finalized
Mar 31.2023 · by harveyorgan · in Uncategorized · Leave a comment·Edit
GOLD PRICE CLOSED: DOWN $10.30 T0 $1969.30
SILVER PRICE CLOSED: UP $0.14 AT $23.98
work in progress.
Access prices: closes : 4: 15 PM
Gold ACCESS CLOSE 1969,00
Silver ACCESS CLOSE: 24.14
Bitcoin morning price:, $28,042 UP 168 Dollars
Bitcoin: afternoon price: $28,428 UP 554 dollars
Platinum price closing $994.40 UP $5.40
Palladium price; closing $1466.30DOWN $8.15
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: $2652.00 DOWN 17.00 CDN dollars per oz (ALL TIME HIGH 2732.50)
BRITISH GOLD: 1596.50 DOWN 1.50pounds per oz//(ALL TIME HIGH//1629.84)
EURO GOLD: 1816.50 DOWN 0.50 euros per oz //(ALL TIME HIGH//1860.82)
COMEX DATA EXCHANGE:
EXCHANGE: COMEX
CONTRACT: APRIL 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,980.300000000 USD
INTENT DATE: 03/30/2023 DELIVERY DATE: 04/03/2023
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 155 338
104 C MIZUHO 156
118 H MACQUARIE FUT 339
132 C SG AMERICAS 140
167 C MAREX 3
332 H STANDARD CHARTE 3672
357 C WEDBUSH 1
363 H WELLS FARGO SEC 1237
365 C MAREX CAPITAL M 12
435 H SCOTIA CAPITAL 825
523 H INTERACTIVE BRO 2
624 C BOFA SECURITIES 106
624 H BOFA SECURITIES 4368
657 C MORGAN STANLEY 2603
661 C JP MORGAN 2414 1650
661 H JP MORGAN 10682
685 C RJ OBRIEN 25
686 C STONEX FINANCIA 9
690 C ABN AMRO 21
732 C RBC CAP MARKETS 20
800 C MAREX SPEC 53
880 C CITIGROUP 1105
880 H CITIGROUP 3681
DLV615-T CME CLEARING
BUSINESS DATE: 03/30/2023 DAILY DELIVERY NOTICES RUN DATE: 03/30/2023
PRODUCT GROUP: METALS RUN TIME: 20:36:31
905 C ADM 229
TOTAL: 16,923 16,923
MONTH TO DATE: 16,923
JPMORGAN stopped 1650/16923 contracts
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GOLD: NUMBER OF NOTICES FILED FOR APRIL/2023. CONTRACT: 16,923 NOTICES FOR 1,692,300 OZ or 0.11244 TONNES
total notices so far: 16923 contracts for 1692300 oz (52.637 tonnes)
SILVER NOTICES: 167 NOTICE(S) FILED FOR 865,000 OZ/
total number of notices filed so far this month : 167 for 835,000 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 WITHDRAWAL OF 1.44TONNES FROM THE GLD.
INVENTORY RESTS AT 928.02 TONNES
Silver//SLV
WITH NO SILVER AROUND AND SILVER UP 11 CENTS
WOW!! WHAT CROOKS:
AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF OF 4.779 MILLION OZ FROM THE SLV: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV
CLOSING INVENTORY: 465.412 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A GIGANTIC SIZED 3065 TO 121,447 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS GIGANTIC SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR $0.46 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. 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 $0.46). AND WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD AN ATMOSPHERIC GAIN ON OUR TWO EXCHANGES 5865 CONTRACTS. WE HAD ANOTHER 1000 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 1.055 MILLION OZ(FIRST DAY NOTICE)+ THE 5.0 MILLION OZ OF EXCHANGE FOR RISK//THUS TOTAL NEW STANDING 6.055 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 –XXX 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 23 days, total 22,516 contracts: OR 112,580 MILLION OZ . (978 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: 112.58 MILLION OZ//FINAL//STRONG ISSUANCE BUT BELOW LAST MONTH
APRIL
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3065 CONTRACTS WITH OUR $0.46 GAIN IN SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 2700 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 APRIL OF 1.055 MILLION OZ//FIRST DAY NOTICE// 0 QUEUE JUMP (WHICH INCREASES THE AMOUNT OF SILVER STANDING) + 5.0 MILLION OF EXCHANGE FOR RISK ISSUED EARLY IN APRIL (INCREASES THE AMOUNT OF SILVER STANDING) //NEW STANDING 6.055 MILLION OZ .. WE HAVE A GIGANTIC SIZED GAIN OF 5765 OI CONTRACTS ON THE TWO EXCHANGES
WE HAD 167 NOTICE(S) FILED TODAY FOR 835,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 1875 CONTRACTS TO 475,740 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED- XXX CONTRACTS.
WE HAD A FAIR SIZED INCREASE IN COMEX OI ( 4009 CONTRACTS) WITH OUR $4,85 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR APR. AT 66.892 TONNES ON FIRST DAY NOTICE //(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 $12.25 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A FAIR SIZED GAIN OF 3487 OI CONTRACTS (66.892 PAPER TONNES) ON OUR TWO EXCHANGES
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1612 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 475,740
IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3487 CONTRACTS WITH 1875 CONTRACTS INCREASED AT THE COMEX AND 1612 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3487 CONTRACTS OR 10.846 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1612 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (1875) //TOTAL GAIN IN THE TWO EXCHANGES 3487 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 APRIL. AT 66.892 TONNES // ///3) ZERO LONG LIQUIDATION //4) FAIR SIZED COMEX OPEN INTEREST GAIN/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
MAR
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAR :
TOTAL EFP CONTRACTS ISSUED: 90,050 CONTRACTS OR 9,005,000OZ OR 280.09 TONNES IN 23 TRADING DAY(S) AND THUS AVERAGING: 3915 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 23 TRADING DAY(S) IN TONNES 280.09TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 280.09/3550 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: 280.09 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 3065 CONTRACTS OI TO 121,447 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 2700 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 2700 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2700 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 3065 CONTRACTS AND ADD TO THE 2700 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A GIGANTIC GAIN OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 5765 CONTRACTS.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES //28.825 MILLION OZ
OCCURRED WITH OUR $0.46 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)FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED UP 11.61 PTS OR 0.36% //Hang Sang CLOSED UP 181.25 PTS OR 0.89% /The Nikkei closed UP 256.55 PTS OR 0.93 % //Australia’s all ordinaries CLOSED UP 0.93 % /Chinese yuan (ONSHORE) closed UP TO 6.8663/OFFSHORE CHINESE YUAN DOWN TO 6.8698 /Oil UP TO 74.51dollars per barrel for WTI and BRENT AT 78.41 / 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
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1875 CONTRACTS UP TO 475,740 WITH OUR GAIN IN PRICE OF $12.25 ON THURSDAY
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF APRIL… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 1612 EFP CONTRACTS WERE ISSUED: : APRIL 1612 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1612 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 3487 CONTRACTS IN THAT 1662 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 1875 COMEX CONTRACTS..AND THIS FAIR SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $12.25, WE ARE NOW WITNESSING THE BANKERS GOING NET SHORT AND THE SPECS GOING NET LONG.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: APRIL (66.892) ( 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
APRIL: 66.892 tonnes
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $12.25 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR FAIR SIZED GAIN OF 3487 CONTRACTS ON OUR TWO EXCHANGES
WE HAVE GAINED A TOTAL OI OF 10.846 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR APRIL. (66.892 TONNES) ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $12.25
WE HAD -XX CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 3487 CONTRACTS OR 348,700OZ OR 10.846 TONNES
TONNES
Estimated gold comex today 153,473 //poor
final gold volumes/yesterday 188,272//poot
//MARCH 31/ APRIL 2023 CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | NIL . |
| Deposit to the Dealer Inventory in oz | nil OZ |
| Deposits to the Customer Inventory, in oz | n782.370oz |
| No of oz served (contracts) today | 16,923 notice(s) 1,692,300 OZ 52.637TONNES |
| No of oz to be served (notices) | 4583 contracts 458,300 oz 14.255TONNES |
| Total monthly oz gold served (contracts) so far this month | 16923notices 1,692,300 OZ 52.637 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: 0
total withdrawals: NIL oz
in tonnes:0.
Adjustments; 1
Out of JPMorgan: 578,710.938 customer to dealer
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.
For the front month of APRIL we have an oi of 21,506 contracts having LOST 5409 contracts.
Thus by definition, the initial amount of gold standing for April is as follows:
21509 contracts x 100 oz per contract equals 2,150900 oz or 66.892 tonnes
May LOST 9 contracts to stand at 1584
JUNE gained 5822 contracts to 394,663.
We had 16,923 notice(s) filed today for 1,692,300 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 2412 notices were issued from their client or customer account. The total of all issuance by all participants equate to 16,923 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1650 notice(s) was (were) stopped received by J.P.Morgan//customer account and 0 notice(s) received (stopped) by the squid (Goldman Sachs)
To calculate the INITIAL total number of gold ounces standing for the APRIL /2023. contract month,
we take the total number of notices filed so far for the month (16,923 x 100 oz ), to which we add the difference between the open interest for the front month of (APRIL. 21,506 CONTRACTS) minus the number of notices served upon today 16,923 x 100 oz per contract equals 2,150,600 OZ OR 66.892 TONNES the number of TONNES standing in this active month of APRIL.
thus the INITIAL standings for gold for the APRIL contract month:No of notices filed so far (16,923 x 100 oz+ 21,506 OI for the front month minus the number of notices served upon today (16,923)x 100 oz} which equals 2,150,600 oz standing OR 66.892 TONNES in this active delivery month of APRIL..
TOTAL COMEX GOLD STANDING: 19.073 TONNES WHICH IS HUGE FOR AN ACTIVE 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: 12,097,362.125 (376,27 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 9,773,054.363 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 10,454,021 OZ (REG GOLD- PLEDGED GOLD) 325.16 tonnes//
END
SILVER/COMEX
MAR 31/2023// THE APRIL 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 822,057.745oz Brinks JPMorgan Loomis . |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 1045.400 oz JPMorgan |
| No of oz served today (contracts) | 167 CONTRACT(S) (835,000 OZ) |
| No of oz to be served (notices) | 44 contracts (220,000 oz) |
| Total monthly oz silver served (contracts) | 167 Contracts (835,000 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 0deposits into the customer account
Total deposits: nil oz
JPMorgan has a total silver weight: 144.828million oz/278,057million =52,15% of comex .//dropping fast
Comex withdrawals: 3
i)Out of Brinks 198,506.420 oz
ii) Out of Loomis 468,108.01
iii) Out of JPMorgan: 155,442.02 oz
Total withdrawals; 822,057.45 oz
adjustments: 3
i
Brinks 169,641,100 oz
Int Delaware: 67,641.810 oz
Loomis 85m293,700 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 APRIL /2023 OI: 211 CONTRACTS HAVING LOST 26 CONTRACT(S.
THUS BY DEFINITION THE INITIAL AMOUNT OF SILVER STANDING IN THIS NON ACTIVE DELIVERY MONTH OF APRIL IS AS FOLLOWS:
211 NOTICES X 5000 OZ PER NOTICE = 1,055,000 OZ
May GAINED 1316 CONTRACTS UP TO 91,113
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 167 for 835,000 oz
Comex volumes// est. volume today 56,271 good
Comex volume: confirmed yesterday: 72,805 Contracts ( strong
To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at 167 x 5,000 oz = 835000 oz
to which we add the difference between the open interest for the front month of APRIL(211) and the number of notices served upon today 167 X (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the APRIL/2023 contract month: 167 (notices served so far) x 5000 oz + OI for the front month of MAR (211) – number of notices served upon today (867 )x 500 oz of silver standing for the APRIL. contract month equates 1.055 million oz +the 5.0million oz of exchange for risk//new total standing 6.055 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 31/WITH GOLD DOWN $10.30 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES FROM THE GLD////INVENTORY RESTS AT 928.02 TONNES
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: 928.02 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MARCH 31/WITH SILVER UP 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE GLD/: A MASSIVE 4.779 MILLION OZ DEPOSITED INTO THE SLV///INVENTORY RESTS AT465.412 MILLION OZ
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 465.412 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
nd
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 6.8663
OFFSHORE YUAN: 6.8698
SHANGHAI CLOSED UP 11.61 PTS OR 0.36%
HANG SANG CLOSED UP 181.25 PTS OR 0.89%
2. Nikkei closed UP 256.55 PTS OR 0.93%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 101.896 EURO FALLS TO 1.0899 DOWN 5 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.322 J apan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 132.95 /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 +2.3780***/Italian 10 Yr bond yield RISES to 4,219*** /SPAIN 10 YR BOND YIELD RISES TO 3.390…** DANGEROUS//
3i Greek 10 year bond yield RISES TO 4.263
3j Gold at $1976.20.75 silver at: 23.381am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 2/100 roubles/dollar; ROUBLE AT 77,10//
3m oil into the 74 dollar handle for WTI and 78 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 0.9145 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.99525well 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: 3.564 UP 1 BASIS PTS…GETTING DANGEROUS//
USA 30 YR BOND YIELD: 3.756 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.1389 UP 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 19.19…
GREAT BRITAIN/10 YEAR YIELD: UP 3 BASIS PTS AT 3.545
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
S&P Futures Hit 6 Week High, Nasdaq Set For Best March Since 2010 Ahead Of Quarter-End Fireworks
BY TYLER DURDEN
FRIDAY, MAR 31, 2023 – 03:17 PM
US futures extended gains for the 3rd straight day and are on pace to rise 6 of the past 7 days, led by the Nasdaq 100 which is set for its best March in more than a decade as investors bet on a softening in central-bank policy amid worries about a recession while the slowdown in new money market fund injections eased fears about the ongoing bank run.
Contracts on the Nasdaq 100 were up 0.3% as of 7:45 a.m. in New York, while S&P 500 futures also rose 0.2% hitting the highest level in 6 weeks.
For the month, the tech-heavy gauge is tracking an increase of about 7.7%, its biggest March advance since 2010. The benchmark S&P 500 is also set for a small monthly gain as the rates outlook overshadowed concerns about turmoil in the banking sector and a possible economic contraction.
The dollar strengthened Friday, trimming some of its sharp declines this month. Treasury yields steadied at the end of a quarter of wild swings. Investors have struggled to adjust for banking collapses and the shifting outlook for interest rates amid high inflation and threats to economic growth. The two-year yield was around 4.13% Friday while the 10-year maturity was about 3.55%.
Among notable premarket movers, Nikola Corp. dropped 8.6% after a $100 million share offering priced at a 20% discount to the stock’s last close. Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media, rallied as much as 16% following former President Donald Trump’s indictment. Virgin Orbit shares slump a record 40% after the satellite launch provider said it’s ceasing operations indefinitely. Here are the other notable premarket movers:
- Digital World Acquisition, the blank-check firm taking Trump Media public, rallied 8% in premarket trading, advancing along with other stocks tied to Donald Trump after the indictment of the former president. Phunware , a software firm that worked on Trump’s reelection campaign, rose 2.5%, while video platform Rumble gained 14%.
- Advance Auto Parts upgraded to equal-weight at Barclays, which says that rather than a positive call it is based on significant year-to-date underperformance. The stock gains 1.1%.
- Alphabet Inc.’s price target is lowered to $117 from $120 at Piper Sandler, which cites concerns about competition in artificial intelligence technology.
- Blackberry shares drop 3.8% after the cybersecurity company’s fourth- quarter revenue missed analyst estimates, with brokers flagging the impact of some large government deals slipping, as well as needing more convincing that important metrics were recovering.
- Generac shares are down 3% after BofA Global Research downgrades the generator company to underperform from neutral.
- IonQ shares are up more than 4% after the quantum-computing company reported fourth-quarter results that beat expectations and gave a full-year revenue forecast that was ahead of the consensus estimate.
US stocks have experienced a big sector rotation this month with technology stocks rallying amid bets of lower interest rates, while economically-linked cyclical sectors lagged behind following their outperformance at the start of the year. The Nasdaq 100 is up nearly 19% in the first quarter, its best January-March performance since 2012. That rotation prompted momentum-chasing penguins, pardon strategists at Citigroup to upgrade US stocks to overweight from underweight, saying they “perform more defensively than other markets” during earnings recessions.
Michael Hewson, chief market analyst at CMC Markets UK, said US stock markets “have undergone a bit of a crisis of confidence with concern about the effects of much higher rates giving way to concern about the health of the US banking system.”
On the outlook for rates, all eyes Friday are on the so-called PCE Core Deflator, which is expected to show a slight easing of price pressures in February, though it should still be well above target. A round of Fed speakers on Thursday suggested more monetary tightening was necessary to quell inflation, even after the collapse of three US banks this month.
“The Fed’s preferred measure of inflation could generate some volatility within the fixed income markets if we see any surprises,” economists at Rand Merchant Bank in Johannesburg wrote in a note. “Risks are tilted to the upside, and if the data shows that inflation pressures remained strong in February, the inversion of the US yield could deepen even further.”
Traders will also be on guard for any choppiness amid quarter-end rebalancing from pension funds and options hedging activity, especially the famous JPM collar which has a 4065 strike. And they continue to debate the extent to which policy makers may cut interest rates this year. Several strategists have said markets are wrong to expect easing by the Fed this this year as the labor market remains robust, though US unemployment claims ticked up for the first time in three weeks.
European stocks are ahead with the Stoxx 600 up 0.3% and on course for a third day of gains. Personal care, retailers and consumer products are the strongest-performing sectors while miners and banks fall. Here are some notable premarket movers:
- Air France-KLM rises as much as 4.5%, IAG 3.2%, Lufthansa 3.3% and EasyJet 3.8% following bullish notes on the sector from Deutsche Bank and Barclays and a slew of upgrades
- Ocado gains as much as 7.9%, while AutoStore falls as much as 12% after a UK court invalidated the two remaining patent lawsuits the Norwegian firm had filed against Ocado
- SAF-Holland rises as much as 7.6%, extending gains following Thursday morning’s results, as Hauck & Aufhaeuser lifts its PT to a new Street high
- CD Projekt soars as much as 9.8% after posting the second-highest quarterly earnings fueled by stronger sales of Cyberpunk 2077 and Witcher 3 games
- Getin Holding soars as much as 27% after the company proposes a record dividend of 0.58 zloty per share, its first payout since 2013
- Computacenter shares gain as much as 3.2% on Friday after the IT reseller posted better-than-expected results, saying demand from most of its largest customers remains solid
- Torm rises as much as 9.6% after holder OCM Njord Holdings Sarl terminated a planned secondary public offering of 5 million class A shares in the Danish tanker operator
- Marston’s shares rise as much as 5.3%, with analysts saying the pub operator’s amendment and extension of its debt facilities should provide some relief for investors
- Jungheinrich shares slide as much as 9.2% after the forklifts and stackers manufacturer’s cautious outlook for 2023 overshadowed a strong end to 2022
- EMIS shares plunged as much as 24% after Britain’s competition regulator said it would investigate UnitedHealth’s deal to acquire the health-technology company
Earlier in the session, Asian stocks headed for a fourth day of gains as data showed China’s economy gained momentum in March, while concerns about global banking turmoil and elevated interest rates eased. The MSCI Asia Pacific Index rose as much as 1.1%, set to cap a second-straight weekly gain, boosted by consumer discretionary and materials shares. Most regional markets gained, led by Japan, South Korea and Hong Kong. Indian shares jumped after returning from a holiday. Chinese stocks got a boost after a report that manufacturing continued to expand amid a strong pickup in services activity and construction. The report offered investors more confidence about an economic rebound after stringent Covid restrictions were dropped. Spinoff plans for JD.com and Alibaba units also lifted sentiment for tech shares. Read: China’s Strong PMIs Show Economic Recovery Gaining Traction The latest data “confirms the early cycle economic recovery is on track, paving the way for earning revisions to stabilize and improve from 2Q,” analysts at UBS Global Wealth Management’s chief investment office wrote in a report. “We expect over 20% upside for MSCI China by year-end, with the recent consolidation presenting an attractive entry point.” Globally, concerns over the financial sector continued to cool and investors digested a round of Federal Reserve commentary. Bank of Boston President Susan Collins said the banking system is sound and more interest-rate increases are needed to bring down inflation.
Japanese stocks rebounded, following US peers higher, as concerns over the financial sector continued to cool and investors digested a round of Fed commentary. The Topix Index rose 1% to 2,003.50 as of market close Tokyo time, while the Nikkei advanced 0.9% to 28,041.48. Mitsui & Co. contributed the most to the Topix Index gain, increasing 7.6%. Out of 2,160 stocks in the index, 1,471 rose and 588 fell, while 101 were unchanged. Meanwhile, Japanese semiconductor-related stocks pared earlier gains after Japan said it will tighten chip gear exports to help restrict tech shipments to China. Japan Trading Firms Gain on Reported Plans to Improve Returns “Besides the stabilizing overseas markets, expectations for firm corporate earnings outlooks are also boosting Japanese equities,” said Rina Oshimo, a senior strategist at Okasan Securities. “Japan’s macro economy this year is more resilient than overseas, mainly driven by reopening growth, and the government’s policy for childcare support is also positive material.
Australian stocks also advanced: the S&P/ASX 200 index rose 0.8% to close at 7,177.80, boosted by mining and bank shares. Stocks across Asia advanced with US and European equity futures, underscoring investor optimism in the face of banking turmoil and elevated interest rates. The benchmark snapped seven weeks of losses, rising 3.2% for the week, the most since the week of Nov. 11. The index also posted a second straight quarter of gains. The focus will now be on Australia’s central bank, which is set to make a rate decision Tuesday. The RBA is expected to keep borrowing costs unchanged at next week’s meeting, delivering its first pause since initiating a policy tightening cycle in May 2022. In New Zealand, the S&P/NZX 50 index fell 0.4% to 11,884.50.
India stocks rallied the most in more than four months on Friday bouncing back from their oversold levels to trim losses for the quarter. The S&P BSE Sensex Index rose 1.8% to 58,991.52 in Mumbai, while the NSE Nifty 50 Index advanced 1.6% to 17,359.75. The gauges posted their biggest single-day rallies since Nov. 11, narrowing their losses for the quarter to 3% and 4%, respectively. Even with the gains this week, the indices clocked their worst quarterly performance since June 2022 after scaling to their record peaks in December. Globally tightening monetary conditions and the impact of inflation have dampened the outlook for economic growth and shrunk the valuation gap that India enjoyed over its peers. Foreigners turned buyers of local shares in March after three straight months of outflows, purchasing a net of $1.4b of stocks through March 28, while domestic institutional investors remain supportive of equities. Reliance Industries contributed the most to the Sensex’s advance, increasing 4.3% after the company firmed up its plan for separating its financial services business, a move that will potentially result into value creation for the country’s biggest listed firm. Out of 30 shares in the Sensex index, 26 rose and 4 fell
In FX, the Bloomberg Dollar Spot Index rose 0.2%, boosted by gain versus the yen; the dollar is set to end the quarter 1.4% lower, its first consecutive quarterly loss in more than two years, amid easing concerns about the global banking sector and money market wagers on Federal Reserve interest-rate cuts. USD/JPY rallied as much as 0.8% as Japan’s fiscal year-end flows dominated and haven bids waned amid easing concerns about the global banking sector; International Monetary Fund said the nation’s central bank should avoid a premature exit from monetary easing.
In rates, US 10-year yields are down 2 bps at 3.537% ahead of the core PCE data due later today. Treasury 2-year yields cheaper by ~2bp on the day with 2s10s flatter by 3bp to -61bp from a high of around -50bp Thursday. Bunds outperform little-changed US 10-year by 2bp while gilts lag by 3bp. Earlier, ECB rate-hike premium was unwound slightly after euro-area core inflation accelerated to 5.7% in March, matching the median forecast. IG dollar issuance slate empty so far; a couple of names priced $1.4b Thursday, leaving March total around $100b vs $150b that was expected. Bund futures rallied as traders trimmed ECB rate bets after euro-area inflation slowed more than expected in March, although the core rate did accelerate. German 10-year yields are flat at 2.37% while the Euro is down 0.2% versus the greenback. US economic data slate includes February personal income/spending with PCE deflator (8:30am), March MNI Chicago PMI (9:45am) and March final University of Michigan sentiment (10am).
In commodites, US crude futures are little changed with WTI at $74.35. Spot gold is also flat around $1,980
Looking to the day ahead. We have quite a busy day data wise, with the US PCE deflator data, the March MNI Chicago PMI and the February personal spending and income data. In Europe, we have the Eurozone March CPI data and the February unemployment. We will also see the release of the Italian March CPI and the January industrial index, the German march unemployment change, February retail sales and the import price index, and lastly the French March CPI. February CPI and consumer spending. Finally, we will hear from several central bankers, including the ECB’s Lagarde and Kazaks, as well as the Fed’s Williams, Waller and Cook.
Market Snapshot
- S&P 500 futures little changed at 4,082.00
- MXAP up 0.6% to 161.90
- MXAPJ up 0.5% to 523.44
- Nikkei up 0.9% to 28,041.48
- Topix up 1.0% to 2,003.50
- Hang Seng Index up 0.4% to 20,400.11
- Shanghai Composite up 0.4% to 3,272.86
- Sensex up 1.7% to 58,952.31
- Australia S&P/ASX 200 up 0.8% to 7,177.75
- Kospi up 1.0% to 2,476.86
- STOXX Europe 600 up 0.2% to 455.58
- German 10Y yield little changed at 2.39%
- Euro down 0.3% to $1.0876
- Brent Futures down 0.9% to $78.54/bbl
- Gold spot down 0.3% to $1,975.10
- US Dollar Index up 0.30% to 102.45
Top Overnight News
- Former President Donald Trump faces a set of legal requirements no American leader has had to confront after being indicted by a Manhattan grand jury on Thursday in a probe of hush money payments to a porn star during his 2016 campaign — a historic event in American law and politics that is certain to divide an already polarized society and electorate: BBG
- The BOJ expanded the range of its planned bond purchases next quarter, giving itself the option to dial back buying. It will buy ¥100 billion to ¥500 billion ($750 million to $3.8 billion) of 10-to-25-year bonds per operation, compared with a range of ¥200 billion to ¥400 billion in the first quarter. It also widened the range of purchase amounts for other maturities above one year. BBG
- The China Securities Regulatory Commission last month released long-awaited guidelines that require all mainland Chinese companies planning share sales outside the domestic A-share market to inform the regulator beforehand. That applies to jurisdictions that have been popular venues for Chinese listings, including Hong Kong and the U.S. Companies in some technology fields that haven’t yet generated revenue will be able to explore listings in Hong Kong, after the city’s stock exchange last week finalized a new set of rules known as Chapter 18C. WSJ
- China’s economic recovery gathered pace in March, with gauges for manufacturing, services and construction activity remaining strong, boosting the outlook for growth this year: BBG
- The U.S. and South Korea are both seeking to extradite captured crypto entrepreneur Do Kwon from Montenegro, authorities in the tiny European nation said this week, setting up competing bids to prosecute him over criminal charges tied to the collapse of his TerraUSD stablecoin. WSJ
- Eurozone inflation has fallen sharply to its lowest level for a year after a decline in energy costs. Harmonized consumer prices in the euro area rose by 6.9 per cent in the year to March, down from 8.5 per cent the previous month, to reach their lowest level since February 2022. The drop, due to a 0.9 per cent fall in energy prices, was steeper than a forecast by economists polled by Reuters, who had expected March eurozone inflation of 7.1%. FT
- Underlying inflation in the euro area hit a record in March, handing ammunition to European Central Bank officials who say interest-rate increases aren’t over yet: BBG
- Banks reduced their borrowings from two Fed backstop lending facilities in the most recent week, a sign that liquidity demand may be stabilizing. US institutions had a combined $152.6 billion in outstanding borrowings, compared with $163.9 billion the previous week. But US banks are facing a new problem as savers flee for higher deposit rates. BBG
- Finland has cleared the last significant hurdle in its bid to join Nato after Turkey’s parliament approved the Nordic country’s accession to the western military alliance. FT
- Investors are still flooding into cash, with $60.1 billion entering money markets funds in the week through Wednesday, according to EPFR data. That brings the quarterly flow into cash to about $508 billion, the most since the very start of the pandemic. BBG
- A majority of Americans don’t think a college degree is worth the cost, according to a new Wall Street Journal-NORC poll, a new low in confidence in what has long been a hallmark of the American dream. The survey, conducted with NORC at the University of Chicago, a nonpartisan research organization, found that 56% of Americans think earning a four-year degree is a bad bet compared with 42% who retain faith in the credential. WSJ
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks were mostly firmer at quarter-end as they took impetus from the tech-led gains on Wall Street and with participants digesting a slew of data releases including better-than-expected Chinese PMI figures. ASX 200 was led by the mining and resources sectors after the strong data from Australia’s largest trading partner although the upside was capped ahead of next week’s RBA meeting with a recent Reuters poll showing near-even expectations amongst economists between a hike and a pause. Nikkei 225 gained heading into the end of the fiscal year and climbed back above the 28,000 level after encouraging Industrial Production and Retail Sales data but was off highs with chipmakers later pressured after Japan announced to impose new restrictions on chip-making gear. Hang Seng and Shanghai Comp. were positive after the strong Chinese PMI data in which Manufacturing PMI topped forecasts and Non-Manufacturing PMI rose to its highest since 2011, with the outperformance in Hong Kong led by tech as JD.com plans to spin off its industrials and property units. However, the gains in the mainland were limited amid a deluge of earnings releases including mixed results from China’s mega-banks and with the nation’s largest property developer Country Garden posting its first annual loss since its listing in 2007.
Top Asian News
- Chinese Vice Finance Minister Zhu said China needs to step up fiscal policy adjustments to support the economy and that China will move steadily in implementing preferential tax and fee policies. Zhu also stated that China will effectively ease tax burdens of small firms and household businesses, while he noted that recently announced preferential tax and fee policies will reduce companies’ burdens by CNY 480bln per year, according to Reuters.
- China’s Ambassador to the EU warned the bloc of ‘peril’ in following the US on trade curbs, while he urged resistance to ‘unwarranted’ pressure and said that Beijing will not be ‘trampled’, according to FT.
- Japan is to impose new restrictions of chip-making gear, according to Bloomberg and Reuters. Japan said it will impose restrictions on 23 types of chip-making equipment from July. Japanese officials said the scope of restrictions went further than the US measures imposed in 2022. Chip-equipment exporters would need licenses for all regions. The measures will affect a broader range of companies than previously expected, according to FT.
- Agricultural Bank of China (1288 HK) says NIM for the banking sector will continue to shrink in Q1; Co. says its NIM faces downward pressure in 2023. Bank of China (3988 HK) CFO says they are to face a mild decline in NIM this year.
- Japan is to end current COVID border measures on May 8th, via TBS; replaced with random genomic surveillance at airports.
European bourses are firmer, Euro Stoxx 50 +0.3%, continuing the positive APAC tone with incremental impetus from as-expected EZ Core HICP. Sectors are mixed with Banks lagging as yields retreat post-HICP while Personal Care/Drug names outperform. Stateside, futures are incrementally in the green with the tone more cautious ahead of PCE data and Fed speak, incl. Williams, thereafter.
Top European News
- UK PM Sunak’s office said Britain will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Trans-Pacific after the bloc’s members reached an agreement on Britain joining the trade pact, while Japan’s Economy Minister said they aim for an early signing of UK joining the CPTPP, according to Reuters.
- Sartorius to Buy French Biotech Polyplus for $2.6 Billion
- DSV Slips as JPMorgan Cuts Rating, Prefers Kuehne + Nagel
- Energy Cliff-Edge Threatens Thousands of British Businesses
- German Unemployment Rises More Than Expected on Sluggish Economy
FX
- USD/JPY and Yen crosses still marching higher into month end as importer hedging and buy orders persist, headline pair popped above 133.50 before topping out and DXY holding 102.000+ status as a result.
- Aussie unable to keep hold of 0.6700 handle as AUD/NZD cross retreats through 1.0700 on divergent RBA/RBNZ rate expectations.
- Euro mixed after EZ inflation data showing a softer than forecast headline, but firmer than previous core, EUR/USD sub-1.0900, but EUR/CHF nearer parity than 0.9950.
- Cable unable to hold above 1.2400 irrespective of UK Q4 GDP upgrades as Buck bounces broadly pre-US PCE.
Fixed Income
- EGBs experienced a marked bounce following the EZ inflation measure after dipping on the initial French reading; with the EZ figure showing a larger than expected cooling in the headline while the core measures are stick but were as-expected.
- Specifically, Bunds have been up to a 135.64 peak which saw the associated yield pullback from 2.40% best towards the 2.30% mark.
- USTs and Gilts have been moving in tandem with EGBs; though, USTs are somewhat more cautious ahead of upcoming events with yields slightly firmer as it stands.
- BoJ Q2 Bond Purchase plans; expands range for mid-to-superlong purchases for Q2. Click here for more detail.
Commodities
- WTI and Brent are mixed/flat after settling higher by over USD 1.0bbl on Thursday with the overall tone tentative ahead of the US docket while crude specifically is cognisant of next week’s JMMC.
- Specifically, benchmarks are near-unchanged but at the upper-end of USD 73.77-74.67/bbl and USD 78.54-79.18/bbl parameters.
- Metals hold a slight downward bias in otherwise tentative trade for the space with the USD’s strength capping any potential upside from the somewhat cauutious tone.
Geopolitics
- Japanese Finance Minister Suzuki said Japan is to extend the suspension of its most favoured nation treatment on tariffs for Russia, while it was also reported that Japan banned Russia-bound exports of steel, aluminium and aircraft from April 7th, according to the Ministry of Economy, Trade and Industry cited by Reuters.
- Turkish parliament approved a bill to clear the way for Finland’s NATO accession, according to Reuters.
- Deputy Chairman of the Russian National Security Council says “our army will arrive in Kiev if necessary”.
- Belarusian President Lukashenko warns that the West seeks to invade his country with the aim of “destroying” it; The war is not far from us and there are attempts to drag us into it; return of nuclear weapons is not blackmail but a safeguard. Says, talks to resolve the conflict in Ukraine need to commence now, a ceasefire without pre-conditions should be declared.
- Russia’s Kremlin says Russian President Putin is to hold an “important” meeting of Security Council today; Foreign Ministry Lavrov to present a new concept of Russian foreign policy. Will talk to Belarussian President next week about Lukashenko’s call for immediate peace talks, cContinuation of special military operation is the only way to achieve goals at the moment.
US Event Calendar
- 08:30: Feb. Personal Income, est. 0.2%, prior 0.6%
- Personal Spending, est. 0.3%, prior 1.8%
- Real Personal Spending, est. -0.1%, prior 1.1%
- 08:30: Feb. PCE Deflator MoM, est. 0.3%, prior 0.6%
- Feb. PCE Core Deflator YoY, est. 4.7%, prior 4.7%
- Feb. PCE Deflator YoY, est. 5.1%, prior 5.4%
- Feb. PCE Core Deflator MoM, est. 0.4%, prior 0.6%
- 09:45: March MNI Chicago PMI, est. 43.0, prior 43.6
- 10:00: March U. of Mich. Sentiment, est. 63.2, prior 63.4
- Current Conditions, est. 66.4, prior 66.4
- Expectations, est. 61.4, prior 61.5
- 1 Yr Inflation, est. 3.8%, prior 3.8%
- 5-10 Yr Inflation, est. 2.8%, prior 2.8%
Central Banks
- 15:05: Fed’s Williams Speaks at Housatonic Community College
- 17:45: Fed’s Cook Discusses US Economy and Monetary Policy
- 22:00: Fed’s Waller Discusses the Phillips Curve
DB’s Karthik Nagalingam completes the overnight wrap
For a fourth straight day, market behaviour was rather benign with risk-sentiment remaining positive and volatility ebbing. Equity indices in both the US and Europe rose moderately, while longer-dated sovereign yields in the two regions diverged as inflation data is coming back to the foreground. Hotter-than-expected European inflation led to a selloff in bonds, and today we will get more inflation data from both sides of the pond.
Given the calmer market narrative around the global banking system, focus today will be on the US PCE data. Fed members had an approximation of what PCE would look like given recent CPI and PPI prints when they rose rates 25bps last week but seeing how the underlying components are tracking may force market participants to refocus on pricing pressures. However, the market is likely to look through anything but an extraordinary print, given that the recent banking crisis will not be reflected in the data. Our US economists see a +0.36% advance for core PCE in February (+0.57% in January) and m/m declines for both income (-0.1% vs +0.6% in January) and consumption (-0.6% vs +1.8%).
Ahead of the PCE print there was a bevy of Fed speakers yesterday, all of whom highlighted the fact that inflation remained too hot. Boston Fed President Collins (non-voter), while at a conference in Washington DC said, “Inflation remains too high, and recent indicators reinforce my view that there is more work to do.” Separately, Minneapolis Fed President Kashkari (voter) said that the stresses on the banking sector could last longer than expected, but also said that “the services part of the economy has not yet slowed down and … wage growth is still growing faster than what is consistent with our 2% inflation target.” Lastly, Richmond President Barkin (non-voter) said that “if inflation persists, we can react by raising rates further,” and pointed out that the committee was discussing a 50bp hike just a few weeks ago. He had no stated preference on the size of a future rate hike, but he said that continuing to fight inflation was the priority.
These comments did little to change fed futures yesterday, as the market priced in just an extra +4.0bps for the rate following the December Fed meeting, increasing expectations to 4.387%. That was their highest closing level since March 10 – the day of the collapse of Silicon Valley Bank. The expectations around the May meeting rose marginally, with futures now pricing in a 55% chance of a 25bp hike, up from 47% the day before. While fed speakers don’t seem ready to talk about cutting rates, the market is still pricing in over two 25bps rate cuts by year-end after hitting a terminal rate in May.
Against this backdrop, the more policy sensitive US 2yr yield was up +2.1bps to 4.12% – returning to roughly where they were before the most recent Fed rate hike on the 21 March. Meanwhile the US 10yr yield fell back -1.5bps after trading in a tight 6bp range all day, although yields have slightly pulled back (+1.51bps) overnight as we go to print. It was a different story in Europe, as 10yr bund yields rose +4.6bps to 2.37% and German 2yrs rose +9.5bps to 2.75%, their highest level since the third week of March. 10yr OATs (+5.2bps) and BTPs (+8.5bps) underperformed, while 10yr gilts yields rose by +4.6bps as well.
As noted above, the selloff in European bonds began after the German inflation print showed an unexpected acceleration in price growth, with German CPI up to +0.8% (vs +0.7% expected) month-on-month, and +7.8% year-on-year (vs +7.5% expected) on the EU-harmonised measure. Eurozone CPI data for March later today will complete the picture, and our European economists expect euro-area EU-harmonised CPI to fall from 8.6% in February to 7.1% year-on-year, but with risks slightly to the upside following the German print. See their note here.
Following the upside surprise on German CPI, the terminal ECB rate priced in by overnight index swaps for the December meeting climbed +10.7bps to 3.44%, pricing in barely any cuts (5bps) by the end of 2023 with the terminal rate expected for October at 3.49%.
Turning to equities, the S&P 500 was up +0.57% with all but 3 of 24 industry groups gaining on the day. Semiconductors (+1.61%), consumer discretionary retail (+1.21%), and real estate (+1.19%) outperformed. The outperformance of technology continued, leading the NASDAQ (+0.73%) to maintain its trajectory for its best quarter since 2020. The only three S&P 500 industries down on the day were diversified financials (-0.13%), consumer durables (-0.21%) and banks (-1.00%). The underperformance in banks was primarily driven by the regionals with First Republic (-4.0%) the clear laggard, while Fifth Third (-2.6%), Zion (-2.4%), and M&T Bank (-2.3%) were in the next tier of underperformers. The larger banks outperformed with Citi (+0.3%) the only S&P bank constituent higher on the day, while JPM (-0.3%) and BofA (-1.3%) saw smaller losses.
After markets closed, the Fed released their weekly H.4.1 balance sheet data showing how banks were using the Fed’s new bank lending facility and the discount window. Over the prior week, discount window borrowing was down from $110bn to $80bn, there was no further extension of credit to SVB or Signature, and the bank term funding program saw increased borrowing of $64bn from $54bn the week prior. The foreign repo facility, FIMA, saw use fall from $60bn to $55bn. Overall this shows modest improvement across the complex and should add to the narrative that the pain is mostly contained.
In Europe, the STOXX 600 similarly gained on the day (+1.03%), with real estate (+3.74%) as well as information technology (+2.54%) driving performance. Food and Beverage (-0.47%) was the only industry group weaker off the back of the German CPI data, as the finer details of the release showed price inflation for food inched higher. Additionally, unlike in the US, European financials continued to rally back yesterday with as European banks climbed +1.84% and are now up +6.62% on the year. Looking into other bourses, the CAC and the DAX were up +1.06% and +1.26% respectively.
This morning, Asian equity markets have carried over the overnight gains on Wall Street. Across the region, the Hang Seng (+1.46%) is leading gains with the KOSPI (+1.06%), Nikkei (+1.01%), CSI (+0.35%) and the Shanghai Composite (+0.33%) also rising. In overnight trading, US equity futures are pointing to further gains with those on the S&P 500 (+0.28%) and NASDAQ 100 (+0.34%) edging higher.
China equities are outperforming following the official manufacturing PMI beating expectations at 51.9, and the non-manufacturing PMI rising to 58.2 in March. That is the non-manufacturing index’s highest level since May 2011. This data suggests that the economic recovery in the world’s second biggest economy remains on track even amid weaker global demand and a continued property market downturn.
There was also a batch of economic data out of Japan indicating that inflation in Tokyo is still above trend after coming in at +3.3% y/y in March (vs +3.2% expected) compared to +3.4% recorded last month. At the same time, core Tokyo CPI rose +3.2% y/y (vs +3.1% expected) in March, following a peak of +4.3% back in December. So further improvement but not as much as the market was looking for. Labour market conditions loosened slightly as the unemployment rate unexpectedly rose to +2.6% in February from +2.4% in January, while the jobs to applicant ratio moved lower to +1.34 (vs +1.36 expected). Retail sales jumped +1.4% m/m in February, compared to January’s downwardly revised increase of +0.8%. Meanwhile, industrial production rebounded +4.5% m/m in February (vs +2.7% expected) on easing supply bottlenecks for carmakers.
It was a big day for data release yesterday. Starting with the US, weekly jobless claims came in at 198,000 (vs 196,000 expected) suggesting a slight softening in an otherwise tight labour market. Continued claims was lower than expected (1,689k vs 1,700k expected), having remained in a tight range over the past few months now. The third revision to 4Q’22 US GDP saw annualised quarter-over-quarter GDP taken down to 2.6% (2.7% prior) on the back of lower personal consumption (1.0% vs 1.4% prior). 4Q’22 PCE was revised +0.1pp higher to 4.4%.
In Europe, we had several confidence data points for March in the Eurozone demonstrating a slight weakening relative to February. Economic confidence was down to 99.3 (vs 100 expected), industrial confidence became negative at -0.2 (vs 0.5 expected) and services confidence fell a tenth to 9.4 (vs 10 expected). Consumer confidence remained steady at -19.2. This contrasted with the services-driven improvement in the PMIs for March. Looking on the individual country level, the Spanish CPI rose +1.1% month-on-month (vs +1.6% expected) and +3.1% year-on-year (vs +3.7% expected) year-on-year on the EU-harmonised measure. Italian February PPI came in at -1.3% month-on-month, and 10% year-on-year.
Finally on commodities, oil rose sharply again yesterday for its third gain out of the last 4 days, as Bloomberg reported that it is highly unlikely that exports from Iraq will resume this week. Officials from the Kurdistan Regional Government are set to re-enter discussions with Iraqi officials early next week. WTI crude contracts were up +1.92% to $74.37/bbl whilst Brent crude hit $79.27/bbl after climbing +1.26%.
Now to the day ahead. We have quite a busy day data wise, with the US PCE deflator data, the March MNI Chicago PMI and the February personal spending and income data. From the UK we have the March Lloyds business barometer and the Q4 current account balance. In Europe, we have the Eurozone March CPI data and the February unemployment. We will also see the release of the Italian March CPI and the January industrial index, the German march unemployment change, February retail sales and the import price index, and lastly the French March CPI. February CPI and consumer spending. Finally, we will hear from several central bankers, including the ECB’s Lagarde and Kazaks, as well as the Fed’s Williams, Waller and CookAND 2 b) NOW NEWSQUAWK (EUROPE/REPORT)
Chinese PMIs bolstered sentiment, EZ HICP & US PCE ahead – Newsquawk Euro Market Open
FRIDAY, MAR 31, 2023 – 08:46 AM
- APAC stocks were mostly firmer after taking impetus from the tech-led gains on Wall Street and better-than-expected Chinese PMI figures.
- Chinese Manufacturing PMI topped forecasts and Non-Manufacturing PMI rose to its highest since 2011.
- European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 1.3% on Thursday.
- DXY is holding above the 102 mark, FX markets are overall relatively contained, NZD marginally outperforms, havens are a touch softer.
- Looking ahead, highlights include German retail sales, UK GDP (Q4), French CPI, Eurozone CPI, German labour market report, Canadian GDP, US PCE and core PCE, Chicago PMI, Uni. of Michigan (Final), Fed’s Collins, Williams, Barkin, Waller, Cook, ECB’s Lagarde.
View the full premarket movers and news report.
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US TRADE
EQUITIES
- US stocks were mostly higher amid continued strength in the tech sector which saw the Nasdaq 100 print fresh YTD highs, while the recent selling pressure in US treasuries further cooled after the mostly weaker-than-expected data releases from the US.
- SPX +0.57% at 4,051, NDX +0.91% at 12,963, DJIA +0.43% at 32,859, RUT -0.18% at 1,768.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed’s Kashkari (voter) said they have very high inflation but it is not being driven by wages and that they have to bring down inflation. Kashkari added that once the Fed gets inflation down, they can get back to a pre-COVID economy with low inflation, low unemployment and decent wage growth.
- Fed’s Barkin (non-voter) said deposit flows among US banks are relatively stable and he is encouraged by evidence of resilience, while he added that the Fed will need to stay nimble in weighing the fallout from bank stress against incoming data on inflation. Barkin also stated that he has no view yet on the appropriate rate hike at the next meeting and there is still a lot of data to come before then.
- Fed’s Collins (non-voter) said they likely need to hike rates more with further work needed on inflation and the Fed’s SEP of one more hike seems reasonable. Collins stated tighter credit may offset the need for more rate hikes, while she added the banking system is strong and resilient but likely to pull back on lending which will restrain the economy.
- White House called on US regulators to reverse Trump-era rule changes for large regional banks and urged regulators to accelerate work on expanding long-term debt requirements to a broader set of banks. Furthermore, it stated the costs of replenishing the deposit insurance fund should not be borne by community banks and that proposed reforms can be accomplished under existing law.
- Fed’s Balance Sheet fell to USD 8.765tln (prev. 8.784tln), BTFP lending rose to USD 64.4bln (prev. 53.7bln) and Discount Window borrowing fell to 88.2bln (prev. 110.2bln). In relevant news, ECB tapped Fed Dollar swap lines for USD 487.5mln in the week to March 29th and SNB tapped Dollar swap lines for USD 100mln in the week to March 30th.
- US House Speaker McCarthy said Republicans could act on their own regarding the debt ceiling if US President Biden does not negotiate.
- Former US President Trump has been indicted in New York after the probe into the Stormy Daniels payment, according to New York Times. Furthermore, sources said Trump faces more than 30 counts related to business fraud and is expected to surrender to the Manhattan District Attorney’s office early next week, according to CNN and NBC.
APAC TRADE
EQUITIES
- APAC stocks were mostly firmer at quarter-end as they took impetus from the tech-led gains on Wall Street and with participants digesting a slew of data releases including better-than-expected Chinese PMI figures.
- ASX 200 was led by the mining and resources sectors after the strong data from Australia’s largest trading partner although the upside was capped ahead of next week’s RBA meeting with a recent Reuters poll showing near-even expectations amongst economists between a hike and a pause.
- Nikkei 225 gained heading into the end of the fiscal year and climbed back above the 28,000 level after encouraging Industrial Production and Retail Sales data but was off highs with chipmakers later pressured after Japan announced to impose new restrictions on chip-making gear.
- Hang Seng and Shanghai Comp. were positive after the strong Chinese PMI data in which Manufacturing PMI topped forecasts and Non-Manufacturing PMI rose to its highest since 2011, with the outperformance in Hong Kong led by tech as JD.com plans to spin off its industrials and property units. However, the gains in the mainland were limited amid a deluge of earnings releases including mixed results from China’s mega-banks and with the nation’s largest property developer Country Garden posting its first annual loss since its listing in 2007.
- US equity futures (ES +0.2%) edged slightly higher in tandem with the constructive mood across Asia.
- European equity futures are indicative of a marginally higher open with the Euro Stoxx 50 +0.1% after the cash market closed up 1.3% on Thursday.
FX
- DXY slightly softened amid the mostly positive risk tone but with some of the downside pared after bouncing off support near the 102.00 level and with participants tentative ahead of the Fed’s preferred inflation gauge.
- EUR/USD moved off intraday highs but held on to most of the prior day’s gains around the 1.0900 level.
- GBP/USD briefly reclaimed the 1.2400 status owing to the buck’s recent retreat and the risk environment.
- USD/JPY initially benefitted from haven outflows but then failed to sustain a brief incursion above 133.00.
- Antipodeans were supported by the constructive mood and strong Chinese data, while NZD outperformed its trans-Tasman counterpart amid differing market views regarding RBA and RBNZ policy action next week.
- PBoC set USD/CNY mid-point at 6.8717 vs exp. 6.8718 (prev. 6.8886)
- Banxico hiked rates by 25bps as expected to 11.25% in a unanimous decision and said risks to inflation remain biased to the upside, while it noted that for its upcoming decision, the Board will take into account the inflation outlook, considering the monetary policy stance already attained.
- SNB’s Maechler said the SNB remains ready to be active in FX markets and foreign currency sales have been a mainstay of activities in the FX market.
FIXED INCOME
- 10yr UST futures were marginally lower amid the positive risk tone and a slight uptick in yields, while there were several comments from Fed officials including Kashkari who noted that they have very high inflation and Collins suggested the need to hike rates further with more work needed on inflation.
- Bund futures were steady as prices calmed down from yesterday’s whipsawing and ahead of upcoming data releases from the bloc including the latest EU inflation figures.
- 10yr JGB futures were subdued after firmer-than-expected Tokyo CPI data and lack of additional BoJ purchases.
COMMODITIES
- Crude futures took a breather from recent gains amid the flat performance across commodities.
- Spot gold was rangebound near the prior day’s highs amid a softer dollar and ahead of PCE price data.
- Copper futures were indecisive and failed to benefit from the risk environment and strong Chinese PMIs.
CRYPTO
- Bitcoin edged slight gains amid the positive risk tone and after reclaiming the USD 28,000 level.
- Circle’s USDC outflows exceeded USD 10bln since the crypto bank crisis, according to The Information.
- PBoC Deputy Governor Xuan said regulatory oversight quality over the digital economy will be improved, while he added that digital currencies and new inventions of cryptocurrencies are not fixing issues in finance and can create new issues. Xuan also stated that new technologies, especially new forms of finance, should not be blindly accepted and recognised, as well as thinks that the US has failed at regulating cryptocurrencies, according to Reuters.
NOTABLE ASIA-PAC HEADLINES
- Chinese Vice Finance Minister Zhu said China needs to step up fiscal policy adjustments to support the economy and that China will move steadily in implementing preferential tax and fee policies. Zhu also stated that China will effectively ease tax burdens of small firms and household businesses, while he noted that recently announced preferential tax and fee policies will reduce companies’ burdens by CNY 480bln per year, according to Reuters.
- China’s Ambassador to the EU warned the bloc of ‘peril’ in following the US on trade curbs, while he urged resistance to ‘unwarranted’ pressure and said that Beijing will not be ‘trampled’, according to FT.
- China’s Commerce Chief is to visit Brussels as EU trade relations sour, according to SCMP.
- Japan is to impose new restrictions of chip-making gear, according to Bloomberg and Reuters. Japan said it will impose restrictions on 23 types of chip-making equipment from July. Japanese officials said the scope of restrictions went further than the US measures imposed in 2022. Chip-equipment exporters would need licenses for all regions. The measures will affect a broader range of companies than previously expected, according to FT.
DATA RECAP
- Chinese NBS Manufacturing PMI (Mar) 51.9 vs. Exp. 51.5 (Prev. 52.6)
- Chinese NBS Non-Manufacturing PMI (Mar) 58.2 vs. Exp. 55.0 (Prev. 56.3)
- Chinese Composite PMI (Mar) 57.0 (Prev. 56.4)
- Japanese Industrial Production MM (Feb P) 4.5% vs. Exp. 2.7% (Prev. -5.3%)
- Japanese Retail Sales YY (Feb) 6.6% vs. Exp. 5.8% (Prev. 6.3%, Rev. 5.0%)
- Tokyo CPI YY (Mar) 3.3% vs. Exp. 3.2% (Prev. 3.4%)
- Tokyo CPI Ex. Fresh Food YY (Mar) 3.2% vs. Exp. 3.1% (Prev. 3.3%)
- Tokyo CPI Ex. Fresh Food & Energy YY (Mar) 3.4% vs. Exp. 3.2% (Prev. 3.2%)
GEOPOLITICAL
- Japanese Finance Minister Suzuki said Japan is to extend the suspension of its most favoured nation treatment on tariffs for Russia, while it was also reported that Japan banned Russia-bound exports of steel, aluminium and aircraft from April 7th, according to the Ministry of Economy, Trade and Industry cited by Reuters.
- Turkish parliament approved a bill to clear the way for Finland’s NATO accession, according to Reuters.
EU/UK
- UK PM Sunak’s office said Britain will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Trans-Pacific after the bloc’s members reached an agreement on Britain joining the trade pact, while Japan’s Economy Minister said they aim for an early signing of UK joining the CPTPP, according to Reuters.
- EU’s Vestager is optimistic that the EU can reach battery minerals trade agreement with the US that is similar to the US-Japan agreement but noted that more work is needed on the legal framework for a US battery minerals agreement.
DATA RECAP
- UK Lloyds Business Barometer (Feb) 32 (Prev. 21)
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 11.61 PTS OR 0.36% //Hang Sang CLOSED UP 181.25 PTS OR 0.89% /The Nikkei closed UP 256.55 PTS OR 0.93 % //Australia’s all ordinaries CLOSED UP 0.93 % /Chinese yuan (ONSHORE) closed UP TO 6.8663/OFFSHORE CHINESE YUAN DOWN TO 6.8698 /Oil UP TO 74.51dollars per barrel for WTI and BRENT AT 78.41 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
END
2e) JAPAN
JAPAN/
END
3 CHINA /
CHINA/SAUDI ARABIA
the fall of the USA dollar will now accelerate
(zerohedge)
Saudi Arabia Joins China-Led Economic And Security Bloc – Russia Also A Member
FRIDAY, MAR 31, 2023 – 09:45 AM
In the latest evidence of major shifts in global power dynamics, the Saudi government has approved the kingdom’s partial membership in a Chinese-led economic, political and security bloc.
Saudi Arabia will join the Shanghai Cooperation Organization with the initial status of a “dialogue partner.” Formed in 2001, the SCO’s full members are China, Russia, India, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.
Iran is expected to become a full member later this year, while other dialogue partners include two more countries that have traditionally been in the U.S. sphere of influence: Qatar and Egypt. Underscoring the group’s security component, SCO members will conduct a joint “counter-terrorism exercise” in Russia’s Chelyabinsk region — north of Kazakhstan — in August.
“By engaging with these U.S. rivals, it really does seem like this multipolarity is in full-bore here now,” Atlantic Council fellow Jonathan Fulton tells The Wall Street Journal.
Saudi Arabia’s decision comes three months after China President Xi Jinping visited Saudi Arabia, and just days after state-owned Saudi Aramco made two world-surprising announcements signaling a huge push into China: The Saudi petrochemical giant will build a $10 billion refinery in China and acquire a 10% stake in a leading Chinese oil refinery.
China recently brokered a rapprochement between longtime Middle East rivals Saudi Arabia and Iran. The two countries announced they will restore full diplomatic ties, and the kingdom credited China for serving as a “bridge” that made it possible. Xi said the dialogue will “play a major role in strengthening regional unity and cooperation.”
Saudi Arabia has joined the Shanghai Cooperation Organization (SCO), a #China-led security bloc, as a ‘dialogue partner’ amid deepening ties between #Riyadh and #Beijing @CNBCMiddleEast @_HadleyGamble @CNBCi pic.twitter.com/CpnUAbK2Iq— Sam Vadas (@sam_vadas) March 30, 2023
Speaking of regional cooperation, Saudi Arabia is also close to restoring diplomacy with the Syrian government, which was targeted for regime change by the United States with heavy assistance from Saudi Arabia, and which is still enduring the ongoing presence of US soldiers.
These developments all point to the waning influence of the United States, and the waxing clout of China. Ominously, the SCO’s growing membership rolls pave the way for the next phase of de-dollarization, a trend that threatens to obliterate a principal cornerstone of American power.
Uneasy American officials have cautioned its Middle East affiliates that some forms of cooperation with China could undermine their standing with the US…
…but these admonitions from the fading US empire ring increasingly hollow.
end
CHINA/SAUDI ARABIA
As we outlined yesterday this is a dagger into the heart of USA hegemoney: China and Brazil trading in each of their currencies for goods of the other
(zerohedge)
China And Brazil Strike Deal To Ditch The US Dollar
FRIDAY, MAR 31, 2023 – 04:22 PM
In a time when de-dollarization news are dropping fast and furious and even Elon Musk is now jumping on a bandwagon…
… which we first defined a decade ago, not a day goes by without some modest or not so modest shift toward a world in which the US currency – fully weaponized after February 2022 for the entire world to see and fear – is no longer the world’s reserve. And today was no exception.
According to the Brazilian government, China and Brazil have reached a deal to trade in their own currencies, ditching the United States dollar as an intermediary entirely, AFP reported.
The deal, Beijing’s latest salvo against the almighty greenback, will enable China, the top rival to US economic hegemony, and Brazil, the biggest economy in Latin America, to conduct their massive trade which amounts to $150 billion per year, and financial transactions directly, exchanging yuan for reais and vice versa instead of going through the US dollar. In doing so China extends its bilateral, USD-exempting currency arrangements beyond countries such as Russia, Pakistan and Saudi Arabia to now include the Latin American exporting powerhouse.
“The expectation is that this will reduce costs… promote even greater bilateral trade and facilitate investment,” the Brazilian Trade and Investment Promotion Agency (ApexBrasil) said in a statement.
China is Brazil’s biggest trading partner, with a record US$150.5 billion (S$200 billion) in bilateral trade last year.
The deal, which follows a preliminary agreement in January, was announced after a high-level China-Brazil business forum in Beijing.
Brazilian President Luiz Inacio Lula da Silva was originally scheduled to attend the forum as part of a high-profile China visit, but had to postpone his trip indefinitely on Sunday after he came down with pneumonia.
The Industrial and Commercial Bank of China and Bank of Communications BBM will execute the transactions, officials said.
To be sure, we are still a long away away from the yuan replacing the USD as global reserve currency, or maybe not so far if one reads the recent reports from Zoltan Pozsar. And yet, even such foaming Bretton Woods III skeptics as Rabobank’s Michael Every is starting to realize that he may have been wrong. From his morning note today:
We showed in ‘Why Bretton Woods 3 Won’t Work’ (2022) that an anti-US BW3 bloc does not balance its trade internally by value or structure: BW3 can sell commodities to China; but unless they absorb the exports China now sends to the West, or China runs trade deficits like the US, then it can’t happen. Instead, we all just return to global mercantilism – which is happening, is inflationary, and ultimately suits the US – just not Wall Street (either in terms of mercantilism or monetary policy). When BW3 players no longer hold their official and unofficial savings in USD assets (if not Treasuries, then agencies or stocks, or property), and want to stash cash in Moscow and retire in China, then things are changing
Alas, at the rate the current US ruling regime is destroying the world’s faith and confidence not only in the dollar but in what was once truly a superpower and is increasingly a third world banana republic – the latest news of Trump’s indictment for political reasons being the third world cherry on top – we won’t have very long to wait.
end
4.EUROPEAN AND UK AFFAIRS
EUROPE/INFLATION
Nor good for Europe as its core inflation rate hits record highs. Service inflation also rises appreciably
(zerohedge)
Core European Inflation Hits Record High, Headline Falls As Energy Costs Collapse
FRIDAY, MAR 31, 2023 – 03:04 PM
Following yesterday’s mixed messages from various EU nations, the overall Euro area headline CPI for Feb fell 163bp in March to 6.88% YoY – the lowest since Feb 2022 (and well below consensus expectations of 7.1% YoY).
However, and potentially more problematic for any ECB doves, core EU CPI (excluding energy, food, alcohol and tobacco), rose 4bp to a new record high at 5.65% YoY, in line with expectations.
Source: Bloomberg
Under the hood – and mimicking US patterns – services inflation rose 20bps to a new record high at 5.0% YoY, and non-energy industrial goods inflation 20bps to 6.6% YoY. Of the non-core components, energy inflation crashed 14.6pp to -0.9% YoY, while food, alcohol and tobacco inflation rose 40bps to 15.4%YoY.
Source: Goldman Sachs
Most notably, following today’s releases, Goldman updated its Euro area inflation forecast, and now expect core and headline inflation to be 4.0% YoY and 3.3% YoY respectively in December 2023.
And the market has adjusted hawkishly, with a 25bps hike by the ECB in May now priced at 90% odds…
Maeva Cousin, senior Bloomberg economist noted: “The March inflation reading adds to the case for additional tightening from the ECB. That follows comments from even dovish policymakers about the need for further hikes, now that stress in the banking sector has receded.”
As Bloomberg’s Ven Ram pointed out, interest-rate traders are currently pricing in a terminal rate circa 3.60%, but even assuming that inflation eventually slows to it estimate of 5.3% for this year, its policy rate would still be deeply negative.
That makes a 4% peak rate more likely than not.
For now, the banking stress is easing – prompting more hawkish ECB policymakers to urge further rises in borrowing costs.
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
UKRAINE/RUSSIA
END
ISRAEL//SYRIA//IRAN
Israeli Airstrikes Hit Damascus For Second Night In A Row
FRIDAY, MAR 31, 2023 – 04:46 PM
Authored by Dave DeCamp via AntiWar.com,
Israeli airstrikes targeted the Syrian capital of Damascus early Friday morning for the second day in a row, marking the fifth time in March that Israel bombed Syria.
Syria’s state news agency SANA reported that Syrian air defenses “intercepted hostile targets” in the airspace of Damascus. There was no mention of any casualties or damage caused by the strikes.
Less than 24 hours earlier, SANA reported that two Syrian soldiers were wounded in Israeli strikes on the Syrian capital. Israeli officials haven’t commented on either strike, as Israeli typically does not take credit for individual airstrikes in Syria.
According to the Times of Israel describing the latest:
The Britain-based Syrian Observatory for Human Rights, an opposition war monitor, said the strikes targeted an arms depots for government forces and Iran-backed groups just south of Damascus.
Footage circulating on social media showed explosions in the sky, apparently from Syrian air defense missiles.
The intensified Israeli airstrikes in Syria come as Israeli Prime Minister Benjamin Netanyahu is facing a political crisis at home. After massive protests and dissent within the Israeli government, Netanyahu delayed his controversial judicial overhaul, but unrest in the country continues.
Earlier this month, Israeli airstrikes targeted the airport in the Syrian city of Aleppo, which was devastated by the massive earthquake that hit northwest Syria and Turkey on February 6. The strikes temporarily shut down the airport, cutting off a vital channel for earthquake aid.
Israel claims its operations in Syria target Iran and Iranian weapons shipments, but the airstrikes often kill Syrians and damage civilian infrastructure.
END
6.Global Issues//COVID ISSUES/VACCINE ISSUES
Vaccinated People Make Up Majority of COVID-19 Deaths: CDC Data
Dec 1 2022
A medical worker treats an intubated unvaccinated 40 year old patient who is suffering from the effects of Covid-19 in the ICU at Hartford Hospital in Hartford, Connecticut on January 18, 2022. (Photo by Joseph Prezioso / AFP) (Photo by JOSEPH PREZIOSO/AFP via Getty Images)
0:009:401
Data from the Centers for Disease Control and Prevention (CDC) showed that vaccinated and boosted people made up most of the COVID-19 deaths in August.
Of the total 6,512 deaths recorded in August 2022, 58.6 percent of the deaths were attributed to vaccinated or boosted people, and seem to be a sign of a growing trend where vaccinated individuals are increasingly becoming the majority in COVID-19 mortalities.
In January 2022, COVID-19 mortalities in the vaccinated was still the minority with 41 percent of the data related to vaccinated or boosted individuals.
However, analysis of the CDC data from June and July showed over 50 percent of deaths were being reported in vaccinated individuals, with 62 and 61 percent reported respectively.
“We can no longer say this is a pandemic of the unvaccinated,” Cynthia Cox, the vice-president of the Kaiser Family Foundation told the Washington Post in an article dated Nov. 23.
Cox, while in support of COVID-19 vaccination, gave three reasons that may explain why.
One was that the majority of Americans have at least been given the primary series. Her second reason is that elderly, who have the greatest risk of dying from COVID, are also more likely to take up vaccinations.
Cox’s final reason was that the potency of the vaccine will wane over time and as variants become more resistant, and therefore recommended more booster uptake.
COVID-19 vaccination effectiveness has been shown to wane dramatically over the period of a few months, sometimes falling into negligible efficacy.
Professor Jeffrey Townsend from Yale University, biostatistician, and lead author to a research study evaluating natural and vaccinated immunity against COVID-19, wrote in an email to The Epoch Times that at this stage in the pandemic, rather than comparing the vaccinated against the unvaccinated, it is more helpful to look at an individual’s time since last exposure instead, with exposures meaning vaccinations or infections.
“Most people have had some kind of exposure, the time since last exposure, along with what the last exposure was, dictates the level of immunity and can explain most variation in susceptibility, morbidity, and mortality,” Townsend wrote.
Currently, long term studies on immunity against COVID-19 have shown that whether a person is vaccinated or infected with COVID-19, their immunity wanes over time.
Other research compared natural immunity with vaccinations often showed that vaccination tend to wane at a much higher rate than that of natural infection.
Some scientists also posited that mRNA vaccines may interfere with the body’s natural immune response. Since the current technology used in mRNA vaccines may “hide the mRNA from cellular defenses and promote a longer biological half-life and high production of spike protein,” according to a June 2022 paper published in Food and Chemical Toxicology. The spike protein is the main pathogenic part of the SARS-CoV-2 virus.
Clinicians Question ‘Pandemic of the Unvaccinated’ Narrative
Internal medical physician and cardiologist Dr. Peter McCullough told The Epoch Times that the pandemic was only driven by the unvaccinated in 2020, where there were no vaccines available, and from 2021 it was mostly the vaccinated people who were dying from COVID-19. He reasoned that it is simply because the vaccine did little to control mortality.
“[The CDC data] is far too late in drawing that conclusion, [the vaccinated] probably assumed the majority sometime during 2021,” said McCullough.
In 2020, more than 385,000 COVID deaths were documented by the CDC, whereas in 2021, when vaccinations were rolling out, there were more than 463,000 COVID-19 deaths.
By June of 2021, around 53 percent of the U.S. population had received their first dose and 44 percent were fully vaccinated.
Yet there was little difference in COVID-19 mortality cases between the first half of 2021 and the second half, with over 244,000 cases (more than 50 percent of the whole year) reported from July to December.
“It certainly can’t be a situation where we blame the unvaccinated for COVID deaths. And we certainly wouldn’t conclude that the vaccines made any impact on us as the majority of deaths happened during the era of vaccinations,” said McCullough.
Data from other countries have also demonstrated higher rates of vaccinated patients being hospitalized with COVID as vaccination rates overall rose.
As early as January 2022, hospitalization data coming out from the state of New South Wales (NSW) in Australia showed that a greater proportion of hospitalized patients were vaccinated. The vaccinated contributed to 50.3 percent of ICU presentations as compared to the 49.1 percent who were unvaccinated.
NSW was the only state that continued to track and publicize the vaccine status of the people being hospitalized in Australia. It is one of the most vaccinated places; by Nov. 24, over 80 percent of people over the age of 16 received their first boosters.
The most recent weekly data from NSW continued to show that the vaccinated make up the majority of COVID hospitalizations, ICU admission, and deaths. The most recent report, dated to Nov. 12, showed that unvaccinated patients contributed to 21 percent of COVID deaths, and less than 1 percent of hospitalizations and ICU admissions.
However, it should be noted that there was only 24 cases of COVID deaths reported in the report, with 440 hospitalizations and 40 ICU admissions, suggestive of a decline in disease severity.
Mortality data from Manitoba in Canada in the week July 31 to Aug. 6, 2022 also showed that while the boosted population made up 70 percent of all COVID mortalities, the unvaccinated contributed to less than 10 percent of deaths. This is with 43 percent of the population boosted.
Reports out of the UK also showed similar findings. A report (pdf) published on March 31, 2022 showed that almost 73 percent of COVID mortalities were in boosted individuals while 10 percent were attributed to unvaccinated people. At the time, over 57 percent of the population received a booster shot and 73 percent received their primary doses.
Unvaccinated Mortality Rates May Not Reflect the Whole Picture
McCullough added that with the decrease in overall disease severity with Omicron, the data may not present an accurate understanding on COVID deaths.
“The CDC death data has to be interpreted with caution, because they’re not adjudicated as dying of COVID. They can actually die with COVID.”
The CDC’s website currently estimates that only 10 percent of COVID-19 deaths have COVID as the contributor of deaths. Therefore, there may be cases counted as a COVID mortality even if COVID was not the primary driver for the death.
McCullough gave the example that a person may be admitted to the hospital for a heart attack and test positive on the COVID test from having contracted the disease 6 months ago.
This could imply that, for some deaths, “whether they’re vaccinated or unvaccinated is relatively irrelevant,” said McCullough.
McCullough said that studies that assess COVID hospitalizations but do not adjudicate for COVID diseases or respiratory illnesses may also not be directly reflective on the prevalence or significance of COVID diseases.
“Patients can be intermittently positive for COVID for many months after the illness. So if a patient comes in for an ankle sprain or unrelated problem, they can count it as COVID hospitalization.”
McCullough also warned that hospital studies on disease outcomes between vaccinated and unvaccinated individuals often collected vaccine data that was unsynchronized with the U.S. vaccine administration record.
“The hospital electronic medical records assume that the patient is unvaccinated unless the patient really makes the case that they are indeed vaccinated. Many patients who are on the ventilator are in the ICU, they can’t produce their vaccine card.” The CDC’s MMWR reports list people who were vaccinated but received their two primary shots less than 14 days before the initial infection as unvaccinated; another report wrote that unvaccinated also included people who could not be matched to the registry.
Correction: The Epoch Times cited the percentage in COVID deaths where COVID is the sole morbidity, rather than the percentage of COVID-contributed mortality. The percentage has been updated to 10 percent. The Epoch Times regrets the error.
END
WHO Now Says COVID Vaccines Not Recommended For Healthy Kids & Teens
FRIDAY, MAR 31, 2023 – 05:40 AM
Yet another leading health institution has unveiled a significant Covid policy reversal this week… this time it’s none other than the World Health Organization (WHO) saying something that might have gotten an individual suspended from social media or publicly “canceled” a mere one or two years ago:
The revision in guidelines was put out this week by the WHO’s Strategic Advisory Group of Experts on Immunization (SAGE) – a group of scientists and officials which said they no longer recommend the Covid vaccine for “healthy” children ages 6 months to 17 years.
“The public health impact of vaccinating healthy children and adolescents is comparatively much lower than the established benefits of traditional essential vaccines for children – such as the rotavirus, measles, and pneumococcal conjugate vaccines,” SAGE wrote.
The new policy identifies three priority groups — high, medium and low — and puts children and teens in the low category. The definitions assess categories for “risk of severe disease and death”. The WHO still recommends that “Children who have compromised immune systems or existing health conditions should still get the vaccine.”
SAGE Chair Dr. Hanna Nohyn stated in explaining the updated guidelines, “Updated to reflect that much of the population is either vaccinated or previously infected with COVID-19, or both, the revised roadmap reemphasizes the importance of vaccinating those still at-risk of severe disease, mostly older adults and those with underlying conditions, including with additional boosters.”
The United States CDC currently recommends Covid vaccines for children 6 months and up…
It’s unclear whether the US Center of Disease Control and Prevention (CDC) will follow in adapting its recommendations to this revised WHO policy, but what is clear is that those parents who remained skeptical of putting hastily developed “Authorized for Emergency Use” mRNA vaccines into their children have been clearly vindicated… and this time by no less than the WHO.
END
…GLOBAL ISSUES:
DR PAUL ALEXANDER
How could pregnant women be excluded from the legacy registrational Pfizer & Moderna studies yet EUAs be granted that gave them the mRNA technology injection? Do babies in utero have mRNA, LNP, spike?
This study by Young et al. raises serious questions and demands urgent study as it shows that lipid-nano particles (LNPs) facilitate delivery of mRNA to the placenta vs saline or free mRNA; concerns??
| DR. PAUL ALEXANDERMAR 31 |
Is this why we are getting reports from Dr. Naomi Wolf’s Daily Clout Research Team and Dr. James Thorp as to the potential risk and damage to the baby in utero as well as the pregnant woman? Is this why we are hearing so many negative reports? We need very urgent studies to help unravel this issue for if the mRNA and LNP as well as spike protein from the mother is driving to the placenta and to the developing baby, this can have huge implications for the child. Especially to the naïve developing innate immune system of the new born infant. What about maternal vaccine induced antibodies crossing the placenta? Vaccinating mother for COVID is as if the baby is vaccinated. The vaccinal antibodies can potentially subvert the innate antibodies which would prevent the proper development of the infant/child’s innate immune system, leaving child at risk for auto-immune diseases as well as being susceptible to a wide array of glycosylated viruses.
Today, based on the body of evidence, there is no situation whereby a healthy child should receive these mRNA COVID gene injections (even the DNA adeno-viral platform). None. A child brings statistical zero risk to the table. Leave the children alone with the COVID shots. They never needed them.
Women, mothers, you must hold the line and protect your babies and infants. The COVID gene injection has failed and must be withdrawn from the market immediately.
end
5 year terms accountable to Senate! BOOM, if only it could pass and become law! Fauci will go down as one of the most inept, corrupt, dangerous public servants in US history, without question
| DR. PAUL ALEXANDERMAR 31 |
SOURCE:
They used COVID, a fraud concocted non-pandemic with a flawed fraud PCR test (over-cycled and over-sensitive) to topple a sitting POTUS and now are trying again, to prevent his re-election. In my view, they will go to any lengths to make sure that he is damaged and tarnished before the election. This IMO, represents one such tactic. It did not work the first time, yet they are trying again. The scales of justice do not always prevail and are not always balanced and Madame Justice is not blind when it comes to Trump. This is wrong on so many levels and as one individual, I disagree with what was done here
.
VACCINE IMPACT
Second Wave of Bank Runs Start – Demise of the U.S. Dollar as the World’s Reserve Currency Accelerates
March 30, 2023 5:00 pm
It’s been over a week now since a bank has failed, but according to multiple sources, that does not mean that the banking crisis is over. In fact, many sources are reporting that bank runs are continuing, with a “second wave” of bank runs now going on. As we have previously reported, these modern-day bank runs are not always as noticeable today in the digital era, as you don’t typically see people lining up at the banks to physically withdraw their money, as it all happens on the Internet. And while today depositors are rushing into Money Market accounts, once the smaller banks start failing again, expect to see more money exit bank accounts, such as into the FedNow CBDC accounts scheduled to come online this summer, as well as into commodities such as Gold and Silver. The rest of the world is, of course, noticing this, and some are beginning to trade with currencies other than the U.S. Dollar.
All the Many Ways Big Tech is Selling Your Data to the Government Who is Spying on Americans without Warrants
March 30, 2023 5:37 pm
I am not going to cover the RESTRICT Act proposed legislation regarding TikTok, since just about everyone else in the alternative and right-wing corporate media seems to be covering that story, but I am going to highlight some of the many ways the U.S. Government already purchases data from Big Tech and spies on American citizens, illegally, without a warrant. These articles are from the Cyber Vice topic, a great source of information on the darker side of Tech.
.SLAY NEWS
| George Soros Called for Soldiers to Usher In ‘New World Order’For years, radical billionaire George Soros has been using his vast wealth to twist society into his globalist vision for the world.READ MORE |
| Mark Wahlberg Doesn’t Regret Telling Hollywood To Pound Sand: “It’s really giving the kids a chance to thrive, a much better lifestyle”Mark Wahlberg doubled down on his decision to leave Hollywood and move his family to Nevada. Mark had enough of California and the politicians in that state and moved to a suburb of Las Vegas for a better quality of life. He says it was the right move. He said: “It’s really giving the kids a chance to thrive. It …READ MORE |
| Armed Robber Targets Clothing Store, Clerk with Two Guns Puts Him in a Body BagAn armed robber left a clothing store in an appropriate outfit after he fatally underestimated the clerk.READ MORE |
| Laura Ingraham Calls For Nashville Shooter’s Manifesto To Be “Aired Publicly And In Full, We Don’t Want Some Sanitized Version”Fox News host Laura Ingraham called for the Nashville school shooter’s manifesto to be aired publicly on her hit show on Fox News The Ingraham Angle. She said she does not want some sanitized version but the full manifesto released. Laura said: “Where’s the manifesto? We’re getting out first answers tonight. According to the New York Post, and we just …READ MORE |
| Sean Hannity Reaches Limit, Calls Out “The Left’s Repulsive Response to Shooting at The Covenant School”Fox News host Sean Hannity called some scandalous behavior on the left in response to The Covenant School shooting in Nashville. Sean was repulsed by what he saw and detailed it. Sean said: “Let us turn to the left’s repulsive response to Monday’s shooting at The Covenant School in Nashville, Tennessee. Because this was a Christian school targeted by a …READ MORE |
| Joe Manchin Denounces Joe Biden: “Betrayal, violate and subvert the law to advance a partisan agenda”Sen. Joe Manchin (D-WV) went scorched on Joe Biden accusing the president of a major betrayal and perverting the law to pursue an ideological agenda. In an op-ed published by the Wall Street Journal, Manchin called out Biden’s implementation of the Inflation Reduction Act saying unelected bureaucrats and political appointees are abusing the Act and subverting the law to increase …READ MORE |
| Wall Street Journal Reporter Arrested In Russia On Espionage ChargesA Wall Street Journal reporter has been detained in Russia on espionage charges. Russia’s main security agency said it detained a Wall Street Journal reporter, Evan Gershkovich who is a U.S. citizen, for what it is calling espionage. The Federal Security Service said Thursday it had detained Gershkovich in the eastern city of Yekaterinburg. The FSB said in a statement …READ MORE |
| Jacob Chansley Released From Prison, Moved To Halfway HouseJacob Chansley (the J6 Shaman) is out of prison and has been moved to a halfway house. This comes after Tucker Carlson released a new video about the riots and Twitter CEO Elon Musk called for his release. But according to Jake’s lawyer, the two famous men had little to do with the timing of Chansley’s release. Jake’s lawyer said: …READ MORE |
| 9 Soldiers Killed After Two Black Hawk Helicopters Crash In KentuckyNine service members are dead after two United States Army Black Hawk helicopters collided during a training exercise in Kentucky. Crew members from the decorated 101st Airborne Division were flying two HH-60 Black Hawk assault helicopters on Wednesday when they crashed at around 10 pm. The crew members are part of the U.S. Army’s air assault division nicknamed the ‘Screaming …READ MORE |
| Judge Rules That Giving the Middle Finger Is a ‘God-Given Right’A Canadian judge has officially declared that giving the middle finger is a “God-given right.”READ MORE |
| ‘Woke’ Education Is Hurting America on the World Stage, Top Senator WarnsA top Republican senator has issued a warning to the American people over the devastating impact that “wokeness” is having on the nation.READ MORE |
| Press Secretary For Arizona Dem Gov. Katie Hobbs Resigns In DisgraceThe press secretary for Arizona Democratic Gov. Katie Hobbs resigned in disgrace today after suggesting gun violence against “transphobes” hours after a woman who identified as transgender killed three children and three adults at Nashville Christian school. Hobbs’ office said in a statement: “The Governor does not condone violence in any form. This administration holds mutual respect at the forefront …READ MORE |
| Obama Takes Swipe At Trump, Misses And Smacks Himself In Head Instead: “With my successor coming in, I think he saw an opportunity”Former President Barack Obama is cashing in with some lucrative speaking engagements in Australia. In the most recent high-paid gig, Obama tried to blame former President Donald Trump for the rise of China. Obama was talking with former Australian Foreign Affairs Minister Julie Bishop to a packed fawning house. Obama at one point said Chinese leader Xi Jinping has a …READ MORE |
MICHAEL EVERY/RABOBANK//
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
AUSTRALIA
ROBERT H TO US:
𝗺𝗮𝗿𝗴𝗶𝗻𝗖ⓐ𝗟𝗟 on Twitter: “#bankcrisis #bankrun Claims that Australian ANZ Bank is out of cash https://t.co/gOoXvXDtiS” / Twitter
If this proves to be true then contagion indeed has spread globally
Mean while there likely is some truth that the Federal Reserve is losing it as the Central Bank to all Central Banks. Neocons do not care about anything but their agenda and they have highjacked DC to do their bidding. Ordinary Americans have no interest in war or the Ukraine or NATO. The EU has the big stake here and if it falls so does NATO and the Euro.
You may recall, to save the world monetary system from the stupidity of the European politicians, ( zero interest rates and the great reset of WEF) the Federal Reserve had to step in and take over the REPO market where JP Morgan was the major player. They created FIMA on July 28th, 2021. However, unbeknownst to most people, that solution became permanent. That is why I have been saying that the Federal Reserve has become the central bank of the world.
In the middle of this banking crisis with your typical pretend analysts claiming everything is purely domestic, these people have no real comprehension of the structure behind the curtain. They focus on the latest statistic that foreign central banks liquidated Treasury holdings at the greatest pace in nine years. Some say see! The dollar will CRASH! Baloney!
What they miss in their in one-sided interpretation is that they also tapped into this little-understood key Federal Reserve facility to raise cash as banking stress roils markets. So in truth, yes they dumped US Treasuries, but NOT because they were bearish on the dollar, but because they were BROKE! And Central Banks are really not in any position to stand behind national banking players who are insolvent or circling the drain.
The Fed data reveals that the foreign official holdings of Treasury securities fell by $76 billion in the week through March 22 to $2.86 trillion. That was indeed the largest weekly decline since March 2014. However, simultaneously, the Fed’s FIMA facility to hand REPO was tapped for a record $60 billion. That dwarfed the $1.4 billion peak reached during the height of the pandemic. This shows the real scope of this banking crisis. It is VERY serious in Europe – much more so than in the United States.
The Fed’s FIMA program has now become the Great Hope to help ease any pressures in global funding markets. It allows foreign central banks to post their US Treasury holdings as collateral in exchange for dollar liquidity, which is often in high demand during times of stress. The Fed can lend with one eye closed at face value rather than market value. This is also why despite the selling of Treasuries to raise money in Europe, Treasury yields have tumbled reflecting that the Fed is indeed the defacto central bank of the world. And in effect whatever the true value of those treasuries the lost is not being disclosed on the Fed balance sheet for us to see. Don’t you wish everyone could do this and not be held to account? Except such a Pollyanna state of reality does not exist for anyone.
This is the real problem because the Emperor has no clothes. What backs the Federal Reserve? Especially as other Central Banks need liquidity and turn in their treasuries to the only Buyer making the Fed the sole and only buyer shuffling debt that no one can buy. This is what you are not to understand. And why the rush to war! And why the distancing from the USD in trade settlements to avoid fallout by non aligned Western countries who will keep going, regardless of what occurs with the West.
Speaking of War, do you know that Russia has adopted a new revised foreign policy strategy in which West is declared an “existential” threat to Russia? Or that Russia is calling up another 147,000 troops? Are you aware that NATO is going to send in so called “Peace Keepers” into the Ukraine conflict? After all the deployment period was extended for the 45,000 American troops in Romania and it was not for nothing. Medvedev has made it clear that :” any peacekeepers on the front lines in Ukraine without our consent must be eliminated”. If you are aware that there are now Russian jets in Belarus quite capable to delivering hypersonic missiles with a number of nuclear missiles to be stationed by July then you know Russia is responding to the provocative and aggressive actions of NATO with full disclosure hoping for common sense to prevail. And yes the S400 missiles are deployed in Belarus along with Iskanders for good measure. Do not think previous images of deployment of defensive systems on Moscow rooftops was for show. The protection around Moscow and other cities is layered deep with state of art systems. And even with that it is clear that major hits will be absorbed. And one supposes that American planes sent to Europe to coordinate missile strikes are seen as some sort of barrier for retaliation. One imagines that if the worse was to be occasioned, no one paid attention to the Russian “dead hand” which if needed will ensure America ceases to exist, even if all Russian politicians and military are dead. It is fail safe that is without equal and darn scary. And what images of protection are there around Western cities to be seen?
In typical fashion when all else fails, we are led to war to distract from realities. This time should actual overt war break out the Neocon fools will learn that nukes will fly. And one should expect any and all NATO bases will be destroyed along with breaking the fight to the American homeland. Unlike previous wars where America stood undamaged this will be much different.
If traveling soon, be flexible and anticipate that plans may have to be changed on short notice for personal safety and mobility.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0899 DOWN.0005
USA/ YEN 132.95 DOWN 0.245 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.23896 UP 0.0002
USA/CAN DOLLAR: 1.35247 UP.0024(CDN DOLLAR DOWN 24 PTS)
Last night Shanghai COMPOSITE CLOSED UP 11.61 PTS OR 0.36%
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 181.25 PTS OR 0.89 %
/SHANGHAI CLOSED UP 11.61 PTS OR 0.36%
AUSTRALIA BOURSE CLOSED UP 0.83 %
(Nikkei (Japan) CLOSED DOWN 256.55 PTS OR 0.93%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1981.90
silver:$23.85
USA dollar index early FRIDAY morning: 101.96UP 13 BASIS POINTS from WEDNESDAY’s close.
DTHURSDAY MORNING NUMBERS ENDS
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And now your closing THURSDAY NUMBERS 11: 00 AM
Portuguese 10 year bond yield: 3.149% DOWN 7 in basis point(s) yield
JAPANESE BOND YIELD: +0.340% UP 1 AND 8 //100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.342/ DOWN 4 in basis points yield
ITALIAN 10 YR BOND YIELD 4.147 DOWN 7 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.32425 DOWN 0 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR THURSDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0886 DOWN 0.0017 or 17 basis points
USA/Japan: 132.497 DOWN.214OR YEN UP 22 basis points/
Great Britain/USA 1.2393 UP.0007 OR 7 BASIS POINTS //
Canadian dollar DOWN .0006OR 6 BASIS pts to 1.3528
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE (CLOSED UP)..(6.8619
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 6.8673
TURKISH LIRA: 19.19 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.340…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 4 in basis points from THURSDAY at 3.513% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.703 DOWN 4 in basis pt
USA 2 YR BOND YIELD: 4.0906 % DOWN 1 in basis points.
closing USA dollar index, 101.99 UP 16 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 75.33 12: EST
Brent Oil: 79.19. 12:00 EST
USA /RUSSIAN /// DOWN TO: 77.67/ ROUBLE DOWN 0 AND 59/100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.3225 UP 0
UK 10 YR YIELD: 3.5465 UP 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0841 DOWN 0.0003 OR 3 BASIS POINTS
British Pound: 1.23129 DOWN 0037 or 37 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.4930% UP 0 BASIS PTS
USA dollar vs Japanese Yen: 132,79 DOWN 0,409 //YEN UP 41 BASIS PTS//
USA dollar vs Canadian dollar: 1.3522 DOWN .0000 CDN dollar, UP 00 basis pts)
West Texas intermediate oil: 75.70
Brent OIL: 79.87
USA 10 yr bond yield DOWN 2 BASIS pts to 3.473%
USA 30 yr bond yield DOWN 4 BASIS PTS to 3.651%
USA 2 YR BOND: DOWN 6 PTS AT 4.037%
USA dollar index: 102.328 UP 46 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 19.18
USA DOLLAR VS RUSSIA//// ROUBLE: 77.60 DOWN 0 AND 52/100 roubles
DOW JONES INDUSTRIAL AVERAGE: UP 415.12 PTS OR 1.26%
NASDAQ 100 UP 218.21 PTS OR 1.68%
VOLATILITY INDEX: 18.70 DOWN .32 PTS (1.71)%
GLD: $183.22 DOWN 0.96 OR 0.52%
SLV/ $22.12 UP 0.18 OR 0.82%
end
USA AFFAIRS
1 a)USA TRADING TODAY IN GRAPH FORM
Banks Bust As Big-Tech Booms In Q1; Gold & Crypto Soar As Dollar Dumps
SATURDAY, APR 01, 2023 – 12:55 AM
Q1 2023 – and even more specifically the month of March – can be summarized with one simple image…
Bank crisis in US and EU, global war rhetoric rising, de-dollarization actions escalating, US layoffs exploding? Makes you wonder about the state of the dollar eh?
Source: Bloomberg
BUT Everything must be ok right – the S&P 500 is above pre-SVB levels (just ignore the bank stocks collapse)…
Source: Bloomberg
However, a bigger picture look paints a different picture as the dollar suffered its second straight quarterly decline) as Bitcoin soared over 70% and Gold jumped almost 9% (bonds and stocks were also higher in Q1)…
Source: Bloomberg
In equity-land, the divergence across the majors in Q1 is quite shocking as long-duration mega-cap tech (and trash) soared while Big-Caps (Dow) and Small-Caps (Russell 2000 – heavy with small financials) ended around unchanged.
That was the Nasdaq’s best quarterly performance since Q2 2020 (and before that to Q1 2012)…
Source: Bloomberg
For the month, the Nasdaq is up over 8%, its biggest March advance since 2010. The Russell 2000 and Trannies were the ugliest horse in March’s glue factory…
Source: Bloomberg
Dow surged to its best week since November, but Small Caps outperformed, up over 3%…
The last 3 Friday have seen fear over SVB, CS, & DB respectively, so 4th time was the charm this week with a major melt-up as early 0DTE negative delta flows (as the S&P broke above 2065 JPM Collar Call Strike) were rapidly unwound as stocks continued to squeeze higher and that accelerated the gains…
The S&P rallied all the way back up to the key 4100 level today…
The S&P 500’s performance in Q1 was dominated by just 15 stocks…
In fact, it gets worse, according to Bianco Research, META, AAPL, AMZN, NFLX, GOOGL, MSFT, NVDA, TSLA account for all of the S&P’s YTD return. They are up +4.6%. The other 492 stocks collectively are down for the year (-.99%).
Mega-Cap techs saw market caps soar with AAPL back above $2.5 trillion, MSFT back above $2 trillion, AMZN back above $1 trillion, and META and TSLA back above $500 billion…
Source: Bloomberg
Tech and Discretionary dramatically outperformed in Q1 while Energy and Financials lagged…
Source: Bloomberg
European markets were mixed in March with Germany and France ending green while UK was the biggest loser…
Source: Bloomberg
On the month, European banks are modest underperformers relative to US banks, but both are ugly…
Source: Bloomberg
March was a wake-up call for commercial real estate, as Office REITs crashed hard…
Source: Bloomberg
US growth stocks have dominated Q1, crushing value stocks (until this week when the ratio of Russell 1000 Value/ Growth hit the August lows). For context, this is the biggest growth/value quarter since Q1 2020 (and before that Q1 2009)
Source: Bloomberg
March saw bond vol (MOVE) explode relative to equity vol (VIX) – to the same extent as October 2008…
Source: Bloomberg
Thanks to March ugliness (and basically no issuance), corporate bond spreads in US and EU are wider in Q1 after blowing out wider in March, erasing all the compression from Jan/Fed…
Source: Bloomberg
While stocks bounced back above pre-SVB levels, the credit market remains much more stressed (even with the rally of the last 2 days)…
Source: Bloomberg
Q1 was a wild one for bonds with Treasury yields exploding higher on hawkish Fed realizations and then collapsing lower on safe-haven/recession anxiety over the bank crisis. Amid all the chaos, yields ended the quarter surprisingly grouped, down around 30bps or so (with the belly outperforming)…
Source: Bloomberg
March was a big month for the yield curve with its biggest monthly steepening since May 2013 (2s10s +32bps), ending Q1 unchanged…
Source: Bloomberg
Yields were all higher on the week (with the short-end underperforming)…
Source: Bloomberg
The market’s expectations of The Fed’s actions has swung violently in Q1 from a post-payrolls-beat, post-hawkish-Powell surge (expecting rates to be over 100bps higher by year-end) to a post-SVB failure collapse (expecting rates to be almost 100bps lower by year-end). The quarter ends with coin-flip odds of one more rate-hike before The Fed is done and then cuts starting by September…
Source: Bloomberg
Interestingly, the short-term yield curve is ending Q1 just a little more dovish than it started it – having been dramatically more hawkish and dovish intra-quarter…
Source: Bloomberg
The dollar is set to end the quarter 1.4% lower, its first consecutive quarterly loss since 2020, amid easing concerns about the global banking sector and money market wagers on Federal Reserve interest-rate cuts. This is the 5th monthly drop in the dollar out of the last 6 months…
Source: Bloomberg
All the major cryptos had a good Q1, with Solana outperforming and Bitcoin gaining more than Ethereum (and that was in spite of ‘Operation Choke Point 2.0’)…
Source: Bloomberg
Bitcoin is up for the 3rd month in a row for its best quarterly gain since Q1 2021, back above $28,500 (and Ethereum is also up for 3 straight months (best Q since Q1 2021), nearing 7 month highs at $1850)…
Source: Bloomberg
NatGas was the standout commodity performance in Q1, collapsing 50% as warmer weather spoiled Putin’s party plans. Gold was the quarter’s best performer (along with copper – China reopening hopes) as crude closed lower…
Source: Bloomberg
Gold is up for the second quarter in a row (up over 19% in the last 6 months – its best such gain since 2016), with its highest quarterly close in history. March saw gold rally almost 9% -its best month since July 2020 (topping $2000) once again…
Oil has been on a tear for the last two weeks with WTI back above $75, but remains down on the year, after breaking below its Jan/Feb range…
And finally, Q1 saw over $450 billion of inflows into Money-Market funds and over $300 billion in deposit outflows from US domestic banks…
Source: Bloomberg
And in case you were wondering what has sparked this sudden panic-buying in bonds, bullion, bitcoin, and big-tech? That’s easy – The Fed!!! Just as we warned would happen mid-March…
It’s the ‘old QE’ trade writ large. But what happens next (as The Fed balance sheet actually shrunk modestly last week) and Goldman’s US Activity Index just dropped into contraction…
With recessionary signals growing louder, maybe pricing in some ‘easing’ by The Fed is ‘fair’ but that appears fully priced-in to stocks at near-record high valuations (esp. mega-cap tech).
i b Morning trading:
Early morning trading:
II) USA DATA
“Recession Ahead” – UMich Consumer Sentiment Slides For First Time In 4 Months
FRIDAY, MAR 31, 2023 – 05:07 PM
The final print for the much-watched UMich inflation expectations was lower than the flash print for 1Y (down from 3.8 to 3.6%) while medium-term inflation exp rose from 2.8 to 2.9% intramonth…
Source: Bloomberg
Having dipped in the flash March print, the final UMich headline sentiment index extended declines, with both current conditions and expectations both lower than the flash print. Consumer sentiment fell for the first time in four months, dropping about 8% below February but remaining 4% above a year ago.
Source: Bloomberg
Surveys of Consumers Director Joanne Hsu noted that:
“This month’s turmoil in the banking sector had limited impact on consumer sentiment, which was already exhibiting downward momentum prior to the collapse of Silicon Valley Bank.”
Adding that:
“Overall, our data revealed multiple signs that consumers increasingly expect a recession ahead.“
While sentiment fell across all demographic groups, the declines were sharpest for lower-income, less-educated, and younger consumers, as well as consumers with the top tercile of stock holdings.
All five index components declined this month, led by a notably sharp weakening in one-year business conditions.
END
END
III) USA ECONOMIC STORIES
Pozsar’s Warning Of Dollar’s Waning Sway Comes True
FRIDAY, MAR 31, 2023 – 06:00 AM
By Ye Xie, Bloomberg Markets Live reporter and strategist
In a quick succession this week, Beijing unveiled ground-breaking deals to further its efforts to promote the yuan and ditch the US dollar. It’s the kind of thing money-market guru Zoltan Pozsar had in mind when he warned that the dollar’s centrality in the world financial system is slowly being whittled away.
What occurred in Beijing this week was easy to overlook, but it could just as easily have a place in future history books. On Wednesday, Banco BOCOM BBM became the first Latin American bank to sign up as a direct participant in CIPS, a Chinese alternative to the US-dominated global payment system. The two countries also agreed to settle trade in their own currencies.
Earlier this week, Saudi Aramco agreed to buy a stake in Rongsheng Petrochemical, one of China’s refining giants, in its biggest-ever foreign acquisition to expand its presence in the world’s biggest energy importer. A day later, China National Offshore Oil Corporation and France’s TotalEnergies completed China’s first yuan-settled liquefied-natural-gas trade through the Shanghai Petroleum and Natural Gas Exchange.
These developments followed an earlier warning by Pozsar, a former Fed and US Treasury Department official, that we could be witnessing the dusk for the petro-dollar and the dawn of the “petro-yuan.” He flagged the so-called BRICS — Brazil, Russia, India, China and South Africa — in particular in an essay in December:
“China is proactively writing a new set of rules as it replays the “Great Game,” creating a new type of globalization with new institutions like the Belt and Road Initiative, BRICS+, and the SCO (Shanghai Cooperation Organization)
…the one thing that the BRICS are most aligned on is the de-dollarization of their fast-growing, bilateral trade flows…the drive to de-dollarize intra-BRICS trade and soon intra -BRICS+ trade will speed up. Don’t tell me that doesn’t threaten the dollar’s supremacy, or that it won’t hurt the “exorbitant privilege”
…the U.S. dollar and Treasury securities will likely be dealing with issues they never had to deal with before: less demand, not more; more competition, not less.
To be sure, the yuan’s market share in the global system remains minuscule. But the direction is clear. As Victor Xing at Kekselias Inc. put it: “The key characteristic of the present geopolitical development is ideological, rather than based on economic calculus. Therefore, it is harder to de-escalate, and it means the disruptions and decoupling has momentum to go on for a longer period of time.”
END
Cracker Barrel leaves Portland
(zerohedge)
Cracker Barrel Leaves Portland, Following Walmart’s Lead
FRIDAY, MAR 31, 2023 – 04:25 PM
Cracker Barrel is calling it quits on Portland.
It seems nary a day goes by when we aren’t writing about some major corporation – Target, Walmart, Walgreens, etc. – leaving a major city due to a rise in crime and theft. Today is going to be no different.
The restaurant chain this week acknowledged what Walmart’s CEO had already pointed out: that “crime and theft were taking their toll” on companies in Portland and that they would be leaving the city, according to Fox News.
The company officially blamed Covid-19 for the closures, the report says. The company said: “As a standard course of business, we continually evaluate the performance of our stores, using various criteria to ensure we are meeting the needs of our guests and our business.”
It continued: “With that, we are saddened that we have been unable to overcome the impact the pandemic had on our business and have made the difficult decision to close the Beaverton, Tualatin, and Bend locations on March 20. The decision to close a store is never one we take lightly, and our focus right now is in assisting our impacted employees during this transition.”
When Fox News asked for more details, a spokesperson told them: “Like so many other companies, the pandemic impacted our business, and we have struggled to staff and profitably run these stores. Despite the extra efforts made, we couldn’t viably continue to keep our doors open.”
Recall, Walmart also recently closed all of its Portland stores, stating officially: “We have nearly 5,000 stores across the U.S. and unfortunately some do not meet our financial expectations. While our underlying business is strong, these specific stores haven’t performed as well as we hoped.”
Walmart CEO Doug McMillon later said: “Theft is an issue. It’s higher than what it has historically been.”
“Prices will be higher and/or stores will close” if crime didn’t slow, he continued.
Portland native Dustin Michael Miller told Fox News: “Our city is out of control. It is unrecognizable. I’ve lived here my whole life, and it’s just deteriorated over the last five years.”
END
article misses the point
STEVE BROWN:Bloomberg: “SVB’s Collapse Shows the World’s Favorite Safe Asset Isn’t
Risk-Free”
Article fails wrt the fact that primary dealers are guaranteed a
profit even if minimal on specific treasury debt instruments by the
Fed via dealer repos, while ‘joe blow’ banks (non-dealers) like SVB
are not …
If all banks including fed-treasury dealers held us debt instruments
on the same terms that SVB did, the entire system would have collapsed
by now.
Its disingenuous to fail to highlight that, but that’s Bloomberg for you.
END
Re: ASEAN Finance Ministers and Central Banks Consider Dropping US Dollar, Euro and Yen, Indonesia Calls for Phasing Out Visa and Mastercard
| Kevin Wallien | 12:38 AM (7 hours ago) |  | |
| to me | |||
It just dawned on me that although the foreign dollar deposits in US banks or foreign banks held overseas can certainly cause inflation if repatriated, that the foreign owned dollars on deposit with US GSIB banks in branches located in US may be the bigger issue. Though some may be insured and desire to pull them out may be low, both insured and uninsured dollar deposits owned by the foreign institutions here in US branches may pull the plug because dollars are no longer needed. THAT WOULD CREATE A BANK RUN THAT IS THE FINALE
Dollar payment system eroding fast. Why keep dollar deposits in US branches of foreign institutions if your central bank isn’t going to swap your local bank with whom you deal with in your own country for those dollars when you want to repatriate your US deposits?
I get that Eurodollars are a big deal that keeps the dollar strong because of the Eurodollars owed by foreign institutions they have borrowed. And they need dollars to cover their short. Why not pull out their dollar deposits (though tiny compared to what they owe)from our banking system and watch the US banking system and dollar collapse prior to covering the short
This is a big issue. Because the US dollar denominated deposits of foreigners in our US banking system is huge.
Kevin
> On Mar 31, 2023, at 9:36 AM, Kevin Wallien <kevin_wallien@earthlink.net> wrote:
>
>
> https://www.aseanbriefing.com/news/asean-finance-ministers-and-central-banks-consider-dropping-us-dollar-euro-and-yen-indonesia-calls-for-phasing-out-visa-and-mastercard/
END
Yellen Warns Next Crisis Could Come From ‘Shadow Banks’ And Regulators Must Act
FRIDAY, MAR 31, 2023 – 10:47 PM
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
Treasury Secretary Janet Yellen on Thursday said banking rules may need to be tightened after the recent failures of Silicon Valley Bank (SVB) and Signature Bank, while warning of structural vulnerabilities that must be addressed in the “shadow bank” sector that includes things like hedge funds and money market funds.
In remarks prepared for delivery to the National Association for Business Economics (NABE), Yellen said that banking regulation and supervisory rules need to be reexamined in the wake of the twin collapses of SVB and Signature, which were sparked by bank runs.
“Anytime a bank fails, it is cause for serious concern. Regulatory requirements have been loosened in recent years. I believe it is appropriate to assess the impact of these deregulatory decisions and take any necessary actions in response,” Yellen said.
Yellen said a 2018 roll-back of bank capital requirements and stronger supervision for smaller and mid-size banks with assets below $250 billion should be reevaluated.
She added that regulatory reforms put in place after the 2008 financial crisis have helped the U.S. financial system cope with shocks, but that gaps remain and there’s scope to bolster resiliency.
“But the failures of two regional banks this month demonstrate that our business is unfinished,” Yellen said, adding that the U.S. financial system is now considerably more robust to shocks than it was during the previous crisis a dozen or so years ago.
“This is perhaps best illustrated by the fact that we’ve seen relative stability in the overall banking sector this month, even as concerns grew about specific institutions,” she said.
Smaller community and regional banks have seen a rise in deposit outflows following the failures of SVB and Signature while big banks seen as “too big to fail” and more likely to be bailed out have been the beneficiaries. This has led to concerns that as deposits flee local banks, their provision of credit will dwindle, with negative economic impacts, especially on small businesses.
Yellen said it was important for regulators to assess whether the current supervisory and regulatory regimes are adequate for the risks that banks face and, if not, then policymakers “must act.”
While she made no specific proposals for tighter regulatory and supervisory standards, she said any next steps must take into account the “health and competitiveness of our vibrant community and regional banking institutions,” which could face an outsized impact from more regulations.
She acknowledged that more regulation means bigger and costlier burdens on banks in general, but that such costs “pale in comparison to the tragic costs of financial crises.”
Shadow Banks in Crosshairs
In her speech, Yellen called for tighter regulation of the growing non-bank or “shadow bank” sector, which includes money market funds, hedge funds, and crypto assets.
In the traditional banking sector, there are rules and measures in place to reduce the risk of bank runs. Alongside capital and liquidity requirements for banks, there are also deposit guarantees provided by the Federal Deposit Insurance Corporation (FDIC), which all reduce the likelihood that depositors will rush to withdraw their savings at the first sign of trouble.
“Yet the financial stability risks posed by money market and open-end funds have not been sufficiently addressed,” Yellen cautioned.
Money market funds, in particular, are vulnerable to runs and fire sales, Yellen said, in part due to the so-called “first-mover advantage” that established an incentive for investors to redeem “at the whiff of a problem.”
The first-mover advantage in context of money market funds means that the first redeemers can exit the fund at $1 per share, while those who wait may be subject to a reduced market value and so take a haircut. This creates an incentive for investors to redeem at the first sign of a problem, which can lead to runs and panic sales that pose a risk to financial stability.
During the 2008 financial crisis, expected losses on Lehman Brothers commercial paper led to a run on the $62 billion Reserve Primary Fund, which in turn sparked concerns about commercial paper issued by other banks and led to runs on other money market funds.
The first-mover advantage was also at play in March 2020 amid the pandemic shock, when a record $255 billion flowed out of bond mutual funds, Yellen noted.
This and other structural vulnerabilities regarding money market and open-end funds aren’t new, and the Securities and Exchange Commission (SEC) has, over the past two years, sought to address them through new regulatory proposals.
In particular, the SEC’s proposals would reduce the first-mover advantage and also require new liquidity management tools and mandate that these funds provide investors and the SEC with more comprehensive and timely information.
‘Negative Spiral of Margin Calls’
Hedge funds, meanwhile, which had nearly $10 trillion in gross assets in 2021, face leverage risks, Yellen said.
“Leverage can support economic growth, but excessive leverage is dangerous. It can add fuel to fire sales by triggering a negative spiral of margin calls and rapid asset liquidations,” she said. These fire sales can transmit stress to other market participants, including large, systemically important banks.
“Post-crisis banking regulations have helped reduce the potential of spillovers to the banking system. But spillovers from these fire sales to other market participants remain a risk,” Yellen said.
Yellen said that, in an effort to address these risks, the multi-regulator Financial Stability Oversight Council’s restored Hedge Fund Working Group will continue to monitor them and develop policy recommendations.
Also on the Treasury secretary’s radar for systemic vulnerabilities that could seed a financial crisis are digital assets. Of particular concern are stablecoins, which could also be forced into asset fire sales in times of stress.
“A run on one stablecoin can lead to panicked runs on other stablecoins—causing even broader selloffs,” Yellen said, adding that Congress should pass legislation to establish a comprehensive prudential regulatory framework for stablecoin issuers and for other digital assets.
Yellen said the Biden administration is studying the potential for systemic risks from digital assets.
“And we are also exploring broader policy issues around the future of money and payments, including the possibility of a central bank digital currency,” Yellen said.
Meanwhile, global banking regulators have been discussing stepping up scrutiny of how risks from systemically important shadow banks could destabilize lenders.
Pablo Hernández de Cos, chair of the global Basel Committee, which writes bank capital rules that are applied across the world, said in a speech last week that additional guidance for managing shadow bank risks should be rolled out sometime this year.
USA COVID//
END
SWAMP STORIES
“This Is Political Persecution”: Trump Rages, DeSantis ‘Won’t Extradite’, McCarthy Cries ‘Injustice’ Over Indictment
FRIDAY, MAR 31, 2023 – 01:28 AM
Update (2040ET): According to Trump’s attorneys he is expected to be arraigned as early as Tuesday, the NY Times gleefully reports.
* * *
Update (1827ET):
Trump has responded to the lawsuit, saying in a statement: “This is Political Persecution and Election Interference at the highest level in history.”
Full statement:
‘This is Political Persecution and Election Interference at the highest level in history. From the time I came down the golden escalator at Trump Tower, and even before I was sworn in as your President of the United States, the Radical Left Democrats – the enemy of the hardworking men and women of this Country – have been engaged in a Witch-Hunt to destroy the Make America Great Again movement. You remember it just like I do: Russia, Russia, Russia; the Mueller Hoax; Ukraine, Ukraine, Ukraine; Impeachment Hoax 1; Impeachment Hoax 2; the illegal and unconstitutional Mar-a-Lago raid; and now this.
‘The Democrats have lied, cheated and stolen in their obsession with trying to ‘Get Trump,’ but now they’ve done the unthinkable – indicting a completely innocent person in an act of blatant Election Interference.
“Never before in our Nation’s history has this been done. The Democrats have cheated countless times over the decades, including spying on my campaign, but weaponizing our justice system to punish a political opponent, who just so happens to be a President of the United States and by far the leading Republican candidate for President, has never happened before. Ever.
“Manhattan DA Alvin Bragg, who was hand-picked and funded by George Soros, is a disgrace. Rather than stopping the unprecedented crime wave taking over New York City, he’s doing Joe Biden’s dirty work, ignoring the murders and burglaries and assaults he should be focused on. This is how Bragg spends his time!
“I believe this Witch-Hunt will backfire massively on Joe Biden. The American people realize exactly what the Radical Left Democrats are doing here. Everyone can see it. So our Movement, and our Party – united and strong – will first defeat Alvin Bragg, and then we will defeat Joe Biden, and we are going to throw every last one of these Crooked Democrats out of office so we can MAKE AMERICA GREAT AGAIN!”
Constitutional law professor Jonathan Turley opined on the indictment in a Thursday interview with Fox News.
“Bragg reportedly has secured his indictment. He has made history, but it is an inglorious moment where even some on the left have criticized the effort. This is a patently political prosecution. Bragg and NY AG James ran on bagging Trump. This has fulfilled that pledge but, if the indictment follows the course described in coverage, it is deeply flawed theory. We will have to wait to see the indictment. …The objection is not to the prosecuting of a misdemeanor but the reported effort to extend the statute of limitations under an unprecedented bootstrapping theory. We have not heard of an alternative criminal theory.
Florida Governor Ron DeSantis, meanwhile, has issued a statement condemning the “weaponization of the legal system to advance a political agenda,” adding that Florida “will not assist in an extradition request given the questionable circumstances at issue with this Soros-backed Manhattan prosecutor and his political agenda.”
House Speaker Kevin McCarthy has weighed in as well, tweeting; “Alvin Bragg has irreparably damaged our country in an attempt to interfere in our Presidential election.
“As he routinely frees violent criminals to terrorize the public, he weaponized our sacred system of justice against President Donald Trump.”
The President of El Salvador chimes in;
Tucker Carlson opines;
* * *
A Manhattan Grand Jury has voted to indict former President Donald Trump over hush money paid to former porn star Stormy Daniels, according to the NY Times, citing four people familiar with the matter.
The still-sealed felony indictment, which comes as 2024 campaign season comes into focus, makes Trump the first former president in US history to face criminal charges.
The exact charges are not yet known, however the Times expects them to be announced in the coming days by the Manhattan district attorney’s office. Prosecutors working for DA Alvin L. Bragg will ask Trump to surrender and face arraignment on said unknown charges.
[U]nlike the investigations that arose from his time in the White House, this case is built around a tawdry episode that predates Mr. Trump’s presidency. The reality star turned presidential candidate who shocked the political establishment by winning the White House now faces a reckoning for a hush money payment that buried a sex scandal in the final days of the 2016 campaign.
Mr. Trump has consistently denied all wrongdoing and attacked Mr. Bragg, a Democrat, accusing him of leading a politically motivated prosecution. He has also denied any affair with the porn star, Stormy Daniels, who had been looking to sell her story of a tryst with Mr. Trump during the campaign. –NY Times
The move also comes just before the grand jury takes a one-month break until late April.
Interestingly, as The Epoch Times’ Jack Phillips reported, this month-long delay came after an attorney in former President Donald Trump’s orbit who testified in front of a Manhattan grand jury earlier this month believes that there has been a shift in Manhattan District Attorney Alvin Bragg’s case against the 45th president.
“Well, I think I got through to them, because [Monday] I understand they called back another witness by the name of David Pecker, who used to run the National Enquirer,” Costello, a former Michael Cohen attorney, told Newsmax on Tuesday.
“Basically, what they’re doing is really gerrymandering this,” he said of Bragg’s probe into Trump.
Costello said he had represented Cohen, himself a former Trump lawyer, and told reporters last week that he does not believe Cohen is a credible witness against Trump.
Sounds like that wasn’t the case.
The prosecution’s star witness in the case is former Trump attorney Michael Cohen, who paid Stormy Daniels $130,000 to keep quiet about sleeping with Trump. Cohen said that Trump directed him to buy her silence (contrary to a 2018 letter from his lawyer claiming the opposite), and says that the Trump organization helped cover it up.
The case brought by Mr. Bragg, a Democrat, is far from a sure bet. Mr. Bragg’s predecessor, Cyrus Vance Jr., and federal prosecutors each passed on charging Mr. Trump in a stand-alone case related to the hush money. If the case goes to trial, a conviction would almost certainly require a jury to credit the testimony of former Trump attorney Michael Cohen, who has faced his own legal troubles and pleaded guilty to an array of federal felonies in 2018. Among them was a campaign-finance offense for the porn-star payment, as well as charges of lying to a bank and to Congress. -WSJ
Meanwhile, this didn’t age well…
Did Alvin Bragg just make Trump into even more of a martyr?
As Techno Fog writes via The Reactionary…
The indictment is an absolute scandal, the banana republic on parade, the prosecutor using the weapons of his office to attack his political opponent.
Bragg and his predecessor’s slow-walking of the investigation, with its inception by Manhattan DA goes back to 2019, evidences both the dubious nature of the case against Trump and the political motivations for prosecuting Trump. Theoretically, this should be a simple case. Yet the investigation went on for nearly five years, despite what they’ve possessed: overzealous prosecutors who wanted to charge Trump with racketeering, the cooperating witnesses, the likely millions of pages of materials from the Trump Organization.
Now suddenly, the insanely pro-criminal Manhattan DA, who demanded his prosecutors reduce charges for violent criminals, is prioritizing law and order. It’s hard to believe there are legitimate reasons – for prosecutors, that means seeking justice – for that transformation. Why bring the case now? It’s the start of the 2024 presidential campaign season.
You can’t help but think of the political calculations that went on in Bragg’s head. Not only does he benefit personally, now elevated to a liberal folk hero after being the prosecutor to finally get Trump (a campaign promise he keeps), but this throws a grenade into the Republican race. Will the GOP base rally to Trump? How will the other candidates respond?
And what will this do for the undecideds and the independents and the swing voters – those who are essential to victory in 2024?
Some of those questions will be answered in the short term. Some of them won’t be answered until election day, assuming Trump gets the GOP nod.
That’s because the case won’t go away. It’s illegitimate and political, but it’s here to stay for the time being. Don’t be surprised if the trial date is set for the first half of 2024. And don’t understate the danger to Trump, who will face a jury of Biden voters. Biden won Manhattan 86.7% to 12.3% according to the New York Times. The jury of Trump’s peers will be friendly to the prosecution. That’s all the Manhattan DA might need to secure a conviction. Trump could very well win on appeal but the damage – which carries national repercussions – might already have been done.
And that’s the whole point of this dirty scheme.
END
NYPD Tells Every Member To Show Up In Uniform As “Precaution” In Response To Trump Indictment
FRIDAY, MAR 31, 2023 – 04:07 PM
Authored by Paul Joseph Watson via Summit News,
The New York Police Department has told every member to show up in uniform this morning as a “precaution” in response to the indictment of Donald Trump.
In what many have denounced as a political show trial, a Manhattan Grand Jury on Thursday voted to indict Trump over an alleged hush-payment to adult film star Stormy Daniels in 2016.
Trump has accused Manhattan DA Alvin Bragg of “doing Joe Biden’s dirty work,” but is set to surrender on Tuesday to face arraignment on charges that remain under seal.
Perhaps concerned about Trump supporters gathering to protest the indictment, the NYPD is taking no chances.
“All uniformed members of the New York City Police Department are to show up in uniform as of 0700 hours on 03-31-2023 as a precautionary measure,” a spokesperson said in a statement Thursday night.
That means around 36,000 officers will be on hand, despite there being no planned protest by Trump supporters.
Earlier this month, the NYPD set up barriers outside the courthouse where the grand jury was hearing testimony about the case after Trump himself called on supporters to protest the issue.
However, the protests were limited and sporadic, with many MAGA fans suspecting that the whole thing was another January 6 style set up.
Some have pointed out the irony of the media building hysteria around potential riots by Trump supporters when they largely ignored or downplayed the violent storming of the Tennessee state capitol building yesterday by transgender rights and gun control activists.
* * *
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THE KING REPORT
| he King Report March 31, 2023 Issue 6980 | Independent View of the News |
| Manhattan grand jury votes to indict Trump: NYT https://archive.is/IsPTb#selection-273.0-273.73 Trump Grand Jury Digs into Hush Money Paid to Second Woman: WSJ Manhattan prosecutors investigating Donald Trump’s role in paying hush money to a porn star also have been examining a $150,000 payment to a former Playboy model (Karen McDougal) who alleged that she had an affair with the former president… raising the prospect that Mr. Trump could face charges connected to the silencing of both women… https://www.wsj.com/articles/trump-grand-jury-digs-into-hush-money-paid-to-second-woman-c1818ffb A political and legal Rubicon has been crossed. No whining when it is applied to Dem politicians! Trump: “This is political persecution, election interference at the highest level in history…” https://twitter.com/simonateba/status/1641567982059941888 @SpeakerMcCarthy: Alvin Bragg has irreparably damaged our country in an attempt to interfere in our Presidential election. As he routinely frees violent criminals to terrorize the public, he weaponized our sacred system of justice against President Donald Trump. Ron DeSantis says he will refuse any extradition request after Trump indictment: ‘Questionable circumstances’ – DeSantis slammed the charges against Trump as ‘un-American’ https://www.foxnews.com/politics/desantis-trump-charges-are-un-american-says-florida-will-not-assist-in-extradition-request-by-manhattan A moral of the DJT indictment: If you incessantly brag that you are going to “drain the swamp” and “lock her up”, you better honor your pledge or else retribution will be exacted on you! GOP Rep @mtgreenee: Our side chants “lock her up” and their side is going to get a mug shot based on a witch hunt. It’s time to change that. Gloves are off. @AnnCoulter: They’re trying to make him our nominee. Would they do that because they think he’d be tough to beat or easy to beat? @JackPosobiec: The case was DOA until they needed a distraction from Nashville and the trans militants. And, poof, just like that, Alvin found the votes to indict Trump. Tucker Carlson et al believe ‘they’ purposely want to foment unrest to destroy America as we know it. Is it the CCP or Russia or radical leftists? For over 100 years, communists have used race and class to divide America. Recently, gender, orientation, and uber-hyped micro-aggressions have been added to the insurrectionists’ repertoire. PS – Commies funded the unrest in the ‘60s & early ‘70s to great success. GOP-allied pundits are asking GOP leaders/quislings if they have the guts to respond. What about Mitch? @TuckerCarlson: Donald Trump is now the first former President of the United States ever to be indicted. There is no coming back from this moment. https://twitter.com/TuckerCarlson/status/1641595845421170696 Tucker: “Republican leaders are naturally calling for surrender. People like that have been in charge of the GOP for generations and voters are sick of it. If they continue to run the party it will no longer exist within a few years. There will be no reason to have it.” https://twitter.com/AmFirebrand/status/1641600780116295680 Bund Yields & ECB Rate-Hike Odds Jump After Mixed Messages from EU Inflation Spanish CPI… March… came in at 3.1% YoY, down from Feb’s 6% YoY… 3.7% YoY expected. However, core CPI – excluding volatile items like fuel and fresh produce — only dipped a smidge, to 7.5%… German CPI eased… to +7.8% YoY (from +9.3% YoY in Feb)… considerably hotter than the expected +7.5% YoY (and is the second month in a row of hotter than expected inflation for Europe’s largest economy)… wages are a key factor that officials are monitoring for signs that price growth is becoming entrenched. Talks with workers in Germany’s public sector, who want a double-digit pay rise, ended without a deal overnight and will go to independent arbitration… https://www.zerohedge.com/markets/bund-yields-ecb-rate-hike-odds-jump-after-mixed-messages-eu-inflation @zerohedge: GS: “We upgrade our Euro area headline inflation forecast to 7.17%yoy, from 7.06%yoy previously, and mark up our core inflation tracking estimate by 8bp to 5.80% yoy” US Q4 GDP 2.6%, 2.7% exp; Personal Consumption 1.0%, 1.4% exp; GDP Price Index 3.9% as exp, Core PCE 4.4%, 4.3% consensus; Change in Private Inventories contributed 1.47 to GDP! Government contributed 0.65 to GDP. Intellectual Property added 0.33 to GDP (Table 2). The BEA: The increase in real GDP primarily reflected increases in private inventory investment, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by decreases in residential fixed investment and exports. The increase in private inventory investment was led by manufacturing (mainly petroleum and coal products) as well as mining, utilities, and construction (led by utilities)… Current-dollar personal income increased $398.8 billion in the fourth quarter, an upward revision of $10.8 billion. The increase primarily reflected increases in compensation (led by private wages and salaries) and government social benefits (table 8). Within government social benefits, the increase primarily reflected an increase in “other” benefits reflecting state stimulus payments to individuals in the form of one-time refundable tax credits… Real gross domestic income (GDI) decreased 1.1 percent in the fourth quarter, in contrast to an increase of 2.8 percent in the third quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 0.7 percent in the fourth quarter, compared with an increase of 3.0 percent in the third quarter (table 1)… https://www.bea.gov/sites/default/files/2023-03/gdp4q22_3rd.pdf Schwab’s @KathyJones: Corporate profits, released in this morning’s GDP report, declined for the second straight quarter, falling 2% in 4Q22. https://twitter.com/KathyJones/status/1641426792346161152 David Rosenberg (@EconguyRosie): No recession? Well, there sure is one in corporate profits, with today’s revised Q4 GDP report showing that pre-tax earnings collapsed at an -18% annual rate for the second straight quarter and contracting on a YoY basis for the first time since 2020 Q2 US Initial Jobless Claims 198k, 196k expected, prior 191k Continuing Jobless Claims 1.689m, 1.7m expected, prior 1.685m revised from 1.694m Low Jobless Claims Show Labor Market Shrugs Off Economy’s Clouds New applications for unemployment benefits rose by 7,000 last week https://www.wsj.com/articles/low-jobless-claims-show-labor-market-shrugs-off-economys-clouds-dfb48962 ESMs declined modestly during Asian trading on Thursday. After the 1:00 ET Nikkei close, ESMs commenced a rally that peaked near 10:00 ET. ESMs rallied from 4052.50 to 4087.75. ESMs then tumbled 15 handles in 16 minutes. Traders eagerly bought the dip; ESMs jumped 14 handles in 14 minutes. But ESMs and stocks then rolled over. ESMs sank 23 handles, but bottomed at 13:46 ET. The manipulation to game Q1 performance then commenced. ESMs rallied 20 handles into the close. The NASDAQ 100 hit its highest level since August and is +21.3% from its January 6, 2023 low. Biden calls for range of banking regulations in the wake of SVB, Signature Bank failures https://t.co/DeS1qoxjcH Fed’s Collins Says Some More Tightening Needed, Banks Are Strong “Inflation remains too high, and recent indicators reinforce my view that there is more work to do, to bring inflation down to the 2% target associated with price stability,”… “While the banking system remains strong and resilient, recent developments will likely lead banks to take a somewhat more conservative outlook and tighten lending standards, thus contributing to slowing the economy and reducing inflationary pressures,” Collins said in her prepared speech. “These developments may partially offset the need for additional rate increases.”… https://finance.yahoo.com/news/fed-collins-says-more-tightening-164419994.html Fed’s Collins: Getting Inflation down argues for no rate cuts this year https://finance.yahoo.com/news/feds-collins-getting-inflation-down-174905800.html @NickTimiraos: Boston Fed President Susan Collins indicates her baseline outlook would call for one more rate increase before an extended hold, as per the median projection of rate-setters last week. Fed’s Kashkari sees ‘more work to do’ on inflation “The one area that is particularly concerning right now is that the services economy, outside of housing, has not shown any sign of slowing down,” he said. “Wage growth is still growing faster than what is consistent with our 2% inflation target; that tells me we still have more work to do to bring the services side of the economy back into balance… we know we have to get inflation down, and we will.”… https://finance.yahoo.com/news/feds-kashkari-banking-stress-could-174511499.html Fed’s Barkin: Bank deposit flows “stable,” inflation still “hot” https://finance.yahoo.com/news/feds-barkin-bank-deposit-flows-164623427.html Goldman Sachs believes 300 million full-time jobs could be impacted by AI platforms like ChatGPT They predict that up to 18% of the global workforce “could be computerized.” It was noted that the risks were directed more toward white-collar workers instead of manual laborers. In the US and Europe alone, they estimate that two-thirds of jobs could already be at risk… (Ugly societal & political consequences!) https://unusualwhales.com/news/goldman-sachs-believes-300-million-full-time-jobs-could-be-impacted-by-chatgpt Positive aspects of previous session Fangs and techs rallied sharply, mostly on Q1 performance gaming Bonds rallied about ½ point on Q1 performance gaming Negative aspects of previous session Equity action, despite the blatant manipulation, was relatively listless; S&P had a 25.75 range @Mr_Derivatives: SPY Today was the lowest volume day of the year. Meaningful or meaningless? Ambiguous aspects of previous session Once again, Fed officials are hawkish on inflation, and once again, Mr. Market mocks the Fed 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]: 4046.93 Previous session High/Low: 4057.85; 4032.10 ‘Unacceptable incompetence’: CDC made dozens of basic data errors on COVID, epidemiologists find – FDA evidence for full approval of COVID antiviral Paxlovid, known for “rebound” infections in top federal officials, found wanting by scientists, including NIAID researcher. https://justthenews.com/government/federal-agencies/unacceptable-incompetence-cdc-made-dozens-basic-data-errors-covid Risk Of Cardiac Death Tripled For Young Women Following AstraZeneca COVID-19 Vaccination: Study https://www.theepochtimes.com/risk-of-cardiac-death-tripled-for-young-women-following-astrazeneca-covid-19-vaccination-study_5067350.html @WSJ: A Russian court ordered WSJ reporter Evan Gershkovich detained until May 29 for what it described as espionage. His arrest has drawn broad condemnation. https://t.co/g1N99xtMV6 Russian minister says it’s too early to talk of prisoner swap for U.S. reporter – RIA Detained U.S. reporter Evan Gershkovich who has been held on suspicion of spying… https://t.co/lrlti2YTst @cspan: @SpeakerMcCarthy on wanting to meet with President Biden: “I would bring lunch to the White House, I would make it soft food if that’s what he wants. It doesn’t matter. Whatever it takes to meet.” https://twitter.com/cspan/status/1641483253772169229 Fed Balance Sheet (Big Surprise!): -$27.845B; Repos -$5B; Loans -$11.524B; MBS -$10.755B https://www.federalreserve.gov/releases/h41/20230330/ Today – Though stocks rallied as expected on Thursday via manipulation to game Q1 performance, the rally was not as robust as usual. This suggests that stocks are tired. The usual suspects will try to force stuff higher today to game Q1 performance. The variable for today is how many traders unload stuff into the manipulation. The big game will be the final hour as unloaders vie with riggers. Expected economic data: Feb Personal Income 0.2%, Spending 0.3%, PCE Deflator 0.3% m/m % 5.1% y/y, PCE Core Deflator 0.4% m/m & 4.7% y/y; March Chicago PMI 43; March UM Sentiment 63.3, Current Conditions 66.4, Expectations 61.4, 1-year Inflation 3.8%; NY Fed Pres Williams 15:05 ET ESMs are +13.25 at 20:40 ET on early manipulation to game Q1 performance. S&P 500 Index 50-day MA: 4014; 100-day MA: 3967; 150-day MA: 3918; 200-day MA: 3932 DJIA 50-day MA: 33,128; 100-day MA: 33,344; 150-day MA: 32,519; 200-day MA: 32,375 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 3905.00 triggers a sell signal Hourly: Trender and MACD are positive – a close below 4008.32 triggers a sell signal QAnon Shaman Jacob Chansley is freed from prison 14 months early after his lawyer said Jan. 6 footage showing him being escorted into Senate by cops was exculpatory… https://trib.al/kl6c6uI @ChuckCallesto: Bombshell video emerges of undercover police officers posing as ANTIFA RIOTERS on J6. “We go undercover as Antifa in the crowd.” https://twitter.com/ChuckCallesto/status/1641487960435568658 Tennessee state troopers stop Capitol breach by gun control protestors More than one thousand protesters, most of whom appeared to be young people, appeared outside the building at attempted to enter it during a session of the legislature. (Will they get the Jan 6 treatment?) https://justthenews.com/politics-policy/tennessee-state-troopers-stop-capitol-breach-left-wing-mob Pro-trans Kentucky protesters arrested after swarming state capitol amid House vote to override Beshear’s veto (Will they get the Jan 6 treatment?) https://t.co/OU2ZRXFbJ0 National Archives admits over 1,100 Biden records pages at Penn office, lacks custody of others “NARA does not have physical custody of any Vice Presidential records retrieved from these locations. Because we lack custody of the records, we cannot respond to your request for these records,” the Archives said. https://justthenews.com/government/white-house/national-archives-admits-over-1100-biden-records-pages-penn-office-lacks The Buck Stops Where? By David Stockman The most outrageous breakout of statist excess in US history happened on Donald Trump’s watch with his full complicity. In turn, these Covid-lockdown assaults on normal economic function transformed what was a mediocre economic record during his first 38 months in office into a complete disaster during the last 10 months… The imbalances, excesses, distortions, and malinvestments introduced into the US economy owing to the lockdowns, mandates and Covid hysteria, and then the Brobdingnagian monetary and fiscal stimmies designed to relieve these dislocations, plague us to this very day… The parallel excuse that “The staff made me do it” doesn’t let him off the hook, either. If Donald Trump had even a minimal regard for constitutional liberties and free market principles, he would never have greenlighted Dr Fauci and his Virus Patrol and the resulting tyranny they erected virtually overnight. And most especially he would not have tolerated their continuing assaults as the lockdowns dragged into weeks and months…. Trump unleashed the Virus Patrol bootheels and then embraced a fiscal and monetary compensation strategy that in essence said, “Shut it down, pay them off.”… the government data series for personal transfer payments is posted monthly and captures a large share of the expenditures funded by the $6 trillion of Covid bailouts between March 2020 and March 2021… a final $8.098 trillion burst in March owing to Biden’s American Rescue Act… there is nothing like this very worst kind of government spending explosion in all of modern history… Trump is not an economic conservative in any way, shape, or form. He’s simply an opportunistic demagogue who chanced to stumble upon the violent illegal alien theme (murders and rapists) on his way down the escalator to the announcement of his candidacy in June of 2015… https://brownstone.org/articles/the-buck-stops-where/ US Marshals told ‘not’ to arrest abortion protesters at SCOTUS justices’ homes Sen. Katie Britt (R-Ala.) unveiled a series of training slides used to prepare Marshals for their assignments as she grilled Attorney General Merrick Garland… The slides instructed the Marshals to “avoid, unless absolutely necessary, any criminal enforcement” involving protesters and that “making arrests and initiating prosecutions was not the goal” of their being stationed outside the residences of the court’s six conservative jurists… At that hearing, Garland insisted that Marshals were empowered to decide in the field whether to make arrests. However, another slide cited by Britt directed Marshals to clear any “enforcement action” with the local US Attorney’s office “in advance” and warned: “It is counter-productive to make [probable cause] arrests on cases that the USAO will not charge and prosecute.” “Were you, at any point before your testimony in front of the Judiciary Committee, aware of these training materials or the fact that the Marshals had been heavily discouraged from making arrests … ?” Britt asked Garland. ”This is the first time I’ve seen the slide deck,” the AG responded… https://nypost.com/2023/03/29/us-marshals-told-not-to-arrest-protesters-after-roe-overturn/ Possibly, as numerous pundits have opined, the hapless Garland does not control the DoJ. White House Dodges Question on Whether Biden is in Favor of Confiscating AR-15s Already Owned by Americans (Dems’ gun control talk is just symbolic. When they had control of Congress and the presidency, they didn’t introduce any gun control laws.) https://t.co/2qoB4EMo24 @charliekirk11: Just days after 6 Christians were murdered by a trans female, including three children, White House Press Sec. Karine Jean-Pierre: “Our hearts go out to the trans community, as they are under attack right now.” https://twitter.com/charliekirk11/status/1641526244725649408 @SeanParnellUSA: Not only is this a lie, but this is also an unbelievably callous and horrible thing to say. Imagine how this makes the victims feel. It’s just evil. Biden says transgender Americans “shape our nation’s soul” in an official proclamation. https://www.whitehouse.gov/briefing-room/presidential-actions/2023/03/30/a-proclamation-on-transgender-day-of-visibility/ @townhallcom: CNN Guest: “Christian conservative voters…they don’t think transgender people should exist…what we’re seeing is an attempt to erase transgender people!” https://twitter.com/townhallcom/status/1641482291749822464 Apparently, there is confusion at the White House and among Libs on the perpetrator of the Nashville shootings and the victims, or The Big Guy and his puppeteers are engaged in yet another gaslighting scheme. Imagine the outrage if the opposite happened! TuckerCarlson: We can’t see the manifesto because the transgender lobby, which is far more powerful than you are, has pressured politicians to keep it hidden. https://twitter.com/TuckerCarlson/status/1641555824257429504 A huge reason for DeSantis’ popularity is that he broke from traditionally cowardly Republicans to fight the culture wars against leftists. Odds are the traditionally cowardly Republicans will remain craven. @TPostMillennial: Tucker Carlson calls out Twitter Trust and Safety head Ella Irwin over the silencing of @RepMTG, TPM’s @MrAndyNgo, and others who were locked out of Twitter for reporting on the “Trans Day of Vengeance” https://t.co/aNauG3gwRL @business: Russian President Vladimir Putin signed a decree to enroll into the army 147,000 conscripts aged between 18 and 27 during the spring draft Milley: US has long way to go to build munitions stockpile The U.S. military “has a long ways to go” to beef up its munitions stockpiles and ensure the country is ready for any large-scale war, the top U.S. military officer told Congress on Wednesday. Army Gen. Mark Milley, chairman of the Joint Chiefs of Staff, said the war in Ukraine has underscored the heavy use of munitions that is required during any major conflict… A key concern is the 155 mm ammunition. The U.S. has sent Ukraine 160 howitzers and more than 1 million of the 155 mm howitzer rounds. The munitions have been put to heavy use with as many as 3,000 rounds fired a day, according to the Pentagon…Another pressure point is ammunition for the Guided Multiple Launch Rocket System, which the U.S. is also sending to Ukraine. Wormuth said the U.S. is working to increase production from about 6,000 a year to 15,000 a year… https://apnews.com/article/ukraine-war-us-munitions-stockpiles-0d38850603f4264b7568d63d6e7e3d93 American Consensus on Ukraine Has Fractured Here’s how the war could play out in the 2024 presidential campaign. No lesser than Joint Chiefs of Staff Chairman Gen. Mark Milley has raised questions about the prospect of a Ukrainian military victory. The resolutely centrist RAND think tank asked, “How does this end?” and journals and magazines such as Foreign Policy are running articles with a range of views as to optimal U.S. strategy… https://foreignpolicy.com/2023/03/29/ukraine-support-us-republicans-democrats-politics/ A State of Never-Ending Crisis: The Government Is Fomenting Mass Hysteria “This psychological bombardment is waged primarily via the mainstream media which assaults the viewer by the hour with images of violence, war, emotions and conflict. Because the human nervous system is hard wired to focus on immediate threats accompanied by depictions of violence, mainstream media viewers have their attention and mental resources funneled into the never-ending ‘crisis of the NOW’ from which they can never have the mental breathing room to apply logic, reason or historical context.”… When we’re being bombarded with wall-to-wall news coverage and news cycles that change every few days, it’s difficult to stay focused on one thing—namely, holding the government accountable to abiding by the rule of law—and the powers-that-be understand this… https://www.rutherford.org/publications_resources/john_whiteheads_commentary/a_state_of_never_ending_crisis_the_government_is_fomenting_mass_hysteria In 2022 Michigan Governor Whitmer Received $18 Million in 185,000 Separate Donations with a Significant Amount from Campaign Finance Mules (Where’s the investigation?) https://www.thegatewaypundit.com/2023/03/exclusive-michigan-governor-whitmer-received-18-million-in-100-donations-in-2022-from-unemployed-campaign-finance-mules-where-did-they-get-this-money/ Dem Rep Jamaal Bowman and Bernie Sanders Urge the Biden State Department to Investigate Israeli Use of US Weapons – A letter signed by eight other Democrats… urged Biden to “use all diplomatic tools available” to stop Israel’s government from damaging the judicial system and undermining the potential for a two-state solution… https://jewishcurrents.org/progressives-in-congress-urge-the-biden-state-department-to-investigate-israeli-use-of-us-weapons @KanekoaTheGreat: Hillary Clinton’s leaked emails revealed that NATO’s goal in destroying Libya was to stop Gaddafi from uniting Africa and launching the African Golden Dinar. “When Gadaffi said… this is our continent, our banks, our currency. We seek independence. This was the last straw.” Here’s what an aide to Hillary Clinton said, in a private email to Hillary, about the real reasons for the intervention: Qaddafi’s government holds 143 tons of gold, and a similar amount in silver… This gold was accumulated prior to the current rebellion and was intended to be used to establish a pan-African currency based on the Libyan golden Dinar… French intelligence officers discovered this plan shortly after the current rebellion began, and this was one of the factors that influenced President Nicolas (UNCLASSIFIED U.S. Department of State Case No. F-2014-20439 Doc No. C05785522 Date: 01/07/2016) Sarkozy’s decision to commit France to the attack on Libya… https://wikileaks.org/clinton-emails/emailid/12659 @JMichaelWaller: Does anyone remember, back around 1993-98 when we were warning about the resurgence of the KGB that would take over Russia, how the Bush/Clinton/Gore people marginalized us as “Russophobe” know-nothings while they made money with the new gangster state that begat Putin? “When you’re good at something, you’ll tell everyone. When you’re great at something, they’ll tell you.” – NFL all-timer, the late Walter Payton | |
GREG HUNTER REPORT//
Greg Hunter
Usawatchdog.com/trump-indicted-died-suddenly-increasing-de-dollarization-inflation/
Trump Indicted, Died Suddenly Increasing, De-Dollarization & Inflation
By Greg Hunter On March 31, 2023 In Weekly News Wrap-Ups4 Comments
By Greg Hunter’s USAWatchdog.com (WNW 575 3.31.23)
President Donald J. Trump has been indicted by Manhattan District Attorney Alvin Bragg for 34 counts of fraud. Legal scholars are calling this “prosecutorial misconduct,” “sad” and “a legal disaster.” Many, including President Trump, the 2024 GOP front-runner for the White House, says it is nothing more than “political persecution.” Trump says it is really “election interference at the highest level” because Dems cannot beat him fair and square. Harvard legal expert Professor Alan Dershowitz says the case is really “foolish.”
The amount of people who “died suddenly” from the CV19 bioweapon/vax is increasing every month. The number of people who are permanently injured is also increasing at a rapid rate. Financial analyst Ed Dowd says the bioweapon/vax has caused $148 billion in economic damage and caused 26 million injuries in the U.S. in 2022 alone. Stunning supply chain problems are coming, according to Dowd, and there is really no way to stop it.
De-dollarization is coming to the world, and that means many countries are planning on using the U.S. dollar far less in trade. The President of Kenya, William Ruto, just told his citizens to ditch the dollar, and there was a “big change coming in a few weeks.” CNN, FOX and even Goldman Sachs are all warning about de-dollarization and the end of the dollar as the reserve currency. When this happens, many are predicting big inflation and even hyperinflation.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 3.31.23.
(To Donate to USAWatchdog.com Click Here)
(sawatchdog.com/trump-indicted-died-suddenly-increasing-de-dollarization-inflation/
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