APRIL 29/FIRST DAY NOTICE FOR THE PRECIOUS METALS: GOLD UP $20.05 TO $1910.25//SILVER IS DOWN 12 CENTS TO $23.04//PLATINUM UP $24.70 TO $949.45//PALLADIUM IS UP $93.40 TO $2320.75//RUSSIAN OFFICIAL STATES THAT RUSSIA WILL BACK ITS ROUBLE WITH GOLD AND COMMODITIES//COVID UPDATES FROM SHANGHAI PLUS OTHER MANDATES//VACCINE INJURIES UPDATES/VACCINE MANDATE//USA INFLATION EXPECTATIONS HIT 41 YEAR HIGH//SWAMP STORIES FOR YOU TONIGHT//

April 29, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

April 29, 2022 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD;  $1910.25 UP $20.05

SILVER: $23.04 DOWN $0.12

ACCESS MARKET: GOLD $1897.30

SILVER: $22.73

Bitcoin morning price:  $38,739 DOWN 1325

Bitcoin: afternoon price: $38,434 DOWN 1630

Platinum price: closing UP $24.70 to $949.45

Palladium price; closing UP $93.40  at $2320.75

END

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comex notices/

: JPMorgan stopped/total issued 299.1388

EXCHANGE: COMEX

CONTRACT: MAY 2022 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,888.700000000 USD
INTENT DATE: 04/28/2022 DELIVERY DATE: 05/02/2022
FIRM ORG FIRM NAME ISSUED STOPPED


118 C MACQUARIE FUT 42
132 C SG AMERICAS 20
435 H SCOTIA CAPITAL 14
657 C MORGAN STANLEY 8
657 H MORGAN STANLEY 555
661 C JP MORGAN 1274 299
690 C ABN AMRO 92
709 C BARCLAYS 283
732 C RBC CAP MARKETS 32
737 C ADVANTAGE 43
905 C ADM 114


TOTAL: 1,388 1,388

MONTH TO DATE: 1,388 



NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT 1388  NOTICE(S) FOR 138,800 OZ  (4.3172  TONNES)

total notices so far:  1388 contracts for 138,800. oz (4.3172 tonnes)

SILVER NOTICES: 

1672 NOTICE(S) FILED 8,360,000   OZ/

total number of notices filed so far this month  1672  :  for 8,360,000  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 $20.05

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//

NO CHANGES IN GOLD INVENTORY AT THE GLD:

INVENTORY RESTS AT 1095.72 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 12 CENTS

AT THE SLV// A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: HUGE CHANGES MIL AT 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 STRONG SIZED  2349 CONTRACTS TO 136,891   AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020 AND THE STRONG GAIN IN OI WAS ACCOMPLISHED DESPITE OUR  $0.21 LOSS  IN SILVER PRICING AT THE COMEX ON THURSDAY.  OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.21) AND WAS  SOMEWHAT SUCCESSFUL IN KNOCKING OUT SOME SILVER LONGS  AS  WE HAD A STRONG LOSS OF 1099 CONTRACTS ON OUR TWO EXCHANGES. NO DOUBT THE LOSS WAS DUE TO FINALIZATION OF  SPREADER LIQUIDATION//TAS IN SILVER

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 30.170 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  : —-3732

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 20 days, total 22,904  contracts:  114.520 million oz  OR 5.73 MILLION OZ PER DAY. (1145 CONTRACTS PER DAY)

TOTAL NO OF OZ UNDERGOING EFP TO LONDON 22,904 CONTRACTS X 5,000 PER CONTRACT:

EQUATES TO: 114.52 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: 114.52 MILLION OZ FINAL//LOW ISSUANCE

RESULT: WE HAD A STRONG  SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2349 WITH OUR  $0.21 LOSS IN SILVER PRICING AT THE COMEX// THURSDAY., TODAY.  THE CME NOTIFIED US THAT WE HAD A STRONG  SIZED EFP ISSUANCE  CONTRACTS: 1250 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 MAY. OF 30.170 MILLION  OZ   .. WE HAD A STRONG SIZED LOSS OF 1099 OI CONTRACTS ON THE TWO EXCHANGES FOR 5.495 MILLION  OZ ACCOMPANYING THE LOSS IN PRICE. 

 WE HAD 1672  NOTICES FILED TODAY FOR 8,360,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 3283 CONTRACTS  TO 558,777 AND CLOSER TO NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  -3787 CONTRACTS.

THE BIS HAS ABANDONED THE GOLD COMEX TRADING!!!

.

THE  FAIR SIZED INCREASE IN COMEX OI CAME WITH OUR SMALL GAIN IN PRICE OF $2.35//COMEX GOLD TRADING/THURSDAY /.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 MAY AT 5.353 TONNES ON FIRST DAY NOTICE /

YET ALL OF..THIS HAPPENED WITH OUR GAIN IN PRICE OF   $2.35 WITH RESPECT TO THURSDAY’S TRADING

WE HAD A GOOD SIZED GAIN OF 4508  OI CONTRACTS (14.02 PAPER TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED  1225 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 558,777.

IN ESSENCE WE HAVE A VERY GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4508, WITH 3283 CONTRACTS INCREASED AT THE COMEX AND 1225 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 4508 CONTRACTS OR 14.02 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1225) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (3283,): TOTAL GAIN IN THE TWO EXCHANGES  4508CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MAY. AT 5.353 TONNES ///  3) ZERO LONG LIQUIDATION //.,4) FAIR SIZED COMEX  OI. GAIN 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2022 INCLUDING TODAY

APRIL

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

54,513 CONTRACTS OR 5,451,300 OR 169.55  TONNES 20 TRADING DAY(S) AND THUS AVERAGING: 2725 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20 TRADING DAY(S) IN  TONNES: 169.55 TONNES

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

THUS EFP TRANSFERS REPRESENTS  169.55/3550 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:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

SPREADING OPERATIONS

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

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

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF APRIL HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF MAY, FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAR), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, FELL BY A  STRONG SIZED 2349 CONTRACT OI TO 136,891 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 1250 CONTRACTS

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

MAY 1250  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 2349 CONTRACTS AND ADD TO THE 1250 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A STRONG SIZED LOSS OF 1099 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES 5.495 MILLION OZ

OCCURRED DESPITE OUR  LOSS IN PRICE OF  $0.21 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)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 71.58 PTS OR 2.41% //Hang Sang CLOSED UP 813.22 OR  4.01%   /The Nikkei closed UP 461.27 PTS OR 1.75%        //Australia’s all ordinaires CLOSED UP 1.08%   /Chinese yuan (ONSHORE) closed UP 6.5880    /Oil UP TO 106.58 dollars per barrel for WTI and UP TO 108.58 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5880 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6198: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER//

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 ROSE BY A FAIR SIZED 3283 CONTRACTS TO 558,777  AND CLOSER TO THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND THIS  COMEX DECREASE OCCURRED WITH OUR GAIN OF $2.35 IN GOLD PRICING THURSDAY’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 MAY..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS 1225 EFP CONTRACTS WERE ISSUED:  ;: ,  . 0 JUNE :1225 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE:  1255 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 GOOD SIZED  TOTAL OF 4508 CONTRACTS IN THAT 1225 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED  COMEX OI GAIN OF 3283  CONTRACTS..AND  THIS  GAIN OCCURRED DESPITE OUR SMALL GAIN IN PRICE OF GOLD $2.35

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING FOR MAY   (5.353),

 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 TONNES FINAL.

MAY: 5.353 TONNES

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $2.35) AND  WERE  UNSUCCESSFUL IN FLEECING QUITE ANY LONGS AS WE HAVE  REGISTERED A GOOD SIZED GAIN  OF 14.02 TONNES ON TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR MAY (5.353 TONNES)

WE HAD 3787 CONTRACTS REMOVED FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 4508 CONTRACTS OR 450800 OZ OR 14.02TONNES

Estimated gold volume today: 164,944/// very poor

Confirmed volume yesterday:180,666 contracts  poor

INITIAL STANDINGS FOR MAY ’22 COMEX GOLD //APRIL 29

GoldOunces
Withdrawals from Dealers Inventory in oznil oz
Withdrawals from Customer Inventory in oz964,53 oz
Int. Delaware
30 kilobars
Deposit to the Dealer Inventory in oznil
OZ 
Deposits to the Customer Inventory, in oznil
No of oz served (contracts) today1388  notice(s)
138,800 OZ
4.3172 TONNES
No of oz to be served (notices)333 contracts 33,300 oz
1.0357 TONNES
Total monthly oz gold served (contracts) so far this month1388 notices138,800 OZ
4.3172 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

1 customer withdrawals:

i) out of Int. Delaware 964.53 oz

total withdrawal:  964.53 oz

ADJUSTMENTS:   2/ dealer to customer

i) HSBC  977.955 oz

ii) JPMorgan 385.812 oz (12 kilobars)

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAY.

For the front month of MAY we have an  oi of 1721 contracts having GAINED 139 contracts

Thus by definition, the initial amount of gold standing for May is as follows:

1721 notices filed x 100 oz per notice =  172,100 oz or 5.353 tonnes

June saw a GAIN of 1503 contracts UP to 442,879  contracts

July has 0 OI

August has a gain of 1812 contracts up to 64,629 contracts

We had 1388 notice(s) filed today for  138,800  oz FOR THE MAY 2022 CONTRACT MONTH. 


Today, 0 notice(s) were issued from J.P.Morgan dealer account and  1274 notices were issued from their client or customer account. The total of all issuance by all participants equate to 1388 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and   299 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 MAY /2021. contract month, 

we take the total number of notices filed so far for the month (1388) x 100 oz , to which we add the difference between the open interest for the front month of  (MAY 1721  CONTRACTS ) minus the number of notices served upon today  1388 x 100 oz per contract equals 172,100 OZ  OR 5.353 TONNES the number of TONNES standing in this  active month of APRIL. 

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

No of notices filed so far (1388) x 100 oz+   (1721)  OI for the front month minus the number of notices served upon today (1388} x 100 oz} which equals 172,100 oz standing OR 5.353 TONNES in this NON   active delivery month of MAY.

TOTAL COMEX GOLD STANDING:  5.353 TONNES  (A WHOPPER FOR A MAY ( NON 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: 35,876,894,878  OZ (1115,92 TONNES)

TOTAL ELIGIBLE GOLD: 18,385,595.205  OZ (571.86 tonnes)

TOTAL OF ALL REGISTERED GOLD: 17,491,289.173 OZ  (544.05 tonnes)

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

END

MAY 2022 CONTRACT MONTH//SILVER//APRIL 29

SilverOunces
Withdrawals from Dealers InventoryNIL oz
Withdrawals from Customer Inventory1,432,128.82  oz
HSBC CNT
JPMorgan
Deposits to the Dealer Inventorynil
OZ
Deposits to the Customer Inventory2,185,668.922 oz
CNT
Delaware
JPMorgan
No of oz served today (contracts)1672CONTRACT(S)8,360,000  OZ)
No of oz to be served (notices)4362 contracts (21,810,000 oz)
Total monthly oz silver served (contracts)1672 contracts 8,360,000 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 3 deposits into the customer account

i) Into Delaware:  419,003.222 oz

ii) Into JPMorgan: 1,166,623.700 oz

iii) Into CNT  600,042.000

total deposit:  2,185,668.922    oz

JPMorgan has a total silver weight: 173.713 million oz/333.633 million =51.85% of comex 

 Comex withdrawals: 3

i) Out of CNT 45,947.47  oz

i1) Out of JPMorgan  785,806.450 oz

iii) Out of HSBC: 600,374.800 oz

total withdrawal 1,432m128.82    oz

4 adjustments:  dealer to customer

i) Brinks  907,234.370 oz

ii) Out of HSBC:  24,247.610 oz

iii) JPMorgan  116,071.370 oz

iv) Out of Manfra: 464,040.969 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 81.475 MILLION OZ

TOTAL REG + ELIG. 333.632 MILLION OZ

CALCULATION OF SILVER OZ STANDING FOR APRIL

silver open interest data:

FRONT MONTH OF MAY OI: 6034 HAVING LOST 3607 CONTRACTS

THUS BY DEFINITION, THE INITIAL AMOUNT OF SILVER STANDING IN THIS ACTIVE DELIVERY MONTH OF MAY IS AS FOLLOWS:

6034 NOTICES X 5000 OZ PER NOTICE =  30,170,000 OZ

JUNE HAD A GAIN OF 212 TO STAND AT 1775

JULY HAD A GAIN OF 1231 CONTRACTS UP TO 108,792 CONTRACTS.

 .

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 1672 for 8,360,000 oz

Comex volumes: 47,943// est. volume today//  poor

Comex volume: confirmed yesterday: 69,128 contracts (  fair )

To calculate the number of silver ounces that will stand for delivery in MAY. we take the total number of notices filed for the month so far at 1672 x 5,000 oz = 8,360,000 oz 

to which we add the difference between the open interest for the front month of MAY (6034) and the number of notices served upon today 1672 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAY./2021 contract month: 1672 (notices served so far) x 5000 oz + OI for front month of MAY (6034)  – number of notices served upon today (1672) x 5000 oz of silver standing for the MAY contract month equates 30.170,000 oz. .

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

END

GLD AND SLV INVENTORY LEVELS:

APRIL 29/WITH GOLD UP $20.05/NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1095,72 TONNES

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 29//WITH SILVER DOWN 12  CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.725 MILLION OZ/

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 RESTS 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

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

PAM AND RUSS MARTENS:

Another Raid of Deutsche Bank, Another Dead Whistleblower

By Pam Martens and Russ Martens: April 29, 2022 ~

The Financial Times is reporting this morning that “Germany’s federal police office, criminal prosecutors and the country’s financial watchdog BaFin are raiding Deutsche Bank’s headquarters in Frankfurt” this morning, according to a statement from prosecutors.

The raid comes just four days after the body of Valentin (Val) Broeksmit, 46, was discovered at about 7 a.m. Monday at Woodrow Wilson High School in El Sereno, just outside of Los Angeles. Val Broeksmit was the son of William Broeksmit who was found hanged in his London home on January 26, 2014. The senior Boreksmit was a senior executive at Deutsche Bank involved in assessing risk on the bank’s balance sheet. (See our report: Documents Emerge in Senate Hearing from William Broeksmit, Deutsche Exec Alleged to Have Hanged Himself in January.)

According to a profile of Val Broeksmit written by David Enrich in the New York Times on October 1, 2019, the younger Broeksmit had obtained “a cache of confidential bank documents” left by his father that provided a “tantalizing” look into the internal workings of Deutsche Bank. Val Broeksmit was sharing the documents with the FBI.

Enrich explains what was going on around Deutsche Bank at that time:

“Federal and state authorities were swarming around Deutsche Bank. Some of the scrutiny centered on the lender’s two-decade relationship with President Trump and his family. Other areas of focus grew out of Deutsche Bank’s long history of criminal misconduct: manipulating markets, evading taxes, bribing foreign officials, violating international sanctions, defrauding customers, laundering money for Russian billionaires.”

Russian billionaires are now back in the news and Donald Trump is being fined $10,000 per day for failure to turn over documents to the New York State Attorney General’s office.

David Enrich had written an earlier piece in May of 2019 for the New York Times describing how a Deutsche Bank whistleblower, Tammy McFadden, and four of her colleagues, had their efforts blocked by the bank when they tried to file suspicious activity reports on bank accounts affiliated with Donald Trump and his son-in-law/advisor Jared Kushner. The suspicious activity reports (SARs) should have been filed with the Federal agency known as FinCEN (Financial Crimes Enforcement Network) but were quashed by a unit of the bank that manages money for the super wealthy.

The coroner has not yet released a cause of death for the younger Broeksmit. His father’s death was ruled a suicide. The two Broeksmits are not the only individuals connected to Deutsche Bank to have turned up dead. On October 24, 2014 the body of Calogero Gambino, 41, was found by his wife hanging from a stairway banister in their Manhattan home. Gambino was a lawyer for Deutsche Bank who had been cooperating with U.S. regulators on Deutsche Bank’s involvement in the rigging of the interest rate benchmark, Libor.

Nor is this the first time that Deutsche Bank’s headquarters have been raided. As we previously reported, on November 29, 2018, Deutsche Bank’s headquarters in Germany were raided by 170 members of law enforcement. Prosecutors said at the time that “Deutsche Bank helped customers found offshore organizations in tax havens by transferring illegally acquired money without alerting authorities to suspected money laundering.” On September 24, 2019 the German police raided Deutsche Bank headquarters for the second time in less than a year.

Deutsche Bank is a major derivatives counterparty to Wall Street’s mega banks. The Bank was having serious problems throughout 2019 and in the days before its trading unit, Deutsche Bank Securities Inc., began to secretly tap trillions of dollars in cumulative loans from the Fed’s repo loan bailout facility.

Deutsche Bank’s attempt to merge with Commerzbank fell through in April 2019. It announced a plan to fire 18,000 workers in July 2019 and had plans to create a good bank/bad bank, isolating off toxic assets that it planned to sell. Deutsche Bank had incurred losses in three of the prior four years. Its share price had lost 90 percent of its value over the prior dozen years and was trading close to an historic low in September 2019. The Monday after the emergency repo loan operations began, Deutsche Bank announced that it would be moving clients and staff from its prime broker unit (that makes loans to hedge funds) to BNP Paribas along with its electronic trading operations.

Newly released documents from the Fed show that on September 17, 2019, the first day of the Fed’s emergency repo loan operations, Deutsche Bank borrowed $1.5 billion in a one-day loan. By September 24, Deutsche Bank had upped its one-day repo loans to $7 billion. By September 25, Deutsche Bank increased its one-day borrowing to $9 billion. On September 27, Deutsche Bank took a $3 billion 14-day term loan and rolled over $6 billion in a 3-day loan.

Later documents released by the Fed show that Deutsche Bank borrowed a cumulative, term-adjusted total of $1.39 trillion from the Fed’s repo loan program in the fourth quarter of 2019 and another $1.24 trillion in the first quarter of 2020. The Fed will release data for the second quarter of 2020 on June 30 of this year. The Fed is releasing the information on a quarterly basis following a two-year lag.

Deutsche Bank units were also secretly bailed out by the Fed during and after the 2008 financial crisis. According to an audit conducted by the Government Accountability Office, Deutsche Bank units borrowed a total of $354 billion in cumulative loans from the Fed’s bailout programs, with the bulk of that amount coming from the Term Securities Lending Facility (TSLF) which ran from March 11, 2008 through February 1, 2010.

As Wall Street On Parade has previously reported, Deutsche Bank has also acquired an unseemly history of fines for its illicit activities. Below is a sampling:

April 23, 2015: Deutsche Bank pleads guilty to the U.S. Department of Justice for its role in rigging the benchmark interest rate known as Libor. It pays fines of $2.519 billion to various regulators.

January 17, 2017: Deutsche Bank reaches a settlement with the U.S. Department of Justice in which it agrees to pay $7.2 billion in fines and restitution for its improper “packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities (RMBS) between 2006 and 2007.”

January 30, 2017: Deutsche Bank is fined a total of $630 million by U.S. and U.K. regulators over claims it laundered upwards of $10 billion on behalf of Russian investors.

January 29, 2018: Deutsche Bank is ordered to pay $30 million by the Commodity Futures Trading Commission for manipulating trading in the precious metals market.

November 8, 2019: Nomura and Deutsche Bank, along with numerous employees, were convicted in a trial in Italy for helping the Tuscan bank, Monte dei Paschi di Siena, commit fraud in derivatives deals to help it hide losses.

January 18, 2020: The Commodity Futures Trading Commission fines Deutsche Bank $10 million to settle two cases: one involving failure to properly report swap transactions and the other for spoofing.

July 7, 2020: The New York State Department of Financial Services settles a state civil matter with Deutsche Bank for $150 million over its involvement with child sex trafficker Jeffrey Epstein.

October 13, 2020: The Frankfurt, Germany Public Prosecutor’s Office fined Deutsche Bank €13.5 million for failing to submit Suspicious Activity Reports in a timely fashion regarding potential money laundering activities.

January 8, 2021: The Justice Department and Securities and Exchange Commission settle charges against Deutsche Bank for $120 million for violating the Foreign Corrupt Practices Act. The charges related to paying bribes to foreign officials to obtain business.

Why the Fed continues to prop up a serial miscreant is a question that every concerned American should be asking their representatives in Congress.

-END-

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

A must read

Ed Steer

Ed Steer: The nearly comprehensive complicity in monetary metals price suppression

Submitted by admin on Thu, 2022-04-28 11:37Section: Daily Dispatches

Canadian mining and media mogul and zillionaire Frank Giustra, quoted below in an excerpt from GATA board member Ed Steer’s market letter today, has declined over the years several requests to help GATA or just acknowledge its work. But then as a respectable figure in the world’s financial establishment and a pal and major financial benefactor of former President Bill Clinton —

https://www.washingtonpost.com/news/post-politics/wp/2015/05/03/travels-with-bill-and-frank-a-look-at-the-clinton-giustra-friendship/

— Giustra would have a lot to lose by doing anything to liberate the monetary metals markets and thereby liberate all markets.

* * *

By Ed Steer
Ed Steer’s Gold and Silver Digest
Thursday, April 28, 2022

Here’s a Tweet from Frank Giustra via Daniela Cambone [of Stansberry Research] that I found on Wall Street Silver yesterday evening. I thought it worth sharing.

“I have never been a fan of conspiracies but my 45 years’ experience in trading markets tells me that someone is deliberately suppressing the gold price, especially in the past two years. I suspect we will see a reset in the global monetary system some time soon.”

This isn’t the first time Giustra has made this remark, as I heard him say it live at one of the Vancouver investment conferences years ago, when he stated virtually the same thing on stage:

https://www.gata.org/node/17223

The fact of the matter is that the entire precious metals industry knows that the price fix has been in for decades but refuses to say so in public, or lift a finger to do anything about it.

That includes all the miners, with the notable exception of Keith Neumeyer at First Majestic Silver, plus a decent percentage of the so-called precious metal “analysts” out there, with Peter Schiff, Doug Casey, and Rick Rule being the poster boys for that. But there are many others besides them.

They are being intellectually dishonest and hypocritical — and their silence or denial has not helped our cause.

But they aren’t at the top of the list of enemies of free-market prices for the precious metals. That place is reserved for the World Gold Council and the Silver Institute. Their very purpose, as GATA’s Chris Powell said long ago, is to ensure that real world gold or silver councils never spring up — councils that work in the best interests of the miners.

Both these organizations — and a decent number of their members — are controlled or infested by the Deep State and their ilk. They have no interest whatsoever in pursing the truth, even though it is now obvious to all. 

That’s one of the reasons that Keith pulled First Majestic out of the Silver Institute. I’m sure he was hoping to change things but the Silver Institute obviously wasn’t interested.

As a group all these organizations, miners, and so-called precious metal “experts” are no more than silent co-conspirators in this decades-long price management scheme. By their very silence or denial they are all complicit.

END

Your weekend reading material

(Alasdair Macleod/GATA)

Alasdair Macleod: Building a better banking system

Submitted by admin on Thu, 2022-04-28 12:54Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, April 28, 2022

This article anticipates the rapidly approaching time when we might be engulfed in a combined currency, asset, and banking crisis. It is becoming clear that such an event can no longer be ruled out.

Economists of the Austrian school have argued that sound money would have prevented a crisis of this sort, and without it the crisis becomes inevitable. The argument for sound money, in other words, a credible gold coin exchange system for banknotes, has already been made. But the question remains over how bank credit, whose fluctuations for a long time have been behind the boom and bust of the business cycle, should be addressed.

Some Austrians argue in favour of a dual banking system, split into separate functions of custodians of deposits and arrangers of finance. They say this arrangement would banish bank credit expansion and the destructive business cycle with it.

But credit creation is not restricted to banks and is common in all economic activities. Banning banks from dealing in credit cuts across established law over credit which has evolved since Roman times. By doing so, banks of deposit would probably fail as a permanent solution and could turn out to be impractical as well.

I suggest that there is a better answer, which is to remove limited liability status from banks and other dealers in credit. They would be less likely to carry excessive balance sheets relative to their own capital. This simple measure would have the merit of making credit available without the excesses we have seen in the past and render much of current banking regulation unnecessary. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/building-a-better-banking-system?gmrefcode=gata

 END

Tennessee becomes the 42 state to end sales taxes on gold and silver

(Gleason/MME/GATA)

Tennessee becomes 42nd state to end sales taxes on gold and silver

Submitted by admin on Thu, 2022-04-28 13:05Section: Daily Dispatches

By Stefan Gleason
Money Metals Exchange, Eagle, Idaho
via Coin Week, Ormond Beach, Florida
Thursday, April 28, 2022

Both houses of the Tennessee legislature yesterday overwhelmingly passed bills that would make the Volunteer State the 42nd state in the U.S. to remove sales taxes from constitutional sound money — gold and silver).

The Tennessee House’s Bill 1874 and Senate Bill 1857, introduced by Rep. Bud Hulsey and Sen. Frank Niceley, now head to Governor Bill Lee for approval. The new precious metals sales tax exemption will take effect immediately upon the governor’s signature.

Overwhelming grassroots support appears to have tipped the balance in this long-running effort in Tennessee. During the Senate vote, Sen. Janice Bowling commented, “I’d like to thank the senator for carrying this bill and also half of the state of Tennessee that contacted us.” …

… For the remainder of the report:

END

Extremely important!! The Kremlin now confirms their intention to back the rouble with gold and commodities

(Ronan Manly/GATA)

Ronan Manly: Kremlin confirms intention to back the ruble with gold and commodities

Submitted by admin on Thu, 2022-04-28 20:14Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Thursday, April 28, 2022

On Tuesday, April 26, in an interview with newspaper Rossiyskaya Gazeta, the secretary of the Russian Federation’s Security Council, Nikolai Patrushev, said that Russian experts are working on a project to back the Russian ruble with gold and other commodities.

The interview, which is in Russian, can be seen on the newspaper’s website here:

https://rg-ru.turbopages.org/rg.ru/s/2022/04/26/patrushev-zapad-sozdal-imperiiu-lzhi-predpolagaiushchuiu-unichtozhenie-rossii.html

For those who don’t know the name Nikolai Patrushev, he is one of the Russia’s most powerful security and intelligence officers and a close ally of President Vladimir Putin. After serving between 1999 and 2008 as director of the Russian Federal Security Service (the successor to the KGB), Patrushev became secretary of the Russian Security Council. In fact, Patrushev took over as sirector of the FSB in 1999 from Putin.

The Security Council of the Russian Federation is chaired by Putin, with Patrushev as secretary, overseeing the Security Council and answering directly to Putin. The deputy chairman of the Security Council is Dmitry Medvedev, the former Russian president and prime minister. Among the other members of the Security Council are the current Russian prime minister, Mikhail Mishustin, and Russian foreign minister Sergei Lavrov.

So when Nikolai Patrushev says that Russia is working on a plan to back the ruble with gold and commodities, it is not just anyone saying this. It is being said at the highest echelons of the Russian government. …

… For the remainder of the report:

https://www.bullionstar.com/blogs/ronan-manly/kremlin-confirms-intention-to-back-ruble-with-gold-and-commodities/

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 FRIDAY morning 7:30 AM

ONSHORE YUAN: CLOSED UP 6.5880

OFFSHORE YUAN: 6.6198

HANG SANG CLOSED UP 813.22 PTS OR 4.01%

2. Nikkei closed UP  461.29 PTS OR 1.75% 

3. Europe stocks  ALL GREEN 

USA dollar INDEX  DOWN TO  103.03/Euro RISES TO 1.0562

3b Japan 10 YR bond yield: RISES TO. +.213/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 129.93/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 UP /JAPANESE Yen UP CHINESE YUAN:   UP -SHORE CLOSED UP//  OFF- SHORE  UP

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO +.0.911%/Italian 10 Yr bond yield RISES to 2.76% /SPAIN 10 YR BOND YIELD RISES TO 1.94%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.85: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3i Greek 10 year bond yield RISES TO : 3.33

3j Gold at $1918.40 silver at: 23.46   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble UP  1 AND 40/100      roubles/dollar; ROUBLE AT 70.68

3m oil into the 106 dollar handle for WTI and  108 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 129.93 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 .9714– as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0257well 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: 2.858 DOWN 1 BASIS PTS

USA 30 YR BOND YIELD: 2.922 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 14.83

Futures Slide As Amazon, Apple Slump; Nasdaq Set For Worst Month Since Nov 2008

FRIDAY, APR 29, 2022 – 07:33 AM

It has been an illiquid, rollercoaster session on the last day of the week and month, which first saw US index futures modestly rise alongside European stocks propped up by surging Chinese and Asian markets following Beijing’s latest vow to use new tools and policies to spur growth, however the initial move higher quickly faded as markets remembered that not only did Amazon report dismal earnings (with Apple also sliding on weak guidance) but the Fed is set to hike 50bps (or maybe 75bps) next week, and put a lit on any upside follow through. As a result, S&P500 futures dropped 0.9%, while Nasdaq futures retreated 1.1% on the last trading day of April, adding to their 9.3% decline so far this month and on pace for the worst monthly performance since November 2008 as fears of rising rates hurt bubbly growth shares and fuel risks for future profits. The yen snapped a slide while staying near 20-year lows. The yuan, euro, pound and commodity-linked currencies made gains while the dollar dipped. 10Y TSY yields rose, rising by about 4bps to 2.87% while gold moved back above $1900. Bitcoin tumbled as usual, and last traded back under $39,000.

In premarket trading, Amazon.com plunged 9%, after projecting dismal second-quarter sales growth, while the world’s largest company Apple dropped 2.8% after warning on supply constraints. Tesla shares gained 4.2% premarket after CEO Elon Musk said he doesn’t plan on selling any more stock after a $4 billion stake sale. Twitter shares also rebounded from yesterday’s selloff as a Musk takeover now looks much more likely. Here are some other notable premarket movers:

  • Intel (INTC US) shares slide 3.1% premarket as analysts flag “light” guidance for the chipmaker’s second quarter, stoking worries over the impact of waning demand for PCs. Intel’s second-quarter forecast missed the average estimate.
  • Robinhood (HOOD US) shares are set to open at a record low Friday as a lockdown-driven boom in retail trading continues to fade and a stock market selloff squeezes out some clients.
  • Tesla (TSLA US) shares rise as much as 4.2% premarket, after CEO Elon Musk said he doesn’t plan on offloading any more Tesla stock after selling ~$4b of shares in the electric vehicle maker following his deal to buy Twitter.
  • Accolade (ACCD US) plummets 36% premarket after the company’s 2023 revenue forecast fell short of estimates, with Morgan Stanley downgrading the healthcare software provider to equal-weight after the loss of a key customer.
  • Finch Therapeutics (FNCH US) shares soar as much as 54% premarket after the biotech announced that the FDA removed the clinical hold on Finch’s investigational new drug application for CP101.
  • Piper Sandler cut its recommendation on Mastercard (MA US) to underweight, becoming the first broker to downgrade the company with a sell-equivalent rating since August. Shares down 1.1% premarket.
  • U.S.-listed Chinese stocks rally across the board in premarket trading after China’s top leaders pledged more support to spur economic growth and vowed to contain Covid outbreaks. Alibaba (BABA US) +13%, JD.com (JD US) +16%.
  • Zymeworks (ZYME US) climbs 30% premarket; All Blue Capital made a non-binding offer at $10.50 per share in cash for the biotech company, Reuters reports, citing people familiar with the matter.

Outside of the flagship tech giant earnings misses, the results season has been reassuring so far. S&P 500 earnings growth is tracking 4.3% year-on-year, with 86% of companies beating estimates, according to Barclays strategists. “With continued solid U.S. growth prospects, robust earnings, and relatively strong household balance sheets, a recession in the next 12 months is not in our base case,” said UBS Wealth Management CIO Mark Haefele. 

Meanwhile, as reported earlier, China’s top leaders promised to boost economic stimulus to spur growth.  While China’s announcement brought some relief for markets, many risks remain. They span China’s ongoing Covid challenges, the impact of the Fed on the U.S. economy and Russia’s war in Ukraine.

“The Fed’s record on soft landings is not that strong,” Carol Schleif, deputy chief investment officer at BMO Family Office LLC, said on Bloomberg Television. “Markets are watching very, very carefully to see if we can thread that needle.”

The latest U.S. data showed that the world’s largest economy unexpectedly shrank for the first time since 2020. That reflected an import surge tied to solid consumer demand, suggesting growth will return imminently.  The figures underscore the debate about how much scope the U.S. central bank has to tighten policy before the economy cracks. Markets continue to project a half-point Fed rate hike next week.

“A year from now, 10-year yields are most likely going to be lower than where we are today,” Jimmy Chang, chief investment officer at Rockefeller Financial LLC, said on Bloomberg Television, referring to Treasuries. “I do believe at some point the economy starts to weaken, the Fed will be less hawkish, perhaps even go into a pause mode by, say, early next year.”

Meanwhile, China’s latest vow to prop up markets helped support European stocks (in addition to Asian and Chinese stocks of course), also spurred by a robust earnings season. The Stoxx Europe 600 Index climbed 0.8%, trimming a monthly decline. The Euro Stoxx 50 gains as much as 1.5% with most cash equity indexes gaining over 1% before stalling. Tech, consumer products and financial services are the strongest performing sectors. Here are some of the biggest European movers today:

  • Novo Nordisk shares gain as much as 7.3% after the Danish pharmaceutical giant reported its latest earnings, which included a large beat on its blockbuster obesity drug Wegovy. The company also hiked its outlook.
  • BBVA rises as much as 5.6% after better-than-expected first-quarter earnings, as the Spanish lender’s performance in Turkey showed signs of vindicating Chief Executive Officer Onur Genc’s bet on the country.
  • Johnson Matthey jumps as much as 36%, the steepest gain since at least 1989 when Bloomberg’s records started, after Standard Industries Inc. bought a stake in the company.
  • Remy Cointreau climbs as much as 3.8% after the French distiller reported 4Q sales that were in line with consensus. Analysts noted the strong start to the current fiscal year and a limited impact so far from a Covid-19 resurgence in the key Chinese market.
  • Spie shares climb as much as 5.1% after the French company reported 1Q figures that Bryan Garnier said were “substantially” above expectations, with planned European investments for energy independence also viewed as a potential headwind.
  • AstraZeneca shares decline as much as 1.3% after the company’s first-quarter earnings included a beat on core EPS and overall revenue, but also a slight miss on Alexion rare disease medication and key growth drugs such as Imfinzi.
  • Neste falls as much as 8.7% even as the Finnish maker of renewable diesel reported first-quarter results that beat estimates. Jefferies (hold) said the lack of longer-term (full-year 2022) margin guidance could disappoint.
  • Henkel tumbles as much as 10% after what RBC says was a “substantial profit warning” for 2022.
  • NatWest falls as much as 6% after its 1Q results got a mixed response from analysts. Some were impressed with the performance of the bank’s Go-Forward business, while others highlighted the very low mortgage spread and miss in the CET1 capital ratio.
  • Orsted drop as much as 3.2% despite reporting a 1Q profit beat, with analysts focusing on the project delays due to supply chain shortages as well as the impact of high input costs.

Earlier in the session, Asian stocks climbed for a second day led by a jump in Chinese technology shares, amid a series of new policy promises from the country’s top leaders to bolster the economy and markets.  The MSCI Asia Pacific Index advanced as much as 1.7%, with Tencent and Alibaba among the biggest gainers. The Hang Seng Tech Index soared more than 10%, rebounding from earlier losses, as the country vowed to support healthy growth of platform companies. As reported earlier, China’s Politburo, led by President Xi Jinping, vowed to meet economic targets in a sign that it may step up stimulus to support growth. Shortly before the measures were unveiled, Chinese tech stocks reversed earlier losses as traders speculated about a possible relaxation of the yearlong regulatory clampdown. Chipmakers in Taiwan and South Korea also climbed, helping the region’s tech sector. A Bloomberg index of Asian semiconductor stocks rallied as much as 2.4%, its biggest gain in more than two weeks. A key technical indicator suggested that the sector is still oversold after Intel’s disappointing profit forecast.

“After recent selloffs in the semiconductor sector, the price levels have become attractive for dip buyers,” said Seo Jung-Hun, a strategist at Samsung Securities, adding that the rebound may be limited ahead of the U.S. Federal Reserve meeting next week.   Stocks in South Korea, Taiwan and Australia advanced while those in Japan were closed for a holiday. Asia’s equity benchmark was still poised for its steepest monthly drop since March 2020 and its fourth monthly decline.

Australian stocks also advanced, paring the week’s decline. The S&P/ASX 200 index rose 1.1% to 7,435.00, paring the week’s loss. Technology and communications sectors gained the most Friday. Pointsbet gained the most in almost a month, snapping a five day losing streak after reporting turnover for the third quarter. Domino’s Pizza fell for a fourth day, dropping the most in a month. New Zealand, the S&P/NZX 50 index was little changed at 11,884.30.

India’s benchmark equities index completed a third monthly slide this year as higher oil prices weighed on sentiment.  The S&P BSE Sensex fell 0.8% to 57,060.87 in Mumbai on Friday, taking its loss in April to 2.6%. Axis Bank Ltd. dropped 6.6% after reporting earnings and was the biggest drag on the Sensex, which saw 23 of 30 member-stocks fall. The NSE Nifty 50 Index also slipped 0.8% to 17,102.55. All 19 sectoral sub-indexes compiled by BSE Ltd. slipped, led by a gauge of oil and gas companies.  “We’ve been seeing the index oscillating in a broader range for the last two weeks and there’s no clarity over the next directional move yet,” Ajit Mishra, vice president for research at Religare Broking Ltd., wrote in a note.  The brokerage maintains a cautious view, with focus on earnings, auto sales data and the initial share sale of Life Insurance Corporation next week.  Of the 15 Nifty 50 firms that have announced earnings results so far, 10 either met or exceeded analysts’ expectations, while five missed. 

In FX, the Bloomberg Dollar Spot Index fell after touching an almost two-year high yesterday as the greenback weakened against all of its Group-of-10 peers. Treasuries underperformed European bonds, with 3-year yields rising by 7bps. Scandinavian currencies were the top performers as they were supported by month-end flows. The Australian dollar extended intra-day gains after China’s top leaders promised to boost economic stimulus to spur growth and vowed to contain the country’s worst Covid outbreak since 2020, which is threatening official targets for this year. The euro snapped six days of losses against the dollar but was still set for its worst monthly performance in almost four years. Bunds extended losses and yields rose by up to 5 bps after data showed euro-area consumer prices rose by 7.5% from a year earlier in April, in line with the median estimate in a Bloomberg survey. A gauge excluding volatile items such as food and energy jumped to 3.5%. The pound advanced against the dollar, trimming a weekly decline of 2.2%. The cost of hedging against swings in the pound over a one-week period rose to the highest since December 2020. Gilts outperformed bunds and Treasuries, as money markets pared BOE tightening wagers. The yen rose on demand over the currency fix in Tokyo but it remains on track for its worst monthly performance since 2016

In rates, Treasuries hold losses into the U.S. session leaving yields down by as much as 6bps across front-end as the curve flattens. 10-year TSY yields were around 2.86%, cheaper by 4bp vs. Thursday close while 2s10s, 5s30s spreads flatten 2bp and 2.5bp amid front-end and belly-led weakness. German short-end cheapens roughly 5 bps to 0.24% as euro-area core inflation accelerated higher than expected. In Europe, peripherals underperform and lead bond losses while Estoxx50 climbs following better sentiment across Asia stocks after China’s pledge to ramp up stimulus.  Dollar issuance slate empty so far; two names priced $4.5b Thursday, taking weekly volumes through $8b vs. $20b forecast. Expectations are for $20b to $25b next week and a total of $125b to $150b for the month of May

In commodities, WTI rose 1.2% higher to trade near $107. Saudi Aramco is expected to lower its official selling prices for June-loading crudes, market sources told S&P Global Commodity Insights; following tepid Asian demand fundamentals, with the OSP differentials retreating from the record highs. North Sea Crude oil grades underpinning dated Brent Benchmark to average 540k BPD in June (prev. 755k BPD), according to programmes. Indian firms are reportedly seeking oil import deals with Russia, according to sources cited by Reuters; three refiners looking to buy up to 16mln bbl per month of oil from Russia. Spot gold rises roughly $20 to trade around $1,915/oz. Most base metals trade in the green.

Bitcoin prices are softer as usual and briefly retreated beneath the 39,000 level.

Looking at the day ahead now, and data releases include the flash CPI estimate for the Euro Area in April, as well as the first look at Q1 GDP for the Euro Area, Germany, France and Italy. Otherwise from the US, we’ll get March’s data on personal spending and personal income, the Q1 employment cost index, the NI Chicago PMI for April, and the University of Michigan’s final consumer sentiment index for April. From central banks, we’ll hear from the ECB’s de Cos, and the Central Bank of Russia will be making its latest policy decision. Finally, earnings releases include ExxonMobil, Chevron, AbbVie, Bristol-Myers Squibb, Honeywell International, Charter Communications, Aon and NatWest.

Market Snapshot

  • S&P 500 futures down 0.9% to 4,242.00
  • STOXX Europe 600 up 1.0% to 451.55
  • MXAP up 2.0% to 169.00
  • MXAPJ up 2.6% to 561.33
  • Nikkei up 1.7% to 26,847.90
  • Topix up 2.1% to 1,899.62
  • Hang Seng Index up 4.0% to 21,089.39
  • Shanghai Composite up 2.4% to 3,047.06
  • Sensex up 0.5% to 57,796.94
  • Australia S&P/ASX 200 up 1.1% to 7,435.01
  • Kospi up 1.0% to 2,695.05
  • German 10Y yield little changed at 0.88%
  • Euro up 0.7% to $1.0574
  • Brent Futures up 0.9% to $108.51/bbl
  • Brent Futures up 0.9% to $108.51/bbl
  • Gold spot up 1.1% to $1,915.10
  • U.S. Dollar Index down 0.66% to 102.94

Top Overnight News from Bloomberg

  • More than six years after China’s shock 2015 devaluation roiled global markets and spurred an estimated $1 trillion in capital flight, the yuan is weakening at a similar pace. Onshore it’s lost nearly 4% in eight days, while the offshore rate is heading for its worst month relative to the greenback in history. Selling momentum is the strongest since the height of Donald Trump’s trade war in 2018
  • Geopolitical turmoil is reviving the dollar’s status as a haven, extending gains seen earlier this year as traders shifted to the U.S. to seize on rising interest rates from the Federal Reserve. On Thursday, one gauge of the greenback pushed through to the strongest level since 2002, swept up by a wave of demand for the world’s reserve currency
  • Russia’s war with Ukraine may persuade the Swiss National Bank to adjust its monetary policy if inflation accelerates, SNB President Thomas Jordan said
  • Economic expansion in the euro zone began 2022 on a weak footing — underscoring the damage from soaring energy costs and worsening supply snarls following Russia’s invasion of Ukraine. Output increased 0.2% from the previous quarter in the three months through March — matching the median estimate in a Bloomberg survey
  • U.K. house prices rose for a ninth consecutive month in April as the housing market continued to defy an escalating cost of living crisis. The 0.3% gain marked the longest winning streak since 2016
  • Oil is poised for a fifth monthly gain after another tumultuous period of trading that saw prices whipsawed by the fallout from Russia’s war in Ukraine and the resurgence of Covid-19 in China

A More detailed look at global markets courtesy of Newsquawk

APAC stocks gained after the firm lead from the US where stocks looked past the surprise contraction in US GDP, but with advances in the region capped heading into month-end and next week’s mass closures. ASX 200 was firmer as tech mirrored the outperformance of the Nasdaq stateside and with gold miners following closely behind after the precious metal reclaimed the psychological USD 1900/oz level. Hang Seng and Shanghai Comp were initially indecisive ahead of next week’s holiday closures including in the mainland where markets will remain closed through to Wednesday, while participants also digested the surprise contraction in Hong Kong’s exports and imports data. However, a surge in Hong Kong tech stocks and policy pledges by China’s Politburo helped shake off the indecision.

Top Asian News

  • Bets of Easing Crackdown Spur Dizzying Jump in China Tech Stocks
  • Grab Gets Malaysia Digital Bank License as Five Bids Win
  • CATL Posts Sharp Drop in Earnings in Abrupt Reversal of Fortune
  • China Plans Symposium With Big Tech Firms After Labor Day: SCMP

European equities remained on the front foot on the last trading day of the month.   In terms of sectors, tech currently stands as the clear outperformer amid the sectoral gains on Wall Street yesterday alongside the surge in Chinese Tech. Overall, sectors have a slight anti-defensive bias. State-side futures were dented overnight amid after-hours losses in Amazon (-9% pre-market) and Apple (-2.4% pre-market) following disappointing guidance and inflationary headwinds. Thus, the NQ (-0.8%) currently lags.

Top European News

  • Russia Offers Dual-Payment Plan for Oil, Other Trade With India
  • Germany Says Won’t Block Embargo on Russian Oil to Punish Putin
  • UBS Wealth Says Too Early to Bet on Recession, Fed’s Failure
  • U.K. House Prices Deliver Longest Winning Streak Since 2016

FX

  • Dollar bulls book profits into month end and DXY pulls back further from near 104.000 peak in the process.
  • High betas, cyclical and activity currencies grab the chance to recoup losses vs Buck.
  • Euro rebounds amidst more hot Eurozone inflation data, but could be hampered by big option expiries.
  • Yuan regroups as Chinese Government promises stimulus measures and aid for sectors of the economy suffering worst covid contagion
  • Central Bank of Russia (CBR) cuts key rate by 300bps to 14.00% (exp. 15.00%); sees key rate in 12.5-14.00% range this year (prev. 9.0-11.0%).
  • Russia’s Kremlin, when asked about the idea of pegging the RUB to gold prices, says it is under discussion, according to Reuters.

Fixed Income

  • Bonds suffer another inflation setback after early EU rebound.
  • Bunds some 100 ticks down from 154.69 peak, Gilts flattish between 119.34-118.73 parameters and 10 year T-note nearer 119-04+ low than 19-24 high.
  • BTPs weak after so-so reception at end of month Italian auctions – US PCE data also adds to caution as Fed’s preferred measure of inflation.

Commodities

  • WTI and Brent front-month futures have been gaining during the European morning.
  • Saudi Aramco is expected to lower its official selling prices for June-loading crudes, market sources told S&P Global Commodity Insights; following tepid Asian demand fundamentals, with the OSP differentials retreating from the record highs. (S&PGlobal)
  • North Sea Crude oil grades underpinning dated Brent Benchmark to average 540k BPD in June (prev. 755k BPD), according to programmes.
  • Indian firms are reportedly seeking oil import deals with Russia, according to sources cited by Reuters; three refiners looking to buy up to 16mln bbl per month of oil from Russia.
  • Spot gold has been rising in tandem with a pullback in the Buck but ahead of the US March PCE metric.
  • Overnight, base metals saw gains in Shanghai, with some also citing a demand front-load ahead of the Chinese Labour Day.

US Event Calendar

  • 08:30: 1Q Employment Cost Index, est. 1.1%, prior 1.0%
  • 08:30: March Personal Income, est. 0.4%, prior 0.5%
    • March Personal Spending, est. 0.6%, prior 0.2%
    • March Real Personal Spending, est. -0.1%, prior -0.4%
    • March PCE Deflator MoM, est. 0.9%, prior 0.6%
    • March PCE Deflator YoY, est. 6.7%, prior 6.4%
    • March PCE Core Deflator MoM, est. 0.3%, prior 0.4%
    • March PCE Core Deflator YoY, est. 5.3%, prior 5.4%
  • 09:45: April MNI Chicago PMI, est. 62.0, prior 62.9
  • 10:00: April U. of Mich. Sentiment, est. 65.7, prior 65.7
    • U. of Mich. Expectations, est. 64.1, prior 64.1
    • U. of Mich. Current Conditions, est. 68.0, prior 68.1
    • U. of Mich. 1 Yr Inflation, est. 5.5%, prior 5.4%; 5-10 Yr Inflation, prior 3.0%

DB’s Jim Reid concludes the overnight wrap

By the time you’re reading this I’ll be lying down with straps around my ankles and wrists and making strange noises while I get manipulated by someone very strict. No I’m not remaking “50 Shades” but instead starting “Reformer Pilates” for the first time at a very early physio appointment. The miracle worker of a back consultant that has for now cured my debilitating sciatica with one simple injection has recommended it as a way of preventing a relapse. At this point, I will do absolutely anything he says so I’m prepared to humiliate myself on a regular basis going forward. So feel free to picture this as you read this.

Some of the bearish chains have been loosened in risk markets over the last 24 hours but volatility remains elevated. We’ve seen another major European bond selloff, the highest German inflation since 1950, a further surge in the dollar, an unexpected US economic contraction in Q1, poor Amazon earnings, as well as growing geopolitical tensions as speculation continues about a Russian oil embargo in Europe. In spite of all that however, major equity indices have continued to advance from their Tuesday lows, with the S&P 500 (+2.47%) staging a huge comeback as investors focused on the more positive stories from recent corporate earnings releases.

This was before Amazon missed sales expectations after the bell and revised down sales expectations for the second-quarter, fueling fears that consumer spending may slow despite evidence of robust activity in yesterday’s GDP data. Amazon shares were -9.15% lower after hours. However, Apple reported earnings that beat estimates on strong iPhone sales, despite supply chain issues coinciding with China’s lockdowns. Shares were -2.19% lower after hours. Overall sentiment still remains fragile with NASDAQ 100 futures (-1.04%) and S&P 500 futures (-0.43%) moving lower in the overnight trade.

This followed the best day for the S&P 500 (+2.47%) since the bounceback after the initial invasion in early March, with every sector more than +1.00% higher. Megacap tech stocks led the way as the FANG+ index rose +4.78%, its best day since mid-March. Europe also saw decent gains, although missing most of the rally that took place in the New York afternoon, with the STOXX 600 (+0.62%), the DAX (+1.35%) and the FTSE 100 (+1.13%) all higher. Given the big run-up in the New York afternoon, the S&P 500 was ‘only’ around +0.8% higher as Europe closed.

Bond markets were again lively with most of the action in Europe, with a significant selloff after the German CPI print for April surprised on the upside yet again. Looking at the details, the year-on-year measure rose to +7.8% using the EU-harmonised method (vs. +7.6% expected), which is certainly the fastest pace of inflation since German reunification, and at the same level briefly seen in West Germany after the first oil shock in 1973. Indeed if you’re looking for German inflation faster than that, you’ve got to go all the way back to the 1950s, since West Germany had much more success than the US or UK for example in keeping inflation in the single-digits even during the 1970s. We’ll have to see what the flash CPI reading for the entire Euro Area brings today, but as I mentioned in my Chart of the Day yesterday (link here), this brings home just how far the ECB is behind the curve, since the last time inflation was around these levels in the 70s, the Bundesbank certainly didn’t have a negative deposit rate.

With the inflation reading coming in above expectations, that catalysed a fresh bond selloff that took the 10yr bund yield up by +9.8bps to 0.89%. This echoes some of the other big moves higher in yields we’ve seen over the last couple of months, but it still leaves them beneath the peak of 0.97% at the end of last week. What was also noticeable was the fresh widening in spreads that speaks to the building minor stresses in European markets right now, with the gap between Italian and German 10yr yields up a further +4.2bps to 181bps, a level not seen since June 2020. As in the previous session, those moves were seen in the credit space too, with the iTraxx Crossover widening +3.7bps to 418bps, leaving it just shy of its recent peak at 421bps in early March.

Another cause for concern in European markets have been the ongoing tensions between Russia and the West over Ukraine, with the Euro falling by a further -0.55% yesterday to $1.0499, the first close below $1.05 since early 2017, although this morning it has moved back up to $1.0514. Conversely the dollar index (+0.65%) continued its upward march, strengthening for the 19th time in the last 21 sessions, and closing at its strongest level since 2002. That comes as the latest reports indicate that a Russian oil embargo is moving closer, with Brent crude ending the day up +2.16% at $107.59/bbl after Dow Jones reported that Germany had dropped its opposition to an embargo, and this morning, Brent has risen further to $108.00/bbl. We also heard from President Biden, who requested $33bn from Congress for further assistance to Ukraine, including $20.4bn on security and military assistance, $8.5bn on economic assistance, and $3bn on humanitarian assistance.

Overnight in Asia, equity markets are mostly trading higher following the strong performance on Wall Street, with tech stocks leading the way. The Hang Seng (+2.04%) has seen one of the strongest performances, far outpacing mainland Chinese indices including the Shanghai Composite (+0.37%) and the CSI 300 (-0.06%). That comes amidst persistent concerns over the country’s lockdowns, with Shanghai seeing an increase in Covid-19 cases for the first time in 6 days, and overnight we also heard from China’s Politburo, with CCTV reporting that they’re urging efforts to meet the economic growth targets. Elsewhere, the Kospi (+0.78%) is trading up while markets in Japan are closed for a holiday today.

Back on the data front, another notable release yesterday came from the US GDP reading for Q1. On one level it’s a fairly backward-looking reading, but the print saw an unexpected contraction, with the economy shrinking at an annualised rate of -1.4%, marking the first quarterly contraction since the lockdowns of Q2 2020. That said, there are no indications this is going to derail the Fed from their path of rate hikes, with a 50bps move next week still fully priced in. In fact, there was a massive drag coming from the surprisingly large trade deficit, while underlying consumption was actually very robust, suggesting rates need to get even higher to slow demand, as we’ve been arguing. In turn, the amount of Fed hikes priced for the rest of the year moved up +2.2bps to 239bps, and this morning they’re up to 242bps, just shy of their closing high last Friday at 244bps. That led to a renewed flattening in the yield curve, and 2yr yields gained +2.6bps while 10yr yields fell -0.9bps. Despite the tepid headline nominal move, there was a big divergence in 10yr inflation breakevens and real yields. Breakevens gained +7.3bps to 2.98%, a few bps shy of their highest levels on record from last week. By contrast, real yields fell -8.2bps to -0.16%, taking them a further from positive territory ahead of next week’s FOMC where its also widely-anticipated they will announce the beginning of their QT program.

To the day ahead now, and data releases include the flash CPI estimate for the Euro Area in April, as well as the first look at Q1 GDP for the Euro Area, Germany, France and Italy. Otherwise from the US, we’ll get March’s data on personal spending and personal income, the Q1 employment cost index, the MNI Chicago PMI for April, and the University of Michigan’s final consumer sentiment index for April. From central banks, we’ll hear from the ECB’s de Cos, and the Central Bank of Russia will be making its latest policy decision. Finally, earnings releases include ExxonMobil, Chevron, AbbVie, Bristol-Myers Squibb, Honeywell International, Charter Communications, Aon and NatWest.

3. ASIAN AFFAIRS

i)FRIDAY MORNING// THURSDAY  NIGHT

SHANGHAI CLOSED UP 71.58 PTS OR 2.41% //Hang Sang CLOSED UP 813.22 OR  4.01%   /The Nikkei closed UP 461.27 PTS OR 1.75%        //Australia’s all ordinaires CLOSED UP 1.08%   /Chinese yuan (ONSHORE) closed UP 6.5880    /Oil UP TO 106.58 dollars per barrel for WTI and UP TO 108.58 for Brent. Stocks in Europe OPENED  ALL GREEN       //  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5880 OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6198: /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER//

3 a./NORTH KOREA/ SOUTH KOREA

///NORTH KOREA

END

3B  JAPAN

3c CHINA

CHINA//SHANGHAI/COVID/MANDATES

It sure looks like Chinese citizens are suffering from ADE with their failed vaccines.  The only way to temporarily prevent this is to quarantine citizens

(zerohedge)

Shanghai Residents “Caged In” With Green Fencing To Prevent Them From Leaving Their Homes

THURSDAY, APR 28, 2022 – 07:40 PM

In continuing with China’s completely rational and totally not suspect “Covid Zero” policy, reports are now coming in that Chinese authorities are building “cages” around some homes.

This week, people living in Shanghai woke up to “green fences that had been installed by authorities overnight to restrict people’s movement,” according to a new report by The Mirror.

People with fences around their homes are not permitted to leave their properties, the report says. 

Shanghai has had its 25 million citizens on lockdown for weeks due to a spike in Covid cases in the country. 39 people in the city died of Covid on Sunday, April 24, when the lockdowns began in full force. 

Photographs of the green fencing being used to keep people in are making their rounds on social media. Meanwhile, citizens in Shanghai are already protesting and rebelling against the latest tranche of Covid lockdowns.

The Mirror writes that people are “shocked” by the latest step of putting up fencing. Residents had no clue the measures would be taken until they woke up one day to see it. 

One foreign national told The Mirror that green fencing “popped up” a couple days ago and that the main gain to his complex was “chained up” three weeks ago. 

The foreign national said: “There is a long corridor in our compound, and within the long corridor they put up another green fence three days ago. No one told us the reason it was installed.”

“No one can get out. I feel helpless. You don’t know when the lockdown is going to end. If your area gets fenced off, what if a fire breaks out? I don’t think anyone in their right mind can seal people’s homes.”

One Twitter user, a documentary filmmaker from China, wrote:  “We all have heard stories of residents and even entire buildings refusing to go outside for mass testing. Some are fatigued, others fear that being together brings infection risks.”

““Some think sealed-off entrances like this are to separate these folks. The hope being that other residents of a community would not be punished for the lack of co-operation from a few. This might be wishful thinking,” they continued. 

end

CHINA/ECONOMY

Chinese stocks surge after Beinjing vows new tools and policies to spur growth

(zerohedge)

Chinese Stocks Surge After Beijing Vows New Tools, Policies To Spur Growth

FRIDAY, APR 29, 2022 – 04:30 AM

Another day, another solemn promise by China to prop up its careening economy and crashing markets.

On Friday, China’s top leaders – after pushing a doomed deleveraging campaign for the past two years, one which crippled the country’s housing sector and nuked Chinese stocks – promised (again) a series of new policy promises to boost economic stimulus to spur growth and vowed to contain the country’s worst Covid outbreak since 2020, which is threatening official targets for this year, yet one whose intensity is already fading as the chart below shows.

“We should waste no time in planning more policy tools and enhance the strength of adjustment in due course,” the Communist Party’s Politburo said this morning, according to a meeting readout by state broadcaster China Central Television.

Authorities should efforts be made to ensure economy grows in reasonable range and i) strengthen macro adjustments, ii) support healthy growth of platform companies, iii) plan for incremental policy tools, iv) make efforts to boost domestic consumption and v) boost healthy development of the property market.  While officials repeated the phrase that “houses are for living in not for speculation,” the government said it would also work to meet the demand for better quality housing and “optimize” the supervision on developers’ income from project pre-sales.

Leaders also vowed to guarantee “supply chains in key sectors” and smooth transport logistics, pledging to “positively respond” to demands from foreign-invested companies for a smoother business operating environment.

The latest stimulus promise comes just days after China’s president Xi highlighted infrastructure as a big focus for the government as growth comes under pressure, a pledge reiterated by the leadership meeting today.

Top leaders also nodded to the recent rout in financial markets. The Politburo said the government would steadily facilitate the reform of registration-based initial public offerings, actively introduce long-term investors and maintain the stable operation of capital markets.

The midday timing of the announcement was unusual – Bloomberg notes that Politburo readouts are typically made public late in the afternoon or during the CCTV’s flagship evening news program – but this one clearly was meant to impact the market. This is how Bloomberg’ April Ma explained it:

The statement came during the market mid-day break, just as rumors of more support for tech and the economy started to brew. This was an exception to the norm of the release after market hours, closer to 6pm or 7pm. It wouldn’t have taken much for authorities to hold the statement for the evening. But then that would be missing the opportunity to spur afternoon gains just ahead of a five-day break from trading.

Triggering a pop with a subtle turn in the official line, mentioning support for economic goals and drawing a conclusion to crackdowns, would do sentiment a fair amount of good. Letting the craziness of the past week end on a slightly more positive note, and then making sure that confidence sinks in and spreads during the break, might be just what the market needs. This is far more efficient than a release at the traditional hour that would then get buried or forgotten after a holiday.

Sure enough, a lunchtime announcement gave markets an opportunity to react: The benchmark CSI 300 Index rose to its session high after trading resumed in the afternoon, gaining as much as 2.5%.

The offshore yuan reversed its earlier weakness to strengthen as much as 0.65% at 6.6166 per dollar.

The bullish wave quickly spread across Asia, where stocks climbed for a second day with the MSCI Asia Pacific Index advancing as much as 1.7%, with Tencent and Alibaba among the biggest gainers.

As Bloomberg notes, there was also a small shift in language on internet platform businesses, a sign of possible easing of a regulatory crackdown on the industry. China’s top economic official Liu He in March called on regulators to “steadily advance and complete as soon as possible the rectification of large platform companies”. The Politburo vowed to “complete the special rectification of the platform economy,” without giving a timeline but dropping the phrases “steadily advance” and “as soon as possible.”

Separately, China was also said to discuss allowing on-site audit checks of New York-listed Chinese companies to comply with U.S. law. As a result, the Hang Seng Tech Index soared more than 10%, rebounding from earlier losses…

… and helped push US equity futures near session highs after slumping earlier following disappointing earnings from Amazon.

While the statement didn’t hold any “big surprise on the upside,” it wasn’t disappointing either, according to UBS economist Tao Wang said.

“It made clear on where policy support are needed,” she said. “Property, infrastructure and platform economy are highly concerned by the market, and they are also sectors that can have an multiplier effect to drive economic growth.”

Beijing has set a growth target of about 5.5% for the year, a goal that’s becoming difficult to reach amid a wave of coronavirus infections and Beijing’s strict adherence to its Covid Zero strategy. Economists forecast gross domestic product to grow just 4.9% this year. The Politburo gave no sign, though, that the country would back down from Covid Zero.

“The contradiction now is they will stick to Zero Covid policy. That’s a big constraint,” said Chen Long, an economist at Beijing-based consultancy Plenum. Home sales, for example, did not rebound despite property restrictions being relaxed in many cities, he added.

Of course, this is not the first time Beijing has made promises only to disappoint in deeds. Chinese officials have promised greater support for the economy in recent weeks. Before the Politburo statement, those pledges culminated in a call from Xi on Tuesday for an “all out” infrastructure commitment to bolster growth, including construction in fields such as transport, energy and water conservation.

“These are good words, the question is how they will deliver,” Chen said of the Politburo statement, but added that“we need to see action in the next few weeks.” Markets, which for the time being have again given Beijing’s jawboning  the benefit of the doubt surely agree.

end

CHINA/RUSSIA

First shipment of Russian coal paid in Chinese yuan (Renembi) on its way to China

(EpochTimes)

First Shipment Of Russian Coal Paid In Yuan On Its Way To China

FRIDAY, APR 29, 2022 – 08:46 AM

By Kathleen Li of The Epoch Times

The first shipments of Russian coal and crude oil, paid for in yuan, will arrive in China in April and May, respectively. Chinese state media used the opportunity to denigrate the United States, claiming that the international status of the U.S. dollar is “at risk.” However, financial expert Albert Song believes that it will not affect the U.S. dollar’s status as the leading global reserve currency.

Fenwei Energy Information Service Co., China’s leading information and service provider to the coal and coke industries, revealed that several Chinese companies purchased Russian coal in Chinese currency in March, and the first shipment would be made in April. This is also the first shipment of Russian commodities paid in yuan to arrive in China after Russia was sanctioned by Western countries.

Fenwei did not specify on which date the shipment was expected to arrive.

In addition to coal, Chinese buyers also used yuan to purchase Russian crude oil. The first ESPO (Eastern Siberia Pacific Ocean) crude oil will be delivered in May, according to a commentary published in early April on Cngold.org, a Chinese online media outlet about investing.

Citing the purchases from Fenwei, the article stated that payments in U.S. dollars will become less popular.

“Russia announced that it would only accept payments in rubles for Russian oil and natural gas, which turned the United States and European countries from those who impose sanctions to those who are subjected to sanctions,” the commentary said. “Chinese yuan seized the opportunity and began to reveal its potential in global trade payments. Now that coal and oil paid for in yuan will arrive in China, the international community [will] become green-eyed [at our success].”

On April 23, Albert Song, a researcher at Tianjun, a politics and economics think tank, told The Epoch Times that the recent Chinese purchases of Russian commodities in yuan will not affect the international status of the U.S. dollar, “because these are only bilateral trades between China and Russia, not multilateral trades involving other countries. ”

Song has 27 years of professional experience in China’s financial industry, focusing on research in China’s politics and economics.

According to data released by China’s General Administration of Customs in mid-April, the quantity of imported coal and lignite to China dropped 39.9 percent year-on-year in March and 24.2 percent year-on-year in the first quarter. However, Russian imports not only retained the top spot in China’s coking coal imports in March, the quantity more than doubled year-on-year.

China’s total imports from Russia are also growing significantly. The latest mid-April report from the General Administration of Customs showed that in the first quarter of 2022, its total imports from Russia increased to $21.73 billion, a jump of 31 percent year-on-year, ranking second only to Indonesia’s 31.4 percent.

When touting the growing influence of Chinese currency, the article on Cngold.org also revealed that the Chinese regime is currently negotiating with Saudi Arabia, planning to use renminbi to price crude oil, in part.

Song disagrees with the commentary’s conclusion that Chinese yuan is an emerging star on the international market.

“The most important thing is that a country’s sovereign currency is recognized by many countries. Although the Chinese Communist Party claims that the renminbi is on the path of internationalization, the share of renminbi’s international payments over the years has only been 3.2 percent because it is a government-controlled currency and cannot be freely exchanged. It is therefore a currency with poor credit to begin with,” Song commented.

China Wary of Sanctions

On April 7, the European Union announced the fifth round of sanctions against Russia, including a ban on coal imports from Russia.

The toughest sanction so far is to cut Russian banks from the global financial system. After Visa and Mastercard suspended services in Russia, Russian banks indicated that they planned to issue cards using China’s UnionPay system.

As China’s largest credit card brand, Unionpay cards are issued in over 70 countries and regions.

However, Russian news agency RBC reported on April 20 that China’s UnionPay refused to cooperate with Russian banks for fear of being sanctioned, leaving Russia with fewer options for a credit card provider for its global business.

“China UnionPay chooses not to cooperate with Russian banks, for fear that itself will get implicated in the sanctions. The CCP needs the New York Clearing House interbank payments system to obtain dollars. Sanctions against China will block it from earning foreign exchanges through exports,” Song explained.

He further elaborated that there are three driving forces for China’s economic growth—foreign trade, investment, and consumption.

“All three are in decline. If additional sanctions are imposed on China, it will be an unbearable situation for China’s economy,” he said.

4/EUROPEAN AFFAIRS//UK AFFAIRS/EU

UK/COVID/MANDATES

We have been reporting on this for quite some time. Now in a new study the lockdowns drove 60,000 children in the UK to clinical depression

(Watson/SummitNews)

Lockdowns Drove 60,000 Children In UK To Clinical Depression; Study Finds

FRIDAY, APR 29, 2022 – 03:30 AM

Authored by Paul Joseph Watson via Summit News,

A new study published in the Royal Society Open Science journal found that lockdowns in the UK caused around 60,000 children to suffer clinical depression.

Researchers detected a 27.1 per cent prevalence of depression amongst their sample, a number significantly higher than would have occurred without lockdowns.

According to a report by the Telegraph, the percentage equates to about 60,000 extra kids who suffered clinical depression thanks to COVID-19 restrictions.

“After controlling for baseline scores and several school and pupil-level characteristics, depressive symptoms were higher in the COVID-19 group,” the study found.

“These findings demonstrate that the COVID-19 pandemic increased adolescent depressive symptoms beyond what would have likely occurred under non-pandemic circumstances.

Figures show that 400,000 British children were referred to mental health specialists last year for things like eating disorders and self-harm.

Once again, the study underscores how those who vehemently promoted lockdowns, while demanding voices of dissent be silenced, were on the wrong side of history.

As we previously highlighted, a shocking outbreak of hepatitis cases in children was likely caused by lockdowns and social distancing, which served to weaken immune systems, according to health experts.

Many infants are also suffering from cognitive developmental and speech disorders due to adults wearing face coverings during the pandemic.

According to speech therapists, mask wearing has caused a 364% increase in patient referrals of babies and toddlers.

A major study by Johns Hopkins University concluded that global lockdowns have had a much more detrimental impact on society than they have produced any benefit, with researchers urging that they “are ill-founded and should be rejected as a pandemic policy instrument.”

end

GERMANY

Trump Was Right: Putin’s Gas Strategy Gives Germany Only Bad & Worse Choices

FRIDAY, APR 29, 2022 – 09:45 AM

Remember this?

Trump claimed, during a testy breakfast meeting in 2018 with NATO’s Stoltenberg, that Germany’s dependence for its energy needs made it “totally controlled” by and “captive to Russia.”

It turns out – much to the chagrin of everyone who mock-horrored at the time – that Trump was right and as Bloomberg’s Javier Blas explains in detail belowGermany faces only bad, or worse, choices as Putin’s gas strategy becomes clear…

Chancellor Olaf Scholz must either pay for Russian gas on Vladimir Putin’s terms or face the painful economic fallout of a cutoff.

In 2018, German government officials war-gamed  a massive natural-gas shortage. With the real thing looming, the lessons are sobering. Some hospitals, nursing homes and jails were forced to close; companies shut; livestock was left to die; hundreds of thousands of jobs vanished; rationing for households was imposed, according to the official account of the crisis-management exercise.

In just a few weeks, Germany will face the same dilemma that Poland and Bulgaria encountered a few days ago: pay for Russian gas on Vladimir Putin’s terms, effectively breaching European sanctions, or see the Kremlin close the valves.

Going “cold turkey” on Russian gas sounds like a brilliant political slogan, but the reality is untold economic damage for Germany. Let’s not sugarcoat it: The recession will be brutal. Reading the lessons of 2018 and talking to those who participated in it, I would not want to be in Chancellor Olaf Scholz’s shoes.

Falling short on the battlefield, Putin is still playing a brilliant hand in the energy market, exploiting the weaknesses of years of myopic European policy. Right now, Germany only has bad options – and worse options.

Both Berlin and Moscow are wielding the gas weapon – just at different speeds. Germany intends to stop buying Russian gas over time, perhaps by 2024, and in the meantime find extra supplies and build infrastructure to import liquefied natural gas from the U.S. and the Middle East. Russia is doing the opposite: wielding the weapon now.

By now, Putin has essentially written off its gas business with Germany. Either in four weeks or in 24 months, Russia knows that it will not sell energy to Berlin. So the Kremlin is forcing Scholz into some painful choices, with Putin turning some of the economic weapons deployed against his regime on his favor.

The Kremlin has told its European gas customers that if they want to continue receiving Russian gas, they have to pay for it via an account at Gazprombank, a state-controlled lender. The payment involves a two-step process with two accounts, one in euros, and one in rubles. The first step is a payment in euros; the second is its conversion into rubles for the client’s account. Only after that conversion, which technically touches the Russian central bank, is completed, the payment is considered fulfilled. 

Germany – and France and Italy — never intended to impose an embargo on Russian gas now. The sanctions on the central bank were about stopping Putin accessing billions of dollars in hard-currency reserves, not about stopping gas payments. But Putin has turned the table: he’s using the EU sanctions now against them by forcing them to do business with the central bank in rubles.

If Berlin, Paris and Rome allow the payments to continue, they would be showing their own hypocrisy, opening a crack that would advance the Kremlin’s divide-and-conquer political strategy. They will also show that the EU is prepared to continue paying billions of euros each week to Russia, supporting the ruble — and subsidizing his military — in the process. Worse, it won’t be the last concession. Putin will exploit the gas weakness for more. Now is ruble payments; tomorrow may be about rolling back sanctions or military aid to Ukraine.

If Berlin and other capitals follow the letter of their own sanctions, payments can’t continue. But that means accepting gas sanctions they didn’t intend to impose – at least, not yet. It will mean enormous economic and social costs and could cause European public support for Ukraine to wilt. On Thursday, Scholz said Germany was ready for a halt supplies. “You have to prepare for it, and we already started this before the war broke out. We know what we have to do.”

It’s not just a short-term problem, either. If Germany manages over time to find replacements for the gas, it will be at a much higher price. The era of cheap-Russian gas fueling the German economy is over. German energy-intensive companies, like its chemical giants, could not compete in the global market. Germany will face painful choices about the future of its industrial economy.

In targeting first Poland and Bulgaria this week, Putin showed he’s not bluffing. Warsaw and Sofia don’t buy much Russian gas. Of the roughly 155 billion cubic meters the EU bought last year from Russia, Poland accounted for about 10 bcm, and Bulgaria for 3 bcm. The shutdown costs Russia very little in terms of revenue loss. But it sends a clear message to Germany.

Scholz faces a terrible dilemma. I have argued that European gas imports are hypocritical, financing the Kremlin military machine, and unsustainable, leaving the EU at the mercy of Moscow. But I’m writing these lines from Washington, where gas in plentiful and cheap, and it’s easy to take the high moral ground. Still, I don’t see how Scholz has any other option but to stop payments in late May and face the consequences. Time is up.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY

After secretly pillaging billions in Turkish assets this year to prop up the Lira, Erdogan is now going after foreigners uSA dollars

(zerohedge0

After Secretly Pillaging Billions In Turkish Assets To Prop Up Lira, Erdogan Is Going After Foreigners’ Dollars

FRIDAY, APR 29, 2022 – 02:45 AM

Back in December, when the crashing Turkish lira mysteriously soared higher on a government and central bank mandated short squeeze, which we later learned was funded by tens of billions in US Dollars soft confiscations, we wrote that “Erdogan Is Secretly Pillaging Billions In Turkish Assets To Prop Up The Lira, And His Rule.”

Confirming what many have dreaded for a while – that Erdogan is literally making up healthy economic numbers for international consumption while pillaging the country out of the back door without reporting it, Bloomberg reported that while the government has said it didn’t intervene in the currency market, it lied and the fall of $5.9 billion probably signals a backdoor intervention similar to operations carried out over two years from October 2018, when state lenders sold dollars – typically those belonging to local private savers – to support the local currency.

What was even more alarming is that Erdogan actually thinks the international community is so stupid, nobody will notice what is going on. As Bloomberg showed, net foreign assets dropped by $5.9 billion to minus $5.1 billion on in just  7 days.

Alas since, then Turkey’s reserve position has only deteriorated and gone from bad to worse, and according to Goldman, as of April 27, the TCMB’s net foreign assets were US$7.4bn, down by US$0.33bn from a week ago. TCMB bank swaps and the stock of the FX deposit facility increased by US$1bn to US$41.8bn compared with a week ago due entirely to a rise in swaps, which picked up to US$41.2bn. The stock of the FX deposit facility has again remained flat at around only US$0.6bn.

According to Goldman’s estimates, net foreign assets excluding swaps with banks and other central banks continued to decrease to negative $57.4bn, down by US$1.3bn since a week ago.

Of course, if and when Turkey runs out of domestic FX – read dollars – which it can confiscate and buy lira with, the domestic currency, which ended 2021 as one of the world’ performers and has gone nowhere since then thanks to non stop government intervention, will crater and resume its freefall.

So what is Erdogan to do? Simple: having confiscated most domestic gold and hard currencies, the Turkish president is now hoping to confiscate foreigners’ dollars.

But how? Doesn’t he have to make it desirable and attractive to put one’s hard currencies into the kleptocrat nation?

Bingo… and that’s precisely why Bloomberg reports that Turkey is working on a plan to attract inflows of hard currency by offering lira funding, free of interest and with a “guaranteed” 4% return in dollars, to foreign investors willing to park their money for at least two years. Needless to say, but any time Turkey “guarantees” anything, run.

Under the plan, the central bank would provide lira liquidity to foreigners for investment in local bonds with a maturity of at least two years, according to a person with direct knowledge of the deliberations. Besides extending zero-yield swaps, the monetary authority would also guarantee a 4% return in dollar terms when the securities mature, the person said.

Translation: please give us your dollars and we promise to take good care of them and even give you a much higher yield than you can earn (for now) in the US.

Remarkably, nobody has dared to speak up and point out that the Turkish dictator (and currency) is naked. Instead, investors are actually buying the worthless Turkish lira, which was headed for its first gain in over two weeks, trading 0.2% stronger against the dollar. 

Bloomberg came the closest to pointing out the sheer audacity of the plan, writing that “the outreach to investors marks a new tack for Turkey and would represent a major U-turn by the central bank, a reflection of pressure on authorities to reverse capital outflows. It’s used similar measures to shore up the currency at home by rolling out state-backed deposit accounts that shield savers from lira weakness.

Indeed, after a currency crisis in 2018, Turkey introduced numerous restrictions on foreign transactions to defend the lira, placing limits on swaps with local banks to deter short sellers. But as a side effect, foreign holdings of Turkish stocks and bonds have fallen to a historic low… and in the case of net assets ex swaps, are actually negative to the tune of $57 billion!

Meanwhile, deepening trade imbalances and the world’s most negative interest rates when adjusted for prices have made the $800 billion economy increasingly vulnerable at a time of intensifying global tightening led by the U.S. Federal Reserve.

Furthermore, courtesy of the lunacy that is Erdogonmics, where the central bank “fights” near record inflation by cutting rates, instead of using higher rates to make lira assets more appealing, Turkey has introduced a series of unconventional policies to attract hard currency and boost the central bank’s reserves.

Deposits in so-called FX-protected accounts reached 782 billion liras ($52 billion) as of April 22, according to data compiled by the banking regulator. This month, the central bank revised some reserve requirement rules for banks in an effort to encourage conversion of foreign exchange into the local currency.

Expect some gullible and extremely naive investors, those who are unaware what depth Erdogan can plumb to preserve his authoritarian status quo for just one more day, to hand over a few billion in USD assets which will promptly be “repossessed” and used by Turkey to prop up the lira for as long as possible. Then when everything crashes, and when Erodgan finally disappears into some non-extradition country, good luck to all trying to recoup their money.

end

ISRAEL/JERUSALEM

Violent clashes again at the Temple Mount as Ramadan ends

(zerohedge)

At Least 42 Injured As Violent Clashes In Jerusalem Mark End Of Ramadan

FRIDAY, APR 29, 2022 – 09:05 AM

Violence has erupted for the second Friday in a row at Jerusalem’s al-Aqsa Mosque which sits atop Temple Mount. At least 42 Palestinians have been reported injured after severe clashes with Israeli police, after reports of youths hurling rocks and fireworks at Jewish worshippers gathered at the Western Wall below.

Tensions were already high throughout this month given the overlap of Ramadan and the Jewish celebration of Passover this year, which meant huge throngs of Jews and Muslims converging on the walled old city at the same time.

Israeli media says at least 160,000 people attended Friday’s Ramadan prayer at al-Aqsa, which is considered Islam’s third holiest site after Mecca and Medina. 

Haaretz writes of the fresh violence that “Hundreds of young Palestinians fired fireworks and threw rocks within the compound, with some also hurling rocks towards the Western Wall and Mughrabi Bridge. One fell in the Western Wall plaza, though no one was reported injured.”

Israeli police responded with stun grenades and rubber bullets, and following this, “The rioters reportedly barricaded themselves in the mosque, leading police to try to break down the doors. Police said they arrested two people, and that the riots simmered down ahead of the midday prayers.”

Tensions and anger were already on edge following last week’s entry of Israeli police into Aqsa, where they tackled and arrested Muslim worshippers following clashes on the outside square. Israeli police said in a statement: “We will continue to act decisively against rioters and outlaws for public safety and security.”

The past week has witnessed scenes like the below, where Israeli police deliver tear gas canisters via small drones over Palestinian crowds:

Due to Ramadan and the infux of Muslim pilgrims into the tight corridors of the old city, Israel has reportedly deployed thousands of additional officers to monitor activities. 

Last weekend also included tens of thousands of more people present due to Orthodox Christian Easter. Controversy erupted after Israeli authorities said they would severely restrict numbers of visitors to the Church of the Holy Sepulchre in the days leading up to it, which reportedly prevented thousands of Palestinian Christians from accessing celebrations.

6// GLOBAL COVID ISSUES/VACCINE MANDATE/

Whistleblowers report on both CDC and FDA altered COVID guidance.  Both agencies suppressed findings amid political pressure

(zerohedge)

Whistleblowers: CDC, FDA “Altered” Covid Guidance And Suppressed Findings Amid Political Pressure

THURSDAY, APR 28, 2022 – 07:00 PM

Instead of ‘following the science,’ the CDC and FDA ‘altered’ Covid guidance and ‘suppressed’ findings while under political pressure, accoridng to a 37-page report from the Government Accountability Office (GAO), a watchdog group which spoke with two former CDC directors, four former FDA directors and 17 employees who were involved with the US pandemic response.

As the Daily Mail reports, “They unearthed allegations of ‘political interference’ in scientific reports, raising fears that research was tampered with,” and that “neither agency had a system in place for reporting allegations of political interference. It also said they had failed to train staff how to spot and report this.”

The report defined ‘political’ interference as that which seeks to ‘undermine impartiality… and professional judgement.’ They set up an anonymous whistleblower hotline for 60 days which employees could call to report instances, and which received ‘a few calls.’

A few respondents from CDC and FDA stated they felt that the potential political interference they observed resulted in the alteration or suppression of scientific findings. Some of these respondents believed that this potential political interference may have resulted in the politically motivated alteration of public health guidance or delayed publication of COVID-19-related scientific findings. -GAO

The whistleblowers say they didn’t speak out earlier out of fear of retaliation – and didn’t know how to report issues to higher-ups.

More from the report;

Through semi-structured interviews and a confidential hotline, employees at CDC, FDA, and NIH told GAO they observed incidents that they perceived to be political interference but did not report them for various reasons. These reasons included fearing retaliation, being unsure how to report issues, and believing agency leaders were already aware.

A footnote reveals that emails made public last April between Trump officials and CDC employees suggested that the agency had bent to pressure over a study in its weekly morbidity reports (MMWR).

In one 2020 email, former Trump scientific adviser Paul Alexander appeared to be celebrating getting the top line in one of its reports changed – writing “Small victory, but a victory nonetheless yippee!!!”

Meanwhile, the FDA was also accused of ‘grossly misrepresenting’ the effectiveness of blood plasma transfusions according to another GAO footnote which cited a New York Times article. The report slams the Trump administration for touting a ‘35% efficacy’, when in fact plasma transfusions actually provided little benefit to Covid-19 patients.

On Tuesday, Biden’s top Covid adviser, Dr. Anthony Fauci, declared that the US is now ‘out of the pandemic phase’ of the disease…

however he quickly walked that back the statement – telling AP that the US is in a “different moment” but that the pandemic isn’t over yet.

“After a brutal winter surge, “we’ve now decelerated and transitioned into more of a controlled phase,” he said. “By no means does that mean the pandemic is over.”

Why the ‘clarification’ Anthony?

The GAO report made seven recommendations to the four agencies it investigated for ‘political interference,’ according to the Mail, which included establishing systems for whistleblowers to report potential interference, as well as training staff how to identify and respond to it.

END

22 countries have now dropped their mask mandates

(Spredemann/EpochTimes)

22 Countries Drop Mask Mandates As Experts Debate Consequences

FRIDAY, APR 29, 2022 – 06:30 AM

Authored by Autumn Spredemann via The Epoch Times,

A total of 22 countries around the world have dropped mask mandates since January this year.

As debates over masks have returned to the United States after a judge struck down a federal mask mandate for interstate travel, the nation joined nearly to dozen countries which have ended broad mask and pandemic measures this year.

UK Prime Minister Boris Johnson announced the withdrawal of mask mandates in public places on Jan. 19, citing information from government researchers suggesting that the worst of the Omicron variant cases had already peaked.

Additionally, face coverings are no longer legally required on public transportation in England.

UK Prime Minister Boris Johnson hosts various members of the armed services at a military reception at 10 Downing Street on Sept. 18, 2019, in London. (John Nguyen/WPA Pool/Getty Images)

On April 18, Scotland implemented its previously discussed changes on masks and dropped the legal requirement for most indoor locations and public transportation.

The same goes for the rest of the UK, including Northern Ireland and Ireland: Masks are no longer required, but encouraged in some indoor venues.

However, health care facilities are an exception, and wearing a protective face covering is still enforced.

Latin America, Brazil, Uruguay, Paraguay, Chile, and the Dominican Republic have all ended government-regulated mask requirements.

Mexico also relinquished the demand for face coverings in most states.

The Dominican Republic, a popular Caribbean tourist destination, ditched its mask mandates in February after the government canceled its COVID-19 state of emergency in October 2021.

“It’s time to recover all our freedoms and way of life,” Dominican Republic President Luis Abinader said.

Several countries announced the end of their national health emergencies in April, including Paraguay, Brazil, Italy, and South Africa.

Italy, one of the worst-hit countries for severe COVID-19 cases and deaths in the early months of the pandemic, isn’t being cavalier in its approach to ending the mandates.

Face coverings will no longer be compulsory outdoors, but are still required indoors until April 30, after Italian Prime Minister Mario Draghi promised a gradual return to normal.

“Our goal is to reopen fully, as soon as possible,” Draghi said during a February speech delivered from Florence, Italy.

Health experts aren’t unanimous on the possible consequences of dropping mask mandates and scaling back COVID-19 preventative measures.

Dr. Shruti Gohil, associate medical director of epidemiology and infection prevention at the University of California–Irvine Medical Center said about mask mandates, “You’ve got to end it sometime.”

With the arrival of the BA.2 subvariant of Omicron, some experts feel governments have been hasty in abolishing mask mandates.

Dr. Deepti Gurdasani, an epidemiologist at the Queen Mary University of London, says that while the link between COVID-19 cases and severe outcomes has decoupled, the new variants shouldn’t be taken lightly.

“Although some [deaths after a positive test] are incidental, there is a very large proportion that are deaths due to COVID-19. It’s a very concerning situation,” Gurdasani said.

A doctor works in the COVID-19 intensive care unit at a hospital in Leipzig, Germany, on Nov. 18, 2021. (Jens Schlueter/Getty Images)

Nevertheless, that hasn’t stopped a domino effect of countries releasing their people from mask mandates. Switzerland, Norway, Denmark, Sweden, Iceland, and The Netherlands have all rolled back such requirements.

Health care facilities remain the baseline exception across the board.

International tourist hubs that took an economic blow from pandemic lockdowns, such as Maldives and Aruba, followed suit by ending mask mandates and appealing to a broader network of travelers.

Other European countries jumping on the bandwagon include Poland, Latvia, Croatia, and the Czech Republic. Even France has relaxed its strict approach to the compulsory use of face masks, except for public transit and in health care facilities.

The United States is a battleground over President Joe Biden’s mask mandate after a federal judge suspended the enforcement of the measure on April 18.

U.S. District Judge Kathryn Kimball Mizelle ruled that the U.S. Centers for Disease Control and Prevention (CDC), which initially issued the mandate, had exceeded its authority and failed to seek public comment before issuing the mandate.

Demonstrators gather outside the Massachusetts State House to protest COVID-19 vaccination and mask mandates in Boston on Sept. 17, 2021. (Joseph Prezioso/AFP via Getty Images)

When it comes to ending mask mandates, health experts say the primary concern is preventing the transmission of COVID-19. And Gohil doesn’t think ending mandates means the world is done with masks forever.

“When rates go up, we should get those masks back on, and when rates go back down, we might be able to be more liberal,” she said.

With the new BA.2 subvariant, data aren’t showing deaths rising at the same rate as recent cases in most countries, which is consistent with the original strain of Omicron discovered in November 2021.

The CDC has identified the Omicron variant and its subvariants as more transmissible, but said they cause less severe illness in patients than earlier strains of COVID-19.

end

from the UK Guardian

and special thanks to Chris Powell for providing this for us:

(Courtesy the UKGuardian)

External blood oxygenation saved hundreds of Covid-19 sufferers – study

Adding oxygen to blood using ECMO process found to cause big increase in survival rate in severe UK cases

A patient affected by the Covid-19 coronavirus lies with a artificial respiration ECMO in a Covid-19 intensive care unit
In the ECMO process oxygen and carbon dioxide are added to a patient’s drawn blood before it is reinserted into the body. Photograph: Ina Fassbender/AFP/Getty Images

Denis Campbell Health policy editorFri 29 Apr 2022 07.00 BST

Scores of severely ill Covid-19 sufferers survived because they were given the NHS’s highest form of intensive care in which an artificial lung breathes for them, a study has found.

Patients in the UK who underwent extracorporeal membrane oxygenation (ECMO) were more likely to survive than those who did not have the treatment, according to the research.

People whose breathing capacity had collapsed were more likely to stay alive if they had ECMO rather than only a spell on a mechanical ventilator.

That is the key finding of an analysis of 1,363 people treated for severe Covid using a ventilator in the UK in between March 2020 and February 2021. They included 243 who were taken by ambulance to either Guy’s and St Thomas’ or the Royal Brompton and Harefield hospital trust in London to try to save their lives using ECMO.

The other 1,120 were known as what doctors called “perceived futility” cases – those it was deemed inappropriate to put on ECMO because they were considered too old and sick to survive Covid, and ECMO was thought unlikely to change their outcome. Doctors also had to consider who would benefit most from the limited availability of artificial life support, which is costly and labour-intensive, at the two specialist centres.

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The 243 were matched by computer analysis for their similarity of personal profile and symptoms with 206 of the 1,120 patients who did not receive ECMO to compare their outcomes.

The study, which has been published in the journal Intensive Care Medicine, found that 44% of the non-ECMO group died, while mortality was much lower among those who had the treatment at 26%.

During ECMO, blood is taken out of the unconscious patient’s body, put into an oxygenator, has oxygen added and carbon dioxide removed, and is then reinserted into the patient. The hope is that the extra oxygen will improve patients breathing enough to help them pull through.

“ECMO had a substantial effect at saving lives in the UK. Lives were saved due to the significant effort on the part of NHS staff to ramp up ECMO provision to provide service for as many [patients] as possible,” said Dr Luigi Camporota, a consultant in intensive care medicine at Guy’s and St Thomas’ who was one of the co-authors.

“Our findings suggest that ECMO delivery at specialist SRF [severe respiratory failure] centres confers significant survival benefit, compared to matched patients who received conventional therapy in referring centres,” he said.

NHS bosses believe ECMO saved several hundred lives during the pandemic.

Prof Stephen Powis, NHS England’s national medical director, said: “This study is a testament to the incredible hard work of NHS staff over the last two years who have treated more than 700,000 Covid-19 patients in hospital including on ECMO machines, which have helped save hundreds of lives.”

The survival from Covid thanks to ECMO seen in the study is higher than in other studies of its use conducted in other countries. However, the results are not directly comparable because of differences between them such as in the selection criteria for deciding which patients received ECMO and whether people were treated in a general hospital or specialist centre, such as the two hospital trusts in the capital.

In this study, 22.9% of the ECMO and 52.9% of the non-ECMO patients died during the first wave of Covid. Mortality rose in both during the second wave, which occurred during winter 2020-21, to 26.1% and 62.4% respectively.

Not good: Moderna asks the FDA to authorize COVID vaccine for children under 6 even though efficacy is 37%

(zerohedge)

Moderna Asks FDA To Authorize Covid Vaccine For Children Under 6

THURSDAY, APR 28, 2022 – 05:40 PM

Moderna on Thursday became the first Covid-19 vaccine manufacturer to ask the Food and Drug Administration (FDA) to approve its jab for children under 6, less than six months after the agency delayed approval for adolescents as young as 12-years-old over the risk of dangerous heart inflammation in younger patients.

The development comes after the company announced positive results in late March for a phase 2/3 study for children aged 6 months to under 6 years – which found that the vaccine had “lower efficacy” against the Omicron strain.

“Using the Phase 3 COVE study COVID-19 definition, vaccine efficacy in children 6 months to 2 years was 43.7% and vaccine efficacy was 37.5% in the 2 to under 6 years age group.”

And while the New York Times says that “Parents of the roughly 18 million youngest Americans” have been “waiting for months for pediatric doses,” a CDC study revealed that throughout the entire pandemic up until January 31, 2022, there were just 2,562 children up the age of four years-old who were hospitalized with Covid-19, and just 16 deaths (2 of them from Omicron).

So Moderna wants approval for a jab with efficacy as low a 37.5%, for a demographic which has a 0.000142% hospitalization rate and generally mild (to no) symptoms without vaccination.

Moderna’s clinical trial data showed that the antibody response of the youngest children compared favorably with that of adults ages 18 to 25, meeting the trial’s primary criterion for success. Although the trial was not big enough to measure vaccine effectiveness, Moderna said Thursday the vaccine appeared to be 51 percent effective against symptomatic infection among those younger than 2, and 37 percent effective among those 2 to 5. -NYT

Moderna’s chief medical officer, Dr. Paul Burton, said that the Omicron variant accounted for 80% of cases in the study group, which explains the low efficacy rate.

For now, Moderna’s vaccine has only been cleared for adults – and the company has also requested authorization of its Covid vaccine for those aged 6-11 and 12-17, which the company will submit data for in around two weeks.

The FDA’s head of vaccine regulation, Dr. Peter Marks, hinted at a Tuesday Senate oversight hearing that the agency may consider Moderna’s applications for all children as a whole.

Moderna and Pfizer-BioNTech have both been developing doses for the youngest children since last year. Moderna is proposing a two-dose regimen for children from 6 months to 5 years old, using one-fourth the strength of an adult dose. Pfizer and BioNTech are working on a three-dose regimen for those 6 months to 4 years old, at one-tenth the strength of the adult dose. Pfizer has not yet submitted a request for F.D.A. authorization, but is expected to do so soon. -NYT

Last week, White House adviser Dr. Anthony Fauci suggested that the agency wants to review data for Moderna and Pfizer simultaneously in order to directly compare the two.

Regulators aren’t expected to act on Moderna’s application before June, while federal officials will ask the agency’s outside advisory panel of experts to review the data before authorizing any vaccine for the least vulnerable.

end

Dr Paul Alexander…

Dr. Paul Elias Alexander: I wish to be clear, these COVID mRNA Pfizer & Moderna vaccines are not effective & not properly safe; not safety tested, the vaccines WILL, not may, ‘WILL’ kill our children
I am not your personal physician, yet I am sharing my view & you talk to your doctor, but IMO, I would never ever give these vaccines to my teens or young children, or infant; zero, it will harm/killDr. Paul AlexanderApr 29I plead with you, talk to your doctor as the parents but there is no condition, none in healthy children, healthy children who bring near zero, statistical zero risk to the table, whereby these safety untested injections are warranted, they are not safe and not tested; you will be taking a huge risk to vaccinate your healthy child with these injections.No Fauci or Walensky or Francis Collins or anyone anywhere, has prosecuted the case as to why your healthy child will need these injections, NONE! Tell them take the vaccine and shove up up their a**! Not your child! This is about greed, power, selling millions of vaccines they made, this is not about the best for your child!And if you could, please ask Fauci or Walensky and Birx and Collins, or Hahn or anyone of these people who have taken us there, and definitely Albert Bourla the CEO of Pfizer or Bancel of Moderna, to come debate me, me, any place or time, and bring whom they wish; let us talk about the vaccines and the data, the fraud data they submitted to FDA…and I too will bring Malone and McCullough and Risch etc. If they want me alone, I can do that too.Just set it up. We are eager.

GLOBAL ISSUES//

end

/VACCINE IMPACT

43,898 Dead 4,190,493 Injured Following COVID-19 Vaccines in European Database of Adverse Reactions

April 28, 2022 3:46 pm

The European (EEA and non-EEA countries) database of suspected drug reaction reports is EudraVigilance, verified by the European Medicines Agency (EMA), and they are now reporting 43,898 fatalities, and 4,190,493 injuries following injections of five experimental COVID-19 shots. From the total of injuries recorded, almost half of them (1,879,995 ) are serious injuries. The website RealNotRare.com has produced another video with testimonies of people suffering COVID-19 vaccine injuries and how difficult it is for them to receive any help as their injuries are denied to be related to the COVID-19 vaccines.

Read More…


You Need to Be Thinking NOW About Bartering

April 28, 2022 5:32 pm

Bartering will come back with a vengeance. The dollar may not be the world’s reserve currency that much longer. Between pumping trillions of dollars into the system over the past two years and trying to use the dollar to isolate the Russians, even CNN admits the dollar is in trouble. Our government is far too interested in centralized digital currencies for my personal comfort. We need other options, and sooner rather than later. Prepping isn’t living in fear. It’s the sober realization that modern life has been based on a complex network of supply chains and support systems that have not received necessary maintenance and are now approaching a collapse. Nothing lasts forever. The Roman Empire didn’t last forever, and the American one won’t either. But we have the choice between waiting for the Visigoths to sack our homes and lead us all into slavery or proactively developing our own systems of creating and obtaining necessities while we still can. And bartering will become more and more a part of that.

Read More…

Michael Every

Michael Every on the day’s most important topics

Rabo: ‘Magical Thinking’ About A New World Order Is “Naked, Auto-Lobotomizing Self-Interest”

FRIDAY, APR 29, 2022 – 10:20 AM

Authored by Michael Every via Rabobank,

Once again time to try to shine a light through the miasma of intellectual fog surrounding us (and my own personal brain fog at this stage of the week).

With US inflation at 8.5% y/y, Q1 GDP came in at -1.4% q/q annualised. There is a word for that many banks feel too impolite to mention starting with ‘s’ – “stagflation”. Actually, there are several words. Of course, the data were a very mixed pile, with business spending up 9.2% and consumer spending 2.7%. The drag was from lower federal spending, a draw-down on inventory, and a plunge in exports and surge in imports.

One immediate point to note is that this is why markets prefer US GDP data to Chinese: do we ever get this kind of surprise, market volatility, and relative numerical transparency from China? As such, those who expect Beijing’s release to one day be the true global benchmark for markets are presuming there won’t need to be any markets worth the name at that point. Which is kind of the political package now being offered.

While we do still have markets, the key question is if the Fed will look past the data or not. Is it wiser to focus on the business and consumer side and presume the government, inventory, and net exports mean revert, or to worry about a repeat of headline GDP in the current quarter? In the latter case, the Eccles Building will have started an aggressive hiking cycle with the US already in recession. The FOMC statement next week is going to be a doozy either way. Whisper it, but markets might even have to *read* it for once rather than just snapshot headline analysis. (I know, radical idea, right?)

The US dollar clearly takes the view that the Fed will look past GDP. with the broad DXY at 103.6, a two-decade high, and up 8.3% in 2022. It continues to defy claims of its imminent collapse and the emergence of a commodity-backed New World Order digital MacGuffin.

In particular, JPY just tested past 130 and EUR under 1.05. Neither is a surprise. The BOJ just doubled down on their bond buying in defence of a 0.25% 10-year JGB yield, which is seeing local market chatter of JPY at 135, 140, 145, and even 150: I find all believable if the Fed doesn’t find -1.4% GDP to be. In Europe, there is the usual push-me-pull-you of speculation over tiny ECB rate hikes ahead, but the real action will come when the Eurozone’s current account surplus unwinds as exports slump while commodity import costs stay high.

On that front, some in the EU are opening rouble bank accounts to buy Russian gas to heat their swimming pools to slightly lower temperatures in solidarity with Ukraine. As someone outside markets commented on Twitter last night, given European gas payments now have to be in roubles, and ONLY via Gazprombank, Russia can in theory set the EUR/RUB exchange rate wherever it wants for each counterparty, e.g., Germany could see a different *FX* price for gas, as well gas price, than Hungary – and wouldn’t that be unexpected for an apolitical and never coercing economy to do? The threat underlines again why Europe is over an (oil) barrel here due to decades of ‘bumble durch trundle’ policy.

However, that’s a powerful argument to never do business with Russia, or like-minded partners. As @fbermingham notes, “The Voice of German Industry” just adopted the “autocracies vs. democracies” meme and backed sanctions, saying, “The consequences are extremely severe for individual companies and sectors, but business is willing to bear these costs to defend the strength of the law.” This is hardly a positive for a country totally reliant on Western technology chains even under Stalin. (Or, as just alluded to, for the Western businesses selling it to them “because bumble durch trundle”.) Yes, China could perhaps fill the gap – but at the cost of it losing the West like Russia.

Specifically on energy, the German government is suggesting it will now back an EU oil embargo: and, if applied aggressively, that could see Russian oil flows to *almost everyone* knee-capped for years, if not permanently. Of course, that would mean higher energy prices globally. Yet it shows one can be bullish oil, gas, and commodities without being bullish on the rouble, which nobody is *using* regardless of where a line on a screen sits.

The same argument holds true for  net-commodity-importing Russian friend CNY, with offshore CNH sitting at the appropriately-devilish 6.66 level at one point yesterday -4.5% in just over a week, and CNY fixing today slashed 549 pips to 6.6177, the weakest since November 13, 2020, but actually stronger than the market had feared.

Relatedly, David Fickling today argues a point I was making in the middle of the previous decade. China may going all in on infrastructure spending to boost its headline growth rate *again* –despite the fact that one-party rule is already ‘winning’ against the US looking at Q1 GDP– yet ‘More Infrastructure is the Last Thing China Needs’.

He notes, “As of 2019 –before the past two years of infrastructure splurges– China’s stock of public capital was already about $21,400 per person – a greater sum than in Australia, Belgium, Israel, Portugal, Spain or the UK, and comparable to that in Germany, Ireland, and Italy. That’s particularly striking when you consider that GDP per person (and thus, ultimately, China’s ability to pay off such colossal investments) is still less than half of developed countries.

On measure after measure, the scale of building now exceeds far richer economies, even after accounting for China’s vast population and geographic scale. The country’s 37,607km of high speed rail operating or under construction amounts to 57% of the world’s total. Per person, it’s above Italy, Taiwan or the UK, and only modestly behind Japan and South Korea.

Its electricity grid has more km of distribution wires per person than most of western Europe, even though dense cities might necessitate less. The 1.3m km of electricity transmission lines could stretch to the moon and back three times, and reach further than those in the US, Russia, Brazil, Canada, Australia and Saudi Arabia –put together. China already consumes more electricity per person than Italy, Spain and the UK– and demand is still rising faster than in almost every other major economy.

Chinese demand for industrial commodities remains insatiable. More than half of the world’s steel is consumed there, along with a similar share of nearly all industrial metals. One oft-quoted statistic is that China used more cement between 2011 and 2013 than the US during the entire 20th century. That still understates things. Taking the past decade as a whole, it’s used five times as much as America between 1901 and 2000.”

Alongside a Russia that is being cut-off from Western technology and markets, this vast, fiat, not green ‘Great Leap Forward’ is the other proposed foundation for a commodity-backed New World Order digital MacGuffin: ‘Produce commodities to build bridges to nowhere and empty apartments. Systemic stability will be maintained by capital controls and exports to deadly-rival, indebted, fiat Western consumer markets’. What an improvement over what we have now (which also sucks, but has incumbency)! Where do I sign up?

If the US dollar is going down, not up, and I mean *down* down, then we are all going down with that ship. 

All of this was clear years ago, and is just as clear today. However, from the China is magic side to the magical thinking about the New World Order, a collective intellectual fog seems to have settled.

Is it naked, auto-lobotomising self-interest? A ‘Year Zero’ ADHD generation who have the entire sum of human knowledge at their fingertips but think the world was created in 2015? A post-modern miasma which no longer understands what basic principles such as capitalism, socialism, Marxism, fascism, mercantilism, or imperialism actually mean; and one where we just meme, because we are ‘too busy’ on TikTok, or Bloomberg, to be autodidacts and *learn* what they no longer teach us to memorise by rote?

Try to peer through the fog for a moment. How easy would it be for the West to spend more on infrastructure and productive capital investment, with a hard military edge? And how much harder is it for an economy entirely built on over-investment (and increased militarisation) to do less when its other pillar of its growth is net exports to a geopolitical rival? Does this geopolitical disconnect end in a peaceful takeover like Elon Musk and Twitter, which offered no blood, little sweat, and Progressive tears?

As a case in point, the US Congress just agreed a WW2-style Lend-Lease support package for Ukraine, which was last used to help the USSR fight the Nazis. President Biden is proposing $33bn in aid, and $20bn for weapons, ammunition, and other military assistance. That’s almost three weeks; worth of EU gas payments into Russia’s coffers. And comes right after Russia warned of a “lightning response” to those who help what it sees as “Ukrainian Nazis”, with an implied nuclear threat.

Renowned geostrategist Harald Malmgren again warns he fears the Russian response could be the use of a tactical nuclear weapon against Ukraine, which the West is not prepared for. Moreover, he says the current White House team has no experts in nuclear strategy to hand: it keeps trying to deescalate on the nuclear front, which can be seen as weakness rather than strength, while simultaneously trying to show strength not weakness in conventional arms and sanctions. The risks of that strategic mismatch should be clear.

No fog here. The logic going forwards is the same binary I have argued since this started: constant escalation until one side blinks – and then a divided world economy; or a long, painful grind  – leading to a divided world economy.

If you think that backdrop, two-way economic war, and risks of wider hot war than we are seeing now allows us to make confident predictions about “peak inflation” or interest rates –let alone subscriber numbers for streaming services(!)– then you are opting to cloak yourself not just in intellectual fog, but in smoke and mirrors.

There is now a fog of war over *all* forecasts and presumed models of ‘how things work’.

END

7. OIL ISSUES

California is getting hit again:  Newsome is to hike gas taxes despite record high prices at the pump

(zerohedge)

California To Hike Gas Tax Despite Record High Prices At Pump 

THURSDAY, APR 28, 2022 – 10:20 PM

California Gov. Gavin Newsom is set to raise the state’s gasoline tax despite record-high prices at the pump and sinking poll numbers of President Biden ahead of the midterm elections.

Newsom’s office said earlier this week that California lawmakers are unlikely to stop the annual summer increase in the state’s gasoline tax ahead of a May 1 deadline. This means California motorists will be hit with a 5.6% gas tax hike scheduled to take effect on July 1. 

“But lawmakers will almost certainly fail to stop the gas tax increase from taking place because they would need to pass legislation by Sunday in order to do so – and have yet to introduce a bill on the matter,” Fox News said. 

Newsom’s spokesperson Alex Stack said the governor could offer gas relief to Californians via direct payments (stimulus checks). 

“It is clear now that the Legislature will not act in time to provide that immediate, limited relief, but we look forward to working with lawmakers on the Governor’s proposal for direct payments to Californians wrestling with rising prices,” Stack said. 

California leads the nation with the highest gas tax at 51 cents per gallon. The gas tax after July 1 will stand at 53.9 cents per gallon, an increase of 3 cents.

Earlier this year, Newsom proposed to suspend the scheduled adjustment on the state gas tax, though it appears that won’t be happening. He has also offered stimulus checks for drivers to offset soaring fuel costs. Still, nothing has been passed to give drivers relief. 

Newsom’s timing of letting the gas tax pass comes as President Biden’s polling numbers have cratered ahead of the midterm elections. 

This year, many folks will be voting with their empty wallets as the Biden administration and the Federal Reserve have failed to tame inflation. There’s even a risk gas prices could be headed higher as global oil markets tighten amid shrinking Russian supplies. Biden’s SPR releases have yet to curb higher prices. 

Tightening global crude supplies are set to release the “second wave” of the oil price shock that could increase prices (again), effectively dooming Democrats even more in midterms.

end 

Allianz To Halt Insurance For Oil, Gas Projects In 2023 Amid Worsening Supply Outlook

FRIDAY, APR 29, 2022 – 02:15 PM

The Allianz Group, one of the world’s largest insurers and asset managers, published a statement Friday detailing how it will no longer insure and invest in new oil and gas fields starting in 2023. This comes at the worst possible time for extremely tight oil markets as Russian production drops due to hard-hitting Western sanctions, igniting fuel shortages in Europe, the US East Coast, and other parts of the world. 

Allianz said it won’t offer new single-site and stand-alone property insurance and casualty insurance coverages (and renew existing contracts after July 1, 2023) and will halt new funding for exploration and development of new oil and new gas fields (upstream), construction of new midstream infrastructure related to oil, construction of new oil power plants, and projects in the Arctic. 

The new guidelines come as the company is “accelerating the deployment of its climate strategy and has announced new ambitious commitments in both its core business and operations … limit the greenhouse gas emissions (GHG) deriving from Allianz’s sites and activities in over 70 markets to net-zero by 2030, instead of 2050 as originally planned.” 

The timing of such an accelerated climate strategy will undoubtedly mean a reduction in capacity for new oil projects globally because it will be harder or perhaps more expensive for oil and gas companies to insure projects. This is a sure way to collapse supply even more, when the US is acting as a barrel of last resort to a tight global energy market hungry for supplies as Russia’s production sinks. 

Allianz said it was “committed to actively driving the transition towards renewable energy sources, supported by significant underwriting and investment capacity and appetite for renewable risks.” 

The world is about to experience a second energy shock, and Allianz’s move to abandon insuring and funding fossil fuel projects may lead to continued disorderly decarbonization of the economy. In other words, elevated energy prices are here to stay. 

END

RUSSIA WILL NOT LIKE THIS!!!

Poland seizes Russian gas assets

Energy producer Novatek has been ordered to hand over its transmission infrastructure to the country’s state-owned firms

Poland seizes Russian gas assets

© Getty Images / Sean Gallup / Staff

Warsaw has obliged the Polish subsidiary of the Russian energy giant Novatek to transfer its gas infrastructure to the nation’s state companies, Government Spokesperson Piotr Müller said on Friday. Novatek, which is on Poland’s sanctions list, on Thursday stopped gas supplies to some of the country’s regions.

“Today Prime Minister Mateusz Morawiecki requested state companies PGNiG, PSG and Gaz-System to immediately supply gas to grids formally owned by Novatek, on the basis of the crisis management law,” Müller said.

He added that by the order of the prime minister, Novatek’s subsidiary Novatek Green Energy is obliged to transfer the networks to those companies, which will then supply gas to the cut-off municipalities.

READ MORE: Poland still buying Russian gas – Gazprom

According to the spokesperson, the transfer process will start immediately. “It all depends, of course, on whether there will be resistance from Novatek and its employees. If there is such, then in accordance with the law on anti-crisis management, we can apply coercive means,” Müller explained.

On Thursday, Polish authorities said that several dozen municipalities had been left without liquefied gas after sanctions-hit Novatek suspended supplies. Poland had earlier imposed sanctions on 50 Russian legal entities and individuals, including energy companies.

 

8 EMERGING MARKET& AUSTRALIA ISSUES

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

BRAZIL

Brazil’s Top Farmer To Slash Fertilizer Usage By 25% Amid Shortage

FRIDAY, APR 29, 2022 – 03:30 PM

Soaring prices for industrial fertilizer have forced one of Brazil’s largest farmers to initiate plans to reduce nutrient spreading on fields by at least a quarter in 2022-23, according to Bloomberg.

SLC Agricola SA, which manages soybeans, corn, and cotton fields in an area larger than the state of Delaware, will reduce the use of fertilizer by 20% and 25%, Chief Executive Officer Aurelio Pavinato said. 

Pavinato’s planned reduction of fertilizer comes as prices have soared to record highs due to shortages stemming from the Russian invasion of Ukraine. He said fewer nutrients won’t necessarily affect crop production yet. 

“It’s possible to cut fertilizers in a year and have a null impact on production,” he said in an interview, adding there are fertilizer reserves in the soil from previous seasons. 

SLC’s decision to reduce fertilizer on fields is a prime example of how farmers worldwide are coping with high prices and shortages. Some farmers are switching to crops that need less fertilizer

Even though Pavinato doesn’t think harvests will be affected in the near term. The prospect of lower yields is a significant concern among ag traders and continues to push global food prices to record highs

CBoT trader Tommy Grisafi (also risk advisor at commodity trading firm Advance Trading Inc.) said, “fertilizer supply issues will remain a problem for a few years and will soon result in declining yield production of crops in some of the world’s top growing regions.” 

Grisafi warned: “It’s not if, it’s when.” 

The news from Brazil is very alarming because 80% of the country’s farmland is very reliant on fertilizers, and more than 85% of its fertilizer is imported from abroad (susceptible to disruptions). 

Brazil is also a top ag exporter of coffee, sugar, soybeans, manioc, rice, maize, cotton, edible beans, and wheat. If future harvests decline because of less fertilizer usage, this could then exacerbate the global food crisis that the Rockefeller Foundation expects to hit “in the next six months.” 

It might be a perfect time to plant a garden and become more independent as cracks in the global food supply chain emerge. 

END

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

Euro/USA 1.0562 UP .0059 /EUROPE BOURSES //ALL GREEN 

USA/ YEN 129.93   DOWN 0.867 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2571 UP   0.01045

 Last night Shanghai COMPOSITE CLOSED UP 71.58 PTS OR  2.41%

 Hang Sang CLOSED UP 813.22 PTS OR 4.01%

AUSTRALIA CLOSED UP 1,03%    // EUROPEAN BOURSES OPENED ALL GREEN 

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN  

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 813.22 PTS OR 4.01% 

/SHANGHAI CLOSED UP 71.58 PTS OR 2.41%

Australia BOURSE CLOSED UP 1.08% 

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

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1916.45

silver:$23.48

USA dollar index early FRIDAY morning: 103.03  DOWN 63  CENT(S) from THURSDAY’s close.

THIS ENDS FRIDAY MORNING NUMBERS

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And now your closing FRIDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 2.01%  UP 6  in basis point(s) yield

JAPANESE BOND YIELD: +0.216%  up 3 AND 6/10   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 1.97%// UP 6   in basis points yield 

ITALIAN 10 YR BOND YIELD 2.70  UP 0   points in basis points yield ./

GERMAN 10 YR BOND YIELD: RISES TO +0.937% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.76% 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 FRIDAY  

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

Euro/USA 1.0534  UP .0031    or 31 basis points

USA/Japan: 129.78 DOWN 1.011 OR YEN UP 101  basis points/

Great Britain/USA 1.25520 UP 87  BASIS POINTS

Canadian dollar DOWN 0.0017 OR 17 BASIS pts DOWN to 1.2820

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED ..UP 6.6085  

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)..6.6430

TURKISH LIRA:  14.85  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.216

Your closing 10 yr US bond yield UP 5  IN basis points from THURSDAY at  2.898% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield: 2.952  UP 2 in basis points 

Your closing USA dollar index, 103.25 DOWN 41   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 FRIDAY: 12:00 PM

London: CLOSED UP 32.30PTS OR 0.43%

German Dax :  CLOSED  UP 102.05  POINTS OR 0.73%

Paris CAC CLOSED  UP  23.77 PTS OR 0.37% 

Spain IBEX CLOSED UP 75.800 PTS OR 0.89%

Italian MIB: CLOSED UP 192.11 PTS OR 0.80%

WTI Oil price 106.83   12: EST

Brent Oil:  108.64  12:00 EST

USA /RUSSIAN ///   RUBLE RISES TO:  71.15   UP  0    92/100  RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +.9370

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0559 UP  .0056   OR UP 56 BASIS POINTS

British Pound: 1.2577 UP  .01121 or  112 basis pts

USA dollar vs Japanese Yen: 129.68 DOWN 1.109//YEN UP 110 BASIS PTS

USA dollar vs Canadian dollar: 1.2849 UP .0048 (CDN dollar DOWN 48 basis pts)

West Texas intermediate oil: 103.97

Brent OIL:  106.41

USA 10 yr bond yield: 2.2881 UP 2 points

USA 30 yr bond yield: 2.948  UP 1  pts

USA DOLLAR VS TURKISH LIRA: 14.84

USA DOLLAR VS RUSSIA///USA/ ROUBLE:  72.08 DOWN  1 AND 1/8 ROUBLES (ROUBLE UP 1 & 1/8 ROUBLES/USA

DOW JONES INDUSTRIAL AVERAGE: DOWN 939.18 PTS OR 2.77%

NASDAQ 100 DOWN 601.25 PTS OR 4.47%

VOLATILITY INDEX: 34.34 UP 4.35 PTS (14.50%)

GLD: 176.91 DOWN 0.02 PTS OR 0.00%

SLV/ 21.04 DOWN .38 PTS OR 1.77%

end)

USA trading day in Graph Form

Nasdaq Collapses To Worst Month Since Lehman As Market Starts Pricing 75bps Hike In June

FRIDAY, APR 29, 2022 – 04:00 PM

Remember how great the second half of march was!? Well that de-escalated quickly…

A 50bps hike is now a done-deal for next week’s FOMC meeting and STIRs are now pricing a near 50% chance of a 75bps hike in June (not helped by a record surge in the Employment Cost Index this morning)!!

Source: Bloomberg

That would be The Fed’s first 75bps hike since 1994!

And no, US equity markets are not “pricing in” that level of hawkishness… yet…

Source: Bloomberg

After starting the month with a panic-bid, Nasdaq ended April down almost 13%, its worst month since Oct 2008…

Source: Bloomberg

On the week, Small Caps were the worst (closely followed by Nasdaq) and that followed the puke last Friday…

And there was no signs of any rebalancing today as stocks were monkeyhammered lowered from just after the cash open (no thanks to AAPl and AMZN)and were utterly destroyed into the close… These were massive single-day moves

The S&P’s 3.6% puke is the worst day since June 2020 (as AMZN plunged 14% – its worst day since July 2006)

The Dow fell 1000 points today – erasing all of the second-half of March melt-up gains…

Overall, Nasdaq and Small Caps are now down over 22% from their highs, S&P down almost 13% and The Dow down just less than 10% from its record highs…

Source: Bloomberg

It appears ARKK is following the path of the rise and fall of 2000’s DotCom bust to the tick…

Source: Bloomberg

FANG stocks have lost over $1.6 trillion in market capitalization since their peak over $5 trillion in Nov 2021…

Source: Bloomberg

Staples were the only sector to end the month green with Tech and Discretionary puking over 10% and Financials almost as bad…

Source: Bloomberg

VIX reversed all the late-March compression, spiking up to 33

It wasn’t just stocks that were clubbed like a baby seal in April, Bonds were a bloodbath with 10Y Yields soaring a stunning 54bps…

Source: Bloomberg

The yield curve steepened on the month but we note that 3s10s dipped back into inversion today…

Source: Bloomberg

The dollar index (DXY) exploded higher in April – up almost 5% against its fiat peers (its biggest monthly jump since Jan 2015) – trading at its highest in 20 years…

Source: Bloomberg

The Yuan saw its biggest monthly drop against the dollar since Jan 1994…

Source: Bloomberg

April was the Ruble’s best month on record (going back to 1993)… so not “rubble” then?

Source: Bloomberg

Cryptos had a very rough month with Bitcoin & Ethereum down around 15% in April…

Source: Bloomberg

Gold was pretty much flat on the month while copper collapsed (along with silver). Oil was higher on the month, albeit amid a headline-driven roller-coaster of swings…

Source: Bloomberg

Gold ended April back above $1900… barely…

Retail gas prices were down on the month but have been rising for the last two weeks or so and look set to extend their gains, erasing any benefits from Biden’s SPR plan…

Source: Bloomberg

Finally, it is worth noting that global bond and stock markets are down almost $25 trillion since the peak in Nov 2021…

Source: Bloomberg

And April was the worst month for a Bond/Stock portfolio since Feb 2009…

Source: Bloomberg

How much more pain will Powell allow the market to take?

END

I) /MORNING TRADING/LAST NIGHT/CHINA

AFTERNOON

END

II)USA data

Fed’s Favorite Inflation Signal Hits 40 Year High As Savings-Rate Crashes

FRIDAY, APR 29, 2022 – 08:39 AM

Both incomes and spending were expected to rise MoM in March and they did with spending rising 1.1% MoM (almost double the 0.6% rise expected) and outpacing the 0.5% MoM rise in incomes. This is the 6th straight month of rising incomes and 3rd straight month of rising spending…

Source: Bloomberg

And as the year passes the end of stimmies, the YoY growth in incomes collapses 11.6% (and spending slows to +9.1% YoY)…

Source: Bloomberg

On the income side, private wages rose 12.8% (down from +13.0% last month), and government wages rose 5.4% (down from +5.5% last month)

For the 3rd straight month, the increases in spending outpaced the rise in incomes pushing the savings rate to its lowest since Dec 2013

Source: Bloomberg

Finally, The Fed’s favorite inflation rate – the PCE Deflator – rose by 6.6% YoY (slightly less than the 6.7% YoY expected) but still the highest since Jan 1982 (while the core PCE deflator fell back very modestly from multi-decade highs)…

Source: Bloomberg

No breathing room for The Fed here.

-END-

Inflation Expectations Hit 41-Year-Highs As UMich Survey ‘Hope’ Fades During The Month

FRIDAY, APR 29, 2022 – 10:08 AM

After plunging to decade-lows, the final print for April’s UMich sentiment was expected to confirm the preliminary ‘rebound’. However, ‘expectations’ actually fell notably during the month from a preliminary 64.1 to a final 62.5 as hope faded during the month (but still up from February’s 11 year low at 54.3). Currentr conditions actually improved further on the month from 68.0 prelim to 69.4 final. All of which lifted the headline UMich sentiment indicator

Source: Bloomberg

Buying Conditions slipped lower for vehicles, homes (a new record low), and large appliances…

Source: Bloomberg

“Prospects for personal finances improved in April, reversing last month’s negative balance of opinion.”

“Importantly, the gains were widely shared across income and age groups largely due to the notion that gas prices had peaked.”

And finally – and perhaps most notably – UMich’s inflation expectations for next year rose to 5.4% – the highest since Oct 1981…

Source: Bloomberg

No breathing room for The Fed here

end.

IIB) USA COVID/VACCINE MANDATES

end

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

First it was the UN and now very popular Goya Foods CEO, Unanue warns of a global food crisis

(zerohedge)

“We Are On The Precipice Of A Global Food Crisis,” Goya Foods CEO Warns 

THURSDAY, APR 28, 2022 – 09:00 PM

The effects of pandemic lockdowns, related supply chain strains, and conflict in Ukraine are wreaking havoc on the world’s agricultural system. Readers have heard the likes of the UN warning that Middle Eastern countries are at “breaking points” as food prices hit record highs, and as of last week, the Rockefeller Foundation began the countdown (about six months) to a “massive, immediate food crisis.”

Now, Goya Foods CEO Bob Unanue has issued a similar warning: “We are on the precipice of a global food crisis.” 

In a Wednesday interview, Unanue told Fox Business’s Maria Bartiromo“Americans will have to tighten their belts and consume less,” in response to her question about a potential food shortage crisis.

Bartiromo then asked a series of questions, such as “Do you think things will get worse?” and “Do you think food prices will go even higher later this year?” 

He warned about an imbalance in world food production, indicating “farmers are paying double for fertilizer, they’re planting less and yields will be less.” 

Unanue then spoke about “30% of the global wheat production in Ukraine goes unplanted.” He said the “global food supply chain is a very tight balance. If we interrupt the food production, we will have a food crisis that will send prices through the roof.” 

He went on to say, as a rich country, we can afford higher-priced food, but other countries won’t be able to bear it,” suggesting the US will be the last affected.  

To the Unanue’s point, the dominos are already beginning to fall as inflation riots have already sparked socio-economic turmoil in Sir Lanka and Peru. Countries across Africa and the Middle East, many of which are importers of food, are experiencing soaring prices and imminent shortages. 

Unanue’s interview is more proof the world’s agricultural system is fracturing and storm clouds are gathering. 

end

IIIB) USA ECONOMIC STORIES

Lake Mead water levels dangerously lower

(zerohedge)

“Holy Christ, That’s Bad” – Lake Mead’s Water Intake Pipe Exposed For First-Time 

THURSDAY, APR 28, 2022 – 08:20 PM

The top of the first water intake pipe at Lake Mead is now visible as the lake’s plummeting water level hit a new record low. 

“It’s official – the top of Intake No. 1 is now visible and the low lake level pumping station is now operational,” tweeted Southern Nevada Water Authority (SNWA).

After nearly half a century, the first intake is out of service and can no longer draw water. Water levels at the lake hit record lows this week, falling to 1,056 feet. Luckily, SNWA has two other intakes at much lower levels that are still operational. 

“There was no impact to operation’s ability to deliver water,” Bronson Mack, public outreach officer SNWA, told CNN“Customers didn’t notice anything. It was a seamless transition,” he said while referring to the switch of intake number 2.

Water flowing down the Colorado River supplies Lake Mead and Powell. The river system supports 40 million people across seven Western states and Mexico.

But as the Western half of the US faces one of the worst megadroughts in 1,200 years, water officials, such as Tom Buschatzke, Arizona’s director of water resources, recently warned of an impending water crisis that could affect the drinking water for millions of people.

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

Meanwhile, in Southern California, water officials declared a water shortage emergency for the first time, according to KTLA in Los Angeles. New restrictions for Ventura and San Bernardino counties go into effect on June 1 and restrict people’s ability to outdoor watering. 

Social media users responded in shock to Lake Mead’s intake pipe above the surface. 

“Holy Christ, that’s bad,” one person said, quoting SNWA’s tweet

Water wars in the West? 

“It’s time to pull California’s straws from the Colorado River,” said one person. 

The good news is Lake Mead has two other water inlets at lower depths to draw from, though levels are dropping fast as there is no sign the megadrought will be abating anytime soon. 

END

FCC Commissioner calls the demands for the Feds to block Elon Musk’s takeover of twitter ludicrous.  

(Watson/SummitNews)

FCC Commissioner Calls Demand For Feds To Block Elon Musk Twitter Sale “Frivolous”

THURSDAY, APR 28, 2022 – 08:00 PM

Authored by Paul Joseph Watson via Summit News,

FCC Commissioner Brendan Carr called a demand by the leftist lobby group Open Market Institute for the feds to block Elon Musk’s purchase of Twitter “frivolous,” while pouring scorn on the idea it should be done to protect free speech.

The Open Markets Institute, a liberal think tank, claims that the FCC, the Justice Department and Federal Trade Commission all have the power to block the takeover under the Communications Act of 1934 and even the Telegraph Act of 1860.

They are upset with the sale because it would apparently give “direct control over one of the world’s most important platforms for public communications and debate” to one person and would represent a monopolistic merger between Twitter and Musk’s Starlink.

Liberal groups are noticeably less concerned about legacy media and social media outlets being owned by left-wing billionaires and pro-regime moguls who agree with their views.

FCC Commissioner Brendan Carr shot down the idea that the Federal Communications Commission should block the sale, calling the demand “particularly frivolous” and noting that the agency has zero authority to block it.

“The FCC has no authority to block Elon Musk’s purchase of Twitter, and to suggest otherwise is absurd,” Carr’s statement reads. “I would welcome the full FCC making it clear that we will not entertain these types of frivolous arguments.”

Carr also asserted that leftists were setting up a false strawman, and that the primary concern should be restoring Twitter as a public town square for freedom of expression.

“They say that Twitter must stick with its current approach to moderation or unleash a flood of terrorist speech & illegal content,” he said.

“This is a false choice that ignores the issue: suppression of core political speech.”

During an interview with Fox Business, Carr said he was “hopeful that Elon Musk is going to bend Twitter’s content moderation towards a greater embrace of free speech.”

“There was a pivot point in this country that I think came around 2016 when people started to reach the view, particularly among the hard left, that the free exchange of ideas is incompatible with the outcomes that they want to see at the ballot box,” said Carr.

Experts have also said that the FTC is unlikely to intervene in the sale of Twitter to Elon Musk.

So I guess leftists are back to screaming and hyperventilating about it all on Twitter.

As we highlighted earlier, the Biden White House responded by launching a new DHS ‘disinformation unit’.

The unit will be headed by a woman who promoted the fake news that the Hunter Biden laptop story was ‘Russian disinformation’.

end

iv)swamp stories

The King Report (including swamp stories)

The King Report April 29, 2022 Issue 6749Independent View of the News
US GDP shockingly declined 1.4% in Q1 due to higher inflation and lower consumption than expected.  GDP growth of 1.0% was expected.Consumption 2.7%, 3.5% exp.GDP Price Index 8%; 7.2% exp.; PCE Core 5.2%; 5.5% exp. 
The US has transitioned from stagflation to an inflationary recession – a common socialist country trait.
 
Biden Pegs U.S. Economic Contraction on ‘Technical Factors’
“The American economy — powered by working families — continues to be resilient in the face of historic challenges,” Biden said in a statement. “While last quarter’s growth estimate was affected by technical factors, the United States confronts the challenges of COVID-19 around the world, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength.”…
https://www.msn.com/en-us/money/markets/biden-pegs-us-economic-contraction-on-technical-factors/ar-AAWHiUc
 
Biden was an hour later for his scheduled presser on GDP.  Did it take the Disinformation Bureau/ Ministry of Truth an hour to create the ‘technical factors’ excuse for the horrid GDP?  The Big Guy stated, “I think we’re – what you’re seeing is enormous growth in the country.”  https://t.co/Cp5xWqeVq0
 
The Big Guy, in announcing the seizure of Russian oligarch assets, short-circuited trying to pronounce ‘kleptocracy’. https://twitter.com/disclosetv/status/1519700107070951425
 
Biden says he’s considering student debt forgiveness, but less than $50,000
https://www.msn.com/en-us/news/politics/biden-says-hes-considering-student-debt-forgiveness-but-less-than-2450000/ar-AAWHEws
 
Twitter Misses Revenues, Admits “Over-Stating” Millions of Users
1.9 million fewer users globally in Q4 2021 than they initially disclosed.  Is someone covering-their-ass ahead of Musk’s deep-dive? And what other little surprises lurk below the surface of this leftist sanctuary? The question many are asking now is – is this ‘admission’ material enough to warrant a price-adjustment for Musk?   https://www.zerohedge.com/markets/twitter-misses-revenues-admits-over-stating-millions-users
 
The yen sank to 131.20, a 20-year low, because the BoJ chose to defend the 0.25% ceiling on JGB yields.
 
BOJ bolsters commitment to ultra-easy policy, triggers yen sell-off
The Bank of Japan on Thursday strengthened its commitment to keep interest rates ultra-low by vowing to buy unlimited amounts of bonds daily to defend its yield target, triggering a fresh sell-off in the yen… It also said it would buy unlimited amounts of 10-year government bonds to defend an implicit 0.25% cap around its zero yield target every market day, instead of on an ad-hoc basis...  https://www.reuters.com/world/asia-pacific/moving-against-global-tide-boj-set-keep-ultra-low-rates-dovish-guidance-2022-04-28/
 
Dovish BoJ sends yen to 20-year low, MOF sends warning shot
The dollar shot past the key level of 130 yen for the first time since 2002 on Thursday as the Bank of Japan doubled-down on its dovish policy, triggering a warning from Japan’s Ministry of Finance not to push the yen too far… (Or what? What can Japan do?)
https://finance.yahoo.com/news/dollar-nears-two-decade-peaks-002331167.html
 
Yen’s Historic Fall Signals Rewrite of Global Currency Playbook
The yen risks weakening significantly for years to come as the yen slides to a 20-year low, shaking global currency flows and undermining Japan’s efforts to get its fragile economy back on track.
    The pace of the decline – it has slipped more than 10% against the dollar in seven weeks – has caught policymakers off guard and amid the central bank’s intent to curb inflation and the government facing a backlash over rising prices
https://www.bloomberg.com/news/articles/2022-04-28/yen-s-historic-fall-signals-rewrite-of-global-currency-playbook
 
ESMs rallied sharply on Facebook user growth, which economically is insignificant and unimportant, when they opened Wednesday night.  ESMs then went inert until they soared almost 50 handles from the close of Chinese trading until 5 ET.  This rally was aided and abetted by April performance gaming.
 
Bonds declined smartly when the US bond market opened at 8 ET.  ESMs, which peaked at 5 ET, declined steadily, with three minor rally attempts until a bottom appeared at 10:41 ET.  ESMs tumbled 76.25 from their high.  It was time for Old World traders to markup stuff for the European close.
 
Within 26 minutes, ESMs jumped 32 handles higher.  ESMs rallied 6 more handles by the European close.  After the European close, a modest retreat appeared.  It last 20 minutes.  It was time for US traders, money managers, and hedge funds to begin manipulating stuff higher to embellish April performance.
 
By 12:30 ET, ESMs were manipulated 41 handles from the post-European close low at 11:47 ET.  But manipulators and April performance gamers were just warming up.  Despite one of the most shocking GDP reports in decades, the forces that needed to embellish April performance and possibly manipulators that wanted to change the negative narrative about GDP (Qui bono?) forced ESMs to 4303.50 at 15:23 ET, a 121.00 rally!!!  Alas, there were few organic buyers in the equity markets, so ESMs and stocks tumbled into the close.  ESMs plunged 50 handles from the high to 16:02 ET.
 
Thursday’s King Report: Tomorrow is month end; so be alert for desperately needed performance gaming this afternoon.  This is exactly what occurred on Thursday.
 
PS – We regularly note that the peak intensity of the manipulation to game performance tends to occur on the penultimate day of the period.
 
How many manipulations at or near month end does it take for Street ‘experts’ or regulators to recognize the enormous manipulation that occurs repeatedly in the stock market and its derivative markets?
 
@TomBevanRCP: With the shockingly bad GDP number, Mayorkas’s testimony, Biden’s cringe-inducing flub, and the ominous new generic Congressional ballot polls (GOP +10)this has been one of the Biden administration’s worst days yet.  (Is this a reason for the big equity rally?)
 
@ShelbyTalcott: The White House has re-arranged the South Court Auditorium stage, blocking off a large portion of it (and subsequently making it impossible for reporters to even see Biden, who is currently speaking (Everyone knows whyhttps://twitter.com/ShelbyTalcott/status/1519741256682909696
 
@RNCResearch: Biden sits quietly as his staff herds the press away after just three minutes on camera.
He mutters to himself, “They never ask relevant questions…” https://t.co/lVETGuUdnt
 
Dem Sen. (NY) Chuckles Schumer said the US needs tough legislative oversight of Big Oil prices. Trading savant Nancy Pelosi, appearing with Chuckles, said, “We are focused on cutting gas prices across the board.”  Renowned option speculator Pelosi claimed ‘Big Oil’ is profiting from war and hoarding.  “Big oil has profiteered in this… they are hording the windful while keeping prices up.”
 
Chuckles and Trader Nan, terrified by polls that show a looming Dem debacle, are playing the old ‘it’s Big Oil’s fault’ card.  Polls show Americans aren’t buying this pap.  Perhaps if The Big Guy had NOT stridently, boldly, and repeatedly stated that he would destroy fossil fuel production and related companies while he campaigned for president, the Dastardly Duo could euchre the public about inflation.
 
@RNCResearch: Nancy Pelosi is mystified why Americans would blame Democrats for their inflation and gas prices crises: “Why would we say that?”  https://twitter.com/RNCResearch/status/1519689216736866304
 
On Wednesday, Chuckles said, “If you want to get rid of inflation, the only way to do it is to re-undo a lot of Trump tax cuts and raise rates.”  Chuckles, a US Senator, really made this insanely idiotic remark.
 
Banks Accused of ‘Woke,’ Marxist Agendas as MAGA Comes to Annual Meetings
At Wells Fargo., the top arranger of loans to fossil-fuel companies last year, an activist chided the bank for donating to groups fighting climate change, “which is just Marxism dressed up as environmentalism.” … “Stay out of politics and properly serve all its customers and shareholders.” A call for Wells Fargo to examine whether it’s doing enough to support racial equity also fell short, but it garnered 36% support…
https://www.bloombergquint.com/business/banks-hit-for-woke-marxist-agendas-as-annual-meetings-go-maga
 
Biden says Putin is getting ‘desperate’ with his idle comments on nuclear weapons https://t.co/ANTem5ekH9
 
Positive aspects of previous session
The usual suspects manipulated ESMs and stocks to game April performance
Fangs soared on performance gaming and frantic short covering due to Facebook
 
Negative aspects of previous session
Bonds declined modestly
Energy commodities rallied sharply
 
Ambiguous aspects of previous session
The Dollar Index soared to a high of 103.928 (highest since December 2002); the euro sank to 1.0491
 
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: DownLast Hour: Down
 
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4261.53
Previous session High/Low4308.45; 4188.63
 
The US left $7 billion of military gear – including 78 aircraft, 12,000 Humvees and thousands of air-to-ground weapons – in Afghanistan after Biden’s chaotic 2021 withdrawal, according to Pentagon
https://www.dailymail.co.uk/news/article-10760917/The-left-7-billion-military-gear-including-78-aircraft-12-000-Humvees-Afghanistan.html?s=02
 
After the close, Amazon reported Q1 operating income of $3.7B, 5.42B was expected.  AMZN forecast Q2 Net Sales at $116 to 121B; 125.01B was consensus.  AMZN tumbled as much as 11%.  Analysts expressed fear that Amazon’s anticipated lower sales is a sign of consumer retrenchment, at the least.
 
Apple reported EPS of 1.52 (1.42 exp), Rev of 97.3B (94B exp).  AAPL initially declined 2%, but quickly rallied to +2.5% after it announced a $90B share repurchase and a 5% dividend hike to 0.23.  But wait! Apple then said supply constraints would cost Apple up to $8B this quarter.  Apple plunged to -6.2%.
   
The Fed Balance Sheet: -$16.652B; MBS -$15.675B   https://www.federalreserve.gov/releases/h41/20220428/
 
Today – Beaucoup major corporations, from various sectors, report results today.  But Big Oil lead the parade.  How long will it take Chuckles and Trader Nan to excoriate good Big Oil results if they appear?
 
As we have opined, a significant top could appear near the end of April on performance gaming and short-term upward seasonal biases.  However, after Monday, short-term upward biases are over; and the most negative intermediate-term seasonal adjustment plus the negative pattern for election years beckons.
 
Today will be a contest between forces that need to markup stuff to embellish April performance and traders that got long for the standard manipulation that want to liquidate.  Given the late plunge on Thursday, it is safe to assume that organic buyers are in the minority now.
 
Big question for today: How will Amazon’s lower sales expectations impact retailers, consumer-related stocks, economically sensitive stocks, and the equity market in general?
 
ESMs are -37.00 on Amazon; USMs are +14/32; and the euro is trying to hold 1.0500 at 20:00 ET.
 
Expected earnings: XOM 2.24, CVX 3.44, HON 1.86, CL .75, BMY 1.91, PSX 1.21, DISH .73
 
Expected economic data: Q1 Employment Cost Index 1.1%; March Personal Income 0.4% m/m, Spending 0.6%, PCE Deflator 0.9%, PCE Core 0.3%; April Chicago PMI 62; April UM Sentiment 65.7, Current Conditions 68, Expectations 64.1, 1-yr Inflation 5.5%
 
S&P 500 Index 50-day MA: 4390; 100-day MA: 4497; 150-day MA: 4513; 200-day MA: 4494
DJIA 50-day MA: 34,145; 100-day MA: 34,844; 150-day MA: 34,992; 200-day MA: 34,992
 
S&P 500 Index – Trender trading model and MACD for key time frames
MonthlyTrender is positive; MACD is negative – a close below 4153.02 triggers a sell signal
HourlyTrender and MACD are negative – a close above 4547.45 triggers a buy signal
Daily: Trender and MACD are negative – a close above 4529.25 triggers a buy signal
Hourly: Trender and MACD are positive – a close below 4220.63 triggers a sell signal
 
Critics slam timing of Biden’s ‘ministry of truth’ to police internet for ‘disinformation’
Conservatives referred to the move as ‘Orwellian’ (The irony of Hall of Fame liar Biden doing this!)
https://www.foxnews.com/politics/critics-slam-timing-bidens-ministry-of-truth-police-internet-disinformation
 
Hawley rips Homeland Security ‘disinformation’ board for ‘policing’ free speech, instead of protecting border – Sen. Josh Hawley criticized DHS’ new ‘Disinformation Governance Board’
https://www.foxnews.com/politics/hawley-rips-homeland-security-disinformation-board-policing-free-speech-protecting-border
 
Sen. Rubio sounds alarm over DHS misinformation office: ‘It’s time to wake up  https://t.co/TTCSrGZii3
 
@JudiciaryGOP: Secretary Mayorkas didn’t know that his new “disinformation” czar pushed the Steele Dossier and throttled the Hunter Biden laptop story. You can’t make it up.
https://twitter.com/JudiciaryGOP/status/1519750994401370118?s=02
 
@elonmusk explains what has happened to US politics and Democrats in one pithy chart:
https://twitter.com/elonmusk/status/1519735033950470144
 

Let us close today with this offering courtesy of Greg Hunter 

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See you on MONDAY 

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