Mar 2 2023 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSED: DOWN $4.00 at $1834.40

SILVER PRICE CLOSED: DOWN $0.16  to $20.83

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1836.30

Silver ACCESS CLOSE: 20.91

Bitcoin morning price:, 23,363 DOWN 63 Dollars

Bitcoin: afternoon price: $23,478 UP 52  dollars

Platinum price closing  $962.00 UP $0.60

Palladium price; closing $1445.45 DOWN $0.65

END

Due to the huge rise in the dollar, we must look at gold and silver in currencies other than the dollar to understand where we are heading

I will now provide gold in Canadian dollars, British pounds and Euros/4: 15 PM ACCESS

CANADIAN GOLD: $2,496.75 UP $0.95 CDN dollars per oz

BRITISH GOLD: 1536.47 UP 9.51 pounds per oz

EURO GOLD: 1732.00 UP 11.08 euros per oz

COMEX DATA

EXCHANGE: COMEX
CONTRACT: MARCH 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,837.700000000 USD
INTENT DATE: 03/01/2023 DELIVERY DATE: 03/03/2023
FIRM ORG FIRM NAME ISSUED STOPPED072 C GOLDMAN 133
363 H WELLS FARGO SEC 29
624 C BOFA SECURITIES 7
657 C MORGAN STANLEY 1
661 C JP MORGAN 74
690 C ABN AMRO 6
726 C CUNNINGHAM COM 3
737 C ADVANTAGE 4 6
800 C MAREX SPEC 3 5
880 C CITIGROUP 8
905 C ADM 1TOTAL: 140 140

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GOLD: NUMBER OF NOTICES FILED FOR MAR/2023. CONTRACT:   140 NOTICES FOR 14000  OZ  or  0.4354 TONNES

total notices so far: 1602 contracts for 160,200 oz (4.9828 tonnes)

 

SILVER NOTICES: 362 NOTICE(S) FILED FOR 1,810,000 OZ/

total number of notices filed so far this month :  2538 for 12,680,000 oz 

 

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END

GLD

WITH GOLD  DOWN $4.00

INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD//// A WITHDRAWAL OF 2.61 TONNES OF GOLD OUT OF THE GLD/

INVENTORY RESTS AT 912.69TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER DOWN 16 CENTS

AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.920 MILLION OZ OUT OF THE SLV/

INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 477.694. MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A FAIR SIZED 464 CONTRACTS TO 123,436 AND FURTHER FROM THE  RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THE FAIR SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR   $0.04 GAIN IN SILVER PRICING AT THE COMEX ON WEDNESDAY. WE HAVE NOW SURPASSED   OUR PREVIOUS ALL TIME LOW OF 124,080 OI CONTRACTS RECORDED FEB 22/2023. THUS NEW LOW COMEX OI SILVER IS NOW SET AT 123,436 MARCH 2/2023. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.04). BUT WERE  SUCCESSFUL IN KNOCKING SOME SPEC LONGS, AS WE HAD A SMALL LOSS ON OUR TWO EXCHANGES 118 CONTRACTS. WE HAD 200 CRIMINAL NOTICES FILED IN THE CATEGORY OF  EXCHANGE FOR RISK TRANSFER (  THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 1 MILLION OZ.)  WE HAVE FINISHED WITH OUR SPECS BEING SHORT AS THEY COVERED WITH THE RISE IN PRICE IN JANUARY .  WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG.

WE  MUST HAVE HAD: 
A SMALL  ISSUANCE OF EXCHANGE FOR PHYSICALS( 218 CONTRACTS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT  15.58 MILLION OZ FOLLOWED BY TODAY’S EFP OF 50,000//NEW STANDING: 14.870 MILLION OZ + THE 1.0 MILLION OZ OF EXCHANGE FOR RISK//THUS TOTAL NEW STANDING 15.870 MILLION OZ/ ////  V)  FAIR SIZED COMEX OI LOSS/ SMALL SIZED EFP ISSUANCE/

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL  128 CONTRACTS

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

TOTAL CONTRACTS for 2 days, total 676 contracts:   OR 3.380  MILLION OZ . (338 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 3.380 MILLION OZ 

.

LAST 23 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 

APRIL: 114.52 MILLION OZ FINAL//LOW ISSUANCE

MAY: 105.635 MILLION OZ//

JUNE: 94.470 MILLION OZ

JULY : 87.110 MILLION OZ 

AUGUST: 65.025 MILLION OZ 

SEPT. 74.025 MILLION OZ///FINAL

OCT.  29.017 MILLION OZ FINAL

NOV: 134.290 MILLION OZ//FINAL

DEC, 61.395 MILLION OZ FINAL

JAN 2023///   53.070 MILLION OZ //FINAL

FEB: 2023:       100.105/ MILLION OZ/FINAL//MUCH STRONGER ISSUANCE VS THE LATTER TWO MONTHS.

MARCH 2023:  3.38 MILLION OZ//INITIAL

RESULT: WE HAD A FAIR SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 464 DESPITE  OUR  $0.04 GAIN IN SILVER PRICING AT THE COMEX//WEDNESDAY.,.  THE CME NOTIFIED US THAT WE HAD A SMALL  SIZED EFP ISSUANCE  CONTRACTS: 218 CONTRACTS ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS./ WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR MAR OF  15.58 MILLION  OZ FOLLOWED BY TODAY’S 50,000 E.F.P. JUMP TO LONDON (WHICH REDUCES THE AMOUNT OF SILVER STANDING) + 1.0 MILLION OF EXCHANGE FOR RISK ISSUED (INCREASES THE AMOUNT OF SILVER STANDING) //NEW STANDING 15.870 MILLION OZ  .. WE HAVE A SMALL SIZED LOSS OF 246 OI CONTRACTS ON THE TWO EXCHANGES 

 WE HAD 362  NOTICE(S) FILED TODAY FOR   1,810,000   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 GOOD  SIZED 4226CONTRACTS  TO 431,116 AND CLOSER TO  THE 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: REMOVED 461 CONTRACTS. 

.

 WE HAD A GOOD SIZED INCREASE  IN COMEX OI ( 4226 CONTRACTS) WITH OUR  $18.90 GAIN IN PRICE. WE ALSO HAD A SMALL INITIAL STANDING IN GOLD TONNAGE FOR FEB. AT 4.9953 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 15,700 OZ (0.488 TONNES) //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S ) (EFP is the transfer of  contracts immediately to London for potential gold deliveries originating from London). TONNES

YET ALL OF..THIS HAPPENED WITH OUR  $18.90 GAIN IN PRICE  WITH RESPECT TO WEDNESDAY’S TRADING

WE HAD A  STRONG SIZED GAIN OF 5315 OI CONTRACTS (16.643 PAPER TONNES) ON OUR TWO EXCHANGES 

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED  1125 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 431,116

IN ESSENCE WE HAVE A  STRONG INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5351 CONTRACTS  WITH 4226 CONTRACTS INCREASED AT THE COMEX AND 1125 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN ON THE TWO EXCHANGES OF 5351 CONTRACTS OR 16.643 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1125 CONTRACTS) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI (4226) TOTAL GAIN IN THE TWO EXCHANGES 5351  CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG  ,2.) FAIR INITIAL STANDING AT THE GOLD COMEX FOR MAR. AT 4.9953 TONNES FOLLOWED BY TODAY’S 15,700 OZ QUEUE JUMP//NEW STANDING 6.5319 TONNES   // ///3) ZERO LONG LIQUIDATION //4)   GOOD  SIZED COMEX OPEN INTEREST GAIN// 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY

MAR

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

6336  CONTRACTS OR 633,600 OZ OR 19.707 TONNES 2 TRADING DAY(S) AND THUS AVERAGING: 3168 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES  19.707   TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  19.707/3550 x 100% TONNES  0.5634% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023 

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)

MAY:  247,44 TONNES FINAL// 

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

OCT:  177.57  TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)

NOV.  223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)

DEC:  185.59 tonnes // FINAL

JAN 2023:    228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!

FEB: 151.61 TONNES/FINAL 

MARCH: 19.707 TONNES/INITIAL

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 FEB. WE ARE NOW INTO THE SPREADING OPERATION OF BOTH GOLD (

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

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (NOV), 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 GOOD  SIZED 464 CONTRACTS OI TO  123,900 AND FURTHER FROM OUR COMEX HIGH 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.  HOWEVER WE HAVE SET A RECORD LOW OF 123,436 CONTRACTS MARCH 2/2023. 

EFP ISSUANCE 218 CONTRACTS 

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

MAY  218 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 218 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 464 CONTRACTS AND ADD TO THE  218 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A SMALL LOSS  OF 246 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. 

THUS IN OUNCES, THE LOSS  ON THE TWO EXCHANGES //1.23 MILLIONOZ

OCCURRED DESPITE OUR   $0.04  GAIN IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

END

OUTLINE FOR TODAY’S COMMENTARY

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

2 ) Gold/silver trading overnight Europe,

(Peter Schiff,

end

3. Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

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

end

5. Other gold/silver commentaries

6. Commodity commentaries//

7/CRYPTOCURRENCIES/BITCOIN ETC

3. ASIAN AFFAIRS

i)THURSDAY MORNING//WEDNESDAY  NIGHT

SHANGHAI CLOSED DOWN 1,69 PTS OR 0.15%    //Hang Seng CLOSED DOWN 190.25 PTS OR 0.92%      /The Nikkei closed DOWN  4.39%  PTS OR .17%          //Australia’s all ordinaries CLOSED UP  0.05%   /Chinese yuan (ONSHORE) closed DOWN 6.9058 //OFFSHORE CHINESE YUAN DOWN TO 6.9169//    /Oil UP TO 78.01 dollars per barrel for WTI and BRENT AT 84.60   / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

a)NORTH KOREA/SOUTH 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//COVID ISSUES/VACCINE 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 GOOD SIZED 4226 CONTRACTS UP TO 431,116 WITH OUR  GAIN IN PRICE OF $18.90. 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAR…  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 1125 EFP CONTRACTS WERE ISSUED: :  APRIL 1125 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1125   CONTRACTS 

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A  STRONG SIZED  TOTAL OF 5351  CONTRACTS IN THAT 1125 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED  COMEX OI GAIN OF 4687 CONTRACTS..AND  THIS VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR  GAIN  IN PRICE OF $18.90. WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG. 

// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING:    MAR  (6.5319) (NON ACTIVE MONTH)

TONNES),

 HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 12 MONTHS OF 2021-2022:

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  YEAR  2021 (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: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL 

Dec. 64.541 tonnes (TOTAL  YEAR 656.076 TONNES)

2003:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  6.5319 TONNES

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $18.90)  //// AND WERE UNSUCCESSFUL IN KNOCKING ANY  SPECULATOR LONGS AS WE HAD A  STRONG SIZED GAIN OF 5351 CONTRACTS ON OUR TWO EXCHANGES 

 WE HAVE GAINED A TOTAL OI  OF 16.643 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR MAR. (4.9953 TONNES) FOLLOWED BY TODAY’S HUGE QUEUE JUMP OF 15,700 OZ  (0.488 TONNES)… ALL OF THIS WAS ACCOMPLISHED WITH OUR RISE IN PRICE  TO THE TUNE OF $18.90.  

WE HAD -461  CONTRACTS REMOVED FROM  COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET GAIN ON THE TWO EXCHANGES 5351 CONTRACTS OR 535,100 OZ OR 16.643 TONNES

Estimated gold comex today 140,757// //poor

final gold volumes/yesterday  197,031/// fair

//MARCH 2//MARCH  2023 CONTRACT

//

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	49,030.275  oz HSBC 1525 KILOBARS     .
Deposit to the Dealer Inventory in oz	nil oz
Deposits to the Customer Inventory, in oz	nil oz
No of oz served (contracts) today	140 notice(s) 14,000 OZ 0.4354 TONNES
No of oz to be served (notices)	498 contracts    49800 oz 1.548 TONNES
Total monthly oz gold served (contracts) so far this month	1602  notices 160200 4.9829 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month	x

i)Dealer deposits: 0

total dealer deposit:  nil oz

No dealer withdrawals

Customer deposits:  0

total deposits: nil oz

 customer withdrawals: 1

i) out of HSBC:  49,030.275 oz

(1525 kilobars) 

total withdrawals: 49,030.275   oz 

in tonnes: 1.52 tonnes

Adjustments;  0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.

For the front month of MARCH we have an oi of 638 contracts having GAINED 78  contracts. We had 79 notices filed yesterday so surprisingly we

gained another 157 notices or an additional 15,700 oz will stand for metal on day 3 of the delivery cycle.  

April lost 1914 contracts down to 323,538 contracts

May gained 31 contracts to stand at 45

We had 140  notice(s) filed today for 14000 oz 

Today, 0 notice(s) were issued from J.P.Morgan dealer account and  0  notices were issued from their client or customer account. The total of all issuance by all participants equate to 140  contract(s) of which 0   notices were stopped (received) by  j.P. Morgan dealer notice(s) was (were) stopped  74/ Received) by J.P.Morgan//customer account  3 and 0 notice(s) received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the MAR. /2023. contract month, 

we take the total number of notices filed so far for the month (1,602 x 100 oz ), to which we add the difference between the open interest for the front month of  (MAR. 638 CONTRACTS)  minus the number of notices served upon today  140 x 100 oz per contract equals 210,000 OZ  OR 6.5319 TONNES the number of TONNES standing in this   active month of MARCH. 

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

No of notices filed so far (1,602 x 100 oz+   638   OI for the front month minus the number of notices served upon today (140)x 100 oz} which equals 210,000 oz standing OR 6.5319 TONNES in this active delivery month of MARCH.. 

TOTAL COMEX GOLD STANDING: 6.5319 TONNES.   

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

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 o

total pledged gold:  1,789,729.416 OZ   55.67 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED:  21,602,835.242 OZ  

TOTAL REGISTERED GOLD:  10,889,770.731     (338,71 tonnes)..dropping fast

TOTAL OF ALL ELIGIBLE GOLD: 10,713,064.511 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,100,041 OZ (REG GOLD- PLEDGED GOLD) 283.04 tonnes//dropping like a stone

END

SILVER/COMEX

MAR 2/2023// THE MARCH 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	285,508.300 oz Brinks
Deposits to the Dealer Inventory	nil OZ
Deposits to the Customer Inventory	599,400.530 oz CNT
No of oz served today (contracts)	362 CONTRACT(S)    (1,810,000 OZ)
No of oz to be served (notices)	436 contracts  (2,180,000 oz)
Total monthly oz silver served (contracts)	2538 contracts  (12,690,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

i)  0 dealer deposit

total dealer deposits:  nil   oz

i) We had 0 dealer withdrawal

total dealer withdrawals:  oz

We have 1 deposits into the customer account

i)Into  CNT  599,400.530 oz

Total deposits: 599.400.530 oz 

JPMorgan has a total silver weight: 147.648 million oz/287.547 million =51.34% of comex .//dropping fast

  Comex withdrawals: 1

i) Out of Brinks:  285,508.300 oz

Total withdrawals; 285,508.300 oz

adjustments: 1

customer to dealer

CNT 499,000.02 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 39.284MILLION OZ (declining rapidly).TOTAL REG + ELIG. 287.547 million oz

CALCULATION OF SILVER OZ STANDING FOR MAR

silver open interest data:

FRONT MONTH OF MAR/2023 OI: 798   CONTRACTS HAVING LOST 953  CONTRACT(S.) WE HAD 943 NOTICES FILED

YESTERDAY, SO WE LOST 10 CONTRACTS OR AN ADDITIONAL 50,000 OZ WILL NOT STAND AND THESE GUYS DECIDED UP AN E.F.P. JUMP

TO LONDON.

April LOST 92 CONTRACTS TO STAND at 420.

May GAINED 206 CONTRACTS UP TO 107,110.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 362 for 1,810,000 oz

Comex volumes// est. volume today  44,404//  fair//

Comex volume: confirmed yesterday: 61,953 contracts ( good)

To calculate the number of silver ounces that will stand for delivery in MARCH. we take the total number of notices filed for the month so far at 2538 x  5,000 oz = 12,690,000 oz 

to which we add the difference between the open interest for the front month of MAR(798) and the number of notices served upon today 362 x (5000 oz) equals the number of ounces standing.

Thus the  standings for silver for the MAR./2023 contract month:  2538 (notices served so far) x 5000 oz + OI for the front month of MAR (798) – number of notices served upon today (362) x 500 oz of silver standing for the MAR. contract month equates 14.870 million oz  +the 1.0 million oz of exchange for risk//new total standing 15.870 million oz

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

END

GLD AND SLV INVENTORY LEVELS

MARCH 2/WITH GOLD DOWN $4.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.61 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 912.69 TONNES

MARCH 1/WITH GOLD UP $18.90 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.31 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 915.30 TONNES

FEB 28/WITH GOLD UP $12.10 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 917.61 TONNES

FEB 27/WITH GOLD UP $6.95 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.32 TONNES

FEB 24/WITH GOLD DOWN $9.10 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.6 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 917.32 TONNES

FEB 23/WITH GOLD DOWN $13.05 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY REST AT 919.92 TONNES

FEB 22/WITH GOLD DOWN 22 CENTS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 919.92 TONNES

FEB 21/WITH GOLD DOWN $7.45 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 1.16 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 919.92 TONNES

FEB 17/WITH GOLD DOWN $1.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 921.08 TONNES

FEB 16/WITH GOLD UP $6.80 TODAY; SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSITOF .29 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 921.08 TONNES

FEB 15/WITH GOLD DOWN $19.65 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 920.79 TONNES

FEB 14/WITH GOLD UP $1.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 920.79 TONNES

FEB 13/WITH GOLD DOWN $9.90 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .31 TONNES FORM THE GLD///INVENTORY RESTS AT 920.79 TONNES 

FEB 10/WITH GOLD DOWN $4.05 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL OF .0.38 TONNES/INVENTORY RESTS AT 920.79 TONNES

FEB 9/WITH GOLD DOWN $10.90 TODAY:SMALL CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF .38 TONNES OF GOLD INTO THE GLD./INVENTORY RESTS AT 921.10 TONNES

FEB 8/WITH GOLD UP $6.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.9 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 920.82 TONNES

FEB 7/WITH GOLD UP $5.25 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.32 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 917.92 TONNES

FEB 6/WITH GOLD UP $3.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 920.24 TONNES

FEB 3/WITH GOLD DOWN $52.55 TODAY: STRANGE: BIG CHANGES AGAIN IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 920.24 TONNES

FEB 2/WITH GOLD $10.95 TODAY: BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 918.50 TONNES

FEB 1/WITH GOLD DOWN $2.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.06 TONNES

JAN 31/WITH GOLD UP $6.55 TODAY; BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 917.06 TONNES

JAN 30/WITH GOLD DOWN $6.00 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD.//INVENTORY RESTS AT 918.50 TONNES

JAN 27/WITH GOLD DOWN $0.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 919.37 TONNES

JAN 26/WITH GOLD DOWN $11.55 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.03 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 919.37 TONNES

JAN 25/WITH GOLD UP $7.55 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .28 TONNES OF GOLD INTO THE GLD/INVENTORY RESTS AT 917.34 TONNES

JAN 24/WITH GOLD UP $7.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.06 TONNES

JAN 23/WITH GOLD UP $0.25 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.63 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 917.06 TONNES

JAN 20/WITH GOLD UP $4.75 TODAY;BIG CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 912.43 TONNES

JAN 19/WITH GOLD UP $16.95 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.74 TONNES INTO THE GLD///INVENTORY RESTS AT 910.98TONNES

JAN 18/WITH GOLD DOWN $1.95 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.9 TONNES FROM THE GLD////INVENTORY RESTS AT 909.24 TONNES

JAN 17/WITH GOLD DOWN $11.45 TODAY; NO  CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 912.14 TONNES

JAN 13/WITH GOLD UP $22.90 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .29 TONNES FROM THE GLD///INVENTORY RESTS AT 912.14 TONNES

JAN 12/WITH GOLD UP $20.55 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.74 TONNES FROM THE GLD///INVENTORY RESTS AT 912.43 TONNES

JAN 11/WITH GOLD UP $1.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 914.17 TONNES

JAN 10/WITH GOLD UP $1.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS AT 915.33 TONNES

JAN 9/WITH GOLD UP $ 8.60 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES FROM THE GLD//.//INVENTORY RESTS AT 915.33 TONNES

JAN 6/WITH GOLD UP $28.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 916.77 TONNES

JAN 5/WITH GOLD DOWN $17.05 TODAY: BIG CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .87 TONNES FORM THE GLD////INVENTORY RESTS AT 916.77 TONNES

JANUARY 4/WITH GOLD UP $32.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 917.64 TONNES

JAN 3/WITH GOLD UP $20.00 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD:STRANGE: A WITHDRAWAL OF .87 TONNES FORM THE GLD////INVENTORY RESTS AT 917.64 TONNES

GLD INVENTORY: 912.69  TONNES

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

MARCH 2/WITH SILVER DOWN $.16 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 920,00 OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 477.694 MILLIONOZ

MARCH 1/WITH SILVER UP 4 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.574 MILLION OZ OF SILVER FROM THE SLV////INVENTORY RESTS AT 478.614 MILLION OZ.

FEB 28/WITH SILVER UP 26 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.241 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 481.188

FEB 27/WITH SILVER DOWN 15 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.471 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 482.429 MILLION OZ

FEB 24/WITH SILVER DOWN 46 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.172 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 483.900 MILLION OZ//

FEB 23/WITH SILVER DOWN 32 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.379 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 487.072 MILLION OZ//

FEB 22/WITH SILVER DOWN 22 CENTS TODAY:SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 689,000 OZ FROM THE SLV////INVENTORY RESTS AT 485.693 MILLION OZ

FEB 21/WITH SILVER UP 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.5363 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 486.382 MILLION OZ//

FEB 17/WITH SILVER UP 2 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 827,000 OZ INTO THE SLV////INVENTORY RESTS AT 484.819 MILLION OZ/

FEB 16/WITH SILVER UP 8 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 690,000 OZ OF SILVER INTO THE SLV////INVENTORY RESTS AT 483.992 MILLION OZ//

FEB 15/WITH SILVER DOWN $0.26 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 483.302 MILLION OZ//

FEB 14/WITH SILVER DOWN 1  CENT TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV” A WITHDRAWAL OF 460,000 OZ FROM THE SLV////INVENTORY RESTS AT 483.302 MILLION OZ//

FEB 13 WITH SILVER DOWN 17 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV// INVENTORY RESTS AT 483.762 MILLION OZ//

FEB 10/WITH SILVER DOWN 8 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV: //INVENTORY RESTS AT 483.762 MILLION OZ

FEB 9/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: INVENTORY RESTS AT 483.76 MILLION OZ (CORRECTED).//

CLOSING INVENTORY 477.694 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards:

Rickards: The Accelerating Countdown To Armageddon

THURSDAY, MAR 02, 2023 – 12:45 PM

Authored by James Rickards via DailyReckoning.com,

Get ready for screaming headlines beginning in about two months. Why? Because the U.S. will be coming up on a double deadline of debt and deficit inflection points.

The budget deficit issue will be hotly debated from March to next September and may result in a government shutdown at midnight on Sept. 30, 2023, if progressive Democrats in the Senate and conservative Republicans in the House can’t agree on a budget for fiscal year 2024, which begins Oct. 1, 2023.

But there’s another train wreck coming even sooner.

This one involves the debt ceiling and the infamous “X-Date” when the U.S. could default on the national debt.

What exactly is the “debt ceiling”?

It’s a numeric limit on the total debt that the U.S. Treasury is allowed to issue. To be clear, the debt ceiling does not mean the Treasury cannot issue any new debt. It means that the Treasury cannot issue debt that increases the total outstanding above the ceiling.

With over $31 trillion of debt outstanding in maturities from four weeks to 30 years, there’s always some existing debt that’s maturing. The Treasury can issue new debt to pay off the old debt. It just can’t increase the total.

So if $20 billion of debt matures this week, the Treasury can issue $20 billion of new debt to keep the total constant. They just can’t issue $30 billion without breaking the ceiling. Treasury is at the ceiling now. The U.S. is still running deficits. How are the new deficits being financed if Treasury can only conduct the “rollover” operations described above?

The Treasury has to resort to “extraordinary measures” to keep paying the bills. You may have heard of the “trillion-dollar coin” idea. It won’t happen, but here’s how it works.

One Big Gimmick

The Treasury would ask the U.S. Mint to produce a solid platinum coin. The Treasury would give the coin to the Federal Reserve and simply declare that the coin was worth $1 trillion. (Assuming a one-ounce coin, the actual market price is about $1,000.)

The Fed would put the coin in a vault and credit the U.S. Treasury general account with $1 trillion. The Treasury could spend that newly printed money as it wished. The Treasury would not violate the debt ceiling because no new debt would be issued; the Fed would just create the dollars out of thin air. Easy-breezy.

Of course, the trillion-dollar coin policy would be disastrous. The arbitrary valuation of the coin would show the true Ponzi nature of the Treasury market today. Fed efforts to supply the cash would radically increase the money supply and probably trigger more inflation. The Fed and Treasury would be laughingstocks.

That’s dangerous for two institutions that rely on public confidence to go about their business. Only the simpletons in financial media believe this idea is worth discussing, but it’s good to understand it because you will be hearing more about it.

Each Side Will Try to Scare Voters

How long can this shell game go on? No one knows exactly. There are estimates that are referred to as the “X-Date.” That’s the day the Treasury really does run out of cash and can’t pay bills or pay off Treasury note holders. Right now the X-Date is estimated to be around June 5, 2023, but even that is a guess.

The real X-Date will depend on how much positive cash flow the Treasury generates during tax season around mid-April. As the day approaches, Democrats will try to scare voters with claims of debt default, lost Social Security payments and lost benefits such as pre-K.

On the other side of the aisle, Republicans will scare voters with claims of runaway deficits, higher interest rates, lost confidence in the dollar and money printing as far as the eye can see.

We’ll have better estimates of the X-Date by April, and a kind of “countdown to default” will begin.

In the meantime, get ready for more volatility in stocks, along with higher interest rates. But let’s look at the larger picture…

“The United States Is Going Broke”

Those who focus on the U.S. national debt (and I’m one of them) keep wondering how long this debt levitation act can go on.

The U.S. debt-to-GDP ratio is at the highest level in history (about 125%), with the exception of the immediate aftermath of the Second World War. At least in 1945, the U.S. had won the war and our economy dominated world output and production. Today, we have the debt without the global dominance.

The U.S. has always been willing to increase debt to fight and win a war, but the debt was promptly scaled down and contained once the war was over. Today, there is no war comparable to the great wars of American history (though there are many who’d like to drag us into one in Ukraine), and yet the debt keeps growing.

We’re accumulating debt at a substantially greater rate than we’re growing the economy. Basically, the United States is going broke.

I don’t say that to be hyperbolic. I’m not looking to scare people. It’s just an honest assessment, based on the numbers.

Right now, the United States is roughly $31.5 trillion in debt. Now, a $31.6 trillion debt would be fine if we had a $50 trillion economy. The debt-to-GDP ratio in that example would be manageable.

But we don’t have a $50 trillion economy. We have about a $25 trillion economy, which means our debt is bigger than our economy.

When is the debt-to-GDP ratio too high? When does a country reach the point that it either turns things around or reaches the point of no return?

The Danger Zone

Economists Ken Rogoff and Carmen Reinhart carried out a long historical survey going back 800 years, looking at individual countries, or empires in some cases, that have gone broke or defaulted on their debt.

They put the danger zone at a debt-to-GDP ratio of 90%. Once it reaches 90%, they found, a turning point arrives…

At that point, a dollar of debt yields less than a dollar of output. Debt becomes an actual drag on growth. Again the current U.S. debt-to-GDP ratio is about 125%.

We are deep into the red zone, in other words. And we’re only going deeper. The U.S. has a 125% debt-to-GDP ratio, trillion-dollar deficits and more spending on the way.

Ultimately, we’re heading for a sovereign debt crisis. That’s not an opinion; it’s based on the numbers.

Got Gold?

Monetary policy won’t get us out because the velocity of money, the rate at which money changes hands, is dropping. Printing more money alone will not change that.

Fiscal policy won’t work either because of the high debt ratios I just discussed. At current debt-to-GDP ratios, each additional dollar spent yields less than a dollar of growth. But because it must be borrowed, it does add a dollar to the debt. Debt becomes an actual drag on growth.

No one can say when the clock will strike midnight — people have been warning about an impending collapse for decades, and it hasn’t happened.

Many have seen that as a license to keep going deeper into debt, as if it can continue forever. Well, it can’t go on forever.

And the more debt we add, the faster the day of reckoning will arrive.

Got gold?

END

Silvergate, a Federally Insured Bank, Just Blew Up from Ties to Crypto

By Pam Martens and Russ Martens: March 2, 2023 ~

The one thing a depositor never wants to hear from a bank that is holding his or her life savings is that it has doubts about its “ability to continue as a going concern.” Unfortunately, those very words appeared in a filing made yesterday by Silvergate Capital with the Securities and Exchange Commission – which pretty much guarantees that the ongoing run on deposits at Silvergate will continue with an added sense of urgency.

Silvergate Capital is the owner of the federally-insured and taxpayer-backstopped bank, Silvergate Bank, which decided several years back that it would be a cool idea to become the go-to depository bank for crypto companies. One of those outfits was Sam Bankman-Fried’s now collapsed house of fraud. Accounts at Silvergate Bank included Bankman- Fried’s crypto exchange, FTX; his hedge fund, Alameda Research, which prosecutors say looted his FTX crypto exchange customers; and North Dimension, a fake company promoting itself as an online seller of mobile phones, when it was actually laundering money for Sam Bankman-Fried’s crypto enterprises, according to federal prosecutors.

Once the word got out about Silvergate’s ties to FTX and Bankman-Fried, a bank run ensued. On November 11, when FTX announced it was filing for Chapter 11 bankruptcy, Silvergate CEO, Alan Lane, released this statement:

“In light of recent developments, I want to provide an update on Silvergate’s exposure to FTX. As of September 30, 2022, Silvergate’s total deposits from all digital asset customers totaled $11.9 billion, of which FTX represented less than 10%. Silvergate has no outstanding loans to nor investments in FTX, and FTX is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans. To be clear, our relationship with FTX is limited to deposits.”

Apparently, having $1 billion exposure to FTX was not comforting to other depositors. On January 5, Silvergate reported that its “total deposits from digital asset customers declined to $3.8 billion” as of December 31, 2022 (down from the previously reported $11.9 billion on September 30, 2022.) That’s a 68 percent drop in one quarter – an astonishing figure for a federally-insured bank in the United States.

On the same date, the company announced that it was firing 40 percent of its workforce and that it had met the demand for customer withdrawals during the quarter as follows:

“Silvergate sold $5.2 billion of debt securities for cash proceeds during the fourth quarter of 2022. The sale resulted in a loss on the sale of securities and related derivatives of $718 million during the fourth quarter of 2022.” That unaudited loss figure was updated in yesterday’s statement to $948.7 million – and that may not be the last word on the matter.

Another way that Silvergate apparently met the run on the bank was to obtain $4.3 billion in advances from the Federal Home Loan Bank of San Francisco – a program meant to support housing for the poor. (See Four Crypto-Friendly Banks Are Being Bailed Out with Billions from a Federal Housing Program.)

There were more troubling phrases in Silvergate’s revelations to the SEC yesterday, such as the fact that Silvergate can’t file its annual report for the full year of 2022 (Form 10-K) on time; it needs more time to “record journal entries.” Equally troubling was the phrase that “its independent registered public accounting firm” needs more time “to complete certain audit procedures, including review of adjustments not yet recorded and the evaluation of the effectiveness of the Company’s internal control over financial reporting.”

You can read Silvergate’s full statement to the SEC at this link.

In after hours trading yesterday, following the news of Silvergate’s statement to the SEC, its stock price fell by another 30 percent. Based on its closing price at 4 p.m. yesterday, it has lost 90 percent of its market value over the prior 12 months.

Silvergate has other troubles as well. It’s under investigation by the U.S. Department of Justice; it’s being sued by multiple plaintiffs seeking class action status; and Reuters reported in February that another crypto exchange kingpin, Binance CEO Changpeng Zhao, had suspiciously moved $400 million at Silvergate Bank.

Eight months ago Wall Street On Parade warned our fellow Americans to Brace Yourself for Federally-Insured Bank Failures Caused by Crypto. In that article we explained how federal regulators were twiddling their thumbs as more and more federally-insured banks in the U.S. moved into crypto. We also explained that crypto is a completely discredited “innovation,” writing that:

“…Warren Buffet has called the largest cryptocurrency, Bitcoin, ‘rat poison squared’; global economist, Nouriel Roubini, told the Senate Banking Committee in 2018 that ‘Crypto is the Mother of All Scams and (Now Busted) Bubbles While Blockchain Is The Most Over- Hyped Technology Ever, No Better than a Spreadsheet/Database.’ More recently, Bill Gates, co-founder of Microsoft, one of the most valuable tech companies in the world, stated that cryptocurrencies are ‘100% based on greater fool theory.’ And just this past June 1, more than 1,600 scientists and software engineers wrote to Committee chairs in Congress to warn that both crypto and blockchain are shams.”

The only remaining question is how long Americans are going to tolerate this madness within our financial system.

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

USAGold’s monthly letter converts to a daily market report

Submitted by admin on Wed, 2023-03-01 13:46Section: Daily Dispatches

1:47p ET Wednesday, March 1, 2023

Dear Friend of GATA and Gold:

USAGold.com is retiring its monthly “News & Views” newsletter and replacing it with what may turn out to be something better — a daily market report that looks like it will include much of the sort of material that has gone into the monthly newsletter. 

The first edition of the USAGold daily market report is here:

https://www.usagold.com/cpmforum/

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

END

Harmony CEO states that the gold sector will consolidate as it is much tougher finding new reserves.  They might as well by juniors and then develop

their finds

(Reuters)

Harmony CEO says gold sector consolidation is ‘inevitable’

Submitted by admin on Wed, 2023-03-01 20:48Section: Daily Dispatches

By Nelson Banya
Reuters
Wednesday, March 1, 2023

Gold mining sector mergers and acquisitions are inevitable due to the need to replace depleting mineral reserves, Harmony Gold Chief Executive Peter Steenkamp said today.

U.S-based Newmont Corp., the world’s top gold producer, last month tabled a $16.9 billion bid for Australia’s Newcrest Mining, igniting speculation of a new wave of M&A activity in the gold industry.

Although other gold majors Barrick, Gold Fields, and Sibanye Stillwater have sought to cool down talk of imminent big M&A activity, Harmony’s Steenkamp said there was more to come.

“I think it’s going to be inevitable that there will be some sort of consolidation because exploration has been lacking for such a long time, and for people to replace assets, they will have to look at what their neighbours have and what the opportunities will be,” Steenkamp told Reuters in an interview. …

… For the remainder of the report:

https://www.reuters.com/markets/commodities/safricas-harmony-gold-half-year-profit-up-18-2023-03-01/

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

5.IMPORTANT COMMENTARIES ON COMMODITIES:  +

END

GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

end

1. YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//THURSDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED DOWN TO 6.9058

OFFSHORE YUAN: 6.9169

SHANGHAI CLOSED DOWN 1.69 PTS OR 0.05%

HANG SENG CLOSED DOWN 190.25 PTS OR 0.92% 

2. Nikkei closed  DOWN 4.39 PTS OR 0.17%

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX UP TO  104.78 Euro FALLS TO 1.0622 DOWN 47 BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.500!!(Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 136.66/JAPANESE YEN FALLING AS WELL AS LONG TERM 10  YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK.

3c Nikkei now  ABOVE 17,000

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

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

3f Japan is to buy INFINITE  TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion usa

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese 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 UP TO +2.6915%***/Italian 10 Yr bond yield RISES to 4.511%*** /SPAIN 10 YR BOND YIELD RISES TO 3.716…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.464//(ITALY WORSE THAN GREECE?)

3j Gold at $1832.90//silver at: 20.79  7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0  AND  34/100        roubles/dollar; ROUBLE AT 75.49//

3m oil into the 78 dollar handle for WTI and  84 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 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 136.66/10 YEAR YIELD AFTER BREAKING .54%, REMAINS AT .5000% STILL ON CENTRAL BANK (JAPAN) INTERVENTION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.9406– as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9991well 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: 4.034%  UP 9 BASIS PTS…GETTING DANGEROUS//

USA 30 YR BOND YIELD: 3.993 UP 4 BASIS PTS//INVERTED TO THE 10 YEAR!!

USA 2 YR BOND YIELD:  4.893 UP 6 BASIS PT

USA DOLLAR VS TURKISH LIRA: 18,89…

GREAT BRITAIN/10 YEAR YIELD: 3.880% UP 4 BASIS PTS

end

i.b  Overnight:  Newsquawk and Zero hedge:

 FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Slide After Tesla Disappoints, Treasury Yields Jump To 4 Month High

THURSDAY, MAR 02, 2023 – 08:13 AM

US futures dropped for a third consecutive day on Thursday, as 10Y yields traded near session highs at 4.04% mirroring moves in the euro-area, and even 30Y yields topping 4.0% for the first time since November, amid worries how the Federal Reserve will tackle hotter-than-expected economic data. Futures on the S&P 500 were 0.6% lower and contracts on the Nasdaq 100 fell by 0.8% by 5:28 a.m. in New York. The yield on the benchmark 10-year US Treasuries climbed above 4% to the highest level since November, damping appetite for equities. The Bloomberg Dollar Spot Index traded at session highs, pressuring all G10 currencies. Oil climbed, while gold and Bitcoin fell

Among the most notable US premarket movers, Salesforce soared 15% in premarket after the company gave a surprisingly upbeat forecast for the coming year and said it planned to step up stock buybacks, potentially easing the pressure it faces from a cadre of activist investors. On the other side, Tesla fell as much as 5.7% in US premarket trading today after Elon Musk’s much-hyped third Master Plan for the company fell flat with investors after failing to offer any firm detail on the company’s long-awaited next generation of electric cars. Another big loser in premarket trading was Silvergate Capital which plunged over 30%, after the cryptocurrency-friendly bank said Wednesday it needs more time to assess the extent of damage to its finances stemming from last year’s crypto rout, including whether it can remain viable. Cano Health, a health provider that serves US seniors in the Medicare program, tumbled 15% in premarket after providing a 2023 revenue forecast that fell short of estimates. Here are all the notable premarket movers:

• American Eagle Outfitters gains 4% after the apparel retailer reported 4Q net revenue and adjusted EPS that beat the average analyst estimates.
• Amneal Pharma gains 7.2% after reporting 4Q profit that beat. The company also said the FDA accepted for review an abbreviated new drug application filing for the generic version of Narcan.
• Bright Health gains 13% in the wake of a 42% drop Wednesday that marked the stock’s sharpest rout since its 2021 debut.
• Best Buy Co. (BBY) slips 2.8% after the company predicted that sales will fall a second straight year.
• Funko tumbles 24% after the toymaker’s revenue and earnings-per-share projections for the current quarter fell short of analysts’ expectations.
• Hayward Holdings declines 7.7% in as funds affiliated with CCMP Capital Advisors and Alberta Investment Management offer 16 million shares for sale via Goldman.
• Macy’s Inc. climbs 9% after the retailer reported 4Q earnings that exceeded expectations, thanks in part to sales growth at the Bloomingdale’s and Bluemercury brands.
• Okta rises 16% after the software company gave a forecast that is much stronger than expected.
• Pure Storage falls 11% after the cloud storage firm provided a revenue outlook for fiscal 2024 that fell short of estimates.
• Salesforce jumps 15% as analysts hiked their price targets on the software company after the company’s results and full-year forecast were both better than expected.
• Snowflake shares slip 7% after the company provided a worse-then-expected sales outlook as many corporations scrutinize their cloud spending.
• Wolfspeed slips 11% and ON Semiconductor (ON) falls 7% after Tesla said that it found a way to use less silicon carbide wafer without compromising the efficiency of its cars.

After a powerful rally at the start of the year, US equities dropped in February and have started March on the back foot as buoyant economic indicators and sticky inflation spurred concerns about a hawkish response from the Federal Reserve trying to keep price growth in check. Stocks tumbled yesterday after a gauge of US manufacturing improved for the first time in six months and Federal Reserve Bank of Atlanta President Raphael Bostic called for continued interest-rate hikes to above 5%. The market for wagers on the Fed’s policy rate is pricing in a higher peak of 5.5% in September.

“Markets were in denial about inflation between October and January and now the pressure on yields is here to stay and certainly at higher levels than today, that’s my intuition,” Pierre-Yves Gauthier, head of research and founder of AlphaValue said by phone.

“In the US, there are doubts on the profit generating capacity of tech, these doubts are here to stay and I do not think a rebound is likely before the end of the year,” Gauthier added, noting that the situation was different in Europe where earnings provided a positive surprise for investors.

The focus now is on how much higher interest rates might go in the US and eurozone, with swaps markets now pricing a peak Fed policy rate of 5.5% in September, and some even betting on 6%. US 10-year yields, the main reference rate for the global cost of capital, rose 40 basis points in February and are consolidating their rise past 4%. Thursday data showed euro-area inflation slowed by less than anticipated and underlying price pressures surged to a new record, heaping pressure on the European Central Bank to drive up rates further.  ECB interest rates are now seen rising above 4% and German benchmark bond yields traded above 2.7%.

“We have upgraded our terminal Fed forecast to 5.75% which is above what markets are pricing — we do think the US economy is proving highly resilient because of excess savings and a strong labor market,” Thomas Hempell, head of macro and market research at Generali Investments, said in an interview. “Data has poured cold water on the disinflation process and markets are highly alert to anything that alters the inflation outlook.”

That’s damping appetite for risk taking in markets around the world, with some even expressing concern that China’s post-Covid economic recovery could exacerbate global price pressures. China’s reopening is a much-needed bright spot for investors, but in terms of inflation “adds cyclical upside pressure because of the sheer amount of demand” that it brings, especially in commodities, Charu Chanana, senior markets strategist at Saxo Capital Markets, said on Bloomberg Television. The hawkish Fed rate bets supported the US dollar against its Group-of-10 counterparts, with the greenback looking set to extend February’s 2.6% gain.

European stocks also fell for a third day while yields continue their rapid accent as investors contemplate the prospect of ongoing monetary tightening. The Stoxx 600 is down 0.3% with tech, travel and banks the worst performing sectors. Here are the biggest European movers:

• AB InBev shares drop as much as 4.5%, the most since July, after the world’s largest brewer reported its first volume decline since the early days of the pandemic
• Haleon shares declined as much as 4.5% after posting mixed results, with analysts saying a solid sales performance for the consumer health group is offset by weaker margins
• Schroders shares slip as much as 4.6%, the most since December, with analyst saying the UK investment manager’s results showed small misses across a number of key areas
• Merck KGaA falls as much as 3.9% after the German life science and pharma group posted a fourth-quarter earnings miss for 2022, along with guidance that analysts say would disappoint
• ITV shares decline as much as 4.3% after the UK broadcaster offered a bleak advertising revenue outlook for the first four months of the year
• Beazley drops as much as 9.1%, the most since September 2020, after the insurer reported results which Morgan Stanley says were a miss on the company’s topline growth
• Flutter shares drop 6.6% in Dublin as the betting company’s full-year earnings missed consensus estimates, though analysts say the outlook for 2023 remains positive
• CRH jumps as much as 12%, to a record high, after reporting results that beat expectations and recommending transitioning to a US primary listing in 2023
• National Express shares surge as much as 15%, the most since March, with RBC saying the underlying performance for the UK transport operator is encouraging
• Subsea 7 shares rise as much as 6.7% with analysts saying the oil services company’s earnings are a significant beat and its commentary on the outlook is encouraging
• M&G shares rise as much as 4.8% after Sky News reported that Macquarie is weighing a takeover of the UK fund manager
• Ambu rises as much as 7.1% following an upgrade to buy from hold by DNB, which says the Danish medical technology firm may be closing in on an inflection point

Earlier in the session, Asian stocks fell, with a rally in Chinese shares losing steam as traders lowered expectations for further stimulus on signs the nation’s economy is improving. The MSCI Asia Pacific Index dropped as much as 0.6%, driven by declines in major Chinese internet companies. Hong Kong led losses around the region, while onshore China shares edged lower after gains Wednesday on strong manufacturing data. South Korean stocks climbed after a holiday. A faster-than-expected recovery in the Chinese economy is seen suggesting that the government may be restrained in rolling out new stimulus measures this year. That’s tempering expectations for more supportive policies from a meeting of the nation’s top political leaders starting this weekend. “This year will see what we call the ‘holding bottom’ policies” in China, said Yifan Hu, regional chief investment officer and head of APAC macroeconomics at UBS Global Wealth Management, in a Bloomberg TV interview.  “Maybe we won’t have a strong stimulus package coming out at once, but we think that this year if the economy is down, the government will continue pumping up supportive policy.” The MSCI Asian benchmark fell nearly 6% in February, pushing it below its 50-day moving average.

Asian stocks have been hit by concerns of rising US interest rates as well as uncertainty over China’s economy. Investors have stayed positive on Asian stocks despite recent weakness, and February’s declines are best viewed as post-rally corrections, according to Goldman Sachs Group Inc. Investors apart from hedge funds are still conservatively positioned, implying potential demand to propel markets higher, strategists including Timothy Moe wrote in a note

Japanese equities dropped, erasing earlier gains, as investors assessed the potential for reduced China stimulus after strong economic data as well as hot US inflation that could prompt further Fed rate hikes. The Topix fell 0.2% to close at 1,994.57, while the Nikkei declined 0.1% to 27,498.87. Mitsubishi UFJ Financial Group Inc. contributed the most to the Topix decline, decreasing 1%. Out of 2,160 stocks in the index, 881 rose and 1,161 fell, while 118 were unchanged. “While the conversation around China’s recovery has been positive for Japanese stocks, concerns around further monetary tightening in the US and Europe have created some risk-off sentiment,” said Tetsuo Seshimo, a portfolio manager at Saison Asset Management. “Japanese equities are stuck in between.”

Australian stocks were little changed with the S&P/ASX 200 index closing at 7,255.40, as gains in mining and energy shares were offset by losses in all other sectors.  Approvals to build new homes in Australia fell by the most on record in January, with permits for private houses tumbling, suggesting weak residential property investment will continue to drag on the economy. A gauge of real estate shares closed 0.5% lower to its lowest level since Jan. 11. In New Zealand, the S&P/NZX 50 index rose 0.2% to 11,900.86.

Stocks in India resumed their slide with the benchmark index posting its ninth decline in 10 sessions as rising rates and slowing economic growth roil global equities. The S&P BSE Sensex fell 0.8% to 58,909.35 in Mumbai, while the NSE Nifty 50 Index declined 0.7% on Thursday. Fourteen of BSE Ltd.’s 20 sector sub-gauges ended lower, led by an index of telecom, media and technology companies. Software services exporters and banks, which constitute half the weight in key gauges, were also among the worst performers.  Infosys declined 1.6%, contributing most to Sensex’s decline. For every gainer in the 30-stock Sensex, four declined

The Dollar Index is up 0.3%, rising against all its G-10 counterparts. The Norwegian krone and New Zealand dollar are the weakest. Crude futures advance with WTI rising roughly 0.6% to trade near $78.15. Spot gold falls around 0.2% to trade near $1,832.

In rates, treasuries were mostly cheaper across the curve led by the long-end, fading portion of prior two-day flattening move. Treasury yields cheaper by as much as 2bp-3bp across 30-year sector with 2s10s, 5s30s spreads steeper by 2bp and 1.6bp on the day; 10-year yields trade just above 4% after rising as high as 4.046%, trailing bunds by 2bp, gilts by 3bp in the sector.

In commodities, crude futures advance with WTI rising roughly 0.6% to trade near $78.15. Spot gold falls around 0.2% to trade near $1,832.

Looking to the day ahead at 8:30 a.m., we’ll get initial jobless claims data. Federal Reserve Governor Chris Waller speaks at 2 p.m., while Minneapolis Fed President Neel Kashkari will deliver remarks at a separate event at 6 p.m. The US will sell $75 billion of four-week and $40 billion of eight-week bills at 11:30 a.m. Finally, earnings releases include Costco.

Market Snapshot

• S&P 500 futures down 0.5% to 3,936.25
• MXAP down 0.3% to 159.63
• MXAPJ down 0.3% to 519.53
• Nikkei little changed at 27,498.87
• Topix down 0.2% to 1,994.57
• Hang Seng Index down 0.9% to 20,429.46
• Shanghai Composite little changed at 3,310.65
• Sensex down 0.8% to 58,923.29
• Australia S&P/ASX 200 little changed at 7,255.36
• Kospi up 0.6% to 2,427.85
• STOXX Europe 600 down 0.2% to 456.70
• German 10Y yield little changed at 2.75%
• Euro down 0.3% to $1.0632
• Brent Futures up 0.6% to $84.78/bbl
• Gold spot down 0.2% to $1,833.03
• U.S. Dollar Index up 0.20% to 104.70

Top Overnight News from Bloomberg

• ECB President Christine Lagarde said interest-rate increases may need to persist beyond a planned half-point move in two weeks’ time
• UK Chancellor of the Exchequer Jeremy Hunt will offer voters a dollop of optimism alongside well-flagged spending restraint in his spring Budget as he tries to curb inflation, one of his junior ministers said
• The BOJ is leaning toward monitoring the impact of recent tweaks to its stimulus program rather than making another adjustment at Governor Haruhiko Kuroda’s final policy meeting next week, according to people familiar with the matter
• BOJ Board Member Hajime Takata says that the bank needs to continue with monetary easing persistently while considering its impacts on the functioning of the financial market
• China’s economy is recovering faster than top officials had expected with its Covid outbreak on reopening passing rapidly, according to a person familiar with the matter, suggesting the government will be restrained in rolling out new stimulus measures this year

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were choppy and mostly traded rangebound after the uninspiring handover from Wall Street where risk appetite was hampered by the latest ISM data and hawkish Fed rhetoric. ASX 200 was indecisive as weakness in the financial, tech and consumer sectors offset the resilience in commodity-related industries, with sentiment not helped by a slump in building approvals. Nikkei 225 failed to sustain early advances with the index stuck around the 27,500 level after data showed Japanese recurring profits declined Y/Y for the first time in eight quarters. Hang Seng and Shanghai Comp. were mixed with underperformance in Hong Kong as investors booked profits from yesterday’s tech-led rally, while sentiment in the mainland was clouded by several weak earnings and ongoing frictions as the US was reportedly lobbying allies on possible China sanctions should Beijing provide Russia with military aid in Ukraine.

Top Asian News

• China may aim for a higher 2023 GDP growth target than the 4.5%-5.5% proposed in November, while its target could range between 5.0%-5.5% and be as high as 6.0%, according to sources involved in policy discussions cited by Reuters.
• China’s Human Resources Minister said China’s employment will continue to improve this year and remains stable overall, while the minister added China’s employment is better than expected for January-February, according to Reuters.
• US State Department approved the potential sale of F-16 munitions and related equipment to Taiwan for an estimated cost of USD 619mln, according to the Pentagon.
• China and Australian trade officials are set to continue their “productive dialogue” with negotiations expected to pave the way for an eventual visit to Beijing by Australia’s Farrell, via SCMP sources; however, there was reportedly a “snag” in talks.
• China is reportedly pledging USD 1.9bln toward the country’s top memory chipmaker Yangtze Memory Technologies, according to Bloomberg sources.
• BoJ is said to prefer watching how the impact of earlier policy tweaks works out for now, according to Bloomberg sources. Note, this echoes earlier commentary from BoJ’s Takata who said he does not see a need now to take additional steps to improve market function, will need some time to gauge impact of the December measures.

European bourses are softer across the board, Euro Stoxx 50 -0.5%, though off lows with limited reaction to EZ HICP ahead of minutes/Schnabel. Sectors are mixed with Construction names outperforming post-CRH while Real Estate is recouping from recent pressure after Taylor Wimpey’s FY update. Stateside, futures are under similar pressure, ES -0.5%, though the NQ -0.7% lags as yields continue to rise.

Top European News

• G-20 Latest: Consensus Emerging on Wording on Russia’s War
• LSE Announces £750 Million Buyback From Refinitiv Investors
• Ukraine Latest: Missile Strike, Scholz Cautions China on Arms
• Scholz Warns China Not to Supply Russia With Weapons
• Flutter Shares Fall After Fans’ Winning Bets Undermine Profit

FX

• Higher yields help Dollar recover from midweek malaise, DXY firmer within 104.830-330 range.
• Yuan hands back some post-Chinese PMI upside, as USD/CNY and USD/CNH rebound through 6.9000 and retest 200 DMAs.
• Kiwi loses momentum irrespective of a surprise rise in NZ terms of trade and Aussie undermined by much weaker than forecast building approvals.
• Euro and Pound retreat vs bouncing Buck as former shrugs off hot EZ inflation data and latter heeds softer DMP CPI expectations and DUP doubts over NI trade pact
• PBoC set USD/CNY mid-point at 6.8808 vs exp. 6.8809 (prev. 6.9400)

Fixed Income

• Core benchmarks remain softer on the session despite a pause for breath before and ultimately after the EZ HICP metrics, Bunds currently lower to the tune of just 15 ticks.
• On the data, EGBs came under pressure given the hawkish numbers; though, Bunds ultimately held above their earlier 131.31 low and the associated 10yr yield has eased from a 2.77% peak.
• Gilts are directionally in-fitting with EZ peers with Gilts little changed ahead of commentary from BoE’s Pill and Tenreyro after the DMP was broadly in-fitting with recent data/Bailey.
• USTs are similarly softer with yields steeper across the curve though action is more pronounced at the long-end thus far with Fed’s Waller and Kashkari due.

Commodities

• Crude benchmarks are firmer intraday after a stronger settlement on Wednesday, action comes after APAC consolidation and with attention on increasing geopolitical risk amid reports of Ukrainian DRG activity within Russia.
• Currently, WTI Apr and Brent May are at the top-end of circa. USD 1/bbl parameters.
• Saudi Aramco CEO sees very strong oil demand from China and excellent demand in US and Europe.
• Oman’s energy ministry is to offer new oil and gas concessions, to be announced in the end of Q1 2023; to offer offshore oil and gas concessions in Q2 2023.
• Dutch TTF and Henry Hub are diverging very modestly, with TTF slipping further below EUR 50/MWh this morning.
• Spot gold is a touch softer as the USD continues to benefit from markedly elevated yields and risk sentiment, with the yellow metal seemingly unable to glean any support from the tone thus far.

Geopolitics

• US is reportedly lobbying allies on possible China sanctions if Beijing gives Russia military aid in Ukraine, according to Reuters citing sources.
• “Reports that a Ukrainian DRG group has entered Bryansk oblast, Russia…reports that Ukrainian soldiers have captured inhabitants in the village of Sushany.”, according to Faytuks News. Subsequently, Military administration in Odessa says “No Ukrainian forces infiltrated into Russian Bryansk, and perhaps Wagner took the hostages”, according to Al Jazeera.
• In the wake of this, Russian Lawmakers say President Putin is to chair an emergency meeting of the Russian Security Council, following the Bryansk events.. The Kremlin subsequently pushed back on this and clarified that Russian President Putin will chair a security council meeting on Friday.
• Israel’s Minister for Strategic Affairs and National Security Adviser are expected to visit Washington early next week for meetings with senior Biden administration officials that will focus on Iran, according to Axios citing officials.

US Event Calendar

• 08:30: Feb. Continuing Claims, est. 1.67m, prior 1.65m
• 08:30: 4Q Unit Labor Costs, est. 1.6%, prior 1.1%
• 08:30: 4Q Nonfarm Productivity, est. 2.5%, prior 3.0%
• 08:30: Feb. Initial Jobless Claims, est. 195,000, prior 192,000

Central Bank Speakers

• 14:00: Fed’s Waller Discusses the Economic Outlook
• 18:00: Fed’s Kashkari Discusses Race, Justice and the Economy

DB’s Jim Reid concludes the overnight wrap

Markets got the month off to a rough start yesterday, with the S&P 500 (-0.47%) down to its lowest level in nearly six weeks, whilst the 10yr Treasury yield moved above 4% intraday for the first time since November. That was thanks to several data releases pointing to further inflationary pressures, coupled with a series of hawkish remarks from central bankers. In turn, that led to the familiar pattern of investors pricing in a more aggressive path of rate hikes, with expectations for the Fed’s terminal rate hitting a new high for this cycle of 5.47%.

In terms of the specifics, the bond selloff began from the open after the regional German inflation prints showed an acceleration in price growth. Later in the session, that was then confirmed by the national figures, with German CPI unexpectedly rising to +9.3% in February on the EU-harmonised measure (vs. +9.0% expected). That also comes on the back of upside surprises in the French and Spanish numbers the previous day, so it’s clear that this is broader than just one country.

Then in the US, we had the ISM manufacturing print for February. The headline indicator was much as expected at 47.7 (vs. 48.0 expected), marking a fourth consecutive month in contractionary territory. However, the prices paid component rose to 51.3 (vs. 46.5 expected), which is the first time since September that it’s been above the 50-mark that indicates an increase.

With all that in mind, there was another significant bond selloff over the last 24 hours, following on the heels of one of the worst February performances in decades. For instance, the 10yr Treasury yield rose +7.3bps to 3.99%, having surpassed the 4% mark at one point in trading for the first time since November. And overnight it’s risen another +2.6bps to 4.02%. There were also some new records at the front-end, with the 2yr yield up +6.1bps to a new post-2007 high of 4.876%. The main driver behind this was rising inflation expectations rather than real rates, with the 2yr breakeven up another +6.7bps to 3.248%, which is its highest level since July, and speaks to growing concern about the US inflation outlook over the next couple of years.

This backdrop of growing concerns about inflation meant that Fed funds futures priced their most aggressive path of interest rate hikes to date, with the terminal rate up to a new high for the cycle of 5.471% yesterday, which has been followed up by another rise overnight to 5.483%. We also saw pricing for the next meeting on March 22 reach a new high, with +31.2bps worth of hikes now priced in, which implies nearly a 25% probability of a 50bp move at that meeting. Speaking of that hike, we heard from Minneapolis Fed President Kashkari yesterday, who said that “I’m open-minded, at this point, about whether it’s 25 or 50 basis points”, and that the more important question was the signal in the dot plot, rather than the size of the next hike. Separately, Atlanta Fed President Bostic said in an online essay that “I think we will need to raise the federal funds rate to between 5 and 5.25 percent and leave it there until well into 2024”. That’s actually a lower terminal rate than markets are now pricing. But he made the more hawkish comment that “history teaches that if we ease up on inflation before it is thoroughly subdued, it can flare anew. That happened with disastrous results in the 1970s.”

As all that was happening, we had a fresh round of signals that higher rates were filtering through to the real economy, since the MBA’s index of mortgage applications for home purchases fell to its lowest level since 1995. That covered the week ending February 24, which also saw the contract rate on a 30yr mortgage hit its highest level since mid-November, at 6.71%.

Back in Europe, all eyes today are on the Euro Area CPI print, which is out at 10am London time. But concerns have already been growing ahead of that thanks to the higher-than-expected country releases from Germany, France and Spain. In fact, yesterday saw the 10yr bund yield (+6.0bps) close above 2.7% for the first time since 2011, alongside similar moves for 10yr OATs (+6.9bps) and 10yr BTPs (+8.7bps). Those moves were also supported by some hawkish remarks from Bundesbank President Nagel, who said on QT that he was “in favour of taking a steeper path of reduction starting in July”. On the question of rate hikes, he said that the hike “announced for March will not be the last. Further significant interest-rate steps might even be necessary afterwards, too.” So implying that the ECB could maintain their 50bps pace beyond just the next meeting two weeks from now.

This selloff on the rates side proved a tough backdrop for equities, with the S&P 500 posting a -0.47% decline by the close. Energy (+1.9%) and Materials (+0.7%) outperformed on the back of higher commodity prices, while bond proxies followed the selloff in rates with Utilities (-1.7%) and Real Estate (-1.5%) among the worst-performing industries. Over in Europe there were even larger moves, with the STOXX 600 down -0.74% to hit a 3-week low of its own. There were only two Stoxx 600 sectors up on the day as Basic Resources (+2.2%) and Autos (+0.9%) gained.

The aforementioned commodity rally saw WTI and Brent Crude prices increase +0.83% and 0.63% to $77.69/bbl and $84.42/bbl. Metals also rallied with copper up 1.72% and gold gaining 0.54%. Overall the Bloomberg commodity index rose +1.07%, to gain for a third consecutive session.

After the US close, the US Senate voted to block a Biden administration rule that sought to have retirement plans consider ESG issues in their investment decisions. The House voted 216-204 and the Senate voted 50-46 to block the federal agency rule. However, the White House has already signalled that President Biden would veto the override, arguing that fiduciaries should “have the fullest set of available tools to protect their life savings and pensions. “

Overnight in Asia, equity markets are struggling to gain traction this morning as concerns over higher interest rates persist. The Hang Seng (-0.61%) is trading in negative territory, whilst the Nikkei (+0.02%), the CSI 300 (-0.09%) and the Shanghai Comp (+0.06%) are all roughly flat. The KOSPI is outperforming however, with a +0.67% advance. Looking forward, futures are indicating that negative tone will continue, with those on the S&P 500 down -0.44% overnight. And we’ve seen further losses for bonds too, with the 2yr Treasury yield up another +4.2bps overnight to a post-2007 high of 4.92%.

Here in the UK, gilts were a relative outperformer yesterday, with the 10yr yield only up by +1.2bps, albeit still to their highest level since Liz Truss was PM. That followed comments from BoE Governor Bailey, who said in a speech that “I would caution against suggesting either that we are done with increasing Bank Rate, or that we will inevitably need to do more”. This was interpreted in a dovish light by investors, with the amount of further hikes priced by year-end falling to +75.6bps, down by -9.5bps on the day. Separately, data also showed that UK mortgage approvals had fallen to 39.6k in January (vs. 38.5k expected), which is their lowest level since May 2020 at the height of the Covid-19 pandemic. Indeed, apart from April and May 2020, it hasn’t been that low since January 2009 during the GFC.

To the day ahead now, and data releases include the Euro Area flash CPI release for February, along with the US weekly initial jobless claims. From central banks, we’ll get the ECB’s account of their February meeting, as well as remarks from the Fed’s Waller and Kashkari, the ECB’s Schnabel and the BoE’s Pill. Finally, earnings releases include Costco.

AND NOW NEWSQUAWK (EUROPE/REPORT)

Sentiment remains tentative amid geopolitical updates, yields bid but off highs – Newsquawk US Market Open

THURSDAY, MAR 02, 2023 – 06:33 AM

• European bourses are softer across the board, Euro Stoxx 50 -0.5%, though off lows with limited reaction to EZ HICP ahead of minutes/Schnabel.
• US futures are similarly pressured, NQ lags given yield upside; CRM +15% and TSLA -6.% pre-market.
• USD has been aided by yields and geopolitical jitters, to the detriment of peers across the board with EUR unreactive overall to HICP.
• A hawkish release which sent Bunds to just shy of earlier lows, though the complex is now little changed overall.
• Crude climbs after APAC consolidation with focus on geopols though spot gold fails to glean any support thus far.
• Reports of a Ukrainian DRG group entering Russia’s Bryansk; Putin to hold a Security Council meeting on Friday.
• Looking ahead, highlights include US IJC, Japanese CPI & ECB Minutes, Speeches from Fed’s Waller & Kashkari, ECB’s Schnabel, BoE’s Pill, Tenreyro.

View the full premarket movers and news report. 

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EUROPEAN TRADE

EQUITIES

• European bourses are softer across the board, Euro Stoxx 50 -0.5%, though off lows with limited reaction to EZ HICP ahead of minutes/Schnabel.
• Sectors are mixed with Construction names outperforming post-CRH while Real Estate is recouping from recent pressure after Taylor Wimpey’s FY update.
• Stateside, futures are under similar pressure, ES -0.5%, though the NQ -0.7% lags as yields continue to rise.
• Salesforce Inc (CRM) – Q4 2023 (USD): Adj. EPS 1.68 (exp. 1.36), Revenue 8.38bln (exp. 7.99bln), increases share repurchase program to USD 20bln. Co. sees Q1 Adj. EPS USD 1.60-1.61 (exp. 1.32), sees Q1 rev. 8.16bln-8.18bln (exp. 8.05bln), sees FY Adj. EPS 7.12-7.14 (exp. 5.78), sees FY rev. 34.5bln-3.7bln (exp. 34.05bln). (businesswire) +15.0% in pre-market trade
• Tesla (TSLA) – Investor day: CFO said the Co. could spend up to USD 175bln to reach 20mln vehicle production and noted of possible share buyback as use of excess capital. -6.0% in pre-market trade, desks said the event was light on details re. new models/outlook.
• Click here for more detail.

FX

• Higher yields help Dollar recover from midweek malaise, DXY firmer within 104.830-330 range.
• Yuan hands back some post-Chinese PMI upside, as USD/CNY and USD/CNH rebound through 6.9000 and retest 200 DMAs.
• Kiwi loses momentum irrespective of a surprise rise in NZ terms of trade and Aussie undermined by much weaker than forecast building approvals.
• Euro and Pound retreat vs bouncing Buck as former shrugs off hot EZ inflation data and latter heeds softer DMP CPI expectations and DUP doubts over NI trade pact
• PBoC set USD/CNY mid-point at 6.8808 vs exp. 6.8809 (prev. 6.9400)
• Click here for more detail.

FIXED INCOME

• Core benchmarks remain softer on the session despite a pause for breath before and ultimately after the EZ HICP metrics, Bunds currently lower to the tune of just 15 ticks.
• On the data, EGBs came under pressure given the hawkish numbers; though, Bunds ultimately held above their earlier 131.31 low and the associated 10yr yield has eased from a 2.77% peak.
• Gilts are directionally in-fitting with EZ peers with Gilts little changed ahead of commentary from BoE’s Pill and Tenreyro after the DMP was broadly in-fitting with recent data/Bailey.
• USTs are similarly softer with yields steeper across the curve though action is more pronounced at the long-end thus far with Fed’s Waller and Kashkari due.
• Click here for more detail.

COMMODITIES

• Crude benchmarks are firmer intraday after a stronger settlement on Wednesday, action comes after APAC consolidation and with attention on increasing geopolitical risk amid reports of Ukrainian DRG activity within Russia.
• Currently, WTI Apr and Brent May are at the top-end of circa. USD 1/bbl parameters.
• Saudi Aramco CEO sees very strong oil demand from China and excellent demand in US and Europe.
• Oman’s energy ministry is to offer new oil and gas concessions, to be announced in the end of Q1 2023; to offer offshore oil and gas concessions in Q2 2023.
• Dutch TTF and Henry Hub are diverging very modestly, with TTF slipping further below EUR 50/MWh this morning.
• Spot gold is a touch softer as the USD continues to benefit from markedly elevated yields and risk sentiment, with the yellow metal seemingly unable to glean any support from the tone thus far.
• Click here for more detail.

NOTABLE HEADLINES

• DUP MP Ian Paisley said that the Windsor Framework agreement does not meet the party’s seven tests, according to BBC’s Darren Marshall via Twitter.
• ECB’s Lagarde says a 50bp hike for March remains on the table, as inflation is still too high; future rate path will be data-dependent.
• BoE Monthly Decision Maker Panel data – February 2023. Click here for details.

DATA RECAP

• EU HICP Flash YY (Feb) 8.5% vs. Exp. 8.2% (Prev. 8.6%); X Food & Energy Flash YY (Feb) 7.4% (Prev. 7.1%)
• EU HICP-X Food, Energy, Alcohol & Trade Flash YY (Feb) 5.6% vs. Exp. 5.3% (Prev. 5.3%)
• EU Unemployment Rate (Jan) 6.7% vs. Exp. 6.6% (Prev. 6.6%, Rev. 6.7%)

NOTABLE US HEADLINES

• Kansas City Fed Economists wrote “A return to pre-pandemic rates of rent inflation could remain elusive” and tight labour markets suggest “rent inflation is likely to remain elevated even after the dust settles on pandemic-driven swings”, according to WSJ.
• China’s MOFCOM says China is willing to talk to the US to reduce trade restrictions; US restrictive measures hurt US-China trade potential.
• Click here for the US Early Morning note.

GEOPOLITICS

• US is reportedly lobbying allies on possible China sanctions if Beijing gives Russia military aid in Ukraine, according to Reuters citing sources.
• “Reports that a Ukrainian DRG group has entered Bryansk oblast, Russia…reports that Ukrainian soldiers have captured inhabitants in the village of Sushany.”, according to Faytuks News. Subsequently, Military administration in Odessa says “No Ukrainian forces infiltrated into Russian Bryansk, and perhaps Wagner took the hostages”, according to Al Jazeera.
• In the wake of this, Russian Lawmakers say President Putin is to chair an emergency meeting of the Russian Security Council, following the Bryansk events.. The Kremlin subsequently pushed back on this and clarified that Russian President Putin will chair a security council meeting on Friday.
• Israel’s Minister for Strategic Affairs and National Security Adviser are expected to visit Washington early next week for meetings with senior Biden administration officials that will focus on Iran, according to Axios citing officials.

CRYPTO

• Crypto bank Silvergate is evaluating the ability to survive as an ongoing concern, according to FT.

APAC TRADE

• APAC stocks were choppy and mostly traded rangebound after the uninspiring handover from Wall Street where risk appetite was hampered by the latest ISM data and hawkish Fed rhetoric.
• ASX 200 was indecisive as weakness in the financial, tech and consumer sectors offset the resilience in commodity-related industries, with sentiment not helped by a slump in building approvals.
• Nikkei 225 failed to sustain early advances with the index stuck around the 27,500 level after data showed Japanese recurring profits declined Y/Y for the first time in eight quarters.
• Hang Seng and Shanghai Comp. were mixed with underperformance in Hong Kong as investors booked profits from yesterday’s tech-led rally, while sentiment in the mainland was clouded by several weak earnings and ongoing frictions as the US was reportedly lobbying allies on possible China sanctions should Beijing provide Russia with military aid in Ukraine.

NOTABLE ASIA-PAC HEADLINES

• China may aim for a higher 2023 GDP growth target than the 4.5%-5.5% proposed in November, while its target could range between 5.0%-5.5% and be as high as 6.0%, according to sources involved in policy discussions cited by Reuters.
• China’s Human Resources Minister said China’s employment will continue to improve this year and remains stable overall, while the minister added China’s employment is better than expected for January-February, according to Reuters.
• US State Department approved the potential sale of F-16 munitions and related equipment to Taiwan for an estimated cost of USD 619mln, according to the Pentagon.
• China and Australian trade officials are set to continue their “productive dialogue” with negotiations expected to pave the way for an eventual visit to Beijing by Australia’s Farrell, via SCMP sources; however, there was reportedly a “snag” in talks.
• China is reportedly pledging USD 1.9bln toward the country’s top memory chipmaker Yangtze Memory Technologies, according to Bloomberg sources.
• BoJ is said to prefer watching how the impact of earlier policy tweaks works out for now, according to Bloomberg sources. Note, this echoes earlier commentary from BoJ’s Takata who said he does not see a need now to take additional steps to improve market function, will need some time to gauge impact of the December measures.

DATA RECAP

• Australian Building Approvals (Jan) -27.6% vs. Exp. -8.0% (Prev. 18.5%, Rev. 15.3%)

THURSDAY MORNING/WEDNESDAY NIGHT

SHANGHAI CLOSED DOWN 1,69 PTS OR 0.15%    //Hang Seng CLOSED DOWN 190.25 PTS OR 0.92%      /The Nikkei closed DOWN  4.39%  PTS OR .17%          //Australia’s all ordinaries CLOSED UP  0.05%   /Chinese yuan (ONSHORE) closed DOWN 6.9058 //OFFSHORE CHINESE YUAN DOWN TO 6.9169//    /Oil UP TO 78.01 dollars per barrel for WTI and BRENT AT 84.60   / Stocks in Europe OPENED ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

2 a./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

2B JAPAN

JAPAN/COVID

3c CHINA /

CHINA/TAIWAN

Beijing is fast tracking Taiwan “reunification” plans
(zerohedge)

Beijing To Fast-Track Taiwan ‘Reunification’ Plans After “Extraordinary” Year Of Tensions

WEDNESDAY, MAR 01, 2023 – 09:20 PM

Increased military interactions with the US, including ramped-up American naval sail-throughs and flyovers of the contested Taiwan Strait, appear to have hastened Beijing’s timeline for Taiwan “reunification”. 

A top Chinese lawmaker and adviser, National People’s Congress deputy Li Yihu, announced this week, “The [Communist] Party’s overall strategy for resolving the Taiwan issue in the new era has basically taken shape, and the strategic goals and focus of the future reunification cause have also become very clear.”

He specified the process will be sped up, saying ahead of the annual National People’s Congress meeting which kicks off March 5 that “The mainland will promote national reunification on a fast development track.”Via Reuters

Notably this also comes after then House Speaker Nancy Pelosi’s ultra-provocative visit to the self-ruled island in August, and further after multiple weapons packages have been announced by the Biden administration. Current Republican House Speaker Kevin McCarthy is also said to be planning a Taiwan visit in the near future.

Li Yihu specifically cited an “extraordinary” year for tensions in the region, as well as heightening global events and rivalries:

A series of new policies, including on Taiwan, are expected to be unveiled during the gathering, along with the defense budget and a government reshuffle. Comments made by NPC deputies such as Li can provide some insight into Beijing’s policymaking, which remains largely secretive.

In the interview, Li – who is also dean of the Taiwan Research Institute at Peking University – said 2022 was an “extraordinary” year for cross-strait ties and that its major events would “have a certain impact on the future direction” of the relationship.

Without doubt he also had in mind the Russia-Ukraine war, and the comparisons which some US officials as well has pundits have increasingly made between the Ukraine and Taiwan situations.

Beijing has consistently rejected such comparisons, stressing that Taiwan is under Chinese sovereignty, also finding the idea that the situations are parallel to be an offensive.

President Xi Jinping and his officials have long emphasized a Chinese plan of peaceful unification via political processes, also as the mainland has deep involvement with opposition movements and parties in Taipei. But it’s unclear whether Washington’s pushing past “red lines” have changed the calculus. Certainly we are witnessing the beginnings of a more assertive and aggressive Chinese posture vis-a-vis the Taiwan question.

end

4.EUROPEAN AND UK AFFAIRS

EUROPE

Core EU inflation still unexpectedly red hot as it surges to new record highs

(zerohedge)

Core EU Inflation Unexpectedly Surges To New Record High

THURSDAY, MAR 02, 2023 – 07:55 AM

Following disappointingly hotter than expected prints from Germany, France, and Spain; overall EU inflation slowed by less than expected in February (+8.5% YoY vs +8.3% exp vs +8.6% prior), while the euro-area’s core CPI surged to a new record high (+5.6% vs +5.3% exp vs +5.3% prior).

Source: Bloomberg

Italy was the only one of the eurozone’s four largest members to record a decline in inflation, a drop that was large enough to offset small rises in other countries.

Bloomberg’s Jamie Rush, chief European economist, noted that “alongside a slew of hawkish remarks from policymakers, we now expect the ECB to keep hiking until June, taking the deposit rate to 3.5%. By then, core inflation should be on a firmly downward trajectory, creating space to take stock. The risk is that sticky core inflation means borrowing costs are taken further into restrictive territory over the summer.”

The speed with which food and services prices rose in February suggests inflation may remain above the ECB’s target for longer than the bank has anticipated. Recent surveys point to faster economic growth than the ECB’s economists had forecast, strengthening the hand of policy makers calling for larger rate rises.

“With ongoing high underlying inflation and food inflation, and no signs of the tight labor market weakening, the ECB is unlikely to end its rate hiking cycle any time soon,” said Peter Sidorov, an economist at Deutsche Bank.

The ECB is all but certain to raise borrowing costs by another 50bps at its next meeting in two weeks’ time, but after that the market is pricing in an increasingly higher terminal rate for ECB tightening.

Bundesbank President Joachim Nagel said Wednesday that further “significant” steps may be necessary to get inflation under control.

Interestingly, the market is adjusting to today’s hot inflation prints by pricing in more aggressive tightening sooner… but is beginning to price in the inevitable recession that will cause as it lowers 2Y Bund yields…

Is the EU playing out the same path – with a lag – that US did? Hoping for a “ECB Pivot” – will Lagarde fold quicker than Powell?

end

UK//COVID

The PM now backs an official COVID 19 inquiry after 100,000 whatsApp messages were released to the Newspaper

(Evans/EpochTimes)

UK PM Backs Official COVID-19 Inquiry After 100,000 WhatsApp Messages Released To Newspaper

THURSDAY, MAR 02, 2023 – 02:00 AM

Authored by Owen Evans and Alexander Zhang via The Epoch Times,

Prime Minister Rishi Sunak has defended an official COVID-19 inquiry as the “right way” to scrutinise the handling of the pandemic after former Health Secretary Matt Hancock’s WhatsApp messages were published in a British newspaper.

British Health Secretary Matt Hancock in May 2021. (Yui Mok/PA)

Based on a trove of more than 100,000 WhatsApp messages, The Daily Telegraph newspaper claimed on March 1 that England’s Chief Medical Officer Sir Chris Whitty advised Hancock in April 2020 that everyone going into care homes should be tested for COVID-19.

The relevant exchanges, from April 14, 2020, suggested that Hancock rejected the guidance, telling an aide the move just “muddies the waters” and introduced mandatory testing only for those coming from hospitals rather than the community.

Following the report, Hancock, who resigned in June 2021, disputed the claims made by the Telegraph, calling them “flat wrong,” and claiming the messages had been “spun to fit an anti-lockdown agenda.”

The Epoch Times hasn’t seen the texts and hasn’t been able to independently verify the claims.

British Prime Minister Rishi Sunak departs Downing Street ahead of the weekly Prime Ministers Questions in the House of Commons, in London, on March 1, 2023. (Dan Kitwood/Getty Images)

‘Colossal Whitewash’

Hancock had willingly given his WhatsApp messages to journalist Isabel Oakeshott to co-write a book called “Pandemic Diaries.”

In a piece in The Telegraph, titled “I had to release Matt Hancock’s COVID WhatsApp messages to avoid a whitewash,” Oakeshott wrote that following his resignation in June 2021, he downloaded the records from his phone and shared them with various people, including her.

“Suffice to say there was plenty of important material left over,” she said, calling the texts “a vital historical record at a time when we need urgent answers.”

Oakeshott, who has described COVID-19 lockdowns as an “unmitigated disaster,” said she was releasing the messages because it would take “many years” before the end of the official inquiry into the pandemic response, which she claimed could be a “colossal whitewash.”

“That’s why I’ve decided to release this sensational cache of private communications—because we absolutely cannot wait any longer for answers,” she said.

Official Inquiry

At Prime Minister’s Questions on March 1, Labour leader Sir Keir Starmer called on Sunak to ensure the official inquiry had all the support it needed “to report by the end of this year.”

Mentioning the Telegraph report, he said, “Now we don’t know the truth of what happened yet—there are too many messages and too many unknowns.”

“Families across the country will look at this, and the sight of politicians writing books portraying them as heroes or selectively leaking messages will be an insulting and ghoulish spectacle for them.”

Starmer said that the UK COVID-19 Inquiry—which has been set up to examine the UK’s response to and impact of the COVID-19 pandemic—has cost the taxpayer £85 million but “hasn’t heard from a single minster yet.”

Sunak insisted the official inquiry is the “right way” to investigate the government’s handling of the pandemic after Hancock’s messages made the headlines.

“There is a proper process to these things, it is an independent inquiry, it has the resources it needs, it has the powers it needs. And what we should do in this House is to let them get on and do their job,” he said.

‘Anti-Lockdown Agenda’

A spokesman for Hancock strongly disputed the claims made in the Telegraph report.

“These stolen messages have been doctored to create a false story that Matt rejected clinical advice on care home testing. This is flat wrong,” the spokesman said.

“On April 14, Matt received a response to his request for advice from the chief medical officer that testing was needed for people going into care homes, which he enthusiastically accepted.

“Later that day he convened an operational meeting on delivering testing for care homes, where he was advised it was not currently possible to test everyone entering care homes, which he also accepted.

“Matt concluded that the testing of people leaving hospital for care homes should be prioritised because of the higher risks of transmission, as it wasn’t possible to mandate everyone going into care homes got tested.”

The spokesman said that the Telegraph report left out a key part of a WhatsApp message, which demonstrated “there was a meeting at which advice on deliverability was given.”

“By omitting this, the messages imply Matt simply overruled clinical advice. That is categorically untrue. He went as far as was possible, as fast as possible, to expand testing and save lives.”

The spokesman added that it’s outrageous that “this distorted account of the pandemic is being pushed with partial leaks, spun to fit an anti-lockdown agenda.”

But the Telegraph’s Associate Editor Camilla Tominey denied the paper had doctored the WhatsApp messages, calling the allegation “simply not true.”

Talking to the BBC, she also defended Oakeshott after the journalist was accused of breaching a nondisclosure agreement signed when working on Hancock’s memoir.

“I support Isabel’s decision-making wholeheartedly. In the interest of openness, transparency, and accountability, she felt that she was sitting on a huge amount of information that the public had a right to know.”

end

SWITZERLAND/CREDIT SUISSE

Credit Suisse stock crashes to an all time low.  They boost deposit rates trying to reverse continual bank runs

(zerohedge)

Credit Suisse Crashes To All Time Low After Boosting Deposit Rates To Reverse Bank Run

THURSDAY, MAR 02, 2023 – 12:25 PM

It’s become almost like clockwork: every two weeks we get some news that send Credit Suisse stock to new all time lows.

At the beginning of February, the stock of the second largest Swiss bank plunged after it reported its losses would unexpectedly continue well into 2023 if not 2024, and that the bank run revealed at the end of 2022 was much worse than the bank had previously admitted, prompting some analysts to call it “staggering.”

Then, two weeks later in mid-February, the stock plunged again after a report that regulators were probing if Axel Lehmann, the Chairman of the embattled bank, had lied about the full extent of the bank run in hopes of “stabilizing” outflows.

Fast forward another two weeks to today, as CS stock craters 7% to a fresh all-time low, after reports from Reuters and Bloomberg that in hopes of reversing the seemingly endless bank run – and who can blame depositors from pulling their money from a company whose stock is less than $3 from zero – Credit Suisse is now offering aggressively higher deposit rates to attract new funds from wealthy clients in Asia.

Citing sources, Reuters notes that the Swiss bank is offering a 6.5% annual rate on new three-month deposits of $5 million or above – and a rate as high as 7% for one-year deposits – far above matched maturity Bills, and suggesting that to attract a client, the bank is forced to eat a loss. The hope, of course, is that after it attracts enough new clients, the bank will then be able to quietly lower the rates and make the new accounts profitable, however as the various DeFi blow ups of 2022 showed, it never quite works out that way.

“The banking sector has been responding to global rate hikes with higher rates and Credit Suisse is fully focused on providing our clients with differentiated advice and competitive solutions,” a Credit Suisse spokesperson said.

Credit Suisse’s generous offers are not only well above risk-free rates, but also about 100 to 200 basis points higher than those of major rivals in the region such as JPMorgan, UBS and Citi Group.

Hilariously, the new deposit rates are higher than Credit Suisse’s lending rates in Asia, a Reuters source said, adding that “it raises concerns about how the business can sustain such a funding gap.” Spoiler alert: it can’t, and as explained above, the bank is willing to eat a short-term loss in hopes of attracting enough sticky money before it flees again once the teaser rates are cut. Sure enough, another source said the offers are valid until the end of this quarter and only apply to new cash deposits, not to existing portfolios.

Asked about the lender’s pricing to win back money during Credit Suisse’s earnings call last month, CEO Ullrich Koerner said the bank is trying to be “competitive” like many rivals: “But we are not buying assets, just to be clear, because that would not be very smart going forward,” he said, which is ironic because buying assets – and at a very high price – is precisely what he is doing… and it’s not working: the bank’s assets managed for wealthy clients, excluding the Swiss bank, tumbled to 540.5 billion Swiss francs ($574 billion) at the end of December, from 742.6 billion francs a year ago, contributing to a second consecutive annual loss, according to Bloomberg.

The bigger problem for CS is that while it may eventually stem the liquidity bleed – if only temporarily – with such sleight of accounting hand, it is facing a far more ominous talent bleed as at least a dozen private bankers at the managing director-level and above have left Credit Suisse in Singapore and Hong Kong since September, or are planning to leave according to Bloomberg. Worse, some senior bankers that left handled at least $1 billion in client assets, “and are likely to take at least a quarter of the funds they manage to their new employers, rising to as much as 60% in some cases, according to people familiar with the hires.”

The market was quick to read through the bank’s superficial ruse to “boost” liquidity by attracting funding at truly “high yield” levels (because at the end of the day, that’s what deposits are: a source of funding, after costing nothing for the past decade are suddenly becoming very expensive to troubled banks), and amid concerns that the bank which in late 2022 drew funds from the Fed by way of USD swaps with the SNB…

… sent its stock to a new record low…

… while blowing out its CDS although with dumb Asian “deposit” money now used as funding, the default risk has been understandably mitigated somewhat for the time being.

.

 5.UKRAINE// RUSSIA//MIDDLE EASTERN AFFAIRS//

RUSSIA/UKRAINE/USA/

Pentagon now admits that Russia has captured American weapons in the Ukraine and sold them on the black market

(Anzalone/Libertarian Institute)

Pentagon Admits Russia Captured American Weapons In Ukraine

THURSDAY, MAR 02, 2023 – 05:00 AM

Authored by Kyle Anzalone via The Libertarian Institute,

American weapons provided to Ukraine have been captured by Russia on the battlefield, a top Department of Defense official told Congress on Tuesday. Over the past year, Washington has provided Kiev with nearly $45 billion in military aid. 

Undersecretary of Defense for Policy Colin Kahl claimed Moscow was capturing American weapons and selling them on the black market. “Our assessment is if some of these systems have been diverted it’s by Russians who have captured things on the battlefield, which always happens,” he said. 

After Russian forces invaded Ukraine just over a year ago, the Joe Biden administration began providing Kiev with unprecedented weapons transfers. The US has provided Ukraine with $44.3 billion in military assistance from January 24, 2022, to January 15, 2023, according to The Kiel Institute for the World Economy. 

Kahl went on to assert that “no evidence” has surfaced to suggest Kiev was responsible for the weapons finding their way to the black market. 

In the early months of the war, CNN reported that the US lacked oversight over the arms sent to Ukraine. A source told the outlet in April, “we have fidelity for a short time, but when it enters the fog of war, we have almost zero. It drops into a big black hole, and you have almost no sense of it at all after a short period of time.”

That same month, Jonas Ohman, founder and CEO of Blue-Yellow, a Lithuania-based organization that has been meeting with and supplying frontline units with military aid in Ukraine told CBS News, “All of this stuff goes across the border, and then something happens, kind of like 30% of it reaches its final destination.” 

In May, the Washington Post reported Ukraine is infamous for black market weapon sales. “The US government is well aware of the country’s challenges with weapons proliferation, though it has been vague in describing the precautions it’s taking,” the outlet wrote. 

Kahl was confronted by Congressman Matt Gaetz over the weapons ending up in the hands of neo-Nazis. Gaetz cited a 2018 article from Global Times that found American arms were being used by the Azov Battalion, a neo-Nazi militia that was absorbed into Ukraine’s national guard. Kahl dismissed Gaetz’s question by asserting the claim was “Beijing’s propaganda.”

The Azov Battalion has been photographed with Western-made anti-tank weapons. In March, NEXTA tweeted, “A shipment of NLAW grenade launchers and instructors from #NATO countries arrived in Kharkiv. The Azov regiment was the first to learn about new weaponry.” The post included photos of Ukrainian soldiers wearing Nazi patches on their uniforms. 

In July, the Stimson Center – an American organization – warned US arms could flow to “avowed neo-Nazis.” “[The Azov Battalion’s] role in key Ukrainian theatres creates risks that arms could be diverted to Azov troops in contravention of US law,” the report said. 

Kahl claimed the weapons are tracked by Ukraine with scanners provided by Washington, and the data is transferred to American officials at the embassy in Kiev. He added the officials complete some inspections outside of the embassy. 

Additionally, Kahl discussed the White House’s strategy for its proxy war in Ukraine. He said the Department of Defense does not believe Russian forces will make significant territorial gains in the coming months. “You may see small portions of territory change hands in the coming weeks and months.” He told Congress, “I do not think that there’s anything I see that suggests the Russians can sweep across Ukraine and make significant territorial gains anytime in the next year or so.”

He explained that the Biden administration was committed to arming Ukraine, though the timetable for providing fighter jets was at least a year and a half. Kahl added that the price tag to provide Kiev with F-16s was $11 billion and the fighter jet was not one of Ukraine’s “top three priorities.”

end

RUSSIA/UKRAINE

Russia thoroughly annoyed that a cross border terror attack by Ukrainians attacking civilians inside Russia. They killed one adult and wounded one  19 year old child.

(zerohedge)

Cross-Border ‘Terror Attack’ On Russia Involved Dozens Of Armed Saboteurs Attacking Villages

The Kremlin has condemned what it called a new terrorist attack on its soil Thursday carried out by Ukrainian saboteurs who allegedly breached a border region. 

Russian presidency spokesman Spokesman Dmitry Peskov said militants entered the Bryansk Oblast in Western Russia and attacked villages there, resulting in the death of one civilian and another wounded. “This is an attack by terrorists,” Peskov said.

Conflicting initial reports indicated Russia’s Federal Security Service engaged in a gun battle with  the infiltrators, with the Kremlin saying “Measures are currently underway to eliminate these terrorists.”

he Associated Press describes based on national media that “Tass, citing Russian law enforcement, reported earlier that the saboteurs were holding up to six people hostage.”

“The local governor said the group had fired on a vehicle there, killing one man and wounding a 10-year-old,” AP continues. The report details further:

Thursday’s apparent incursion was also embarrassing for Russian President Vladimir Putin, coming days after he ordered the Federal Security Service to tighten controls on Russia’s border with Ukraine.

Tass reported, citing an unnamed security official, that two villages in the Bryansk region — Sushany and Lyubechane — were under attack by “several dozen armed fighters.”

Alexander Bogomaz, the governor of the Bryansk region, which borders Ukraine, said the group fired on a vehicle in Lyubechane, killing one man and wounding a child. He also said that a Ukrainian drone struck a house in the Sushany, setting it ablaze.

Multiple war monitoring accounts have picked up on the below video which is widely being flagged as showing one of the alleged attackers:

Peskov said in response to a question over what action Moscow could take in the international arena, “On the international arena, [we] have drawn and continue drawing the attention of the world public to those terror attacks that these people [Ukrainian terrorists] carry out.”

Putin also directly addressed the cross-border terror attack in a video address after convening his national security council to be briefed on the matter…

“They opened fire on civilians,… they saw that there were children in the car,” Putin said.

The incident comes after Monday into Tuesday a series of drone attacks on Russian facilities, believed launched by the Ukrainians, triggered air alert sirens in various locations across the country. One or more even reached to within 100km of Moscow. 

Concerning the drone attacks, Russia’s Deputy Minister of Foreign Affairs has charged that the Ukrainians had covert help from the United States in carrying out the sophisticated drone operations, one of which damaged an oil facility some 500km inside Russian territory. “Attack of drones on aviation facilities in Saratov and Ryazan could not have been carried out without the active assistance of the United States,” Ryabkov said in a press statement.

end

NBC reporter Keir Simmons arrives in Crimea and shocks viewers by the telling the truth:   Crimea will always be Russian…the citizens speak Russian and Putin’s navy is situated in Sevastopol

(zerohedge)

NBC Reporter Goes To Crimea, Shocks Viewers By Telling The Truth

THURSDAY, MAR 02, 2023 – 10:12 AM

Mainstream media correspondents for major US networks rarely, if ever, report from inside Crimea and certainly are nowhere near Russian-held territory in eastern Ukraine. However, this week NBC News chief international correspondent Keir Simmons went to Sevastopol, surrounded by a significant Russian military presence given it is home to the Russian Navy’s Black Sea Fleet, and in a live segment admitted that it’s not at all realistic Zelensky and Ukrainian forces can ever hope to take Crimea. 

This is especially as the “the people there… view themselves as Russian.” Simmons noted that “This is the closest that any US news crew has got to the Russian Black Sea Fleet in many many years.” He explained that “Vladimir Putin will be determined to defend that port – to not have it take it away from him – he may well do pretty much anything to try to achieve that.”

“It is a very, very dangerous standoff.. it’s hard to see how you reach a negotiation over that. There’s military absolutely everywhere, it is a military town,” he continued, before saying…

“When for example Victoria Nuland talks about that at the very least we [the US] want Crimea to be demilitarized, I find myself standing there and wondering, how on earth does that happen?“

Ukrainian officials and pro-Kyiv media pundits are said to be outraged at the segment, given it repeatedly and bluntly referenced that Crimeans see themselves as Russians. Even a separate write-up filed days earlier from inside Crimea and posted to NBC’s website included the following: 

This is not Russia, according to Kyiv, its Western allies and the United Nations. It was annexed by the Kremlin in 2014, with the U.N. calling on Russia to return to its “internationally recognized borders.” And following Moscow’s broader invasion launched a year ago, President Volodymyr Zelenskyy has vowed Ukraine will take Crimea back.

But Praskovya Baranova, 73, speaks Russian, feels Russian and lives here.

But it appears that the NBC correspondent, once he was on the ground in a place that few Western reporters ever venture, couldn’t deny the plain truth he was seeing all around him.

David Sacks comments of the refreshingly truthful segment, “Not long ago, these were denounced as Putin talking points.” 

Sacks also says regarding NBC clearly conceding that Zelensky’s goal of retaking Crimea remains unrealistic and dangerous…

This is a huge admission because it means that Biden’s policy of “only the Ukrainians can decide” the objectives of the war makes no sense. We’re effectively delegating our foreign policy to Zelensky, who is pursuing objectives that we don’t agree with.

“At the same time that MSNBC is suddenly airing the truth about Crimea, its chief Ukraine pundit is lobbying for an all-out attack,” Sacks also observes of the timing of the mid-week report.

“It’s getting easier to see who are the real fanatics in this war,” Sacks concluded.

Robert H: to us

We Are on the WRONG Side of History With Ukraine | Armstrong Economics

I often over the last year or so, have written about the crazy Nazi’s in Ukraine who have seized power led by a NUtBar who has his greasy palm out for pieces of silver on every corner. War is war and death is a product of war and in such conflicts reason is often lost. We have all memories of the Killing Fields of Cambodia or the massacres in Vietnam to the Shock and Awe slaughter of Iraqi’s. This war in Ukraine is no different, and perhaps worse.. And yes, we are on the wrong side of history. If you care about our collective future then this article is worth reading to gain perspective. We will not win.

https://www.armstrongeconomics.com/international-news/russia/we-are-on-the-wrong-side-of-history-with-ukraine/

END

Partial lifting of the veil

Only expendable fools rise to occasion death for the sake of a fight.

https://sputniknews.com/20230301/us-doomsday-plane-capable-of-ordering-world-ending-nuclear-strikes-spotted-in-europe-1107906542.html

Sun Tzu in his book on the art of War suggests the best way to defeat your enemy is to allow the enemy top defeat himself. Think about that. Whether one believes Chinese and other interventions in American Politics or not; it is clear that all politics is influenced by money and greed and yes there are those with specific purposes of agenda. One of the most notorious such parties is Soros. And nations are pawns on the chessboard of a game called Domination.
So imagine the Biden and Ship of Fools was seen as an opportunity to defeat an opponent by his own hand. Vaccinate a military rendering it incapable of action as a result of related illness. Lockdown nations inflicting undisclosed damage to national debts and societies. Count on a feeble questionable Character to stumble around not knowing half the time where he is to be influenced by those around him who are hate filled, blind Neocons and those parties possessing evidence of a less than stellar past. Allow foolish nations to follow dictated sanctions that cause  more harm than benefit weakening economies and causing social upheavals. Does any of this ring a bell?
I suppose very few people saw the recent technology show exhibits in Europe. If one was there to see what you would have seen was the main building was completely dominated by Huawei showing off their latest technology and applications in industry, by country. Everyone else including Samsung and Apple were relegated to secondary buildings. China is forging ahead unbelievably fast pass the Western technology offerings. Did you know that Russia is building a new complete technology city with chip development that is beyond ASML? The Chinese are already lining up as is India to be first in accessing these chip sets which are beyond what the West has. Are you aware that China is furiously building and deploying 200 new ballistic missiles? Are you understanding that China is reliant on Russia’s Liana satellites for eyes to see? ( these satellites are deployed at 550 kilometers vs American ones at 250 kilometers).
Did you know that Iran has hypersonic missiles? Did the Ukrainians admit that years ago they sold the Iranians and North Koreans old Soviet nukes for cash? Are you aware that next week, Iran will have several nuclear tipped hypersonic missiles? Do you know that next month Iran will take delivery of the 1st Batch of Russian SU35 jets? Did anyone tell you that by May they will announce air dropped hypersonic missiles? The game in the Middle East is changing very quickly with accessible force that changes realities. Israel will face new challenges and realities that force accommodation. Even American thievery of oil in Syria is entering a new phase of risks. Have you seen that Russian delivered to India the 3rd Batch of S400 missiles earlier this week? India is reliant on such missiles to protect itself.
Are you aware that Russians are in no particular hurry to expand their reach in Ukraine? The meat grinder is doing a fine job of destroying any ability to wage war or pose a threat while the kill ration of Ukrainians is now 10 Ukrainians to 1 Russian and soon will increase in Proportion as new weapons are used. This is now occurring where the most modern weapons are killing at a faster rate on lines of contact. Do you know that Russian factories are producing spring and summer clothes for new recruits that will be called up? Does anyone amongst the Fools not realize that Russians are actually training under live battlefield conditions to fight both in cold and heat of changing seasons. Actual battlefield conditions cause different tactics and realities best learnt under real conditions. Behind the curtain the EU is foolishly moving to send troops to die. And yes, what were brigades are now formed and trained as divisions and tested to perfect ability to kill such new troops at a faster rate. The Russian forces of last year are changing quickly into a much more formable group that will be far better than what they were when they started. Meanwhile accelerated production continues of advanced weapon systems. Did you know that in the event of actual war with NATO, the first day will see 6,000 missiles launched? Yes, this is already produced and planned as a defense. By June, there is another 3 frigates coming equipped with nuclear strike hypersonic missiles, let alone various subs. And what is West ponying up, except balderdash and wasted capital on a corrupt Ukraine and it’s enablers. Is the misguided idea of war to cover off the theft of money going to the Ukraine? 
As perceptions change with time and information that reaches the public at large, Russia gains in world opinion over that of America and NATO who now seemingly dreams of taking on Russia and China at the same time. What kind of Fool utters such rubbish without realization that he is the war monger and is being seen as such by a world horrified at the prospect of war, nuclear war?
What is described is really happening and the western public is late  to realize what is happening to the world, we once knew.

END

6.GLOBAL ISSUES/COVID ISSUES/VACCINE ISSUES

Letter To A Mainstream Straddler: Live Not By Half-Lies

WEDNESDAY, MAR 01, 2023 – 11:40 PM

Authored by Margaret Anna Alice via Off-Guardian.org,

I get it. You don’t want to be called a “conspiracy theorist.”

You don’t want to be tarred an “anti-vaxxer.” A “science-denier.” A “far right-wing extremist.”

You’ve got your reputation to protect. Your credibility. Your grant funding.

So you water down the truth. You tiptoe around it. You don’t go there.

And the philanthropaths, the tyrants, the Big Liars, the demociders, and their enablers continue to profit. Continue to conspire. Continue to torture. Continue to slaughter.

They tell you right to your face what they’re doing.

But if you turn around and quote them, you’re the crazy one.

If you ask why a child, teen, athlete, or other healthy adult suddenly had a heart attack, got turbo cancer, or died, you’re the “truly disgusting” one.

If you provide scientific evidence that a warp-sped experimental injection being peddled by a trillion-dollar industry in collusion with governments, federal agencies, the media, and Big Tech is dangerous, you—not the corporations raking in billions—are the grifter.

If you ask what’s causing the sudden deaths and injuries that began surging in 2021 in hopes of preventing future such tragedies, you’re “morally reprehensible” (and yet “mocking anti-vaxxers’ COVID deaths … may be necessary”).

If you point out that we should maybe think twice about pushing a product estimated to have killed thirteen million human beings and counting, you are the “major killing force globally” and guilty of “undermin[ing] public confidence” in said product.

If you call genocide genocide, you are the enemy, the misinformation spreader, the anti–semite.

If you dare point out Never Again is already happening, you get inquisitioned—even though Holocaust survivors and their relatives agree.

If you call out governments for practicing totalitarianism and enacting policies that cause lethal collateral damage, you’re the granny-killer.

If you challenge people to face the livid, electrifying grief of those who have lost loved ones to financially incentivized hospicide, you are making them uncomfortable.

You know you’re living in a world of lies when the mob is more enraged at the whistleblowers revealing the deceptions, corruption, and murder than they are at the lying liars, corrupt corrupters, and murdering murderers themselves—indeed, they trip over themselves racing to defend their narcissistic abusers.

As Edward Snowden says:

When exposing a crime is treated as committing a crime, you are being ruled by criminals!”

But guess what?

Once they start calling you all those hideous names, you realize they’re nothing more than magician’s smoke.

You gradually start to give fewer and fewer f*cks.

You know you’ve hit zero when you feel the exhilarating liberation that comes from shouting the unfettered truth.

That’s the words-can-never-hurt-you stage.

You become untouchable.

You start collecting libels like Purple Hearts.

The more scars you can count, the more evidence of your efficacy, your threat to the hegemony.

That’s when you can truly LIVE. And by truth, not by lies.

If enough of us stand up and do that, we can hold the perpetrators accountable. We can present the unadulterated evidence of their crimes. And we can find justice … or die trying—like the members of the White Rose, whose piercing words still ring out nearly a century later:

“We will not keep silent. We are your guilty conscience.”

I’m going to tell you a secret.

Stick it out long enough, and that tarnished reputation turns into burnished gold.

Because when you are slandered by the propagandists, that means you are the good guy, even though the menticided public believes the opposite.

In Upside-Down World, persisting in seeing things right-side up—despite the incessant, relentless, never-ending gaslighting—means you have valiantly guarded your most precious possessions: your integrity and your sanity.

As e.e. cummings writes:

To be nobody but
yourself in a world
which is doing its best day and night to make you like
everybody else means to fight the hardest battle
which any human being can fight and never stop fighting.”

Most gratifying of all, you will find fellow members of your karass, and together you will set about fulfilling your wampeter.

Once you are living in alignment with your values, you will feel the deepest joy fathomable.

And when the COVID criminals have been found guilty, when the spells dissolve, the people will gradually awaken from their coma and recognize you for the hero you are.

Or not. Most will be too ashamed to admit they’ve been conned. To realize they shielded fascist tyrants and attacked those trying to rescue them.

Few find that courageous humility within themselves to acknowledge their complicity in totalitarianism.

And so they will swathe themselves in soothing denial and lash out at anyone who tries to puncture it.

But you will keep trying, anyway. Because that’s what truth-tellers do. That’s what people who care about saving lives do. That’s what people of integrity do, whether or not anyone ever recognizes it.

You know in your heart what is true, and you speak it. And no one one can ever shut you up again.

Even if they kill you.

Your bravery will outlive you.

Your words will remain like candles, lighting the path for future truth-droppers. And you will be at peace, in life and beyond.

end

DR PAUL ALEXANDER

How long does spike protein, mRNA etc. last in your blood, your tissues post COVID mRNA technology gene injection? Depends on how long researchers ran the study for; we argue it lasts in you FOREVER

Until proven otherwise; we know for sure it lasts a long time based on research; if researchers ran study for 1 week, they say it lasts 1 week, if ran study for 10 months, they say 10 months etc.

DR. PAUL ALEXANDERMAR 2

SAVE▷  LISTEN

Let’s see what the research is signaling and these findings pertain to the Robert Malone ‘mRNA technology’ based COVID gene injection vaccine principally,:

1)up to 28 days

SOURCE:

https://onlinelibrary.wiley.com/doi/10.1111/apm.13294

Researchers looked at 108 patients with ‘chronic hepatitis C virus (HCV) infection followed in our clinic received mRNA vaccinations according to the Danish roll-out vaccination plan. To monitor HCV infection, RNA was extracted from patient plasma and RNA sequencing was performed on the Illumina platform. In 10 of 108 HCV patient samples (9.3%), full-length or traces of SARS-CoV-2 spike mRNA vaccine sequences were found in blood up to 28 days after COVID-19 vaccination.’

‘To our knowledge, our study is the first to detect Pfizer-BioNTech and Moderna COVID-19 mRNA vaccine sequences in blood after vaccination, and therefore provides new knowledge regarding the timeframe in which the mRNA can be detected’

2)up to 60 days

SOURCE:

https://www.cell.com/cell/fulltext/S0092-8674(22)00076-9#%20

‘Immunohistochemical staining for spike antigen in mRNA-vaccinated patient LNs varied between individuals but showed abundant spike protein in GCs 16 days post-second dose, with spike antigen still present as late as 60 days post-second dose.’

3)Up to 4 months

SOURCE:

https://journals.aai.org/jimmunol/article/207/10/2405/234284/Cutting-Edge-Circulating-Exosomes-with-COVID-Spike

‘Transmission electron microscopy of exosomes also demonstrated spike protein Ags on their surface. Exosomes with spike protein and Abs decreased in parallel after four months.’

4)Up to 15 months post infection

SOURCE:

https://www.frontiersin.org/articles/10.3389/fimmu.2021.746021/full

‘The levels of both intermediate (CD14+, CD16+) and non-classical monocyte (CD14Lo, CD16+) were significantly elevated in PASC patients up to 15 months post-acute infection compared to healthy controls (P=0.002 and P=0.01, respectively).’

5)Up to 48 hours in breast milk post vaccination

SOURCE:

https://jamanetwork.com/journals/jamapediatrics/fullarticle/2796427

‘No vaccine mRNA was detected in pre-vaccination or postvaccination expressed breast milk (EBM) samples beyond 48 hours of collection.’

Voting is a pillar of American democracy & a constitutional right that undeniably needs to be protected & preserved for ‘citizens’ of this country; it is pure madness, which SANE nation would do this?

Only in Washington DC and this is MADNESS, why would they give people who broke the law to begin with, the same rights as a legal citizen? What is the value added in this? Beginning of the end of US?

DR. PAUL ALEXANDERMAR 2

SAVE▷  LISTEN

I think so and the leftist freaks are hell bent on destroying America, hollowing it out. This is why we need Trump back in the beast of DC to burn it down to the studs figuratively (for you woke nut bags out there), take it down to the very studs and rebuild it, start jailing many in DC, serious jail time. Investigate them with real outcomes, not the republican dog and pony show. Trump needs to take all alphabet health agencies down to the studs. Dismantle them, fire most for they are corrupt and inept. Rebuild.

This voting move by DC will spell disaster for in there, these ‘voters’ are rapists and murderers, yes, many good people, but as I said, there are rapists and murderers among the good, many, and they will rape and murder right there in DC. Sit back. You will now be raped and murdered by illegals who got the same voting rights as you.

Tell me, give me one reason, just one, why this is good and beneficial for DC. For America. Just one. How does this ‘add’ to the situation.

Thank you democrats!

SOURCE:

Washington, D.C. Passes Law Allowing Illegal Immigrants to Vote

DEVASTATING (repost) Australian NSW data showing the quadrupled COVID mRNA vaccinated (4 shots) have massive spikes in hospitalization & death! Data as of December 2022: see dose response & no vaxx

I share again to ensure you understand what this data, these graphs show

DR. PAUL ALEXANDERMAR 2

SAVE▷  LISTEN

Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter

DEVASTATING Australian NSW data showing the quadrupled COVID mRNA vaccinated (4 shots) have massive spikes in hospitalization & death! Data as of December 2022 and NOTE: dose response & no vaxx

Keep in mind that wherever there has been elevated COVID vaccine rates, there are elevated excess infections and deaths. Period! The data is stable. And I refer to the mRNA platform especially yet were have serious problems with the mRNA as well as DNA platform…

Read more

“How they killed our parents”; Aliss Terpstra who is a member of my substack, tells us from her experience, how our elderly in nursing/care homes died and how devastatingly they treated her mother

Aliss is planning a substack, please support her for sharing this and her strength and bravery; ‘drenched our elderly with carcinogenic disinfectants’; these hospital bastards should be imprisoned!

DR. PAUL ALEXANDERMAR 1

SAVE▷  LISTEN

‘The homes didn’t even need to drug and sedate residents to do them in. Of course they killed sick residents by denying treatment, that’s a given.

They also killed residents – who never even caught Covid – with three years of idiotic worse-than-useless public health policies that left frail needy seniors isolated in their rooms and beds 24/7, with hardly any human touch or stimulation or exercise or social contact, being masked and coated in carcinogenic disinfectants, fed and changed by anonymous agency-supplied workers in full PPE, double masked, no talking, who didn’t have a clue who they were attending and didn’t bother to learn names or histories because they were temporary workers.

They killed them by eliminating all family contact and caregiving for over a year, then demanding family carers be jabbed just like the paid staff, which many (like me) were unwilling to risk. So we were shut out.

They killed them by removing the religious services that sustained faith.

They killed them with silence, not even a radio turned on for company.

They killed them with bedsores a.k.a scurvy because they replaced fresh food made on premises with packaged and canned meals and ‘soup’ made from dried powders full of neurotoxic MSG and free of any nutritional value or life force.

They killed them with sugary beverages made from GM corn, canola and soy, like Ensure, Boost and Resource.

I was told that my mother is only one of 3 residents who survived the full three years of the fake pandemic. Only now that she is dying am I ‘allowed’ to visit her despite not taking the jabs.

I cannot know if she would not be dying had I been allowed to continue to care for her as I did every day for seven months before lockdown was imposed. But my heart tells me that if I had been visiting her and feeding her real food as I used to, monitoring her physical and mental state, this stage of her life would still be in the future.’

That is how they killed them, along with the sedation (midazolam, morphine, other toxic drugs), isolation, misery, malnourishment, dehydration, DNR orders, with holding antibiotics, Remdesivir, intubation and ventilation. The isolation and lack of human touch was devastating, hell, we could not even bury our dead.

And when that failed, they killed our parents and grand-parents with the Robert Malone ‘mRNA technology’ based COVID gene injection vaccine. Hundreds of thousands died due that Malone ‘mRNA technology’ based gene injection. We need full proper investigations.

Thank you Aliss for sharing this pain.

end

Thomas Carrigan interviews Dr. Paul Alexander on the COVID Chronology as seen through the eyes of Dr. Alexander at 50,000 foot level; this was NEVER a pandemic, EVER!

DR. PAUL ALEXANDERMAR 2

SAVE▷  LISTEN

SOURCE:

The Most Thorough Covid Chronology | Dr. Paul Alexander (TPC #1,121)

DR PANDA

Tainted Blood?!

80% of the blood supply is from the vaccinated – one state wants to make it illegal for the vaccinated to give blood.

DR PANDAMAR 2

SAVE▷  LISTEN

Need blood? In the future, you might – and it’s possible that the blood may contain a significant amount of spike protein from mRNA vaccines.

An executive from Vitalant, the largest nonprofit blood bank in the United States, says as much as 80% of the blood supply is from vaccinated donors.

The remarks come as Montana pushes a new bill that would ban donors who have received the mRNA vaccines from giving blood. House Bill 645 would make it a misdemeanor punishable with a $500 fine to donate or accept blood from vaccinated donors. 

COVID VACCINE INJURIES .COM @Storiesofinjury

A proposed Montana Bill would: – BAN individuals who received the COVID vaccine from donating blood & make it a misdemeanor with a $500 fine to donate or accept blood from vaccinated donors.  – BAN people who have had a diagnosis of “Long COVID,” dailymontanan.com/2023/02/27/bil…… https://t.co/6HjYVMZJ1J

2:43 AM ∙ Feb 28, 2023

---

974Likes347Retweets

The bill would also ban people who have a diagnosis of “Long covid-19” defined as “postacute sequelae of SARS-CoV-2 due to chronic 27 SARS-CoV-2 viral infection,” from giving blood.

Whether or not you believe in Long Covid, it’s best to avoid having individuals with the condition donate blood until we learn more. People with Long COVID may still have spike proteins in their blood. It’s very likely they never cleared the virus. Wastewater surveillance, from major cities, still are detecting strains of the virus that have long stopped circulating. These people are actively infected, shedding the virus, for years now.

Study showing persistent circulating intact SARS-CoV-2 spike in blood.

Several other studies examining people with Long Covid or post-viral persistence, suffering from disabling symptoms, have found a wide range of abnormalities in their blood. Exhausted T cells (suggesting the immune system is actively fighting something), low cortisol levels (a stress hormone that helps the body control inflammation, glucose, sleep cycles, etc.), micro clots (preventing the flow of oxygen throughout the body) and virus reactivation, among other things.

• Preprint study detailing the T cell and antibody response.
• Article detailing several studies focusing on the immune disfunction and inflammation in Long-COVID.

---

VACCINE IMPACT//

Largest U.S. Grid Supplier Issues Dire Warnings About Nation’s Electricity

March 1, 2023 6:57 pm

The United States appears to be heading into major power grid failures as coal plants are shuttered while electricity consumption continues to climb to produce enough electricity to power electrical vehicles, and the explosion of data centers needed to run AI and increasing computing power.

Read More…

---

Source: Forestry Workers Find Animals Dying at Alarming Rates in Ohio Parks Following East Palestine Train Derailment

March 1, 2023 8:21 pm

Although Ohio Governor Mike DeWine, the Environmental Protection Agency, and local officials continue to assure Ohioans that recent air monitoring and water sample tests have shown no concerns with air quality or water quality in East Palestine’s municipal water supply, following the catastrophic train derailment on February 3rd, forestry workers have found that animals are dying at alarming rates. A source told The Ohio Star that her husband, a wildlife biologist and consultant for the federal forestry, received hundreds of calls on both Sunday and Monday from colleagues who say forestry workers have found hundreds of dead animals in Ohio’s parks.

Read More…

VACCINE INJURY//

Robert H to us;

SLAY NEWS

The latest reports from Slay News

Scientists Raise Alarm as Study Links mRNA Shots to Brain & Heart DamageScientists are raising the alarm after a bombshell peer-reviewed study has linked mRNA shots to fatal brain and heart damage.READ MORE

Fauci’s Net Worth Increased 65% during Pandemic, Probe FindsAn investigation into Dr. Anthony Fauci’s finances has uncovered evidence that the former top federal health official’s net worth skyrocketed during the pandemic.READ MORE

New Florida Bill Bans Gender Pronouns in Schools, Defines Biological Sex as ‘Binary’A new bill introduced in Florida seeks to ban the use of gender pronouns in schools while legally defining biological sex as “the binary division of individuals based upon reproductive function.”READ MORE

Woody Harrelson Shames Hollywood: ‘Let’s Be Done with This Nonsense’Woody Harrelson shamed Hollywood for still having Covid protocols on film sets, saying it hurts the crew.READ MORE

60% of U.S Adults Live Paycheck to Paycheck, Report ShowsAmericans are still struggling to save money at the end of each month amid the increased cost of living, according to a new report.READ MORE

Kayleigh McEnany Shreds Lori Lightfoot over Epic Election Defeat: ‘This Didn’t Age Well, Lori’Former White House Press Secretary Kayleigh McEnany has shredded Lori Lightfoot over the soon-to-be ex-Chicago mayor’s epic defeat in her mayoral election last night.READ MORE

Woody Harrelson: Biden’s Covid Mandates Prove America Is ‘Not a Free Country’Hollywood star Woody Harrelson has blasted the nationwide Covid mandates that have been enforced in Democrat President Joe Biden’s America.READ MORE

Chris Rock to Get Revenge on Will Smith during New Netflix SpecialComedian Chris Rock will finally get his revenge on Hollywood star Will Smith for the infamous Oscars slap last year.READ MORE

Top Democrat Reveals ‘Literally Hundreds’ of Congressional Dems Don’t Want Biden as 2024 NomineeDemocrat Rep. Dean Phillips (D-MN) has revealed that major opposition to President Joe Biden’s leadership is emerging in the Democratic Party.READ MORE

Chinese Communist Party Warns Elon Musk to Stop Pushing Wuhan Lab Leak ReportThe Chinese Communist Party (CCP) has issued a warning to Elon Musk over the Twitter boss’s recent promotion of the report concluding that Covid leaked from a lab in Wuhan, China.READ MORE

Train Carrying Thousands of Gallons of Propane Derails in FloridaA train carrying thousands of gallons of propane has derailed in Florida’s Manatee County, according to reports.READ MORE

Lori Lightfoot Officially Loses Reelection, ConcedesThe people of Chicago have rebuked Democrat Mayor Lori Lightfoot in today’s mayoral election.READ MORE

Chicago Mayor Lori Lightfoot in 3rd Place, Needs Miracle to Make RunoffChicago’s Democrat Mayor Lori Lightfoot suffered an epic and well-deserved loss in today’s mayoral election.READ MORE

end

MICHAEL EVERY/RABOBANK

7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE

END

8. EMERGING MARKETS//AUSTRALA NEW ZEALAND ISSUES

END

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM

EURO VS USA DOLLAR:1.0622  DOWN .0022

USA/ YEN 136.66 UP 0.476/NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN  STILL FALLS//

GBP/USA 1.1969  DOWN   0.0057

USA/CAN DOLLAR:  1.3618 UP .0029 (CDN DOLLAR DOWN 29 PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 1.69 PTS OR 0.05% 

 Hang Sang CLOSED DOWN 190.25 PTS OR 0.92% 

AUSTRALIA CLOSED UP  .05%  // EUROPEAN BOURSE: ALL RED 

Trading from Europe and ASIA

I) EUROPEAN BOURSES  ALL   RED 

2/ CHINESE BOURSES / :Hang SANG CLOSED  DOWN 190.25 PTS OR 0.92%

/SHANGHAI CLOSED DOWN 1.69 PTS OR 0.05% 

AUSTRALIA BOURSE CLOSED UP 0.05% 

(Nikkei (Japan) CLOSED DOWN 4,39 PTS OR 0.17% 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1832.75

silver:$20.78

USA dollar index early THURSDAY morning: 104.78 UP 35  BASIS POINTS from WEDNESDAY’s close.

THURSDAY  MORNING NUMBERS ENDS

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And now your closing THURSDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 3.616% UP 5  in basis point(s) yield

JAPANESE BOND YIELD: +0.500% UP 0 AND 0/100   BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.787%// UP 3  in basis points yield 

ITALIAN 10 YR BOND YIELD 4.618 UP 5   points in basis points yield ./ THE ECB IS QE ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.774 UP 6 BASIS PTS 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY  

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

Euro/USA 1.0597 DOWN 0.0071 or  100 basis points//

USA/Japan: 136.78 UP 0.597 OR YEN DOWN 60 basis points/

Great Britain/USA 1.1944 DOWN.0081 OR 81 BASIS POINTS //

Canadian dollar DOWN .0022 OR 33 BASIS pts  to 1.3612

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED DOWN ..(6.9153) 

THE USA/YUAN OFFSHORE:    (YUAN CLOSED (DOWN)…. 6.9194

TURKISH LIRA:  18.89  EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield  at +0.5000…VERY DANGEREOUS

Your closing 10 yr US bond yield UP 8  IN basis points from WEDNESDAY at  4,079% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

 USA 30 yr bond yield   4.035 UP 8 in basis points

USA 2 yr bond yield:  4.921 UP 3 basis points 

Your closing USA dollar index, 104.96 UP 53  BASIS PTS   ON THE DAY/1.00 PM/

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

London: CLOSED UP 28.74 PTS OR  0.36%

German Dax :  CLOSED UP 11.55 POINTS OR 0.08 %

Paris CAC CLOSED UP 46.04PTS OR 0.64% 

Spain IBEX  UP 2.00 POINTS OR 0.02%

Italian MIB: CLOSED UP 89.20PTS OR  0.33/%

WTI Oil price 78.32 12: EST

Brent Oil:  84.87 12:00 EST

USA /RUSSIAN ///   UP TO:  75.32/ ROUBLE DOWN 0 AND 17/100       RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.774

UK 10 YR YIELD: 3.915 UP 7 BASIS PTS.

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0598  DOWN 0.0071    OR 71 BASIS POINTS

British Pound: 1.1947 DOWN .0080  or  80 basis pts

BRITISH 10 YR GILT BOND YIELD:  3.941% UP 6 BASIS PTS

USA dollar vs Japanese Yen: 136.75 UP 550////YEN  DOWN 55 BASIS PTS//

USA dollar vs Canadian dollar: 1.3597 UP .0007 (CDN dollar, DOWN 7 basis pts)

West Texas intermediate oil: 78.03

Brent OIL:  84.54

USA 10 yr bond yield UP 8 BASIS pts to 4.077% 

USA 30 yr bond yield UP 7 BASIS PTS to 4.026% 

USA 2 YR BOND: UP 1 PTS AT 4.8975%  

USA dollar index: 104.94 UP 51  BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 18.90

USA DOLLAR VS RUSSIA//// ROUBLE:  75.32  DOWN 0   AND  17/100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 343.28 PTS OR 1.05% 

NASDAQ 100 UP 106.30 PTS OR 0.89%

VOLATILITY INDEX: 19.73 DOWN .85 PTS (04.13)%

GLD: $170.66 DOWN 0.10 OR 0.059%

SLV/ $19.24 DOWN 0,05 OR 0.26%

end)

1 a)USA TRADING TODAY IN GRAPH FORM

Bostic Batters Stock Bears But Bond Yields Soar After Record Inflation

BY TYLER DURDEN

THURSDAY, MAR 02, 2023 – 04:01 PM

Strong US labor data (claims dropped and unit labor costs rose) combined with record high core European inflation (not expected) lifted rates on both sides of the pond and punished US stocks early on.

While the Dow was holding up overnight thanks to Salesforce’s gains, the S&P and Nasdaq both opened below their 200DMAs and so the machines went to work to lift above that at the cash open.

Markets then drifted sideways until, at 1330ET, Fed’s Bostic sparked a buying frenzy with this Bloomberg headline…

• BOSTIC: FED COULD BE IN POSITION TO PAUSE BY MID TO LATE SUMMER

Which is idiotic because, that’s not a ‘pivot’ and is already priced in, and also because this is what Bostic actually said:

• Bostic: Fed Has ‘Ways to Go’ in Raising Interest Rates
• Bostic: Higher Rate Endpoint Could Be Needed if Economy Shows More Strength

And, as a reminder, he is a non-voter!

The STIRs market didn’t budge on Bostic with a 25% chance of 50bps hike in March, May a lock for 25bps and June 70% odds of another 25bps…

Source: Bloomberg

Stocks took off with The Dow leading (thanks to CRM) along with Nasdaq and S&P. Small Caps lagged…

The post-Bostic buying spree was ignited by 0DTE players yet again with put-selling dominating the positive-gamma push (though there was call-buying too)…

HIRO Indicator | SpotGamma™

The 0DTE ignition sparked a more traditional short-squeeze in stocks too…

Source: Bloomberg

0DTE behavior in QQQ was very different with a massive call-selling jolt as Bostic spoke (we can only imagine some offsetting position against this)…

HIRO Indicator | SpotGamma™

The Nasdaq ran back above its 200DMA…

And the S&P ramped back above its 200DMA, with the machines pushing it all the way back above its 50DMA…

The Dow rallied back up to its 100DMA…

VIX broke back below 20 today, but the decoupling may be driven by the volume dominance of short-dated options (which don’t hit the VIX calc)…

Source: Bloomberg

Skew has also collapsed this week…

Source: Bloomberg

But as Nomura’s Charlie McElligott noted this morning, ignoring the bounced this afternoon, stocks are increasingly near a pocket of “accelerant flow” risk to the downside, from both 1) longer-dated Dealer Options positioning as we slip into “Short Gamma / Short Delta” location, as well as 2) potential for further CTA Trend selling-out of what had turned meaningfully “$Long” Global Equities exposure in recent months…

Source: Nomura

At the same time, the market’s expectation for The Fed’s terminal rate hit 5.50% today for the first time… and no rate-cuts at all are priced in now for 2023 (before fading after Bostic’s comments)…

Source: Bloomberg

Expectations for ECB’s terminal rate were lifted today on the hot CPI print, topping 4.00% for the first time…

Source: Bloomberg

Treasury yields were higher across the curve today after the strong EU inflation data. On the week, the belly is underperforming with the long-end and 2Y yields up the least

Source: Bloomberg

30Y Yields topped 4.00% for the first time since November…

Source: Bloomberg

Even more problematically for the housing market’s nascent recovery… it’s over mate! 30Y Mortgage rate are back above 7.00%!

Source: Bloomberg

Before we leave bond-land, consider that 6mo T-Bills have not been this cheap to stocks since the peak of the dotcom bubble…

Source: Bloomberg

And given that the 3 largest ETF inflows this past week are all in short-term T-Bills, it seems more than a few are thinking the same…

Source: Bloomberg

The dollar rallied today – ignoring the dovishness that stocks apparently heard from Bostic…

Source: Bloomberg

Bitcoin ended modestly lower, bouncing back with stocks after early weakness…

Source: Bloomberg

Oil prices ended higher with WTI above $78…

Gold limped lower in a narrow range…

Finally, we note that CTA exposures have all reversed in recent days across asset-classes after the pivot-panic-positioning in January…

Source: Nomura

Will January’s “everything rally” and “anti-USD” trade come back soon? The next 3 weeks have Payrolls, CPI, and FOMC landmines for any positioning…

And, as we noted earlier, traders are betting on the market becoming more homogenous within the next month, shrugging off the idiosyncracies of earnings and themes.

i b)EARLY MORNING TRADING//

II) USA DATA

Jobless claims improve a bit but labour costs soar more than expected

(zerohedge)

Jobless Claims Improve (Again) As Labor Costs Soar More Than Expected

THURSDAY, MAR 02, 2023 – 08:36 AM

Despite the ongoing headlines of layoffs across all industries, US jobless claims data continues to refuse to show anything but an extremely strong labor market, with initial claims at 190k last week (better than the 195k expected) and continuing claims at 1.655mm (below the 1.669mm expected)

Source: Bloomberg

iii) USA ECONOMIC NEWS

A digital dollar is simply a dollar that the government can control

(Moran/EpochTimes)

House Republicans Accuse Biden White House Of Creating ‘Authoritarian-Style’ Digital Dollar

THURSDAY, MAR 02, 2023 – 07:20 AM

Authored by Andrew Moran via The Epoch Times (emphasis ours),

President Joe Biden and his administration are attempting to develop an “authoritarian-style” and “surveillance-style” digital U.S. dollar through executive orders, warned House Majority Whip Tom Emmer (R-Minn.) on Tuesday.U.S. Dollar banknote in this illustration on July 17, 2022. (Dado Ruvic/Illustration/Reuters)

The four-term congressman recently introduced the CBDC Anti-Surveillance State Act to prohibit “unelected bureaucrats” in Washington from issuing a central bank digital currency that critics argue could diminish Americans’ financial privacy rights.

The bill, which has several Republican co-sponsors, including Rep. Andy Biggs (R-Ariz.) and Rep. Young Kim (R-Calif.), would also ensure that the Federal Reserve is held accountable in its research and development of a digital dollar.

“The consequences, if we get it wrong, are far too serious,” Emmer said at a news conference. “The Biden administration is currently itching to create a digital authoritarian-style, surveillance-style digital dollar through an executive order.”

The bill, Emmer says, would restrict the central bank from issuing a CBDC or using a CBDC to implement monetary policy and control the national economy.

He added that efforts to digitize the U.S. dollar need to be transparent and protect Americans’ right to financial privacy. Developing a digital version of the greenback must enhance financial inclusion, ensure transactions are efficient, and refrain from threatening Americans’ privacy or sovereignty.U.S. Rep.-elect Rep. Tom Emmer (R-Minn.) talks to reporters as he leaves his office at the U.S. Capitol Building in Washington on Jan. 05, 2023. (Nathan Howard/Getty Images)

“We need these common-sense guardrails to prevent unelected bureaucrats here in Washington from sacrificing Americans’ right to financial privacy,” he said. “We do not want to emulate the CCP. We should not be taking our direction from the Communist Party of China.”

In March 2022, President Biden signed an executive order that requested the Federal Reserve to continue its ongoing CBDC research, experimentation, and evaluation to determine the benefits and risks of a digital dollar.

Bullish on a CBDC?

Over the last couple of years, the Fed and the Treasury Department have published several CBDC-related reports.

Speaking at a panel discussion hosted by the Bank for International Settlements (BIS) in March 2022, Fed Chair Jerome Powell outlined his four qualifications to support a digital dollar: privacy, verifiable, intermediated, and widely accepted as a means of payment.

Read more here…

end

|This says a mouthful: Wall Street largest  commercial real estate landlord, Blackrock, defaults as they keep blocking investor withdrawals from  its 71 billion REIT

(zerohedge)

Blackstone Defaults On $562MM CMBS As It Keeps Blocking Investor Withdrawals From $71BN REIT

THURSDAY, MAR 02, 2023 – 11:29 AM

Now that soaring rates have burst the commercial real estate bubble, the carnage is coming fast and furious.

This morning Bloomberg reports that Wall Street’s largest commercial real estate landlord, private equity giant Blackstone, has defaulted on a €531 million ($562 million) bond backed by a portfolio of offices and stores owned by Sponda Oy, a Finnish landlord it acquired in 2018.

While the PE firm had sought an extension from holders of the securitized notes to allow time to dispose of assets and repay the debt, the surge in market volatility triggered by the war in Ukraine and rising interest rates interrupted the sales process and bondholders voted against a further extension, the Bloomberg sources said.

And since the security has now matured and has not been repaid, loan servicer Mount Street has determined that an event of default has occurred, according to a statement Thursday. The loan will now be transferred to a special servicer.

“This debt relates to a small portion of the Sponda portfolio,” a Blackstone representative said in an emailed statement. “We are disappointed that the servicer has not advanced our proposal, which reflects our best efforts and we believe would deliver the best outcome for note holders. We continue to have full confidence in the core Sponda portfolio and its management team, whose priority remains delivering high-quality retail and office assets.”

And while Blackstone is understandably trying to minimize the news, the PE firm clearly continues to scramble to stabilize the bleeding in its massive real estate portfolio and on Wednesday it said that it had blocked investors from cashing out their investments at its $71 billion real estate income trust (BREIT), as the private equity firm continues to grapple with a flurry of redemption requests.

BREIT said it fulfilled redemption requests of $1.4 billion in February, which represents only 35% of the approximately $3.9 billion in total withdrawal requests for the month, the firm said in a letter to investors as Reuters first reported.

The silver lining is that the total BREIT redemption requests in February were 26% lower than the approximately $5.3 billion reached in January, the firm said. However, should rates keep rising it is likely that the March redemption flood will be higher again.

“While gross redemptions for February are consistent with prior management commentary, the overarching data continue to align with our view around decelerating retail-oriented product organic growth broadly,” Credit Suisse analysts, led by Bill Katz, said in a note to investors. As we previously reported, Blackstone has been exercising its right to block investors’ withdrawals since November last year after requests hit a preset 5% net asset value of BREIT, which is marketed to mostly high net worth individuals.

Credit Suisse downgraded its rating of Blackstone’s stock to underperform in November partly because of the rise in investor redemptions from BREIT. Blackstone’s shares were down 0.25% at $90.57 per share in afternoon trading on Wednesday. The stock lost 43% of its value last year.

 3 B)USA ECONOMIC ISSUES// SUPPLY ISSUES//

3c East Palestine train disaster//updates

Now the workers cleaning up the mess are getting sick. They were not given proper clothing and breathing protection. The Biden administration is nothing but a killing machine

(zerohedge)

Workers Cleaning Up Toxic Ohio Train Derailment Are Getting Sick, Rail Union Leader Warns

THURSDAY, MAR 02, 2023 – 10:49 AM

A top union leader penned a letter to Transportation Secretary Pete Buttigieg about a number of rail workers at the Norfolk Southern derailment site in East Palestine, Ohio, who have become sick, likely from the toxic chemical spill. CNBC obtained the letter on Wednesday. 

Jonathan Long, a union representative for the Brotherhood of Maintenance of Way Employees Division of the International Brotherhood of Teamsters, titled the letter “Norfolk Southern Is Dangerous to America” and said about 40 workers were ordered by the railway to clean up the wreckage. 

Long said workers weren’t given proper personal protection equipment to clean up the toxic wreckage. He said many workers weren’t supplied respirators, protective clothing, or eye protection. 

As a result of the chemical exposure, many rail workers “reported that they continue to experience migraines and nausea, days after the derailment, and they all suspect that they were willingly exposed to these chemicals at the direction of [Norfolk Southern].”

Long added, “This lack of concern for the workers’ safety and well-being is, again, a basic tenet of NS’s cost-cutting business model.”

Norfolk Southern released a statement to CNBC about the cleanup effort. They said:

Norfolk was “on-scene immediately after the derailment and coordinated our response with hazardous material professionals who were on site continuously to ensure the work area was safe to enter and the required PPE was utilized, all in addition to air monitoring that was established within an hour.”

Meanwhile, the Environmental Protection Agency, Ohio Governor Mike DeWine, and the Biden administration have ensured adequate measures have been taken to protect residents and surrounding communities from the toxic chemical spill and controlled burn of vinyl chloride. 

But perhaps the EPA and government aren’t telling rail workers and residents the truth. That’s because rail workers are getting sick, residents complain about health issues, and animals in state parks are dying. 

USA COVID//

Study stopped due to poor enrollment

(zerohedge)

Pfizer Confirms It Ended COVID-19 Vaccine Pregnancy Trial Early

THURSDAY, MAR 02, 2023 – 06:30 AM

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

Pfizer has confirmed it stopped its clinical trial analyzing COVID-19 vaccine safety and efficacy in pregnant women early.A nurse prepares a Pfizer-BioNTech COVID-19 vaccine in Hartford, Conn., on Jan. 6, 2022. (Joseph Prezioso/AFP via Getty Images)

The company said that enrollment in the study stopped in the fourth quarter of 2021 after health experts, including the U.S. Advisory Committee on Immunization Practices, began recommending the Pfizer-BioNTech vaccine for pregnant women.

“With the declining enrollment, the study had insufficient sample size to assess the primary immunogenicity objective and continuation of this placebo controlled study could no longer be justified due to global recommendations,” Pfizer told journalist Maryanne Demasi.

The U.S. Food and Drug Administration and European Medicines Agency both agreed to the proposal to halt the study, according to Pfizer. The regulatory agencies did not respond to requests for comment.

An internal email, disclosed in a court case, previously indicated Pfizer had stopped enrollment early.

“The study enrolment was stopped with incomplete numbers because recruitment was slow and it became unreasonable/inappropriate to randomise pregnant women to placebo given the amount of observational evidence that the vaccine is safe and effective, coupled with increasing number of technical committees supporting immunization of pregnant women,” Jelena Vojicic, vaccines medical lead at Pfizer Canada, wrote in the 2022 email.

The randomized, placebo-controlled study in question was launched in early 2021 after pregnant women were excluded from the phase three trial that led to the authorization of the vaccine in the United States and a number of other countries.

Pfizer and BioNTech said they expected to enroll some 4,000 pregnant women but actually enrolled just 349, according to the trial record. Some of the participants were to receive a vaccine while others would receive a placebo, according to the original protocol. Women were expected to be studied for seven to 10 months.

The trial was listed as completed on Aug. 23, 2022, but no results have been released yet.

Pfizer told Demasi that it still does not have “a complete data set” from the study and did not say when it expected to receive it. Pfizer said it and BioNTech plan to complete an analysis of the trial “and seek publication or presentation as is our standard practice.”

Pfizer officials told CDC advisers in September 2022 that the study was completed.

“We will be generating data from that study despite the difficulties in enrollment … due to the wide recommendations for pregnant women to be vaccinated, but we will generate those data for sure,” Nicholas Kitchen, a senior Pfizer vaccine official, told the panel.

Pfizer did not respond to requests for more information.

Read more here…

END

This will be very interesting: the Senate unanimously approves to declassify COVID 19 Wuhan lab leak intelligence

(Pearson/EpochTimes)

Senate Votes Unanimously To Declassify COVID-19 Wuhan Lab Leak Intelligence

THURSDAY, MAR 02, 2023 – 09:50 AM

Authored by Caden Pearson via The Epoch Times,

A pair of Republican senators on Wednesday night declared the U.S. Senate had unanimously passed their bill requiring the Biden administration to declassify intelligence related to the origins of COVID-19.

The bill, known as the COVID-19 Origin Act of 2023, specifically aims to investigate the possibility that the SARS-CoV-2 virus, which causes COVID-19, leaked from a lab in Wuhan, China.

Republican Sens. Mike Braun and Josh Hawley reintroduced the bill on Monday after the Department of Energy (DOE) provided a classified intelligence report to the White House and certain members of Congress, which concluded that the COVID-19 pandemic most likely arose from a lab leak. The FBI had previously come to a similar conclusion.

Sen. Sherrod Brown (D-Ohio) made a request for unanimous consent of the bill, which was granted “without objection.” Unanimous consent enables a bill to pass without a recorded vote.

“Tonight the Senate UNANIMOUSLY passed my bill to declassify all the intelligence the government has on #covid origins. Let the people see the truth!” Hawley wrote on Twitter.

In further comments during an appearance on Fox News’ “Jesse Watters Primetime,” Hawley cited the importance of transparency and accountability in allowing the public to understand the origins of the pandemic.

Hawley told Watters that the bill needs to pass in the House of Representatives, “and then we can get this thing done.” They previously introduced a similar bill which passed unanimously in 2021.

The bill would require Director of National Intelligence Avril Haines to declassify the information in the U.S. government’s possession on the most likely origins of COVID-19.

“Listen, the American people—it’s past time—let’s show them what the government has. Let everybody see for themselves. Let everybody read it,” he told Fox News after the vote.

Braun also declared the unanimous passage of the motion, likewise calling on the House to pass the bill.

“The House needs to pass this bill to let the American people see the facts! President Biden can’t ignore this: time to let Americans decide for ourselves,” he wrote on Twitter. 

This aerial view shows the P4 laboratory (L) on the campus of the Wuhan Institute of Virology in Wuhan in China’s central Hubei province on May 13, 2020. (Hector RETAMAL /AFP via Getty Images)

‘Skeptics Stand Vindicated’

On Monday, Hawley expressed concerns about the lack of transparency surrounding the pandemic’s origins, saying that for “nearly three years,” those questioning the Wuhan lab leak theory were “silenced and branded as a conspiracy theorist.”

However, the DOE’s report supports oft-maligned hypotheses that the virus emerged from the Wuhan Institute of Virology, which is located nearby to a wet market broadly cited as the pandemic’s ground zero.

“Now, these prudent skeptics stand vindicated,” Hawley said in a statement.

“The Biden administration must immediately declassify all intelligence reports pertaining to the origins of COVID-19 and the Wuhan Institute of Virology. The American people deserve to know the truth.”

Braun also criticized the Biden administration for its posturing on the lab leak theory.

“The Biden administration has called the lab leak theory a conspiracy theory from the beginning, and has only started to publicly admit they were wrong as the evidence becomes overwhelming,” Braun said in a statement.

Braun said that the Biden administration had kept information about the origins of COVID-19 a secret despite an earlier version of this bill passing the Senate unanimously in 2021.

“The American people deserve transparency, free from government censors or media spin. It’s time to declassify everything we know about COVID’s origins and the Wuhan Institute of Virology, now,” he said.

…

The Chinese regime has long dismissed the possibility of a lab leak, saying the virus’s origins “should not be politicized.” Its efforts to suppress the theory recently included warning Elon Musk, the billionaire owner of Twitter, Tesla, and SpaceX, not to share the lab leak report.

Read more here…

SWAMP STORIES

Watch: Stammering AG Merrick Garland Destroyed In Congressional Grilling

BY TYLER DURDEN

THURSDAY, MAR 02, 2023 – 03:40 PM

Attorney General Merrick Garland was flayed alive during Wednesday testimony on Capitol Hill, where he sat before the Senate Judiciary Committee to answer questions over the Biden administration’s ‘weaponized’ Justice Department.

For starters, Sen. Ted Cruz (R-TX) laid into Garland for ignoring credible threats against Supreme Court justices surrounding the decision to overturn Roe vs. Wade, which granted a constitutional right to abortion, RedState reports.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1630974385115758601&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fwatch-stammering-ag-merrick-garland-destroyed-congressional-grilling&sessionId=9b57e9042a5f711c7070b9f2c3b4e54fd538aacd&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

A transcript of the exchange is below via RedState (emphasis ours): 

Sen. Cruz: Let me try again. Have you — has the Department of Justice brought even a single case under this statute? It’s a yes-no question. It’s not a give a speech on the other things you did.

AG Garland: The job of the United States Marshals is to defend the lives of the…

Sen. Cruz: So the answer is “no.”

AG Garland:  …is to defend the lives of the justices and that’s their number one priority. They have…

Sen. Cruz: Why are you unwilling to say “no”? The answer’s “no.” You know it’s “no,” I know it’s “no,” everyone in this hearing room knows it’s “no.” You’re not willing to answer a question: Have you brought a case under this statute? Yes or no?

AG Garland: As far as I know we haven’t, and what we have done is defended the lives of the justices with over 70 U.S. Marshals.

Then, Sens. Mike Lee (R-UT) and Josh Hawley (R-MO) grilled Garland over the FBI’s raid of pro-life advocate Matt Houck, whose house they entered with guns drawn in front of his children, before arresting Houck for allegedly shoving an abortion clinic worker – a charge he was acquitted of. Houck now plans to sue the FBI.

“DOJ has announced charges against 34 individuals for blocking access to…abortion clinics…there have been over 81 reported attacks on pregnancy centers…and only 2 individuals have been charged!” said Lee, to which Garland stammered through his answer.

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Hawley, meanwhile, cited a January FBI memo which advised the agency to infiltrate groups of Roman Catholics which were ‘at risk of committing acts of extremist violence,’ and claimed that Catholics “characterized by the rejection of the Second Vatican Council” are prone to embracing “anti-Semitic, anti-immigrant, anti-LGBTQ and white supremacist ideology.”

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Cruz then got back into the mix, slamming Garland over the discrepancy between prosecution of pro-life vs. pro-abortion extremists. 

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THE KING REPORT

The King Report March 2, 2023 Issue 6959Independent View of the NewsA stronger than expected Chinese PMI rallied ESHs.  Germany’s worse than expected CPI felled ESHs.   China’s factory activity stuns with fastest growth in a decade The manufacturing purchasing managers’ index shot up to 52.6 from 50.1 in January, according to China’s National Bureau of Statistics, above the 50-point mark that separates expansion and contraction in activity. The PMI far exceeded an analyst forecast of 50.5 and was the highest reading since April 2012… https://www.reuters.com/markets/asia/china-feb-manufacturing-activity-expands-fastest-since-april-2012-official-pmi-2023-03-01/   German Inflation Unexpectedly Quickens in Fresh Blow for ECB – BBGConsumer Prices rose 9.3% from year ago in February; est. 9% (9.2% in January)ECB set for half-point March hike with focus on months aheadThat prompted markets for the first time to prices  a 4% peak in the ECB’s deposit rate, which currently stands at 2.5%… https://finance.yahoo.com/news/german-inflation-unexpectedly-quickens-fresh-131350024.html   FT: German inflation jump raises bets on ECB interest rate increases https://t.co/q34zgm6liQ   China Debt Blowout Rings Alarm Bells as Leadership Meets When China’s leaders gather in Beijing for the annual parliament next week, one of the biggest economic risks they’ll need to tackle is the mounting debt of provinces… A majority of regional governments — at least 17 out 31 — are facing a serious funding squeeze, with outstanding borrowing exceeding 120% of income in 2022, according to Bloomberg calculations based on available official data. That’s the threshold set by the Ministry of Finance to indicate disproportionately high debt risks… https://finance.yahoo.com/news/china-growing-local-debt-means-210000802.html   Japan factory activity shrinks the most in 2-1/2 years The final Jibun Bank Japan Manufacturing Purchasing Managers’ Index released on Wednesday fell to 47.7 in February from January’s 48.9. Although higher than the flash reading, it marked the fastest decline since September 2020… “Both new orders and production levels, which make up 55% of the headline PMI figure, fell at the fastest pace since July 2020 as weak domestic demand and a global economic slowdown hindered sales and output volumes,”…  https://t.co/YcVKd9Ww6c   US ISM Manufacturing for February increased 0.3 to 47.7; 48 was consensus.  However, Prices Paid surged to 51.3 from 44.5; 46.5 was expected.  ESHs and USHs sank on the report.   BBG: Factory Outlook for Prices Paid Is Bearish for Bonds Demand at factories returned to balance in February as some companies tried to get ahead of expected future costs increases… (Hey Jerome, this means inflation expectations are NOT anchored!)   Fed Officials Lean into Higher Rates as Inflation Keeps GoingBostic urges 5% to 5.25% rates into 2024 to curb inflationKaskkari open-minded on quarter or half-point March hike“We’re not yet seeing… our interest-rate increases slowing down the services sector of the economy and that is concerning to me,” Kashkari said.  “Wage growth is at a level that is actually too high to be consistent” with 2% inflation target… “What’s more important is what we signal in the dot plot.”    “History teaches that if we ease up on inflation before it is thoroughly subdued, it can flare anew,” Bostic said… “That happened with disastrous results in the 1970s.” https://www.bloomberg.com/news/articles/2023-03-01/fed-s-kashkari-open-minded-on-quarter-or-half-point-march-hike   @unusual_whales: Consumer prices jumped 12.1% for the poorest tenth of households in the 12 months to December but climbed 9.2% for the richest tenth, per Bloomberg: https://twitter.com/unusual_whales/status/1630916043295305730   House bill requiring Biden to provide inflation estimates passes with large Democrat support The Republican “No” votes came from conservative Reps. Andy Biggs, Bob Good, Matt Rosendale and Chip Roy…the REIN IN Inflation Act… https://justthenews.com/government/congress/house-bill-requiring-biden-provide-inflation-estimates-passes-large-democrat   ESHs hit a peak of 3991.00 at 6:25 ET.  They then tumbled, with the usual upward movements for the post-NYSE opening dip rally, until hitting a bottom of 3943.00 at 11:19 ET.  The standard rally for the European close became a Noon Balloon.  But it ended at 12:12 ET. The decline persisted until 14:52 ET.   ESHs and stocks staged a last-hour rally; it ended at 15:43 ET.  ESHs and stocks sank into the close.   Reuters: Biden says ‘I’m gonna raise some taxes’ in March budget proposal “On March the 9th, I’m going to lay down in detail every single thing, every tax that’s out there that I’m proposing, and no one … making less than $400,000 is going to pay a penny more in taxes,”… https://www.reuters.com/markets/us/biden-says-his-upcoming-budget-proposal-will-include-some-higher-taxes-2023-02-28/   @TheInsiderPaper: Biden: “I had a nurse named Pearl Nelson… She’d come in and do things I don’t think you learn in nursing school. She’d whisper in my ear… and she’d lean down and actually breathe on me to make sure there was a human connection. She went home and brought back her pillow from her own bed (unintelligible)… I’m not joking.”  https://twitter.com/TheInsiderPaper/status/1630678940728676353   BoJ finally corners 10-year JGB market After buying a record ¥20tn of JBGs last month, the BoJ now owns more than 100 per cent of all on-the-run 10-year Japanese government bonds. In fact, it owns almost 140 per cent of the most recent issue… https://www.ft.com/content/d7a1cc13-eb07-49f3-b026-46e3a81bbda8   Oxford Economics: The catch-22 for the BoJ as it wrestles with yields (Cited in above FT article) JGB liquidity has dried up with BoJ’s massive purchases… The bank’s JGB purchases in January was at the fastest pace in its history, exceeding ¥20 trillion in a single month for the first time. As a result, the bank has absorbed more than 100% of all three on-the-run 10-year government bonds, leading to significant deterioration in market liquidity…    The increase in the SLF (Securities Lending Fee) fee symbolically illustrates the catch-22 situation that the BoJ increasingly finds itself in – a need for additional measure to fight the upward pressure in the yield curve, while the functioning of the market seems to be deteriorating… https://d1e00ek4ebabms.cloudfront.net/production/uploaded-files/Japan-The-catch-22-for-the-BoJ-as-it-wrestles-with-yields-1fd6ff3f-5824-4020-85ed-0820946341b1.pdf   @WSJ: USPS hired outside trucking companies at cut-rate prices, required them to meet aggressive schedules and then looked the other way when they ran afoul of highway safety rules. The results have been deadly. https://t.co/5Kq6OWT2Y5   @NewsBecker: Sen. Hawley: “Treasury Secretary Yellen said she would take extraordinary measures to make sure the United States doesn’t default on the debt? But I guess all of a sudden we have billions laying around to give to Ukraine. She’s there now hand delivering the check.” https://t.co/1lHtjHiUfz   Positive aspects of previous session The DJTA rallied modestly   Negative aspects of previous session Bonds declined sharply; Fangs declined   Ambiguous aspects of previous session How big of a risk is the ugly geopolitical situation to dollar-denominate assets?   First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up   Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 3952.68 Previous session High/Low: 3971.73; 3939.05   @DowdEdward: Preliminary SOA (Society of Actuaries) excess death numbers for group life claims in units for Q4 by month excess to baseline. Report comes out in May.                     Oct   Nov   Dec 0-44          13%   21%  43% 45-64         4%   16%   35%   Being told Jan and Feb higher than Dec https://twitter.com/DowdEdward/status/1630652817307488258    @EmeraldRobinson: The vaccines are beginning to work — like a bio weapon.    mRNA vax inventor @RWMaloneMD: Bad news building.  Get CPR certified.  See a physician and make sure your heart is in good condition.  And even that may not be enough.   Iran could produce ‘one bomb’s worth of fissile material’ in about 12 days, Pentagon official tells Congress https://t.co/wD8xWLlNtY   Train car carrying 30,000 gallons of propane derails in Florida https://trib.al/hHiRtqB   Rail workers cleaning toxic Ohio derailment getting sick, unions leaders say as they press WH to do more (but ESG is everything!)  https://trib.al/hUFNYba   Goolsbee’s Appointment at Chicago Fed Points to Rising Political Tension at Central Bank     New Chicago Fed chief has been an outspoken critic of GOP     Selection made by officials who donated to Democrats While the regional bank’s directors unanimously approved Goolsbee’s selection, several have a pattern of giving money to Democratic political candidates, a fact which hasn’t previously been reported… https://www.bloomberg.com/news/articles/2023-03-01/goolsbee-pick-adds-fuel-to-partisan-tensions-buffeting-fed   Tesla sank 4.2% in after-hour trading; no major products updates were announced at Tesla Investor Day.   Today – The upward seasonal biases for performance gaming and start of the month buying failed to generate rallies.  The trend is negative for stocks and is likely to remain that way until the Fed clarifies its rate hike intentions on March 22.  Even if the February CPI report (due 3/14, 0.4% exp) is benign, which would be unusual given recent data, the Fed is unlikely to be dovish because the recent inflation rebound has embarrassed Powell and other Fed officials that saw an end to the inflation cycle.   Late trading could be muted as pros relax for the February jobs report.  ESHs are -5.25 at 20:30 ET.   Expected economic data: Q4 Nonfarm Productivity 2.5%, Unit Labor Costs 1.6%; Initial Jobless Claims 195k, Continuing Claims 1.669m; Fed Gov Waller 14:00 ET   S&P 500 Index 50-day MA: 3979; 100-day MA: 3919; 150-day MA: 3947; 200-day MA: 3940 DJIA 50-day MA: 33,551; 100-day MA: 32,978; 150-day MA: 32,606; 200-day MA: 32,350   S&P 500 Index – Trender trading model and MACD for key time frames Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal Weekly: Trender and MACD are positive – a close below 3845.89 triggers a sell signal Daily: Trender and MACD are negative – a close above 4077.17 triggers a sell signal Hourly: Trender is negative; MACD is positive – a close above 4014.91 triggers a buy signal   @abigailmarone: GOP Sen @HawleyMO annihilates Garland for turning the DOJ into an enforcement arm of the Biden Admin and targeting pro-life activists. (Armed FBI agents into a home with children!) https://twitter.com/abigailmarone/status/1630987282428690453   @SarahHopeWeaver: Merrick Garland faces questioning on an FBI memo which advised the infiltration of traditional Catholic groups. @HawleyMO: “Attorney General, are you cultivating sources and spies in Latin Mass parishes and other Catholic parishes around the country?” https://twitter.com/SarahHopeWeaver/status/1630998930497437702   @ChadPergram: Hawley on Fox on Garland: Why is he letting Justice Kavanaugh, Justice Barrett, twist in the wind with all these protesters outside of their house? Because the White House wants it? I think he’s just a tool of the White House… they have weaponized this Justice Department.   Cruz accuses Garland of politicizing DOJ, AG fires back in heated exchange (Cruz slams Garland for NOT prosecuting protestors at SCOTUS justices’ homes.) https://www.foxnews.com/video/6321502148112?test=aedaf50575f19da86e2e168307f2faa4   GOP Sen. HawleyMO: Merrick Garland has turned the DOJ into a political hit team for Joe Biden. There is no more impartial DOJ – the White House is using law enforcement to do its bidding.   House Oversight chair demands Treasury official testify after delaying Biden records request https://justthenews.com/government/congress/house-oversight-chair-demands-treasury-official-testify-after-delaying-biden   American fentanyl crisis ‘unleashed on purpose’ by Mexican drug cartels, AG Garland says Sen. Lindsey Graham says fentanyl deaths outnumber gun and car deaths combined https://www.foxnews.com/politics/american-fentanyl-crisis-unleashed-purpose-mexican-drug-cartels-ag-garland-says   @alx: Crowds are now laughing at Joe Biden because he can’t form a coherent sentence. https://twitter.com/alx/status/1630674791727341572   US House Speaker McCarthy says he will provide Jan. 6 defendants with security footage https://t.co/wPfW2frwAV   Female Chicago police officer shot and killed on domestic call: officials https://nypost.com/2023/03/01/female-chicago-police-officer-shot-and-killed-on-domestic-call-officials/amp/   Chicago Mayor Lori Lightfoot blames election loss on racism, gender   https://trib.al/sFQPLya   Lightfoot is the first Chicago mayor that has lost reelection in 40 years.  She got only 17.1% of the vote (5 candidates).  The big question regarding the election: If deep blue Chicago is fed up with crime, will other Dem-run cities do the same in coming elections?  Crime will be an issue in 2024.   Sen. Ted Cruz calls Biden FAA nominee unqualified, says White House ‘playing politics’ with safety In FAA nomination hearing, Cruz says White House treating administrator position as ‘patronage job’ https://www.foxbusiness.com/politics/sen-ted-cruz-calls-biden-faa-nominee-unqualified-says-white-house-playing-politics-safety   @SteveGuest: Sen. Ted Cruz blasts Biden for playing politics with public safety with his pick of Phil Washington for FAA administrator: “He does not have any experience in aviation safety. This quite simply is a position he is not qualified for. I’m disappointed that… A Denver rail project overseen by Mr. Washington ran up a $2 billion plus deficit and had become over 30 years behind schedule.” https://t.co/xpzc11vR9d     Sen. Ted Cruz blasts Biden FAA nominee Phil Washington’s record: He “tried to add a $200,000 sauna to the LA Metro’s employee gym… He proposed this lavish spending as city buses quote, ‘broke down and caught fire due to lack of money.’” https://t.co/mJ15BsKg2J   Anna Paulina Luna says her military records likely leaked by Air Force to Dem firm as scandal grows: ‘It’s BS’ – Almost a dozen GOP lawmakers, candidates say they were impacted by the Air Force’s ‘unauthorized’ release of their military information https://www.foxnews.com/politics/anna-paulina-luna-says-military-records-likely-leaked-air-force-dem-firm-scandal-grows   @TheInsiderPaper: Two US Air Force commanders at key nuclear base in North Dakota were relieved of duty this week after their units failed an inspection designed to ensure nuke weapons stockpile is safe/secure at all times – CNN   @clashreport: German Defense Minister Pistorius: We do not have an armed force capable of defending against an aggressor like Russia. The German Army does not have the strength to defend its NATO allies as well. Bundeswehr does not have enough personnel, ammunition, equipment and weapons.   Ex-DNI @RichardGrenell: Most of the media chose to attack Donald Trump and me for giving this warning 5 years ago. People like @amanpour & @maggieNYT said we were abandoning an ally & were mean to Merkel. But I stood firm because frankly, many every day Germans told me they agreed with us.    There should be a reckoning about the 16 years of Merkelism.  Did she make Europe safer? Germany safer? Were the Trump-Grenell warnings right? There are some good German reporters but most are afraid to criticize the media’s group think.   Hunter Biden’s Criminal Defense Lawyer Quits Amid “Unease and Dissent” Hunter Biden’s criminal defense attorney, Joshua Levy, has quit the ‘first son’s’ legal team amid an environment of “unease and dissent” among the 4-lawyer legal team… But Mr. Levy had clashed with Kevin Morris, a lawyer and close adviser to Hunter Biden who has lent him money to pay his back taxes and some other bills, according to a person familiar with the strategy. Mr. Morris and Hunter Biden brought on Mr. Lowell late last year, prompting Mr. Levy’s departure. -NY Times… https://www.zerohedge.com/markets/hunter-bidens-criminal-defense-lawyer-quits-amid-unease-and-dissent

GREG HUNTER REPORT//

Greg Hunter  interviewing Alex Newman

I will see you  tomorrow 

Harvey