING 

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

ONSHORE YUAN: CLOSED DOWN 6.4749

OFFSHORE YUAN: 6.4502

HANG SANG CLOSED UP DOWN 262.45 PTS OR 1.25%

2. Nikkei closed UP  335/21PTS OR 0.23% 

3. Europe stocks  ALL GREEN 

USA dollar INDEX  DOWN TO  100.24/Euro RISES TO 1.0829

3b Japan 10 YR bond yield: RISES TO. +.255/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 128.14/JAPANESE FALLING APART WITH YEN FALTERING AS WELL AS LONG TERM YIELDS RISING BREAKING THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

3f 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.

3g Oil UP for WTI and DOWN FOR Brent this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.0.893%/Italian 10 Yr bond yield RISES to 2.53% /SPAIN 10 YR BOND YIELD RISES TO 1.83%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.64: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3i Greek 10 year bond yield RISES TO : 2.93

3j Gold at $1938/40 silver at: 24.63   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 2   & 3/8   roubles/dollar; ROUBLE AT 74,05

3m oil into the 103 dollar handle for WTI and  107 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 128.14 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 .9494– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0327well 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: 2.867 UP 3 BASIS PTS

USA 30 YR BOND YIELD: 2.908 UP 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 14.69

Futures Jump On Relief From Tesla’s Blowout Earnings

THURSDAY, APR 21, 2022 – 07:55 AM

US equity futures traded higher led by tech stocks, after Tesla’s results beat expectations boosting hopes for another strong earnings season and allayed fears of an imminent recession. The electric-vehicle maker’s shares jumped 7.2% in premarket trading on Thursday, while United Airlines rose 7% after forecasting it will return to profit this year. By contrast, Alcoa dropped 5.7% after reporting worse-than-expected sales and higher inventories due to supply-chain disruptions. S&P futures rose 0.85% or 37 points to 4,493 while Nasdaq 100 futs rose 1.2% to 14,175. A selloff in Treasuries resumed with a debate raging around whether inflation is peaking: the 10-year Treasury yield added 4 basis points. The euro and German bund yields rose after hawkish comments from European Central Bank officials. The dollar reversed losses, gold slumped to session lows and bitcoin jumped above $42,000.

Tesla’s earnings provided some relief for investors in tech after Netflix’s 35% slump on Wednesday raised concerns that the industry is being hit by inflation and expected rapid monetary-policy tightening by the Federal Reserve, according to Swissquote analyst Ipek Ozkardeskaya. “The macroeconomic conditions are not favorable for tech companies this year,” she said. “Although we haven’t seen a shocking migration from tech to value names, the tech companies that have shaky future earnings, and that can’t pass inflation on to their customers will likely suffer more.”

Besides the surging Tesla, here are some other notable premarket movers:

  • Alcoa (AA US) shares decline 5.7% in premarket trading Thursday after the aluminum producer’s 1Q revenue missed estimates.
  • Netflix (NFLX US) shares fall 1.1% in premarket trading, extending Wednesday’s 35% plunge after the streaming firm announced a surprise decline in subscribers. Analysts highlight the company’s valuation and business model are under review, while inflation and competition are challenging for the stock.
  • United Airlines (UAL US) shares rise 7.5% in premarket trading after forecasting a profit this year. It has experienced a “rapid improvement” in both demand and revenue, according to MKM Partners.
  • U.S.-listed Macau casino operators Las Vegas Sands (LVS US), MGM Resorts (MGM US) and Melco Resorts (MLCO US) may be active after Shanghai reported a sharp increase in its number of seriously ill Covid patients.

Meanwhile, Chinese stocks extended this week’s rout as investors fretted over the economic effects of the nation’s Covid-Zero strategy, with lower-than-expected policy stimulus adding to their disappointment. An address by President Xi Jinping failed to soothe investors pining for more measures to support growth.

Bond bears have returned after Wednesday’s rally in Treasuries fueled by some investors including Bank of America and Nomura who said the panic over inflation and rate-hike bets had gone too far. However, a Federal Reserve anecdotal survey showed inflationary pressures remained strong. Meanwhile, equities stayed resilient to higher yields with their focus on earnings.

While the peak-inflation debate is intensifying, it’s unlikely to derail global central banks from their tightening path as commodity shortages from the war in Ukraine keep prices elevated. New Zealand inflation accelerated in the first quarter to the fastest pace in 32 years, validating the central bank’s pursuit of an aggressive tightening cycle. As noted yesterday, the U.S. 10-year real yield turned positive on Wednesday for the first time since March 2020 as traders added to bets on an aggressive Fed hiking cycle. However, the level failed to hold for long.

Separately, the Fed said in its Beige Book survey released Wednesday revealed that the U.S. economy grew at a moderate pace through mid-April, but rising prices and geopolitical developments created uncertainty and clouded the outlook for future growth.

“Strong demand allowed firms to pass through input cost increases in consumers,” Carol Kong, a strategist at Commonwealth Bank of Australia, said in a note. “The anecdotal evidence supports our view the FOMC is well behind the curve and needs to tighten policy aggressively.”

In Europe, the travel and construction sectors led gain, pushing the Stoxx Europe 600 Index 0.9% higher. CAC 40 outperforms, adding 1.2%, FTSE 100 lags, dropping 0.3%. Travel, construction and industrials are the strongest-performing sectors. French equities including Alstom and Saint-Gobain outperform after Wednesday’s sole debate between President Emmanuel Macron and nationalist leader Marine Le Pen reassured investors, with the pro-business incumbent seen as having dominated the encounter. Basic resources shares underperform in Europe, heading for the biggest three-day decline on a closing basis since January, as miners fall on 1Q production reports. ABB jumped 5.3% after the Swiss automation group reported better-than-expected earnings. Anglo American fell 8.2% in London after the mining company cut output goals and said costs would be higher than expected. Here are some of the biggest European movers today:

  • Nestle shares advance as much as 1.9% after the food company reported quarterly sales that exceeded market expectations. Analysts were impressed by the quality of the beat, highlighting the company’s pricing power.
  • ABB shares rise as much as 5.9% after the industrial automation and robotics group’s 1Q results topped expectations.
  • Akzo Nobel shares rise as much as 7.7% after the paint maker’s first-quarter adjusted operating income beat estimates, which Citi says is the result of pricing offsetting increased raw material costs for the first time this cycle.
  • Sartorius AG rises as much as 6.1%, biggest gainer on the Stoxx 600 Health Care subindex, after reporting earnings that included consensus beats on adjusted Ebitda and adjusted Ebitda margins.
  • Rexel rose as much as 7.3% after reporting 1Q revenue that topped estimates. The electrical-supplies company enjoyed pricing benefits, though there may be questions about why it didn’t raise guidance, Citi writes in a note.
  • Europeanlong-haul airlines rise on Thursday after U.S. peer United Air forecast a return to profit, with British Airways owner IAG +6.8%, Air France-KLM +4.1% and Lufthansa +3.9%.
  • Anglo American stock drop as much as 9.3% after the miner cut some output goals and raised costs guidance; Antofagasta also slumps following production decline, trades “ex-dividend.”
  • Carrefour falls as much as 4.4%, with Citi saying it could “pause” after a recent run even as it met 1Q sales expectations, with Latin America and French convenience stores outperforming.
  • Kinnevik shares slide as much as 9.2%, the most since February, after reporting its latest earnings, which included a drop in NAV to SEK243.50 from SEK424 y/y

Earlier in the session, Asian stocks edged lower, with Chinese and Hong Kong gauges leading losses on mounting growth concerns, while stocks in other parts of the region were mostly higher.  The MSCI Asia Pacific Index dropped as much as 0.5% Thursday before paring losses. Communication and consumer shares slipped as technology stocks got a boost for a second day from stabilizing bond yields. Japanese equities gained as the yen resumed weakening against the dollar. Chinese benchmarks extended declines as investors became increasingly worried about growth in the world’s second-largest economy. Chinese tech stocks fell for a third consecutive day, weighed by shares linked to electric-vehicle production as lockdowns on the mainland disrupt logistics. Investors have so far been disappointed at Chinese attempts to counter the economic impact of lockdowns. JD.com Inc. and Pinduoduo Inc. fell at least 1.4% each in New York premarket trading.

The CSI 300 Index capped a fifth day of losses, with lockdown-induced disruptions to supply chains and a series of disappointing monetary policy decisions quelling sentiment. “The timing of the policy stimulus would be key,” said Wai Ho Leong, a strategist at Modular Asset Management, referring to China’s monetary policy. He added that investors are also watching for stabilization of Covid-19 cases. The U.S. 10-year Treasury yield is down from a three-year high as some investors called for dip buying after the recent rout. Still, more monetary tightening is expected as the Federal Reserve said inflation pressures remain strong and that rising prices are clouding the economic outlook. More aggressive tightening by the Fed in early May, “such as a 75 basis-point hike or start of balance sheet reduction, may limit the People’s Bank of China’s options going forward,” said Marvin Chen, a strategist at Bloomberg Intelligence.

Japanese equities rose for a third day, driven by advances in electronics and machinery makers. Chemical makers also boosted the Topix, which gained 0.7%. Tokyo Electron and Fast Retailing were the largest contributors to a 1.2% rise in the Nikkei 225. The yen resumed weakening against the dollar after rallying 0.8% Wednesday.

India’s stock gauges rose for a second consecutive session to further reduce their sharp losses in the previous five days, driven by a continued recovery in index heavyweight technology and banking stocks. Reliance Industries surged to a record, giving the biggest boost to the indexes, after Morgan Stanley raised the price target on India’s most valuable company by 11%, citing the company’s focus on hydrogen production amid global energy transition. The S&P BSE Sensex rose 1.5% to 57,911.68 in Mumbai, while the NSE Nifty 50 Index advanced by an equal measure. There were 27 advancers, while 3 stocks declined. All but one the 19 sector sub-indexes compiled by BSE Ltd. climbed. Auto, consumer discretionary and finance companies were among the top performers

Australia’s commodity-heavy stocks rose for a fifth day near a record high. The S&P/ASX 200 index rose 0.3% to close at 7,592.80, climbing for a fifth day, led by gains in the industrial and real estate sectors. The five-day advance brought the benchmark less than 1% shy of a record high hit in August. Brambles rose after boosting its underlying profit at constant FX rates forecast for the full year. Meanwhile, Megaport plunged the most on record following its third-quarter revenue update. Citi said the result was weaker than expected and saw misses on monthly recurring revenue (MRR) and Megaport Virtual Edge (MVE) additions. In New Zealand, the S&P/NZX 50 index fell 0.1% to 11,954.00

In FX, the Bloomberg dollar spot index rebounded back into the green after falling 0.1%. NZD and JPY are the weakest performers in G-10 FX. the Euro rallies while short-end German bond yields rise sharply in response to hawkish comments from ECB’s Wunsch and Guindos. EUR/USD rises 0.7% on to a 1.09 handle, outperforming in G-10. Money markets briefly price 75 bps of interest-rate hikes by the ECB’s December decision. China’s yuan dropped for a third day amid rising volatility; the currency extended declines amid rising volatility spurred by uncertainties surrounding policy support for the slowing economy. Cautious risk sentiment in global markets also weighed on the yuan ahead of Fed Chair Jerome Powell’s speech later on Thursday.

In rates, treasuries resumed their drop and are cheaper across the curve, following wider losses across bunds after hawkish comments from ECB’s Wunsch and Guindos as money markets priced in a more aggressive rate path for the euro-zone central bank. Treasury yields cheaper by ~5bp across the curve with 10-year around 2.87%; bunds lead losses in core rates. The German curve leads a broad-based bear-flattening move. Short end moves sharply lower, with 2y and 5y yields rising 10-12bps. USTs and gilts follow but outperform by ~3bps at the 10y point. Peripheral spreads are mixed, tightening to core at the short end, widening a touch at the back end. Futures activity during Asia session and European morning has featured continued selling of 10-year note contracts via 5k-lot block trades, most recent at 6:38am. The IG corporate issuance slate is not too busy and includes Development Bank of Japan 5Y SOFR and KfW 5Y SOFR; four deals priced $10.5b Wednesday, taking weekly volume above $40b. Focal points of U.S. session focus include appearance by Fed Chair Powell and 5-year TIPS auction, both at 1pm ET.

European bonds fell, with 10-year bund yields adding 5 basis points. Traders are betting on three quarter-point hikes from the ECB this year, after Governing Council member Pierre Wunsch said policy rates could be raised above zero before year-end, with the bank perhaps even deploying “restrictive” policy to get surging prices under control. Adding to the sense of urgency, fellow members Luis de Guindos and Martins Kazaks said a rate hike in July was possible.

In commodities, WTI drifts 1% higher to trade around $103; Brent is also firmer but off best levels and currently reside around the mid-point of USD 2.50/bbl ranges amid multiple pertinent updates. Namely, Russian-Ukraine negotiations and Mariupol developments, though we await Western confirmation, and China’s COVID situation with strict curbs seemingly set to remain. Brazilian Oil Minister discussed raising oil output with the US amid the Ukraine crisis, while Brazil is willing to meet India’s oil needs and wants Indian investment. Furthermore, the oil minister hopes oil prices stabilise below USD 100/bbl and said a high oil price is not good for producers and consumers, according to Reuters. Spot gold has continued to slip below the USD 1950/oz mark losing the 21-DMA at USD 1947 ahead of potential 50-DMA support at USD 1936.05/oz.

Bitcoin is firmer on the session but seemingly remains drawn to the USD 42k mark, in-spite of a brief foray above the figure.

Looking to the day ahead now, and central bank speakers include Fed Chair Powell and ECB President Lagarde, who are taking part in a panel on the global economy, as well as BoE Governor Bailey and the BoE’s Mann. Data releases from the US include the weekly initial jobless claims, and from the Euro Area there’s also the European Commission’s advance consumer confidence reading for April. Finally, earnings releases include Danaher, NextEra Energy, Philip Morris International, Union Pacific and Blackstone.

Market Snapshot

  • S&P 500 futures up 0.8% to 4,489.75
  • MXAP down 0.2% to 171.95
  • MXAPJ down 0.4% to 567.72
  • Nikkei up 1.2% to 27,553.06
  • Topix up 0.7% to 1,928.00
  • Hang Seng Index down 1.3% to 20,682.22
  • Shanghai Composite down 2.3% to 3,079.81
  • Sensex up 1.4% to 57,837.40
  • Australia S&P/ASX 200 up 0.3% to 7,592.79
  • Kospi up 0.4% to 2,728.21
  • STOXX Europe 600 up 0.4% to 461.91
  • Brent Futures up 0.9% to $107.76/bbl
  • German 10Y yield little changed at 0.93%
  • Euro up 0.6% to $1.0916
  • Gold spot down 0.6% to $1,945.26
  • U.S. Dollar Index down 0.39% to 100.00

Top Overnight News from Bloomberg

  • The ECB could lift policy rates above zero before the end of the year unless the euro-zone economy suffers a severe shock, and it might even have to deploy “restrictive” policy to get surging prices under control, Governing Council member Pierre Wunsch said
  • The ECB should be able to phase out asset purchases in July to pave the way for an interest-rate increase as early as that month, according to Vice President Luis de Guindos
  • The euro is being used less often as a global payment currency, posting its biggest percentage-point drop in more than a decade in March, as inflation and the war in Ukraine weigh on its appeal for transactions
  • Liquefied natural gas suppliers are asking clients to pay much higher rates for new long-term contracts, as a global effort to cut Russian imports is expected to keep the market tight for the next decade
  • President Xi Jinping defended China’s lockdown-dependent approach to fighting the pandemic, even as he sought to reassure the world that the country was still committed to opening its economy

A more detailed look at global markets courtesy of Newsquawk

Top Asian News

  • China State Energy Giants in Talks for Shell’s Russian Gas Stake
  • Japan Upgrades View of Economy Following Lifting of Covid Curbs
  • Bank of Korea Governor Rhee Warns of Debt, Aging Risks
  • BofA Said to Relocate Some Hong Kong Dealmakers to Singapore

European bourses are firmer across the board, Euro Stoxx 50 +1.2%, upside that occurred alongside renewed EUR upside; potentially, on a stronger currency alleviating some imported-inflation pain. However, the FTSE 100 -0.1% is the clear laggard in-spite of favourable GBP action with heavy-weight mining names pressured after Q1 production reports. Stateside, US futures are firmer across the board, NQ +1.0%, following a strong TSLA, +7% pre-market, report and ahead of commentary from Fed’s Powell at two events.

Top European News

  • Fired BNP Boss Accused of ‘Emotional Terrorism’ Seeks $4 Million
  • Macron Brushes Off Attacks as Debate Reassures Investors
  • Dutch Government Votes to Tighten Bonus Rules For Finance Firms
  • Binance Limits Russia Services After EU Sanctions on Crypto

FX

  • Euro outperforms as dovish-leaning ECB member de Guindos tilts towards July hike and markets factor in 75 bps tightening before year end; EUR/USD hits 1.0936 high after breaching series of tech resistance levels and huge option expiries between 1.0900-05 (3.3 bln).
  • Dollar rattled by Euro exertions and DXY loses 100.000+ status in response.
  • Loonie and Kiwi diverge after mixed Canadian and NZ inflation data in relation to consensus, USD/CAD sub-1.2500 where 1.36bln expiry interest resides and NZD/USD sub-0.6800.
  • Yen back under pressure as yields rebound markedly and BoJ continues efforts to impose YCT, while keeping verbal currency intervention trained on the pace rather than scale of moves, USD/JPY above 128.00.
  • Pound undermined by EUR/GBP rally through technical resistance awaiting BoE rhetoric, while Yuan extends losses after latest weaker CNY fix and comments from Chinese media citing factors that may lead to further depreciation; Cable capped into 1.3100 and cross up over 21 and 50 DMAs to circa 0.8367.
  • Rouble rebounds as CBR says it is contemplating FX controls, USD/RUB just under 80.0000.

Fixed Income

  • Bonds reverse course after latest correction from bear market territory, with Bunds, Gilts and 10 year T-note trying to stay on 154.00, 118.00 and 119-00 handles.
  • Eurozone debt hit by hawkish sounding remarks from usual ECB dove de Guindos to the effect that data may determine a July hike.
  • French OATs hold up better than the rest after strong multi-tranche auction, on balance and Macron’s outperformance during Presidential TV debate.

Commodities

  • WTI and Brent are firmer but off best levels and currently reside around the mid-point of USD 2.50/bbl ranges amid multiple pertinent updates.
  • Namely, Russian-Ukraine negotiations and Mariupol developments, though we await Western confirmation, and China’s COVID situation with strict curbs seemingly set to remain.
  • Brazilian Oil Minister discussed raising oil output with the US amid the Ukraine crisis, while Brazil is willing to meet India’s oil needs and wants Indian investment. Furthermore, the oil minister hopes oil prices stabilise below USD 100/bbl and said a high oil price is not good for producers and consumers, according to Reuters.
  • Peru is to declare a state of emergency to restore copper output at the Cuajone mine which was halted by protests in late February, according to Reuters.
  • Spot gold has continued to slip below the USD 1950/oz mark losing the 21-DMA at USD 1947 ahead of potential 50-DMA support at USD 1936.05/oz.

US Event Calendar

  • 08:30: April Continuing Claims, est. 1.46m, prior 1.48m
  • 08:30: April Initial Jobless Claims, est. 180,000, prior 185,000
  • 08:30: April Philadelphia Fed Business Outl, est. 21.4, prior 27.4
  • 10:00: March Leading Index, est. 0.2%, prior 0.3%

Central Bank Speakers

  • 13:00: Powell and Lagarde Take Part in IMF Panel on Global Economy

DB’s Jim Reid concludes the overnight wrap

After a major selloff so far in April, sovereign bonds have pared back their losses over the last 24 hours as investors await comments today from Fed Chair Powell and ECB President Lagarde, who’ll be appearing together on an IMF panel on the global economy in the New York afternoon. The moves saw 10yr Treasury yields undergo a major intraday swing, falling more than -13bps from their intraday high of 2.98% during Asian trading, before closing at 2.83%, ahead of a +3bps move back higher this morning. There seemed to be a belief that if inflation was in the process of peaking out, the strength of the recent rates sell-off might be overdone.

But even as longer-dated yields moved lower on both sides of the Atlantic, the front end has been much more subdued by comparison, with the 2yr yield falling just -1.6bps yesterday and actually up +3bps this morning as investors continue to price in yet more Fed hikes over the near term. In fact, the amount of hikes priced in by December hit a fresh high of 227bps yesterday, and when you include the 25bp hike from last month, that implies the Fed will have tightened by more than 260bps for the year as a whole, so more than the 250bps worth of tightening we saw back in 1994. Market pricing is in line with what the Fed has been communicating of late. Even yesterday’s dovish leaning speakers, Presidents Daly and Evans, expressed a desire to get policy rates to neutral by the end of this year, which the most recent dot plot pegs at right around 250bps. Looking beyond this year as well, the rate that futures are pricing in for June 2023 hit a fresh closing high of 3.10%, although that’s still beneath our US economists’ call for a rate of 3.6% by then.

This growing drumbeat for monetary tightening was echoed in Europe too, where a couple of speakers signalled that an initial rate hike as early as July was potentially on the table. First, we heard from Latvian central bank governor Kazaks in a Bloomberg interview, who said that “A rate increase in July is possible”. And then Bundesbank President Nagel said that there could be a rate hike “at the beginning of the third quarter” if asset purchases were finished at the end of Q2. Currently, overnight index swaps are only fully pricing in a 25bp hike by the September meeting, and that’s when our own European economists are also expecting the ECB to move on rates as well. So if July were realised that would be a step up from where markets currently are right now. That said, this would fit the pattern we saw with the Fed, where markets progressively brought forward the expected timing of the first hike, having initially not expected one in 2022 at all to the point where one got priced in as early as March, even with the shock presented by Russia’s invasion of Ukraine.

Even with the increasing chatter around a July ECB hike, sovereign bonds in Europe pretty much echoed their US counterparts, with yields on 10yr bunds (-5.5bps), OATs (-4.6bps) and BTPs (-3.6bps) all moving lower. That came as European natural gas prices fell to another post-invasion low yesterday, down -1.21% at €92.63/MWh, though the war itself continues to show no sign of ending, with the commentary around any negotiations still taking on a very negative tone from both sides.

Equities put in a solid performance for the most part, although Netflix plunged -35.12% in trading after it reported a decline in subscribers in the first quarter, marking its worst daily performance since 2004. The move also leaves its share price at its lowest level in over 4 years, and the company’s YTD losses now stand at -62.45%, making it the worst performer in the entire S&P 500 on a YTD basis. My bingeing of Bridgerton 2 on holiday and starting the final series of Better Call Saul (the best show of the last few years) last night obviously hasn’t helped. Netflix’s decline dragged down a number of indices, with the FANG+ index of megacap tech stocks shedding -6.17%, primarily due to the Netflix move, whilst the NASDAQ fell -1.22%. The broader S&P 500 was more resilient, falling a mere -0.06%, with 378 stocks actually advancing showing that big cap tech was a drag. European shares were stronger, with the STOXX 600 gaining +0.84% as it more than recovered from the previous day’s losses.

Contrary to Netflix, Tesla revealed a record profit on strong demand for electric vehicles and through the sale of carbon credits in their earnings after the close. Going forward, they believe production will continue to grow despite supply chain issues beleaguering the industry. TSLA shares were +5.59% higher in after hours trading, moving back above $1,000 a share.

Most Asian equity markets are trading higher but with mainland China and Hong Kong stocks lagging, hurt by worries about the Chinese economy as the nation continues to battle Covid-19 outbreaks. The Shanghai Composite (-1.68%), CSI (-1.05%) and the Hang Seng (-1.56%) are trading in negative territory as a speech by the Chinese President Xi Jinping failed to bolster investor sentiment as markets have been disappointed with Chinese attempts at tackling the economic impact of lockdowns. Elsewhere, the Nikkei (+1.21%) and the Kospi (+0.48%) are trading up building on previous session gains. Looking ahead, stock futures are indicating a positive start after Tesla’s earnings with the S&P 500 (+0.38%), Nasdaq (+0.55%) and DAX (+0.30%) in the green.

Oil prices are higher this morning with pressure in Europe to impose formal sanctions on Russian oil mounting. As I type, Brent futures are +1.04% higher at $107.91/bbl. In FX, the Japanese Yen continues to remain weaker and is -0.32% lower.

Elsewhere, we’re just 3 days away from the French presidential election runoff now. The second round candidates held their only debate last night, expounding their world views for about three hours. There didn’t seem to be anything from the debate that should tip the scales of the election in either direction. The polls continue to put President Macron ahead of Marine Le Pen, and yesterday’s releases maintained that pattern of Macron’s lead being outside the margin of error, with leads of 56.5-43.5 (Ipsos), 55.5-44.5 (Ifop), 55-45 (from Kantar), and 54-46 (from Harris).

There wasn’t a massive amount of data yesterday, but we did get a fresh reminder on inflationary pressures from the German PPI data, which came in at a year-on-year rate of +30.9% in March (vs. +30.0% expected). It’s also the fastest annual rate since the official series begins in 1949. Otherwise, there were US existing home sales for March, which fell to an annualised rate of 5.77m as expected, the lowest rate since June 2020.

Elsewhere the Credit Derivatives Determinations Committee said Russia’s remuneration of foreign currency bonds with rubles would constitute a default, triggering credit default swaps on Russian debt. Recall, US bank custodians were prevented from processing Russian dollar debt payments earlier this month. Russia still has some time to avoid a default, with a 30-day grace period to make creditors whole expiring on May 4.

To the day ahead now, and central bank speakers include Fed Chair Powell and ECB President Lagarde, who are taking part in a panel on the global economy, as well as BoE Governor Bailey and the BoE’s Mann. Data releases from the US include the weekly initial jobless claims, and from the Euro Area there’s also the European Commission’s advance consumer confidence reading for April. Finally, earnings releases include Danaher, NextEra Energy, Philip Morris International, Union Pacific and Blackstone.

3. ASIAN AFFAIRS

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 71.24 PTS OR 2.26% //Hang Sang CLOSED DOWN 262.45 OR  1/45%   /The Nikkei closed UP 335/21 PTS OR 0.23%        //Australia’s all ordinaires CLOSED UP .22%   /Chinese yuan (ONSHORE) closed DOWN 64749    /Oil UP TO 103.09 dollars per barrel for WTI andDOWN TO 107.10 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.4745 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4502: /ONSHORE YUAN TRADING BELOW 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/COVID LOCKDOWNS

China allows 4 million outside for the first time in weeks although 21 million are still in lockdowns.  Cases dip below 20,000 although most as asymptomatic. What is really going on in China?

(zerohedge)

Shanghai Allows 4 Million Outside For First Time In Weeks As New COVID Cases Dip Below 20K

THURSDAY, APR 21, 2022 – 05:45 AM

After roughly 4 weeks of intense lockdown measures that have left Shanghai’s 25+ million people scrambling for necessary supplies like food and medicine, local authorities have loosened lockdown measures on Wednesday, allowing 4 million people out of their homes for the first time since the lockdown – initially imposed as a 9 day ‘staggered’ lockdown – began.

Health official Wu Ganyu said the virus was “under effective control” for the first time in weeks in some parts of the city, according to the AP.

Under the latest changes, which shifted the status of parts of the city from “closed” to “controlled”, people are allowed to leave their neighborhoods, but large gatherings are still banned.

On Wednesday, China’s CHC reported 19,927 new cases in China’s mainland, including 2,761 of which had no symptoms. That  marked the first time in nearly two weeks that China’s daily tally had dipped below 20K new cases. Shanghai accounted for 95% of the total, or 18,902 cases, of which 2,495 had symptoms.

One local official told the SCMP that the battle against COVID in the city isn’t over, but rather has reached a “critical moment.”

“The battle against the virus in Shanghai is at a critical moment, so no let-up is allowed,” the Shanghai government said in a statement, said Vice-Premier Sun Chunlan, who has been overseeing the city’s antivirus work since April 2. “Any relaxation in the anti-pandemic work is unacceptable.”

Shanghai health authorities counted 7 new deaths in COVID-positive patients, although they insisted that the deaths were due to cancer, hearth disease and other ailments. All but two were over the age of 60. This brought the total COVID-linked fatality rate to 17.

On the production front, Shanghai has been trying to resume production at 666 key manufacturers, including Tesla and the massive chipmaker, Semiconductor Manufacturing International Corporation. Tesla’s Gigafactory 3 in Shanghai, which has been idle since March 28, restarted the manufacturing of Model 3 and Model Y electric cars on Tuesday.

Since the lockdown began on March 28, people in Shanghai who tested positive but have no symptoms have been ordered into quarantine centers set up in exhibition halls and other public buildings. One Ukrainian woman who had been living in Shanghai for years described the brutal conditions in an interview with WSJ.

Also on Wednesday, the Ministry of Agriculture ordered local officials to ensure that lockdown measures wouldn’t interfere with spring planting by the farmers who feed China’s 1.4 billion people, following warnings that the spring planting season might be disrupted by the lockdowns. The war in Ukraine has already badly disrupted agriculture in that country, which supplies a large portion of Europe’s wheat and corn, among other crops.

But as Shanghai eases its COVID measures, other parts of China are seeing measures tighten. To wit, the Northeastern Chinese city of Harbin announced Wednesday that it is requiring local residents not to leave downtown areas unless necessary and negative COVID results are needed when leaving, according to a local government statement.

CHINA/

China is now on the verge of a major food crisis as farmers cannot gettheir necessary inputs to begin farming

(Mertz/GeneralcrisisWatch Substack)

China On The Verge Of A Major Food Crisis – Part 1

WEDNESDAY, APR 20, 2022 – 10:30 PM

By Eric Mertz of the General Crisis Watch Substack

A third of farmers in Jilin, Heilongjiang, and Liaoning report they can’t get the necessary inputs to begin farming.

This report from the CCP administrations in those regions comes mere weeks before farmers were due to start planting, meaning they would at best miss the best time to plant – driving down yields – and at worst not be able to plant at all. The later seems likely, given the recent fertilizer shortage brought about by Putin’s invasion of Ukraine.

The war in Ukraine will have a further impact for China, due to their reliance on roughly 2 million tons of corn from Ukraine each yearmost of which is used as livestock feed for China’s pig farms.

This disruption in corn to Chinese pig farmers comes as demand is increasing after three years of severe cuts due to African Swine Fever resulting in mass culling. Though its entirely possible China isn’t out of the woods yet. Chinese pig farmers are reportedly losing $75 per hog slaughtered, as opposed to a profit of $175 per hog last year. This is extremely significant for Chinese nutritional health, as pork makes up over 60% of the average Chinese meat consumption at ~54 pounds per person per year.

The domestic situation is not helped by trucking volumes in rural areas dropping by 87% for the year. Vice-Premiere Hu Chunhua has already called on provincial authorities to adjust their Zero COVID policies to stop arresting farmers for working their fields during the lockdowns. This crisis seems to be driven by local officials implementing strict policies which results in truckers facing two-week quarantines. At a cost of ¥3360 ($556) for the 14 days spent in a camp, this amounts to half the annual average income for truck drivers in China. The situation linking rural areas to the cities aren’t much better as major cities, and even entire provinces, shut down highway travel to prevent becoming another Shanghai. Beijing has ordered provincial authorities to implement priority passes to get long-haul truckers in to deliver goods, but it is likely too-little too-late.

Political Infighting

To make matters worse, the political infighting between former party leader Jiang Zemin’s Shanghai Clique and Xi Jinping’s Tsinghua clique may have just broken into the open. Vice-Premiere Sun Chunlan – the woman responsible for implementing China’s COVID policy – has summoned a number of Shanghai officials before her to answer accusations of “lying flat”. This comes after reports of party and local government mismanagement began to circulate on Western social media websites.

There have already been reports of assassination attempts against Xi in the past. And Xi hasn’t left China since his state visit to Myanmar 822 days ago. In that time, he has purged top leadership of China’s internal apparatus of oppression.

Now, with the 14th National Party Congress convening in March of 2023 – and with it the selection of the next President of the People’s Republic of China – it appears Xi may be in a very real life-or-death struggle for control over the party.

However, these are not the only issues facing China. There is more to come.

END

CHINA/TAIWAN/USA

The two defense ministers change words with the Chinese minister warning the Pentagon to stay out of the affairs of Taiwan

(zerohedge)

“Taiwan Is Part Of China”: Chinese Defense Minister Warns Pentagon Chief In 1st Call

WEDNESDAY, APR 20, 2022 – 08:10 PM

US Defense Secretary Lloyd Austin held a call with his Chinese counterpart, Defense Minister Wei Fenghe, wherein Wei conveyed a warning that no one can change Taiwan’s status as part of China.

The Wednesday phone call was the first that the two defense leaders have held. Wei informed Austin that “If the Taiwan issue were not handled properly, it would have a damaging impact on Sino-US relations,” according to Reuters.

The call was intended as a follow-up between last month’s virtual meeting between presidents Biden and Xi, wherein Biden warned over China’s deepening cooperation with Russia it executes its war against Ukraine. 

A Pentagon official later said the Austin emphasized that the US will continue to adhere to the ‘One China’ status quo policy, which is the typical response from Washington officials anytime Beijing warns over US officials stoking the pro-independence movement on the democratic-run island.

Chinese state-run English language Global Times further described the importance of the call as one of Beijing conveying its unwavering resolve to Washington on the Taiwan issue. GT writes that Wei stressed “the importance of the Taiwan question, while demanding the US to stop its military provocations at sea, and not to throw mud or threaten China with the Ukraine issue.”

Further, “Wei stated a solemn position over the Taiwan question, as he stressed that Taiwan is an inalienable part of China, and this is a fact and a status quo no one can change.”

Meanwhile, in the latest “scare” on the island…

Without doubt part of the “provocations” Beijing has in mind is that the US has been increasingly sending high-level officials to Taipei. In the latest example, just a week ago:

A delegation of United States lawmakers led by vocal China critics Bob Menendez and Lindsey Graham arrived in Taiwan on Thursday for a two-day trip as Beijing threatened “strong measures” in response.

The group of six US legislators is making the latest in a string of visits by foreign politicians to Taiwan in defiance of Beijing’s efforts to isolate the island nation.

Early this month there was talk that Democratic House Speaker Nancy Pelosi was set to visit Taiwan after an official trip to Japan – but the whole Asia trip was called off at the last minute due to her testing positive for Covid-19, after which she quarantined for a period. This would have made her the first House Speaker to visit Taiwan since 1997,when Republican Newt Gingrich did. 

END

CHINA/RUSSIA COKING COAL

China doubles its coking coal imports from Russia.  The rest of the world shuns Moscow

(zerohedge)

China Doubles Russian Coking Coal Imports As Rest Of World Shuns Moscow 

THURSDAY, APR 21, 2022 – 02:45 AM

It has been nearly two months since Russia invaded Ukraine, with no end in sight as Moscow gears up for ‘phase two’ of the conflict. In response to Russia’s invasion, Western countries have hit Moscow with a plethora of sanctions, though accomplishing very little to dismantle the country’s key energy sector. 

Outbound shipments of Russian coking coal to China doubled in March to 1.4 million tons, compared with 550,000 tons for the same month last year, according to Bloomberg, citing Chinese customs data. 

China has resisted Western sanctions on Russian energy products as it purchases heavily discounted coal used for steel-making. Russian coal trades well below market prices than what other top suppliers, like Indonesia and Mongolia, are offering. 

We noted earlier this month that Chinese commodity firms purchased Russian coal and crude in yuan due to Western sanctions isolating Russian banks from the SWIFT payment system. This may suggest, and is just one example, of a new emerging economic order dubbed the “Bretton Woods III.”

Reports China uses local currency to purchase Russian energy products only suggest that the path to a new world order is accelerating as commodity-based currencies become utilized for trading rather than dollars. 

Moscow is also considering a rupee-ruble payment system for Indian oil traders, while Saudi Arabia could start pricing some of its brent in yuan for Chinese traders.

And while the White House made sanction demands for G-20 nations not to buy Russian energy products, Biden’s sanctions are hitting a “BRIC+ wall” as Brazil, Russia, India, and China, widely known as BRICs, have not bowed to US pressure. Nor have Mexico, Saudi Arabia, or South Africa.

Russia is offering deep discounts on its energy products as some countries find these cheap commodities irresistible and are trading outside of the dollar system (in local currency), ignoring the West’s sanctions on Moscow.

END

CHINA RUSSIA

With Russia now going after the Donbass, China pledges its deepened stategic ties to Russia no matter what

(zerohedge)

China & Russia Pledge Deepened Strategic Ties ‘No Matter What’

WEDNESDAY, APR 20, 2022 – 11:30 PM

China has remained undeterred by Washington threats over its deepening ties and closer cooperation with Russia even as the Kremlin commits to military takeover of the Donbas region of Ukraine. On Wednesday Beijing affirmed it will “continue strengthening strategic ties with Russia,” according to a top diplomat.

This even as Washington has ramped up the rhetoric seeking to highlight horrific war crimes alleged in places like Bucha, or now Mariupol. While recently the Biden administration admitted it “has not seen” China providing Russia with military equipment, as some prior admin officials alleged was likely happening, the accusation and suspicion has lingered over Beijing, still under Western pressure to come out definitively against the Russian invasion (though it remains that Beijing officials have resisted even using the word “invasion” to describe the conflict). 

No matter how the international landscape may change, China will continue to strengthen strategic coordination with Russia for win-win cooperation, jointly safeguard the common interests of the two countries and promote the building of a new type of international relations and a community with a shared future for mankind,” Vice Foreign Minister Le Yucheng said in a late Tuesday statement.

The statement, issued via the Chinese Foreign Ministry, came after Le met with Russian envoy Andrey Ivanovich Denisov. The meeting was apparently full of optimism even as unprecedented Western anti-Russia sanctions seek to wreck its economy and bring Iran levels of isolation. According to Bloomberg:

He said that a nearly 30% jump in trade between the nations during the first three months of 2022 demonstrate “the great resilience and internal dynamism of bilateral cooperation.”

In return, the Russian envoy was quoted as saying that relations with China continue to be a top “diplomatic priority”. 

“Russia always regards developing relations with China as its diplomatic priority and is ready to further deepen bilateral comprehensive strategic coordination and all-round practical cooperation in the direction set by the two heads of state, so as to continuously benefit the two peoples and safeguard international equity and justice,” Denisov said. 

Bloomberg, meanwhile, notes the following: “While bilateral trade did grow in the first quarter, much of that was before the invasion of Ukraine, with Chinese exports to Russia slumping in March to the lowest level since mid-2020, according to data released last week.”

“The increasing sanctions on Russia by many nations, the drop in the Russian currency and U.S. efforts to stop Russia from using the dollar probably pushed Chinese firms to hold back on exports,” the report adds.

The meeting and statements are without doubt only to reinforce NATO countries’ voiced suspicions of what’s being dubbed China’s “no-limits” ties with Moscow. China in return has said Russia’s security concerns of NATO expansion are legitimate and that Beijing sees the negotiating table as paramount to ending the fighting in Ukraine, which has killed thousands on both sides.

Seeking to prove this point while flexing its diplomatic muscle, this week China announced it is sending a high-level diplomatic delegation to eight central and eastern European countries to discuss the Ukraine crisis. 

“Huo Yuzhen, China’s special representative to China-Central and Eastern Europe Cooperation, will head a delegation to the Czech Republic, Slovakia, Hungary, Croatia, Slovenia, Estonia, Latvia and Poland, according to Wang Lutong, the director general of European affairs at China’s foreign ministry,” The South China Morning Post reported Tuesday.

END

CHINA/DIDI

A MESS!

Didi’s Fate In Limbo As CCP Rejects Proposed Penalties

THURSDAY, APR 21, 2022 – 01:42 PM

The last thing Didi investors wanted was more uncertainty, and yet, here we are.

Bloomberg reported on Thursday that the perennially troubled Chinese ride-hailing giant has entered a new era of uncertainty due to the fact that Chinese authorities haven’t been able to decide on a suitable punishment for the company, which provoked the CCP’s wrath by moving ahead with its US public offering last summer despite regulators’ misgivings. 

China’s Cyberspace Administration of China, tasked with investigating the firm, has been told by the central government that China’s leadership isn’t satisfied with any of the proposals from the regulator, specifically because they feel they don’t go far enough.

Didi has suspended its plans for a Hong Kong listing as a result, increasing the likelihood that it will end up trading as a “pink sheet” penny stock in the US after it de-lists from the NYSE next month. 

As a result, Didi’s biggest shareholders, including Fidelity and BlackRock, could be forced to dump whatever is left of their holdings after the company de-lists from the NYSE – an eventuality that’s seen as a virtual certainty – since their investing mandates proscribe holding penny stocks. 

And although SoftBank, one of Didi’s biggest backers, has no restrictions on what and how it can invest, the firm has already seen its $12 billion investment shrink to less than $2 billion. 

Here’s more from Bloomberg: 

Didi’s shareholders – which include marquee names from Fidelity Investments to Blackrock – have so far refrained from public comment on the delisting. The Chinese company briefed several investors on the potential relegation of its stock and at least one of them was unhappy with the latest development, one of the people said. Some investors could be forced to sell because their mandates don’t allow them to hold unlisted shares. Japan’s SoftBank Group Corp., which can hold unlisted stock and plowed more than $12 billion into the company, has seen its 20% stake fall from a peak of about $16 billion to less than $2 billion.

Didi shareholders are expected to vote on the delisting plan on May 23. Since co-founders Cheng Wei and Jean Liu retain majority control, the proposal is expected to pass. 

In further bad news, Nikkei reported Thursday that Didi is planning to shutter its food-delivery business in Japan. Most of Didi Food’s 200 employees will be laid off at the end of next month.

Didi Food Japan, the subsidiary running the food delivery service, on Wednesday said it will shut down the business on May 25. It launched the business in April 2020 in Osaka and has since expanded to nine prefectures, according to its website.

“Unfortunately, due to local market conditions, we have made the difficult decision to discontinue Didi Food in Japan from 25 May 2022 and will focus on our taxi-hailing services in the country,” the company said.

Didi shares tumbled in premarket trading, in line with a broader decline in US-listed Chinese tech stocks, which tumbled for a third consecutive day as production disruptions on the mainland continued to weigh on shareholder sentiment. Chinese stocks have had a particularly brutal year so far, on track for a third consecutive monthly decline in April.

4/EUROPEAN AFFAIRS//UK AFFAIRS

UK

BALTICS/RUSSSIA

Not good

Russia Closes Multiple Baltic Consulates – Cites Arms Transfers To Ukraine

THURSDAY, APR 21, 2022 – 03:40 PM

We detailed previously that since the Feb.24 invasion of Ukraine, Europe has booted at least 300 total Russian diplomatic officials from their host countries, as retaliation for Russia’s aggression but also based on broad accusations of “spying”. In a recent tit-for-tat move Russia announced Tuesday that it will expel 36 European diplomats from its soil, declaring 21 diplomats from Belgium and 15 from the Netherlands “persona non grata”. They’ve been given two weeks to leave Russian soil.

And on Thursday, the Kremlin has taken a further dramatic step, ordering the closure of three Baltic consulates while expelling all non-Russian staff. The closures have been ordered for consulates in Estonia, Latvia and Lithuania – citing among the reasons “military assistance to the Kyiv regime.”

This was perhaps inevitable given the role these three countries have played in being at the forefront of coordinating Western and NATO arms shipments to Kiev – which the Biden administration announced this week will continue ramping up. 

A number of cities in the Baltics had already moved to close Russian diplomatic compounds, which Moscow “strongly protested”. This fresh order appears to be in direct retaliation, as The Moscow Times details

The Estonian and Lithuanian consulates in St. Petersburg, as well as the Latvian consulates in St. Petersburg and Pskov, will now have to close. The consuls were declared “persona non grata” and non-Russian staff “inadmissible.”

“We demanded that all the aforementioned persons leave Russian territory within the same time frame as the employees of the Russian consular missions from these countries,” the Russian Foreign Ministry said. 

Crucially the foreign ministry statement highlighted the role these countries have played in arming Ukraine, citing “military assistance to the Kyiv regime and their cover-up of crimes by Ukrainian nationalists” in the wake of the invasion. 

Moscow Times notes that “Tit-for-tat Russian and western diplomatic expulsions have reached a 20-year high so far in 2022″ – and the war on the diplomatic front is expected to continue, also as direct Ukraine-Russia delegation talks are at a complete standstill, with each side blaming the other for lack of progress toward substantive ceasefire.

It goes without saying that so long as diplomatic communications go dark, and with officials being expelled from Europe and Russia at this rate, the prospect for any near-term negotiated peace in Ukraine looks bleak. 

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE//EU

Russia expels 36 EU diplomats after 400 Russian officials booted from Europe

(zerohedge)

Russia Expels 36 EU Diplomats After About 400 Russian Officials Booted From Europe

THURSDAY, APR 21, 2022 – 04:15 AM

Russia has announced a move to expel 36 European diplomats, declaring 21 diplomats from Belgium and 15 from the Netherlands “persona non grata”, in a Tuesday announcement where they’ve been told they have two weeks to leave Russian soil.

At least four Austrian diplomats are being expelled as well, as part of retaliatory measures after multiple waves of expulsions of Russian officials from Europe. “European countries have kicked out more than 300 Russian embassy staff since Moscow sent its troops into Ukraine on Feb. 24,” Reuters has tallied. Other media estimates have said it’s actually around 400 Russian officials expelled in total as of mid-week.

In return, “Russia has stepped up its response in the past week by expelling diplomats from the Czech Republic, Bulgaria and the European Union, as well as the Dutch, Belgians and Austrians.”

Late last month after the Netherlands first expelled 18 Russian envoys, the foreign ministry slammed the move as “groundless” – also calling similar action by Belgium deeply “provocative”. In many instances the Russian officials face vague accusations of “spying” by their host countries

All of this is alarming for the prospect of the war spiraling into an eventual direct NATO-Russia confrontation, given that as direct communications largely cease – more Western weapons are being transferred into Kiev. Also of major importance is that Russia’s ambassador to Washington has described a total communications “blockade” – as no one in the Biden administration will so much as speak to him. 

At the same time, the official ceasefire dialogue between the Russian and Ukrainian delegations appear at a standstill, with the Kremlin accusing Kiev of “inconsistency” – while the West blames Russian actions particularly in the city of Mariupol, which has been decimated, as stalling any hoped-for progress on talks. 

This after Ukraine’s President Volodymyr Zelensky warned on Sunday that he would end all talks with Moscow if Russian forces kill the remaining Ukrainian defenders of Mariupol. Kiev officials have been saying a Bucha type massacre is likely to unfold in the Black Sea port city in the southeast.

Russian President Vladimir Putin weighed in last week, at that point already saying the negotiations have reached a “dead end” – ultimately as he was “told the Ukrainian party changed something in their negotiating positions.” And spokesman Dmitry Peskov assessed early this week that “The momentum in the negotiation process leaves much to be desired. But the military operation is continuing.”

END

UKRAINE/RUSSIA//MARIUPOL

The Russians are going to seal off any escape route for those inside the besieged steel plant. The Russians are allowing civilians to leave through an humanitarian corridor

(zerohedge)

“So Not Even A Fly Can Escape”: Putin Declares Mariupol ‘Liberated’ – Orders Besieged Steel Plant Sealed Off

THURSDAY, APR 21, 2022 – 09:20 AM

Weeks ago Russian forces had already captured and besieged much of the southeast Ukrainian port city of Mariupol, which began a process of the majority of civilians emptying out – though there could still be tens of thousands remaining. Within the past days an estimated couple thousand Azov fighters have been surrounded and holed up at the large, cavernous Azovstal steel plant, reportedly including some civilians, resulting in a standoff situation where those inside are fast running out of supplies.

Previously it was thought that Russian troops were preparing to storm the sprawling complex, but instead on Thursday President Vladimir Putin indicated to his Defense Minister Sergei Shoigu that this course of action must be scrapped and instead the plant should be completely sealed off.

Putin further declared Mariupol, which prior to the invasion had a population of about 450,000, is now “liberated” – and congratulated the defense chief on the military “success” – at a moment Russia has launched a broader major offensive to take the whole of Donbas.

The Russian leader gave the words in response to Shoigu’s own briefing to his commander-in-chief, which was aired on state TV

“Mariupol has been liberated,” Defense Minister Sergei Shoigu told Putin in a televised meeting. “The remaining nationalist formations took refuge in the industrial zone of the Azovstal plant.” 

As for the plant, Putin said it should be sealed off with those inside “so that not even a fly can escape”

“We should always think, in this case especially, about saving the lives and health of our soldiers and officers. There is no need to climb into these catacombs,” Putin said. 

“Block off this industrial area so that not even a fly can escape,” he continued.

Those trapped in the plant will be offered a chance to surrender, and they can keep their lives and receive a “dignified treatment,” Putin said.

Previously a Ukrainian official in the region gave those still inside Azovstal “days or hours” to holdout – given they are not only cut off from all escape routes but that essential supplies like food, water, and likely ammo are running out.

One retired military official, Lt. Col. Daniel L. Davis, explained to CNN that Putin’s strategy is a rational one from a strategic point of view:

“There’s no point in just ratcheting out and going in for each individual person in that very labyrinth complex … There’s no reason to do that. All they have to do is just keep that last piece cordoned off and virtually the city is already theirs.”

Davis said further, “Even though the Russians don’t go after them [the Ukrainian troops inside the plant], because they have them surrounded, they can’t get even food or water, much less ammunition.”

The risk to those soldiers is that they would slowly die if they don’t get some help. I think in probably the coming hours or days you’re going to hear that those troops are finally negotiated out,” he added. However, some pundits see in it a sign of the exhaustion of Russian forces…

Starting Tuesday the remaining civilians began exiting the plant. Russian forces established a ‘humanitarian corridor’ and some 120 were safely evacuated. RT aired footage of the Ukrainian civilians being escorted out of the area later that day.

Russian forces have been blaring on speakers their demand for Azov fighters to lay down their arms and exit the complex ‘or else’…

Russian forces have seen the Black Sea port city as crucial in completing a land bridge which links up territories already under its control stretching to Crimea.

END

UKRAINE/USA

Another 800 million military aid package for Ukraine

(zerohedge)

Watch Live: Biden To Announce Another $800 Million Military Aid Package For Ukraine

THURSDAY, APR 21, 2022 – 09:40 AM

Despite acknowledging that the US has almost no visibility into what happens to American weapons supplied to Ukraine (they might as well disappear into a black hole), President Joe Biden is planning to announce even more security assistance to Ukraine during remarks from the White House on Thursday.

It has been reported that the Biden Administration is preparing an additional package of approximately $800 million following a similarly sized package sent earlier this month. 

That package included artillery and anti-artillery radar for the first time. The White House is searching for strategies to help deliver the military aid to Kiev as quickly as possible because the White House and Biden’s military advisers believe the conflict has reached a ‘critical stage’. 

The administration announced last week that it was sending an $800 million package to Ukraine that included 40,000 artillery rounds and 18 155mm howitzers, but US officials warned that those artillery rounds would only last a little over a week, and that more would need to be sent quickly.  

The Biden administration also announced new sanctions Wednesday against Russians and Belarusians who have allegedly committed human rights abuses along with companies and individuals who have sought to evade sanctions.

Readers can watch live below: 

Biden will speak from the White House Roosevelt Room, and afterward he will head to Portland, Ore., and Seattle, Wash., to tout the administration’s infrastructure plans while also attending Democratic Party fundraisers.

end

UKRAINE/USA

MoA – Some Of The Weapons Delivered To Ukraine Will Be Used Against Us

Inbox

Robert Hryniak4:55 PM (11 minutes ago)
to

The reality is the black market sales of weapons by the Ukrainians are already on the streets of Paris. No doubt the criminal gangs are well armed thanks to Uncle Sam.
The real question is how soon will they be used? And that answer will come forth coming as new sanctions are imposed supposedly against Russia as cover for a green agenda come into effect in June causing disruptions going into fall.

https://www.moonofalabama.org/2022/04/some-of-the-weapons-delivered-to-ukraine-will-inevitably-be-used-against-us.html

END

END

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

Poland gets it!

Poland is done buying the Vaccine… Cancels deal with Pfizer… – CITIZEN FREE PRESS

Inbox

Robert Hryniak4:49 PM (17 minutes ago)
to

This is good.

GLOBAL ISSUES

VACCINE MANDATES/

VACCINE INJURIES/

/VACCINE IMPACT

Are You on the Right Path in Life? There May Not be Much Time Left to Decide

April 20, 2022 5:44 pm

We are living in unprecedented times, at least unprecedented during the lifetimes of every human being currently alive on planet earth today. World events are unfolding so fast right now, that very soon everyone will probably be faced with very few options to choose their path into the future. In the madness and insanity that dominates the world today, it is very easy to get lost in the daily pressures that surround us, and lose site of the most important things in life. We all make choices every day that have consequences which will shape our future. Many of the external circumstances that affect our decisions each day are out of our control. But our choices are not out of our control. The only thing in this world that you can control, is yourself. Too often we have heard from those carrying out the evil plans of the tyrants the words: “I have no choice. I’m just doing my job.” But we always have a choice. And ultimately, it boils down to a choice between freedom, or slavery. Paradoxically, choosing freedom over slavery can lead to our physical death. But it is still your choice to either live as a slave, or die free. Therefore, the biggest question you need to address today is, are you ready to die? Are you prepared for where your path leads after your physical death? Because if you do not fear physical death, then nobody has control over you!

Read More…




Michael Every

Michael Every on the day’s most important topics

Rabo: All Market Memes And Narratives Must Be Bullish… The More Bullish They Are, The Less Sense They Have To Make

THURSDAY, APR 21, 2022 – 09:55 AM

By Michael Every of Rabobank

Nah-rative and meme too

The market decided the “peak inflation” meme is the new “transitory” yesterday. The US yield curve bull consequently flattened dramatically: US 30-year yields were -15bp from their intraday peak, 10-years -15bp from theirs, and 2-years only -5bp. Painful USD/JPY and USD/CNH FX cans were able to be temporarily kicked a little further down the road. Markets do love a good –and very simple– narrative or meme, even when they make no actual sense.

As I mentioned the other day, think of ‘BRICS’. What did that mean: ‘five emerging markets whose initials form an acronym homonymic to a noun associated with construction’? Doesn’t matter – kerching!! But how many of that quintet yielded golden market returns vs. the US? And today the talk is of “the end of globalization” and a New World Order, which, as I was discussing last night, has its own meme ‘issues’.

How about FAANG? (“Ooh, that sounds like it has teeth!”) Kerching!! But Facebook is now Meta, so it’s MAANG, and Google is Alphabet, so it’s MAANA. That still sounds heavenly, and reflects something appearing out of thin air. But the last few days have seen a slump in streaming services that, apparently to some subscribers, also specialize in nonsensical narratives. Does that mean MAA? Might the second-coming of Second Life at Meta (“I want a moustache too!”) mean AA? This is in no way to try to stock pick, but rather to point out the need to think carefully about market memes rather than embracing the latest one.

Of course, timing is everything. Much as I hate to admit it when I see something and others don’t, if everyone else in markets is going to go long a stupid narrative (“Ooh, BRICS! Ooh, FANG! Ooh, Goldilocks! Ooh, common prosperity is just regulation! Ooh, transitory! Ooh, peak inflation!”, etc.), you will get flattened pointing out the plot holes,… until markets eventually fall into them themselves, and forget you had warned them, because everyone “failed conventionally” togetherAnd, usually, then get bailed out anyway.

But back to ‘peak inflation’. The Fed’s Beige Book said US economic activity expanded at a “moderate” pace, with “moderate” employment gains. Consumer spending “accelerated”; manufacturing was “solid”, but supply chain backlogs, labor market tightness, and elevated input costs posed challenges. Commercial real estate accelerated “modestly”, and there was “strong demand” for residential real estate but limited supply. The overall outlook was “clouded by the uncertainty created by recent geopolitical developments and rising prices.”

In more detail, employment increased at a “moderate” pace. Labor demand was strong but hiring was held back by a lack of workers; several districts reported signs of modest improvement there; but many firms reported significant turnover as workers left for higher wages and more flexible job schedules. Indeed, “persistent labor demand continued to fuel strong wage growth, particularly for footloose workers willing to change jobs. Firms reported that inflationary pressures were also contributing to higher wages, and that higher wages were doing little to alleviate widespread job vacancies.”

However, “some contacts reported early signs that the strong pace of wage growth had begun to slow.” There you have the ample evidence on which a pronounced bond-market meme rally was actually based!

Likewise, inflationary pressures remained “strong”, with firms continuing to pass “swiftly rising input costs” through to customers. There were “steep increases” in raw materials, transportation, and labour costs, and “spikes” for energy, metals, and agricultural commodities, with still unfolding COVID-19 lockdowns in China worsening supply chain disruptions. (And the full effect of that won’t be felt for weeks.) “A few reports noted that input suppliers were making use of more flexible contract terms or only honoring price quotes for 24 hours.” – which is how emerging-markets with crazily-high inflation have to do business, for those who have seen such things.

However, “contacts in a few districts noted negative sales impacts from rising prices.” Again, that was the ample evidence on which a pronounced bond-market meme rally was based! Sink your FANGs into them BRICS, Goldilocks, it’s transitory peak inflation!

Yes, a flattening tone to the US curve is far more logical than a steepening one – eventually. And a bull over a bear one – eventually. However, I would not rule out marked volatility and further steepening at times ahead.

Indeed, while the Fed’s Beige Book was upbeat, the IMF just slashed its world GDP growth projections due to the “seismic shocks” from Ukraine. That is hardly a surprise: more so was the Fund’s fiscal affairs director stating governments acting in their “special role to protect the vulnerable when things fall apart go a long way to keeping social cohesion”, and that it is “an absolute imperative for public policies everywhere to provide food security for all.” How? Demand subsidies against a supply shock? I think we all know how that narrative will play out. Or a food Marshall plan, from the suddenly warm, cuddly, humanist IMF? Details please. And NOW.

The IMF chief also stated geopolitical fragmentation could “curb 75 years of gains”. What a lazy narrative! Have you seen a map of what the world looked like in 1987, when the Berlin Wall still stood, or 1967, before Nixon went to China? And in 1947, China was not yet Communist, let alone reintegrating with global capitalist markets again.

Relatedly, the WTO also just published a report that also contained a key false narrative. It argues: “Longstanding economic relationships have been disrupted by the war and by the sanctions imposed in its wake. WTO economists have simulated various scenarios to illustrate the channels through which trade could be affected and to explore possible short-run and long-run effects. Global trade growth is projected to slow by up to 2.2 percentage points in 2022. Longer term impacts could also be large and consequential. There is a risk that trade could become more fragmented in terms of blocs based on geopolitics. Even if no formal blocs emerge, private actors might choose to minimize risk by reorienting supply chains. This could reduce global GDP in the long run by about 5 per cent, notably by restricting competition and stifling innovation.”

I disagree only on the last part: it’s neoliberal nonsense to overlook that a huge chunk of innovation is led by US defense spending: DRAM; click wheels; touch-screen; GPS; SIRI; lithium batteries; signal compression; LCDs; micro hard-drives; microprocessors; the internet; and mobile phones all grew from the US military, not Silicon Valley. It’s a case of BANG, not FANG. So, if we see Cold War again, and if the Pentagon bureaucracy ever rids itself of neoliberal nonsense, we can expect more of the same with a lag. At least for those in our camp. Perhaps from China too for theirs, or Russia, with its new ICBM being shown off. It’s some potential upside to the geopolitical downside.

The paper I previously shared in the Daily argued: “Since the late 1990s, the US has received large capital flows from developing countries –a phenomenon known as the global saving glut– and experienced a productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and global productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the US boost demand for US non-tradable goods, inducing a reallocation of US economic activity from the tradable sector to the non-tradable one. In turn, lower profits in the tradable sector led firms to cut back investment in innovation. Since innovation in the US determines the evolution of the world technological frontier, the result is a drop in global productivity growth. This effect, which we dub the global financial resource curse, can help explain why the global saving glut has been accompanied by subdued investment and growth, in spite of low global interest rates.” The implication is the need for US tariffs and capital controls – which a Cold War certainly encourages.

That narrative is not one of peak inflation, even if said paper is not US policy. Yet “friend-shoring” apparently is, and that is a big step in the same direction.

Moreover, “friend-shoring” is catchy, intuitive, and right up there with BRICS. Yet while markets love a good –and very simple– narrative or meme, the problem is “friend-shoring” isn’t bullish for them.

That’s a crucial caveat: all market memes and narratives have to be bullish, and the more they are so, the less sense they have to make: the less bullish they are, the more sense they have to. As such, “friend-shoring” will need to show it works to three decimal places, and get underway, before anyone on Wall Street will actually embrace it. We will see a firm ‘nah!’ in that narrative until then.

But, sorry, that still does not mean peak inflation in the sense the market suddenly thinks it does.

In Europe, for those who bought the meme that Le Pen was going to win the French election, President Macron was widely regarded to have handily won the election debate last night, or at least viewers say he did so by 59% – 39%. Will that outcome be repeated this Sunday? Plus ça change, mais plus c’est la mème chose? And let’s see what happens on Russian oil embargoes on Monday.

And in New Zealand, CPI rose less than expected at “just” 1.8% q/q (vs. 2.0% consensus), 6.9% y/y (vs. 7.3%). Peak inflation? Maybe, but more probably, nah. Not that this is stopping a whole lot of RBNZ and NZD market memes too.

7. OIL ISSUES

Oil Jumps As “Second Wave Of Russian Oil Shock” Begins

THURSDAY, APR 21, 2022 – 10:55 AM

After sliding yesterday in what is an increasingly bitter feud between traders of bullish traders of physical oil and bearish hedge funds, on Thursday oil gained as growing challenges to supply eclipsed concern about the fading threat to energy demand from lockdowns in China. WTI traded near $103 in a week that has seen futures swing sharply in a range of about $10 and where volatility is only set to keep rising as Goldman explained last week by highlighting the “vol trap“.

Meanwhile, as reported earlier this week, EU members are moving to cut dependence on Russian oil – and are waiting for the outcome of the French election this weekend before making it official over fears the price shock will sway more votes for Le Pen – with German Foreign Minister Annalena Baerbock saying the country plans to stop imports by year-end.

Until then, the EU has called on citizens to play their part in breaking the continent’s dependence on Russian energy. In partnership with the IEA, the bloc outlined nine steps that consumers can take: from turning down heating and lowering car speeds to remote working. “We are facing the first global energy crisis,” IEA Executive Director Fatih Birol said in a joint webinar with EU officials.

At the same time, Russian output has fallen, and protests in Libya have hurt supply and repairs to a key Kazakh export route are dragging on.

“The oil market continues to be characterized by a tug-of-war between concerns about demand and concerns about supply outages,” said Carsten Fritsch, an analyst at Commerzbank AG. “This is also evident from the constant fluctuations in oil prices.”

There has been some easing of concerns about China demand, as more businesses in the commercial hub of Shanghai have resumed operations although there is still a long way to go before normalcy returns. Strict curbs have hurt mobility, including for the nation’s fleet of trucks, and banks are reducing their forecasts from the nation’s expansion this year. President Xi Jinping told a local forum that while economic fundamentals remain strong, “we have yet to walk from the shadow”of the pandemic.

Other corners of the globe are seeing indications of robust fuel demand though, with France’s oil-product sales rising above pre-Covid levels in March. On Wednesday the 3-2-1 futures crack spread in the U.S. — a measure of the profitability of turning crude into gasoline and diesel — shot up to the highest level in records going back to 1986surging above $45.  That exceeded the one-day blip in April 2020 when WTI futures briefly dipped below zero. Gulf Coast refiners have been running at above 94% since returning from maintenance, the highest rate for this time of year in records going back more than a decade, but still can’t keep inventories from falling amid strong demand.

Meanwhile, as Bloomberg’s Javier Blas writes, “the lights are dimming over the Russian oil industry.”

While the Kremlin is doing its best to conceal the full impact of formal and informal energy sanctions after its invasion of Ukraine, “Moscow can’t hide from the satellites above Siberia that measure the amount of light its oilfields emit as unwanted gas is burned, or flared: The higher the production, the more flaring and the more light – and vice versa.”

According to Blas, the flaring data combined with anecdotal information from traders and leaks of official Russian statistics, suggest that eight weeks into the war, Moscow is finally succumbing to the impact of government-imposed penalties and companies’ self-sanctions. “On average, Russian oil output is down 10% from its pre-war level” Bloomberg reports, even though that conflicts with a recent report from JPMorgan which found that Russian crude exports are actually averaging 360 kbd above pre-invasion volumes.

One thing is certain: the longer sanctions endure, the more production losses are likely as Western refiners and traders walk away from Russia upon the expiry of supply contracts in coming weeks, especially once the EU begins reducing its purchases of Russian oil, despite German opposition to the measures. “We are currently developing smart mechanisms so that oil can also be included in the next sanctions package,” EU Commission President Ursula von der Leyen told the Bild am Sonntag.

For consumers – and central banks in inflation-fighting mode – Blas warns that “declining Russian production signals the beginning of a second, and likely longer lasting, wave of oil price increases.” For Vladimir Putin, the stakes are even higher: revenue from oil and gas sales has so far helped cushion the blow of international sanctions, stabilizing the ruble and financing his military machine, culminating in a record current account!

However, a lasting decline in production that outweighs any price increase would be a longer-term headwind for Russia’s economy on top of the direct costs of the war.

Meanwhile, as Bloomberg notes, “the first phase of the oil-price shock from Putin’s invasion was as intense as it was brief. Russian output proved more resilient than expected; China’s Covid lockdowns reduced demand, and the U.S. and its allies released millions of barrels from their strategic petroleum reserves. Brent, the global oil benchmark, initially surged to $139.13/bbl on March 7 in the first days of the Russian military campaign but retreated nearly 30% to a low of $97.57/bbl by April 11.”

However, the second phase is likely play out in slow motion over a longer period, risking more economic havoc. Brent has already climbed back to near $110/bbl, and prices will probably rise gradually as the market absorbs the supply losses. Seasonal peak demand is still two-and-a-half months away, with the summer holiday period of the northern hemisphere, and retail gasoline prices are sure to climb.

Russian oil production is likely to drop further in coming months, judging by statistics from OilX, a consultancy that uses imaging data from NASA satellites to measure flaring. It estimates that output fell earlier this month to a low of 9.76 million b/d. On average, Russia pumped about 10.2 million b/d in the first two weeks of April. While the losses appear to have stabilized in recent days, April represents a big drop from the 11.1 million of February, before the impact of the invasion of Ukraine, and the 11 million of March.

The behavior of the Russian oil companies themselves highlights the declining international demand for their product. State-controlled Rosneft is trying to sell millions of barrels of crude in Europe and Asia via tenders that close on Thursday. Typically, Rosneft sells via long-term deals with commodity traders like Vitol, Trafigura and Glencore. But Western traders face a deadline of May 15 from the EU that restricts their dealings with Rosneft and several other Russian companies to “essential” activity needed to supply the EU. What essential means is open to interpretation, and for now many traders are simply reducing their dealings.

Looking at markets, brent has averaged $99.20/bbl so far this year. In 2008, when prices hit an all-time high, the average price year-to-date at this time of year was $98.40/bbl. To be sure, the only potential relief is bad economic news: a recession in the U.S. and Europe is the clearest obstacle to $100-plus oil (back in 2008, the Lehman collapse was the catalyst that sent oil prices lower).

As for price, If the production losses so far in April continue and deepen in May – as many industry experts if not hedge funds expect – the laws of supply and demand will take over. Oil markets are like the proverbial tanker: they take time to turn. But turning they are. And that means prices are heading higher, again, and sure enough Brent has recovered all recent losses and is set to move sharply higher.

end

8 EMERGING MARKET& AUSTRALIA ISSUES

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

SOUTH AFRICA/DURBAN

END

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

Euro/USA 1.0877 UP .0286 /EUROPE BOURSES //ALL GREEN 

USA/ YEN 128.14   UP  0.162 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3042 DOWN   0.0026

 Last night Shanghai COMPOSITE CLOSED DOWN 71.24 PTS OR  2.26%

 Hang Sang CLOSED DOWN 262.45 PTS OR 1.25%

AUSTRALIA CLOSED UP .22%    // EUROPEAN BOURSES OPENED ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN  

2/ CHINESE BOURSES / :Hang SANG CLOSED DOWN 262.45 PTS OR 1.25% 

/SHANGHAI CLOSED DOWN 71.24 PTS OR 2.26%

Australia BOURSE CLOSED UP .22% 

(Nikkei (Japan) CLOSED UP 335/21 PTS OR 0.23%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1938.50

silver:$24/60

USA dollar index early THURSDAY morning: 100.24  DOWN 17  CENT(S) from WEDNESDAY’s close.

THIS ENDS THURSDAY MORNING NUMBERS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.94%  UP 10  in basis point(s) yield

JAPANESE BOND YIELD: +0.255%  up 0 AND 0/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.89%// UP 9   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.59  UP    points in basis points yield ./

the Italian 10 yr bond yield is trading 70 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLSTO +0.946% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.65% AND NOW ABOVE   THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.0852  UP .0003    or 3 basis points

USA/Japan: 128/54 UP 0.577 OR YEN DOWN 58  basis points/

Great Britain/USA 1.3051 DOWN .0018 OR 18  BASIS POINTS

Canadian dollar DOWN 28 105 BASIS pts to 1.2516

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.4506  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.4742

TURKISH LIRA:  14.67  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.255

Your closing 10 yr US bond yield UP  IN basis points from WEDENRSDAY at  2.906% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 2.950  UP 7 in basis points 

Your closing USA dollar index, 100.46 UP 4   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 THURSDAY: 12:00 PM

London: CLOSED UP 0.02PTS OR 0.001%

German Dax :  CLOSED  UP 160.38 POINTS OR 1.12%

Paris CAC CLOSED  UP  100.81PTS OR 1.52% 

Spain IBEX CLOSED UP 43.30 PTS OR 0.52%

Italian MIB: CLOSED DOWN 23.66 PTS OR 0.10%

WTI Oil price 103.50   12: EST

Brent Oil:  107.95  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  74.56   UP 1    7/8  RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +.946

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0831 DOWN  .0018   OR DOWN 18 BASIS POINTS

British Pound: 1.3025 DOWN  .0043 or UP 43 basis pts

USA dollar vs Japanese Yen: 128.302 UP 0.333//YEN DOWN 34 BASIS PTS

USA dollar vs Canadian dollar: 1.2585 UP .0097 (CDN dollar DOWN 97 basis pts)

West Texas intermediate oil: 103.45

Brent OIL:  108.19

USA 10 yr bond yield: 2.894 UP 6 points

USA 30 yr bond yield: 2.919  UP 4  pts

USA DOLLAR VS TURKISH LIRA: 14.70

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  74.78 DOWN 1 & 5/8 ROUBLES (ROUBLE UP  UP 1 & 5/8 ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: DOWN 368.03 PTS OR 1.56%

NASDAQ 100 DOWN 278.08 PTS OR 1/99%

VOLATILITY INDEX: 22.92 UP 2.60 PTS (12.80%)

GLD: 182.00 DOWN 0.64 PTS OR 0.35%

SLV/ 22.79 DOWN .49 PTS OR 2.10%

end)

USA trading day in Graph Form

Stocks & Bonds Bloodbath As Fed Drops Hawkish Hammer

THURSDAY, APR 21, 2022 – 04:01 PM

The short-term interest-rate (STIR) market is now pricing in 10 more rate-hikes this year, after St.Louis Fed’s Jim Bullard, SF Fed’s Mary Daly and even Fed Chair Jay Powell dropped the hawkish hammer of evil on silver-lining-seeking equity market investors (seeing multiple 50bps hikes ahead)…

Source: Bloomberg

The market is now fully pricing in a 50bps hike in both the May and the June FOMC meeting (and pricing in a 75% chance of a 50bps hike in July too and a 50% chance of a 50bps hike in September!).

Powell told the audience at an IMF debate that “the US labor market is too hot… unsustainably hot.”

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1517186567705706497&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fstocks-bonds-bloodbath-fed-drops-hawkish-hammer&sessionId=99aca883b023ff88de6d2010b6343ea202f07dad&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

Will The Fed begin sending out a daily questionnaire after every market dump it creates:

“Are you going to finally stop buying food and gas, and hoping to ever buy a house? If no, tomorrow we crash stonks some more!”

“Don’t fight The Fed”, they said…

The equity market is ‘starting’ to realize this reality as The Fed Put morphs into a Short Call where any improvement in stocks – and easing of financial conditions – is met with a heavier hand from the interveners in order to maintain the market’s faith that they are serious about controlling inflation expectations…

Source: Bloomberg

After the ubiquitous opening panic-bid, US equity markets puked and never looked back with Small Caps and Nasdaq leading the plunge. The Nasdaq fell from being up 2% just after the open to down over 2% by the close…

Or put another way – everything was awesome until…

This move sent all the US majors below key technical levels – S&P failed at 200DMA and broke below 50DMA, Dow broke back below its 200DMA and is testing its 100DMA, Nasdaq failed at its 50DMA and is making new lows, and Small Caps failed to hold above its 50DMA…

FANG+ stocks have erased all of the late-March meltup back to their lowest since Nov 2020…

Source: Bloomberg

There was something very odd today – Energy stocks were monkeyhammered lower (despite oil pries holding up fine)…

Source: Bloomberg

We love the smell of fund liquidation in morning?

Source: Bloomberg

Thanks to Bullard’s comments that “the bond market now is not looking like a safe place to be,” bond yields exploded higher again, led by the short-end (2Y +9bps, 30Y +5bps). A late-day rally – as stocks were really puking, put some lipstick on an otherwise pig-like day. On the week, the long-end is best for now (around unch) while the short-end has been clubbed like a baby seal…

Source: Bloomberg

Lifting yields to multi-year highs…

Source: Bloomberg

…and dramatically flattening the yield curve, sending 3s10s back near inversion…

Source: Bloomberg

For a sense of what is happening to the Treasury curve – look how flat the spot curve is from 3Y out.. and the yield curve is fully inverted from 6 month out in 1Y…

Source: Bloomberg

10Y US Breakevens surged above 3% to a new record high…

Source: Bloomberg

And amid all this, HY bonds are bloodbathing…

Source: Bloomberg

The dollar bounced back higher today after testing last Thursday’s (pre-Easter) close…

Source: Bloomberg

Bitcoin surged up to $43k today before fading back below $42k…

Source: Bloomberg

Will Ethereum catch up to its forward inflation proxy?

Source: Bloomberg

Oil prices rallied today, refusing to drop in the face of Biden SPR release plan…

Gold was steady today around $1950…

Finally, how much longer can equity ‘risk’ remain under control while bond ‘risk’ is soaring?

Source: Bloomberg

Or put another way – when will the equity market stop fighting The Fed?

Oh and by the way, Fuck TINA, the alternative is now bonds.

Source: Bloomberg

Stocks haven’t been this ‘expensive’ relative to bonds since April 2011… the last time that happened, bond yields plunged 200bps and stocks puked within 3 months.

 

END

I) /MORNING TRADING/

AFTERNOON

END

II)USA data

Philadelphia Fed’s manufacturing gauge softens in April from high level in prior month

April 21, 2022 at 8:43 a.m. ET

MarketWatch

Index slips to 17.6 from 27.4 in March

The numbers: The Philadelphia Federal Reserve said Thursday its gauge of regional business activity fell to 17.6 in April from jumping to 27.4 in the prior month, which was its highest reading since November 2021.

Economists polled by the Wall Street Journal expected a 21.9 reading. Any reading above zero indicates expansion in the manufacturing sector.

Key details: The headline index is based on a single stand-alone question about business conditions unlike the Institute for Supply Management’s national manufacturing index which is a composite based on components

In April, the underlying data of the Philly Fed index was also softer. The barometer on new orders fell to 17.8 in April from 25.8 in the prior month. The shipments index dropped to 19.1 from 30.2 .

The measure on six-month business outlook dropped sharply to 8.2 in April from 22.7 in the prior month.

Price increases were also widespread. The prices-paid index rose to its highest reading since June 1979.

Big picture: Demand for goods has kept factories humming but supply chain constraints and high prices may be the cause of the lack of optimism about the next few months.

A similar survey, the Empire State index for New York, surged 36 points to 24.6 in April.

Economists use the regional Fed surveys to get an early read on the Institute for Supply Management’s national manufacturing activity index. In March, the ISM factory index slipped 1.5 percentage points to 57.1, the lowest reading since September 2020.

-END-

IIB) USA COVID/VACCINE MANDATES

end

end

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

This is funny!! Biden is to attack the Republicans for nothaving a plan to bring down inflation

(Mish Shedlock/Mishtalk)

Biden To Attack Republicans For Not Having A Plan To Bring Down Inflation

THURSDAY, APR 21, 2022 – 03:20 PM

Authored by Mike Shedlock via MishTalk.com,

Let’s discuss plans to bring down inflation. Who has one and who doesn’t.

No Plan to Deal With Inflation

According to Eugene Daniels, a White House correspondent for Politico, Biden will go after Republicans for not having a plan to deal with inflation.

“Expect Biden to step up his attacks on the GOP. An administration official told Eugene this weekend that we can expect to see Biden be a bit tougher on Republicans for taking credit for an infrastructure bill that some voted against, and for not having a plan to bring down inflation.”

Hoot of the Day

That wins my hoot of the day award easily. I thought about having a Hoot of the Month, but there is still time left for something even more ridiculous. 

History suggests we won’t be disappointed.

Fact Check Questions

  • Which party has the White House, the House, and the Senate?
  • What the heck is Biden’s plan? 
  • If he has one, is it working? 

Eight Inflationary Things

  1. Build Back Better
  2. Clean energy
  3. Student debt cancellation
  4. Eviction moratoriums 
  5. Push for more unions
  6. Push for higher wages 
  7. Tariffs and sanctions
  8. Free Money

The Biden administration is guilty of all eight. 

To be fair, Biden mostly continued Trump’s tariff policy but Biden did increase the lumber tariffs on Canadian lumber that Trump started. 

Amazingly, Biden believes Build back better is not inflationary. Fortunately, Senator Joe Manchin saw through the smoke screen and blocked the deal. 

Doing Everything to Drive Prices Up

On March 22, I noted Biden Doing Everything Possible to Drive Up the Price of Oil, Some of It’s Illegal.

Oil Prices Jump Again, Hello Mr. President, What Will You Do For an Encore?

On March 31, 2022, president Biden announced release from the Strategic Petroleum Reserves to lower gas prices. Relief was short lived.

For discussion, please see Oil Prices Jump Again, Hello Mr. President, What Will You Do For an Encore?

On April 1, 2022 Phil Flynn and I discussed numerous Biden proposals to lower the price of gas and whether or not they will work.

Flynn noted Biden planned to release more oil from the reserves than was physically higher than the pipeline capacity!

For the video discussion, please see MishTalk TV With the Head Energy Trader at Price Futures Group

November 21, 2021 Flashback

On that date I correctly stated Biden’s Foolish Effort to Reduce Oil Prices by Tapping Reserves Will Fail.

The price of crude on November 21, 2021 was $76.20.

Republican Plan

Republicans would propose more deregulation and more drilling here. Biden asked Saudi Arabia to pump more. Biden even courted Venezuela. That was my hoot of the day on that date.

Any plan (Even None at All) would do better than the Biden administration’s plan. 

Four Measures of Inflation

Consumer Price Index data from BLS, PCE data from the BEA, chart by Mish

Real Hourly Wages Dive Again in March, Negative for 13 of Last 15 Months

On April 12, I noted Real Hourly Wages Dive Again in March, Negative for 13 of Last 15 Months

That post contains the previous chart. Note when Inflation took off and why. 

Instead, Biden blames Putin for an invasion that started on February 24, 2022.

Lame Duck

In November, Biden will officially be a lame duck.    

Unfortunately, he can still inflict damage by executive order, but the midterm election will end the chance of Biden getting his highly inflationary policies through Congress.

IIIB) USA ECONOMIC STORIES

USA/RUSSIA/G20

USA secretary leads walkout of G20 leaders at their meeting as soon as Russian official started talking

DeCamp/Antiwar.com

US Treasury Secretary Led Walkout Of G20 Meeting As Russian Official Started Talking

THURSDAY, APR 21, 2022 – 07:45 AM

Authored by Dave DeCamp via AntiWar.com,

Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell walked out of a Group of 20 meeting on Wednesday when the Russian representative began talking.

A source told the Insider that multiple finance ministers and central bank governors walked out of the meeting with Yellen and Powell. Other officials who attended the meeting virtually shut off their cameras when the Russian representative started speaking.

The walkout led by Yellen was coordinated before the meeting, according to ReutersAhead of this week’s World Bank and IMF meetings, a Treasury official said Yellen was expected to avoid events that Russian officials were attending.

The stunt is the latest example of the Biden administration refusing to engage with high-level Russian officials. Secretary of State Antony Blinken hasn’t spoken with his Russian counterpart, Sergey Lavrov, since February 15, and President Biden has no plans to hold talks with Russian President Vladimir Putin.

Anatoly Antonov, Russia’s ambassador to the US, has said he can’t get meetings with senior officials in the White House or in the State Department. Antonov said US lawmakers also don’t want to speak with him. While there are low-level contacts between the Biden administration and the Russian embassy, Antonov described his situation in Washington as a “blockade.”

The White House called Putin a “pariah” when asked about the coordinated G20 walkout incident…

As part of its strategy to isolate Russia, the US wants Russia to be kicked out of the G20, but other members are against the move, notably China and Indonesia.

END

USA/UKRAINE/WEAPONS

USA has no idea where its weapons go once it enters the Ukraine

(Anzalone/Libertarian Institute)

‘Black Hole’ – White House Doesn’t Know Where US Weapons Go After Entering Ukraine

THURSDAY, APR 21, 2022 – 07:00 AM

Authored by Kyle Anzalone via The Libertarian Institute,

A US official said the White House has “almost zero” ability to track the weapons it is sending to Ukraine. So far, President Joe Biden has approved over $3 billion in arms shipments to Kiev. 

Speaking with CNN about the weapons, one source said, “we have fidelity for a short time, but when it enters the fog of war, we have almost zero. It drops into a big black hole, and you have almost no sense of it at all after a short period of time.”

The source said the US lacked personnel “on the ground,” making it nearly impossible to track the movement of weapons. Another source told CNN Ukraine was incentivized to lie to get access to more weapons, saying “It’s a war – every statement is an information operation, every interview. Every Zelensky appearance broadcast is an information operation.”

The US infamously armed the resistance to Syrian President Bashar al-Assad, only to have many of those weapons fall into the hand of the Islamic State and other al-Qaeda affiliate groups. The consequence was an Islamic Caliphate that took over large swaths of Iraq and Syria.

Neo-Nazi groups like the Azov Battalion have been incorporated into Ukraine’s armed forces. In a recent interview, President Volodymyr Zelensky was asked about the presence of these extremist groups within Ukraine’s military. Zelensky insisted they are “defending our country,” saying “they are what they are.” 

The inability to track the arms is not deterring the US from sending weapons to Ukraine. Last week, Biden approved an $800 million weapons package. On Tuesday, White House official Matt Miller said“we are always preparing the next package of security assistance.”

The US claims the arms transfers have been successful with little interference from Moscow., and a third source speaking with CNN says Russia is not threatening the weapons shipments.

The outlet also reported that “it does not appear that Russia has been actively attacking western weapons shipments entering Ukraine – although it is unclear exactly why, especially since the US has intelligence that the Russians want to and have discussed doing so both publicly and privately.”

end

A must read from David Stockman on the inflationary hell that is about to break loose

(David Stockman)

Stockman Exposes The “Inflationary Hell” That’s About To Break Loose

THURSDAY, APR 21, 2022 – 08:14 AM

Authored by David Stockman via InternationalMan.com,

It is only a matter of time before Kiev surrenders to the Russians, with or without their clown-car president signing the armistice. But that deal will be so onerous from Washington’s perspective that it will not mark the end of the sanctions war, but will be an excuse for its actual intensification and indefinite prolongation.

When that becomes the reality, however, inflationary hell will break out all over the place. And the Fed’s decades-long experiment in egregious, inflationary money-pumping will splatter ignominiously all over the Eccles Building (Fed headquarters).

It now appears that commodities markets have been so drastically roiled by the action to date that Washington’s war on the global trading and payments system is now open-ended and can theoretically go on for years.

That’s because the Russian-loathing, Putin-demonizing Dems now in charge of policy in Washington cannot even see straight when it comes to the real issues of the conflict.

There is absolutely nothing wrong with partitioning Ukraine and Crimea, nor with Putin’s proposed new security arrangement that would have NATO move its missile bases to the pre-1999 status quo and the re-garrisoning of US and Western military forces to the old NATO territories.

But these plausible solutions are so far removed from the war fevers now raging on the Potomac that there is no chance of Washington embracing a negotiated solution to the Ukrainian war. It will actually take a historic GOP sweep in the 2024 elections to clear the decks of Putin/Russian demonization, and even that would not make a difference if the blood-thirsty neocons and military hawks retained control of the GOP.

Meanwhile, just like that, the price of oil recently hit $130 per barrel.

Here’s the thing.

Double-digit inflation is now guaranteed and it will be long-lasting.

That’s because the Fed is occupied by what amounts to anti-Volckers. These group-think addicted Keynesian crackpots are clueless about the dire inflationary fires now raging and are still buying bonds (QE) and planning only tepid 25 basis point rate increases when actually hundreds of basis points of rate increases are needed ASAP.

Here is just one example. Nickel spot prices are up nearly 5X, and this is merely illustrative of the inflationary firestorm now gathering a head of steam.

Wheat prices have skyrocketed more than 60% recently as the war effectively shut off more than 30% of the world’s wheat supply, which ordinarily trades out of the Black Sea ports for Ukraine and Russian producers.

The commodity, in turn, is used in everything from bread to cookies and noodles. Accordingly, those soaring upstream costs will rapidly work their way down the processing pipeline until they arrive on the grocery shelves. When? Just in time for American consumers to be paying $6 per gallon to drive to Kroger’s to pick up an inflated-priced loaf of bread.

And there is far more to com

end

Things Are Bad Now, But You Ain’t Seen Nothing Yet

Tyler Durden's Photo

BY TYLER DURDEN

THURSDAY, APR 21, 2022 – 05:00 PM

Authored by Michael Snyder via The Economic Collapse blog,

At this moment, food prices all over America are at incredibly low levels.  I know what many of you must be thinking.  You must be thinking that I have lost my mind, because food prices have been rising at a very rapid rate all over the country.  But when I say that food prices are at “incredibly low levels”, I am not comparing them to where they were in the past.  Rather, I am comparing current prices to where they will be in the future.  Yes, things are bad now, but food prices will be much higher a year or two from now.

The global fertilizer crisis certainly isn’t going anywhere.  If anything, it is only going to intensify.

The same thing could be said about the war in Ukraine.  Peace talks are absolutely dead, and so it looks like fighting between two of the most critical breadbaskets in the world will continue for months to come.

Meanwhile, the bird flu pandemic continues to wipe out millions of chickens and turkeys all over the globe.

We have never seen a “perfect storm” quite like this, but of course some of the factors that will be driving up food prices are entirely self-inflicted.

For example, the Chinese government didn’t need to lock down nearly 400 million people in a desperate attempt to prevent the spread of COVID.  The past two years have provided ample evidence that such lockdowns are quite foolish, but the Chinese went ahead anyway.

As a result, there are now hundreds of commercial ships waiting impatiently off the coast of Shanghai.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1516412576372080659&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpersonal-finance%2Fthings-are-bad-now-you-aint-seen-nothing-yet&sessionId=f30f1f2b94347c9c0ab0978b8e17e24021a4ec47&siteScreenName=zerohedge&theme=light&widgetsVersion=c8fe9736dd6fb%3A1649830956492&width=550px

Those are giant cargo ships that bring stuff across the Pacific Ocean to us.

If the Chinese don’t loosen up, many of our store shelves will become quite empty in the months ahead.

And it isn’t just commercial ships that are sitting idle

Shanghai is one of the largest manufacturing centers in China, with heavy concentrations of automotive and electronics suppliers. It is home to the largest container port in the world and a major airport that serves inbound and outbound air cargo. Exports produced in Shanghai account for 7.2% of China’s total volume and about 20% of China’s export container throughput moves through the port there, according to the BBVA report.

Most warehouses and plants are closed, nine out of 10 trucks are sidelined, the port and airport have limited function, shipping units are stranded in the wrong places, and freight is piling up.

Needless to say, many of our major retailers simply could not operate without the goods that they import from China.

So we better hope that this potential nightmare gets resolved very soon.

Here in the United States, food prices have been moving higher for months.  Just check out these numbers

The average price of butter grew 11.9% in the last year. Meat has been especially affected by supply chain issues, with 100% meat frankfurters jumping 35.2% since March of 2021 to an average price of $5.18 per pound. Ground chuck, pork chops, and whole chicken showed year-over-year price increases of 11.3%, 15%, and 11.7%, respectively.

Those figures may look bad to you, but the truth is that they only represent the very early chapters of this crisis.

Things are going to get much worse, and here in April anecdotal reports seem to indicate that food price increases seem to be accelerating.

Earlier today, my attention was drawn to a thread on a popular Internet forum where people were discussing recent price increases that they had seen at their local stores.  The following are a few examples that I pulled out of that thread…

  • “$10. for 1 lb. Bacon”
  • “5.19 for one pound of land o lakes butter”
  • “a 34 oz can of coffee was $6.99 now is $9.99”
  • “$1.09 for a single avocado”
  • “$2.31 for a head of iceberg lettuce”
  • “I shop for my elderly parents they buy Butterscotch Krimpets every week. Were 2.49 a box now 4.49.”
  • “I saw 15.99 per pound for ribeye steak at a grocery store in northeast Tennessee.”
  • “Paid $12.95 for a pack of raw chicken thighs a few days ago. Normally they are $3.00 – $4.00”

And thanks to the horrifying bird flu pandemic which is sweeping the nation, the price of eggs is going completely nuts

The losses to egg-laying flocks have led to producers desperately racing to meet market demands for eggs and egg products, with egg prices increasing as a result. The average price of a dozen eggs is now close to $3.00, up from $1.60 at the beginning of the year, according to the USDA’s national egg report.

If you think that these prices are wild, just wait until they double from their current levels.

All over the world, a great battle for food resources has begun.  The Chinese saw this coming in advance, and so they have been engaged in the largest stockpiling program that any of us have ever seen.  I wrote about this back in December, but back then most people didn’t understand the true significance of that article.

At that time, the amount of food that the Chinese had already accumulated was already extremely impressive

Less than 20% of the world’s population has managed to stockpile more than half of the globe’s maize and other grains, leading to steep price increases across the planet and dropping more countries into famine.

The hoarding is taking place in China.

Has the U.S. been doing something similar?

Of course not.

When things get really bad in this country, you will be on your own.

So I hope that you have been preparing for that.

Since the war in Ukraine started, nation after nation has started to implement export restrictions, and a global scramble for agricultural commodities has steadily pushed up prices.

Nobody wants to be caught empty-handed when the music stops, and so there is a race to secure precious supplies while it is still possible to do so.

Sadly, the poorest parts of the world will end up suffering the most as the wealthy countries grab what they can.  The dramatic spike that we will soon see in global hunger will be absolutely heartbreaking.

But nobody can say that we weren’t warned in advance.  This sort of collapse has been coming for a long time, and now it has arrived.

I would encourage you to stockpile food at these “relatively low prices” while you have the opportunity to do so, because they are only going to go higher from here.

END

We brought this to your attention on several occasions

(zerohedge)

Arizona’s Top Water Official: “We’re Going To Have To Live With Less Water” 

THURSDAY, APR 21, 2022 – 04:40 PM

Following the U.S. Department of the Interior’s call to limit water deliveries from Lake Powell, Arizona’s top water official warned of an impending water crisis that could affect the drinking water for millions of people.

“This is really getting to (be) a health and safety issue… the health and safety of those who want to turn on the tap and have water,” Tom Buschatzke, Arizona’s director of water resources, told Phoenix’s 12 News on Sunday. 

He said Arizona and other Western states have until the end of the week to respond to an emergency request by the federal government to delay water deliveries from the Colorado River, a move that would hopefully allow more water to flow into Lake Powell. 

“I never thought this day would come this quickly … But I think we always knew that this day was potentially out there,” he said. 

Lake Powell recently declined to 3,525 feet (1,075 meters), the lowest level since the federal government dammed the Colorado River at Glen Canyon (located in northern Arizona) more than five decades ago. If Lake Powell drops below 3,490 feet (1,063 meters), it could begin to inhibit the production of hydropower and the movement of water from the dam.

Buschatzke said the water outlook is bleak, adding, “we not in danger of shutting off the taps at home today — but the levels of the lakes [Lake Powell & Lake Mead] would become difficult to move water past the dams because of the infrastructure design — so even if there is water in the reservoir, it’s limited to how much can come out.” 

He said the goal is to keep water levels at Lake Powell high enough to continue operations at Glen Canyon Dam and supply water to Lake Mead. 

With no end in sight, emergency action could be taken in the next few years to dramatically change how farms and households use water, all for preservation purposes. He said the Colorado River doesn’t have enough water for the seven states and Mexico that rely on it. 

He warned: “We’re going to have to learn to live with less water.” 

Listen to the full interview here. 

Elon Musk has now the financing to continue to make his bid fOr Twitter

(zerohedge)

Twitter Jumps After Musk Files 13D Signaling Tender, ‘Funding Secured’

THURSDAY, APR 21, 2022 – 09:42 AM

Having tweeted a somewhat clear indication that he would be ‘tender’-ing for the leftist sanctuary, Elon Musk filed a 13D filing laying out some more details surrounding his considerations and the fact that this time “funding is secured”.

Full 13D Filing below:

On April 13, 2022, the Reporting Person delivered a letter to the Issuer (the “Letter”) which contained a non-binding proposal (the “Proposal”) to acquire all of the outstanding Common Stock of Twitter not owned by the Reporting Person for all cash consideration valuing the Common Stock at $54.20 per share (the “Proposed Transaction”). The foregoing description is qualified in its entirety by reference to the full text of the Letter, a copy of which is attached hereto as Exhibit B and is incorporated herein by reference.

The Proposal was (and remains) non-binding and, once negotiated and agreed upon, would be conditioned upon, among other things, the: (i) receipt of any required governmental approvals; (ii) confirmatory legal, regulatory, accounting and tax due diligence; and (iii) negotiation and execution of definitive agreements providing for the Proposed Transaction. At the time of delivery, the Proposal was also subject to the completion of financing and business due diligence, but it is no longer subject to financing as a result of the Reporting Person’s receipt of the financing commitments described below and is no longer subject to business due diligence.

The Reporting Person is seeking to negotiate a definitive agreement for the acquisition of Twitter by the Reporting Person and is prepared to begin such negotiations immediately.

On April 15, 2022, Twitter adopted a rights agreement, dated as of April 15, 2022 (as it may be amended from time to time, the “Rights Agreement”), by and between Twitter and Computershare Trust Company, N.A., as rights agent, and declared a dividend of one right issued pursuant to the Rights Agreement for each outstanding share of Common Stock (the “Poison Pill”).

Twitter has not responded to the Proposal. Given the lack of response by Twitter, the Reporting Person is exploring whether to commence a tender offer to acquire all of the outstanding shares of Common Stock (together with the associated rights issued pursuant to the Rights Agreement (the “Rights” and, together with the Common Stock, the “Shares”)) that are issued and outstanding (and not held by the Reporting Person) at a price of $54.20 per share, net to the seller in cash, without interest and less any required withholding taxes, subject to certain conditions (the “Potential Offer”), but has not determined whether to do so at this time.

To finance the Proposed Transaction or a Potential Offer, entities related to the Reporting Person have received commitment letters committing to provide an aggregate of approximately $46.5 billion as follows:

(i) A debt commitment letter, dated April 20, 2022 (the “Debt Commitment Letter”), from Morgan Stanley Senior Funding, Inc. and certain other financial institutions party thereto as commitment parties (collectively, the “Commitment Parties”) pursuant to which the Commitment Parties have committed to provide $13 billion in financing to the Reporting Person and related entities as follows: (a) a senior secured term loan facility in an aggregate principal amount of $6.5 billion, (b) a senior secured revolving facility in an aggregate committed amount of $500 million, (c) a senior secured bridge loan facility in an aggregate principal amount of up to $3 billion and (d) a senior unsecured bridge loan facility in an aggregate principal amount of up to $3 billion ((a) – (d) collectively, the “Debt Facilities”);

(ii) A separate debt commitment letter, dated April 20, 2022 (the “Margin Loan Commitment Letter”), from Morgan Stanley Senior Funding, Inc. and certain other financial institutions party thereto as commitment parties (collectively, the “Margin Loan Commitment Parties”) pursuant to which the Margin Loan Commitment Parties have committed to provide $12.5 billion in margin loans (the “Margin Loan Facility”), the proceeds of which will be distributed or otherwise made available to Purchaser; and

(iii) An equity commitment letter, dated April 20, 2022 (the “Equity Commitment Letter”), from the Reporting Person pursuant to which the Reporting Person has committed to provide equity financing for the Proposed Transaction or the Potential Offer sufficient to pay all amounts payable in connection with the Offer and the Merger (plus related fees and expenses), net of the amounts to be funded pursuant to the Debt Commitment Letter and the Margin Loan Commitment Letter, which is currently expected to be approximately $21 billion (the “Equity Financing”).

This sent TWTR shares jumping this morning, but they remain notably below the $54.20 offer…

Unleash the blue-check hatred once more…

END

Why on earth was this necessary in the first place?  The Democrats have totally destroyed the USA border with their shenanigans

(Cuthbertson/EpochTimes)

26 Governors Create Border Strike Force “In The Absence Of Federal Leadership”

THURSDAY, APR 21, 2022 – 01:55 PM

Authored by Charlotte Cuthbertson via The Epoch Times,

Twenty-six governors, all Republican, announced the creation of a Border Strike Force to “disrupt and dismantle transnational criminal organizations” on April 19.

The group of governors signed a Memorandum of Understanding, pledging to work together to “serve as a force multiplier to target cartels and criminal networks financially and operationally.”

“Together, governors will improve public safety, protect victims from horrific crimes, reduce the amount of drugs in our communities, and alleviate the humanitarian crisis at the Southern Border,” the agreement states.

The group include two border states—Arizona and Texas—as well as 24 others: Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Maryland, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming.

“In the absence of federal leadership, states are partnering together to create the American Governors’ Border Strike Force to disrupt and dismantle transnational criminal organizations by increasing collaboration, improving intelligence, investing in analysis, combating human smuggling, and stopping drug flow in our states,” the agreement states.

A group of illegal aliens is apprehended by law enforcement on a ranch in Kinney County, Texas, on Jan. 15, 2022. (Courtesy of Kinney County Sheriff’s Office)

The governors will coordinate to share intelligence, disrupt smuggling corridors, and assist border states.

They plan to focus efforts on targeting cartel finances and border-related crime.

The participating states also plan to review state laws regarding human trafficking, drug trafficking, and transnational criminal organizations “to ensure that such crimes are prosecuted to the fullest extent of the law.”

For example, Arizona doesn’t currently have a state law against human smuggling, while Texas just strengthened its anti-smuggling laws last September.

A Border Patrol agent walks from the wreckage of Wanda Sitowski’s car after a 16-year-old smuggler ran a red light at 105 miles per hour and caused a fatal crash in Cochise County, Ariz., on Oct. 30, 2021. (Zach Bennett/Sierra Vista News Network)

States can request help from other participating states and state-specific certifications and licenses will be honored among states. Each state is responsible for its own costs.

The Border Strike Force was announced days after Customs and Border Protection released its March statistics, which showed the highest number of Border Patrol apprehensions—209,906—along the southern border since early 2000.

Border Patrol agents apprehend a group of Cubans who just crossed the Rio Grande from Mexico into Eagle Pass, Texas, on April 19, 2022. (Charlotte Cuthbertson/The Epoch Times)

Mississippi Gov. Tate Reeves wrote on Twitter that “We’re all border states now & we’re going to protect ourselves.”

“Despite what the Biden Admin would have you believe, criminals, drugs & human trafficking don’t just stay on the border. They make their way to every state,” Reeves wrote on April 19.

Idaho Gov. Brad Little accused President Joe Biden of refusing to address the border crisis. “America’s governors are stepping up. Our multi-state partnership is designed to disrupt and dismantle the transnational criminal organizations taking advantage of the open border with Mexico,” Little wrote on Twitter on April 19.

Arizona Gov. Doug Ducey said his state has had a similar state-level in operation since 2015.

“What we’re doing in Arizona works,” Ducey said in an April 19 statement. “If our entire southern border isn’t secure, our nation isn’t secure.”

iv)swamp stories

Important:

House GPO’s demand Dr Kristian Anderson to clarify earlier comments he made about suppressing COVID 19 lab leak origin theory

(Lord/EpochTimes)

House GOPers Call On Top Scientist To Clarify Comments About Lab Leak Theory

WEDNESDAY, APR 20, 2022 – 05:50 PM

Authored by Joseph Lord via The Epoch Times (emphasis ours),

House Minority Whip Steve Scalise (R-La.), Judiciary Committee Ranking Member Jim Jordan (R-Ohio), and other Republicans called on Dr. Kristian Andersen to clarify earlier comments he made about suppressing the COVID-19 lab leak origin theory.

In an earlier appearance before Congress, Andersen suggested that he had not suppressed information about the lab leak theory; according to the GOP letter released today, those earlier claims may be untrue in view of statements Andersen made to Vanity Fair.

“On February 3, 2022, we wrote you regarding apparent attempts to conceal or cover-up pertinent information regarding the origins of COVID-19, specifically the hypothesis that it leaked from a laboratory in Wuhan, China,” the letter begins. “On February 17, 2022, you responded to our letter and stated that you were ‘not aware of, and [were] not involved in, any effort to suppress any particular theory about the origins of SARS-CoV-2.‘”

“Recent reporting by Vanity Fair brings into question the truthfulness of that response. Pursuant to 18 U.S.C. §1001, ‘in any matter within the jurisdiction of the … legislative … branch of the Government of the United States, knowingly and willfully mak[ing] any materially false, fictitious, or fraudulent statement or representation’ is a crime. We therefore invite you to correct the Committee record, in person, in a transcribed interview at your earliest convenience,” wrote the Republican lawmakers.

The Vanity Fair article details how in June 2021, evolutionary biologist Jesse D. Bloom had prepared a draft of a paper suggesting that the CCP (Chinese Communist Party) virus pandemic leaked out of the high-level biological research facility in Wuhan, China. Though later information has indicated that this theory is likely true, many in the federal medical establishment were hesitant to admit such a link at the time.

Because Bloom’s paper contained potentially sensitive information about the National Institutes of Health (NIH), which is chaired by Dr. Anthony Fauci, Bloom offered to allow Fauci to read the draft prior to peer review or publication.

Later, Bloom presented the paper to Dr. Andersen in a Zoom call, during which Andersen said he found Bloom’s research “deeply troubling.”

Following a reportedly contentious argument over the paper, Andersen approached Bloom with an offer to delete the controversial passages in a way that would leave no electronic trail showing that the paper had been changed. Reportedly, Bloom refused on grounds that neither option was appropriate “given the contentious nature of the meeting.”

“A recent exposé by Vanity Fair brings into question the accuracy of your assertion that you did not suppress any theory about the origins of COVID-19 and therefore all previous statements made to the Committee,” continued the Republican lawmakers after citing the report.

Dr. Bloom’s paper was problematic for Drs. Fauci and Collins [who served as the former head of the NIH and also opposed the lab leak theory]—who one year earlier had awarded you an $8.9 million dollar research grant since it explicitly advocated for a more thorough investigation of NIH, COVID-19’s origin, and did not adhere to the ‘real card-carrying…virologists’ preferred narrative,” the Republicans alleged.

“Dr. Bloom said that you took issue with his research suggesting it was ‘unethical’ to analyze why the Chinese researchers requested the sequences be deleted … you then told Dr. Bloom that you could simply delete or revise the paper in a way that ‘would leave no record that this had been done.’”

“This incident, if true, contradicts your February 17, 2022 letter and shows that you offered to ‘suppress’ research about the origins of COVID-19 that did not fit your pre-determined narrative,” they added.

Andersen has yet to respond to the allegations, and could not be immediately reached for comment on the matter.

end

also very important!

Breaking Down The Flurry Of Legal Filings By Clinton Campaign Associates In Durham Case

THURSDAY, APR 21, 2022 – 02:35 PM

Authored by Jeff Carlson and Hans Mahncke via The Epoch Times (emphasis ours),

In a coordinated legal action between a number of Hillary Clinton operatives and associates, almost two dozen separate documents were simultaneously filed on April 19 in special counsel John Durham’s case against former Clinton campaign lawyer Michael Sussmann.

This sudden flurry of mass filings included responses from former Clinton campaign Chairman John Podesta, campaign manager Robby Mook, Clinton campaign lead lawyer Marc Elias, contractors Fusion GPS, the Clinton campaign itself, and the Democratic National Committee (DNC).

The trigger for the flurry of filings was a request by Durham to unseal a number of emails involving the parties. The emails are currently being withheld on very questionable grounds of attorney–client privilege. Based on the coordinated filings, it appears that a large number of important people associated with the Clinton campaign are very concerned about the information in those emails becoming public.

Based on available metadata, it appears as if most of the individuals involved in Clinton’s scheme to vilify Trump with claims of Russia collusion were all communicating with each other as that scheme unfolded in real time.

The first person who filed in response to Durham’s request was Rodney Joffe, the tech executive who produced data that purportedly tied Trump to Russia. Joffe had been promised a top government job in case of a Hillary Clinton election victory.

Joffe claimed in his filing that his communications should be treated as privileged because they were part of his attorney-client relationship with Sussmann. Joffe was indeed a client of Sussmann’s starting in 2015. But, in an unexpected and perhaps unintentional comment, Joffe also disclosed that he had hired Sussmann specifically to advise him how to share sensitive information concerning Trump with government agencies—without revealing his identity and thereby exposing himself to potential liability.

In effect, Joffe publicly admitted that he hired Sussmann to take information about Trump to the FBI. The problem for Sussmann is that he’s been charged with lying about exactly that point. Sussmann claimed–in an email to then FBI General Counsel James Baker–that he wasn’t taking the information to the FBI on behalf of any client but instead was merely acting as a good Samaritan.

If Joffe throwing Sussmann under the proverbial bus wasn’t bad enough, the next filing was even worse for Sussmann. It came from Clinton campaign operatives Fusion GPS who also want their emails to be withheld from Durham.

In order to obtain the benefit of attorney–client privilege, Fusion now claims to have assisted Sussmann and his law firm with legal matters.

That claim is demonstrably false as Fusion’s main role—acknowledged by Fusion’s owners Glenn Simpson and Peter Fritsch in their book—was to conduct opposition research on Trump and seed those stories with the media.

To make matters even worse, Simpson and Fritsch admitted that in writing in their 2019 book “Crime in Progress.” It appears as if Fusion’s lawyers didn’t read their client’s book ahead of their filing. This blunder won’t have gone unnoticed by Durham’s team.

The next filing came from Perkins Coie, the legal firm for which Clinton campaign lawyers Sussmann and Elias worked in 2016. Perkins didn’t want to disclose any of its emails either, but the excuse was a lot simpler. The firm noted that Elias had left the company last year and had taken all of the related files with him.

A separate submission came from Elias himself. Elias, a well-known Democratic Party lawyer, made an argument that essentially mirrored that of Fusion, namely that Fusion was providing Perkins Coie with input that was related to legal advice, and any communications were therefore covered by privilege. Elias failed to address the basic fact that Fusion had been hired to collect and disseminate opposition research to the media. Elias similarly didn’t address that Sussmann himself had disseminated Fusion’s stories to the media, as well as to the FBI, thereby piercing any pretense of attorney–client privilege.

But the most interesting filing came from Clinton campaign manager Robby Mook. Like everyone else, Mook’s main objective was to claim that everything that had been done took place within a legal advice relationship. But unlike the others, Mook didn’t actually claim that everything was above board. Instead, he repeatedly asserted that he thought everything was done above board.

In essence, Mook’s filing essentially shifted the blame onto Elias and the other Clinton operatives. Mook’s apparent refusal to confirm that everything was done legally might end up showcasing Mook as the weak link in the Clinton campaign’s efforts to cover up the origins of the Russiagate scandal. This development is something that Durham will no doubt have taken note of.

The overarching problem with all these claims of privilege is that by legal necessity they have to be based on legal advice. If the task at hand wasn’t about legal advice—such as Fusion pushing false stories about Trump to the media—then there is no attorney-client privilege.

With that backdrop in mind, Fusion GPS claimed in its filing that it was retained by then-partner Elias at Perkins Coie to “assist in providing legal advice to its clients, the Hillary for America Campaign Committee and the DNC during the 2016 presidential campaign. As we noted earlier, Elias’s own submission mirrored this claim.

But there’s a huge problem when we compare these new claims with an Oct 24, 2017 letter from Perkins Coie, which officially detailed its retention and hiring of Fusion on April 11, 2016.

Matthew Gerringer, general counsel for Perkins Coie, noted that Fusion approached Perkins Coie in early March 2016. Gerringer stated that Fusion expressed an interest in its continuation of “research regarding then-Presidential candidate Donald Trump,” research that “Fusion GPS had conducted for one or more other clients during the Republican primary contest.”

And it wasn’t just Perkins Coie that was saying this. In their 2019 book, Fusion’s owners told a very similar story, specifically that they had pitched the idea to Elias that they would continue to collect opposition research on Trump on Elias’s behalf. There was never any mention from either Fusion or Elias of legal services or legal advice.

Fusion appears to have now twisted the meaning of its engagement, stating that it wasn’t really doing opposition research and media outreach, but instead was focused on privileged investigative work and analysis.

There are several problems with Fusion’s assertion. Dossier author Christopher Steele —who had been hired by Fusion to push Trump Russia collusion stories—told a UK court in May 2017 that he was directed by Fusion GPS to speak with a number of media outlets on several different occasions.

Steele testified that in September 2016 he had personally briefed a large number of journalists at Fusion’s instruction. Those journalists were from The New York Times, The Washington Post, Yahoo News, the New Yorker, and CNN. In October 2016, Steele was instructed once again to speak to the NY Times, Washington Post, Yahoo News, and Mother Jones.

Based on Steele’s stories, many of these outlets subsequently published extremely damaging stories about Trump–Russia collusion. None more so than Mother Jones’s David Corn, who not only put out an article discussing the contents of the dossier just ahead of the 2016 election but also shared Steele’s dossier reports with James Baker of the FBI. Notably, Baker was the same person who met with Sussmann in September 2016.

Additionally, there were also multiple communications that took place between the owners of Fusion, Glenn Simpson and Peter Fritsch, and various corporate media reporters during this same time frame.

In a flurry of conversations on Oct. 5, 2016, Fusion’s Fritsch reached out to Tom Hamburger of The Washington Post, providing supposed DNS data claiming links between a Trump Organization server and Alfa Bank. Fritsch then provided the same data to Michael Isikoff of Yahoo News. Fritsch also provided NBC’s Matthew Mosk with a ZIP file of data in an email containing the subject line: Dude this is huge.

Just a few weeks later, on Oct. 18, 2016, Fritsch wrote to Reuters’ Mark Hosenball on Oct 18, 2016, telling him “Do the F***ing alfa bank secret comms story. It is hugely important…”

The actions of Fusion at the behest of Elias had nothing to do with legal advice. They did, however, have everything to do with establishing a false narrative, one that had been crafted by these Clinton operatives themselves–which is precisely why they are now panicking about their emails being released to Durham.

But the flurry of filings wasn’t the only major development in the Durham investigation. In a subsequent hearing on Wednesday, a Durham prosecutor told Obama appointee Judge Christopher Cooper that the project to link Trump and Russia through DNS data had actually originated with Joffe. The prosecution stated that Joffe’s plan was carried out through the help of Clinton campaign agents. Durham’s team also revealed that there were meetings between Elias, Sussmann and Joffe during which Joffe was allegedly encouraged to create “imprints” that would tie Trump to Russia through data.

It’s not yet known exactly how Durham’s office came to know about the meeting between Elias, Joffe, and Sussmann, but if such a meeting actually did take place, it would completely destroy any pretense that the relationship between these parties had anything to with providing legal services. This discovery also could land Elias and Joffe in significant legal trouble for lying in their filings to the court.

END

also important..

“Quite Frankly Explosive”: Wuhan Lab Allowed To Destroy ‘Secret Files’ Under Its Partnership With US National Lab

Tyler Durden's Photo

BY TYLER DURDEN

THURSDAY, APR 21, 2022 – 04:20 PM

Authored by Eva Fu via The Epoch Times (emphasis ours),

The Wuhan Institute of Virology (WIV) has the right to make a partnering U.S. lab wipe all data arising from their collaborative work, a legal document reveals.

A memorandum of understanding (MOU) of cooperation, signed between the Wuhan lab and the Galveston National Laboratory at the University of Texas Medical Branch, makes it obligatory for each of the two labs to delete “secret files” or materials upon the request of the other party.

The party is entitled to ask the other to destroy and/or return the secret files, materials, and equipment without any backups,” states the MOU obtained by U.S. Right to Know, a nonprofit investigative research group focused on public health, through a freedom of information request.

The MOU focused on promoting research and training cooperation between the two labs. It was signed in 2017 and stays in effect through this October. But the confidentiality terms would remain binding even after the agreement’s five-year-duration expires, the agreement states.

The document goes on to broadly define what materials are to be treated as “confidential,” opening the door to potentially all documents and data from any collaboration being subject to a deletion request.

All cooperation and exchange documents, details and materials shall be treated as confidential info by the parties,” the MOU states.

The WIV has been at the center of the controversy due to growing speculation that the virus that causes COVID-19, which has now killed millions around the globe, may have leaked from the facility. The lab has denied these allegations but Beijing has blocked international investigators to data and records from the facility thus preventing any meaningful probe into the hypothesis.

WIV and the the Galveston National Laboratory formally declared their partnership the following year to “streamline future scientific and operational collaborations on dangerous pathogens,” according to a joint announcement in the journal Science.

Experts said the MOU terms about data removal raise alarm bells and can potentially constitute a breach of the law.

The clause is quite frankly explosive,” Reuben Guttman, a partner at Guttman, Buschner & Brooks PLLC who focuses on ensuring the integrity of government programs, told Right to Know. “Anytime I see a public entity, I would be very concerned about destroying records.”

You can’t just willy nilly say, ‘well, you know, the Chinese can tell us when to destroy a document.’ It doesn’t work like that,” he added. “There has to be a whole protocol.”

Christopher Smith, a spokesperson for University of Texas Medical Branch (UTMB), told the Right to Know that the lab was “built by the National Institutes of Health to help combat global health threats.”

“As a government-funded entity, UTMB is required to comply with applicable public information law obligations, including the preservation of all documentation of its research and findings.”

The Epoch Times has contacted the UTMB and the lab.

Under Scrutiny

The Galveston National Laboratory is one of two federally-funded university-based highest-level biosecurity labs in the United States. It began collaborating with the WIV in 2013, a cooperation that entails training WIV scientists and conducting joint research programs. The then-Galveston lab director James Le Duc, who retired last year, made multiple trips over the years to WIV.

The Galveston lab was also among the first in the world to receive samples of SARS-CoV-2 (the virus that causes COVID-19) from the U.S. Centers for Disease Control and Prevention, nearly three weeks after Le Duc urged his Chinese counterparts to share the material.

The revelations contained in the 2017 MOU appear to contradict claims from WIV scientists that they would never scrub critical research information.

Chinese virologist Shi Zhengli, who heads the Center for Emerging Infectious Diseases at the WIV, had characterized allegations that her lab would delete such data as “baseless and appalling.”

“Even if we gave them all the records, they would still say we have hidden something or we have destroyed the evidence,” she said in a February interview with MIT Technology Review.

In September 2019, months before several of its researchers allegedly fell ill with COVID-like symptoms, the facility took its main database of virus samples offline.

The Wuhan lab’s safety standards have also attracted scrutiny since the pandemic broke out from the city. Footage from 2017 showed that some researchers from the facility were feeding a bat while wearing only surgical gloves, and at least one researcher wore only a pair of regular glasses and a surgical mask when out collecting bat samples.

In April 2020, the Department of Education launched a probe into Galveston National Laboratory’s ties with the Wuhan lab. The Epoch Times has contacted the department for comment.

That same month, Le Duc had asked Shi to review a draft briefing he prepared for the university and the Congressional staff investigating the issue.

“Please review carefully and make any changes that you would like. I want this to be as accurate as possible and I certainly do not want to misrepresent any of your valuable contributions,” he wrote in an email to Shi that Right to Know obtained. Shi one day earlier declined to talk with Le Duc over the phone “[d]ue to the complicated situation,” but insisted that the virus “is not a leaky [sic] from our lab or any other labs.”

Smith, UTMB’s director of media relations, had told the investigative group that “the information Dr. Le Duc wanted Dr. Shi to review was a description of her research on coronaviruses as he understood it.”

In corresponding with others, Le Duc nonetheless acknowledged that he considered a lab accident a possible source of the pandemic.

“It is certainly possible that a lab accident was the source of the epidemic and I also agree that we can’t trust the Chinese government,” he wrote on April 10, 2020, according to another email obtained by the group.

end

I wonder why?: former Democrat lawyer does not want Hillary’s tweets admitted inthe Durham case.

(Phillips/EpochTimes)

Former Democrat Lawyer Doesn’t Want Clinton Tweet Admitted In Durham Case

WEDNESDAY, APR 20, 2022 – 09:50 PM

By Jack Phillips of The Epoch Times

The lawyer charged with hiding his work for the Clinton campaign from the FBI filed a motion requesting that special counsel John Durham not be able to use a Hillary Clinton Twitter post that made reference to alleged Trump–Russia collusion claims.

Durham wrote last week that he wanted an October 2016 Twitter post from the Clinton campaign that promoted an allegation that there was a secret backchannel between the Trump Organization and a Russian bank. The campaign’s lawyer, Michael Sussmann, was charged last year with lying to the FBI by allegedly stating that he wasn’t working on behalf of any client when he pushed the Trump-Russian bank claim to then-FBI General Counsel James Baker.

On Oct. 31, 2016, Clinton wrote on Twitter: “Donald Trump has a secret server … It was set up to communicate privately with a Putin-tied Russian bank.” She later wrote that “computer scientists have apparently uncovered a covert server linking the Trump Organization to a Russian-based bank.”

The claims about the alleged secret backchannel between the bank, reportedly identified as Alfa Bank, and former President Donald Trump’s business were ultimately refuted by the FBI.

Durham also sought to preserve a Twitter post from Clinton’s campaign that included a lengthy statement from former adviser Jake Sullivan, who now works as President Joe Biden’s national security adviser. “This could be the most direct link yet between Donald Trump and Moscow,” Sullivan claimed. “This secret hotline may be the key to unlocking the mystery of Trump’s ties to Russia.”

Last week, Durham argued that these Twitter posts are material because Sussmann “had communicated with the media and provided them with the Russian Bank-1 data and allegations” before articles on the claims were published. He also kept Clinton campaign staff “apprised of his efforts” while they “communicated with the Clinton Campaign’s leadership about potential media coverage of these issues.”

But Sussmann’s lawyers over the past weekend, in court, wrote that the Clinton campaign’s Twitter posts about the matter, including the Sullivan one, should not be preserved for Sussmann’s trial.

“The Tweet, which was posted on October 31, 2016, does not reveal anything about Mr. Sussmann’s state of mind over a month earlier, when he purportedly made the alleged false statement,” his attorneys wrote. “There is no evidence that Mr. Sussmann’s meeting with Mr. Baker had anything to do with the Clinton Campaign’s broader media strategy.”

They responded to Sullivan’s statement and touting of a Slate story on the Trump-Russian bank claim: “First, contrary to the Special Counsel’s misleading statement of the law, the Tweet is hearsay and it is plainly being offered for the truth: so that the Special Counsel can argue that the Campaign’s plan all along was to make a public statement about ‘federal authorities’ looking into the ‘direct connection between Trump and Russia.’”

“Second, the Tweet—which Mr. Sussmann did not author, issue, authorize, or even know about—is irrelevant, prejudicial, and would only confuse and distract the jury from the single false statement charge it must decide,” they continued.

The King Report (including swamp stories)

The King Report April 21, 2022 Issue 6742Independent View of the News
 The financial media is once again distributing misleading and fallacious information.
 
U.S. 10-Year Real Yields Turn Positive for First Time Since 2020
The yield on U.S. Treasuries designed to protect investors against price increases over the coming decade rose above zero for the first time in over two years.  The rate on 10-year Treasury inflation-protected securities rose over one basis point to 0.008%…
https://finance.yahoo.com/news/u-10-real-yields-turn-000848729.html
 
Real interest rates are the nominal interest rates in question minus inflation.  Some jabroni told some reporter that real yields are negative or positive based on TIPs!  “What fools these mortals be!
 
St. Louis Fed: The real interest rate equals the nominal interest rate minus the inflation rate.…
https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-14-getting-real-about-interest-rates
 
The 10-year yield is 3%; CPI is 8.5%.  The 10-year yield is -5.5%.  Based on 1980 CPI methodology, the 10-year yield would be double-digit negative.
 
Shanghai allows 4 million out of homes as virus rules ease – The official, Wang Ganyu, said Wednesday a total of almost 12 million people are allowed to leave their homes as China’s most populous city tries to contain virus outbreaks… (Shanghai has ~25 million people.)
https://www.usnews.com/news/world/articles/2022-04-19/shanghai-allows-4-million-out-of-homes-as-virus-rules-ease
 
Chinese Banks Hold Lending Rates as Yuan Weakness Looms
China’s central bank is struggling to drive up lending in the economy despite cutting interest rates and giving banks a cash boost.  With a worsening Covid outbreak locking down mega cities Shanghai and Shenzhen, worries about jobs and incomes mean businesses and consumers are unwilling to take on more debt. Banks are reluctant to extend more loans too as a property downturn drives up bad debts…
    Despite two reductions last year in the reserve requirement ratio — the level of deposits lenders must lock away at the central bank — and an interest-rate cut in January, China’s credit impulse, a measure of the ratio of new credit to gross domestic product, decelerated sharply in 2021 and has yet to pick up significantly… https://www.bloombergquint.com/global-economics/china-s-monetary-easing-runs-into-a-worsening-virus-outbreak
 
BOJ Resumes Bond Buying as 10-Year Yield Rises to Upper LimitBOJ making stance clear it won’t tolerate rise in yieldsDovish policy stance in stark contrast with most global peersThe Bank of Japan reiterated its strong commitment to ultra loose monetary policy with a fresh round of unscheduled bond purchases in a bid to cap a rise in yields
https://www.yahoo.com/now/boj-resumes-bond-buying-10-013752138.html
 
The Chinese yuan hit its lowest level since October; and the yen hit 129.40.  However, the yen commenced a rally at 21:46 ET that persisted until 6:13 ET.  The yen rallied to 127.6073; the dollar fell sharply.  After 13 days of declines, a yen rally was due.  Traders might have covered shorts with the yen approaching 130 on fear that Japan would stage an intervention.  There are no reports of intervention.
 
The yen rally instigated bond buying.  USMs hit a bottom of 138 14/32 at 21:02 ET.  They soared to 140½ at 6:53 ET.  After a modest respite, the rally resumed; bonds soared to 1 7/8-points gain.
 
Mohamed A. El-Erian @elerianm: The unusual volatility continues in what many regard as the world’s deepest financial market: Today alone, and it’s still early, the yield on 10-year US government bonds has traded in an 11-basis point range (2.85%-2.96%).
@elonmusk: The woke mind virus is making Netflix unwatchable.
Tesla Q1 EPS 2.86 vs. .39C y/y; Rev $18.8B, $17.92B Est; Automotive Gross Margin +32.9%, +28.4% Est; Customer deposits $1.125B from $925m; TSLA jumped as much as 5% in after-hour trading
 
Worst bird flu in years drives up egg prices, prompts precautions against spread to humans
US egg prices more than doubled in March after more than 24 million domestic birds had to be killed.
https://www.usatoday.com/story/news/2022/04/19/avian-flu-2022-killing-birds-egg-prices/7275697001/?gnt-cfr=1
 
The BLS has egg prices +1.9% m/m in March!  BLS CPI is a complete and total fraud!!!  See Table 2 in March CPI Report: https://www.bls.gov/news.release/pdf/cpi.pdf
 
DeSantis looks to hold Twitter board ‘accountable’ for response to Musk’s buyout bid
“The state of Florida, in our pension system, we have shares of Twitter,” DeSantis said during a press conference. “I didn’t buy it. We have people that run the fund, but nevertheless, it hasn’t been great in return on investment. It’s been pretty stagnant for many, many years… so we’re gonna be looking at ways that the state of Florida, potentially, can be holding this Twitter board of directors accountable for breaching their fiduciary duty… (DeSantis fights like a Dem!)  https://t.co/8M2qZudpgV
 
Disney Marks Tinker Bell, Captain Hook as ‘Problematic’ Stereotypes
https://www.outkick.com/disney-marks-tinker-bell-captain-hook-as-problematic-stereotypes/
 
Florida Senate passes bill stripping Disney of special self-governing power
The bill now moves to the Florida House
https://www.foxnews.com/politics/bill-stripping-disney-of-special-self-governing-power-passes-florida-senate
 
Positive aspects of previous session
The force that incessantly manipulated ESMs higher on Monday & Tuesday appeared on Wednesday
Bonds rallied sharply
 
Negative aspects of previous session
Netflix’s crash drove Fangs and techs lower
The high for equities appeared 1 MINUTE after the NYSE open
 
Ambiguous aspects of previous session
Who is manipulating ESMs higher?  Did the manipulation end with the VIX expiration?
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4465.50
Previous session High/Low4471.03; 4390.63
 
WSJ: How U.S.-Saudi Relations Reached the Breaking Point – The decades long alliance is at risk over disagreements regarding oil production levels, security concerns and the invasion of Ukraine
    Saudi Crown Prince Mohammed bin Salman… sought a relaxed tone for his first meeting with President Biden’s national security adviser, Jake Sullivan, last September. The 36-year-old crown prince ended up shouting at Mr. Sullivan after he raised the 2018 killing of Saudi journalist Jamal Khashoggi. The prince told Mr. Sullivan he never wanted to discuss the matter again… And the U.S. could forget about its request to boost oil production, he told Mr. Sullivan
    US officials have tried several times to mend relations with Saudi… but with Biden opposing any broad concessions to Riyadh, very little progress has been made on the issue.
https://www.wsj.com/articles/how-u-s-saudi-relations-reached-the-breaking-point-11650383578
https://english.almayadeen.net/news/politics/us-saudi-relations-reach-breaking-point—wsj
 
Biden team wavers on fight over masks after court setback
The Justice Department said Tuesday that it stood ready to appeal the ruling—issued Monday by a Trump-appointed federal judge in Florida—but that it would do so only “subject to the CDC’s conclusion that the order remains necessary for public health.”  That was met with surprise at the Centers for Disease Control and Prevention, which an hour later issued its own statement that did not clearly say whether the health agency wanted the Justice Department to pursue the appeal…
https://www.chicagobusiness.com/government/biden-team-wavers-fight-over-masks-after-court-setback
 
@FoxNews: @IngrahamAngle says the left is ‘freaking out’ about the latest mask ruling because masks gave them ‘an excuse to enforce change’ and control over Americans.
 
SF Chronicle: Four COVID experts say it’s time to accept reality: ‘Vaccines work, masks do not’
https://www.sfchronicle.com/opinion/openforum/article/san-francisco-mask-mandate-17089220.php
 
Optical microscopic study of surface morphology and filtering efficiency of face masks
The pore size of masks ranged from 80 to 500 μm, which was much bigger than particular matter having diameter of 2.5 μm or less (PM2.5) and 10 μm or less (PM10) size. The PM10 filtering efficiency of four of the selected masks ranged from 63% to 84%. The poor filtering efficiency may have arisen from larger and open pores present in the masks. Interestingly, we found that efficiency dropped by 20% after the 4th washing and drying cycle… https://pubmed.ncbi.nlm.nih.gov/31289698/
 
SARS-CoV-2 has a size ranging from 60 to 140 nm [16], smaller than bacteria, dust, and pollen. Therefore, masks and respirators made of materials with larger pore sizes, such as cotton and synthetic fabric, will not be able to effectively filter these viruses or tiny virus-laden droplets… https://spj.sciencemag.org/journals/research/2020/7286735/
 
um (micrometer) = 10 to the minus 6 mnm (nanometer) = 10 to the minus 9 m
https://www-ssrl.slac.stanford.edu/content/sites/default/files/documents/nano-lab-safety.pdf
 
Stunning graphic: Pore size of your disposable or cloth face mask vs. pore size of Covid
https://twitter.com/peterpham/status/1507045193849004049/photo/1
 
@JackDetsch: Zelensky, tonight (Tuesday): “In this war, the Russian army will forever inscribe itself in world history as perhaps the most barbaric and inhuman army in the world … And this vileness will mark the Russian state as a source of absolute evil for generations… Purposefully killing civilians, destroying residential neighborhoods, civilian infrastructure, using all kinds of weapons for this, including those prohibited by international conventions, is the signature of the Russian army.”…
 
Germany halts arms shipments to Ukraine, will provide training and maintenance instead
Germany faces criticism at home and abroad for lackluster support to Ukraine
https://www.foxnews.com/world/germany-pledges-to-maintain-ukraines-military-equipment-says-direct-arms-support-has-been-maxed-out
 
Russia accuses Biden of having dementia
Government-backed newspaper lists five signs Biden is mentally deteriorating
    Citing the World Health Organization’s definition of dementia, Lyudmila Plotnikova, the author of the article, said Biden is “very elderly” and “too often in the last years of his life he either forgot names and dates, or lost his orientation in space.”…
https://www.foxnews.com/politics/russian-newspaper-targets-bidens-health-cites-signs-dementia
 
@RNCResearch: Biden refuses to take questions as his staff SCREAMS in desperation for reporters to leave Biden’s presence. (The whole world knows why! No Easter Bunny to save The Big Guy today!) https://twitter.com/RNCResearch/status/1516883280909455360
 
@IAPolls2022: (Left leaning) Cook Political Report: “The political environment has Deteriorated for Democrats since January that means no Democrat in a single-digit Biden district is secure, and even some seats Biden carried by double-digit margins in 2020 could come into play this fall.”
 
President Biden @POTUS: I know that families are still struggling with higher prices. I grew up in a family where if the price of gas went up, we felt it. Let’s be absolutely clear about why prices are high right now: COVID and Vladimir Putin…Beyond gas prices, I’ve called on Congress to move immediately to lower the cost of families’ utility bills, prescription drugs, and more — while lowering the deficit to reduce inflationary pressure.  (You cannot make this up: The Big Guy claims he has called on Congress to lower the deficit!)
 
@JoeBiden: The president needs to stop blaming others and do his job.  April 20, 2020
 
Today – What we said for Tuesday and Wednesday’s sessions remains true for today’s trading:  It all depends on the presence or absence of the manipulator(s).  The other large factor for today will be Powell and Lagarde’s participation with an IMF Panel discussion on the Global Economy at 14:00 ET.
 
There is no telling if or when the upward manipulation ends.  However, it is vexing the Fed because FINALLY some Fed high officials fear the asset inflation is aiding and abetting consumer inflation.
 
A possible, if not probable explanation for the incessant upward manipulation could be some whale or whales are orchestrating a massive pump & dump that will liquidate stuff next week when April performance gaming peaks near Friday, April 29.  Why?  Every trader with basic knowledge of equity patterns knows that April tends to be a peak for equities; and the last trading day of April marks the end of the most bullish intermediate term pattern (Nov 1 to April 30) known to Earthlings.  “Sell in May and go away” is often a very sound strategy.
 
Jesse Livermore in his thinly veiled autobiography, Reminiscences of a Stock Operator, explains that when captains of industry wanted to exit massive positions (circa the Twenties), they would create a pool with monetary contributions from those in the pool.  Whoever ran the scheme (often Livermore) would drive the stock as high as possible and then liquidate into patsies who would ‘buy all the way down’.
 
NGMs are +94.00, ESMs are +19.50 at 20:20 ET on Tesla and the ‘pump’.
 
Expected earnings: T .75, DOW 2.07, MMC 2.14, AAL -2.42, DHR 2.67, GPC 1.68, PM 1.49ALK -1.59, FCX .90, UNP 2.52, PPG 1.12
 
Expected economic data: April Phil Fed Biz Outlook 21.7; Initial Jobless Claims 180k, Continuing Claims 1.459m; March LEI 0.3%; Powell & Lagarde participate IMF Panel on Global Econ 14:00 ET
 
S&P 500 Index 50-day MA: 4415; 100-day MA: 4515; 150-day MA: 4518; 200-day MA: 4497
DJIA 50-day MA: 34,298; 100-day MA: 34,890; 150-day MA: 35,013; 200-day MA: 35,020
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender is positive; MACD is negative – a close below 4153.02 triggers a sell signal
HourlyTrender and MACD are negative – a close above 4547.45 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4529.25 triggers a buy signal
Hourly: Trender and MACD are positive – a close below 4432.66 triggers a sell signal
 
Blocking evidence: Clinton campaign tries to keep memos from Durham’s upcoming trial
Clinton campaign and its top two former officials, John Podesta and Robby Mook, argue evidence about its Russia dirt digging on Trump should be protected by attorney-client privilege.
https://justthenews.com/accountability/russia-and-ukraine-scandals/blocking-evidence-clinton-campaign-tries-keep-memos
 
Obama mocked for initiative to stop ‘spread of disinformation’: ‘No way this will ever be abused’
Commentators from journalist Glenn Greenwald to author Benjamin Weingarten pointed out the irony of a Democrat leader complaining about disinformation when the Hunter Biden laptop story was censored by Democrat-friendly social media companies and the Russia-collusion story was peddled by Obama’s Democrat allies and in the press for the last six years…
    Mocking Obama, Bier tweeted, “For instance, you might remember my infamous Lie of the Year, ‘If you like your health care plan, you can keep it’.“…
https://www.foxnews.com/media/obama-mocked-initiative-stop-spread-disinformation-no-way-this-will-ever-be-abused
   
German government funds ‘research’ project that doxxed Libs of Tik Tok
The hit piece on the woman behind Libs of Tik Tok by the Bezos-funded Washington Post’s professional victim Taylor Lorenz was based on a cyberstalking thread by a Twitter employee who is working on a German-backed project…Brown is working on an ongoing project with support from Prototype Fund…, which is funded by the Federal Ministry of Education and Research (BMBF)…
https://thepostmillennial.com/german-government-funds-research-project-that-doxxed-libs-of-tik-tok
 
@ColumbiaBugle: Tucker Carlson on Who Is Paying for The Prototype Fund: “It was a foreign intelligence operation designed to silence and intimidate an American citizen. Wait, is that legal?”
https://twitter.com/ColumbiaBugle/status/1516583436554629122
 
Kamala Harris: “Space. It affects us all and it connects us all.” https://twitter.com/stillgray/status/1516739220332683264
 
Biden laughs with New Hampshire’s Republican Governor Chris Sununu who called Trump ‘f***ing crazy’ then yells that he will be sending MORE weapons to Ukraine
https://www.dailymail.co.uk/news/article-10732669/Biden-laughs-New-Hampshires-Republican-Gov-Chris-Sununu.html
 
Chris Sununu is the son of Establishment and Bush I lackey/Chief of Staff John H. Sununu, who convinced Bush I to appoint Judge Souter to the SCOTUS because Suter was a conservative!  Souter turned out to be a flaming liberal SCOTUS justice.
 
NYT: Bush’s Court Choice: Sununu Tells How and Why He Pushed Souter for Court
John H. Sununu, the White House chief of staff, said today that he had assured President Bush that David H. Souter would uphold conservative values on the Supreme Court. He also said he had given ”strong personal support” to Judge Souter at a key moment in the President’s decision-making. As Governor of New Hampshire, Mr. Sununu named Judge Souter an Associate Justice of its Supreme Court…  https://www.nytimes.com/1990/07/25/us/bush-s-court-choice-sununu-tells-how-and-why-he-pushed-souter-for-court.html
 
By 1995, the conservative Weekly Standard labeled him (Souter) the ‘“stealth justice” and called him “one of the staunchest liberals on the court—a more reliable champion of liberal causes than Clinton appointees Ruth Bader Ginsburg and Stephen Breyer.”…
https://www.politico.com/magazine/story/2018/07/09/david-souter-the-supreme-court-justice-who-built-the-trump-court-218953/
 
Massachusetts parents sue school district, call secret gender identity policy a violation of their rights – The federal challenge argues that children at Baird Middle School in Ludlow, MA were given assignments about gender identity and then encouraged to discuss their issues with representatives of the school without parental notification or consent… According to the suit, Funke is nonbinary and encouraged “children to experiment with alternate gender identities without notifying parents or obtaining parental consent.”…   https://www.bizpacreview.com/2022/04/16/massachusetts-parents-sue-school-district-call-secret-gender-identity-policy-a-violation-of-their-rights-1226516/
 
@ChristinaPushaw: It’s hilarious that credentialed lib activists in places like San Francisco, Brooklyn, and gentrified neighborhoods of Washington DC believe they’ll be on the central planning committee after the communist revolution in AmericaStudy history, folx — you’ll be first to the gulag
    The useful idiots in academia, media, and NGOs help usher in communism. But in every communist system, the people who actually grab power are the thugs. Stalin got his start as a bank robber in Tbilisi.
 
Georgia suspect accused of shooting cop 6 times granted bond, but DA steps in
Gang member accused of shooting cop 6 times released on bail in Atlanta
https://www.foxnews.com/us/suspect-accused-of-shooting-cop-6-times-released-on-bail-in-georgia
 
Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive… those who torment us for our own good will torment us without end for they do so with the approval of their own conscience… To be “cured” against one’s will and cured of states which we may not regard as disease is to be put on a level of those who have not yet reached the age of reason or those who never will; to be classed with infants, imbeciles, and domestic animals.” – CS Lewis
 
Now, some great news: The NFL Draft is only 7 days away!

Let us close today with this offering courtesy of Greg Hunter 

See you on FRIDAY 

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