Mar 30.2023 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSED: UP $12.25 T0 $1979.60

SILVER PRICE CLOSED: UP $0.46 AT $23.84

FRIDAY: OTC/LONDON OPTIONS EXPIRY EXPECT GOLD AND SILVER TO BE DOWN UNTIL THIS CROOKED SCHEME IS FINISHED/FIRST DAY NOTICE

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE 1980.95

Silver ACCESS CLOSE: 23.90

Bitcoin morning price:, $27,261 UP 771 Dollars

Bitcoin: afternoon price: $27,874 DOWN 1360 dollars

Platinum price closing $989.00 UP $17.20

Palladium price; closing $1474.45 UP $27.45

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: $2680.95 UP 7.63 CDN dollars per oz (ALL TIME HIGH 2732.50)

BRITISH GOLD: 1598.98 UP 4.23 pounds per oz//(ALL TIME HIGH//1629.84)

EURO GOLD: 1816.90 UP 6.34 euros per oz //(ALL TIME HIGH//1860.82)

COMEX DATA EXCHANGE:

EXCHANGE: COMEX
CONTRACT: MARCH 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,966.100000000 USD
INTENT DATE: 03/29/2023 DELIVERY DATE: 03/31/2023
FIRM ORG FIRM NAME ISSUED STOPPED

435 H SCOTIA CAPITAL 1
624 H BOFA SECURITIES 2
657 C MORGAN STANLEY 2
661 C JP MORGAN 1
905 C ADM 2

TOTAL: 4 4
MONTH TO DATE: 6,132

END

COMEX DATA EXCHANGE:

: COMEX 868 CONTRACTS

JPMORGAN stopped 0/868 contracts

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GOLD: NUMBER OF NOTICES FILED FOR MAR/2023. CONTRACT: 4 NOTICES FOR 400 OZ or 0.11244 TONNES

total notices so far: 6132 contracts for 613,200 oz (19.073 tonnes)

SILVER NOTICES: 15 NOTICE(S) FILED FOR 75,000 OZ/

total number of notices filed so far this month : 3196 for 15,980,000 oz

END

GLD

WITH GOLD DOWN $4,85

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

/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////// A HUGE DEPOSIT OF 2.24 TONNES FROM THE GLD.

INVENTORY RESTS AT 929.46 TONNES

Silver//SLV

WITH NO SILVER AROUND AND SILVER UP 11 CENTS

AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF OF 0.551 MILLION OZ FROM THE SLV: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV

CLOSING INVENTORY: 460,633 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI ROSE BY A HUGE SIZED 987 TO 118,382 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS STRONG SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR $0.11 GAIN IN SILVER PRICING AT THE COMEX ON WEDNESDAY. WITH THIS WEEK’S READING AT THE COMEX, WE HAVE NOW SET ANOTHER RECORD LOW AT 117,395 CONTRACTS , MARCH 29.2023. OUR BANKERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.11). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A HUGE GAIN ON OUR TWO EXCHANGES 3867 CONTRACTS. WE HAD ANOTHER 200 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 5.0 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 HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS( 2008 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 15.58 MILLION OZ(FIRST DAY NOTICE) FOLLOWED BY TODAY’S QUEUE JUMP TO LONDON OF 75,000 OZ//NEW STANDING: 15.980 MILLION OZ + THE 5.0 MILLION OZ OF EXCHANGE FOR RISK//THUS TOTAL NEW STANDING 20.980 MILLION OZ/ //// V) HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/. WE HAVE NOW REACHED THE POINT THAT THE CROOKS CANNOT LIQUIDATE ANY MORE SILVER SPEC LONGS.

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –100 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 22 days, total 19,816 contracts: OR 99.080 MILLION OZ . (900 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 99.07 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: 99.07 MILLION OZ//INITIAL//STRONG ISSUANCE BUT BELOW LAST MONTH

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 987 CONTRACTS WITH OUR $0.11 GAIN IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 2008 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//FIRST DAY NOTICE// FOLLOWED BY TODAY’S 75,000 QUEUE JUMP (WHICH INCREASES THE AMOUNT OF SILVER STANDING) + 5.0 MILLION OF EXCHANGE FOR RISK ISSUED EARLY IN MARCH (INCREASES THE AMOUNT OF SILVER STANDING) //NEW STANDING 20.980 MILLION OZ .. WE HAVE A GOOD SIZED GAIN OF 2987 OI CONTRACTS ON THE TWO EXCHANGES

WE HAD 15 NOTICE(S) FILED TODAY FOR 75,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 4746 CONTRACTS TO 473,865 AND FURTHER FROM 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- 737 CONTRACTS.

WE HAD A GOOD SIZED DECREASE IN COMEX OI ( 4009 CONTRACTS) WITH OUR $4,85 LOSS IN PRICE. WE ALSO HAD A SMALL INITIAL STANDING IN GOLD TONNAGE FOR MAR. AT 4.9953 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 300 OZ (0.009 TONNES) //(QUEUE JUMPING = EXERCISING LONDON BASED EFP’S, ATTACHED TO COMEX CONTRACTS ) (EFP is the transfer of COMEX contracts immediately to London for potential gold deliveries originating from London)YET ALL OF..THIS HAPPENED WITH OUR $4.85 GAIN IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A FAIR SIZED LOSS OF 3867 OI CONTRACTS (9.735 PAPER TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 879 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 473,865

IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3867 CONTRACTS WITH 4746 CONTRACTS DECREASED AT THE COMEX AND 879 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 3867 CONTRACTS OR 12.027 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (879 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (4746) //TOTAL LOSS IN THE TWO EXCHANGES 3867 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 300 OZ QUEUE JUMP//NEW STANDING 19.073 TONNES // ///3) SOME LONG LIQUIDATION //4) FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) SMALL 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 :

TOTAL EFP CONTRACTS ISSUED: 88,438 CONTRACTS OR 8,843,800OZ OR 275.07TONNES IN 22TRADING DAY(S) AND THUS AVERAGING: 4019 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 22 TRADING DAY(S) IN TONNES 275.07TONNES

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

THUS EFP TRANSFERS REPRESENTS 275.07/3550 x 100% TONNES 7.75% 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: 275.07 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

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 APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF 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 MAR HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF APRIL., 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 ROSE BY A HUGE SIZED 987 CONTRACTS OI TO 117,395 AND CLOSER TO 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 NEW RECORD LOW OF 117,395 CONTRACTS MARCH 27/2022

EFP ISSUANCE 2008 CONTRACTS

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

MAY 2008 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2008 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 987 CONTRACTS AND ADD TO THE 2008 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A GIGANTIC GAIN OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2987 CONTRACTS.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES //14.935 MILLION OZ

OCCURRED DESPITE OUR $0.11 GAIN IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

NORTH KOREA/SOUTH KOREA

i)THURSDAY MORNING//WEDNESDAY NIGHT

SHANGHAI CLOSED UP 21.19 PTS OR 0.65% //Hang Sang CLOSED UP 116.73 PTS OR 0.58% /The Nikkei closed DOWN 100.85 PTS OR 0.38 % //Australia’s all ordinaries CLOSED UP 1.06% /Chinese yuan (ONSHORE) closed UP TO 6.8719/OFFSHORE CHINESE YUAN DOWN TO 6.8745 /Oil UP TO 74.22 dollars per barrel for WTI and BRENT AT 79.14 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER

outline

b) REPORT ON JAPAN/

OUTLINE

3 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

9. USA

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED 4746 CONTRACTS DOWN TO 473,865 WITH OUR LOSS IN PRICE OF $4.85 ON WEDNESDAY

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 879 EFP CONTRACTS WERE ISSUED: : APRIL 879 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 879 CONTRACTS

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR TOTAL OF 3867 CONTRACTS IN THAT 879 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A GOOD SIZED LOSS OF 4746 COMEX CONTRACTS..AND THIS FAIR SIZED LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $4.85 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 (19.073) (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: 19.0637 TONNES

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $4.85 //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD OUR FAIR SIZED LOSS OF 3134 CONTRACTS ON OUR TWO EXCHANGES

WE HAVE LOST A TOTAL OI OF 12.027 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MAR. (4.9953 TONNES) FOLLOWED BY TODAY’S QUEUE JUMP OF 300 OZ (0.009TONNES)… ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $4.85

WE HAD -737 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 3867 CONTRACTS OR 386,700OZ OR 12.027TONNES

TONNES

Estimated gold comex today 174,848/ //poor

final gold volumes/yesterday 241,374//FAIR

//MARCH 29/ MARCH 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	1993.36oz INT DELAWARE 62 KILOBARS .
Deposit to the Dealer* Inventory in oz*	nil OZ
Deposits to the Customer* Inventory, in oz*	n782.370oz
No of oz served (contracts) today	4 notice(s) 400 OZ 0.1804TONNES
No of oz to be served (notices)	0 contracts NIL oz 0 TONNES
Total monthly oz gold served (contracts) so far this month	6132 notices 613200 OZ 19.073 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 Int Delaware: 1993.36 oz

(62 kilobars)

total withdrawals: NIL oz

in tonnes:0.0619

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.

For the front month of MARCH we have an oi of 4 contracts having LOST 55 contracts. We had 58 notices filed on WEDNESDAY so we

gained 3 contracts or an additional 300 oz will stand for metal at the comex .

April LOST A CONSIDERABLE 26,915 contracts DOWN to 26,915 contracts. It is here that our banker friends have to worry as many will try and take delivery in this upcoming delivery month. WE HAVE 1 MORE READING DAY BEFORE FIRST DAY NOTICE.

May GAINED 320 contracts to stand at 1593

We had 4 notice(s) filed today for 400 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 4 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped received by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)

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

we take the total number of notices filed so far for the month (6132 x 100 oz ), to which we add the difference between the open interest for the front month of (MAR. 4 CONTRACTS) minus the number of notices served upon today 4 x 100 oz per contract equals 613,200 OZ OR 19.073 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 (6132 x 100 oz+ 4 OI for the front month minus the number of notices served upon today (4)x 100 oz} which equals 612,900 oz standing OR 19.073 TONNES in this active delivery month of MARCH..

TOTAL COMEX GOLD STANDING: 19.073 TONNES WHICH IS HUGE FOR AN INACTIVE DELIVERY MONTH.

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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: 1,643,341.368 OZ 51.114tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,291,699.603 OZ

TOTAL REGISTERED GOLD: 11,518,645.240 (358.27 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 9,773,054.363 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 9,8753,04 OZ (REG GOLD- PLEDGED GOLD) 307,16 tonnes//

END

SILVER/COMEX

MAR 29/2023// THE MARCH 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	857,149.301oz CNT Delaware JPMorgan .
Deposits to the Dealer* Inventory*	nil
Deposits to the Customer Inventory	1045.400oz JPMorgan
No of oz served today (contracts)	15 CONTRACT(S) (75,000 OZ)
No of oz to be served (notices)	0 contracts (NILoz)
Total monthly oz silver served (contracts)	3196 Contracts (15,980,000 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 JPMorgan 1045.400 oz

Total deposits: 1045.400 oz

JPMorgan has a total silver weight: 144.383million oz/279.086million =51.61% of comex .//dropping fast

Comex withdrawals: 3

i)Out of CNT 20,176.180 oz

ii) out of Delaware 233,538.521 oz

iii) Out of JPMorgan: 603,434.600 oz

Total withdrawals; 857,149.301 oz

adjustments: 1

i) Out of Manfra: 205,830.610 oz

the silver comex is in stress!

TOTAL REGISTERED SILVER: 35.809 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 279.086 million oz

CALCULATION OF SILVER OZ STANDING FOR MAR

silver open interest data:

FRONT MONTH OF MAR/2023 OI: 15 CONTRACTS HAVING LOST 6 CONTRACT(S.) WE HAD 21 NOTICES FILED

WEDNESDAY, SO WE GAINED 15 CONTRACTS OR AN ADDITIONAL 75,000 OZ WILL STAND FOR METAL ON THIS SIDE OF THE POND

April LOST 101 CONTRACTS TO STAND at 237

May LOST 153 CONTRACTS DOWN TO 89,797

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 15 for 75,000 oz

Comex volumes// est. volume today 61,084 very good/

Comex volume: confirmed yesterday: 46,291 Contracts ( FAIR)

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 3196 x 5,000 oz = 15,980,000 oz

to which we add the difference between the open interest for the front month of MAR(15) and the number of notices served upon today 15 X (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the MAR./2023 contract month: 3196(notices served so far) x 5000 oz + OI for the front month of MAR (15) – number of notices served upon today (15)x 500 oz of silver standing for the MAR. contract month equates 15.980 million oz +the 5.0million oz of exchange for risk//new total standing 20.980 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 30//WITH GOLD UP XX TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.24 TONNES FROM THE GLD/INVENTORY RESTS AT 929.47 TONNES

MARCH 29/WITH GOLD DOWN $4.85 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4,16 TONNES OF GOLD INTO THE GLD.//INVENTORY RESTS AT 927,23

MARCH 28/WITH GOLD UP $19.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .86 TONNES OF GOLD FROM THE GLD////INVENTORY RESTS AT 923.07 TONNES

MARCH 27/WITH GOLD DOWN $28.50 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 1.45 TONNES FROM THE GLD./INVENTORY RESTS AT 923.97 TONNES

MARCH 23/WITH GOLD UP $47.70 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT 87 TONNES OF GOLD INTO THE GLD// //INVENTORY RESTS AT 925.42 TONNES

MARCH 21/WITH GOLD DOWN $38.70 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: ANOTHER HUGE DEPOSIT OF 3.4 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 924.55 TONNES

MARCH 20//WITH GOLD UP $9.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.36 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 921.08 TONNES

MARCH 17/WITH GOLD UP $50.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 914.72TONNES

MARCH 16/WITH GOLD DOWN $6.95 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 914.72 TONNES

MARCH 15/THE IDES OF MARCH: WITH GOLD UP $18.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 913.27 TONNES

MARCH 14/WITH GOLD DOWN $4.75 TODAY: HUGE CHANGES: A MONSTER DEPOSIT OF 11.85 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 913.27 TONNES

MARCH 13/WITH GOLD UP $48.85 TODAY: VERY STRANGE HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY REST AT 901.42 TONNES

MARCH 10//WITH GOLD UP $31.60 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD; A WITHDRAWAL OF 3.47 TONNES OF GOLD FROM THE GLD//INVENTORY RESTS AT 903.15 TONNES

MARCH 9/WITH GOLD UP $16.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 906.62 TONNES

MARCH 8/WITH GOLD DOWN $1.15 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 5.5 TONNES FROM THE GLD////INVENTORY RESTS AT 906.62 TONNES

MARCH 7/WITH GOLD DOWN $33.20 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 912.12 TONNES

MARCH 6/WITH GOLD UP $0.55 TODAY: SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .57 TONNES FROM THE GLD///INVENTORY RESTS AT 912.12 TONNES

MARCH 3/WITH GOLD UP $14,10 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 912.69 TONNES

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

GLD INVENTORY: 929.46 TONNES

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

MARCH 30/WITH SILVER UP XX CENTS TODAY;HUGE CHANGES IN SILVER INVENTORY AT THE SLV.: A DEPOSIT OF 550,000 OZ INTO THE SLV/.INVENTORY RESTS AT 460.633 MILLION OZ

MARCH 29/WITH SILVER UP 11 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.195 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 460.082

MARCH 28/WITH SILVER UP 28 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 368,000 OZ FORM THE SLV////INVENTORY RESTS AT 458.887 MILLION OZ//

MARCH 27/WITH SILVER DOWN 15 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 230,000 OZ FROM THE SLV///INVENTORY RESTS AT 459.255 MILLION OZ

MARCH 23 WITH SILVER UP 62 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL DEPOSIT OF 919,000 0z INTO THE SLV/INVENTORY RESTS AT 459.485 MILLION OZ//

MARCH 21/WITH SILVER DOWN 24 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 781,000 OZ FORM THE SLV////INVENTORY RESTS AT 458.566 MILLION OZ/

MARCH 20./WITH SILVER UP 15 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ANOTHER MASSIVE WITHDRAWAL OF 3.401 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 459.347 MILLION OZ//

MARCH 17/WITH SILVER UP 79 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE WITHDRAWAL OF 10.478 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 462.748 MILLION OZ//

MARCH 16/WITH SILVER DOWN 25 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 5.009 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 473.226 MILLION OZ//

MARCH 15/WITH SILVER DOWN 7 CENTS TODAY; BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 643,000 OZ INTO THE SLV//INVENTORY RESTS AT 478.235 MILLION OZ/

MARCH 14/WITH SILVER UP 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.287 MILLION OZ FROM THE SLV////INVENTORY REST AT 477.592 MILLION OZ//

MARCH 13/WITH SILVER UP $1.35 : NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 478.879 MILLION OZ//

MARCH 10.WITH SILVER UP 36 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 478.879 MILLION OZ…

MARCH 9/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.195 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 478.979 MILLION OZ

MARCH 8/WITH SILVER DOWN 6 CENTS TODAY; HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWALOF 459,000 OZ FROM THE SLV///INVENTORY RESTS AT 477.684 MILLION OZ

MARCH 7/WITH SILVER DOWN 88 CENTS TODAY;HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 920,000 OZ FROM THE SLV/////INVENTORY RESTS AT 478.143 MILLION OZ

MARCH 6/WITH SILVER DOWN 13 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 479.063 MILLION OZ//

MARCH 3/WITH SILVER UP 67 CENTS TODAY:HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.369 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 479.063 MILLION OZ//

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 MILLION OZ

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 460.633 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES

1:Peter Schiff

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

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

end

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

END

5.IMPORTANT COMMENTARIES ON COMMODITIES: LITHIUM

END

GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

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

ONSHORE YUAN: CLOSED UP TO 6.8719

OFFSHORE YUAN: 6.8745

SHANGHAI CLOSED UP 21.19PTS OR 0.65%

HANG SANG CLOSED UP 21.19 PTS OR 0.65%

2. Nikkei closed DOWN 100.85 PTS OR 0.38%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX DOWN TO 101.82 EURO RISES TO 1.0905 UP 63BASIS PTS

3b Japan 10 YR bond yield: RISES TO. +.320 J apan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 132.83 /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 UP /JAPANESE Yen UP CHINESE YUAN: UP-// OFF- SHORE: UP

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 +2.3465***/Italian 10 Yr bond yield RISES to 4,212*** /SPAIN 10 YR BOND YIELD RISES TO 3.382…** DANGEROUS//

3i Greek 10 year bond yield RISES TO 4.279

3j Gold at $1982.00 silver at: 23.381am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 8/100 roubles/dollar; ROUBLE AT 77,08//

3m oil into the 74 dollar handle for WTI and 79 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 132.40 10 YEAR YIELD AFTER BREAKING .54%, RISESTO .321% 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 0.9138 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.99625 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

USA 10 YR BOND YIELD: 3.555 DOWN1 BASIS PTS…GETTING DANGEROUS//

USA 30 YR BOND YIELD: 3.751 DOWN 3 BASIS PTS/

USA 2 YR BOND YIELD: 4.103 UP 3 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 19.17…

GREAT BRITAIN/10 YEAR YIELD: UP 3BASIS PTS AT 3.534

end

2. Overnight: Newsquawk and Zero hedge:

2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING

Futures Storm Higher On Easing Bank Stress, Looming Quarter-End

BY TYLER DURDEN

THURSDAY, MAR 30, 2023 – 03:15 PM

US index futures extended their gains for a third day, approaching 4,100 – the highest level in over a month – amid easing concerns around the banking crisis and as investors weighed the likelihood that a peak in interest rates is nearing. As of 730am ET, S&P 500 futures were up 0.5% near session highs of 4,080 while the Nasdaq rose 0.6%. The tech-heavy index is set for its best quarter since 2020, pushing into a bull market Wednesday and closing at the highest level since August in a sign investors are preparing for the Fed to end its interest rate hiking cycle and potentially pivot to looser policy later this year. On Wednesday, the gauge entered a new bull market, rising more than 20% from December lows. The yield curve steepened as the 10Y yield dipped 2bps to 3.54%, while the DXY has resumed its selloff and remains below its 50, 100, and 200dma. Commodities are stronger with all 3 complexes stronger.

Among premarket movers, Philip Morris rose after being raised to overweight from neutral at JPMorgan, becoming the broker’s top tobacco sector pick. Meanwhile, Viking Therapeutics fell as the biopharmaceuticals company offered $250m of shares at a discount. Here are other notable premarket movers:

Sprinklr shares gain 14% in US premarket trading after the software company gave a full-year forecast for both revenue and subscription revenue that is stronger than expected.
RH shares drop 6.8% after the upscale home furnishings company issued weaker-than-expected full-year guidance for FY23. Analysts were disappointed with the outlook, flagging management’s comments on challenging business conditions being set to continue.
Semtech falls 13% after the chipmaker forecast a first-quarter loss, against analysts’ estimates of a profit, while its fourth-quarter adjusted EPS fell short of projections by a penny. Cowen analysts cut their target on the stock, noting a “very difficult” start for the company following the closure of its Sierra Wireless deal.
Charles Schwab stock declines 1.9% as Morgan Stanley cut it to equal-weight from overweight, saying that Schwab’s clients are pulling cash out of the firm’s low- interest-rate bank accounts at twice the rate that MS expected.
Viking Therapeutics is down 4.3% after launching a $250m share offering at $14.50 each via William Blair, Raymond James.
Watch Southern Copper as it was downgraded to equal-weight from overweight at Morgan Stanley, which cited a more balanced risk-reward, with the stock adequately reflecting company’s strong cash generation and consistent returns to shareholders.

The US stocks rally comes after a week of treading water as investors weigh the likelihood of further banking turmoil alongside a slew of economic data and clues from central banks on the path for interest rates. The market is now pricing a dovish pivot by the Federal Reserve, compounded by remarks from Chair Jerome Powell yesterday saying policymakers’ forecasts anticipate one more interest-rate hike, which he subsequently clarified is in reference to the Fed’s most recent dot plot and not an actual preview of what the Fed will do. Markets now await core PCE data later today for further clues around the Fed’s next move, even as they expected US rates to drop to 4.3% by the end of the year, around 70 basis points lower than the current level.

“Some investors may be jumping the gun, I would be quite cautious about these signals,” said Gilles Guibout, head of European equity strategies at AXA Investment Managers SA. “Yes the Nasdaq may be up 20%, but that does not necessarily mean that we are in a new cycle or that the same risks which weighed just recently have waned.” The current rally is built more on expectations than actions, leaving the market vulnerable should central banks disappoint investors, Veyret added.

“Market sentiment remains relatively positive, and investor confidence remains high despite the recent turmoil brought by the financial sector, as appetite for risk gets supported by the prospect of dovish pivots from central banks, providing a good excuse to push stock indices higher just before the end of the quarter,” said Pierre Veyret, a technical analyst at ActivTrades.

Citigroup strategists also say markets are being complacent, having ignored recession risks and rallied from October lows on “soft” or even “no-landing” narrative. Based on their model, quantitative strategists including Alex Saunders see recession risks remaining high, with economists still having that eventuality penciled in for the second half.

On the other end, Goldman strategists said investors should buy US growth stocks with high margins, while avoiding low-margin ones even as equity and rates markets are at odds over the likelihood of a recession. If the economy avoids recession, real yields are likely to rise and valuations for growth stocks with low margins are more sensitive to higher yields, strategists including Ryan Hammond and David Kostin wrote in a note.

Meanwhile, global stocks and bonds are moving more closely in line with each other than they have in nearly three decades, providing a headache for fund managers seeking to spread their risk. On a brighter note, correlation among stocks globally is low which should be a good environment for stock pickers, according to Bernstein strategists Sarah McCarthy and Mark Diver.

European stocks rose to their highest level in almost three weeks as financial-stability concerns continue to recede. The Stoxx 600 is up 1% with retail, real estate and banks the strongest-performing sectors. Major EMEA markets are higher, led by Spain with the UK lagging. Preliminary CPI data is printing lower MoM and coming in below expectations. Recent IPOs/Hyper Growth are the best performing single baskets, +2.5%+. Vol is leading, Quality is lagging; Value over Growth; Cyclicals over Defensives. UKX +0.7%, SX5E +1.1%, SXXP +0.9%, DAX +1.0%. Real estate stocks lead European equity gains Thursday, extending the previous session’s rebound, as bond yields slipped and markets trimmed peak interest-rate bets. The Stoxx 600 Real Estate Index was 3.1% higher, with all 34 members of the gauge in the green; the index had risen 2.6% on Wednesday. Here are the biggest European movers today:

H&M shares jump as much as 13% after the clothing retailer reported profits that beat consensus estimates, driven by what Jefferies defines as “over-delivery”
SSE shares climb as much as 3% after it increased its forecast for full-year earnings, citing the strong performance of its “balanced” business model in a volatile year
Petrofac rises as much as 73%, the most on record, triggering volatility halts on the stock in London trading after winning a contract to design and install an offshore wind project
Allegro gains as much as 7.7% after Poland’s biggest e-commerce platform’s 2022 results matched guidance seen previously as ambitious
Vestas shares jump as much as 6.7%, after the world’s largest producer of wind turbines won its biggest ever onshore order
SMA Solar shares rise as much as 18%, the most in more than a year, after the German solar equipment maker increased its Ebit guidance for this year by 30%
JDE Peet’s shares fall as much as 4.3% after Mondelez completed the sale of about 7.7m shares in coffee and tea company at a ~6% discount to last close
Drax shares drop as much as 12%, the most since May 2022, after the UK power firm’s biomass project was rejected for the nation’s carbon capture and storage program
S4 Capital shares drop as much as 10% in early trading with analysts saying its mixed results and guidance point to a slower year ahead
BioMerieux falls as much as 3.4% after holder Sitam Belgique offers shares representing about 0.8% of the biotechnology company via Natixis
Basler shares slump as much as 18% after the consumer electronics firm released FY23 guidance, which Jefferies said was disappointing on both the top and bottom line
Paradox Interactive falls as much as 8.4% after the Swedish game developer was downgraded to a short-term hold from buy at Handelsbanken

Earlier in the session, Asian stocks eked out small gains after a rally in US shares overnight, as investors adjusted their positions ahead of quarter-end and markets continued to digest Chinese e-commerce giant Alibaba’s break-up plans. The MSCI Asia Pacific Index reversed earlier losses to rise as much as 0.2%, led by energy and consumer discretionary shares. Australia advanced on the back of strength in US tech shares, while Japanese stocks dropped as a majority of shares traded ex-dividend. India was closed for a holiday. Chinese tech shares gained, lifting the broader market, as investors turned more positive on the sector. In a conference call Thursday, Alibaba’s chief executive Daniel Zhang said the company would gradually give up control of some of its main businesses.

“Alibaba’s spinoffs announced spark thumping revival of Chinese tech optimism and hopes,” Vishnu Varathan, Asia head of economics and strategy at Mizuho Bank, wrote in a note. “This builds on ‘risk on’-type price action,” he said, while “banking fears are relegated for now.” In a busy day of Chinese earnings, major banks including Bank of Communications and the nation’s largest developer Country Garden reported full-year results. The current earnings season is offering investors clues on China’s recovery path as the world’s second-largest economy emerges from Covid Zero. The Asian regional stock gauge was poised to rise about 3% this quarter, extending the momentum seen in the previous quarter, as China’s reopening and easing bets on the Federal Reserve’s interest rate hikes helped sentiment in the region

Japanese equities fell, halting a three-day rally, as 1,500 Topix stocks traded without rights to the next dividend, shaving 23.5 points off the benchmark. The Topix fell 0.6% to close at 1,983.32, while the Nikkei declined 0.4% to 27,782.93. Out of 2,159 stocks in the Topix, 1,330 rose and 748 fell, while 81 were unchanged. “Japanese stocks are down mainly due to the ex-dividend trading,” said Hirokazu Kabeya, chief global strategist at Daiwa Securities. “Otherwise, the receding concerns around banking situation in the US and Europe, and the slight weakening of yen are actually decent conditions for buying Japanese stocks.”

In FX, the greenback gave up an earlier advance after strengthening as investors digested the latest remarks by Fed officials. The Bloomberg Dollar Index is down 0.2% while the Swiss franc is the best performer among the G-10s, closely followed by the British pound and Australian dollar.

In rates, Treasury yields were steady, following muted trading on Wednesday when the 10-year benchmark moved by the smallest margin in more than a month. Treasuries were mixed with the curve steeper as front-end and belly sectors richen vs Wednesday’s close while long-end cheapens slightly. Outperformance by front-end Treasuries steepens 2s10s spread by more than 1bp; 10-year yields little changed around 3.56% narrowly underperforms bunds and gilts. Bund futures rallied after the the German state of North Rhine-Westphalia reported a notable slowdown in CPI, and then extended gains after Spanish inflation came in lower than forecast. Gains proved short-lived, however, with German bonds now lower on the day.

In commodities, oil rebounded amid the continued disruption to shipments from Turkey; WTI rose 0.8% to trade near $73.60. Gold steadied and Bitcoin rose, trading briefly above $29,000. Spot gold adds 0.2% to around $1,968.

Looking to the day ahead, we get initial jobless claims and the final Q4 GDP revision, from Europe we have the Eurozone March economic, industrial and services confidence data, as well as the German March PPI and the Italian February PPI and unemployment rate. We will also be hearing from the Fed’s Barkin as well as Collins.

Market Snapshot

S&P 500 futures up 0.6% to 4,080
MXAP up 0.2% to 161.05
MXAPJ up 0.6% to 520.59
Nikkei down 0.4% to 27,782.93
Topix down 0.6% to 1,983.32
Hang Seng Index up 0.6% to 20,309.13
Shanghai Composite up 0.7% to 3,261.25
Sensex up 0.6% to 57,960.09
Australia S&P/ASX 200 up 1.0% to 7,122.34
Kospi up 0.4% to 2,453.16
STOXX Europe 600 up 1.0% to 454.56
German 10Y yield little changed at 2.31%
Euro up 0.3% to $1.0872
Brent Futures up 0.8% to $78.92/bbl
Gold spot up 0.2% to $1,967.88
U.S. Dollar Index down 0.23% to 102.40

Top Overnight News

China’s largest oil producer just had its best-ever year. PetroChina made a profit equivalent to around $22 billion in 2022, around two-thirds higher than it earned the year before. That was in part due to the rise in the average oil price despite a fall in the second half. PetroChina’s bumper earnings led to a jump in its Hong Kong-listed shares, which closed up 7.8% on Thursday. The shares are now trading at their highest level since October 2018. WSJ
Taiwan President Tsai Ing-wen arrived in New York for a two-night stop in the US amid simmering tensions between Washington and Beijing. Tsai said the security of the world hinges on the self-ruled island’s fate. China warned the trip will have a severe impact on ties with the US. BBG
Spain’s inflation almost halved in a month to 3.1 per cent in March as energy costs dropped, in a possible early sign of a sharp fall in European headline inflation this year. The year-on-year rise in harmonized Spanish consumer prices compared with the previous month’s rate of 6 per cent and was lower than the 4 per cent forecast by economists polled by Reuters. FT
Russia’s Federal Security Service said it had detained Wall Street Journal reporter Evan Gershkovich in the Russian city of Yekaterinburg on suspicion of spying, according to reports by the Interfax and RIA Novosti news agencies. NYT
The EU’s member states and parliament have clinched a deal on higher renewable energy targets after lengthy negotiations, including carve-outs on nuclear energy following pressure from France. FT
The UK is to allow investors to count nuclear energy as a “green” investment. In an announcement on Thursday, the government said it would include nuclear in the UK’s green taxonomy — a system used by investors to determine whether an investment is counted as sustainable or not. FT
The White House is planning as soon as this week to recommend tougher rules for midsize banks, according to people familiar with the matter, after the collapse of two lenders earlier this month sent tremors through the banking system. The recommendations are expected to call for new rules from the Federal Reserve and other agencies, including for banks with $100 billion to $250 billion in assets. WSJ
Dated Brent — which sets the price for about two-thirds of global supply — is about to be transformed for good as Platts will soon use West Texas crude to help determine prices. The switch, which has been fraught with controversy, comes as the existing benchmark is slowly running out of tradable oil. BBG
Blackstone’s Steve Schwarzman said the banking turmoil was “caused by people on iPhones and other devices” rather than a wave of bad loans. People heard on social media that a bank might be in trouble and “responded with huge withdrawals in a very short period of time,” he said in an interview. Most US banks can withstand the current crisis, which is simply an interim issue, he added. BBG
Bank of Japan Governor Haruhiko Kuroda changed the course of global markets when he unleashed a $3.4 trillion firehose of Japanese cash on the investment world. Now Kazuo Ueda is likely to dismantle his legacy, setting the stage for a flow reversal that risks sending shockwaves through the global economy: BBG
After the fall of Credit Suisse and its hastily arranged merger with its rival — and the return of former UBS chiefSergio Ermotti — Switzerland sees just one big winner and a lot of losers: BBG
Investors are betting one major central bank will successfully navigate the policy tightening required to cool inflation without sending its economy into reverse: the Reserve Bank of Australia: BBG

A more detailed look at global markets courtesy of Newsquawk

Asia-Pacific stocks traded mixed as the region only partially sustained the momentum from the US where the Nasdaq 100 entered a bull market after the recent bond selling slowed and as banking sector fears continued to subside. ASX 200 was higher with strength in tech, mining and financials leading the broad optimism across sectors and amid an adjustment in rate expectations with NAB lowering its peak rate forecast to 3.85% from 4.10%. Nikkei 225 was pressured heading closer to fiscal year-end amid mild upside in Japanese yields and with notable weakness across large transportation/logistics companies. Hang Seng and Shanghai Comp. were indecisive and ultimately faltered despite another substantial liquidity effort by the PBoC with participants digesting a slew of earnings releases and as US-China frictions lingered.

Top Asian News

Chinese Premier Li said at the Boao Forum that to achieve greater success, chaos and conflicts must not happen in Asia otherwise the future of Asia will be lost and they oppose taking sides, forming new blocs and a new Cold War. Premier Li also commented that the economic situation in March is even better than in January and February, while they will consolidate the recovering trend of China’s economy and promote a continued recovery, as well as roll out new measures to increase market access and improve the business environment, according to Reuters.
Spanish PM Sanchez said at the Boao Forum that relations between Europe and China, and by extension between Spain and China, do not need to be confrontational, while he added there is ample room for win-win cooperation and that they must remain partners economically and beyond, according to Reuters.
China and Brazil reached an agreement to trade in their own currencies, ditching the US dollar as an intermediary.

European bourses are in the green, Euro Stoxx 50 +1.2%, following soft inflation prints via Spain and the German state’s ahead of the mainland figure. Sectors are similarly bolstered with defensives lagging while Retail and Real Estate outperform given H&M and (initially) lower yields respectively. Stateside, futures are firmer though the magnitude is more modest and sees the region holding onto their recent upside ahead of data/Fed speak. Blackstone (BX) CEO Schwarzman says their property investment is in good shape. Google (GOOG) Cloud VP says Microsoft (MSFT) is selectively buying out complainants and “definitely” has a very anti-competitive posture in cloud; criticised imminent deals with EU cloud rivals.

Top European News

UK Chancellor Hunt is on course for a clash with BoE Governor Bailey after Hunt refused to rule out watering down post-financial crisis banking rules despite the BoE warning against weakening banking regulation, according to The Telegraph.
UK Chancellor Hunt said Britain will not go toe-to-toe with the US and EU by offering billions in green subsidies, according to The Times.
ECB’s Schnabel said a rise in unit labour costs indicates possible second-round effects on inflation and her suspicion is that the energy impact won’t drop out of core inflation quickly, while she also noted that they have not seen general outflow from Eurozone bank deposits, according to Reuters.
ECB’s Elderson says if the baseline scenario is met, there will be more ground to cover and rates will have to be increased further, adds we are not seeing any movements in the bond markets that give us cause for concern.

Dollar broadly softer on the eve of PCE data, as Fed Chair Powell points to dot plots showing one more hike in the cycle, DXY dips below midweek low. between 102.780-340 parameters as month-end positioning persists.
Euro wobbles in wake of soft EZ inflation metrics before recovering ground vs Buck on a 1.0800 handle.
Pound underpinned by firm UK implied rates and yields, with Cable hovering around 1.2350 and EUR/GBP eyeing 100 DMA just under 0.8800.
Franc shrugs off sub-forecast Swiss Kof ahead of speeches from SNB, as USD/CHF approaches 0.9150 from around 0.9200 at one stage.
PBoC set USD/CNY mid-point at 6.8886 vs exp. 6.8901 (prev. 6.8771).
Brazil’s proposed new fiscal rules would target zero primary deficit next year, a primary surplus of 0.5% of GDP in 2025 and 1.0% of GDP in 2026, according to sources cited by Reuters.

Fixed Income

Bunds led an initial rally in fixed following the cooler North Rhine-Westphalia inflation reading and thereafter peaked at 136.77 following a similarly ‘cool’ Spanish figure.
Action which lifted USTs and Gilts in tandem to 114.23+ and 1014.47 respective peaks.
However, this has since seen a marked reversal which was possibly Gilt/Sonia-led, irrespective of obvious catalyst; as such, core benchmarks are now essentially unchanged on the session ahead of the German mainland and US data points/speakers.

Commodities

Crude benchmarks are bolstered by the softer USD and supportive risk tone following Wednesday’s slightly lower settlement; WTI and Brent at the top-end of circa. USD 1/bbl parameters.
Specifics have been light for crude and also gas markets, with the latter subdued and featuring Dutch TTF in relative proximity to the unch. mark.
Metals are marginally firmer, in-line with the magnitude of US equity futures, deriving support from the USD/sentiment; Citi cuts its 2023 Palladium view to USD 1500/oz (prev. 2025/oz).
Specifically, spot gold is at the mid-point of USD 1955-1971/oz boundaries, with the 10-DMA at USD 1970.80/oz capping action thus far.

Geopolitics

Explosions were heard in the vicinity of Syria’s capital of Damascus amid Israeli ‘aggression’, according to the state news agency.
China’s Defence Ministry says China’s military is willing to work with Russia’s military to strengthen strategic communication and coordination.
Russia’s Federal Security Service (FSB) says a WSJ reporter has been detained for espionage, according to Interfax; WSJ reporter Gershkovich detained in Russia, according to Bloomberg.

US Event Calendar

08:30: 4Q GDP Annualized QoQ, est. 2.7%, prior 2.7%
- 4Q Personal Consumption, est. 1.4%, prior 1.4%
- 4Q GDP Price Index, est. 3.9%, prior 3.9%
- 4Q PCE Core QoQ, est. 4.3%, prior 4.3%
08:30: March Initial Jobless Claims, est. 195,000, prior 191,000
- March Continuing Claims, est. 1.7m, prior 1.69m

DB’s Jim Reid concludes the overnight wrap

Right. I’m off skiing for the first time in nearly 3.5 years tomorrow. Wish me luck for the 14-hour drive. The good news is that Maisie is returning to ski school as her recovery from being in a wheelchair for 14 months continues well. The twins are also doing ski school for the first time. Hopefully learning this early will prevent them having the injuries I’ve had skiing (5 knee and one shoulder op in last 8 years) after taking it up when I was 30 and thinking I was of Olympic standard. Talking of injuries, I had another back injection under general anaesthetic yesterday and in the theatre, there were about 15 nurses and medical staff for a relatively simple, short procedure. I joked to the consultant that there were far less people in the room when my wife had a complicated, high risk twin birth! So hopefully my body will hold up. See you in a couple of weeks. You’ll be in good hands when I’m away.

As I pack my bags, that’s three days in a row now where not much has happened. If this carries on for much longer we’ll soon start to worry about tomorrow’s US core PCE inflation print again and maybe a Fed that will have to keep on raising rates. We also have German inflation today so it’s perhaps a good sign that we’re starting to focus on these type of things again. By the time you read this the first regional number will be out from North Rhine Westphalia. ECB Chief Economist Lane even discussed yesterday how from a macroeconomic perspective recent events were a non-event. He expects the recent turmoil in the financial sector to “settle down”, and that rather than rate cuts “more hikes will be needed” instead.

The worry I have is that policy is still not tight enough to completely tame inflation organically, but starting to get too tight to avoid accidents. Clearly if the accident is bad it can easily cause a big enough economic shock to make a big dent in lowering inflation. Has the last three weeks been a bad enough accident? Well it will almost certainly tighten bank lending standards relative to what would have happened (we think they would have tightened anyway). If that’s the worst of it, this could translate to a slow weakening for the economy over several months rather than an immediate shock. If so inflation could stay on the high side for a few months, and it will take a brave Fed/ECB to decide to ignore it and instead focus on the financial stability risks instead if we have a period of calm.

For now we’re back to risk-on. The S&P 500 (+1.42%) closed at above the levels seen before a pretty high percentage of us had ever heard of Silicon Valley Bank 3 weeks ago. At the same time US Treasury yields plateaued across the curve yesterday after climbing steadily, but substantially, since last Friday lunchtime.

In US equity markets, all industry groups were up on the day, driven by strong performance in semiconductor (+2.82%), autos (+2.64%), real estate (+2.34%) and technology hardware (+1.95%). The last of which helped the NASDAQ, which was up +1.79% and set for its best quarter since 2020 if nothing goes wrong in the next couple of days. Toward the end of the US trading session, there was a Bloomberg report that the FDIC was planning on having the biggest US banks shoulder a “larger-than-usual” share of the $23bn cost from the SVB and Signature bank failures. This news saw the S&P Banks index fall -0.8% as the news broke an hour before the US close, but bank stocks fully retraced this move and finished up +1.40% on the day.

Over the pond, the European STOXX 600 climbed +1.30%, driven by similar outperformance in the tech sector which rose by +2.67%, which tied with real estate for the best sector in Europe yesterday. Bank shares in Europe remained resilient as the index rose +1.92% on the day. Looking more closely, UBS rose +3.72% after news that the former CEO was being bought back to manage the recent acquisition of Credit Suisse.

We heard from Fed’s Barr yesterday, who highlighted that the Fed intends to maintain its “meeting-by-meeting judgement on rates” and that “incoming data” will continue to be analysed. With Barr’s comments consistent with the previous messaging coming from Chairman Powell, the expected rate for May’s meeting remained little changed, rising by +0.6bps. For December’s meeting, the implied rate rose +2.9bps, pricing in 58bps of cuts into year-end from the terminal rate priced for May. 10yr Treasury yields traded largely flat on the day, moving between small gains and losses before yields finished down -0.5bps at 3.564%, their smallest move in either direction since the news on SVB broke mid-March. There was a similar story for US 2yr yield, which traded in a 13bp range before finishing up +1.9bps to 4.10%.

Back to Europe and apart from Lane we heard from the ECB’s Kazmir yesterday who emphasised that the members of the governing council had “agreed we will not give guidance about May ECB policy meeting.” Kazmir also stated that the “ECB shouldn’t back down on rates but maybe slow the pace.”

Against this backdrop, the ECB rate priced in by overnight index swaps for the December meeting rose +3.7bps, bringing the expected rate to 3.334% so pricing in just 5bps of cuts by year-end, given the current terminal rate is priced at 3.39% in October. 10yr bund yields rose +3.8bps, while the more interest rate sensitive 2yr yield climbed +6.3bps.

Markets are a little softer in Asia overnight. As I check my screens for one last time for a couple of weeks, the Nikkei (-0.73%) is leading losses with the Hang Seng (-0.50%) also slipping even though Alibaba (c.+1%) is extending its gains after jumping +12% yesterday on news of its major shakeup. In mainland China, the Shanghai Composite (-0.24%) and the CSI (-0.21%) are also lower. Elsewhere, the KOSPI (+0.51%) is bucking the negative trend in early trade. US stock futures tied to the S&P 500 (-0.05%) and NASDAQ 100 (-0.17%) are drifting lower. Yields on the 10yr as well as 2yr Treasury are both up +1bps, trading at 3.57% and 4.11% respectively as we go to press.

Early morning data showed that Australia’s quarterly job vacancies dipped -1.5% in Feb quarter (v/s -4.6% in the November quarter), marking the third consecutive quarter of decline even as it remains above pre-pandemic levels.

We had several data releases yesterday, with pending home sales for February beating expectations to come in at 0.8% (vs -3.0% expected) month-on-month. Pending home sales year-on-year rose to -21.1% from -22.4%. We saw the US MBA purchase index continue its modest pick-up off very weak levels, coming in at +2.9%, although this is down slightly from +3% last week.

We also had the German GfK consumer confidence come in slightly above expectations at -29.5 (vs -30 expected), although still far below average. In France, the consumer confidence index was in line with expectations at 81, down from 82 in February. Data in the UK yesterday spoke to a stronger real economy, as both February UK consumer credit data (£1.41 billion vs £1.2 billion expected) and mortgage approvals (43.5k vs. 41.3k expected) beat expectations. After the data release, we heard from BoE’s Mann who emphasised that the outlook for the UK economy had improved with the lower energy costs, and for the first time called for minimum buffers for LDI funds.

Moving to commodities markets, the deadlock between Iraq and the Kurdish region was on its third day. One of the biggest oil producers in Iraqi Kurdistan, the Norwegian owned DNO ASA, has decided to lower production as the dispute continues and storage space for inventory begins to diminish. This initially led to rally for oil prices with WTI and Brent crude futures over +1.1% midday before the US stockpiles data showed weaker demand. In all, WTI crude futures fell back -0.31% to $72.97/bbl, while Brent crude also fell short of a 3-day winning streak, down by -0.37% to $78.28/bbl. Finally, off the back of the improved risk sentiment, Bitcoin rallied strongly, up +3.96% on Wednesday to break above $28,000 at $28,392.

Now to the day ahead. From the US we have initial jobless claims, from Europe we have the Eurozone March economic, industrial and services confidence data, as well as the German March PPI and the Italian February PPI and unemployment rate. We will also be hearing from the Fed’s Barkin as well as Collins.

AND 2 b) NOW NEWSQUAWK (EUROPE/REPORT)

Cooler German-state/Spanish inflation metrics supports sentiment; Fed speak ahead – Newsquawk US Market Open

THURSDAY, MAR 30, 2023 – 01:12 PM

European bourses are higher following cooler German-state/Spanish inflation metrics
US futures hang onto Wednesday’s upside with current gains more contained vs European peers
USD softer with Fed speak ahead to the modest benefit of G10 peers, GBP leads with Cable above 1.2350
Bunds led an initial rally on the inflation figures, though this has since dissipated with benchmarks now near unchanged
Commodities benefit from the above tone and softer USD with specific newsflow light
Looking ahead, highlights include German CPI (Prelim.), US Q4 GDP & PCE Prices (Final), Banxico & SARB Policy Announcement, CBRT Minutes, Speeches from Fed’s Barkin, Collins, Kashkari, Treasury Secretary Yellen and SNB’s Maechler & Moser.

View the full premarket movers and news report.

Or why not try Newsquawk’s squawk box free for 7 days?

EUROPEAN TRADE

EQUITIES

European bourses are in the green, Euro Stoxx 50 +1.2%, following soft inflation prints via Spain and the German state’s ahead of the mainland figure.
Sectors are similarly bolstered with defensives lagging while Retail and Real Estate outperform given H&M and (initially) lower yields respectively.
Stateside, futures are firmer though the magnitude is more modest and sees the region holding onto their recent upside ahead of data/Fed speak.
Blackstone (BX) CEO Schwarzman says their property investment is in good shape.
Google (GOOG) Cloud VP says Microsoft (MSFT) is selectively buying out complainants and “definitely” has a very anti-competitive posture in cloud; criticised imminent deals with EU cloud rivals.
Click here for more detail.

FX

Dollar broadly softer on the eve of PCE data, as Fed Chair Powell points to dot plots showing one more hike in the cycle, DXY dips below midweek low. between 102.780-340 parameters as month-end positioning persists.
Euro wobbles in wake of soft EZ inflation metrics before recovering ground vs Buck on a 1.0800 handle.
Pound underpinned by firm UK implied rates and yields, with Cable hovering around 1.2350 and EUR/GBP eyeing 100 DMA just under 0.8800.
Franc shrugs off sub-forecast Swiss Kof ahead of speeches from SNB, as USD/CHF approaches 0.9150 from around 0.9200 at one stage.
PBoC set USD/CNY mid-point at 6.8886 vs exp. 6.8901 (prev. 6.8771).
Brazil’s proposed new fiscal rules would target zero primary deficit next year, a primary surplus of 0.5% of GDP in 2025 and 1.0% of GDP in 2026, according to sources cited by Reuters.
Click here for more detail.

FIXED INCOME

Bunds led an initial rally in fixed following the cooler North Rhine-Westphalia inflation reading and thereafter peaked at 136.77 following a similarly ‘cool’ Spanish figure.
Action which lifted USTs and Gilts in tandem to 114.23+ and 1014.47 respective peaks.
However, this has since seen a marked reversal which was possibly Gilt/Sonia-led, irrespective of obvious catalyst; as such, core benchmarks are now essentially unchanged on the session ahead of the German mainland and US data points/speakers.
Click here for more detail.

COMMODITIES

Crude benchmarks are bolstered by the softer USD and supportive risk tone following Wednesday’s slightly lower settlement; WTI and Brent at the top-end of circa. USD 1/bbl parameters.
Specifics have been light for crude and also gas markets, with the latter subdued and featuring Dutch TTF in relative proximity to the unch. mark.
Metals are marginally firmer, in-line with the magnitude of US equity futures, deriving support from the USD/sentiment; Citi cuts its 2023 Palladium view to USD 1500/oz (prev. 2025/oz).
Specifically, spot gold is at the mid-point of USD 1955-1971/oz boundaries, with the 10-DMA at USD 1970.80/oz capping action thus far.
Click here for more detail.

NOTABLE HEADLINES

UK Chancellor Hunt is on course for a clash with BoE Governor Bailey after Hunt refused to rule out watering down post-financial crisis banking rules despite the BoE warning against weakening banking regulation, according to The Telegraph.
UK Chancellor Hunt said Britain will not go toe-to-toe with the US and EU by offering billions in green subsidies, according to The Times.
ECB’s Schnabel said a rise in unit labour costs indicates possible second-round effects on inflation and her suspicion is that the energy impact won’t drop out of core inflation quickly, while she also noted that they have not seen general outflow from Eurozone bank deposits, according to Reuters.
ECB’s Elderson says if the baseline scenario is met, there will be more ground to cover and rates will have to be increased further, adds we are not seeing any movements in the bond markets that give us cause for concern.

DATA RECAP

German North Rhine-Westphalia State CPI YY (Mar) 6.9% (Prev. 8.5%); MM (Mar) 0.6% (Prev. 1.0%)
German Saxony State CPI YY (Mar) 8.3% (Prev. 9.2%); MM (Mar) 0.9% (Prev. 0.8%)
Reminder, the mainland figure is due at 13:00BST; German Nationwide CPI YY is expected at 7.3% (prev. 8.7%) with a forecast range of 6.7-8.1%.
Spanish CPI Flash NSA YY (Mar): 3.3% vs exp. 3.8% (prev. 6.0%); Core YY 7.5% (prev. 7.6%)
EU Consumer Inflation Expectations (Mar) 18.9 (Prev. 17.7); Selling Price Expectations (Mar) 18.7 (Prev. 23.8)
Swiss KOF Indicator (Mar) 98.2 vs. Exp. 100.5 (Prev. 100.0, Rev. 98.9).

NOTABLE US HEADLINES

Click here for the US Early Morning Note.

GEOPOLITICS

Explosions were heard in the vicinity of Syria’s capital of Damascus amid Israeli ‘aggression’, according to the state news agency.
China’s Defence Ministry says China’s military is willing to work with Russia’s military to strengthen strategic communication and coordination.
Russia’s Federal Security Service (FSB) says a WSJ reporter has been detained for espionage, according to Interfax; WSJ reporter Gershkovich detained in Russia, according to Bloomberg.

CRYPTO

Coinbase (COIN) is reportedly in ongoing talks about remaining in Canada after a key deadline after Canada’s tightened regulations passed, although its larger rival Binance looks set to close up shop, according to CoinDesk.

APAC TRADE

APAC stocks traded mixed as the region only partially sustained the momentum from the US where the Nasdaq 100 entered a bull market after the recent bond selling slowed and as banking sector fears continued to subside.
ASX 200 was higher with strength in tech, mining and financials leading the broad optimism across sectors and amid an adjustment in rate expectations with NAB lowering its peak rate forecast to 3.85% from 4.10%.
Nikkei 225 was pressured heading closer to fiscal year-end amid mild upside in Japanese yields and with notable weakness across large transportation/logistics companies.
Hang Seng and Shanghai Comp. were indecisive and ultimately faltered despite another substantial liquidity effort by the PBoC with participants digesting a slew of earnings releases and as US-China frictions lingered.

NOTABLE ASIA-PAC HEADLINES

Chinese Premier Li said at the Boao Forum that to achieve greater success, chaos and conflicts must not happen in Asia otherwise the future of Asia will be lost and they oppose taking sides, forming new blocs and a new Cold War. Premier Li also commented that the economic situation in March is even better than in January and February, while they will consolidate the recovering trend of China’s economy and promote a continued recovery, as well as roll out new measures to increase market access and improve the business environment, according to Reuters.
Spanish PM Sanchez said at the Boao Forum that relations between Europe and China, and by extension between Spain and China, do not need to be confrontational, while he added there is ample room for win-win cooperation and that they must remain partners economically and beyond, according to Reuters.
China and Brazil reached an agreement to trade in their own currencies, ditching the US dollar as an intermediary.

DATA RECAP

New Zealand ANZ Business Confidence (Mar) -43.4% (Prev. -43.3%); Activity Outlook (Mar) -8.5% (Prev. -9.2%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

THURSDAY MORNING/WEDNESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

///NORTH KOREA/SOUTH KOREA/

END

2e) JAPAN

JAPAN/

END

3 CHINA /

CHINA/USA//BRAZIL

ROBERT H TO US:

Brazil and China ditch the USD

It was formally announced yesterday the deal they signed in January to trade in their own currencies. This means that in both trade and financial transactions they directly will exchange Yuan for Reals and vice versa instead of USD. This effectively will remove approximately $150 billion in USD transactions lowering the velocity of the USD. This will also allow Brazil to interact with other Latin American countries and South American countries in their own currency for direct trade settlements.
So while Neocons play at war in Ukraine and threaten China it seems countries are making choices about who they want for trade settlement.
Meanwhile Xi Jinping is telling his crowd to prepare for war and has has increased China’s defense budget by 7.2%. Back in early January, Russia finished transfer of 25 tons of enriched uranium to China to be processed. This will let them equip over 50 large nuclear warheads this year alone. Within the next decade China will increase their nuclear warheads by 1,100 for a total of 1,500 land based nukes. Who knows how many will be mobile?
Meanwhile that thieving scoundrel Zelensky trotting around with his begging bowl posted a petition for US nukes on Ukraine soil. Clearly demented, he does not understand that Russia can not and will never allow this and will nuke Kiev off the map. If Putin did not act in such a case, he would not last 24 hours as the hard liners would over rule him and it would not be just Kiev that got wiped off the map. Never before as such a fool been given a platform to champion WWIII. Sadly, with Neocons having highjacked Washington and made even the Federal Reserve their servant, a crazy world is tilting towards a nuclear exchange where no logic seems to exist, only crazies and madness. And even this quest for digital currencies is a fools errand and even Lagarde says publicly that it is about control. Control which seems to slipped away as we see daily in France and elsewhere in Europe as people are fed up with nonsense.
America needs desperately to return to business after all the business of America is business and not war.

end

4.EUROPEAN AND UK AFFAIRS

DENMARK/RUSSIA/USA/NORDSTREAM ONE AND TWO

Denmark Recovers, Identifies Mystery Object Found Next To Nord Stream 2 Pipeline

WEDNESDAY, MAR 29, 2023 – 11:40 PM

Denmark has announced the recovery of a ‘mystery’ object spotted by underwater cameras which was lying next to the Nord Stream 2 pipeline. Russia’s Vladimir Putin had called it suspicious and said it must be retrieved and investigated as possible evidence linked to the sabotage bombing.

The Danish Energy Agency said Wednesday that the object was a “smoke buoy”. It was found at a depth of 73 meters, according to the agency, and “representative of the owner, Nord Stream 2 AG, was present during the salvage.”

Upon the retrieval, the object is no longer deemed suspicious. “Investigations indicate that the object is an empty maritime smoke buoy, which is used for visual marking,” the energy agency said in the statement, and emphasized, “the object does not pose a safety risk.”

Russian state media also noted the successful recovery of the object, quoting Danish officials, and did not repeat any further accusations centered on the object.

Kremlin spokesman Dmitry Peskov last week said “It is critically important to determine what kind of object it is, whether it is related to this terrorist act – apparently it is – and to continue this investigation. And this investigation must be transparent.”

This after President Putin asserted that it could be a signal antenna to activate an explosive in that part of the pipeline while calling for an investigation in cooperation with Russia’s Nord Stream 2 AG.

Additionally, an underwater photo put out last Thursday by the Danish energy agency drove further speculation as to what the odd-looking object could be.

Moscow this week mounted a failed attempt to get the UN Security Council to approve the opening of a formal independent investigation into who was behind the sabotage attacks last September. Monday’s Russian-drafted text was only approved by Russia, China, and Brazil – while the remainder 12 council members abstained. It would need nine ‘yes’ votes to pass.

END

“Depositors Have Finally Awoken”: The Second Wave Of The Bank Run Has Begun, Barclays Warns

The first wave of deposit outflows is nearly over. A second wave has already started, this strategist says.

Last Updated: March 30, 2023 at 5:32 a.m. ETFirst Published: March 30, 2023 at 5:23 a.m. ET

https://www.marketwatch.com/story/the-first-wave-of-deposit-outflows-is-nearly-over-a-second-wave-has-already-started-this-strategist-says-b5b2d16d

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

UKRAINE/RUSSIA

The first Western tanks did not reach the front line

https://en.topcor.ru/33573-pervye-zapadnye-tanki-ne-doehali-na-liniju-fronta.html

END

RUSSIA/USA

Russia Arrests WSJ Reporter On Suspicion Of ‘Espionage’

BY TYLER DURDEN

THURSDAY, MAR 30, 2023 – 01:55 PM

Update (0855ET): According to the Russian news agency Interfax, a Russian court has said Wall Street Journal reporter Evan Gershkovich, who is accused of espionage, will remain in detention until May 29.

The Russian state news agency TASS has reported: “The Lefortovo court arrested journalist Evan Gershkovich in a case of espionage, law enforcement officials told us. He was chosen as a measure of restraint in the form of detention, the source of our agency said.”

* * *

The Federal Security Service of Russia arrested Evan Gershkovich, a journalist from the Wall Street Journal, on allegations of spying.

The Federal Security Service, known as FSB, said in a statement it detained Gershkovich, a US citizen, in the eastern city of Yekaterinburg, about 900 miles east of Moscow in the Ural Mountains.

FSB said the reporter was “on the instructions of the United States, he was collecting information about one of the enterprises of the Russian military-industrial complex, which constitutes a state secret.”

WSJ released this statement about Gershkovich’s arrest:

“The Wall Street Journal vehemently denies the allegations from the FSB, and seeks the immediate release of our trusted and unbiased reporter, Evan Gershkovich.”

Gershkovich has worked for WSJ in Moscow for more than a year. He previously worked in Russia for Agence France-Presse and The Moscow Times.

Over the past year, the reporter has authored articles about the effects of Western sanctions on Russia’s economy and the faltering relations between Moscow’s elite and the Wagner paramilitary group.

The FSB said it had “stopped the illegal activities” that Gershkovich was conducting and opened an espionage case against him in Yekaterinburg.

Gershkovich’s arrest follows the high-profile arrest of now-freed WNBA star Brittney Griner. In December, she was released from a Russian prison in a swap deal for arms dealer Viktor Bout.

Andrei Soldatov, an expert on Russia’s security services, tweeted that Gershkovich’s arrest “is a frontal attack on all foreign correspondents who still work in Russia.”

How much is the Biden administration considering carrying out another prisoner swap to secure the release of the American journalist?

ISRAEL/SYRIA/

Damascus Rocked By Israeli Attack On Heels Of Saudi-Iran Rapprochement

THURSDAY, MAR 30, 2023 – 10:00 PM

More Israeli airstrikes rocked Damascus early Thursday morning, wounding two Syrian soldiers, according to national SANA news agency and international reports.

State sources say Syrian air defenses were “confronting hostile targets” over the capital at around 1:20am, during the aerial attack which came from the direction of the Golan Heights. This marks the fourth major Israeli attack on Syria this month, which included two prior air assaults which temporarily shut down Aleppo International Airport.

“At around 01:20 am (10:20 GMT), the Israeli enemy carried out an aerial aggression from the direction of the occupied Golan Heights targeting several positions in the vicinity of Damascus,” Syria’s defense ministry said later, also noting material damage.

After a short lull following a pattern of several years that included hundreds of Israeli attacks on Syria, there’s been an uptick and return to more frequent attacks so far this year.

“A group monitoring the Syrian civil war said the Israeli missile strikes last week destroyed a suspected arms depot used by Iran-backed fighters at Aleppo airport,” Al Jazeera observes. “On March 7, three people were killed in the Israeli air strike on the airport that also halted flights for three days.”

Israeli officials have long claimed to be targeting Iranian military assets such as weapons shipments, but civilians and city infrastructure have long been targeted. “Along with airports, Israeli warplanes have also aimed at other critical infrastructure, including Syrian seaports,” AJ notes further.

One likely explanation for Israel’s ramped up aggression in Syria is the Saudi-Iran deal to reestablish and normalize diplomatic ties announced this month. Israel has long relied on robust US-Gulf (and GCC) efforts to counter Iran. Couple with this is that Syria’s Bashar al-Assad is being welcomed in Gulf capitals such as the UAE and Oman.

US state-backed VOA has observed the post-earthquake diplomacy is part of “renewed efforts to bring Damascus back into the Arab fold.” This scares Israel, which wants to see Syria perpetually isolated amid fears in Tel Aviv of deepened Iranian entrenchment in the region.

6.Global Issues//COVID ISSUES/VACCINE ISSUES

Risk Of Cardiac Death Tripled For Young Women Following AstraZeneca COVID-19 Vaccination: Study

THURSDAY, MAR 30, 2023 – 12:00 PM

Authored by Lily Zhou via The Epoch Times (emphasis ours),

The risk of sudden cardiac death in young women more than tripled following an AstraZeneca COVID-19 shot, according to a study using England’s official data published on Monday.

Vahé Nafilyan, senior statistician at the Office for National Statistics (ONS), said researchers found “receiving a first dose of a non-mRNA vaccine was associated with an increased risk of cardiac death in young women.”

There was no evidence that the risk of death in young people increased following vaccination with mRNA shots, such as those produced by Pfizer-BioNTech and Moderna.

The ONS compared deaths of people aged between 12 and 29 that occurred within 12 weeks of COVID-19 vaccination—the so-called risk period—to those that occurred at all times after the risk period, to estimate the risk of death following vaccination.

After cross-referencing the deaths with records of COVID-19 vaccination and test results, the ONS said there had been “no significant increase in cardiac or all-cause mortality” within 12 weeks of receiving COVID-19 vaccines.

However, a breakdown of data showed that the risk of cardiac death among young women was three times higher in the 12 weeks following any dose of non-mRNA vaccination, compared with the longer-term risk.

When only the first dose was included, young women’s risk of cardiac death become 3.5 times higher within 12 weeks of vaccination.

But the ONS also noted that the subgroup who received non-mRNA vaccines “was more likely to be clinically vulnerable and may be at greater risk of adverse events following vaccination than the general population.”

It also said the absolute number of deaths was small.

“According to the statistical model, 11 out of the 15 cardiac deaths in young women that occurred within 12 weeks of a first dose of a non-mRNA vaccine were likely to be linked to the vaccine; this corresponds to 6 cardiac-related deaths per 100,000 females vaccinated with at least a first dose of a non-mRNA vaccine,” the ONS said.

The study also examined the effect of COVID-19 on young people, concluding that a positive test was associated with increased cardiac and all-cause mortality and that the risk was higher in those who were unvaccinated at the time of testing than in those who were vaccinated.

Noting the limitations of the method, the study said some deaths that occurred during the period may not have been registered by the cut-off date because deaths of young people and deaths that occurred soon after COVID-19 vaccination are more likely to be referred to the coroner and “registration delays can be substantial.”

Although the subgroup of deaths that occurred in hospitals were not subject to registration delays, sudden cardiac deaths mostly occur outside of hospitals and may not be captured in the data, the paper said.

Spike Protein May Be the Problem

Adam Finn, professor of paediatrics at the University of Bristol and a member of the UK’s Joint Committee on Vaccination and Immunisation, said the data generated “as many questions as answers.”

“The findings are somewhat unexpected, as concerns about rare cardiac side-effects—specifically myocarditis and pericarditis—have hitherto been particularly associated with mRNA vaccine second doses in males especially when the dose interval was short, whereas the signal reported here is primarily in non-mRNA first doses in females,” Finn said in a statement.

He said the overall data seems “reassuring,” and the increased mortality associated with a positive COVID-19 test result “raises the question whether the spike protein—which is expressed both during infection and following vaccination—is the cause.”

“The next and most pressing issue that needs to be addressed is to gather more detailed information on what the nature of the reported cardiac events actually was, as this would help us begin to understand what is really being seen in these figures and might help guide future policy and vaccine design,” he added.

Dr. Roger Hodkinson estimates now 20 million deaths due to the COVID mRNA gene injection vaccine and climbing; a billion adverse effects, some very serious

These numbers are best estimates, at this point in time, using government data for the global consequences of the clot shot in terms of death and morbidity … Now, these numbers are beyond staggering.

DR. PAUL ALEXANDERMAR 30

SAVE ▷ LISTEN

SOURCE:

https://www.redvoicemedia.com/video/2022/10/20-million-covid-vaccine-deaths-dr-rodger-hodkinson-video-interview/ref/8/

END

DR PANDA

Are they ever going to figure it out?

Doctors didn’t see ‘any red flags’ in a 35-year-old man’s intense chest pain. He later collapsed from a cardiac arrest while playing hockey.

DR PANDAMAR 29

SAVE ▷ LISTEN

Good Morning! — This post is too long for email! — If viewing from email please click ‘view online’ at the top of the email or click here. You can also download the Substack app! (not sponsored)

Today I have a question for you — Are they ever going to figure it out?

I have a short collection of news articles of athletes, world leaders, media personalities, etc — who all have suffered a severe adverse event within the last week. Notice how many were happily vaccinated.

Doctors didn’t see ‘any red flags’ in a 35 year-old man’s intense chest pain. He later collapsed from a cardiac arrest while playing hockey.

Insider Healthcare @HealthInsider

Doctors didn’t see ‘any red flags’ in a 35 year-old man’s intense chest pain. He later collapsed from a cardiac arrest while playing hockey. trib.alDoctors didn’t see ‘any red flags’ in a 35 year-old man’s intense chest pain. He later collapsed from a cardiac arrest while playing hockey.Three medical professionals who also happened to be playing hockey that day took turns performing CPR to save the man’s life….10:32 PM ∙ Mar 22, 2023

A 35-year-old Cleveland resident collapsed from cardiac arrest at a pick-up hockey game in January

Doctors didn’t see ‘red flags’ in his intense chest pain when he got checked out prior to the game.

Three medical professionals who were also playing hockey performed CPR to save the man’s life.

Brazil’s Lula postpones China trip after catching pneumonia

Al Jazeera English @AJEnglish

Brazilian President Lula da Silva has indefinitely postponed his trip to China and key talks with President Xi Jinping so he can recover from pneumonia, the presidential palace said aje.io/we0aw9

7:30 PM ∙ Mar 25, 2023

275Likes49Retweets

Lula was admitted to a hospital in the capital, Brasilia, with flu-like symptoms and was diagnosed with “bacterial and viral bronchopneumonia due to influenza A”

Lula is an avid supporter of the shots and recently resumed an aggressive vaccination campaign in Brazil. Lula got his fifth COVID-19 ‘vaccine’ on February 28th.

VACCINE IMPACT

NATIONAL CATASTROPHE! California Farmers Suffering Record Losses from Flooding as “Worst is Yet to Come”

March 29, 2023 5:30 pm

With the threat of a World War 3 escalation into a nuclear conflict, while the world’s financial system is on the brink of collapse, it is easy to see why a local, regional news story about the weather will not make national headlines. But there is a local, regional story developing in California that I guarantee will eventually make national headline news, as the flooding continues with more heavy rain and snow this week, and with local officials declaring that in terms of the flooding and damage, “the worst is yet to come.” With California producing over half of America’s agriculture, this is indeed HUGE news, as this is also going to affect food prices around the world, since many of California’s agricultural products, a $51 BILLION economy, are exported outside the U.S. The main reason this is not a major worldwide headline, yet, is because there are still very few estimates as to how high the losses are going to be, since the farming community in California is just trying to survive right now, bracing for new storms that entered the State yesterday and are continuing today. Total financial losses for the State of California due to flooding that began in January, right now range from $5 BILLION to $30 BILLION.

Will CBDC FedNow Put Regional and Smaller Banks Out of Business this Summer?

March 29, 2023 5:58 pm

The failures of Silvergate Bank, Silicon Valley Bank, Signature Bank, and the current struggles of First Republic and Pacific West Bank have seen bank deposits flee to the perceived safety of large banks. To make matters worse for banks, rising interest rates and easily accessible higher yielding alternatives exist like money market funds (MMF) or US Treasury ETFs. These alternatives are now a few thumb taps and swipes away from depositors, making the near-zero rate of return on bank deposits much less attractive for many consumers and businesses. These issues, plus the new FedNow service which is set to begin trial runs in July, could represent an uphill battle for banks to retain deposits. The Federal Reserve’s new FedNow program will allow bank customers at 10,000 financial institutions to instantaneously transfer funds in and out of bank accounts on a 24/7/365 basis. This is probably the biggest innovation since mobile banking and investment apps and will allow customers greater access to “their” money than ever before.

America’s LNG Problems Hit Banking Crisis Snags

BY TYLER DURDEN

THURSDAY, MAR 30, 2023 – 06:05 PM

By Charles Kennedy of OilPrice.com,

The banking crisis that started with the failure of Silicon Valley Bank (SVB) is putting major U.S. LNG projects at risk, as rising interest rates and supply chain issues introduce financial challenges that have already led to delays.

According to Reuters, two of four new projects that were slated for final investment decisions in Q1 of this year have seen the deadlines extended.

Reuters cited Kpler’s lead natural gas analyst Eleni Papadopoulou as raising “concerns that banking lending activity might be pulled back” and we might see more FID delays due to the banking crisis.

The delays are tied to export terminal projects by NextDecade and Energy Transfer LP, affected by rising interest rates, rising construction and labor costs and the disconnect between natural gas prices in the U.S. and the rest of the world.

NextDecade has delayed construction of its Rio Grande LNG facility in Texas, and is now expecting an FDI by the end of Q2. In filings with the SEC, NextDecade said it had extended its construction agreements to June 15. The cost of the first three trains of Rio Grande LNG is estimated at $11.5 billion, with a 16 million tonnes per year capacity.

According to Reuters, the French bank Societe Generale SA withdrew last year as the lead bank for Rio Grande.

The two projects that are advancing without delay are Venture Global LNG’s project in Louisiana and Sempra Energy’s LNG project in Texas.

Advancement now means that these promising big projects will have to rely much more significantly on advance offtake deals than on developer equity. In other words, the projects that will be able to move forward without any financial snags will likely be those that can contract their entire capacity in advance. That makes offtake deals even more important going forward.

That also means dealing with volatile natural gas prices that make long-term offtake deals risky.

END

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR:1.0905 UP .0063

USA/ YEN 132.40 DOWN 0.417 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2389 UP 0.0060

USA/CAN DOLLAR: 1.3520 DOWN.0047 (CDN DOLLAR UP 47 PTS)

Last night Shanghai COMPOSITE CLOSED UP 21.19 PTS OR 0.65%

Hang Sang CLOSED UP 116.73 PTS OR 0.58%

AUSTRALIA CLOSED UP.1.06% // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 116.73 PTS OR 0.58 %

/SHANGHAI CLOSED UP 21.19 PTS OR 0.65%

AUSTRALIA BOURSE CLOSED UP 1.06%

(Nikkei (Japan) CLOSED DOWN 100.85 PTS OR 0.38%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 1975.00

silver:$23.60

USA dollar index early THURSDAY morning: 102.233UP 22 BASIS POINTS from WEDNESDAY’s close.

THURSDAY MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing THURSDAY NUMBERS 11: 00 AM

Portuguese 10 year bond yield: 3.213% UP 5 in basis point(s) yield

JAPANESE BOND YIELD: +0.321% UP 2 AND 2 //100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.382/ UP 2 in basis points yield

ITALIAN 10 YR BOND YIELD 4.217 UP 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.3246 UP 62BASIS 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 1.0905UP 0.0063 or 63 basis points

USA/Japan: 132.40 DOWN.147 OR YEN UP 15 basis points/

Great Britain/USA 1.2389 UP.0060 OR 60 BASIS POINTS //

Canadian dollar UP .0047 OR 47 BASIS pts to 1.3520

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN )..(6.8719

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.8745

TURKISH LIRA: 19.17 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.320…VERY DANGEROUS

Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at 3.555% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.751 DOWN 3 in basis ptUSA 2 YR BOND YIELD: 4.103 % up 3in basis points.

closing USA dollar index, 101.82 DOWN 48 in basis points ON THE DAY/1.00 PM

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

London: CLOSED UP 56.16 PTS OR 0.74%

German Dax : CLOSED UP 193.62 POINTS OR 1.26%

Paris CAC CLOSED UP 193.62 PTS OR 1.26%

Spain IBEX UP 136,40 POINTS OR 1.50%

Italian MIB: CLOSED UP 262.03 PTS OR 1.05%

WTI Oil price 74.22 12: EST

Brent Oil: 79.14. 12:00 EST

USA /RUSSIAN /// DOWN TO: 77.08/ ROUBLE UP 0 AND 9/100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.3465 UP 3

UK 10 YR YIELD: 3.532 UP 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0843 UP 0.0004 OR 24BASIS POINTS

British Pound: 1.2316 DOWN 0014 or 14 basis pts

BRITISH 10 YR GILT BOND YIELD: 3.4905% UP 0 BASIS PTS

USA dollar vs Japanese Yen: 132,83 UP 1.794//YEN DOWN 179 BASIS PTS//

USA dollar vs Canadian dollar: 1.3563 DOWN .0029CDN dollar, UP 29 basis pts)

West Texas intermediate oil: 72.90

Brent OIL: 78.26

USA 10 yr bond yield UP 1 BASIS pts to 3.577%

USA 30 yr bond yield UP 1 BASIS PTS to 3.787%

USA 2 YR BOND: UP 5 PTS AT 4.091%

USA dollar index: 102.33 UP 22 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 19.15

USA DOLLAR VS RUSSIA//// ROUBLE: 77.15 DOWN 0 AND 26//100 roubles

DOW JONES INDUSTRIAL AVERAGE: UP 141.43 PTS OR 0.43%

NASDAQ 100 UP 117.11 PTS OR 0.91%

VOLATILITY INDEX: 19.02 DOWN .10 PTS (0.82)%

GLD: $184.18 UP 1.65 OR 0.90%

SLV/ $21.94 UP 0.21 OR 2.33%

end

USA AFFAIRS

1 a)USA TRADING TODAY IN GRAPH FORM

Gold Gains As Banks Buckle Again, Dollar Dumped

THURSDAY, MAR 30, 2023 – 11:01 PM

For the third day in a row (ahead of tomorrow’s month- and quarter-end and the big PCE print), bonds ‘rested’ while stocks went wild (this time up… and then back down). Gold rallied as the dollar and bitcoin sold off.

Regional bank stocks slipped back towards the post-SVB lows again, back into the red for the week (not helped by Biden pushing for tighter regs for this cohort) ahead of tonight’s Fed bailout data…

FRC was weak today and SCHW fell on an analyst downgrade joining PACW in the red for the week…

Source: Bloomberg

Minnesota Fed’s Kashkari opened his mouth around 1330ET and hawkish tones gushed forth, pushing stocks lower.

Richmond Fed’s Barkin was more dovish at around 1400ET, hinting at credit tightening (which may reduce needs for hikes) and that policy has lags (hinting at a pause).

Nasdaq outperformed… again… with Small Caps lagging (actually closing in the red on the day). The Dow and S&P rebounded (after Barkin) back into the green on the day…

And as the quarter-end nears, it’s clear what’s driving the exuberance in long-duration stocks…

Jim Bianco nails the narrative… “everything must be fine because the S&p 500 is back to pre-SVB levels?!”

‘Most Shorted’ Stocks squeezed higher at the open once again (to key resistance) but were sold back to unch from there…

Source: Bloomberg

Options traders have priced in a lot of (relative) uncertainty for tomorrow (PCE), but then a jolt lower before rising again into next week’s payrolls…

Source: Bloomberg

Treasury yields were modestly lower on the day with the belly outperforming (5Y -3bps) but all yields are still up notably on the week…

Source: Bloomberg

The 10Y yield continued to sleep after its explosion higher Friday thru Monday on the back of a suddenly heavy calendar of issuance…

Source: Bloomberg

The yield curve (2s10s) flattened for the 4th straight day…

Source: Bloomberg

Rate-hike odds picked up hawkishly again today, with May now at 55% odds of 25bps hike…

Source: Bloomberg

The dollar dumped again to its lowest close since Feb 3rd…

Source: Bloomberg

Bitcoin slipped back below $28,000 today (after spiking above $29 k overnight)..

Source: Bloomberg

Gold (June futures) topped $2000 once again, as spot jumped back above $1980…

Source: Bloomberg

Oil prices extended their gains with WTI (May is front-month) back above $74 at two-week highs…

And finally, we note that US equities still screen as expensive vs. the alternatives despite the recent decline in Treasury yields…

Source: Bloomberg

And the S&P 500 NTM P/E of 18x ranks in the 82nd percentile since 1980…

Source: Bloomberg

Do you feel lucky punk?

Given that, maybe you should!

i b Morning trading:

Early morning trading:

II) USA DATA

Q4 GDP Comes In Below Estimates On Sharp Slowdown In Personal Spending Ahead Of Looming Credit Crunch

BY TYLER DURDEN

THURSDAY, MAR 30, 2023 – 04:02 PM

In the least relevant data point on what will otherwise be a quiet day on the data front, moments ago the BEA reported its third and final Q4 GDP estimate (to be fair this number will still be revised numerous time in coming years), and it continued the trend of declines, having printed 2.9% in the first estimate in January (above the 2.6% estimate), it then dropped to 2.7% in the second estimate in February, and it is now down again to 2.6%, exactly where the original Q4 GDP estimate was primarily reflecting downward revisions to exports and consumer spending, , and a master class in how you can “buy” two quarters of “above average” growth before converging with the original estimates. And for those keeping track, the most recent consensus estimate for Q4 GDP was 2.7% so technically we missed.

According to the BEA, the Q4 compared to Q3 increase in real GDP reflected increases in inventory investment, consumer spending, business investment, federal government spending, and state and local government spending that were partly offset by decreases in housing investment and exports. Imports, which are a subtraction in the calculation of GDP, decreased.

The increase in private inventory investment was led by manufacturing (mainly petroleum and coal products) as well as mining, utilities, and construction industries (led by utilities).

The increase in consumer spending reflected an increase in services (led by health care as well as housing and utilities) that was partly offset by a decrease in goods (led by “other” durable goods, specifically jewelry).
The decrease in housing investment was led by new single-family housing construction and brokers’ commissions

Meanwhile, comparing the final Q4 GDP to the second estimate, it was revised down 0.1% “primarily reflecting downward revisions to exports and consumer spending. The price index for GDP increased 3.9 percent in the fourth quarter, unrevised from the previous estimate.”

A look at the detailed breakdown:

Personal consumption contributed just 0.70% to the bottom line GDP, down notably from 0.93% in the 2nd estimate and 1.42% in the first; it was also the lowest since the covid lockdowns
Fixed investment (capex spending) continued to detract from GDP, and the final estimate was -0.68%, a modest improvement from the -0.81% in the second estimate.
Change in private inventories was flat vs the previous estimate at 1.47%, and a solid reversal from the -1.19% drop in Q3. Still, the number was a massive 57% of the total GDP contribution.
Net exports was fractionally lower at 0.42% (exports of -0.44% offset by imports of 0.86%), compared to 0.46% in Q3.
Finally, government contributed 0.65%, up from 0.63% in the second estimate, and matching the highest government contribution since Q1 2021.

And visually:

Of the above data, two things stuck out: the outsized contribution by inventories at 57% of the bottom line number, and the sharp drop in annualized Personal Consumption, which rose just 1.0%, or the least since the covid crash in Q2 2020.

The Personal Consumption number dropped from 2.3% in Q4, and missed the estimate of 1.4% by the widest margin since Q2 2022.

As an aside, today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. Private goods-producing industries increased 4.0 percent, private services-producing industries increased 2.3 percent, and government increased 2.1 percent. Overall, 17 of 22 industry groups contributed to the fourth-quarter increase in real GDP.

Within private goods-producing industries, the increase was led by durable goods manufacturing and mining. Partly offsetting these increases was a decrease in construction.
Within private services-producing industries, the leading contributors to the increase were professional, scientific, and technical services; retail trade; health care and social assistance; and information. Notable offsets include decreases in finance and insurance as well as real estate and rental and leasing.
The increase in government reflected increases in both federal government as well as state and local government.

While growth slowed down, the inflation components in the GDP report came in hotter than expected, with the Core PCE rising 4.4%, above the 2nd estimate of 4.3% which was also the median consensus. The silver lining: the headline GDP price index rose 3.9% in 4Q after rising 4.4% prior quarter; at least this number came in line with expectations.

Some more details from the BEA: “Gross domestic purchases prices, the prices of goods and services purchased by U.S. residents, increased 3.6 percent in the fourth quarter after increasing 4.8 percent in the third quarter. Excluding food and energy, prices increased 4.1 percent after increasing 5.0 percent.”

Personal consumption expenditure (PCE) prices increased 3.7 percent in the fourth quarter after increasing 4.3 percent. Excluding food and energy, the PCE “core” price index increased 4.4 percent after increasing 4.7 percent.

Putting it all together, today’s report was downright stagflationary, because while inflation remains hot and well above the Fed’s (pre-revision) 2% target, consumption continues to shrink, and as Joe Lavorgna notes, “real consumption was revised down 40 bps to 1.0%. There isn’t much momentum as a potential commercial bank credit crunch looms. Last qtr is (non-pandemic) weakest since Q1 2019 (0.4%)”

And now we wait for the looming credit crunch courtesy of the bank crisis to send Personal Consumption negative.

END

Jobless Claims Continue To Shrug Off Fed Tightening & Real-World Headlines

BY TYLER DURDEN

THURSDAY, MAR 30, 2023 – 03:43 PM

Continuing claims dropped very modestly but have basically gone nowhere in four months but initial jobless claims limped higher last week (from 191k to 198k), which was slightly worse than expected (196k)…

Source: Bloomberg

But still under 200k, despite the ongoing wave of layoffs (and WARNings)…

Source: Bloomberg

Even more shockingly, given the concentration of the layoffs in the tech sector, California saw the largest DROP in claims last week while Indian saw the biggest rise…

The last time financial conditions were this tight, claims were in a completely different realm to the current near-record-low levels…

Source: Bloomberg

For now, this is certainly not what Powell wants to see…

Sooner or later, reality has to hit this data, and WARNings are growing louder.

END

III) USA ECONOMIC STORIES

END

USA COVID//

END

THE KING REPORT

he King Report March 30 2023 Issue 6979

Independent View of the News

Ralph Hamers stepping down as CEO of Swiss bank UBS (Reportedly at behest of Swiss regulators)
“The Board took the decision in light of the new challenges and priorities facing UBS after the announcement of the acquisition,” UBS said in a statement…Sergio Ermotti will succeed Hamers…
https://nltimes.nl/2023/03/29/ralph-hamers-stepping-ceo-swiss-bank-ubs

SVB Mess Festered Under Fed’s Bureaucracy and Feel-Good Culture – BBG
At the San Francisco Fed — largely responsible for monitoring SVB — there was heightened turnover among supervisory officials in recent years, according to people close to the situation. The culture under Fed president Mary Daly at times put more emphasis on improving relationships among staff than installing people with strong oversight backgrounds, leading to departures…
   Staff for the Fed board in Washington had informed some officials of their concern around Daly’s management of her branch’s supervisory and regulatory work, according to four of the people familiar with the matter… Critics of the branch take issue with what they saw as her leadership team’s overzealous approach to improving happiness in the ranks… “It looks to me like the regulators knew the problem but nobody dropped the hammer,” Senator Jon Tester, a Montana Democrat, said to Barr…
https://www.fa-mag.com/news/svb-mess-festered-under-fed-s-bureaucracy-and-feel-good-culture-72605.html

February Pending Homes Sales increased 0.8% m/m; -3.0% was expected.

NAR Pending Homes Sales for February 2023 Full Report: https://t.co/0L4Xv96qaL

@NAR_Research: “After nearly a year, the housing sector’s contraction is coming to an end,” said NAR Chief Economist Lawrence Yun. “Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months.”

After three straight sessions of sizable declines, Fangs and tech stocks soared on trader buying and money manager buying to boost Q1 performance.

When Asia opened, ESMs commenced a rally that persisted until 6 ET. After a two-hour retrenchment, ESMs surged for the pre NYSE open rally. ESMs and stocks peaked at 10:02 ET. After a decline that lasted an hour, ESMs and stocks surged higher on the manipulation for the European close. A modest Noon Balloon developed, but it lasted only 30 minutes.

ESMs and stock started the afternoon rally on schedule (13:00 ET). But, the rally ended within 25 minutes. After a moderate retreat, another rally commenced at 14:00 ET. The rally lasted until 15:50 ET; new daily highs were posted. ESMs and stocks fell a tad into the close.

Positive aspects of previous session
Fangs and techs rebounded sharply, mostly on Q1 performance gaming
Oil and gasoline declined

Negative aspects of previous session
Bonds declined modestly

Ambiguous aspects of previous session
What is the next shoe to drop?

First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Up; Last Hour: Up

Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4019.31
Previous session High/Low: 4030.59; 3999.53

Xi Jinping Says He Is Preparing China for War – The World Should Take Him Seriously
At the annual meeting of China’s parliament and its top political advisory body in March, Xi wove the theme of war readiness through four separate speeches, in one instance telling his generals to “dare to fight.”… And in recent months, Beijing has unveiled new military readiness laws, new air-raid shelters in cities across the strait from Taiwan, and new “National Defense Mobilization” offices countrywide…
https://www.foreignaffairs.com/united-states/xi-jinping-says-he-preparing-china-war

Meanwhile, the woke Pentagon is focused on climate change, CRT, proper pronouns, Drag Shows on military bases, and employing doctors that advocate gender change for children as young as 7 (see below).

Rep. Matt Gaetz Tears into Defense Sec Lloyd Austin on Funding Drag Queen Story Hour on Military Bases
https://dailycaller.com/2023/03/29/rep-matt-gaetz-tears-into-defense-sec-lloyd-austin-on-funding-drag-queen-story-hour-on-military-bases/

Senate votes 66-30 to repeal military force authorizations used to fight Iraq
was used to justify the Gulf and Iraq Wars in 1991 and 2003…
https://justthenews.com/government/congress/senate-votes-66-30-repeal-military-force-authorizations-used-fight-iraq

Elon Musk, Apple co-founder, other tech experts call for pause on ‘giant AI experiments’: ‘Dangerous race’ – Musk, Wozniak, other tech innovators sign open letter urging temporary pause in the development of AI systems more powerful than OpenAI’s GPT-4, citing risks to society and civilization
https://www.foxnews.com/politics/elon-musk-apple-co-founder-tech-experts-call-pause-giant-ai-experiments

Durham report on Trump Russia probe origins should be finished ‘relatively soon,’ Garland says https://t.co/kc6VErXXMd

City backs 3 subsidized housing plans for La Salle Street corridor
The proposals deemed eligible for city subsidies together call for more than 1,000 housing units, a third of them affordable, and more than $550 million in investment to address downtown vacancies…
https://chicago.suntimes.com/business/2023/3/28/23659301/city-backs-3-subsidized-housing-plans-for-la-salle-street-corridor?s=02
   @LawSelfDefense: So, they’re turning the entire commercial district of Chicago into a housing project, with all the ancillary benefits that routinely come with such projects–rampant crime, drug dealing, shootings, car thefts, rapes, robberies, etc.

For questioning Covid restrictions, Georgetown Law suspended me from campus, forced me to undergo a psychiatric evaluation, required me to waive my right to medical confidentiality, and threatened to report me to state bar associations… (Marxist-Stalinist abuses in the USA!)
https://brownstone.org/articles/what-happened-at-georgetown-law-with-covid/

Fox’s @LucasFoxNews: Sen. Cotton: How many attacks has Iran or its proxies launched against American positions in Iraq and Syria since Joe Biden took office? Sec. Austin: 83 attacks. Cotton: How many times have we retaliated against Iran or its proxies? Austin: We’ve launched 4 major strikes.
https://twitter.com/SenTomCotton/status/1640733746914549760

@RNCResearch: Biden Treasury Secretary Janet Yellen has NO ANSWER for how or why IRS agents showed up to @mtaibbi’s home as he testified before the @Weaponization Committee.
https://twitter.com/RNCResearch/status/1641094461810790402

@kylieatwood: Biden on Israel: “Like many strong supporters of Israel I’m very concerned. I’m concerned that they get this straight. They cannot continue down this road. I’ve sort of made that clear.” He adds he won’t be inviting Netanyahu to the White House in the near term.
   GOP Sen. @tedcruz: Utterly disgraceful. Biden gleefully hosts anti-American radicals like Lula, while shunning close American allies like Netanyahu. It’s clear that Biden and his officials are high from funding what they believe to be successful anti-government protests in Israel.

Nikki Haley Blasts Biden for Interfering in Israeli Politics
It’s outrageous for Joe Biden to lecture Israel on a matter that is entirely their domestic concern…
https://www.breitbart.com/middle-east/2023/03/29/nikki-haley-blasts-biden-for-interfering-in-israeli-politics/

Russia stops giving advance notice about missile tests info to U.S. (a very bad development)
https://www.pbs.org/newshour/world/russia-stops-giving-advance-notice-about-missile-tests-info-to-u-s

@xtrends: ES (EMini S&P futures) keeps printing lowest volume days of the year, back to back… insane crater coming… Carvana type crater…

China, Brazil strike deal to ditch dollar for trade (Rumors have other nations joining in)
https://www.straitstimes.com/world/china-brazil-strike-deal-to-ditch-dollar-for-trade

If a critical mass of nations joins China’s yuan deal, a rerun of nations’ reluctance to finance US debt in the late ‘70s might occur. Reportedly when Japan told Jimmy Carter that it would no longer buy US unless it was denominated in yen, Carter called David Rockefeller. Rocky recommended Volcker. Paul took away the juice. Volker and Reagan created King Dollar. There are no Reagans or Volckers now.

The US Senate voted 68-23 to end COVID-19 “national emergency” that’s been in place since 2020.

Today is the penultimate day of Q1. Usually, this day contains the peak intensity of the manipulation to game performance. Traders are unremittingly bullish; money managers want to force their holdings higher to embellish Q1 performance. Barring unexpected negative news, “to the moon, Alice!”

Expected economic data: Feb Pending Home Sales -3.0% m/m; Initial Jobless Claims 195k, Continuing Claims 1.699m; Q4 GDP 1.7%, Consumption 1.4%, GDP Price Index 3.9%, Core PCE 4.3%; Richmond Fed Pres Barkin and Boston Fed Pres Collins 12:45 ET, Minn Fed Pres Kashkari 13:00 ET

ESMs are -3.00 and USMs are -1/32 at 20:45 ET; trading is extremely quiet.

S&P 500 Index 50-day MA: 4014; 100-day MA: 3967; 150-day MA: 3918; 200-day MA: 3932
DJIA 50-day MA: 33,137; 100-day MA: 33,335; 150-day MA: 32,519; 200-day MA: 32,363

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 positive – a close below 3879.60 triggers a sell signal
Hourly: Trender and MACD are positive – a close below 3984.37 triggers a sell signal

‘Massive money laundering’ for Dems revealed by James O’Keefe (Via ‘money mules’)
Using public election records, he identified some individuals who had “donated” up to 18,000 times…
https://www.wnd.com/2023/03/watch-massive-money-laundering-dems-revealed-james-okeefe/

DHS heavily redacted Disinformation Board emails despite claiming agency had nothing to hide
https://justthenews.com/government/federal-government-heavily-redacts-dhs-disinformation-board-emails-masking-how-and-why

GOP lawmakers accuse Pentagon doctors of advocating ‘chemical castration’ of military-connected trans minors – they ‘were shocked to read a report’ about DoD doctors claiming 7 year-olds can decide to transition on their own… Proponents of the gender-affirming model state they are advocating for life-saving drugs to a population with a disproportionately high rate of suicide… The doctors said that on the basis of “human rights,” “youths… have an inherent ability and right to consent to gender-affirming therapy.” They went so far as to claim 7-year-olds can make their own medical decisions…
https://www.foxnews.com/media/gop-reps-accuse-pentagon-doctors-advocating-chemical-castration-military-connected-minors-radical-agenda

‘Trans Day of Vengeance’ WILL go ahead at Supreme Court (on Saturday) despite Nashville school trans shooter Audrey Hale killing six
https://www.dailymail.co.uk/news/article-11914611/Trans-Day-Vengeance-protest-ahead-Saturday-despite-Nashville-school-shooting.html

Biden takes heat for joking around in response to question about Nashville school shooting: ‘What a disgrace’  https://www.foxnews.com/media/biden-takes-heat-joking-around-response-question-nashville-school-shooting-disgrace

AZ Gov. Hobbs’ press secretary resigns after tweet suggesting gun violence against ‘transphobes’
The press secretary for Arizona Democratic Gov. Katie Hobbs resigned Wednesday morning after appearing to suggest gun violence against “transphobes” just hours after a woman who identified as transgender gunned down six people at a Tennessee school…
https://www.foxnews.com/politics/az-gov-hobbs-press-secretary-resigns-after-tweet-suggesting-gun-violence-against-transphobes

Daily Mail (UK): Nashville school massacre shines spotlight on mental health problems, hormone treatments and growing militancy in the trans community https://t.co/uCtnB6ZRT5
(Only the UK media addressed the elephant in the room! PS – Still no shooter manifesto release!)

Leftists/the MSM are trying to underplay, mitigate, and even justify the mass shooting in Nashville. They also are trying to depict trans people as the victims. PS – 0.58% of the US population IDs as Trans.

NBC News: Fear pervades Tennessee’s trans community amid focus on Nashville shooter’s gender identity: “We were already fearing for our lives. Now, it’s even worse.” https://t.co/dftpoDE5C2
    @MZHemingway: After a trans activist murders Christian children and their caregivers, NBC writes up as if the situation were reversed. However much you loathe the corporate press, it is not enough.

@Reuters: Former Christian school student kills 3 children, 3 staff in Nashville shooting http://reut.rs/40tr91y

Biden yesterday: “When we advance equality and racial justice and invest in young people, protect the LGBTQ+ individuals, our societies are not only fair but they’re stronger and more successful.”
https://twitter.com/TPostMillennial/status/1641106089549676546

In responding to the above offensive NBC News item, several people cited the late great Norm Macdonald’s tweet that mocked the MSM’s propensity to virtue signal when heinous acts occur.

@normmacdonald: What terrifies me is if ISIS were to detonate a nuclear device and kill 50 million Americans. Imagine the backlash against peaceful Muslims? Dec 15, 2016

@MrAndyNgo: What do you think happens when a vulnerable population with high rates of psychiatric comorbidities is given hormones like candy & encouraged to foster a violent hatred of society?
https://twitter.com/MrAndyNgo/status/1641167334751584259

Dem Reps exploited the Nashville murders by staging a gun control event at the Capitol on Wednesday.

Radical Dem Rep ILHAN OMAR: “I am ashamed at the lack of political will to keep our kids safe from our Republican colleagues.”  https://twitter.com/townhallcom/status/1641106625871183874
    Rep. Hillary Scholten: “When I heard about the Covenant shooting…I wanted nothing more than to hold my 10-year-old…I didn’t get to, though. Not because he was ripped apart by the bullets of an AR-15, but because I was here!”
    Rep. Judy Chu describes the “semi-automatic assault pistol” that she says was used in the Monterey Park, California shooting.

@townhallcom: Rep. Katherine Clark, whose transgender kids was charged with assaulting a police officer, rails against “politicians and preachers” and “right wing extremists” for their “cruelty” against transgender people, just days after a crazed transgender person murdered six Christians. https://t.co/sDzbRtcTBJ

Democrats reintroduce gun safety legislation immediately following Nashville school shooting
The Gun Violence Prevention Research Act… would authorize $50 million each fiscal year over the next five years to boost the CDC’s firearms safety and gun violence prevention research… (Totally symbolic gesture!) The White House has called on Congress to “do something,” while Republicans have said there is a mental health crisis facing the nation that no gun laws could fix. Democrats reject this answer…   Democrats acknowledge that their bill would not have stopped the shooting in Nashville…
https://www.foxnews.com/politics/democrats-reintroduce-gun-safety-legislation-immediately-following-nashville-school-shooting

It is simpler, more politically expedient, and better for fund raising to advocate gun control instead of addressing the societal, mental, and cultural (root) causes of violent behavior.

@mkolken: Until Hunter Biden is prosecuted for his firearm violation I don’t want to hear anything from @POTUS about gun control.

@RNCResearch: Rep. @JamesComer: “Carjackings in [Washington, D.C.] have increased 105% compared to this time last year — 56% of these carjackings are committed by juveniles. Totally property crime is up 28%. Homicides are up 37% since 2019. “D.C. clearly has a crime crisis.” https://t.co/mSeeVb5uvV

@emeriticus: The man who brutally attacked one of Rand Paul’s staffers in broad daylight over the weekend was released from prison thanks to Trump’s First Step Act. Meet Glynn Neal… https://foxnews.com/us/man-released-federal-prison-stabs-rand-paul-staffer-second-day-out
Ex-Sen Cotton advisor @BrianColas7: Can confirm—Kardashian and Van Jones had more sway than several national law enforcement organizations who tried to warn about this.  Groups like National Sheriffs were told to shut up and worse. Couldn’t even get a meeting.

Nancy Pelosi instructs Americans to vote on how politics will impact ‘your life,’ not ‘your religion’
‘I think some of them are racist and bigots, but I think many of them are very patriotic,’ Pelosi said in a jab at Trump supporters (The Dem high priestess keeps demonizing opponents with impunity.)
https://www.foxnews.com/media/nancy-pelosi-instructs-americans-vote-how-politics-impact-your-life-not-your-religion

Politico reports the Manhattan Grand Jury for Trump will take a month-long break. If a prosecutor can “get a GJ to indict a ham sandwich”, why is the Manhattan DA unable to get an indictment for Trump?

GREG HUNTER REPORT//

Greg Hunter INTERVIEWING JAMES HOWARD KUNSTLER

I will see you TOMORROW

STARTING TOMORROW, I WILL ONLY DO ABBREVIATED COMMENTARIES,

HOWEVER I WILL CAPTURE THE MAJOR EVENTS

Robert Hryniak	4:25 PM (6 hours ago)
to

GOLD: NUMBER OF NOTICES FILED FOR MAR/2023. CONTRACT: 4 NOTICES FOR 400 OZ or 0.11244 TONNES

total notices so far: 6132 contracts for 613,200 oz (19.073 tonnes)

SILVER NOTICES: 15 NOTICE(S) FILED FOR 75,000 OZ/

total number of notices filed so far this month : 3196 for 15,980,000 oz

2.ASIAN AFFAIRS//

NORTH KOREA/SOUTH KOREA

i)THURSDAY MORNING//WEDNESDAY NIGHT

b) REPORT ON JAPAN/

3 CHINA

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.Global Issues//COVID ISSUES/VACCINE ISSUES

7. OIL ISSUES

8 EMERGING MARKET ISSUES

Futures Storm Higher On Easing Bank Stress, Looming Quarter-End

Cooler German-state/Spanish inflation metrics supports sentiment; Fed speak ahead – Newsquawk US Market Open

EUROPEAN TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

GEOPOLITICS

CRYPTO

APAC TRADE

THURSDAY MORNING/WEDNESDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

2e) JAPAN

3 CHINA /

Brazil and China ditch the USD

4.EUROPEAN AND UK AFFAIRS

Denmark Recovers, Identifies Mystery Object Found Next To Nord Stream 2 Pipeline

“Depositors Have Finally Awoken”: The Second Wave Of The Bank Run Has Begun, Barclays Warns

The first wave of deposit outflows is nearly over. A second wave has already started, this strategist says.

The first Western tanks did not reach the front line

Russia Arrests WSJ Reporter On Suspicion Of ‘Espionage’

Damascus Rocked By Israeli Attack On Heels Of Saudi-Iran Rapprochement

Risk Of Cardiac Death Tripled For Young Women Following AstraZeneca COVID-19 Vaccination: Study

Spike Protein May Be the Problem

Dr. Roger Hodkinson estimates now 20 million deaths due to the COVID mRNA gene injection vaccine and climbing; a billion adverse effects, some very serious

These numbers are best estimates, at this point in time, using government data for the global consequences of the clot shot in terms of death and morbidity … Now, these numbers are beyond staggering.

Are they ever going to figure it out?

Doctors didn’t see ‘any red flags’ in a 35-year-old man’s intense chest pain. He later collapsed from a cardiac arrest while playing hockey.

Doctors didn’t see ‘any red flags’ in a 35 year-old man’s intense chest pain. He later collapsed from a cardiac arrest while playing hockey.

Brazil’s Lula postpones China trip after catching pneumonia

NATIONAL CATASTROPHE! California Farmers Suffering Record Losses from Flooding as “Worst is Yet to Come”

March 29, 2023 5:30 pm

Will CBDC FedNow Put Regional and Smaller Banks Out of Business this Summer?

March 29, 2023 5:58 pm

America’s LNG Problems Hit Banking Crisis Snags

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

Gold Gains As Banks Buckle Again, Dollar Dumped

Q4 GDP Comes In Below Estimates On Sharp Slowdown In Personal Spending Ahead Of Looming Credit Crunch

Jobless Claims Continue To Shrug Off Fed Tightening & Real-World Headlines

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