APRIL 28/GOLD UP $2.35 TO $1890.20//SILVER DOWN 23 CENTS TO $23.16//PLATINUM UP $1.95 TO $924.75//PALLADIUM UP 118.05 TO $2227.35//GOLD STANDING ADVANCES WITH ANOTHER QUEUE JUMP OF 22300 OZ: NEW AND PROBABLE FINAL STANDING FOR APRIL 85.340 TONNES//SILVER ALSO ENJOYS ANOTHER QUEUE JUMP OF 135,000 OZ: NEW STANDING FOR APRIL 6.940 MILLION OZ//YEN CRASHES//COVID UPDATES//UKRAINE VS RUSSIA UPDATES//YEN CRATERS TO MULTI YEAR LOWS//VACCINE IMPACT//USA GDP FIRST QUARTER PLUMMETS//SWAMP STORIES FOR YOU TONIGHT//

April 28, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

April 28, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1890.20 UP $2.35

SILVER: $23.16 DOWN $0.21

ACCESS MARKET: GOLD $1894.30

SILVER: $23.15

Bitcoin morning price:  $39,663 UP 788

Bitcoin: afternoon price: $40,064 UP 1189

Platinum price: closing UP $1.95 to $924.75

Palladium price; closing UP $118.05  at $2227.35

END

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comex notices/

: JPMorgan stopped/total issued 464/559

EXCHANGE: COMEX
CONTRACT: APRIL 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,885.900000000 USD
INTENT DATE: 04/27/2022 DELIVERY DATE: 04/29/2022
FIRM ORG FIRM NAME ISSUED STOPPED


072 C GOLDMAN 334
132 C SG AMERICAS 1
159 C ED&F MAN CAP 1
624 H BOFA SECURITIES 1
661 C JP MORGAN 464
685 C RJ OBRIEN 1
880 H CITIGROUP 225
991 H CME 91


TOTAL: 559 559
MONTH TO DATE: 27,437



NUMBER OF NOTICES FILED TODAY FOR  APRIL. CONTRACT 559  NOTICE(S) FOR 55,900 OZ  (1.7387  TONNES)

total notices so far:  27,437 contracts for 2,743,700. oz (85.340 tonnes)

SILVER NOTICES: 

1 NOTICE(S) FILED 5,000   OZ/

total number of notices filed so far this month  1361  :  for 6,805,000  oz

END

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

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

END

GLD

WITH GOLD UP $2.35

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//

HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 3.77 TONNES FORM THE GLD/

INVENTORY RESTS AT 1095.72 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 23 CENTS

AT THE SLV// A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: HUGE CHANGES MIL AT THE SLV//

A WITHDRAWAL OF 2.308 MILLION OZ FROM THE SLV//

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 575.725 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE


SILVER COMEX OI FELL BY A GIGANTIC SIZED  6298 CONTRACTS TO 139,240   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE STRONG LOSS IN OI WAS ACCOMPLISHED WITH OUR SMALL   $0.04 LOSS  IN SILVER PRICING AT THE COMEX ON WEDNESDAY.  OUR BANKERS WERE  SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.04) BUT WERE  UNSUCCESSFUL IN KNOCKING OUT ANY SILVER LONGS  AS  WE HAD A STRONG LOSS OF 5798 CONTRACTS ON OUR TWO EXCHANGES. WITH ALL OF THE LOSS WAS DUE TO CONTINUAL  SPREADER LIQUIDATION//TAS IN SILVER TODAY.

WE  MUST HAVE HAD: 
I) HUGE BANKER SHORT COVERING AS THEY ARE VERY ANXIOUS TO GET OUT OF DODGE!!/. II)WE ALSO HAD  SOME  REDDIT RAPTOR BUYING//.   iii)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 4.305 MILLION OZ FOLLOWED BY TODAY’S QUEUE. JUMP  OF 135,000  OZ//NEW STANDING: 6.940,000 MILLION OZ//  V)    STRONG SIZED COMEX OI LOSS/(ALL OF THE LOSS DUE TO SPREADERS)

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


THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI SILVER TODAY: CONTRACTS  : —-3789

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 19 days, total 21,654  contracts:  108.270 million oz  OR 5.68 MILLION OZ PER DAY. (1139 CONTRACTS PER DAY)

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 21,654 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 108.270 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: 108.270 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 6298 WITH OUR   $0.04 LOSS IN SILVER PRICING AT THE COMEX// WEDNESDAY., WITH ALL OF THE LOSS DUE TO   SILVER SPREADER LIQUIDATION TODAY.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 6916 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 135,00 OZ QUEUE JUMP//NEW STANDING: 6.940MILLION OZ///  .. WE HAD A GIGANTIC SIZED LOSS OF 5798 OI CONTRACTS ON THE TWO EXCHANGES FOR 28.99 MILLION  OZ ACCOMPANYING THE  TINY LOSS IN PRICE. 

 WE HAD 1  NOTICES FILED TODAY FOR 5,000 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 2291 CONTRACTS  TO 555,494 AND  FURTHER FROM NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CROOKS USED TAS CONTRACTS TO RAID GOLD YESTERDAY

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  -6140 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  FAIR SIZED DECREASE IN COMEX OI CAME WITH OUR STRONG LOSS IN PRICE OF $15.35//COMEX GOLD TRADING/WEDNESDAY /.AS IN SILVER WE MUST  HAD  HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION   

WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR APRIL AT 78.33 TONNES ON FIRST DAY NOTICE //FOLLOWED BY TODAY’S QUEUE JUMP OF 22,300 OZ//NEW STANDING 85.340 TONNES

YET ALL OF..THIS HAPPENED WITH OUR LOSS IN PRICE OF   $15.35 WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A STRONG SIZED GAIN OF 4625  OI CONTRACTS (14,38 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED  4625 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 555,494.

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4625, WITH 2291 CONTRACTS DECREASED AT THE COMEX AND 6916 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 4625 CONTRACTS OR 14.38 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6916) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2291,): TOTAL GAIN IN THE TWO EXCHANGES  4625CONTRACTS. 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 22,300 OZ QUEUE JUMP  //NEW STANDING 85.340 TONNES///  3) ZERO LONG LIQUIDATION //.,4) FAIR SIZED COMEX  OI. LOSS 5) STRONG 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 :

53,288 CONTRACTS OR 5,328,800 OR 165.74  TONNES 19 TRADING DAY(S) AND THUS AVERAGING: 2804 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 19 TRADING DAY(S) IN  TONNES: 165.74 TONNES

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

THUS EFP TRANSFERS REPRESENTS  165.74/3550 x 100% TONNES  4.64% 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:  165.74 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 VERY STRONG SIZED 6298 CONTRACT OI TO 139,240 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 500 CONTRACTS

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

MAY 500  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 6298 CONTRACTS AND ADD TO THE 500 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE SIZED LOSS OF 5798 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES 28.99 MILLION OZ

OCCURRED WITH OUR  LOSS IN PRICE OF  $0.04 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 UP 17.20 PTS OR 0.58% //Hang Sang CLOSED UP 329.81 OR  1.65%   /The Nikkei closed UP 461.27 PTS OR 1.75%        //Australia’s all ordinaires CLOSED UP 1.26%   /Chinese yuan (ONSHORE) closed DOWN 6.6146    /Oil DOWN TO 101.63 dollars per barrel for WTI and DOWN TO 104.65 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6146 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6536: /ONSHORE YUAN TRADING ABOVE 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 2291 CONTRACTS TO 555,494  AND FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX DECREASE OCCURRED WITH OUR LOSS OF $15.35 IN GOLD PRICING WEDNESDAY’S COMEX TRADING. WE ALSO HAD A FAIR SIZED EFP (2844 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 6916 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 JUNE :6916 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  6916 CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED  TOTAL OF 4625 CONTRACTS IN THAT 6916 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI LOSS OF 2291  CONTRACTS..AND  THIS  GAIN OCCURRED DESPITE OUR STRONG LOSS IN PRICE OF GOLD $15.35

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR APRIL   (85.340),

 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: 85.340

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $15.30) BUT  WERE  UNSUCCESSFUL IN FLEECING QUITE ANY LONGS AS WE HAVE  REGISTERED A VERY STRONG SIZED GAIN  OF 33.483 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR APRIL (85.340 TONNES)

WE HAD 6140 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 4625 CONTRACTS OR 462,500 OZ OR 14.38TONNES

Estimated gold volume today: 163,968/// very poor

Confirmed volume yesterday:191,577contracts  poor

INITIAL STANDINGS FOR APRIL ’22 COMEX GOLD //APRIL 28

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oznil oz
Deposit to the Dealer Inventory in oznil OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today559  notice(s)55,900 OZ
1.7387 TONNES
No of oz to be served (notices)0 contracts 0 oz
0.00 TONNES
Total monthly oz gold served (contracts) so far this month27,437 notices
2,743,700 OZ
85.340 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this monthNIL oz
Total accumulative withdrawal of gold from the Customer inventory this monthxxx oz


For today:

dealer deposits  0

total dealer deposit  nil   oz//

No dealer withdrawals

0 customer deposits

total customer withdrawals nil    oz

0 customer withdrawals:

total withdrawal:  nil oz

ADJUSTMENTS:   1

first: dealer to customer JPMorgan  49,774,303 oz

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR APRIL.

For the front month of APRIL we have an  oi of 559 contracts having LOST 26 contracts

We had 249 notices filed yesterday so we GAINED A WHOPPING 223 contracts or an additional  22,300 oz will  stand for delivery at the comex , 

May saw a LOSS of 869 contracts to stand at 1582

June saw a LOSS of 2901 contracts UP to 441,376  contracts

We had 559 notice(s) filed today for  55,900  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 equate to 559 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and   464 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 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 (27,437) x 100 oz , to which we add the difference between the open interest for the front month of  (APRIL 559  CONTRACTS ) minus the number of notices served upon today  559 x 100 oz per contract equals 2,743,700 OZ  OR 85.340 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 (27,437) x 100 oz+   (559)  OI for the front month minus the number of notices served upon today (559} x 100 oz} which equals 2,721,400 oz standing OR 84.646 TONNES in this   active delivery month of APRIL.

We GAINED 22,300 additional oz that will stand for delivery on this side of the pond 

TOTAL COMEX GOLD STANDING:  85.340 TONNES  (A WHOPPER FOR AN APRIL ( ACTIVE) DELIVERY MONTH)

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

263,958.054, oz  JPM No 2  7.58 TONNES

1,063,208.634 oz pledged  Brinks/27,96 TONNES

Delaware: 193.721 oz

International Delaware::  11,188.542 o

Loomis: 32,840.423 oz

total pledged gold:  1,941,626,135 oz                                     60.39 tonnes

TOTAL REGISTERED AND ELIG GOLD AT THE COMEX: 35,877,859.418  OZ (1115,95 TONNES)

TOTAL ELIGIBLE GOLD: 18,387,059.162  OZ (571.91 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,490,800.246 OZ  (544.03 tonnes)

REGISTERED GOLD THAT CAN BE SERVED UPON: 15,549,173.0 OZ (REG GOLD- PLEDGED GOLD)  483.64tonnes

END

APRIL 2022 CONTRACT MONTH//SILVER//APRIL 28

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,847,310.670  oz
Brinks
CNT
Manfra
Int Delaware
Deposits to the Dealer Inventorynil OZ
Deposits to the Customer Inventory1,740,742,565 oz
Delaware
JPMorgan
No of oz served today (contracts)1CONTRACT(S)5,000  OZ)
No of oz to be served (notices)27 contracts (135,000 oz)
Total monthly oz silver served (contracts)1361 contracts 6,805,000 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 Delaware:  595,140.755 oz

ii) Into JPMorgan: 1,145,601.800 oz

total deposit:  1,740,742.555    oz

JPMorgan has a total silver weight: 173.322 million oz/332.878 million =52.07% of comex 

 Comex withdrawals: 4

i) Out of CNT 598,936.200  oz

ii) Out of Brinks  12,595.390 oz

iii) Out of Int Delaware 200,235.870 oz

iv) Out of JPMorgan  1,035,543.210 oz

total withdrawal 1,847,310.670    oz

4 adjustments:  dealer to customer

i) Brinks  493,846.510 oz

ii) Out of CNT:  74,960.866 oz

iii) JPMorgan  205,009.550

iv) Out of Manfra: 23,939.300 o

the silver comex is in stress!

TOTAL REGISTERED SILVER: 83.70 MILLION OZ

TOTAL REG + ELIG. 332.985 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL OI: 28, HAVING GAINED 24  CONTRACTS FROM TUESDAY.  We had 3 notices filed yesterday,

so we GAINED 27 contracts or an additional 135,000 oz will  stand on this side of the pond

MAY HAD A LOSS OF 7841 CONTRACTS DOWN TO 9641 contracts

JUNE HAD A GAIN OF 143 TO STAND AT 1563

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1 for 5,000 oz

Comex volumes: 64,088// est. volume today//  good

Comex volume: confirmed yesterday: 81,880 contracts (  very good/spreader liquidation )

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 1361 x 5,000 oz = 6,805,000 oz 

to which we add the difference between the open interest for the front month of APRIL (x28) and the number of notices served upon today 1 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the APRIL./2021 contract month: 1361 (notices served so far) x 5000 oz + OI for front month of APRIL (x28)  – number of notices served upon today (1) x 5000 oz of silver standing for the APRIL contract month equates 6,940,000 oz. .

We GAINED 27  contracts or an additional 135,000 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 28/WITH GOLD UP $2.35: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.77 TONNES FROM THE GLD //INVENTORY RESTS AT 1095.72 TONNES

APRIL 27/WITH GOLD DOWN $15.30//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 1.74 TONNES FROM THE GLD////INVENTORY RESTS AT 1099.49 TONNES

APRIL 26/WITH GOLD UP $7.60//HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.9 TONNES INTO THE GLD./INVENTORY RESTS AT 1101.23 TONNES

APRIL 25/WITH GOLD DOWN $36.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1104.13 TONNES 

APRIL 22/WITH GOLD DOWN $13.50: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES FROM THE GLD.//INVENTORY RESTS AT 1104.13 TONNES

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

CLOSING INVENTORY FOR THE GLD//1095.72 TONNES

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

APRIL 28/WITH SILVER DOWN 23 CENTS: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.308 MILLION OZ FROM THE SLV//INVENTORY RESTSS AT 575.725 MILLION OZ//

APRIL 27/WITH SILVER DOWN 4 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.385 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 578.033 MILLION OZ

APRIL 26/WITH SILVER DOWN 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 579.418 MILLION OZ

APRIL 25/WITH SILVER DOWN 69 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.031 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 579.418 MILLION OZ//

APRIL 22/WITH SILVER DOWN 34 CENTS : STRANGE!! A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WHOPPING DEPOSIT OF 3.508 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 581.449 MILLION OZ//

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 DOWN 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//

SLV FINAL INVENTORY FOR TODAY: 575.725 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1.PETER SCHIFF

Oops! Our Bad! IMF Director Admits “We Printed Too Much Money”

THURSDAY, APR 28, 2022 – 09:24 AM

Authored by Michael Maharrey via SchiffGold.com,

Mostly we get lies, spin and obfuscation from central bankers, politicians and bureaucrats. But every once in a while, one of these people accidentally wanders into the truth.

IMF Director Kristalina Georgieva did just that during a recent panel discussion hosted by CNBC. She conceded that central banks globally “printed too much money and didn’t think of unintended consequences.”

I think we are not paying sufficient attention to the law of unintended consequences. We take decisions with an objective in mind and rarely think through what may happen that is not our objective. And then we wrestle with the impact of it.

“Take any decision that is a massive decision, like the decision that we need to spend to support the economy. At that time, we did recognize that maybe too much money in circulation and too few goods, but didn’t really quite think through the consequence in a way that upfront would have informed better what we do.

How this economic brain trust missed failed to consider that injecting trillions into the economy would cause prices to rise is a bit of a head-scratcher. This is economics 101. Expanding the money supply pushes prices higher than they otherwise would be. I knew this would happen. Peter Schiff knew this would happen. Heck, you probably knew this would happen. But the people charged with running the global economy didn’t?

These people are either wildly incompetent, or they are lying to you.

Either way, they are “bad economists” as defined by Frédéric Bastiat.

Between a good and a bad economist this constitutes the whole difference — the one takes account of the visible effect; the other takes account both of the effects which are seen, and also of those which it is necessary to foresee.”

Good on Georgieva, I guess. They say admitting your problem is the first step on the road to recovery. So, you might think this confession is a step forward. But I assure you, it’s not. The ego, arrogance, and hubris that make these people think they can micromanage the global economy remain firmly in place. They just think they need to try a little bit harder.

Although Georgieva admits a mistake, the rest of her comment reveals she hasn’t learned the lesson.

We act sometimes like eight years old playing soccer. Here is the ball, we are all at the ball. And we don’t cover the rest of the field.

“Our ability to deal with more than one crisis at one time is very, very limited. and we have to zero in on the really big things that could determine the future and keep our attention on them.”

Basically, she’s saying, “Oops! Our bad! We messed up because we didn’t consider the unintended consequences. But we’re going to do better next time because our focus is going to be right on point.”

Georgieva, Powell, Biden, LaGarde, and the whole lot of these central planners don’t understand that it is impossible for them to take into account all of the unintended consequences of a given policy prescription. That’s why central planning is always doomed to failure.

Economist F.A. Hayek got to the root of the problem in his seminal paper,  “The Use of Knowledge in Society.” In a nutshell, Hayek concluded that central planning will always fail because it is impossible for the central planners to possess all of the information necessary to factor in all of the ramifications of any given policy.

The knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess.”

Or as FEE put it in its introduction to Hayek’s work:

Hayek points out that sensibly allocating scarce resources requires knowledge dispersed among many people, with no individual or group of experts capable of acquiring it all.”

Simply put, unintended consequences are inevitable in central planning. No matter how hard the central planner try, they are going to miss stuff. No matter how smart an individual or a group of individuals might be, they don’t have all of the knowledge they need. They can’t have it. It’s impossible.

The problem is that people like Georgieva don’t understand this. They they their crew is smart enough, wise enough and that they care enough to get the job done. If the make a mistake, they just need to try harder.

And that’s where they’re wrong. They need to quit trying, get out of the way and let the market function.

END

Gold Demand Surges In First Quarter

THURSDAY, APR 28, 2022 – 02:00 PM

Via SchiffGold.com,

Gold demand surged to kick off the year, up 34% year-on-year in the first quarter of 2022.

Total demand came in at 1,234 tons in Q1. That was the highest quarterly demand since Q4 2018, according to the World Gold Council’s Gold Demand Trends report. Demand in the first quarter of this year was 19% above the 5-year average.

According to the WGC, surging inflation and the Russian invasion of Ukraine were key factors driving demand.

The price of gold was up 8% in Q1.

Gold inflows into ETFs charted their strongest quarterly number since the third quarter of 2020. Safe-haven demand fueled the 269-ton increase in ETF gold holdings. This more than reversed the 174-ton outflow from gold-backed funds in 2021.

Demand for gold coins and gold bars came in at 282 tons. That was 20% down from a very strong first quarter last year, but it was still 11% higher than the five-year quarterly average.

While physical investment gold demand in the US and Europe were both strong, China was key to explaining the y-o-y decline. A drop in Chinese demand for gold bars and coins due to new government COVID-19 lockdowns put a drag on physical gold investment in that country. Record gold prices in some currencies also resulted in profit-taking. This was particularly true in Japan and Turkey.

Softer demand in China and India also stalled the recovery in the gold jewelry market. Q1 demand was down 7% year-on-year, coming in at 474 tons.

Central banks added a modest amount of gold to their holdings in Q1. On net, central banks globally increased their gold reserves by 84 tons. This doubled the increase from Q4 but was 29% down from the first quarter of 2020. Several central banks made large sales in Q1, pulling the net increase lower.

Demand for gold by industry rose by 1% year on year. It was the best Q1 for industrial gold demand since 2018.

While the technology sector has recovered somewhat from the impact of the pandemic, COVID-related headwinds remain thanks to China’s draconian policies. Dozens of cities in China are under total or partial lockdown, with major industrial and financial hubs such as Shanghai impacted. China’s zero-COVID policy also coincided with the Chinese New Year holiday. According to the WGC, this will potentially impact the electronics supply chain throughout 2022. The war in Ukraine could also impact the global electronics market moving into the second quarter.

Looking ahead, the WGC says that with so many factors in play, it’s difficult to determine gold demand trends moving forward.

Jewelry and industrial demand could see deteriorating market conditions if the war in Ukraine continues.  But we could also see quickly improving conditions with a resolution of that conflict. It’s also hard to predict how governments will respond to any resurgence in COVID-19. More lockdowns would put additional drag on these sectors.

On the other hand, the World Gold Council says it expects investment demand to be higher this year than last year due to high inflation and geopolitical instability.

You can read the entire World Gold Council report HERE.

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

PAM AND RUSS MARTENS:

-END-

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

END

 END

4.OTHER GOLD/SILVER COMMENTARIES

5.OTHER COMMODITIES  PALM OIL

end

COMMODITIES IN GENERAL//DIAMONDS

END

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 6.6146

OFFSHORE YUAN: 6.6536

HANG SANG CLOSED UP 329.81 PTS OR 1.65%

2. Nikkei closed UP  461.29 PTS OR 1.75% 

3. Europe stocks  ALL GREEN 

USA dollar INDEX  UP TO  103.70/Euro FALLS TO 1.0495

3b Japan 10 YR bond yield: FALLS TO. +.193/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 127.99/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:   UP -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 DOWN 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 +.0.830%/Italian 10 Yr bond yield FALLS to 2.58% /SPAIN 10 YR BOND YIELD RISES TO 1.81%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.75: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3i Greek 10 year bond yield FALLS TO : 3.04

3j Gold at $1885.30 silver at: 23.06   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP 41/100      roubles/dollar; ROUBLE AT 72.37

3m oil into the 103 dollar handle for WTI and  104 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 130.77 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 .9727– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0212well 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: 2.817 DOWN 0 BASIS PTS

USA 30 YR BOND YIELD: 2.914 UP 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 14.81

Futures Rebound As Facebook Soars; Dollar Steamrolls Higher As Yen Crashes

THURSDAY, APR 28, 2022 – 07:46 AM

U.S. index futures, European bourses and Asian markets all rose as “good enough (if hardly stellar)” earnings reports from Facebook parent Meta Platforms and Qualcomm boosted sentiment (just don’t look at the collapse in Teladoc). As we hit the peak of earnings season, with Apple, Amazon and Twitter set to report earnings today, S&P futures jumped 1.5%, while he Nasdaq futs jumped 2.2%, fuelled by a nearly 20% surge in Meta, which would be its biggest post-earnings jump since 2013. Investors were happy after Facebook added more users than projected in the first quarter, even if revenue growth slowed to just 7%, the lowest since the IPO. The dollar continued its relentless ascent, boosted by a plunge in the yen (more hererising to the highest level in more than five years thanks to nominal US yields which are the highest in developed markets. WTI futures traded at around $102 a barrel. The 10-year Treasury yield was down some 2 basis points to 2.8147%. Bitcoin climbed, trading just below $40,000.

U.S. chip stocks traded higher in the premarket as Qualcomm, the biggest maker of chips that run smartphones, surged on a strong sales forecast easing fears about demand and the macroeconomic environment, while PayPal shares gained after it reported better-than-expected revenue and active user figures. Here are some other notable premarket movers:

  • Airline stocks gain in premarket trading after Southwest Airlines Co. said it expects a rebound in domestic travel to carry into the summer. 
  • PayPal (PYPL US) rises 3.6% in premarket trading after the payments firm reported better-than-expected first-quarter revenue and active user figures.
  • Pinterest shares (PINS US) rise 9% in premarket trading after quarterly earnings beat estimates, though analysts cut price targets amid questions over user engagement.
  • Teladoc Health (TDOC US) plunges 40% in premarket trading after cutting its revenue and earnings guidance, with analysts saying the outlook fuels the bear argument for the health-care technology company. Cathie Wood’s ARK Investment Management holds a stake.
  • Ford’s (F US) first- quarter results that were mixed, according to analysts. A “modest” beat in 1Q was mostly driven by European operations. Shares rise 2.8% in pre-market trading.
  • Atomera (ATOM US) surges as much as 18% in premarket trading, after the semiconductor materials and technology company entered into a new joint development agreement with a leading foundry partner.
  • Statera BioPharma (STAB US) soars 81% in U.S. premarket trading, after the biotech company announced a strategic agreement with Immune Therapeutics (IMUN US).
  • Sundial Growers (SNDL US) shares jump 11% in premarket trading after the cannabis producer reported 4Q adjusted Ebitda from continuing operations and net revenue that beat the average analyst estimate.
  • Amgen (AMGN US) drops 5.9% in postmarket trading after an IRS probe of prior tax years, the biotechnology company also left its annual outlook unchanged despite a first-quarter earnings beat.

“The bullish mood is very much earnings related after some of the disappointing news earlier in the week,” said Roger Lee, head of U.K. Strategy at Investec. “Meta, Qualcomm, Paypal helped reassure following on from Microsoft’s good numbers.”

Thursday’s relief rally punctuates a week of nerves marked by China’s struggle to suppress Covid, Russia’s war in Ukraine, halts of Russian gas exports to Poland and Bulgaria, and worries that Federal Reserve monetary tightening may tip the U.S. economy into a recession. Almost 70 companies in Europe are due to publish results Thursday. About 61% of the companies that have reported so far have beaten estimates.

Despite the rebound in the past two days, US stocks have had a very rough month, with the S&P 500 set for its worst monthly return in two years, while the tech-heavy Nasdaq 100 is set for a 12% loss this month, its worst performance since October 2008. That may reverse if Amazon.com and Apple – which are among the companies set to report quarterly numbers on Thursday – report blowout earnings.

“Ironically the better the corporate earnings backdrop, the less recession risk there is, so the Fed can increase rates more aggressively and all the implications that will have on valuations,” said Roger Lee, a strategist at Investec. “Paradoxically good corporate news could ultimately be bad news for the market.”

It was an exciting session for central bank watchers with the BOJ surprising markets with an announcement that it would hold daily, unlimited fixed-rate operations to defend Yield Curve Control, in the process crushing the yen. Meanwhile, Sweden’s central bank surprised most by raising its benchmark rate to send the krona soaring.

European stocks also rallied – the Stoxx 600 rose as much as 1.4% led by autos, tech and the banking sector although every industry group was in the green. Big individual contributors included TotalEnergies, Glencore and Capgemini, which all posted gains on buoyant earnings. DAX and CAC gain as much as 2%. Here are some of the biggest European movers today:

  • Standard Chartered shares rise as much as 17% in London, the most since November 2020, following a rally in Hong Kong. The lender delivered a “stunning” 44% beat versus quarterly pretax profit consensus, according to Investec.
  • Glencore gains as much as 2.7% in London after the commodity giant’s first-quarter production report; Morgan Stanley analysts say an uplift to marketing guidance overshadows weaker output.
  • Barclays climbs as much as 3.7% after reporting what Citi described as an “impressive set of results” for 1Q. The broker highlighted the investment banking segment, noting that its performance was the main driver for the pretax profit beat.
  • Smith & Nephew rises as much as 4.2% after reporting earnings that included beats in both overall revenue and all business areas. RBC notes the results were “well ahead” of both its own and consensus estimates.
  • Albioma advances as much as 16% after U.S. private equity firm KKR agreed to acquire the French solar and biomass power producer for EU50/share plus EU0.84 dividend, in a deal valued at around EU1.6b.
  • Whitbread gains as much as 4.9%, among the top performers in the Stoxx 600 Travel & Leisure Index, after the U.K. hotel operator reported results that Bernstein says show a “very strong start” to FY23.
  • J Sainsbury drops as much as 6.9% after the U.K. grocer reported FY22 results and forecast FY23 adjusted pretax profit in the range of GBP630m- GBP690m. The guidance suggests cuts to consensus, according to Morgan Stanley.
  • Delivery Hero falls as much as 12%, reversing an earlier 9% gain, with Goldman Sachs saying the company’s decision to stop reporting orders won’t be welcomed by investors. Analyst Rob Joyce notes that otherwise the company’s 1Q release was above guidance.
  • Elior falls as much as 5% after UBS lowered its price target on the French caterer to EU3.30 from EU6.60, citing the impact on business from the omicron Covid-19 variant as well as uncertainty over new management and targets. The stock is now down 54% YTD.
  • Weir Group drops as much as 6.4%, with analysts flagging the short-term hit for the mining-equipment firm related to its exit from Russia.

Asian stocks rose with Japan leading after the country’s central bank kept its easing stance unchanged, while the stabilizing of Covid cases in China also helped investor sentiment.  The MSCI Asia Pacific Index advanced as much as 1%, rebounding from its lowest since mid-2020. Australian miner BHP Group and Chinese internet giant Alibaba provided the biggest boosts to the benchmark, with financials and materials leading the sectoral advances.  Japan stocks outperformed in the region as the yen tumbled to the 130 per dollar level for the first time since 2002, bolstering exporters including Toyota Motor, which was the third-biggest contributor to the Asian measure’s gain. 

The Bank of Japan “didn’t shift to a tightening policy bias and the yen fell as a result so that helped to boost Japanese stocks,” said Fumio Matsumoto, chief strategist at Okasan Securities.  “Materials shares were doing well and I think their gains reflect easing of concerns over the global economic outlook, as cases in Shanghai are falling and iron ore prices seem to be rebounding,” Matsumoto said.   Stocks in China gained for a second day after fresh policy pledges to promote internet platform firms and easing virus outbreaks in Beijing and Shanghai buoyed sentiment. Equity gauges across Australia, South Korea and India also advanced.  The MSCI Asia Pacific Index is still poised for a fourth-straight weekly decline and its steepest monthly drop since March 2020

Japanese stocks jumped after the Bank of Japan maintained its ultra-easy monetary policy and the yen tumbled below the 130 per dollar level for the first time since 2002. The central bank kept its yield curve control settings and the scale of its asset purchases unchanged and said it would buy an unlimited amount of bonds at fixed-rates every business day to protect a 0.25% ceiling on 10-year government debt yields. The Japanese currency tumbled 1.4% against the greenback, bolstering the outlook for the nation’s exporters.

“It’s now abundantly clear to markets that Governor Kuroda, who is very strong-willed, and the BOJ will continue to insist that only when domestic wages rise more fully will inflation be persistent,” Nikko Asset Management strategist John Vail. “Until then, the BOJ will continue to cap bond yields, but some moderate policy tightening will likely occur later this year.” The Topix climbed 2.1% to close at 1,899.62, while the Nikkei advanced 1.7% to 26,847.90. Toyota Motor Corp. contributed the most to the Topix gain, increasing 3.2%. Out of 2,172 shares in the index, 1,720 rose and 395 fell, while 57 were unchanged

India’s benchmark equities index rose, tracking peers across Asia, buoyed by gains in Reliance Industries Ltd.  The S&P BSE Sensex advanced 1.2% to 57,521.06, a one-week high, while the NSE Nifty 50 Index also climbed by a similar magnitude. Reliance added 1.5% to rise to a record and was the biggest boost to the Sensex, which had 26 of 30 member-stocks trading higher.   All but one of 19 sectoral sub-indexes compiled by BSE Ltd. gained, led by a gauge of consumer goods companies.   In earnings, of the 12 Nifty 50 firms that have announced results so far, five have missed, while seven have either met or beat analyst estimates.

In rates, Treasuries advanced across the curve, clawing back a portion of Wednesday’s losses. Session highs were reached late in Asia session after the BOJ pledged to buy unlimited amount of bonds at a fixed rate every business day to cap 10-year yields at 0.25%. 10Y TSY Yields are richer by 1bp-2bp across the curve with curve spreads little changed, the 10-year yield around 2.815% outperforms bunds by 3.5bp, gilts by 3bp. The week’s coupon auction cycle concludes with $44b 7-year note sale at 1pm ET; Wednesday’s 5- year tailed by 0.9bp. European fixed income rallied after a soft Spanish inflation print, although the bulk of the move in the rates space is subsequently faded. German curve bear flattens, cheapening 2-3bps across the short end. Gilts bear steepened a touch. Peripheral spreads tighten with the belly of the Italian curve outperforming peers.

In FX, Bloomberg dollar spot index rises 0.4%, trading off the late Asia high. SEK outperforms in G-10, rallying after a surprise rate hike and more hawkish guidance. JPY is the standout underperformer with USD/JPY stalling near 131 after BOJ Kuroda’s press conference. JPY trades off worst levels after official comments that Japan will take appropriate action on FX if needed, describing the latest moves as warranting extreme concern. Some more details:

  • The yen plunged, hitting a 20-year low against the dollar after the Bank of Japan pledged to keep rates at rock-bottom levels, sparking more demand for the greenback. USD/JPY continued to climb in the European session, up as much as 2% to hit 131.01, its highest since April 2002, before pulling back after a Japanese finance ministry official said it will act appropriately on FX if needed. USD/JPY has jumped 7.3% so far this month, its best performance since late 2016. Jerky moves in the yen suggest that its Ministry of Finance will continue to jawbone the currency as it approaches the next key level of 135. “Markets will likely next test intervention possibilities and at what level such warnings may appear,” according to Yoshifumi Takechi, chief analyst at Money Partners in Tokyo. If the currency pair rises past 135, then the probability of intervention may rise, he said
  • The greenback boosted broadly, led higher on expectations that the Fed will raise interest rates by 50 basis points next week, embarking on an aggressive monetary tightening cycle. U.S. Treasuries advance, pushing two-year yield 2 basis points lower. “The focus of FX markets has primarily been on rate differentials and how bonds are adjusting given the continuous shift in growth conditions,” says Simon Harvey, head of FX analysis at Monex Europe, He adds that volatility in the bond market has also boosted the USD on safe-haven demand, suggesting that expectations for outperformance in U.S. rates is not the only driver of the stronger dollar. The Bloomberg Spot Dollar Index hits nearly 2-year high of 1,250 and is poised to post a near 5% gain in April, its best monthly performance since May 2012.
  • EUR/USD slides to a five-year low of 1.0483 hit in early European trade, before pulling back to around 1.0505. EUR on track to lose more than 5% vs USD in April, its worst month since 2015.
  • Swedish krona rallies after the Riksbank raises interest rates by 25 basis points from zero and signals up to three more hikes this year. EUR/SEK drops roughly 1% to 10.25, a one-week low, before paring move
  • GBP/USD drops 0.7% to touch 1.2462, lowest since July 2020, as rate differentials continue to favour the USD

In commodities, oil edged higher with West Texas Intermediate futures around $103 a barrel. Crude prices have struggled for direction this week as China’s spreading virus outbreak continued to weigh on the outlook for global demand. Natural gas prices in Europe declined following two days of gains as buyers considered options to keep getting supply from Russia without violating sanctions. Spot gold pared losses, now little changed at $1,888/oz. Base metals are mixed; LME nickel falls 0.9% while LME aluminum gains 0.7%.

Looking at the the day ahead, data releases will include German CPI for April and US Q1 GDP reading, alongside the weekly initial jobless claims. From central banks, we’ll hear from ECB Vice President de Guindos and the ECB’s Wunsch, and the ECB will also be publishing their Economic Bulletin. Finally, earnings releases include Apple, Amazon, Mastercard, Eli Lilly, Merck & Co., Thermo Fisher Scientific, Comcast, Intel, McDonald’s, Caterpillar and Twitter.

Market Snapshot

  • S&P 500 futures up 1.6% to 4,248.25
  • STOXX Europe 600 up 1.3% to 450.14
  • MXAP up 0.9% to 165.94
  • MXAPJ up 1.2% to 548.04
  • Nikkei up 1.7% to 26,847.90
  • Topix up 2.1% to 1,899.62
  • Hang Seng Index up 1.7% to 20,276.17
  • Shanghai Composite up 0.6% to 2,975.49
  • Sensex up 1.5% to 57,691.20
  • Australia S&P/ASX 200 up 1.3% to 7,356.89
  • Kospi up 1.1% to 2,667.49
  • German 10Y yield little changed at 0.83%
  • Euro down 0.1% to $1.0543
  • Brent Futures down 0.3% to $105.00/bbl
  • Gold spot down 0.2% to $1,882.45
  • U.S. Dollar Index up 0.29% to 103.25

Top Overnight News from Bloomberg

  • The ascendant U.S. dollar headed for its best month in a decade, as renewed yen selling cemented the greenback’s strength against major peers
  • As inflation fears surge, holders of U.S. government debt are having a rough ride. Investors have abandoned the market en masse, making the first quarter the worst on record and devastating the value of bond portfolios. But now fixed- income returns are starting to get a lift from that same boogeyman
  • The yen’s plunge to a 20-year low threatens to leave it significantly weaker for years to come, shaking up global money flows and undermining Japan’s efforts to get its fragile economy back on track
  • Russia’s war in Ukraine has created new bottlenecks and these “are exacerbated by additional supply chain difficulties stemming from new pandemic measures in Asia,” ECB Vice President Luis de Guindos tells lawmakers in Brussels
  • “My assessment is that we are very close to the peak and that we will start to see inflation decline in the second half of the year,” ECB Vice President Luis de Guindos says in Brussels
  • The spike in energy costs was behind recent inflation-forecasting mistakes by the ECB, including the biggest in its history, according to new research from the institution
  • “We expect underlying inflation to continue to rise, driven by high imported goods inflation, limited spare capacity in the Norwegian economy and prospects for rising wage growth,” Norges Bank Governor Ida Wolden Bache says in a statement
  • Turkey central bank raised its end-2022 inflation estimate to 42.8%, from 23.2% in previous inflation report

A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks were higher across the board amid a slew of earnings updates and a dovish BoJ. ASX 200 gained with mining stocks mostly underpinned following production updates. Nikkei 225 benefitted as the BoJ reaffirmed its dovishness and kept its ultra-loose policy. Hang Seng and Shanghai Comp are both higher but with gains capped in the mainland due to ongoing lockdown fears  with Hangzhou city to conduct mass testing and after China’s Qinhuangdao city in the Hebei province locked down its district due to COVID.

Top Asian News

  • China Stocks Rise for Second Day as Shanghai Covid Cases Decline
  • StanChart Shares Soar 14% as Lender Raises Revenue Outlook
  • China Cuts Coal Import Tariffs to Zero to Increase Supply
  • Huawei’s Profit Dives 67% After U.S. Sanctions Wallop Phone Arm

Equities in Europe continue to gain heading into month-end, with overall sentiment across stocks bolstered by Meta (+17% pre-market) earnings yesterday. All sectors are in the green to varying degrees and clearly portray an anti-defensive bias – with the exception of Basic Resources, which sits at the bottom of the bunch after heavily outperforming yesterday. Stateside, US equity futures are firmer across the board, with the NQ clearly outpacing its peers.

Top European News

  • Erdogan Plans Meeting With Saudi Crown Prince to Revive Ties
  • Erdogan Says Jailed Businessman Kavala Is ‘Turkey’s Soros’
  • JPM Quants Expects Global Earnings Downgrades and Volatility
  • Riksbank Hikes Rate in U-Turn to Join Global Central Banks

FX:

  • The Buck’s bull run continues, with DXY up to 103.700, Euro losing 1.0500+ status and Sterling testing sub-1.2500 Fib before  retracements.
  • Swedish Krona soars after surprise Riksbank rate hike, higher repo path and slowdown in QE.
  • Japanese Yen extends losing streak following no change from ultra accommodative BoJ policy before partial recovery on extreme concern from Japan’s MOF.
  • Japanese MOF official says excess FX volatility is undesirable, recent FX moves are “extremely worrying”; will take appropriate action if needed, communicating closely with the BoJ and foreign currency authorities, via Reuters .
  • Yuan is weaker again as China increases efforts to contain covid and PBoC sets another softer onshore reference rate.

Fixed Income

  • EU debt rattled to a degree by Riksbank decision to taper QE and US Treasuries to a lesser extent
  • Bunds nearer 155.00 than 156.00, Gilts towards base of 119.68-08 range and 10 year T-note under 120-00 within a 120-01/119-19 band
  • BTPs outperform on the eve of month end auctions after breaching, but unable to retain 133.00+ status
  • Treasury curve flat ahead of 7 year issuance that normally entices foreign buyers even when the Dollar is not so elevated

Commodities

  • WTI June and Brent July post modest intraday gains, but in the grander scheme, prices are consolidating.
  • Spot gold briefly dipped under its 100 DMA (USD 1,877.50/oz) to a current low of around USD 1,871/oz as the Buck was rampant at the time.
  • Base metals markets are relatively mixed with some underperformance seen in LME nickel.
  • China is to grant zero-tariff on coal imports from May 1 2022 to March 31 2023 to increase supply.

US Event Calendar

  • 08:30: April Initial Jobless Claims, est. 180,000, prior 184,000; Continuing Claims, est. 1.4m, prior 1.42m
  • 08:30: 1Q GDP Annualized QoQ, est. 1.0%, prior 6.9%
    • 1Q Personal Consumption, est. 3.5%, prior 2.5%
    • 1Q GDP Price Index, est. 7.2%, prior 7.1%
    • 1Q PCE Core QoQ, est. 5.5%, prior 5.0%
  • 11:00: April Kansas City Fed Manf. Activity, est. 35, prior 37

DB’s Jim Reid concludes the overnight wrap

We’ve also released our April survey results this morning (see link here). This was our first survey since Russia’s invasion of Ukraine, and you can see the impact across a number of answers. More than 60% of respondents expect the next US recession by 2023, in line with our out of consensus house view, while inflation expectations were revised higher in the US and EU. The survey results also show expectations for bonds and the S&P 500 to dip from current levels along with much more, so do peruse the full results.

Whilst global growth concerns remain prominent in markets, with investors having to navigate Chinese lockdowns, major geopolitical tensions and the prospect of a Fed-induced hard landing, equities begun to stabilise yesterday and the S&P 500 managed to eke out a +0.21% gain, albeit only after another second-half selloff that saw the index move down from its intraday high of +1.56% around the US lunchtime. Even with the equity gains however, geopolitical developments led to a weaker performance among a broader section of European assets, with the Euro itself nearing the $1.05 mark for the first time in nearly 5 years as multiple signs pointed to a further escalation between the EU and Russia on the energy side.

In terms of those developments, markets woke up to the news that Gazprom would be stopping gas flows to Poland and Bulgaria, which saw European natural gas futures surge more than 20% following the open. Russia said this was because they hadn’t agreed to pay for gas in rubles, but European Commission President von der Leyen said in a statement that Russia was using “gas as an instrument of blackmail”, and warned companies not to accede to Russia’s demands to pay in rubles. Later in the session it was even reported by Bloomberg that Germany was prepared to support an EU ban on Russian oil, on the condition it was gradual and came with a transition period, so this fits into the pattern over recent days of an acceleration in the EU’s attempts to eliminate its dependence on Russian energy. According to the report, the Russian oil ban would be part of the sixth package of sanctions, and proposals could be put forward as soon as next week.

By the end of the session, European natural gas futures had pared back their initial gains, and “only” closed up +4.09% at €107.43/MWh. But as mentioned at the top, the bigger damage was seen to the Euro’s value, which closed at a 5-year low of $1.0557, having started the month above $1.10, and this morning is down yet further at $1.0515. Those declines also came in spite of remarks from ECB President Lagarde, who leant into recent suggestions that we could get a rate hike as soon as July. In her remarks, she said that asset purchases would be concluding “probably in July”, and that would also be the time to “look at interest rates and an increase in interest rates.”

European sovereign bonds had a pretty mixed performance against this backdrop, but there was a consistent story of widening spreads as investors favoured bunds over peripheral debt. In fact, the gap between Italian 10yr yields over bunds widened by +2.8bps to 177bps yesterday, which is the widest its been since June 2020. Similar moves were seen in credit markets too, where Itraxx Crossover widened +4.0bps to 414bps, which is just shy of its recent peak at 421bps on March 7, and up from 333bps just over 3 weeks ago. Havens were the beneficiary of yesterday’s moves though, with yields on 10yr bunds down -1.2bps, and the US Dollar index (+0.64%) strengthened for the 18th time in the last 20 sessions, surpassing its March 2020 peak to close at levels not seen since early 2017. This morning that trend has accelerated following the Bank of Japan’s policy decision (more on which below), and the index has risen a further +0.50% to trade at levels not seen since 2002, at 103.47.

These signs of stress weren’t as evident in equity markets yesterday, which begun to recover from their Tuesday slump on both sides of the Atlantic. The S&P 500 rose +0.21%, which meant it was no longer in negative territory on a rolling annual basis, which it had been the previous session for the first time since May 2020, whilst Europe’s STOXX 600 (+0.73%) also posted a decent advance. That said, the S&P 500 is still down -7.65% over the month of April, keeping it on track for its worst monthly performance since the initial phase of the pandemic in March 2020. The equity reversal caused the Vix to retreat -1.92ppts but still finished above 30 for only the second time since mid-March. And on top of that, US Treasuries snapped their gains from Monday and Tuesday, with the 10yr yield up +11.1bps to 2.83%, as a rise in real yields (+8.5bps) drove the move higher on another day of heightened rates volatility ahead of next week’s FOMC.

After the close, Meta posted sales slightly below analyst estimates with earnings beating. Shares were more than +13% higher after the close, after Facebook’s daily users surprised to the upside and the firm cut their expense outlook. Like many other firms that have reported, the war, current inflation, and issues with supply chains have forced some of the platform’s advertisers to cut spending.

Overnight in Asia, the main news comes from the Bank of Japan’s decision, where they left their main policy interest rates unchanged, but did announce a decision to buy unlimited 10-yr JGBs at 0.25% every business day. They also raised their inflation forecasts, now projecting core CPI to to reach +1.9% in the current fiscal year ending in March 2023, before moderating to +1.1% in the following two fiscal years. So a big difference in stance to the other major central banks like the Fed and the ECB which have been progressively moving in a hawkish direction over recent months, and this saw the Japanese Yen weaken further, currently trading at 129.69 per US dollar, which is a level unseen since 2002.

Against that backdrop, the Nikkei (+1.32%) is leading the equity gains in Asia, although other indices including the Hang Seng (+1.22%), the CSI 300 (+0.37%), the Shanghai Composite (+0.25%) and the Kospi (+0.81%) are all in positive territory this morning. Meanwhile oil prices have lost ground as concerns about Chinese demand persist, and Brent Crude is down -1.41% this morning to $103.84/bbl. Looking forward, equity futures in the US are pointing towards further gains today, with those on the S&P 500 (+0.74%) and the NASDAQ 100 (+1.34%) moving higher.

Looking forward, we’ve got a couple of important data releases today. One is the first look at US GDP in the first quarter, for which our US economists have published a preview (link here). They see the reading coming in at exactly 0.0. The other is the German CPI reading for April, which comes ahead of the flash CPI reading tomorrow for the entire Euro Area. Our economist has also published a preview for that one (link here).

On yesterday’s data, the US goods trade deficit for March rose to a record of $125.3bn (vs. $105.0bn expected). Otherwise, the number of pending home sales fell -1.2% in March, marking a 5th consecutive monthly decline.

To the day ahead, and data releases will include the aforementioned German CPI for April and US Q1 GDP reading, alongside the weekly initial jobless claims. From central banks, we’ll hear from ECB Vice President de Guindos and the ECB’s Wunsch, and the ECB will also be publishing their Economic Bulletin. Finally, earnings releases include Apple, Amazon, Mastercard, Eli Lilly, Merck & Co., Thermo Fisher Scientific, Comcast, Intel, McDonald’s, Caterpillar and Twitter.

3. ASIAN AFFAIRS

i)THURSDAY MORNING// WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 17.20 PTS OR 0.58% //Hang Sang CLOSED UP 329.81 OR  1.65%   /The Nikkei closed UP 461.27 PTS OR 1.75%        //Australia’s all ordinaires CLOSED UP 1.26%   /Chinese yuan (ONSHORE) closed DOWN 6.6146    /Oil DOWN TO 101.63 dollars per barrel for WTI and DOWN TO 104.65 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.6146 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6536: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER//

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

END

3B  JAPAN

Big news of the morning:  the Yen craters to 130.77 to the dollars as the Bank of Japan stuns the markets with a daily fixed rate operations to defend the yield curve” i.e. buy bonds at a rate of .25% daily which will ensure a currency collapse

(zerohedge)

Yen Craters To 20 Year Low As BOJ Stuns Markets With Daily Fixed-Rate Operations To Defend YCC

THURSDAY, APR 28, 2022 – 06:06 AM

It was a little over a month ago – on March 24 – when we first laid out the big dilemma facing the Bank of Japan, which on one hand was hoping to avoid a currency collapse (for obvious reasons) and prevent a crash in the yen, while on the other hand, was also hoping to keep the 10Y yield below its extremely dovish 0.25% yield curve control rate ceiling. The problem is that while the BOJ can control one or the other, it can’t control both; this is what we said then: 

Japan, that paragon of MMT crackpots everywhere, suddenly finds itself trapped in a lose-lose dilemma: intervene in the bond market and spark a furious, potentially destabilizing and uncontrolled plunge in the yen which would also lead to galloping (if not worse) inflation, which could collapse what little faith remains in the BOJ, or do nothing and contain the slump in the yen while risking far higher yields which in a country where the debt is orders of magnitude greater than GDP, could also spell fiscal and monetary doom.

As a result, the market – having long gotten used to amicable interventions from the BOJ – will now surely test one of these two outcomes, and how the BOJ responds could have dramatic consequences for this original MMT test case. Should the BOJ’s reaction spark further erosion of faith in either Japan’s fiscal or monetary policies, the outcome for the world’s most indebted nation would be disastrous.

Sure enough, the market did test both outcomes, and after pushing the 10Y JGB yield to the upper bound of the YCC corridor of 0.25% and finding the BOJ willing to defend Japanese yields from further spikes, decided to focus its hammering on the yen instead, pushing it to two decade lows.

It’s also why we were paying particularly close attention to what the BOJ would announce in its decision early on Thursday – would it double down on Yield Curve Control defense, or would it finally turn its attention to the crashing yen and prop it up, perhaps by extending the YCC ceiling from 0.25% to 0.50% or higher (in line with what all other developed central banks are doing)?

Well, we got the answer and it was a doozy: the Bank of Japan on Thursday sparked a furious sell-off in the yen (and also the yuan) after shocking the market by doubling down on its Yield Curve Control and keeping its loose monetary policy intact, despite the crashing of the yen and growing pressure of inflation due to costlier imports.

The yen cratered below 130 against the U.S. currency for the first time in 20 years in afternoon trading in Tokyo, when rather than introducing flexibility to its monetary policy, the central bank in a statement reiterated its commitment to the 10-year yield target, saying it will conduct an unlimited fixed-rate operation to buy 10-year Japanese government bonds at 0.25% every day, effectively ensuring a currency collapse.

Specifically, the BOJ maintained the status quo across all monetary policy parameters, including yield curve control (YCC), asset purchase programs, and forward guidance (some market observers were expecting adjustments to forward guidance). The central bank decided by an 8-1 majority vote to maintain the YCC, and by a unanimous vote to maintain guidelines for asset purchases. In regard to YCC, BOJ member Kataoka cast the dissenting vote (as he usually does), saying that it was desirable to lower short- and long-term interest rates “with a view to encouraging firms to make active business fixed investment for the post-COVID-19 era.”

In a separately released economic outlook report, the board members offered a median forecast of sharply higher inflation coming at 1.9% for fiscal 2022, compared with 1.1% predicted just three months ago, and 1.1% for the next fiscal year. Economic growth is forecast to slow sharply to 2.9% for the current fiscal year, versus 3.8% predicted three months ago. The BOJ’s outlook assumes core CPI inflation will continue to fall short of the inflation target of +2%, calling for +1.1% in both FY2023 and FY2024, while it expects new core CPI inflation (excludes fresh food and energy) to grow steadily, calling for +0.9% in FY2022, +1.2% in FY2023, and +1.5% in FY2024, respectively.

But the highlight, as noted above, is what the BOJ said regarding YCC, where it explicitly added to the statement that “the Bank will offer to purchase 10-year JGBs at +0.25% every business day through fixed-rate purchase operations, unless it is highly likely that no bids will be submitted” cementing the bank’s commitment to keeping yields in the world’ most indebted country (relatively speaking) at or below 0.25% 

On policy rates, the BOJ maintained forward guidance indicating that it “expects short- and long-term policy interest rates to remain at their present or lower levels.” Commenting on the move, Goldman said that “while the BOJ introduced daily fixed-rate operations to keep consistency with this forward guidance, in our view, we think the market is likely to view it as a strong dovish message. Indeed, post the MPM, the 10-year yield is down and the yen depreciated against the US dollar.”

It sure is, but more on that in a second.

  • Speaking at a press conference later in the day, BOJ Governor Kuroda focused on the two key issues: inflation and the daily fixed-rate ops. Here are the highlights:
  • Kuroda said “It Will Take Some Time to Get Sustainable Inflation” adding that current cost-push inflation will not be sustained as oil prices won’t keep rising.
  • Kuroda said that “while inflation will rise temporarily to 2%, it won’t last as the effect of energy prices will ease”, that “”Inflation expectations are rising, but are centered on the short-term”
  • The BOJ governor emphasized that the surge in inflation is not sustainable, saying “cost-push inflation isn’t sustainable” and that the “current rise in inflation expectations is also not sustainable”
  • And even though risks are tilted to the upside for prices right now, and are tilted to the downside for the economy, there is no need to seek an exit from monetary stimulus now given the BOJ’s outlook for prices today

In short, the BOJ is quadrupling down on the wrong assumption that inflation is transitory. It won’t be the first catastrophic mistake the BOJ has made.

Moving on, the BOJ’s senile governor explained that the central bank’s Fixed-Rate Bond operations are meant to stabilizing not jolt markets.

  • “The Bank of Japan’s decision to clarify its bond purchasing plans is designed to prevent speculation”, Kuroda said.
  • Kuroda also said that “the clarification on fixed ops doesn’t mean the BOJ wants to buy fewer bonds” which is good beause soon the BOJ will be flooded with sellers.
  • Finally, the central bank chief, said – or rather hoped – that fixed-rate ops aren’t causing excessive market moves

The outcome of this shocking announcement which basically cemented the BOJ’s commitment to low rates at the expense of a plunging currency, was immediate and brutal: the Japanese currency immediately tumbled, sliding below 130 vs the USD…

… and sending the USDJPY to the highest level since 2002!

Not even vigorous if futile attempts by the Ministry of Finance to talk the yen up had any success. Moments after the BOJ broke 131 vs the USD, a Japanese finance ministry official says recent forex moves warrant extreme concern, adding that it was important that currencies move stably in line with fundamentals.

The USDJPY briefly dipped 75 pips and resumed its blow out.

Putting the move in context, since the Fed started raising rates on March 16, the yen has fallen from 118 to 131 versus the dollar, hitting a 20-year low earlier today, as investors moved out of yen and into dollars for better investment yields. Kuroda has argued that a weaker yen is “a net positive” for the economy, even as the public becomes increasingly frustrated with BOJ policy, according to Nikkei Asia.

“The latest policy statement has left me with an impression that Kuroda has even hardened his stance,” said Hideo Kumano, chief economist at Dai-ichi Life Research Institute. He sure has, and as we said recently, the BOJ has found itself caught between a rock and a hard place. If it sticks to the loose monetary policy, it will exacerbate import-driven inflation. If it raises rates, it could hurt Japan’s sluggish recovery from COVID.

Commenting on the BOJ announcement, Noriatsu Tanji, chief bond strategist at Mizuho Securities in Tokyo said that the BOJ’s announcement to buy bonds with no limit was a surprise: “To make the announcement of buying unlimited bonds at a fixed rate in the policy statement, the BOJ is sending a very strong message that it is firmly committed to continuing the super-easy policy.” He added that “as days go by, players will cease to sell to the BOJ and will stop challenging the 0.25% level, driving down 10 year yields” and said that “this commitment should also help ease upward pressure on super-long yields” which are outside the BOJ’s YCC.

He’ may be right, but he didn’t say anything about what happens next to the crashing yen. And for a good reason, because having decided against propping up its currency, and in favor of bond stability, the move to 150 is now certain.

And while the collapse in the yen was viewed aken favorably by Japanese stocks, with the Topix spiking over 2% following the announcement, the Japanese decision to let the yen plunge was immiedately noted by its far bigger and more important neighbor China, whose offshore yuan also tumbled yen 0.8% lower, sending the USDCNH above 6.65, the highest level since November 2020…

… as suddenly the “The Biggest Story No-One Is Talking About” is what everyone is talking about – namely how long before the unprecedented easing divergence in Japan and China vs the tightening in the US and the west, leads to a historic crash.

As a reminder, in a note published late last week (available to all professional subscribers), SocGen’ Albert Edwards looked at the moves in the yen and yuan, and wrote that “surely all of us working in finance realize by now that something is likely to snap in the financial system and probably quite soon.”

Why? Because according to the SocGen strategist, “the rapidity of current market moves and the polarisation of the now extreme Fed (hawkish) and BoJ (dovish) policies almost guarantees that outcome…. Maybe the outcome wouldnt be so ugly if central bankers had not spent recent decades ramping up asset prices to todays grotesque levels through their monetary incontinence. But they did.”

Comparing the monetary policy divergence between the US and Japan to “a car crash in slow motion“, Edwards writes that polarization in central bank monetary policy between the US Federal Reserve and Bank of Japan is being stretched ever wider to the point where “at some point soon your life might even flash before you .”

If he is right, today’s BOJ decision may have just planted the seeds for the next monetary collapse. If so, keep a close eye on gold and cryptos, both of which will likely be trading far, far higher by the time the market realizes what just happened.

end

3c CHINA

CHINA/IRAN

Iran and China both declare deepened military cooperation to confront the USA.

Not good

(zerohedge)

Iran & China Declare Deepened Military Cooperation To Confront ‘US Unilateralism’

WEDNESDAY, APR 27, 2022 – 07:45 PM

The anti-West axis appears to be growing on the peripheries of the Ukraine conflict as Washington is perceived as giving an unbending ‘with us or against us’ ultimatum. Iranian President Ebrahim Raisi hailed deepening strategic and military cooperation between the Islamic Republic and China on Wednesday.

According state media cited in The Associated Press, “Raisi told China’s Minister of National Defense Wei Fenghe that Tehran sees its ties with Beijing as strategic. Closer cooperation would serve to confront what the Iranian president described as U.S. unilateralism as talks to revive Tehran’s nuclear deal with world powers have stalled.”Wednesday’s meeting in Terhan, Iranian Presidency Office via AP

Raisi appeared to indirectly reference the US and perhaps NATO, which included urging the two countries to cooperate in “Confronting unilateralism and creating stability and order is possible through cooperation of independent and like-minded powers.”

Wei too seemed to remotely reference the Ukraine crisis and the West’s economic war against Russia when he said China and Iran could deepen security ties “particularly in the current critical and tense situation.” And more, per the AP:

Wei said his visit was aimed at “improving the strategic defense cooperation” between Iran and China — cooperation that he said would have a “remarkable” impact in defusing unilateralism and fighting terrorism.

The harshest and most direct criticism aimed at Washington came from Iran’s defense chief, Gen. Mohammad Reza Ashtinai, who blasted US militarism and aggression abroad.

Ashtinai said, “wherever the U.S. has had military presence, it has created waves of insecurity, instability, rifts, pessimism, war, destruction and displacement.”

Iran’s Gen. Ashtinai is expected to visit China next as head of a military delegation from the Islamic Republic at the invitation of Beijing, in furtherance of the declared deepened defense and strategic ties. Recently, in 2021, the two countries signed a 25-year strategic cooperation agreement focusing on industrial development, infrastructure and transportation.

Multiple of the world’s largest economies have recently seen their leaders either sit on the fence regarding US pressure to jump on the Russia sanctions bandwagon, or outright blame NATO for stoking the conflict, as was the case with South African President Cyril Ramaphosa…

Officials in Tehran have this week voiced their view that Washington will be forced back to the negotiating table in Vienna amid the stalled nuclear deal due to events in Ukraine and the resulting European energy crisis. Earlier this month Iran said that it considers all that’s needed for a renewed JCPOA agreement as essentially a ‘done deal’ – but that it’s the US that’s stalling.

“Failure to reach a deal [so far] is a result of domestic troubles in the US but the ever-increasing problems caused by the Ukraine war will put pressure on [President Joe] Biden to accept the necessity of a deal [with Tehran],” a spokesman for Iranian delegation to the Vienna nuclear talks said to official news agency IRNA on Sunday.

end

end

4/EUROPEAN AFFAIRS//UK AFFAIRS/EU

GERMANY/UKRAINE

Germany lawmakers vote to send heavy and complex weapons to Ukraine

(zerohedge)

German Lawmakers Vote Overwhelmingly To Send ‘Heavy & Complex Weapons’ To Ukraine

THURSDAY, APR 28, 2022 – 12:28 PM

Merely a week ago German Foreign Minister Annalena Baerbock claimed that the country’s armed forces have said it “can no longer supply weapons from its own reserves” to Ukraine. But with Berlin coming under immense pressure from NATO allies, particularly the United States, after Chancellor Olaf Scholz voiced fears of sparking a WW3 nuclear showdown scenario with Russia, Germany’s tune quickly changed.

On Thursday lawmakers in the Bundestag, Germany’s lower house of parliament, voted overwhelmingly to approve sending “heavy weapons and complex machinery” to Ukraine. According to national media it passed with 586 votes in favor, 100 against, and seven abstentions.Bundestag, via government of Germany

The bulk of those voting “no” included the right-wing Alternative for Germany (AfD) party, citing that the move feels close to a “declaration of war”. Senior AfD lawmaker Tino Chrupalla spelled out that it “could make us party to a nuclear war.”

Though this view is now being dismissed as merely excuse-making by the “far-right”, Chancellor Scholz himself said the same thing in a Spiegel interview published last Friday…

“We need to do everything to avoid a direct military confrontation between NATO and a heavily armed superpower such as Russia, a nuclear power,” the chancellor said at the time. “I will do everything to avoid an escalation that could lead to World War III – there can be no nuclear war.”

It was only days after this interview that Berlin signaled a complete reversal, with the German Ministry of Defense announcing Tuesday that delivery of Gepard anti-aircraft tanks to Ukraine had been approved. However, it could take up to a year or more for Ukrainian forces to be properly trained in the effective deployment and use of the Gepard systems.

Thursday’s vote represents what appears to be Berlin’s new commitment to a policy of ‘open-ended’ arming of Ukraine – much like the United States of late. Deutsche Welle details the types of weaponry and assistance that Ukraine can expect to receive based on Thursday’s Bundestag vote:

In addition to heavy weapons, such as anti-aircraft systems and armored vehicles, the measure passed by German MPs included provisions for sending heavier equipment to eastern NATO allies as well.

Military aid should continue and accelerate wherever possible, according to the proposal backed by the ruling coalition and the biggest opposition party, the conservative Christian Democrats (CDU).

Germany will also deploy more soldiers to boost NATO presence in eastern Europe, and encourage Russian soldiers to lay down their arms and seek asylum in Germany and the EU.

Additionally, the measure foresees an appeal to China for it to “abandon its acceptance of war” and actively support a truce. 

But as for calling on China to “actively support a truce” – we wonder the degree to which this is also the active stance of NATO countries at this point, who seem to be rushing headlong toward escalation given the now constant ramping up of weapons shipments to Kiev.

The Kremlin quickly voiced its anger and condemned the vote…

In light of this, it’s worth revisiting some of Scholz’s own words from last week: “To avoid an escalation towards NATO is a top priority for me,” and “That’s why I don’t focus on polls or let myself be irritated by shrill calls. The consequences of an error would be dramatic.” Despite Germany’s complete reversal, this is still truer than ever.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UKRAINE//UPDATE//

Russia seems to be increasing its pace of attack in all directions

(zerohedge)

Ukraine Says Russia Increasing Pace Of Attack In “Almost All Directions”

THURSDAY, APR 28, 2022 – 09:40 AM

Ukraine’s military command posted a public social media message warning the public that Russia is “increasing the pace of the offensive operation” which is coming “in almost all directions”

The Ukraine armed forces’ statement said of the stepped up attacks that “in almost all directions, the Russian occupiers are exerting intense fire,” with the most concentrated military activity “observed in [the] Slobozhansky and Donetsk directions” of Ukraine’s north and east. Starting earlier in the month Russia’s defense ministry made it clear it’s seeking full control primarily of Ukraine’s east and south.Via Reuters

“Russian occupiers continue to suffer losses on land,” the statement went on to say. “In the Donetsk and Luhansk oblasts only, six enemy attacks have been repulsed in the past 24 hours, five tanks, one artillery system, twenty-two armored vehicles, one car and one anti-aircraft gun have been destroyed.” 

The warning to the public and to inform Kiev’s Western backers come the day after Russia’s President Putin threatened “lighting”-fast retaliatory strikes on “decision-making centers” if foreign countries meddle in the conflict. He said during an address before the Council of Legislators in St. Petersburg that the armed forces remain undeterred as “all the objectives will definitely be carried out” in the Ukraine operation, before warning:

“If someone intends to interfere in what is going on from the outside they must know that constitutes an unacceptable strategic threat to Russia.

“They must know that our response to counter-strikes will be lightning-fast.”

Ukrainian officials have also said Russia has begun imposing parallel local governments, for example in the now fallen city of Kherson the Kremlin has appointed its own mayor and a pro-Russian administration over the region, which declared that Kherson’s return to Ukrainian control is now “impossible”. 

Since Tuesday the strategically crucial Kherson region is in full Russian control, and is expected to serve as a vital land bridge linking Crimea to pro-Russian separatist areas of the Donbas in the east.

Meanwhile there are growing fears that the war could soon spill outside of Ukraine’s borders, into neighboring Moldova given rising tensions in the tiny breakaway region of Transnistria, where some 1,500 Russian troops have long been stationed.

BBC notes that tit-for-tat accusations are raging after a series of bombings under mysterious circumstances have rocked the territory:

Mysterious explosions in Transnistria, a breakaway Russian-controlled territory in Moldova bordering on Ukraine, have raised fears that the Ukraine conflict may be spreading.

Separatist authorities said Ukrainian “infiltrators” were responsible. But Ukrainian President Volodymyr Zelensky has blamed Russian special services.

Russia says it is concerned. It has about 1,500 troops in Transnistria. An official has said Russian-speakers in Moldova are being oppressed.

Russian Foreign Ministry spokeswoman Maria Zakharova suggested Thursday that Russia could act to bring order to Transnistria, bringing Russia into more direct conflict with Moldova. “We are alarmed by the escalation of tension in Transnistria, where in recent days there have been several incidents of shelling, blowing up social and infrastructure facilities,” she said. “We regard these actions as acts of terrorism aimed at destabilizing the situation.”

These sporadic explosions earlier this week have been blamed on competing factions, though ultimately have remained murky in terms of responsibility and the attackers’ intent. Some have also suggested ‘false flags’ designed to justify the Russian military’s deepened involvement in Transistria and therefore Moldova. 

end

UKRAINE/RUSSIA UPDATES

courtesy of Gonzalo Lira

and special thanks to Robert H for sending this to us:

Last night

A Recap Of The War In Ukraine – by Gonzalo Lira

Gonzalo Lira just delivered a decent recap of the war in Ukraine.

Gonzalo Lira @GonzaloLira1968 – 10:28 UTC · Apr 26, 2022

Quick recap for those who haven’t followed what’s been going on in Ukraine but want to understand: 02/24: The Russians invaded from the south, south-east, east and north, in a lightning campaign. The Russians invaded with 190K troops—against 250K combat troops from Ukraine.

The RF put 30K troops near Kiev—nowhere near enough to capture the city—but enough to pin down some 100K AFU defenders. The RF also launched several axes of attack, with reinforcements on standby (including a famed 40km long tank column), to see where they might be needed.

Crucially—the Russian’s blitz on several axes pre-empted an imminent UKRAINIAN blitzkrieg. The AFU had been about to invade the Donbas. This was the immediate motivation for Russia’s invasion: To beat them to the punch and scuttle Ukraine’s imminent invasion—which they did.

Also, by attacking from the north and south, the Russians disrupted weapons supply chain from NATO. Had the RF only attacked in the east to prevent the AFU invasion of Donbas, there would have been an open corridor for resupply from the West. Threatening Kiev stopped that.

So the main AFU army was left stranded in east Ukraine, with the rest of the Ukr. forces isolated and pinned down—with no easy resupply from the West. The RF then went about hitting AFU command/control and resupply links, further isolating and immobilizing Ukrainian forces.

The Russians soon nominally controlled land the size of the UK in Ukraine—but it was a tenuous control. The south of Ukraine was more fully in Russia’s grip. The AFU around Kherson simply scattered. Mariupol became a clear battleground, as did the Donbas proper.

What the Russians initially wanted was to:

  • Short-circuit the imminent Donbas invasion – which they did.
  • Scare the Zelensky regime into negotiating a political settlement – which they failed to do.

Kiev had no intention of negotiating a ceasefire because of orders given to them from Washington: “Fight Russia to the last Ukrainian!” Also, the Neo-Nazi goons around Zelensky threatened him if he negotiated and surrendered because they are terrified of the Russians.

So Zelensky launched a massive PR and propaganda campaign, primarily to motivate AFU forces to fight to the death. Myths were created (Ghost of Kiev), false flags were carried out (Bucha, Kramatorsk) and relentless media stories were flogged relentlessly.

The Russians kept negotiating and trying to NOT destroy Ukraine infrastructure. In fact at first they were even trying to minimize AFU casualties. The evidence for this is overwhelming: The RF did not hit civilian infrastructure – water, electric, phone, transportation. They did not hit AFU barracks, command centers, government buildings, etc.

The Russians’ initial priority was for a *negotiated settlement*. But by late March, they realized this was impossible.

This is why the RF withdrew from Kiev. There was no sense putting men near the city when they were not doing what they were supposed to do – putting political pressure on the Zelensky regime to negotiate. This withdrawal was claimed as a “victory” in the “Battle of Kiev”! lmao

Starting in late March, the Russians pulled back and solidified their control over the area they had captured, ceding to the AFU areas that were either pointless to or potentially too costly to control. The Ukraine propaganda machine called all these pull- backs “victories”.

There was still a glimmer that the war might end in a negotiated settlement but that ended in early April. After the Istanbul talks of 3/30, the Ukraine side gingerly agreed to some compromises but within a week publicly disavowed those concessions.

That’s when the Russians realized the Zelensky regime was agreement-incapable: Their Washington masters, Victoria Nuland and Anthony Blinken in particular, wouldn’t allow a peace. They want this war to sap Russia dry. It is a classic proxy war and Ukraine will pay the price.

Something else the Russians realized: Sanctions. They hurt but Russia bounced back with remarkable speed. They didn’t really hurt that bad. But the theft of Russia’s $300 billion in foreign reserves by the West DID hurt – badly. The Russians realized they were in a total war with the West and since their foreign reserves were lost forever (likely to be pilfered by corrupt Western politicos), the Russians now have nothing left to lose. By stealing their reserves, the West lost all power over Russia.

This has sealed Ukraine’s fate: The Russians now have no incentive to give up what they have conquered. It has cost them too much in terms of men and treasure. And they know that they can’t negotiate a ceasefire. The Zelensky regime will simply break it later.

Which means:

The Russians intend to conquer and permanently annex all the south and east of Ukraine. This is why their strategy on the battlefield has dramatically shifted: Now they are carrying out a slow, methodical grinding down and destruction of the AFU.

The war in the first 30 days was speed, feints, nominally capturing vast swathes of Ukraine territory, with the aim of pressuring the Zelensky regime into a negotiated settlement. But the West’s total financial and political break with Russia means they have nothing to lose. And they have a lot to gain: The Donbas is mineral rich, the really productive farmlands of Ukraine are in the east and south, Kharkov is a major industrial city, the Sea of Azov has untold natural gas reserves.

And besides – the people love them. Why would the Russians now give up this hard-won prize?

And they *have* won – make no mistake. Ask any military man who is not a system pig, he’ll tell you: There is no way for the AFU to retake their country. They have no armor, no air defense, no fuel, no comms – it’s over.

The great tragedy is that so many THOUSANDS of young men will die, and die NEEDLESSLY!!,  in order to postpone the inevitable. These brave boys will have fought so valiantly – and died so young, so cruelly -because of the evil of the Zelensky regime.

That’s the hard truth.

And in the end, this will be the map that will remain—a bitter image of Ukraine’s future. Russia will pour billions into their newly acquired territory. It will prosper and flourish. But the rump-state of Ukraine will be left poor, destroyed, forgotten.

A tragedy.
bigger

I concur with the above except for two minor detail. The move on Kiev was not intended to hinder resupply to Ukrainian troops in Donbas but to ‘fix’ potential reinforcement around the capital. That enabled Russian troops to open the corridor from Crimea to the Russian boarder as well as to cross the Dnieper in the south and to take Kherson. Those were the most important moves for the further development of the war.

I also do not believe that Russia will ‘annex’ the areas it is liberating from fascist control. Once librated the people in those areas will vote on becoming independent from Ukraine and the various regions, Donbas, Luhansk, Kherson, Odessa, will form states that will become part of the Federal Republic of Novorossia.

That country will be recognized and supported by Russia and its allies.

Posted by b on April 26, 2022 at 11:23 UTC | Permalink

END

This morning:

War update! Putin Says “The Decision has been Made” and the Response Could Be Nuclear – YouTube

Inbox

Robert Hryniak10:03 AM (3 hours ago)
to

The world should be clear a nuclear strike or more against NATO is not a bluff. Russia is serious and will strike if pushed. There is a great building pressure within the Kremlin to make a point.
The Europeans did not think Russia would cut off gas to their sorrow and this should be a stark reminder it will get worse if they keep pushing. Within Russia, supply of fuel has been growing as stockpiles are bing built. The same is occurring with Belarus.
Romania or Poland will be the 1st strike targets. And should this occur one should expect all gas shipments to cease to Europe. What is not reported is the S500 is in 24/7 production for months as a defense deployment. This is much more dangerous than people are aware. Because these are both defensive and offensive weapons with a 3000 Km radar range and a 400 missile mile range.

UKRAINE/RUSSIA/USA

This is not good:  USA brags taht they helped shoot down a Russian plane carrying hundred of paratroopers

(zerohedge)

US Intel Helped Ukraine Shoot Down Russian Plane Carrying “Hundreds” Of Paratroopers

WEDNESDAY, APR 27, 2022 – 05:45 PM

Pentagon and top State Department officials have insisted this week that the US and NATO are not fighting a proxy war against Russia in Ukraine, but then we get bombshell reports like the following out of NBC, with unnamed defense and intelligence officials positively boasting about the damage being done to the invading forces, including shooting “hundreds” of paratroopers out of the sky who were in a Il-76 military transport plane

“As Russia launched its invasion, the U.S. gave Ukrainian forces detailed intelligence about exactly when and where Russian missiles and bombs were intended to strike, prompting Ukraine to move air defenses and aircraft out of harm’s way, current and former U.S. officials told NBC News.”

And then comes this stunning admission: “That near real-time intelligence-sharing also paved the way for Ukraine to shoot down a Russian transport plane carrying hundreds of troops in the early days of the war, the officials say, helping repel a Russian assault on a key airport near Kyiv,” NBC writes.Russian Il-76, via The Drive

The revelation comes almost two months after in early March Biden administration officials divulged to the press the the United States was sharing real-time intelligence with Ukraine. Apparently these efforts have not only greatly expanded at this point, but are possibly resulting in significant battlefield losses for Russia. 

The NBC report continues, “It was part of what American officials call a massive and unprecedented intelligence-sharing operation with a non-NATO partner that they say has played a crucial role in Ukraine’s success to date against the larger and better-equipped Russian military.”

Within the very opening days of the invasion, Ukrainian forces had claimed a major battlefield victory in shooting down a Russian Il-76 Candid airlifter which was operating outside of Kiev. While it’s unclear whether the US officials quoted in the NBC report are referring to that specific alleged shootdown incident (the Russian Defense Ministry has tended to chalk up such transport plane downings as mechanical failures as its official line) – it may have resulted in the deaths of dozens or even up to a couple hundred Russian paratroopers

On Feb.26 a second transport plane was reportedly downed, with the AP detailing at the time, “A second Russian Ilyushin Il-76 military transport plane was shot down near Bila Tserkva, 50 miles (85 kilometers) south of Kyiv, according to two American officials with direct knowledge of conditions on the ground in Ukraine.”

As for specifics the NBC report only had this to say:

NBC News is withholding some specific details that the network confirmed about the intelligence sharing at the request of U.S. military and intelligence officials, who say reporting on it could help the Russians shut down important sources of information.

“There has been a lot of real-time intelligence shared in terms of things that could be used for specific targeting of Russian forces,” said a former senior intelligence official familiar with the situation. The information includes commercial satellite images “but also a lot of other intelligence about, for example, where certain types of Russian units are active.”

Another anonymous official divulged that US-provided intelligence has indeed made “a major difference” in the war. And Defense Secretary Lloyd Austin said this week the US wants to see a “weakened Russia”.

“It’s been impactful both at a tactical and strategic level. There are examples where you could tell a pretty clear story that this made a major difference,” the official was quoted as saying. But ironically the report came out simultaneous to the Pentagon insisting that no, it’s not a proxy war

“We’re not in a fight with Russia,” Austin told Fox News in an interview that aired on Tuesday. “Ukraine is in a current struggle with Russia.”

Despite the amount of security aide provided to Ukraine, Austin insisted that the conflict is not turning into a proxy war.

“It’s not, this is clearly Ukraine’s fight,” Austin said when asked if the conflict in Ukraine might turn into a proxy war. “Ukraine’s neighbors and allies and partners are stepping up to make sure that they have what they need in order to be successful.”

But obviously there’s a disconnect when this is the official US line, while at the same time anonymous officials are leaking to the press that US intelligence is helping Ukraine shoot down plane-loads of paratroopers. And already Russia is increasingly threatening possible more direct confrontation with the West, warning that any external weapons shipments will be taken out.

end

TURKEY AND RUSSIA AND THE WEST

Turkey walks a fine line between NATO and Russia.  Remember that NATO houses ist second largest military base in Turkey ((Incirlik)

(Murrow EpochTimes)

On Ukraine, Turkey Walks Fine Line Between NATO, Russia

THURSDAY, APR 28, 2022 – 02:00 AM

Authored by Adam Murrow via The Epoch Times,.

Turkey has proven adept at maintaining neutrality in regards to the conflict between Russia and Ukraine. While Ankara has condemned Russia’s “special military operation,” it has also declined to follow the lead of its NATO allies in supporting US-led sanctions on Moscow. According to local experts, its reasons for doing so are both economic and political, and reflect Turkey’s varied approach to its relations with Russia.

“Turkey is a neighbor to both countries, with whom it has intense economic relations,” Halil Akinci, who served as Turkey’s ambassador to Russia from 2008 to 2010, told The Epoch Times.

“So it’s in Ankara’s interest to stay on good terms with them both.”

Neutrality, he added, also left Turkey in the perfect position to mediate—thus raising its international profile—“since we’re the only ones acceptable to both sides.”

Condemnation Without Sanctions

When the Russian operation first began on Feb. 24, Turkish officials condemned it as “unacceptable” and a “violation of international law.” They were also quick to stress, however, that Ankara—unlike its NATO allies—had no intention of enforcing US-led sanctions on Russia.

Prof. Dr. Mehmet Seyfettin Erol, a political analyst and head of the Ankara Center for Crisis and Policy, an independent think-tank, said Turkey had “reasonable grounds” for declining to support sanctions.

“Turkey is positioning itself as a mediator by keeping communication channels open with Russia,” Erol told The Epoch Times. He went on to assert that Ankara and Moscow were closely engaged on a broad range of issues based on principles of “cooperation and competition.”

Akinci, when asked if Turkey was subject to pressure by NATO to adopt a harder line against Russia, said no one could reasonably expect Ankara to enforce sanctions —especially given current economic realities.

“Because of its massive trade dependence on Russia, Turkey isn’t in a position to do this [i.e., enforce sanctions],” he said. “Like the rest of the world, Turkey simply cannot ignore Russia’s vast natural resources.”

Indeed, an estimated 45 percent of Turkey’s natural gas imports currently derive from Russia, along with more than 75 percent of its imported wheat. This represents a dire situation for a country that has seen its currency lose more than 80 percent of its value year-on-year, causing the prices of many staple commodities—including bread—to skyrocket.

At the same time, Turkey has significant trade relations with Ukraine, which supplies it with another 10 to 15 percent of its total wheat imports. Ankara and Kyiv also cooperate in the defense-industries field, including the joint manufacture of aerial drones.

‘Constructive’ Mediation Efforts

Turkish neutrality may be economically expedient, but it has also served to raise the country’s profile by positing it as the ideal mediator—a role it has assumed with gusto. On March 10, the Russian and Ukrainian foreign ministers met in Turkey’s resort city of Antalya; and on March 29, delegations from both countries held talks in Istanbul. Although hailed by all sides as “constructive,” the talks failed to produce any tangible breakthroughs.

Russia, for its part, which appears to have the upper hand militarily, demands guarantees that Ukraine will never join NATO. It also demands Kyiv’s recognition of Russian sovereignty over Crimea (annexed by Russia in 2014), and recognition of two Russian-speaking territories in Ukraine’s eastern Donbas region (Donetsk and Luhasnk) as independent republics.

Based on recent signals from both camps, Erol believes it is likely that Ukraine will “give up on NATO membership first, and Moscow will accept Ukraine’s European Union membership in return.” The main sticking point, he believes, is the Donbas region. “Russia demands recognition of the so-called republics, but the Kyiv administration and the international community do not seem to accept this,” he said.

Because it involves major power players like Russia and NATO, the conflict could become a long-simmering “proxy war” lasting “months or even years,” Erol warned, citing past Russian entanglements in Afghanistan and Chechnya.

Akinci agreed that reaching a negotiated settlement “could take a long time.” He added, however, that if the military equation were to change significantly on the ground, “[diplomatic] positions could change as well.”

In the meantime, Turkish President Recep Tayyip Erdogan has extended an open invitation to both Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskyy to meet in Istanbul for further talks. “I wholeheartedly believe that a peaceful solution can be found through dialogue,” he said on April 18. Three days later, Russian forces reportedly captured the Ukrainian city of Mariupol.

Ties With Russia: ‘Not Black and White’

Historical rivals, the Ottoman (i.e., Turkish) and Russian empires fought at least a dozen major conflicts over four centuries, ending with the First World War. But today, Turkey, despite its 70-year-old membership in NATO, is keen to remain on good terms with Russia, with which it shares a substantial maritime border in the Black Sea.

That being said, the two have implacable foreign-policy differences, especially in the post-Arab Spring Middle East. In Syria, for example, Turkey supports anti-Assad armed groups, while Russia backs the government of President Bashar al-Assad. The two countries also support diametrically-opposing forces in war-ravaged Libya.

Turkey-Russia relations bottomed out in late 2015, when a Turkish F-16 shot down a Russian Sukhoi fighter near Turkey’s tense border with Syria. But relations quickly recovered the following year, especially after a failed coup attempt against Erdogan’s government, for which Ankara blamed Fetullah Gulen, a US-based Turkish-Muslim preacher who claims to have an international following.

Washington’s refusal to extradite Gulen to Turkey then led to a rupture in US-Turkey ties and a concurrent improvement in Ankara’s relations with Moscow.

“Because Gulen resides in the US, Turkey implicitly accused Washington of supporting the coup attempt,” Dr. Ilhan Uzgel, a prominent Turkish political analyst, told The Epoch Times.

“This, in turn, led [Erdogan’s] ruling Justice and Development Party to ally itself with nationalist and Eurasianist elements who favor closer ties with Russia, China and Iran,” Uzgel, a former professor of international relations, added.

“This combination of external and domestic factors prompted Ankara’s subsequent ‘tilt’ towards Moscow.”

In 2017, Turkey went so far as to announce the purchase of an advanced S-400 missile-defense system from Russia. The move infuriated Turkey’s NATO allies and eventually resulted in limited US sanctions being imposed on Turkey itself.

In explaining Ankara’s eclectic approach to Moscow, Akinci stressed that, at least with respect to the Middle East, Turkey’s differences with the US “are actually deeper” than those with Russia.

“For example, our American allies have nurtured, and continue to support, an organization opposed to Turkey’s territorial integrity,” he said.

Here he was referring to the militant Kurdistan Workers’ Party (PKK), the Syrian branch of which the US has backed in its war against Assad, but which Ankara views as a terrorist group. “In this case, US policy actually poses a greater danger to Turkey than anything the Russians are doing,” Akinci asserted.

He added: “Every state has its differences with Russia and every state has interests in common with Russia. In some areas, the US and Russia get along quite well; in others, they do not. Geopolitics is never black and white.”

end

RUSSIA

No wonder the rouble is the strongest currency this year.

(zerohedge)

Russian Fossil Fuel Revenues Double Despite Western Sanctions 

THURSDAY, APR 28, 2022 – 11:45 AM

The longer Western sanctions isolate Russia and reduce energy supplies to European refiners. The higher energy prices will go. Even though Russian energy exports are declining, higher prices have enabled the country’s state-owned oil and gas companies to double revenue, thus stabilizing the ruble and allowing financing for President Putin’s military machine. 

According to The Guardian, citing a new report of shipping movements by the Centre for Research on Energy and Clean Air (CREA), Russia has reaped a whopping €62 billion from oil, gas, and coal exports since the invasion of Ukraine began.  

Russian exports to energy-stricken Europe totaled €44 billion in the last two months, compared with €140 billion for FY’21. The revenue surge comes as “Russia has continued to benefit from its stranglehold over Europe’s energy supply, even while governments have frantically sought to prevent Vladimir Putin from using oil and gas as an economic weapon,” CREA said. 

CREA data showed Russian crude oil exports tumbled 30% in the first three weeks of April, compared with rates in January and February, before the invasion. However, soaring prices because of tight global supplies have helped cushion the blow of Western sanctions and ultimately allowed Putin to continue his funding war efforts.

“Russia has effectively caught the EU in a trap where further restrictions will raise prices further, cushioning its revenues despite the best efforts of EU governments,” CREA explained. 

“Fossil fuel exports are a key enabler of Putin’s regime and many other rogue states,” Lauri Myllyvirta, lead analyst for CREA, said. 

“Continued energy imports are the major gaps in the sanctions imposed on Russia. Everyone who buys these fossil fuels is complicit in the horrendous violations of international law carried out by the Russian military,” Myllyvirta said, 

The EU receives around 40% of its gas, 46% of its coal, and 30% of its oil from Russia — and there are no quick and easy substitutes if supplies are disrupted. Germany has been the biggest importer of Russian energy products in the last two months. German businesses and unions have warned a ban on energy products from Russia could severely impact industry and jobs. 

In recent days, Moscow has doubled down on its demands that its European “partners” pay for its oil and gas in rubles instead of euros. Russia’s Gazprom said it is halting natural gas supplies to Poland and Bulgaria over their refusal to pay in Russian rubles.

So far, Western sanctions have backfired as Russia doubled fossil fuel revenues. What’s important to understand next is that Russian oil production is likely to drop further in the coming months and will tighten global supplies and boost energy prices which could mean higher revenues for Putin. 

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

from the web site of Dr Paul Alexander:


Øystein Karlstad et al.: “SARS-CoV-2 Vaccination and Myocarditis in a Nordic Cohort Study of 23 Million Residents”; highest risk among males 16-24 yrs after 2nd shot


In 23.1 million residents across 4 Nordic countries, risk of myocarditis after the first & second doses of SARS-CoV-2 mRNA vaccines was highest in young males aged 16 to 24 years after the second doseDr. Paul AlexanderApr 28This was a punishing study that showed the failure and danger of the mRNA vaccines, especially in young persons and males.SOURCE:SARS-CoV-2 Vaccination and Myocarditis in a Nordic Cohort Study of 23 Million ResidentsResults  Among 23 122 522 Nordic residents (81% vaccinated by study end; 50.2% female), 1077 incident myocarditis events and 1149 incident pericarditis events were identified. Within the 28-day period, for males and females 12 years or older combined who received a homologous schedule, the second dose was associated with higher risk of myocarditis, with adjusted IRRs of 1.75 (95% CI, 1.43-2.14) for BNT162b2 and 6.57 (95% CI, 4.64-9.28) for mRNA-1273. Among males 16 to 24 years of age, adjusted IRRs were 5.31 (95% CI, 3.68-7.68) for a second dose of BNT162b2 and 13.83 (95% CI, 8.08-23.68) for a second dose of mRNA-1273, and numbers of excess events were 5.55 (95% CI, 3.70-7.39) events per 100 000 vaccinees after the second dose of BNT162b2 and 18.39 (9.05-27.72) events per 100 000 vaccinees after the second dose of mRNA-1273. Estimates for pericarditis were similar.Conclusions and Relevance  Results of this large cohort study indicated that both first and second doses of mRNA vaccines were associated with increased risk of myocarditis and pericarditis. For individuals receiving 2 doses of the same vaccine, risk of myocarditis was highest among young males (aged 16-24 years) after the second dose. These findings are compatible with between 4 and 7 excess events in 28 days per 100 000 vaccinees after BNT162b2, and between 9 and 28 excess events per 100 000 vaccinees after mRNA-1273. This risk should be balanced against the benefits of protecting against severe COVID-19 disease.”
END

and then this:

What I’ve Seen in the Last 2 Years Is Unprecedented’: Physician on COVID Vaccine Side Effects on Pregnant Women; “Former Pfizer VP: ‘Adverse impacts on conception and ability to sustain a pregnancy”Former Pfizer VP: ‘ability to sustain a pregnancy were foreseeable’Dr. Paul AlexanderApr 28SOURCE:‘What I’ve Seen in the Last 2 Years Is Unprecedented’: Physician on COVID Vaccine Side Effects on Pregnant Women

GLOBAL ISSUES//

Not good as college campuses are demanding mask mandates again

Pan/Epoch Times

Mask Mandates Make Comeback To US College Campuses

WEDNESDAY, APR 27, 2022 – 08:45 PM

Authored by Bill Pan via The Epoch Times (emphasis ours),

Two months after the federal government eased mask recommendations for most Americans, some colleges and universities have reinstated mask mandates, along with other measures, citing surges in COVID-19 cases on their campuses.Columbia University in New York City on May 10, 2021. (Samira Bouaou/The Epoch Times)

Several prominent institutions—including American University and Georgetown University in Washington, D.C.; Columbia University in New York; Johns Hopkins University in Maryland; and Rice University in Texas, to name a few—have brought back indoor mask requirements that were phased out not too long ago.

Many of these schools already have vaccine and booster mandates. For example, Columbia required all students and employees to submit proof of their booster vaccination before March, boasting an overall 99.9 percent compliance rate for the campus community. Yet it now demands that students wear surgical masks in classrooms because of an uptick of COVID-19 cases on campus and elsewhere in New York City.

“Based on the current situation and in an abundance of caution, we will require wearing of non-cloth masks in classrooms,” the Ivy League school announced on April 10. In a more recent update, the university said the requirement wouldn’t go away any time soon, despite an overwhelmingly high level of vaccination among the campus population.

“We anticipate making no changes in our current campus COVID-19 guidance, unless New York City puts in place measures that we would be required to follow,” Columbia officials said on April 22, noting a “gradual increase in COVID-19 cases” in the city.

Rice also requires all eligible students and employees to get booster shots. In mid-March, the Houston-based university lifted its mask mandate for vaccinated individuals, only to reverse the policy after less than a month because of a sudden rise in COVID-19 cases.

“There’s been a significant rise in the number of positive cases reported in our community—about 145,” the university said in an April 10 statement. Specifically, Rice demanded that everyone in a classroom wear a mask regardless of their vaccination status, except for instructors while lecturing, since 90 percent of those new cases have occurred among undergraduate students. Large events also have been canceled. Students can continue to eat in dining halls, but at half of the designated capacity.

According to a COVID-19 tracker on Rice’s website, the university has recorded 31 positive tests for the week following Easter. There’s also been a noticeable downward trajectory since April 10, but the restrictions remain in place.

Meanwhile, in Philadelphia, health officials and the mayor raised the city’s COVID-19 alert level on April 18, requiring citizens to wear face coverings when out in public. That has prompted a number of schools, including the University of Pennsylvania, Temple, St. Joseph’s, La Salle, Drexel, and Thomas Jefferson universities, to require students and staff to mask up while in school buildings.

All of these Philadelphia schools went mask-optional again just three days later, when the city announced that it not only has reversed the decision to reimpose the mask mandate, but also ditched the COVID-19 alert system that triggered it.

The infection rate is going down, hospitalizations are going down, and, frankly, the ruling in Florida confused a lot of stuff. SEPTA is doing what they did and confused a lot of stuff,” said Philadelphia Mayor Jim Kenney.

Kenney was referring to a U.S. district judge in Florida who struck down a federal rule requiring face coverings for planes and other forms of public transportation, as well as the decision by SEPTA, Pennsylvania’s regional transit authority, to lift the requirement that travelers must wear masks on its buses and trains.

Florida’s universities were among the earliest in the nation to drop their mask mandates. South Florida University has been mask-optional since August 2021, while the University of Florida said it simply doesn’t have the authority to force people to mask up on campus.

“The university does not currently have the authority to take the actions you recommend,” University of Florida President Kent Fuchs wrote in response to the Alachua County Commission, which had asked the school to adhere to a public health emergency declaration that mandated masks indoors.

end

This year will be a bigger mess than last year with global supply chain crisises set to emerg3 by summer

(zerohedge)

“Bigger Mess Than Last Year” – Global Supply Chain Crisis Could Emerge By Summer 

WEDNESDAY, APR 27, 2022 – 07:05 PM

The next round of supply chain bottlenecks could be even greater than last year’s massive congestion at ports as China’s “zero COVID” policy has shuttered factories and locked down major cities like Shenzhen and Shanghai. A backlog of orders is building, and commercial vessels off China’s top ports are increasing. Once China reopens, a tsunami of container ships will flood global shipping lanes.  

Bloomberg provides a good summary of how the global supply chain is going to get slammed (again):

“We expect a bigger mess than last year,” said Jacques Vandermeiren, the chief executive officer of the Port of Antwerp, Europe’s second-busiest for container volume, in an interview. “It will have a negative impact, and a big negative impact, for the whole of 2022.”

Beijing’s zero-tolerance policy will unleash what we’ve been warning for months (read: here & here): a logistical disaster as top ports in the Asian country have slowed to a trickle, leaving empty containers piling and massive amounts of commercial vessels sitting offshore. 

Once China reopens, and those vessels begin shipping products worldwide, FreightWaves founder and CEO Craig Fuller warns this will “wreck your summer.” 

“Once product export activities resume and a large volume of vessels make their way to the U.S. West Coast ports, we expect waiting times to increase significantly,” said Julie Gerdeman, CEO of supply-chain risk analytics firm Everstream Analytics.

This may suggest that Goldman Sachs’ high-frequency weekly supply chain congestion index could reverse after falling for much of the year. If congestion worsens after China reopens, Goldman’s analysts might have to reevaluate their ‘peak supply chain’ call. 

So how bad are the backups of container ships at the Shanghai port, a major hub for international trade, and one of the largest and busiest container ports in the world? 

Well, satellite imagery from April 14, 2022, versus April 2019 shows the extent of the congestion. 

Quite a difference from 3 years ago…

Vessel congestion has been increasing at the Shanghai terminal. As of April 19, 2022, over 470 ships are still waiting to deliver goods to China. Here’s a broader view of the massive congestion.

Goldman recently told clients supply-chain setbacks “have been somewhat worse than we anticipated, and we have adjusted our growth and inflation forecasts slightly in response in recent weeks.” When bottlenecks in China clear, vessels will flood major shipping lines as a seasonal import pickup gets underway. 

At America’s dual hub of Los Angeles and Long Beach, 57 vessels were reported, the highest since late. U.S. container dwell times are also creeping higher again. 

Congestion in Europe is already severe, and top ports such as Rotterdam, Hamburg, and Antwerp are working above capacity. 

The global impacts of this current bottleneck are expected for summer and will greatly increase once China lockdowns are eased. According to an article in Freight Waves, this could turn into the most significant supply chain issue since the pandemic’s start if China’s shipping congestion isn’t cleared up soon.

end

/VACCINE IMPACT


The Members of Congress Who Are Pressuring the FDA to Inject Babies and Children Under 5 with COVID Vaccines More Quickly

April 27, 2022 3:02 pm

There is probably no other single issue in American politics today that unites both Democrats and Republicans more than the topic of vaccines, and especially the topic of COVID-19 experimental “vaccines” and issuing as many emergency use authorizations as possible to inject as many people as possible with these deadly shots. You cannot hold a political office at the federal level today if you are anti-vaccine. Being pro-vaccine and supporting Big Pharma is a requirement for both Democrats and Republicans who want to be elected, and it is the one issue that both previous U.S. President Donald Trump and current U.S. President Joe Biden agree on today. A group of pro-child abuse and pro-attempted murder of babies and young children members of Congress are now pressuring the FDA to approve COVID-19 vaccines for babies and young children under the age of 5. They are the members of the Select Subcommittee on the Coronavirus Crisis, originally setup in April of 2020 under then President Donald Trump, and they are upset that the FDA has not issued an EUA for babies and children under the age of 5 so that parents can attempt to murder and abuse their children with one of these deadly shots. Yesterday, they sent a letter to FDA Commissioner Robert Califf, M.D., requesting a briefing on the status of COVID-19 vaccines for the under 5 age group. These members of Congress are complicit with the criminal act of attempted murder against the nation’s babies and children, and I encourage everyone who reads this to contact them and let them know that they will be held accountable for their actions, if not in this life, then when they die and meet their Creator.

Read More…


Right to Repair: Open-Source Tractors Offer an Alternative for Traditional Small-Scale Farmers

April 27, 2022 4:08 pm

Jack Algiere has always been a tinkerer. As a child in the 1980s, he would repair and swap out engines in the broken equipment on his family’s farm, often figuring out exactly what he was building as he went along. “It’s just part of growing up on a farm,” he said. “We made it work, and we made it.” Algiere grew up in an era when it was second nature for farmers to fix their equipment—before farm equipment manufacturers like John Deere and others started incorporating proprietary software, parts, and tools only accessible to authorized dealerships. Now, amid a growing “right to repair” movement pushing farm equipment manufacturers to shift their practices, some have gone a step further by calling for a new, production model altogether, built on an open-source system. Under this model, farm equipment is designed to be easily modified and repaired by relying on accessible, universal parts, while sharing or licensing the design specifications and source code.

Read More..




Michael Every

Michael Every on the day’s most important topics

Rabobank: “Life Is About More Than Social Networks And Virtual Moustaches”

THURSDAY, APR 28, 2022 – 11:25 AM

By Michael Every of Rabobank

The Social Network of Liberty

Bloomberg exceeds itself today with its truly myopic focus. It is thrilled enough about a social media giant which thinks we all want to wear headsets all day (hypothetical note to self: go long optometrists/opticians and skin cream?), “because virtual reality moustaches”, and which just decided to open a corner-shop as a visionary idea, narrowly exceeding slim expected growth in user numbers to run THAT as its main Asia morning headline rather than anything else.

For example, the further pivot in Indonesia on palm oil exports, saying locals come first, that has seen global prices for that food staple up 10%: obviously people with virtual moustaches eat virtual food. Or the will-they-won’t-they of EU gas payments in/not in roubles, where it is still unclear who is going to keep getting Russian gas, and who is going to comply with EU sanctions: obviously people with virtual moustaches need virtual heat and energy.

Or Russia’s Putin warning countries who interfere in Ukraine will be met with a “lightning-fast” response, adding, “If someone intends to intervene into the ongoing events from the outside and creates unacceptable strategic threats for us, then they should know that our response to those strikes will be swift, lightning fast… We have all the tools for this – ones that no one can brag about. And we won’t brag. We will use them if needed. And I want everyone to know this.” Obviously people with virtual moustaches get full protection from these kinds of threats.

Or China’s Xi Jinping stating he wants to Chinese GDP growth to be faster than that of the US in 2022,… in order to show that his one-party system is superior to Western democracy, and the US is in decline, according to a Wall Street Journal report. To be fair, that leads even Bloomberg’s Shuli Ren to write an op-ed stating ‘China’s Xi May Soon Learn You Can’t Eat Statistics.’ Indeed, aren’t these guys supposed to get that with their (superior) New World Order, non-fiat, based, old school schtick?

Or, that just a day after I wrote “‘Why Bretton Woods 3 Won’t Work’ is working”, as the ‘doomed’ US dollar continues to soar, which said that if the West shifts to a more geopolitical economic stance, that it would stay that way, we get Mansion House speech from UK Defence Secretary Truss which says “geopolitics is back”, argues for a “reboot” in the free world to a new global economic and security ‘Network of Liberty’.

Truss states, “Three years ago Vladimir Putin said Western liberalism was dead. Last year President Xi argued that the west is declining. In April 2022 things look very different…Those who think they can win through oppression, coercion, or invasion are being proved wrong by this new stand on global security – one that not only seeks to deter, but also ensures that aggressors fail… We must be prepared for the long haul. We’ve got to double down on our support for Ukraine… Heavy weapons, tanks, aeroplanes – digging deep into our inventories…. We will keep going further and faster to push Russia out of the whole of Ukraine…. Inaction would be the greatest provocation. This is a time for courage not for caution.” Putin just gave specific warnings on this.  

Truss says the post-WW2 global architecture no longer functions and signed treaties have little meaning (**cough** Northern Ireland **cough**) and makes a deserved dig at ‘ze Germans’ that “Wandel durch handel… didn’t work”. Instead, “We now need a new approach, one that melds hard security and economic security, one that builds stronger global alliances and where free nations are more assertive and self-confident, one that recognises geopolitics is back.”

The new policy approach is based on three areas: military strength, economic security and deeper global alliances.

  • On the military: “In the words of President Zelenskiy: “Freedom must be better armed than tyranny.”… Spending 2% on defence must be a floor, not a ceiling.” That’s a *lot* of state spending for a *long* time. Moreover, “We need a global NATO. [It] must have a global outlook… We need to pre-empt threats in the Indo-Pacific, working with our allies like Japan and Australia to ensure the Pacific is protectedAnd we must ensure that democracies like Taiwan are able to defend themselves.” That brings China and its new ‘Global Security Initiative’ of ‘Yankee, NATO, AUKUS, Quad Go Home’ slap bang into the equation along with Russia.
  • On economic security: “We recognise that growth from cheap gas and money syphoned from kleptocracies is growth built on sand. It’s not the same as real, sustained growth from higher productivity and greater innovation… We will always champion economic freedom. But free trade must be fair – and that means playing by the rules. For too long many have been naïve about the geopolitical power of economics. Aggressors treat it as a tool of foreign policy – using patronage, investment, and debt as a means to exert control and coerce. They are ruthless in their approach… It’s time to wise up. Access to the global economy must depend on playing by the rules. There can be no more free passes…We are showing that economic access is no longer a given. It has to be earned. Countries must play by the rules. And that includes China… China is not impervious. By talking about the rise of China as inevitable we are doing China’s work for it. In fact, their rise isn’t inevitable. They will not continue to rise if they don’t play by the rules. China needs trade with the G7. We represent half of the global economy. And we have choices.”
  • On deeper global alliances: “Our prosperity and security must be built on a network of strong partnerships. This is what I have described as the Network of Liberty…In a world where malign actors are trying to undermine multilateral institutions, we know that bilateral and plurilateral groups will play a greater role. Partnerships like NATO, the G7 and the Commonwealth are vital… we want to keep growing our ties with countries like Japan, India and Indonesia. We also should build on the strong core that we have in the G7 [which] should act as an economic NATO, collectively defending our prosperity. If the economy of a partner is being targeted by an aggressive regime we should act to support them. All for one and one for all.

True, the UK is a relatively small global economy at loggerheads with the EU. True, this is a government whose many critics point out couldn’t organise a heavy-drinking session in a brewery, but can and did under lockdown in Downing Street, whose backbench MPs make ‘Basic Instinct’ smears against opposition front-benchers, and whose front-benchers are accused of watching porn in the House of Commons. Regardless, the UK has been a thought-leader in the past, and this *is* thought leadership. It must surely be a better option than doing nothing, accepting the ‘realism’ of imperialism, or Germany turning down the temperature of their public swimming pools to support Ukraine(!)

The implications of this happening are, as I have argued since 2017, that the world fractures but the West gets to keep the lion’s share of what matters most – and the US dollar soars.

This is not to say that this *will* happen, or immediately, even if both Truss and Yellen are now saying it. Words, like Chinese imports (when you can get them due to lockdowns) are cheaper than local action. We all said Build Back Better a lot while not meaning it for a second, or even knowing WHAT it meant.

The difference here is that the Network of Liberty (with some de facto illiberal members, as during the first Cold War) is something people CAN understand and IS focused. It’s just very, very disruptive to the status quo.

Then again, so is Elon Musk, who just tweeted he wants to buy Coca-Cola to put the cocaine back in it. (And as some ask how someone so exposed to China can be a true free-speech libertarian – including those who are not free-speech libertarians, and are also deeply exposed to China. We shall see, I suppose.)

Markets need to be paying close attention to all of this, and not the usual quarterly frippery. They didn’t follow those warning of the GFC before 2008 (**cough**), or the sea-change in politics that saw first Brexit, then Trump, then trade war, then China’s ‘common prosperity’ shift, and now Russia’s invasion of Ukraine: can one call that a pattern, if one is a Wall Street analyst, or is one constantly being surprised? Nor did they predict the political swing in the West towards social justice that has spread to said Wall Street analysts, the US Treasury, and even the Fed (although let’s see what that means for monetary policy now push has come to shove).

One needs to build a wider network of reading than quarterly earnings reports or GDP data to predict these kinds of things.

In pure market terms, but reflecting these underlying shifts, look to the travails of the BOJ, meeting today, and JPY. If you want another example, consider the outlook for CNY. If you want a third, read the Bloomberg op-ed arguing ‘The Hong Kong Dollar’s Peg Has Become Untenable’ because of changes in Hong Kong, geopolitics, and relative US and Chinese monetary policy stances. Can you imagine the market volatility if, as the op-ed author suggests, “The only question, really, is whether the Chinese government wants the hassle and expense of defending the Hong Kong dollar’s peg or whether it just bows to the inevitable?”

He goes on to add that, “Much of Hong Kong’s status as an Asian financial hub was derived from the fact that its legal system was robust, speech was free, and it was a nice place to live. Now, if anything, capital is fleeing Hong Kong. Bank deposits are falling, the benchmark Hang Seng Index is down 40% since early 2018, and the H-share index of mainland Chinese equities is lower than it was at the nadir of the global financial crisis. None of this bodes well for the Hong Kong dollar. The Hong Kong Monetary Authority likes to say that it runs a currency board, making the dollar peg virtually unbreakable. Actually, it doesn’t and it isn’t… over the years Hong Kong has watered down its currency board… The dollar peg is now really only a target.” Somewhere, Kyle Bass is hyperventilating.

Another similar question from the other geopolitical side, as one thinks of this topic, and links back to Truss, is if Hong Kong is still considered an integral part of a ‘Network of Liberty’ or not: that is as this week saw the Hong Kong Foreign Correspondents’ Club cancel its annual human rights press awards days before it was due to announce the winners, out of fear it would violate the city’s wide-ranging national security law.

So, enjoy the wild market swings of extrapolating mild earnings and user numbers vs. massaged expectations. Just recall life is about more than social networks and virtual moustaches: it is perhaps increasingly about historical fears of men with moustaches, and emerging networks of liberty (and, by Manichean definition, autocracy).

END

7. OIL ISSUES

Oil Spikes After EU Says Russian Embargo ‘Imminent’ As Germany Drops Opposition

THURSDAY, APR 28, 2022 – 11:10 AM

After throughout the whole month consistently rejecting a proposed European Union ban on Russian oil, but while also walking a delicate tightrope of opposing Putin’s demand of payments in rubles for Russian energy, Germany is now ready to pull the trigger on an embargo.

It’s another major Berlin U-turn happening in tandem with the decision to send heavy weapons to Ukraine. The Wall Street Journal is citing Berlin government officials who say “Germany is now ready to stop buying Russian oil.”

The WSJ underscores that this “clears the way” for a wider EU ban on Russian oil imports, given that Germany’s resistance was the chief holdout to imposing an embargo before this point.

Further the report indicates that an embargo now seen as “imminent” but it remains that no target date has been set yet, or at least hasn’t been disclosed publicly. While events earlier in the week made clear that this was coming, preparing markets, oil began surging on the news…

Which is not good news for President Biden as gas prices at the pump are already on the rise…

Germany appears to have lifted its objection based on prior negotiations to implement a phased-in Russian oil embargo, similar to the phased approach regarding the coal ban. 

Additionally, other countries particularly in eastern Europe have lately appeared willing to step up in taking the pressure off Germany supply – for example Poland says it’s ready to supply a German refinery via Gdansk which is owned by Rosneft.

“Should Rosneft refuse to process non-Russian oil imports, Germany could put the refinery under state management under laws protecting strategic assets,” the report says. But the elephant in the room is that some eastern European countries are actually close to 100% reliant on Russian oil, or with many approaching total dependency. 

According to recent figures in The Hill “European nations, which in November 2021 imported about seven times as much Russian oil as the United States, are far more reliant on Russian oil imports and some Eastern European countries are almost entirely dependent on Russian oil.” This is broken down as follows according to European regions…

  • Lithuania, for example, gets 83 percent of its oil imports from Russia, followed by Finland (80 percent), Slovakia (74 percent), Poland (58 percent), Hungary (43 percent) and Estonia (34 percent).
  • Germany follows at 30 percent, joined by Norway (25 percent), Belgium (23 percent), Turkey (21 percent), Denmark (15 percent) and Spain (11 percent).

However, to be frank, these grandiose anti-Russian-oil statements are all bullshit PR since, as we detailed yesterdayGermany has already caved into President Putin’s demand to pay for Russian gas via a murky system that converts funds paid in euros to roubles.

As The Times reported, Robert Habeck, the German energy minister, said that the euro-to-rouble swaps had been given the legal green light by the European Commission and were compatible with sanctions and existing contracts with the Russian energy giant Gazprom.

The problem, of course, is that the facts of German dependence on Russian energy supply does not fit the unified-coalition-against-Putin narrative.

8 EMERGING MARKET& AUSTRALIA ISSUES

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

END

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

Euro/USA 1.0495 DOWN .0058 /EUROPE BOURSES //ALL GREEN 

USA/ YEN 130.77   UP 2.336 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.23459 DOWN   0.0081

 Last night Shanghai COMPOSITE CLOSED UP 17,29 PTS OR  0.58%

 Hang Sang CLOSED UP 329.81 PTS OR 1.65%

AUSTRALIA CLOSED UP 1,26%    // EUROPEAN BOURSES OPENED ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN  

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 329,81 PTS OR 1.65% 

/SHANGHAI CLOSED UP 17.20 PTS OR 0.58%

Australia BOURSE CLOSED UP 1.26% 

(Nikkei (Japan) CLOSED UP 461.29 PTS OR 1.75%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1889.70

silver:$23.15

USA dollar index early THURSDAY morning: 103.74  UP 73  CENT(S) from WEDNESDAY’s close.

THIS ENDS THURSDAY MORNING NUMBERS

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And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 1.95%  UP 11  in basis point(s) yield

JAPANESE BOND YIELD: +0..180%  DOWN 4 AND 1/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.91%// UP 12   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.70  UP 13   points in basis points yield ./

GERMAN 10 YR BOND YIELD: FALLSTO +0.8989% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.80% 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 1.0515  DOWN .0040    or 40 basis points

USA/Japan: 130.99UP 2.549 OR YEN DOWN 254  basis points/

Great Britain/USA 1.2472 DOWN OR 68  BASIS POINTS

Canadian dollar UP 0.0014 OR 31 BASIS pts DOWN to 1.2800

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..DOWN 6.6593  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.6600

TURKISH LIRA:  14.78  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.180

Your closing 10 yr US bond yield UP 5  IN basis points from WEDNESDAY at  2.865% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 2.937  UP 3 in basis points 

Your closing USA dollar index, 103.56 UP 60   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 53.16PTS OR 1.13%

German Dax :  CLOSED  UP 185.90  POINTS OR 1.35%

Paris CAC CLOSED  UP  62.56 PTS OR 0.95% 

Spain IBEX CLOSED UP 34.50 PTS OR 0.61%

Italian MIB: CLOSED UP 225.45 PTS OR 0.95%

WTI Oil price 104.61   12: EST

Brent Oil:  106.84  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  72.08   UP  0    70/100  RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +.8989

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0506 DOWN  .0048   OR DOWN 48 BASIS POINTS

British Pound: 1.2467 DOWN  .0073 or down 73 basis pts

USA dollar vs Japanese Yen: 130.93 UP 2.480//YEN DOWN 248 BASIS PTS

USA dollar vs Canadian dollar: 1.2804 down .0011 (CDN dollar up 11 basis pts)

West Texas intermediate oil: 105.27

Brent OIL:  107.19

USA 10 yr bond yield: 2.849 UP 3 points

USA 30 yr bond yield: 2.915  UP 6  pts

USA DOLLAR VS TURKISH LIRA: 14.77

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  72.08 DOWN 70/100 ROUBLES (ROUBLE UP 70/100 ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: UP 614.46 PTS OR 1.85%

NASDAQ 100 UP 452.70 PTS OR 3.48%

VOLATILITY INDEX: 29.50 DOWN 2.10 PTS (6.65%)

GLD: 175.98 UP 0.92 PTS OR 0.52%

SLV/ 21.42 DOWN .07 PTS OR 0.23%

end)

USA trading day in Graph Form

“WTF Was That!” – Stocks Explode Higher As US Economy Heads Into Recession

THURSDAY, APR 28, 2022 – 04:01 PM

Following the first real signs of a US recession (with a shocking negative print for Q1 GDP)…

Source: Bloomberg

…dip-buyers got the all-clear as soon as Europe closed, the short-squeeze began with “Most Shorted” stocks soaring almost 6% off the lows

Source: Bloomberg

The ammo for a massive squeeze is all there…(unless AAPL misses tonight)

S&P Skew shows Put vols heavily favored – the last time the put demand was this high relative to call demand, all hell broke loose in the second half of March…

Source: Bloomberg

Put volumes are even more extreme relative to call volumes than at the start of the last surge in late March…

Additionally, Delta positioning in options land is at record negative levels

And Gamma tilt is at a key extreme (puts over calls)…

All of which adds up to – hold on to your hats boys and girls (and others) – as Nasdaq exploded 4% higher (helped by the Meta-Meltup)!!!

The S&P stalled at 4300…

And as Nasdaq goes, so goes Bitcoin… for now…

Source: Bloomberg

Today’s MegaLiftaton took all the majors back into the green for the week (only Small Caps remained red), but the late-day selling erased most of those gains…

And if anyone suggests that “well, a recessionary print for GDP is likely to mean The Fed will pull back a little from its hawkishly monstrous outlook” – they are wrong! The market actually shifted more hawkishly today!!!

Source: Bloomberg

The yuan continues to collapse…

Source: Bloomberg

As the dollar breaks out to 20-year-highs…

Source: Bloomberg

Treasuries were mixed amid a terrible macro economic print and hope that Meta has turned a corner! 30Y yields were down 1bps as the short end (2Y) rose 5bps. NOTE that yields are all still lower on the week (despite stocks all being higher on the week now)…

Source: Bloomberg

Oil prices surged as Europe claimed a Russian oil embargo was imminent…

Gold rebounded on the day but was unable to get back above $1900…

Finally, the AAII Bull-to-Bear ratio has almost never been this low… adding to yet more conviction for the contrarians that a rip higher is coming…

Source: Bloomberg

But will it last beyond 5/4?

Source: Bloomberg

END

I) /MORNING TRADING/LAST NIGHT/CHINA

AFTERNOON

END

II)USA data

Recession On Deck: US GDP Shockingly Contracts In Q1 Driven By Inventory, Exports Plunge

THURSDAY, APR 28, 2022 – 08:46 AM

Heading into today’s first estimate of Q1 GDP, estimates were low – certainly far lower than the 6.9% final Q4 GDP number, the strongest since the third quarter of 2020. Commenting ahead of the print, Bloomberg said that  “a slowdown in the first quarter will prove temporary, a consequence of omicron and the drag from volatile inventories and trad.” Maybe, but what if it’ not temporary. And how big of a slowdown? Indeed, moments before the print we said that with just 3 GDP report to go until the midterms, it wouldn’t be a bad idea for the Biden admin to “kitchen sink” the quarter with e negative print.

Well, we were right again, because moments ago the BEA reported that in Q1, the US in fact shrank by 1.4%…

…shocking consensus estimates of a 1.0% GDP print…

… although to be fair, a few Wall Street analysts (5 of 69 to be exact) did predict a negative print but the consensus was by and large for continued growth

What was behind the shocking contraction in the US economy? Two things mostly: a sharp drop in changes in private inventory and a huge swing in net exports (more below).

According to the BEA, the first quarter decrease in real GDP reflected decreases in inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased. Consumer spending, business investment, and housing investment increased

Looking at the components, we find the following Q1 data:

  • Personal consumption rose 1.83%, up from 1.76% in Q4
  • Fixed Investments 1.27%, also up solidly from 0.50% in Q4
  • However, the change in private inventories was a huge hit to GDP (just as we warned last month it would be) subtracting -0.84% from GDP, vs adding 5.32% in Q4
  • Net trade was also ugly, with exports collapsing to -0.68% vs an increase of 2.24% in Q4. At the same time, imports were largely flat at -2.53%, vs -2.46% last quarter, resulting in a net trade print of -3.21% in Q1, vs a -0.22% decline in Q4.
  • Government consumption was unchanged at -0.48% vs -0.46% a quarter ago.

Bottom line: annualized GDP plunged from 6.9% growth in Q4 to a -1.43% shrinkage in Q4.

Some more details from the BEA:

  • The decrease in inventory investment primarily reflected decreases in wholesale (led by motor vehicles) and retail (led by “other” retailers as well as motor vehicle and parts dealers).
  • The decrease in exports reflected a decrease in goods (led by nondurable goods) that was partly offset by an increase in services (led by financial services).
  • The decrease in federal government spending primarily reflected a decrease in defense spending on intermediate goods and services.
  • The increase in imports primarily reflected an increase in goods (led by durable goods).
  • The increase in consumer spending reflected an increase in services (led by health care) that was partly offset by a decrease in goods. Within goods, a decrease in nondurable goods (led by gasoline and other energy goods) was partly offset by an increase in durable goods (led by motor vehicles and parts).
  • The increase in business investment reflected increases in equipment (led by information processing and related equipment) and intellectual property products (led by software as well as research and development).

Ok, what is really going on here? Well, in our view the US economy is already in a stagflationary recession, and the sooner the Biden admin admits this the better, which is precisely why it just did so. Why now? Because it hopes that after a brief recession in Q1 and Q2 – which it cane blame on Omicron and Putin, in fact just call it GDPutin – the hope is to present voters a Q3 GDP print, due just days before the midterm elections, that is solidly in the green for a hail mary bounce for Democrats.

We doubt it will work, but we are far more worried about just how serious the recession the US finds itself in, is.

That said, don’ worry – the odds of a Fed rate cut next week are still 0 as Powell scrambles to contain inflation which is now the primary directive of the Fed, economic growth be damned.

-END-

IIB) USA COVID/VACCINE MANDATES

end

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

Extremely important

a must read!!

Rex Nutting/Market Watch

Opinion: There’s a big hole in the Fed’s theory of inflation—incomes are falling at a record 10.9% rateApril 28, 2022 at 1:08 p.m. ET

By Rex Nutting 

If inflation is all due to an overly generous federal government giving its people too much money, then our inflation problem is about to go away

Inflation is being starved of its oxygen. The purchasing power of after-tax household income has plunged 10.9% in the past year.

The most concerning thing about Thursday’s report on U.S. gross domestic product for the first quarter wasn’t that the first line of the first table showed that real GDP fell at a 1.4% annual rate. It was the little-noticed news on line 34 showing that real disposable incomes fell for a fourth straight quarter

Incomes are perhaps the least-appreciated factor in driving economic growth, because everything starts there.

Unwinding stimulus

Over the last four quarters, the purchasing power of after-tax household incomes plunged by $2.2 trillion (in 2021 dollars). That’s a 10.9% decline, by far the largest in the records dating back to 1947.

Of course, the decline in incomes is merely the unwinding of the massive support that households received from the government in 2020 and 2021 via direct pandemic stimulus payments, the child tax credit, and enhanced benefits for unemployment insurance, food stamps and Medicaid, and more.

This means that the Fed is chasing a shadow. Because if our current spike in inflation is all due (as many people argue) to an overly generous federal government giving its people too much money, then our inflation problem is about to go away.

As economists Yeva Nersisyan and L. Randall Wray of the nonpartisan Levy Economics Institute of Bard College conclude in a paper published this month ahead of the GDP report: “Most of the government’s income support has already disappeared, so going forward it is not an important contributor to demand in the economy.”

The faucet has been turned off. Without all the extra money from Uncle Sam, U.S. households will have to live within their means once again. Demand will slow, and so too will inflation, according to the ironclad economic laws of supply and demand.

Inflation would be starved of its oxygen.

Rex Nutting:  The party’s over: The Fed and Congress have pulled their support from workers and investors

end

IIIB) USA ECONOMIC STORIES

Southern California is asking citizens to cut outdoor water use amid the worst drought in years

Van Brugen/EpochTimes

Southern California Asks Millions To Cut Outdoor Water Use Amid Drought

WEDNESDAY, APR 27, 2022 – 04:45 PM

Authored by Isabel van Brugen via The Epoch Times,

Southern California’s water supplier on Tuesday asked about 6 million people to limit their outdoor watering to one day a week amid a water shortage emergency owing to the ongoing drought.

The Metropolitan Water District of Southern California (MWD), the largest supplier of treated water in the United States, asked residents in parts of Los Angeles, Ventura, and San Bernardino counties to cut their outdoor watering.

“We don’t have enough water supplies right now to meet normal demand. The water is not there,” MWD spokeswoman Rebecca Kimitch said.

“This is unprecedented territory. We’ve never done anything like this before.”

According to the MWD, the affected regions face an “emergency because of reliance on severely limited” supplies from Northern California.

“The past three years are projected to be the driest in our state’s history, leading to drought conditions unlike anything we’ve experienced before,” it noted.

The MWD uses water from the Colorado River and the State Water Project to supply 26 public water agencies that provide water to 19 million people, or 40 percent of the state’s population.

But record dry conditions have strained the system, lowering reservoir levels, and the State Water Project—which gets its water from the Sacramento-San Joaquin River Delta—has estimated it will only be able to deliver about 5 percent of its usual allocation this year.

January, February, and March of this year were the driest three months in recorded state history in terms of rainfall and snowfall, Kimitch said.

The MWD said that the 2020 and 2021 water years had the least rainfall on record for two consecutive years. In addition, Lake Oroville, the State Water Project’s main reservoir, reached its lowest point last year since being filled in the 1970s.

The measure was approved by the district’s board on Tuesday, but it is expected to take effect on June 1. Officials are expected to elaborate on policy details on Wednesday morning.

The MWD’s client water agencies must implement either the one-day-a-week outdoor use restriction or find other ways of making equivalent reductions in water demand, Kimitch said.

Although the water agencies support the water conservation move, it remains to be seen whether the public will do it, Kimitch said.

The MWD will monitor water use and if the restrictions don’t work, it could order an all-out ban on outdoor watering as soon as September, she said.

END

Stinger missile production hit with delays and that will certainly hurt Ukraine

(zerohedge)

Stinger Missile Production Hit With Delays, Raytheon CEO Warns

WEDNESDAY, APR 27, 2022 – 11:05 PM

Stinger shoulder-fired missiles are in short supply, and increased production might not come online for a few years, Raytheon Technologies Corporation revealed in a conference call with investors on Tuesday. 

Robert Spingarn from Melius Research asked Raytheon CEO Greg Hayes: “Will the Army replace the current 1,400 stingers that were sent to Ukraine?”

Hayes replied Raytheon is “currently producing stingers for an international customer, but we have a very limited stock of material for stinger production.” 

The CEO added, “DoD hasn’t bought a stinger in about 18 years. And some of the components are no longer commercially available, and so we’re going to have to go out and redesign some of the electronics in the missile of the seeker head.”

Hayes said it’s “going to take us a little bit of time” to ramp up production and doesn’t expect DoD to place large replenishment orders for stingers until 2023 or 2024. 

In the past two months, the US has sent more than1,400 Stinger anti-aircraft missiles to Ukraine. With stingers in limited production, this could be problematic for the West if the conflict in Ukraine broadens. 

The Army recently sent out a request for a next-generation infrared homing surface-to-air missile with plans to award a contract in the 2Q23, though the new missiles won’t be fielded until 2028.  

iv)swamp stories

The King Report (including swamp stories)

The King Report April 28, 2022 Issue 6748Independent View of the News
Germany Slashes Growth Forecast on Spillover from Ukraine War
Government cuts 2022 growth forecast to 2.2% from 3.6%
https://www.bloomberg.com/news/articles/2022-04-27/germany-slashes-growth-forecast-on-spillover-from-ukraine-war
 
U.S. goods trade deficit hits record high; inventories rise
The goods trade deficit jumped 17.8% to an all-time of $125.3 billion. Imports of goods accelerated 11.5% to $294.6 billion. They were boosted by a 15% surge in industrial supplies, which include petroleum products… The surge in imports is being driven by businesses replenishing inventories amid strong domestic demand. Wholesale inventories rose 2.3% in March after shooting up 2.6% in February. Retail inventories increased 2.0% after gaining 1.5% in February. Motor vehicle stocks rose 1.2%. Excluding motor vehicles, retail inventories increased 2.3% after rising 1.5%… http://reut.rs/3MAPAmk
 
The U.S. Census Bureau announced the following international trade, wholesale inventories, and retail
inventories advance statistics for March 2022  https://www.census.gov/econ/indicators/advance_report.pdf?CID=CBSM+EI
 
ESMs traded lower when Asia opened.  A plodding rally quickly developed.  Ten minutes after Europe opened at 3 ET, ESMs and stocks tumbled.  However, at 3:28 ET, someone decided to force ESMs higher.  ESMs jumped 44 handles in 30 minutes.  After a modest respite, ESMs and European stock plodded higher.  A top appeared at 4:16 ET.  ESMs and stocks then commenced a protracted decline until the rally for the NYSE open began at 9:10 ET.
 
When the NYSE opened, someone juiced ESMs 50 handles higher in 20 minutes! 
 
Yesterday’s King Report: Stocks have broken down; technical damage is severe; and crucial levels beckon.  Plus, the most bullish intermediate term seasonal pattern for stocks, known to Earthlings, ends on May1.  Ergo, bulls and the force that keeps manipulating ESMs higher NEED to make a resolute stand today.
@NAR_Research: The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 1.2% to 103.7 in March. Year-over-year, transactions sank 8.2%
https://www.nar.realtor/newsroom/pending-home-sales-sag-1-2-in-march
 
Fears mount inside White House that Manchin won’t agree to any deal
Biden aides have tried gauging the senator’s interest in a potential agreement, but time is running out
    In negotiations last fall, after some of that money ended up in a bipartisan infrastructure law, the administration lowered its request to roughly $2 trillion. Now, with time running out before November’s elections, many White House officials say privately that they’d consider themselves fortunate to secure a deal worth even $1 trillion… (Inflation roaring, Biden & leftists want $1T more to buy the election?)
https://www.washingtonpost.com/us-policy/2022/04/26/white-house-manchin-biden/
 
Buffett’s Berkshire Hathaway needs to be broken up
Buffett… overpaid for his last two big acquisitions and in effect financed someone to take his newspaper group off his hands If an investor such as Buffett stumbles in deploying Berkshire’s war chest, what are the prospects for a successor?… Berkshire’s disclosures are inconsistent about the largest subsidiaries and nonexistent about the rest, despite the relative size of some of the companies…
https://www.ft.com/content/89ca1c10-85ac-4d88-8361-ee6b6be1384f
Russia’s Gazprombank turned down a ruble payment from a trading firm Germany had seized from Moscow…  https://www.yahoo.com/news/russia-declines-germanys-ruble-payment-191757237.html
 
@SquawkCNBC: “China didn’t have any problems with the virus in the first two or three rounds with the global pandemic, and now it is pretty convenient they are having trouble with the virus at a point in time in which food prices were at a multi-decade high,” says @jkylebass https://t.co/Ts3FcqFJ5W
 
White House worried Iran could develop nuclear weapon in weeks
https://www.reuters.com/world/white-house-worried-iran-could-develop-nuclear-weapon-weeks-2022-04-26/
 
@charliebilello: US Money Supply has increased by over 50% in the last 3 years, the largest 3-year increase ever. Only other times when Money Supply increased by >40% in a 3-yr period: 1973 & 1977-78. Both were followed by high inflation, recessions… and bear markets. https://t.co/zrJMkxnOwl
 
The Big Guy, or his handlers, created a ‘Ministry of Truth’!  It really is 1984 for the USA!
 
@JackPosobiec: Biden Admin Department of Homeland Security to create a ‘Disinformation Governance Board’ dedicated to ‘countering misinformation’… The DHS board will be headed by Nina Jankowicz, who once claimed militarized Trump supporters would show up to the polls with weapons to intimidate voters… President Biden has decided the federal government will launch a Disinformation Governance Board under the authority of the Homeland Security Department.  Did you just think they would let you have free speech back? (Can you image the outrage if a GOP prez did this?) 
https://thepostmillennial.com/breaking-biden-administration-creates-disinformation-governance-board-under-dhs-to-fight-misinformation
 
GOP @RepTroyNehls: They didn’t need a ‘Disinformation Governance Board’ until @elonmusk threatened their control over the narrative.
 
@bonchieredstate: The head of Biden’s new “Disinformation Governance Board” spent months downing the Hunter Biden laptop story and falsely insisting it was a Russian plot. Just perfect
 
After the close, Meta (Facebook) reported EPS of 2.72 (2.56 exp) and rev of 27.91B (28.24B exp).  FB jumped 19.5% (short covering frenzy).  Meta reduced Q2 rev guidance to 28B-30B (30.74B consensus).
 
Facebook parent Meta records slowest quarterly revenue growth in a DECADE – but shares jump as the company stems disastrous loss of users
https://www.dailymail.co.uk/news/article-10760711/Facebook-parent-Meta-records-slowest-quarterly-revenue-growth-DECADE.html
 
Today is the peak of Q1 earnings season.  Beaucoup major corporations, from various sectors, report results today.  After the close, uber-tech companies Apple, Intel, and Amazon report results.
 
The resolute stand to keep stocks from breaching crucial support levels on Wednesday was successful; but the concerted effort produced a peak at midday, and there was no rally in the afternoon.  This is a huge negative.  In past years, a ‘V’ rally would appear and/or stocks would rally in the afternoon.
 
The S&P 500 Index closed 16.04 below its important 4200 support.  The March lows (4158-61) are still in play.  If this level is breached, the critical February low (4114.65) comes into play.
 
Tomorrow is month end; so be alert for desperately needed performance gaming this afternoon.
The further a society drifts from the truth, the more it will hate those that speak it.” – George Orwell
 
Critics blast Adam Schiff as ‘king of disinformation’ following his concerns about Musk’s Twitter purchase – Schiff has faced years of criticism for spreading misinformation on Trump-Russia collusion  https://www.foxnews.com/media/critics-blast-adam-schiff-king-disinformation-concerns-musk-twitter-purchase
 
Big Tech censored Biden criticism more than 600 times over 2 years: report
Some were targeted merely for quoting the president in his own words
https://www.foxnews.com/politics/big-tech-censored-biden-criticism-more-than-600-times-over-2-years-report
 
@ggreenwald: This is why I regard as such a pathetic joke the whining and panic now from liberal journalists about billionaire control over social media and the possibility that “disinformation” will spread. That already happened. Facebook did it to help Biden. And they all *cheered*.
 
ABC, CBS and NBC ignore report that Biden met with Hunter Biden business partner at White House in 2010 – Mainstream media continues to overlook Hunter Biden scandals
https://www.foxnews.com/media/abc-cbs-nbc-ignore-report-biden-hunter-biden-business-partner
 
Turley: Garland Stonewalls Questions about a Special Counsel in Hunter Biden Scandal Despite New Evidence Tied to President Biden – Given this mounting evidence, the position of Attorney General Garland has gone from dubious to ridiculous in evading the issue of a special counsel appointment.  He continues to refuse to acknowledge these conflicts with the President…
    Federal regulations allow the appointment of a special counsel when it is in the public interest and an “investigation or prosecution of that person or matter by a United States Attorney’s Office or litigating Division of the Department of Justice would present a conflict of interest for the Department or other extraordinary circumstances.” It is hard to imagine a stronger case for the appointment of a special counsel.    https://jonathanturley.org/2022/04/27/garland-stonewalls-questions-about-a-special-counsel-in-hunter-biden-scandal-despite-new-evidence-tied-to-president-biden/
 
Democrats ‘afraid’ to discuss border security, says Democratic Sen. Jon Ossoff  https://t.co/DXrhJpOk2p
 
Conservatives see Twitter followers shoot up hours after Elon Musk took over https://trib.al/o7hIrJ4
 
GOP Rep @Jim_Jordan: We’ve gained over 100 thousand followers since Elon Musk bought Twitter.  Surely it’s just a coincidence!
 
@themarketswork: Everyone is seeing the same thing. Engagement rising. Follower count rising (on Twitter).  After years of stagnation. Meanwhile, DNC accounts are “shocked” to see their followers fall as bot-inflated accounts are normalized or removed.  Big-tech lied. The Left lied. Now we can prove it.
 
@IngrahamAngle: After being magically stuck at 3.9M Twitter followers for a few years, I’m now at 4M. I’m sure it’s just a coincidence.
 
@MarcInNorthTex:  After almost 18 months of having my account “Permanently Suspended” and countless appeals, suddenly it has been restored. Wonder how that happened without #ElonMusk?…
 
@JackPosobiec: And now we know why conservatives are suddenly getting massive influxes of followers. People who were banned are reuniting with their mutuals as their accounts are restored
https://twitter.com/MarcInNorthTex/status/1518971895160442883
 
@AnnCoulter: We’re required by the Rules of Wokeness to ignore the deeply suffering mentally ill.  I’m not being snotty or sarcastic.  This is a cruel way to treat people.
 
January 6 committee wants to hear from McCarthy after new audio of warning to GOP lawmakers
In a January 10, 2021, audio recording released Tuesday by The New York Times, McCarthy tells fellow Republican leaders that Trump’s far-right allies in the House are “putting people in jeopardy” with their public tweets and comments that could put other lawmakers at risk of violence…
    On Twitter, Gaetz called McCarthy and Rep. Steve Scalise, who said Gaetz’ actions were “potentially illegal,” “weak men.” “While I was protecting President Trump from impeachment, they were protecting Liz Cheney from criticism,” Gaetz tweeted late Tuesday…
https://www.cbsnews.com/news/kevin-mccarthy-january-6-committee-audio-republicans/?ftag=CNM-00-10aab7b&linkId=162664781
 
GOP Rep. Gaetz lashes out at McCarthy, Scalise after leaked comments http://hill.cm/aaADZn6
The New York Times published a report that featured recorded comments from the two congressmen airing concerns about the Florida Republican’s remarks following the Jan. 6, 2021, attack…
    “Rep McCarthy and Rep. Scalise held views about President Trump and me that they shared on sniveling calls with Liz Cheney, not us,” Gaetz wrote. “This is the behavior of weak men, not leaders.”… “They deemed it incendiary or illegal to call Cheney and Kinzinger ‘Anti-Trump,’ a label both proudly advertise today,” he added…“On the bright side, you no longer have to be a lobbyist with a $5,000 check to know what McCarthy and Scalise really think. You just have to listen to their own words as they disparage Trump and the Republicans in Congress who fight for him,” he said…
https://thehill.com/news/house/3467183-gaetz-lashes-out-at-mccarthy-scalise-after-leaked-comments/
 
@DailyCaller: TUCKER: “Unless conservatives get their act together right away, Kevin McCarthy or one of his highly liberal allies…is likely to be speaker of the house in January. That would mean you would have a Republican Congress led by a puppet of the Democratic Party.”
https://twitter.com/DailyCaller/status/1519152449352785921
 
@ColumbiaBugle: Tucker Carlson Calling Out Democrat Party Puppet @GOPLeader: “In a phone call reported today by the NYT, Congressman Kevin McCarthy told his close friend Liz Cheney that he hoped the social media companies would censor MORE Conservative Republicans in Congress.” https://t.co/HRQMzaVva5
 
@TomBevanRCP: According to Durham filing, Fusion GPS had email exchanges with reporters from the following outlets pushing the Russia collusion hoax: ABC News, New York Times, Reuters, Slate, Washington Post, Wall Street Journal, Yahoo News   https://scribd.com/document/57163
 
@greg_price11: Biden: “I got involved in politics because I think the greatest sin anyone can commit is abuse of power.” https://twitter.com/greg_price11/status/1519417080101101569
    (You can’t make this up!  Last week Joe said he got involved in politics for the environment!)
 
@RNCResearch: Biden says “what got me involved in politics” was the environment(Once again, ad hoc lying or senility?) Biden has previously said, at different times, that civil rights and voting rights were the issues that got him involved in politics.   https://twitter.com/RNCResearch/status/1517569684836605953
 
Here’s The Full List of Every Lie Joe Biden Has Told as President: 150 and Counting
https://thefederalist.com/2022/03/08/heres-the-full-list-of-every-lie-joe-biden-has-told-as-president-150-and-counting/
 
 

Let us close today with this offering courtesy of Greg Hunter interviewing Clif High

(To Donate to USAWatchdog.com Click Here)

See you on FRIDAY 

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