April 6//2023 · by harveyorgan · in Uncategorized · Leave a comment·Edit
GOLD PRICE CLOSED: UP $0, TO $2019.80
SILVER PRICE CLOSED: DOWN $.04 AT $24.93
Access prices: closes : 4: 15 PM
Gold ACCESS CLOSE 2007.20
Silver ACCESS CLOSE: 24.91
Bitcoin morning price:, $27,846 DOWN 311 Dollars
Bitcoin: afternoon price: $28,022 DOWN 487 dollars
Platinum price closing $1001.80 UP $11.85
Palladium price; closing $1435.80 DOWN $25.80
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: $2707.25 DOWN 22.30 CDN dollars per oz (ALL TIME HIGH 2732.50)
BRITISH GOLD: 1613.32 DOWN 7.70 pounds per oz//(ALL TIME HIGH//1629.84)
EURO GOLD: 1837.95 DOWN 18,13 euros per oz //(ALL TIME HIGH//1860.82)
COMEX DATA EXCHANGE:
EXCHANGE: COMEX
CONTRACT: APRIL 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,020.900000000 USD
INTENT DATE: 04/05/2023 DELIVERY DATE: 04/10/2023
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 4
104 C MIZUHO 1
118 C MACQUARIE FUT 89
132 C SG AMERICAS 1
363 H WELLS FARGO SEC 20
624 C BOFA SECURITIES 1
624 H BOFA SECURITIES 52
657 C MORGAN STANLEY 20 26
661 C JP MORGAN 50 18
732 C RBC CAP MARKETS 3
800 C MAREX SPEC 20 7
880 C CITIGROUP 10
880 H CITIGROUP 43
905 C ADM 4 3
TOTAL: 186 186
MONTH TO DATE: 20,684
PMORGAN stopped 18/186 contracts
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GOLD: NUMBER OF NOTICES FILED FOR APRIL/2023. CONTRACT: 186 NOTICES FOR 18600 OZ or 0.5785 TONNES
total notices so far: 20,684 contracts for 2,068,400 oz (64.335 tonnes)
SILVER NOTICES: 64 NOTICE(S) FILED FOR 320,000 OZ/
total number of notices filed so far this month : 287 for 1,435,000 oz
END
GLD
WITH GOLD DOWN $9.15
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
/HUGE CHANGES IN GOLD INVENTORY AT THE GLD:////// A HUGE DEPOSIT OF 0.89 TONNES INTO THE GLD.
INVENTORY RESTS AT 930.91 TONNES
Silver//SLV
WITH NO SILVER AROUND AND SILVER UP $0.02
AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 4.643 MILLION OZ FROM THE SLV: INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV
CLOSING INVENTORY: 468,585 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MONSTER SIZED 3252 TO 134,021 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 $0.04 LOSS IN SILVER PRICING AT THE COMEX ON WEDNESDAY. WITH LAST WEEK’S READING AT THE COMEX , WE HAVE NOW SET ANOTHER RECORD LOW AT 117,395 CONTRACTS , MARCH 29.2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.04). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A MONSTER GAIN ON OUR TWO EXCHANGES 5432 CONTRACTS. WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 8.5 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( 2180 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.055 MILLION OZ(FIRST DAY NOTICE)+ THE 8.5 MILLION OZ OF EXCHANGE FOR RISK//THUS TOTAL NEW STANDING 10.035 MILLION OZ/ //// V) HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/.
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –231 CONTRACTS
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS APRIL. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MAR:
TOTAL CONTRACTS for 4 days, total 9159 contracts: OR 45.795 MILLION OZ . (2289 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR:45.795 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 45.795 MILLION OZ
RESULT: WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3021 CONTRACTS WITH OUR $0.04 LOSS IN SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE CONTRACTS: 2180 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// 280,000 OZ QUEUE JUMP (WHICH INCREASES THE AMOUNT OF SILVER STANDING) + 8.5 MILLION NEW EXCHANGE FOR RISK ISSUED EARLY IN APRIL (INCREASES THE AMOUNT OF SILVER STANDING) //NEW STANDING 10.035 MILLION OZ .. WE HAVE A GIGANTIC SIZED GAIN OF 5432 OI CONTRACTS ON THE TWO EXCHANGES
WE HAD 64 NOTICE(S) FILED TODAY FOR 320,000 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 SMALL SIZED 530 CONTRACTS TO 477,122 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: ADDED + 820 CONTRACTS
WE HAD A SMALL SIZED INCREASE IN COMEX OI ( 530 CONTRACTS) WITH OUR $0.0 GAIN IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR APR. AT 66.892 TONNES ON FIRST DAY NOTICE // PLUS A 1700 OZ E.F.P. JUMP:(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 $0.00 GAIN IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING.WE HAD A STRONG SIZED GAIN OF 7496 OI CONTRACTS (23.32 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 6966 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 476,307
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7496 CONTRACTS WITH 530 CONTRACTS INCREASED AT THE COMEX AND 6966 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 7251 CONTRACTS OR 22.553TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6966 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (530 //TOTAL GAIN IN THE TWO EXCHANGES 7496 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR NORMAL FORMAT OF BANKERS GOING SHORT AND SPECULATORS GOING LONG ,2.) GOOD INITIAL STANDING AT THE GOLD COMEX FOR APRIL. AT 66.892 TONNES FOLLOWED BY TODAY’S E.F.P. JUMP TO LONDON OF 1700 OZ//NEW STANDING 67.216 TONNES // ///3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG 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 APRIL :
TOTAL EFP CONTRACTS ISSUED: 20,713 CONTRACTS OR 2,071,300 OZ OR 64.426 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 5178 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 4 TRADING DAY(S) IN TONNES 64.426 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 64.426 /3550 x 100% TONNES 1.81% 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)
APRIL: 64.246 TONNES
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 GIGANTIC SIZED 3021 CONTRACTS OI TO 134,231 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 2180 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 2180 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2180 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 3021 CONTRACTS AND ADD TO THE 2180 OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE GAIN OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 5201 CONTRACTS.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES //23.17 MILLION OZ
OCCURRED WITH OUR $0.04 LOSS IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
NORTH KOREA/SOUTH KOREA
i)THURSDAY MORNING//WEDNESDAY NIGHT
SHANGHAI CLOSED UP .07 PTS OR .00% //Hang Seng CLOSED UP 56.61 POINTS OR .28% /The Nikkei closed DOWN 340.33PTS OR 1.22% //Australia’s all ordinaries CLOSED DOWN .30 % /Chinese yuan (ONSHORE) closed UP TO 6.8766 /OFFSHORE CHINESE YUAN UP TO 6.8771 /Oil UP TO 80.37dollars per barrel for WTI and BRENT AT 84.95 / 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 SMALL SIZED 530 CONTRACTS UP TO 477,122 WITH OUR ZERO GAIN IN PRICE OF $0.0 ON WEDNESDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF APRIL… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 6966 EFP CONTRACTS WERE ISSUED: : JUNE 6966 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 6966 CONTRACTS
WHEN WE HAVE BACKWARDATION, EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG TOTAL OF 7496 CONTRACTS IN THAT 6966 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED GAIN OF 530 COMEX CONTRACTS..AND THIS STRONG SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $0.00. 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 (67.216) ( 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: 67.216 tonnes
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $.00 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR STRONG SIZED GAIN OF 7496 CONTRACTS ON OUR TWO EXCHANGES
WE HAVE GAINED A TOTAL OI OF 23.32 PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR APRIL. (66.892 TONNES) FOLLOWED BY TODAY’S EFP JUMP TO LONDON OF 1700 OZ… ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $0.0
WE HAD + ADDED 820 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 7496 CONTRACTS OR 749,600 OZ OR 23.32 TONNES.
Estimated gold comex today 144,426/poor
final gold volumes/yesterday 209,461//FAIR
//APRIL 5/ APRIL 2023 CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | nil oz . |
| Deposit to the Dealer Inventory in oz | nil OZ |
| Deposits to the Customer Inventory, in oz | nil |
| No of oz served (contracts) today | 186 notice(s) 18600 OZ 0.5785TONNES |
| No of oz to be served (notices) | 926 contracts 92,600 oz 2.8802 TONNES |
| Total monthly oz gold served (contracts) so far this month | 20,684 notices 2,049,800 OZ 64.335 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: 1
I) INTO MANFRA: 48,226.500 OZ 5000 KILOBARS
total dealer deposit: 48,226.500 oz
No dealer withdrawals
Customer deposits: 0
total deposits: nil oz
customer withdrawals: 0
total withdrawals: nil oz
in tonnes:0.
Adjustments; 1
i) out of JPMorgan dealer to customer: 13,948.958 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.
For the front month of APRIL we have an oi of 1112 contracts having LOST 706 contracts. We had 689 contracts served upon yesterday so we lost 17 contracts or 1700 oz were EFP’d to London. This has occurred for two straight days as I guess there is no gold over here for the crooks to queue.
May gained 25 contracts up to 1553.
June lost 1637 contracts down to 408,248 contracts.
We had 186 contracts filed for today representing 18600 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 50 notices were issued from their client or customer account. The total of all issuance by all participants equate to 186 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 18 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 (20,684x 100 oz ), to which we add the difference between the open interest for the front month of (APRIL. 1112 CONTRACTS) minus the number of notices served upon today 186x 100 oz per contract equals 2,161,000 OZ OR 67.216 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 (20,684 x 100 oz+ 1112 OI for the front month minus the number of notices served upon today (186)x 100 oz} which equals 2,161,000 oz standing OR 67.216 TONNES in this active delivery month of APRIL..
TOTAL COMEX GOLD STANDING: 67.216 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: 1,629,392,410 OZ 50.6809 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,769,099.131 OZ
TOTAL REGISTERED GOLD: 12,260,115,116 (381.34 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 9,508,984,015 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 10,630,723 OZ (REG GOLD- PLEDGED GOLD) 330.66 tonnes//
END
SILVER/COMEX
APRIL 5//2023// THE APRIL 2023 SILVER CONTRACT
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1,572,255.768 oz Brinks CNT Loomis JPMorgan . |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | NIL oz |
| No of oz served today (contracts) | 64 CONTRACT(S) (320,000 OZ) |
| No of oz to be served (notices) | 20 contracts (100,000 oz) |
| Total monthly oz silver served (contracts) | 287 Contracts (1,435,000 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 0 deposits into the customer account
Total deposits: NIL oz
JPMorgan has a total silver weight: 142.123 million oz/275.170 million =51.81% of comex .//dropping fast
Comex withdrawals: 4
i)Out of Brinks 12,260,115.116 oz
ii) Out of CNT 19,506,984.015 oz
iii) out of LOOMIS 600,375,910 oz
iv) out of JPMorgan: 951,405.878 oz
Total withdrawals; 1,572,255.768 oz
adjustments: 0
the silver comex is in stress!
TOTAL REGISTERED SILVER: 35.486 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 275.170 million oz
CALCULATION OF SILVER OZ STANDING FOR MAR
silver open interest data:
FRONT MONTH OF APRIL /2023 OI: 84 CONTRACTS HAVING GAINED 45 CONTRACT(S. WE HAD 11 NOTICES FILED ON WEDNESDAY SO WE GAINED 56 CONTRACTS OR AN ADDITIONAL 280,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF APRIL.
MAY SAW A LOSS OF 862 CONTRACTS DOWN TO 92,558
JUNE HAD A 4 CONTRACT GAIN AND RISES TO 35
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 64 for 320,000 oz
Comex volumes// est. volume today 53,256 fair
Comex volume: confirmed yesterday: 76,577 Contracts ( good)
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 287 x 5,000 oz = 1,1435,000 oz
to which we add the difference between the open interest for the front month of APRIL(84) and the number of notices served upon today 64 X (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the APRIL/2023 contract month: 287 (notices served so far) x 5000 oz + OI for the front month of APRIL (84) – number of notices served upon today (64 )x 500 oz of silver standing for the APRIL. contract month equates 1.535 million oz +/ EXCHANGE FOR RISK NOW TOTALS 8.5 MILLION OZ //new total standing 10.035 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
APRIL 6//WITH GOLD DOWN $9.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.91
APRIL 5//WITH GOLD UP 0 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.04
APRIL 4/WITH GOLD UP $36.30 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 2.02 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 930.04 TONNES
APRIL 3/WITH GOLD UP $14.20 TODAY;NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 928.02 TONNES
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: 930.91 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
APRIL 6/WITH SILVER UP 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A DEPOSIT OF 4.643 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 468.585 MILLION OZ//
APRIL 5/WITH SILVER DOWN 4 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 463.942 MILLION OZ
APRIL 4/WITH GOLD UP $1.11 TODAY CRIMINAL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.47 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 463,942 MILLION OZ
APRIL 1/WITH SILVER DOWN 14 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 465.412
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 468.585 MILLION OZ//
PHYSICAL GOLD/SILVER STORIES
1:Peter Schiff
BRICS Nations Developing “New Currency” As Quest For Global De-Dollarization Accelerates
THURSDAY, APR 06, 2023 – 09:00 AM
Authored by Michael Maharrey via SchiffGold.com,
China and Brazil recently finalized a trade deal in their own currencies completely bypassing the dollar, but that’s not the only bad news for the world’s reserve currency.
Last week, a Russian official announced that the BRICS nations are working to develop a “new currency,” yet another sign that dollar dominance is waning.
State Duma (the Russian legislative assembly) deputy chairman Alexander Babakov said the transition to settlements in national currencies is the first step. We’ve already seen this occur with recent oil deals between India and Russia being settled in currencies other than dollars.
The next one is to provide the circulation of digital or any other form of a fundamentally new currency in the nearest future. I think that at the BRICS [leaders’ summit], the readiness to realize this project will be announced, such works are underway.”
That summit is scheduled for August.
Babakov said the BRICS nations are developing a strategy that “does not defend the dollar or euro” and that “a single currency” would likely emerge within BRICS, pegged to gold or “other groups of products, rare-earth elements, or soil.”
Brazil, Russia, India, China, and South Africa make up the BRICS block. It accounts for about 40% of the global population and a quarter of the global GDP.
Last year, Iran officially applied to join BRICS, and according to a report by The Cradle, several nations have expressed interest in joining the bloc, including Saudi Arabia, Algeria, UAE, Egypt, Argentina, Mexico, and Nigeria.
Former Goldman Sachs chief economist Jim O’Neill coined the BRIC acronym. In a recent paper published by Global Policy Journal, he urged the expansion of BRICS.
“The US dollar plays a far too dominant role in global finance,” he wrote.
“Whenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic.”
It’s clear that many countries are trying to minimize their exposure to the dollar.
Confidence in the greenback continues to erode thanks to the profligate borrowing, spending and money creation by the US government. America’s use of the dollar as a foreign policy weapon also makes many countries wary of relying solely on dollars.
According to the International Monetary Fund (IMF), the dollar’s share of global foreign-exchange reserves fell below 59% at the end of 2021, extending a two-decade decline.
Strikingly, the decline in the dollar’s share has not been accompanied by an increase in the shares of the pound sterling, yen and euro, other long-standing reserve currencies…
Rather, the shift out of dollars has been in two directions: a quarter into the Chinese renminbi, and three quarters into the currencies of smaller countries that have played a more limited role as reserve currencies.”
This is a big problem for the US government.
Uncle Sam depends on the demand for dollars to underpin its profligate borrowing and spending. The only reason the US can get away with massive budget deficits and an ever-growing national debt to the extent that it does is due to the dollar’s role as the world reserve currency. It creates a built-in global demand for dollars and US Treasuries that absorb the money creation and maintain dollar strength. But what happens if that demand drops? What happens if BRICS develops its own currency and no longer needs dollars to trade?
If the demand for dollars tanks, the greenback’s value will quickly erode away. That means even worse price inflation for Americans. And in the worst-case scenario, it could collapse the dollar completely.
En
Many countries continue to pour it on by buying huge amounts of central bank gold
(zerohedge)
Central Bank Gold Buying Shows No Sign Of Slowing Down
THURSDAY, APR 06, 2023 – 01:30 PM
There’s no sign of a slowdown in central bank gold buying.
In February, central bank gold reserves rose by another 52 tons, according to the latest data compiled by the World Gold Council.
It was the 11th straight month of central bank net gold purchases.
Through the first two months of 2023, net central bank gold purchases came in at 125 tons. This is the strongest start to a year since 2010.
China was the biggest buyer in February. The Peoples Bank of China increased gold holdings by a reported 24.9 tons. It was the fourth consecutive month of reported Chinese gold purchases. In that time, China’s official gold reserves have grown by 102 tons.
The Chinese central bank accumulated 1,448 tons of gold between 2002 and 2019, and then suddenly went silent until it resumed reporting in November 2022. Many speculate that the Chinese continued to add gold to its holdings off the books during those silent years.
There has always been speculation that China holds far more gold than it officially reveals. As Jim Rickards pointed out on Mises Daily back in 2015, many people speculate that China keeps several thousand tons of gold “off the books” in a separate entity called the State Administration for Foreign Exchange (SAFE).
Last year, there were large unreported increases in central bank gold holdings. Central banks that often fail to report purchases include China and Russia. Many analysts believe China is the mystery buyer stockpiling gold to minimize exposure to the dollar.
Turkey continued to pile up gold, adding another 22.5 tons of gold to its hoard in February. The Central Bank of Türkiye was the biggest gold buyer in 2022 and has increased its gold holding for 15 straight months.
Turkey has been battling rampant inflation. Price inflation accelerated to as high as 85% last year and was at 64% in December. The Turkish lira depreciated by almost 30% last year. Meanwhile, the price of gold in lira terms increased by 40% on an annual basis, according to Bloomberg.
After a pause in January, India went back to buying gold in February, adding 2.8 tons to its reserves. India ranks as the ninth largest gold-holding country in the world. Since resuming buying in late 2017, the Reserve Bank of India has purchased over 200 tons of gold. In August 2020, there were reports that the RBI was considering significantly raising its gold reserves. India now holds 790 tons of gold.
After a massive 44.6-ton increase in its gold reserves in January, Singapore continued its buying spree in February with another 6.8-ton purchase.
The Central Bank of Uzbekistan added 8 tons of gold to its reserves, following three consecutive months of sales.
Mexico bought 0.3 tons of gold in February.
The National Bank of Kazakhstan was the only notable seller in February, decreasing its reserves by 13.1 tons.
It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to switch between buying and selling.
The Central Bank of Russia disclosed its gold reserves for the first time in over a year, reporting gold holdings of 2,330 tons at the end of February 2023. That was a 31-ton increase since its last report. The timing of the gold purchases remains unclear.
The World Gold Council said it expects net central bank gold buying to continue through 2023. According to the WGC, emerging market banks remain relatively under-allocated to gold.
Overall, we expect further buying, with EM banks at the forefront of this trend as they continue to redress the imbalance in gold allocations with their developed market peers.”
Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. It was the 13th straight year of net central bank gold purchases.
According to the World Gold Council, there are two main drivers behind central bank gold buying — its performance during times of crisis and its role as a long-term store of value.
It’s hardly surprising then that in a year scarred by geopolitical uncertainty and rampant inflation, central banks opted to continue adding gold to their coffers and at an accelerated pace.”
World Gold Council global head of research Juan Carlos Artigas recently told Kitco News that the big purchases underscore the fact that gold remains an important asset in the global monetary system.
Even though gold is not backing currencies anymore, it is still being utilized. Why? Because it is a real asset.”2 Lawrie Williams//Pam and Russ Martens/Jim Rickards/Mathew Piepenburg/Von Greyerz//Rickards/John Rubino
END
Franklin D. Roosevelt’s Gold Heist
THURSDAY, APR 06, 2023 – 06:25 PM
Authored by Michael Maharrey via SchiffGold.com,
Yesterday (April 5) marked the 90th anniversary of the signing of Executive Order 6102 by President Franklin D. Roosevelt. It was touted as a measure to stop gold hoarding, but it was in reality, an attempt to remove gold from public hands.
Many people refer to EO-6102 as a gold confiscation order. But confiscation is probably not the best word for what happened in practice.
The order required private citizens, partnerships, associations and corporations to turn in all but small amounts of gold to the Federal Reserve in exchange for $20.67 per ounce.
The executive order was one of several steps Roosevelt took toward ending the gold standard in the US.
With the dollar tied to gold, the Federal Reserve found it difficult to increase the money supply during the Great Depression. It couldn’t simply fire up the printing press as it can today. The Federal Reserve Act required all notes to have 40% gold backing. But the Fed was low on gold and up against the limit. By enticing the public to give up its gold, the Fed was able to boost its own gold holdings and create more dollars.
EO 6102 followed on the heels of an order Roosevelt issued just weeks before prohibiting banks from paying out or exporting gold. Just two months after the enactment of EO 6102, the US effectively went off the gold standard when Congress enacted a joint resolution erasing the right of creditors to demand payment in gold. Then, in 1934, the government’s fixed price for gold was increased to $35 per ounce. This effectively increased the value of gold on the Federal Reserve’s balance sheet by 69%. By increasing its gold stores through the confiscation of private gold holdings, and declaring a higher exchange rate, the Fed could circulate more notes. In effect, the hoarding of gold by the government allowed it to inflate the money supply.
President Richard Nixon put the final nail in the coffin when he slammed the “gold window” shut in 1971, severing the last ties the dollar had to gold. Nixon uncoupled gold from its fixed $35 price and suspended the convertibility of dollars into gold by foreign governments and central banks.
Today, the Fed doesn’t have to worry about backing its notes with gold. It can increase the money supply with no restraints at all, thanks to the efforts of Roosevelt and Nixon.
When he announced the closing of the gold window, Nixon said, “Let me lay to rest the bugaboo of what is called devaluation,” and promised, “Your dollar will be worth just as much as it is today.”
This was a lie.
According to data released by the Bureau Labor of Statistics, the dollar has lost more than 80% of its value since Nixon’s fateful decision. Meanwhile, the dollar value of gold has gone from $35 an ounce to over $2,000.
Confiscation Con
Many people worry that the government could try to confiscate gold again, but this is unlikely. In fact, it didn’t really “confiscate” gold in 1933.
In effect, EO 6102 nationalized gold. But in practice, this did not lead to gold confiscation in the true sense of the word.
Americans turned in gold to the government, but they did so voluntarily as an act of patriotism. And the government gave people dollars in return for their gold. As Tom Woods explained in an article on the subject, Americans generally went along with the scheme because “the paper currency they were receiving in exchange for the gold had always been redeemable in gold in the past, so few saw anything amiss in this coerced transaction, and most trusted the government’s assurances that this was somehow necessary in order to combat the Depression.”
In fact, the feds never made any concerted effort to confiscate gold by force. They never went door to door looking for gold.
While subsequent legislation imposed a fine of $10,000 or 10 years in prison for hoarding gold, few people were ever prosecuted. And virtually all of those prosecutions involved people who tried to sell or move large quantities of gold, or who got caught up in sting operations. Meanwhile, many “lawbreakers” quietly held onto their gold and nobody was the wiser. In fact, to this day, there is a massive secondary market of pre-1933 gold coins. If the government had truly confiscated all of the gold, these coins would no longer be in private hands.
Today, you’ll sometimes hear people warn against owning gold because the government can just confiscate it again. Some numismatic coin dealers and precious metals pundits also use Roosevelt’s moves in 1933 to instill fear and bolster the sale of what they claim are “confiscation-free” products.
Of course, it is theoretically possible for the government to confiscate gold. It’s also theoretically possible for the government to confiscate cell phones. That doesn’t mean it will.
Even if you view the Roosevelt executive order as a warning sign, it’s important to understand the political and economic dynamics are much different today than they were in 1933. The world was on a gold standard and the economy was in a deep recession. The nationalization of gold was all about controlling the monetary system.
And it worked.
Today, the Federal Reserve has complete authority to expand the money supply and control interest rates. This is done with or without gold reserves. In other words, the government doesn’t need your gold.
There are numerous reasons to believe gold confiscation is highly unlikely. We outline them all in our report, “Confiscation Con: Will the Government Take Away Your Gold?” The report outlines six facts you need to know before you get caught up in government gold confiscation hysteria. You can download the free report HERE.
3,Chris Powell of GATA provides to us very important physical commentaries
Three Republican congressmen introduce bill to restore gold standard
Submitted by admin on Wed, 2023-04-05 19:45Section: Daily Dispatches
By JP Cortez
Money Metals News Service, Eaglo, Idaho
Tuesday, April 4, 2023
As America faces the twin threats of inflation and bank failures, three U.S. congressmen have introduced a pivotal sound money bill that would enable the Federal Reserve note “dollar” to regain stable footing for the first time in more than half a century.
Rep. Alex Mooney, R-W. Va., joined by Arizon Re;ublican Reps. Andy Biggs and Paul Gosar, have introduced H.R. 2435, the “Gold Standard Restoration Act,” to facilitate the repegging of the volatile Federal Reserve note to a fixed weight of gold bullion.
pon passage of H.R. 2435, the U.S. Treasury and the Federal Reserve would be given 24 months to disclose all gold holdings and gold transactions, after which time the Federal Reserve note “dollar” would be formally repegged to a fixed weight of gold at its then-market price.
Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor. …
… For the remainder of the report:
END
A must read….
New York Sun: The Biden dollar
Submitted by admin on Wed, 2023-04-05 22:33Section: Daily Dispatches
From the New York Sun
Wednesday, April 5, 2023
https://www.nysun.com/article/the-biden-dollar
What is gold trying to tell us? A year ago, the value of a dollar, measured in gold, began to climb. Then, as America went to the polls in November 2022, the dollar began to collapse. Was it the Democratic grasp on the Senate? The thinness of the GOP’s House majority? Did gold have an advance sense
The Sun is among those who view the monetary metal as a kind of leading economic indicator. For evidence of that, consider how the dollar’s nadir served as an early warning sign of the price inflation that yet grips the economy. Throughout 2021, as prices soared, economic sages waved away the growing evidence of runaway price increases as merely “transitory.” Inflation only began to be taken seriously by the Fed and Treasury early in 2022.
Last summer, in the leadup to the midterms, we were struck by the divergence between gold and price inflation. Between March and July, the dollar’s value soared to a 1,726th of a gold ounce, an 18 percent increase. It was particularly impressive considering the rocketing pace of inflation at the time — 9.1 percent over the prior year. In retrospect, perhaps gold had expectations that a GOP Congress might help restore monetary and fiscal sanity.
With those hopes dashed, the dollar has been hovering at around a 2,000th of a gold ounce in recent months. This piqued the interest of the Times’ economic sage, Paul Krugman, who deemed it an “interesting story” that, in contrast with tech stocks or Bitcoin, “gold has hung in there, with its current price just a few percentage points off its 2020 peak.” He even saw it as possible “that investors are buying gold because they fear inflation.”
Mr. Krugman quickly dismissed that notion, instead calling gold a “pet rock” cherished by “financial barbarians” who see it as “as a store of value” despite its lack of “any monetary purpose.” By contrast we pointed out that gold has an important purpose indeed — it is the money. All the more reason to examine what signal gold is sending as the dollar descends, again, toward a record low.
To grasp the scale of the dollar’s fall, monetary historian Edwin Vieira, Jr. tells us that when Congress created the Fed, the greenback, buttressed by the Gold Standard Act of 1900, stood at a 20.67th of a gold ounce. The decline since then, Mr. Vieira says, shows that “the politicians and bankers” were “unable to keep the promise their forebears made in 1913” that the Federal Reserve “would provide ‘scientific’ management of currency and credit.”
The central bank’s purpose, Mr. Vieira reminds, was nothing short of “ending inflation and deflation, and issuing in a new era of perpetual monetary stability.” This goal was abandoned when FDR, 90 years ago today, barred Americans from owning gold. The Fed’s failure to forge stability precipitated the dollar’s tumble, and gold’s “safe-haven qualities have shined through again during the latest market turbulence,” UBS Group observes.
This “skyrocketing uncertainty” is driving the dollar’s fall against gold, an economist at the American Institute for Economic Research, Peter Earle, tells us. He points to influences like OPEC’s drive to boost oil prices, the “brutal slog” of the war in Ukraine, and the turmoil in the American banking sector as drivers for the dollar’s drop. “It would be much more surprising if gold were not rising, than that it is,” Mr. Earle concludes.
Witness, too, the drive among America’s geopolitical foes to develop alternatives to the dollar as the world’s reserve currency. Are they catching on to the fact that, since 1971, the greenback, severed from its tie to gold, is merely irredeemable electronic paper ticket money? If so, it’s no wonder that countries like China are putting forward their own fiat currencies as an alternative. In that sense, gold is flashing a warning sign of trouble ahead.
END
Your weekend reading material
Alasdair Macleod…
Alasdair Macleod: Time to trash Triffin
Submitted by admin on Thu, 2023-04-06 10:48Section: Daily Dispatches
By Alasdair Macleod
GoldMoney, Toronto
Thursday, April 6, 2023
The dollar-based credit bubble is imploding and emerging economies are seeking protection by accepting trade settlement in other currencies. The U.S. policy of threatening regime change, currency destabilisation, or other means of ensuring that nations remain in its sphere of influence are failing.
Mainstream economists in the West insist that the dollar is irreplaceable and that as a trade settlement medium China’s yuan is strictly limited. Referring to Triffin’s dilemma, China would have to run deficits to provide the necessary currency liquidity. But they ignore the role of bank credit, which can be expanded at will to meet trade settlement demand.
Furthermore, China’s exchanges offer hedging facilities into physical gold, attracting Middle Eastern energy exporters away from petrodollars, until the new trade settlement currency planned by Sergey Glazyev comes into existence.
For evidence of Russia’s intentions to reintroduce gold into trade settlement, a translation of the semi-official position penned by Glazyev jointly with his deputy is appended to this article.
Increasing systemic risk in U.S., European, and Japanese banking systems is accelerating the movement of international trade settlement away from fiat dollars into safer havens. These are or will be ultimately backed by physical gold. …
… For the remainder of the analysis:
https://www.goldmoney.com/research/time-to-trash-triffin?gmrefcode=gata
4. OTHER GOLD/SILVER RELATED COMMENTARIES/
.
END
5.IMPORTANT COMMENTARIES ON COMMODITIES:
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//WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP TO 6.8766
OFFSHORE YUAN: 6.8771
SHANGHAI CLOSED UP 0.07 POINTS OR .00%
HANG SANG CLOSED UP 56.61 PTS OR .28%
2. Nikkei closed DOWN 340.33 PTS OR 1.22 %
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 101.61 EURO RISES TO 1.0902 DOWN 7 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.459 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 131.40 /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 DOWN 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 DOWN TO +2.148***/Italian 10 Yr bond yield FALLS to 3.985 *** /SPAIN 10 YR BOND YIELD FALLS TO 3.181…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 4.050
3j Gold at $2019.15 silver at: 24.90 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 15/100 roubles/dollar; ROUBLE AT 80,99//
3m oil into the 80 dollar handle for WTI and 84 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 131.63 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .459% 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 0.9046 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9870 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 3.4345 UP 1 BASIS PTS…GETTING DANGEROUS//
USA 30 YR BOND YIELD: 3.565 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 3.7419 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 19.26…
GREAT BRITAIN/10 YEAR YIELD: UP 1 BASIS PTS AT 3.4325
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Flat Ahead Of Jobless Claims As Treasury Yields Plunge For 7th Day
THURSDAY, APR 06, 2023 – 03:13 PM
Nasdaq futures dropped despite a continued slide in yields as the “bad news is bad news” mood extended for a third day, as traders awaited further data on the US jobs market that may fuel concerns about a potential recession. Nasdaq 100 contracts slid 0.2% by 7:30 a.m. in New York, the third straight day of losses for the tech index just after entering a bull market and posting its strongest March in over a decade. Contracts on the S&P 500 were little changed before the start of the Easter long weekend following a string of weaker-than-expected data releases from the US which has put the risk of a recession back into focus for investors who will be watching initial jobless claims closely today. Treasury yields extended a slump as growing fears that world economy is set for a sharper slowdown outweighed concerns over elevated inflation and monetary tightening. The dollar was flat, oil rose and bitcoin dropped.
In premarket trading, FedEx rose 1% after Raymond James raised the stock to outperform. FedEx on Wednesday it seeks to cut $4 billion in costs by combining its two main delivery networks. The Mosaic Co. dropped 2.7% after JPMorgan downgraded the stock to neutral. Costco Wholesale Corp. slipped in extended trading Wednesday as the second straight slowdown in a key monthly sales gauge stoked doubts about the strength of US consumers. Meanwhile, Toast Inc. was initiated hold at Deutsche Bank AG which says the restaurant software company is uniquely positioned to gain additional market share. Here are some other notable premarket movers:
- Alibaba shares rise as much as 1.2% after a report said the company was planning to launch its own version of ChatGPT-like AI tool this month.
- Costco Wholesale shares dip as much as 2.1% in US premarket trading, after the warehouse club reported a decline in total comparable sales for March. E-commerce comps dropped almost 13% during the five-week retail month period. Analysts said the update wasn’t surprising given the tough macroeconomic backdrop for retailers. For Costco, the main impact came from a deceleration in big-ticket items, they added.
- FedEx shares rise as much as 1.5%, set to extend the previous session’s gains amid positive analyst commentary on the courier’s plan to merge its delivery networks. Brokers raised their price targets on the stock and said that the move will make for a more agile organization.
- Hercules Capital gains as much as 2.3% after the stock is upgraded to overweight from neutral at Piper Sandler, with the broker saying that near-term opportunities offset the risks for the venture-capital company.
The past week has exposed conflicting forces buffeting equity markets, with traders flip-flopping between defensive and cyclical stocks, as their focus switched from recession fears to monetary policy concerns and back again. The effects of the Fed’s interest rate hiking campaign appear to be filtering through into readings of the economy. Private US job vacancy figures for February published on Wednesday showed a cooling of labor market dynamics, adding to bets that the recession the market has been predicting since the start of the year may finally be near. Traders now look to today’s initial jobless claims for further clues, with nonfarm payrolls due on Good Friday.
“Traders are likely to be very neutral going into the holidays, which is perhaps why the stocks and sectors that did so well in the first quarter are underperforming this week, and vice versa,” said Roger Lee, head of UK equity strategy at Investec Bank Plc. “It feels like a re-balancing of books ahead of the break.”
“The labor market is finally showing signs of slowing,” said Investec’s Lee, who also noted that the Institute of Supply Management data suggested a broader slowdown, “with services missing expectations and the new orders component falling sharply. The market has extrapolated from these data points and is now even more convinced a recession is imminent.”
This view is reflected in bond markets too. The yield on two-year Treasuries, the most sensitive to monetary policy, slid for a fifth day, its longest streak since July 2022, while the 10-year rate witnessed a seventh-day drop to 3.27%.
Investors also continue to hold concerns about potential instability in medium-sized lenders. Goldman Sachs strategists said earnings of smaller US companies are more likely to be affected by the stress in the banking system than larger firms, given they’re more economically sensitive and have more exposure to regional lenders.
Signs of slower activity have added to worries over the financial system sparked by bank failures. Economists now assign a 65% probability of a US recession and money markets see only a 44% chance the Federal Reserve will raise interest rates by 25 basis points in May. That marks a contrast to the start of the week when they had seen a 70% prospect of the hike. Now they also expect the central bank to start cutting rates as early as July.
“Overnight interest-rate swaps now price in a lower path for Fed rates than they did at the beginning of March,” UniCredit SpA strategists led by Marco Valli wrote in a note. “We regard this as an overshooting. The Fed will need to see substantial progress on core inflation moving down to 2% before it even considers rate cuts and, hence, policy rates will likely remain at their peak for longer than markets are now expecting.”
European stocks climbed, with the benchmark Stoxx 600 ending a three-day slide, as traders assessed trends in corporate earnings. The Stoxx 600 is up 0.3% with real estate, insurance, health care and travel the best-performing sectors. Shell Plc advanced as preliminary figures showed the company maintained the performance at its gas-trading business despite a price slump. TUI AG jumped 12% after the tourism-services company said it expects summer travel bookings close to pre-Covid levels. Here are some of the biggest European movers:
- Shell shares rise as much as 2.2% after the 1Q trading update from the oil and gas group showed robust delivery and an improving performance from LNG, analysts say
- Accor shares gain as much as 4.6% in early trading after Stifel upgrades to buy from hold, saying it’s more optimistic on the earnings outlook for the hotels sector in 2023
- Temenos shares rise as much as 6.7%, after Bloomberg News reported the banking software company had asked for fresh expressions of interest from potential suitors
- Grenke rises as much as 8.6% after Deutsche Bank upgrades its rating on the IT equipment leasing firm to buy in a note saying that a turnaround is now in progress
- Gerresheimer AG rises as much 2.4%, after the German containers and packaging firm reported 1Q revenue that beat consensus estimates
- Trelleborg shares slip as much as 3.8% as Nordea downgrades the industrial products manufacturer to hold from buy, seeing limited upside following strong gains
Asia stocks declined as mounting recession fears and deepening tensions between the US and China dented investor sentiment. The MSCI Asia Pacific Index dropped as much as 1%, with Japan and South Korea leading declines in the region. Gauges in Hong Kong eked out small gains while those in mainland China and Taiwan fell as traders returned from holidays. Measures in India bucked the selloff, erasing earlier losses, after its central bank unexpectedly left the benchmark interest rate unchanged. Markets in the Philippines and Thailand were closed for a holiday. Chip-related stocks such as Samsung, TSMC and Tokyo Electron were among the biggest drags on the Asian gauge amid worries over the US-China technology trade spat. A report by Yomiuri said Asia’s largest economy has urged the World Trade Organization to probe practices of US and its allies over their export curbs. Meanwhile, Samsung is expected to report its worst profit in at least 14 years on Friday. Data showed that US companies added fewer than expected jobs in March while wage growth has slowed, supporting forecasts for a possible recession in the US economy. Investors are on the watch for US payrolls report due Friday to gauge the Federal Reserve’s next rate move. “Until we get inflation down probably below 3%, we are going to keep seeing this volatility,” Christian Hoffmann, portfolio manager at Thornburg Investment Management, said in an interview with Bloomberg TV. “I might argue we are not seeing recession fears played out in any market” given elevated equity valuations, normal to tight credit spreads and core rates that remain high
Japanese stocks declined for a second day after weaker-than-expected US economic data exacerbated worries about a recession. The Topix Index fell 1.1% to 1,961.28 as of market close Tokyo time, while the Nikkei declined 1.2% to 27,472.63. Keyence Corp. contributed the most to the Topix Index decline, decreasing 4.1%. Out of 2,158 stocks in the index, 355 rose and 1,733 fell, while 70 were unchanged. “The US ISM data was weak, disappointing expectations that the service sector is solid and increasing concerns over the economy,” said Kenji Abe, chief strategist at Daiwa Securities/
Australia stocks snapped an eight-day winning streak as miners and real estate shares weighed; the S&P/ASX 200 index fell 0.3% to close at 7,219.00, Asian stocks declined against the backdrop of weaker-than-expected economic data that supported forecasts for recession. Still, the benchmark gained 0.6% during the shortened trading week. The market will be closed Friday and Monday for the Easter break. In New Zealand, the S&P/NZX 50 index was little changed at 11,870.08
Indian stocks rose for a fifth straight day in the longest gaining streak in more than two months as the central bank surprised with a rate pause. The S&P BSE Sensex rose 0.2% to 59,832.97 in Mumbai, while the NSE Nifty 50 Index advanced by a similar measure. Both gauges rose more than 3% each for the truncated week that concluded on Thursday. Markets in India are shut on Friday for a holiday. The Reserve Bank of India kept its key rate at 6.50%. Most economists in a Bloomberg survey expected a 25 basis point increase. “I think it’s a brilliant move by the RBI because financial stability is equally important and inflation in India has been moderating,” Chakri Lokapriya, CEO at TCG Asset Management said. “As an equity investor, the focus will now be on companies that are showing visible signs of earnings growth and recovery.” The five-day rally in Indian stocks has now helped the benchmark Sensex trim its yearly losses to less than 2%. The gains are also supported by the resumption of buying from foreigners since March after three months of selling as valuations moderated to long-term averages. “This is good for banks and will help lenders take leadership of the market, which is very important,” said Atul Suri, founder of Mumbai-based investment advisory firm Marathon Trends Advisory Pvt. HDFC Bank contributed the most to the Sensex’s gain, increasing 0.7%.
In FX, the Bloomberg Dollar Spot Index is up 0.1% while the Swiss franc is the best performer among the G-10’s. The kiwi is the weakest, falling 0.6%.
In rates, treasuries are richer across the curve led by front-end, holding gains made during Asia session and London morning. Curves are steeper with spreads still inside Wednesday’s ranges; yields are richer by 5bp-6bp across front-end of the curve with 2s10s, 5s30s spreads steeper by ~3bp and ~4bp on the day; 10- year yields around 3.28% are richer by ~3bp vs Wednesday’s close with bunds and gilts slightly outperforming. The two-year US government-bond yield slid for a fifth day, while the 10-year rate witnessed a seventh-day drop to 3.27%. That was the longest sequence of declines since 2020, barring similar moves around the July 4 holidays in the past two years. IG dollar issuance slate empty so far; two deals priced $2.5b Wednesday, bringing weekly total to $9b vs $15b expectations.
In commodities, crude futures decline with WTI falling 0.5% to trade near $80.20. Spot gold is little changed around $2,019.
Given the tentative tone overall, Bitcoin is similarly contained and only incrementally in the red on the session and essentially neutral for the week as a whole.
Looking at today’s calendar, US economic data slate includes March Challenger jobs cuts (7:30am New York time) and initial jobless claims (8:30am) and a speech by Fed’s Bullard. ; March employment report ahead Friday, an abbreviated session (Sifma recommended 12pm stop) with US stock markets closed
Market Snapshot
- S&P 500 futures little changed at 4,115.75
- MXAP down 0.8% to 161.17
- MXAPJ down 0.4% to 521.23
- Nikkei down 1.2% to 27,472.63
- Topix down 1.1% to 1,961.28
- Hang Seng Index up 0.3% to 20,331.20
- Shanghai Composite little changed at 3,312.63
- Sensex little changed at 59,740.09
- Australia S&P/ASX 200 down 0.3% to 7,218.98
- Kospi down 1.4% to 2,459.23
- STOXX Europe 600 up 0.4% to 458.42
- German 10Y yield little changed at 2.14%
- Euro little changed at $1.0896
- Brent Futures down 0.8% to $84.29/bbl
- Gold spot down 0.2% to $2,016.53
- U.S. Dollar Index up 0.11% to 101.96
Top Overnight News from Bloomberg
- China’s Caixin services PMI for Mar comes in strong, jumping to 57.8 (up from 55 in Feb and ahead of the St’s 55 forecast). also, Chinese economists anticipate domestic GDP growth of 5.4% this year, up from the prior forecast of +4.7% in Dec. RTRS
- India unexpectedly left its benchmark interest rate unchanged and pledged to hike again if needed, joining other central banks in pausing as global banking woes add uncertainty to the economic outlook. BBG
- A senior advisor to Zelensky said Ukraine would be willing to hold peace talks with Russia and suggests the gov’t could agree to relinquish its claims to Crimea. FT
- Norway has stepped in to replace Russia as Europe’s most important energy supplier (the war in Ukraine has helped add ~$100B to Norway’s oil and gas earnings). NYT
- German factories rebounded strongly from the country’s energy crisis at the start of the year, after industrial production rose more than expected in the first two months of the year. The 2 per cent growth in factory output in February, which was well above the 0.1 per cent growth forecast by economists in a Reuters poll, was the latest positive sign for Europe’s largest economy after energy prices eased, factory orders rose and exports recovered. FT
- US regulators have appointed BlackRock’s advisory arm to help sell a $114bn portfolio of securities inherited after the government takeovers of failed lenders Silicon Valley Bank and Signature Bank in March. FT
- Banking shocks in the US and Switzerland are “relatively localized,” but profound macro changes presage an uncertain future, said UniCredit CEO Andrea Orcel, a former head of UBS’s investment bank. Inflation, geopolitics and the resetting of value chains are happening in parallel. “It’s almost inevitable something bad will happen and governments won’t have a playbook because our playbook is for past crises.” BBG
- Incoming jobs data may spur the Fed to keep rates high through year-end, contrary to market pricing. New jobless claims probably rose by an undramatic 2,000 to 200,000 as job cuts announced earlier become effective with a lag. Tomorrow’s payrolls report may show still-robust hiring in March, reflecting a structurally tight market. The US probably added 235,000 jobs as the unemployment rate stayed at 3.6%. BBG
- House Speaker Kevin McCarthy said Wednesday that Wall Street should be concerned about the political impasse over the US debt ceiling as the country inches closer to a possible payment default. BBG
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks were mostly subdued amid headwinds from further US weak data releases and with risk appetite also restricted as global markets approached the Easter holiday period, albeit with the downside stemmed as participants digested Chinese Caixin Services PMI data which showed a firm acceleration in services activity. ASX 200 was marginally lower as weakness in the tech and real estate sectors just about overshadowed the resilience in defensives and with trade data showing a monthly drop in both imports and exports. Nikkei 225 resumed the prior day’s underperformance amid some speculation of a potential policy shift by the BoJ soon as the Kuroda era comes to an end this week and with former BoJ Director Momma suggesting the recent drop in global bond yields has created favourable conditions for the BoJ to scrap its YCC this month. Hang Seng and Shanghai Comp were lacklustre after a substantial liquidity drain by the PBoC and amid frictions related to Taiwan President Tsai’s meeting in the US with members of Congress including House Speaker McCarthy although losses were kept to a minimum following the strong Chinese Caixin Services and Composite PMI data.
Top Asian News
- China is expected to cut the tax and fee burden by CNY 1.8tln for business entities this year and tax revenues are expected to show faster growth in Q2, according to a state taxation official cited by Reuters.
- China asked the WTO to investigate export restrictions on semiconductors by the US, Japan and the Netherlands.
- China approved the delayed Swap Connect scheme which clears the path for foreign investors to its USD 5tln swaps market, while the Swap Connect scheme is set to launch within months, according to FT.
- RBA Financial Stability Review stated that Australia is not immune to global financial shocks but Australian banks are well capitalised, profitable and highly liquid, while it noted that APRA has stepped up oversight of domestic institutions and is considering lessons for regulations. RBA also stated that global financial stability risks have increased and regulators will need to tighten rules, as well as protect against digital runs on banks.
- RBI kept the Repurchase Rate unchanged at 6.50% (exp. 25bps hike) via unanimous decision, while the MPC maintained its policy stance of remaining focused on the withdrawal of accommodation through a 5-1 vote. However, Governor Das said that the decision to pause is for this meeting only and they will not hesitate to take action if needed in future policy meetings with the MPC ready to act if warranted.
- Japan PM Kishida to meet with new BoJ Governor Ueda on April 10th, via Kyodo; incoming Governor likely to confirm intention to maintain current monetary easing for a while.
European bourses are incrementally firmer but are set to conclude the shortened week roughly flat, Euro Stoxx 50 +0.1%. Sectors are mixed as such though Travel & Leisure is one of the outperformers after favourable Tui commentary. Stateside, futures are in close proximity to the unchanged mark but with a modest negative bias in-play ahead of IJC, Bullard and pre-Easter/NFP.
Top European News
- ECB’s Lane (interview conducted on April 5th) says if, by the time of the May meeting, projections remain on track, then a rate hike will be appropriate; stresses data-dependence.
- Chinese President Xi, speaking with French President Macron, said relations with France have maintained positive and steady momentum, according to state media. Macron said he knows he can count on China to reason with Russia and bring everyone back to the negotiating table.
- BoE Decision Maker Panel (DMP) March one-year CPI inflation expectations fell slightly. DMP members expected CPI inflation to be 5.8% one-year ahead, down from 5.9% in February.
FX
- The USD is firmer though the index has dipped back below the 102.00 mark and has eased off the 102.05 high which itself is significantly shy of the 103.06 WTD peak.
- Action which comes to the modest detriment of the antipodeans, particularly the NZD as it gives back some of its post-RBNZ outperformance while the AUD continues to languish below 0.63 and 00.67 respectively.
- Petro-FX is erring lower amid choppy crude action with the CAD incrementally softer but largely rangebound ahead of its March jobs release.
- The relative outperformer is the CHF, with EUR/CHF at 0.9850 and continuing to move away from parity with focus on SNB FX action with desks suggesting 0.98 could be a figure to watch.
- Elsewhere, GBP and EUR are little changed at the time of writing and failed to see/sustain any meaningful reaction from the March Construction PMIs, despite a modest pick-up in EGBs at the time.
- PBoC set USD/CNY mid-point at 6.8747 vs exp. 6.8765 (prev. 6.8699)
Fixed Income
- A continuation of the week’s firmer action has seen fresh WTD highs in EGBs with a modest spike occurring on the March Construction PMIs in otherwise fairly limited pre-Easter/NFP trade.
- Bunds notched a fresh WTD peak at 137.85 following this, though we remain within recent parameters for both the benchmarks and yields. Currently, the periphery is moving in-line with core peers.
- USTs are yet to move meaningfully away from the neutral mark with the 10yr in fairly slim ~14 tick parameter in pre-Easter/NFP trade.
Commodities
- Crude benchmarks have been somewhat choppy after Wednesday’s flat settlement with specific newsflow light aside from geopolitics/high-level meetings.
- Specifically, WTI and Brent have moved back below USD 80/bbl and USD 84.50/bbl respectively within circa. USD 1/bbl parameters.
- Spot gold is unchanged in a very narrow USD 10/oz range that remains comfortably above USD 2000/oz mark but still someway from the ATH at USD 2075/oz; base metals are mixed as Copper benefits from APAC data while iron ore continues to slip after recent NDRC commentary.
- Citi forecasts oil prices higher by USD 5/bbl for 2023, Brent to average USD 84/bbl & WTI USD 79/bbl.
Geopolitics
- CHINA-TAIWAN
- US House Speaker McCarthy said the discussion with Taiwan’s President was very productive and that they must continue arms sales to Taiwan, as well as strengthen economic cooperation, particularly with trade and technology. McCarthy stated that America’s support for the people of Taiwan will remain resolute, unwavering and bipartisan, while he added that US arms sales to Taiwan must be delivered on a timely basis and that there is no need for retaliation from China for the meeting with Taiwan’s President Tsai, according to Reuters.
- US Rep. Aguilar said they look forward to more meetings like this in the future, while Rep. Gallagher said they support Taiwan and will turn those words into action in this congress, according to Reuters.
- China’s Foreign Ministry spokesperson said the US colluded with Taiwan authorities and connived at attempts by separatists seeking Taiwan independence to carry out political activities on US soil. China’s Foreign Ministry spokesperson also said the US has breached the commitments it made and relentlessly challenges the bottom line, while it made provocations in matters like official interaction with Taiwan, as well as arms sales and military collusion with Taiwan. Furthermore, in response to the seriously erroneous acts of collusion, China will take resolute and effective measures to safeguard national sovereignty and territorial integrity, according to Reuters.
- China’s Fujian maritime safety administration launched a three-day special joint patrol and inspection operation in the central and northern parts of the Taiwan Strait which include moves to board ships, according to Reuters.
- Taiwan’s Defence Minister said a China aircraft carrier was about 200 nautical miles off Taiwan’s east coast and noted the carrier group is training but the timing is quite sensitive, according to Reuters.
- OTHER
- Kyiv is reportedly willing to discuss the future of Crimea with Moscow if its forces reach the border of the Russian-occupied peninsula, according to FT citing a top adviser to President Zelensky.
- Chinese Foreign Ministry says the US and NATO bear responsibility for the continuation of the Ukrainian crisis, according to Al Jazeera.
- Russia’s Kremlin says China has mediation potential, but in the case of Ukraine the situation is still complicated.
- Canadian PM Trudeau stated that he spoke with US President Biden about Ukraine and called on Russia to release the detained WSJ reporter Evan Gershkovich immediately, according to a tweet.
- North Korean state media KCNA noted commentary from security analyst Choe Ju Hyon who warned that US and South Korean military drills are escalating tensions to the brink of nuclear war. It was separately reported that South Korea’s Defence Minister said North Korea is ready to conduct a nuclear test at any time, according to Yonhap.
- Iran and Saudi Arabia agree to cooperate to ensure regional security; Iran and Saudi agree to resume flights, facilitating visas for citizens.
- Japanese Self Defence Force helicopter has disappeared near Miyakojima Island, Japan, according to NHK; Japan says it spotted a Chinese frigate between the Yonaguni island and Taiwan, moving into the East China Sea from the Pacific Ocean on Wednesday.
US Event Calendar
- 07:30: March Challenger Job Cuts YoY, prior 410.1%
- 08:30: April Initial Jobless Claims, est. 200,000, prior 198,000
- 08:30: March Continuing Claims, est. 1.7m, prior 1.69m
DB’s Henry Allen concludes the overnight wrap
Here in the UK, we’re about to have two public holidays, tomorrow and on Monday, so the EMR will be taking a break over the long weekend. We’ll resume normal service again on Tuesday morning. Happy Easter to all of you and many thanks for all your interactions over recent months.
As we approach the Easter weekend, risk-off sentiment has continued to grow in markets thanks to another round of weak data that’s added to fears about a potential US recession. First, we had the ADP’s report of private payrolls, which came in beneath every economist’s expectation on Bloomberg at just +145k (vs. +210k expected). So that’s more evidence that the labour market is beginning to cool off, and it echoes the narrative from the job openings data the previous day, which fell beneath 10m in February for the first time since May 2021.
The ADP report was the catalyst for another decline in Treasury yields, but the idea that the economy was weakening was cemented shortly afterwards by the final PMI readings for March, which showed some notable downgrades relative to the earlier flash estimates. Indeed, the US composite PMI came in at 52.3 (vs. flash 53.3), and the services PMI came in at 52.6 (vs. flash 53.8), so both were seeing downward revisions of at least a full point. 15 minutes later, that was then rounded out by the ISM services index for March, which fell to 51.2 (vs. 54.4 expected), with declines in both the employment (51.3) and new orders (52.2) components relative to the previous month as well. It’s worth noting that none of these prints showed a decline or were beneath the 50-mark pointing to a contraction, but given they were consistently beneath expectations, it’s certainly added to the jitters that the US economy could face a recession later this year.
With all these negative data releases coming through, investors maintained a fairly dovish path from the Fed over the coming months. For instance, at the next meeting in May, the chances of a rate hike according to futures remained at 47%, after having been as high as 70% earlier in the week. That was echoed further out the curve too, with the rate expected by the December meeting falling by -3.8bps to 4.09%. And in turn, there was a fresh decline in Treasury yields, with the 10yr yield down by -2.8bps to 3.31%, which hasn’t been seen since early September last year and overnight they’re down another -1.7bps to 3.29%. 2yr yields were down -14.9bps to under 3.70% intraday, before ending -4.6bps lower to 3.78%, and overnight they’ve fallen -2.3bps to 3.76%. For real yields it’s been much the same story, with the 10yr real Treasury yield falling as low as 1.02% at one point intraday, which is closer to the 1% mark than at any time since September.
We’ll have to see if these weak data outturns from yesterday are backed up by tomorrow’s jobs report, which has added importance since it’s the last one ahead of the Fed’s next decision in early May. Our US economists think that’ll show nonfarm payrolls grew by +250k, which if realised would actually be the second-slowest pace of monthly job growth over the last two years. They think that should keep the unemployment rate steady at 3.6%. Bear in mind however, that even though we’ve had some weak data on the employment side, the ADP report for January also came in beneath every economist’s expectation on Bloomberg, but nonfarm payrolls went on to surge by +517k on the initial estimate, so there’s still scope for a wide range of outcomes tomorrow.
For now however, the risk-off tone has predominated, and the S&P 500 (-0.25%) fell for a second consecutive session for the first time in over three weeks. The decline was led by the more cyclical industries, and the NASDAQ (-1.07%) and the FANG+ Index (-2.28%) were particular underperformers, in spite of the decline in rates. At the same time, the KBW Bank Index (-0.50%) lost ground for a third day running, with Western Alliance Bancorp (-12.38%) as the worst performer in the index. Otherwise in Europe, the STOXX 600 (-0.16%) posted a modest loss for a third consecutive day.
Whilst markets were pricing in a growing chance of a pause in the Fed’s cycle of rate hikes, Cleveland Fed President Mester suggested in a Bloomberg interview that they still had a bit further to go. She said that “I think we’re going to have to go a little bit higher from where we are”, and that they would “then hold there for some time” to ensure inflation returned to target. Over at the ECB, we also heard from Croatia’s Vujcic, who said that the “biggest part of the cycle of rate rises is behind us”. However, he also said that if core inflation stayed above 4%, then “further hikes” could be expected, and remember that core inflation hit a Euro Area record of +5.7% in March. The other speaker we heard from was Slovenia’s Vasle, who said that core inflation was “clearly on an upward trend”. For now at least, investors seem more confident in the chances of an ECB hike in May than one from the Fed, with overnight index swaps pointing to a 87% chance of a 25bp hike from the ECB, whereas Fed funds futures are at just 47% for the Fed.
Overnight in Asia, there’ve been further losses overnight, with the Nikkei (-1.36%), the KOSPI (-1.17%), the CSI 300 (-0.30%), the Hang Seng (-0.05%) and the Shanghai Composite (-0.04%) all losing ground. That’s in spite of a rise in the Caixin services and composite PMIs from China in March, with the services measure up to a 2-year high of 57.8 (vs. 55.0 expected). The mood remains pretty downbeat more broadly as well, with futures on the S&P 500 (-0.25%) pointing towards a third consecutive decline today.
Amidst this gloomy backdrop, one asset that’s managed to outperform has been gold (+0.02%), which hit its highest intraday level since March 2022 yesterday, with a peak of $2,032 at one point. It’s come off its highs overnight to $2,012 this morning, but prices have been supported by several factors recently, including the flight into haven assets and the prospect that the Fed might pause its cycle of rate hikes shortly. In fact, in less than a month since March 8, just before the market turmoil began over SVB, gold is now up by +11.4%.
When it came to yesterday’s other data, German factory orders expanded by a much stronger-than-expected +4.8% in February (vs. +0.3% expected). On the other hand, the US trade deficit widened by more than expected in February to $70.5bn (vs. $68.8bn expected). The other main release were the final PMI numbers from Europe, with the Euro Area composite PMI coming in at 53.7. That was slightly down from the flash reading of 54.1, but is still a 5th consecutive monthly gain, adding to the picture that the European economy has continued to rebound since late last year amidst a considerable decline in natural gas prices.
To the day ahead now, and data releases include German industrial production for February, along with the US weekly initial jobless claims. Otherwise from central banks, we’ll hear from the Fed’s Bullard.2 b) NOW NEWSQUAWK (EUROPE/REPORT)
Softer US handover continues to impact though is offset by Chinese Caixin PMIs – Newsquawk Europe Market Open
THURSDAY, APR 06, 2023 – 08:47 AM
- APAC stocks were mostly subdued amid the soft Wall St handover, albeit with the downside stemmed by Chinese Caixin Services PMI.
- RBI kept the Repurchase Rate unchanged at 6.50% (exp. 25bps hike) via unanimous decision.
- European equity futures are indicative of a flat open with the Euro Stoxx 50 unchanged after the cash market closed down 0.4% on Wednesday.
- DXY sits just above 102, EUR/USD is back on a 1.08 handle, antipodeans lags across the majors.
- Looking ahead, highlights include Swiss Unemployment Rate, US IJC, Canadian Labour Market Report, Speech from Fed’s Bullard, Supply from France. Note: Desk will close at 21:30BST, given Friday’s market holidays.
View the full premarket movers and news report.
Or why not try Newsquawk’s squawk box free for 7 days?
US TRADE
EQUITIES
- US stocks were predominantly lower and havens generally bid as a risk off-tone ensued post-US data which saw a cooler-than-expected ADP jobs number and ISM Services also disappointed although the prices paid index did see a notable deceleration with the component falling to its lowest since July 2020.
- SPX -0.25% at 4,090, NDX -1.01% at 12,967, DJIA +0.24% at 33,482, RUT -0.99% at 1,752.
- Click here for a detailed summary.
NOTABLE HEADLINES
- FDIC retained its financial advisor to assist in the liquidation of securities of former Signature Bank (SBNY) and Silicon Valley Bank (SIVB) with Blackrock Financial Advisory to conduct portfolio sales, according to Reuters.
APAC TRADE
EQUITIES
- APAC stocks were mostly subdued amid headwinds from further US weak data releases and with risk appetite also restricted as global markets approached the Easter holiday period, albeit with the downside stemmed as participants digested Chinese Caixin Services PMI data which showed a firm acceleration in services activity.
- ASX 200 was marginally lower as weakness in the tech and real estate sectors just about overshadowed the resilience in defensives and with trade data showing a monthly drop in both imports and exports.
- Nikkei 225 resumed the prior day’s underperformance amid some speculation of a potential policy shift by the BoJ soon as the Kuroda era comes to an end this week and with former BoJ Director Momma suggesting the recent drop in global bond yields has created favourable conditions for the BoJ to scrap its YCC this month.
- Hang Seng and Shanghai Comp were lacklustre after a substantial liquidity drain by the PBoC and amid frictions related to Taiwan President Tsai’s meeting in the US with members of Congress including House Speaker McCarthy although losses were kept to a minimum following the strong Chinese Caixin Services and Composite PMI data.
- US equity futures (ES -0.3%) were softer amid ongoing growth concerns and the cautious mood across Asia.
- European equity futures are indicative of a flat open with the Euro Stoxx 50 unchanged after the cash market closed down 0.4% on Wednesday.
FX
- DXY was firmer and sits just above the 102.00 mark after having recently benefitted from a flight to safety due to the latest bout of soft data releases stateside including the miss on ISM Services and ADP jobs.
- EUR/USD remained lacklustre in which the single currency trickled lower to beneath the 1.0900 handle.
- GBP/USD languished near the prior day’s lows with price action hampered after recent cyclical pressure.
- USD/JPY was rangebound and briefly declined to below the 131.00 level amid early haven flows.
- Antipodeans were pressured by the subdued risk tone and after NZD/USD wiped out its entire post-RBNZ gains.
- PBoC set USD/CNY mid-point at 6.8747 vs exp. 6.8765 (prev. 6.8699)
FIXED INCOME
- 10yr UST futures slightly pulled back after yesterday’s advances which were spurred by soft ADP Employment and ISM Services data, as well as the notable deceleration in the prices paid index to its lowest since July 2020.
- Bund futures were off this week’s highs but held on to most of their recent gains and remained above 137.00.
- 10yr JGB futures were kept afloat in rangebound trade and following mixed results at the 30yr JGB auction.
COMMODITIES
- Crude futures were pressured with WTI back below USD 80/bbl amid the recent growth concerns.
- Saudi Aramco set May Arab light oil OSP to the US at plus USD 6.65/bbl vs. ASCI (up 10c vs April) and set May OSP to N.W. Europe at plus USD 1.00 vs. ICE Brent (unchanged M/M).
- White House’s Kirby said the US will be watching the impact of OPEC+ production cuts closely.
- Spot gold mildly faded some of its recent advances as the dollar remained steadfast.
- Copper futures were marginally higher in an extension of the prior day’s intraday rebound.
CRYPTO
- Bitcoin prices were choppy throughout the session and oscillated around the USD 28,000 level.
NOTABLE ASIA-PAC HEADLINES
- China is expected to cut the tax and fee burden by CNY 1.8tln for business entities this year and tax revenues are expected to show faster growth in Q2, according to a state taxation official cited by Reuters.
- China asked the WTO to investigate export restrictions on semiconductors by the US, Japan and the Netherlands.
- China approved the delayed Swap Connect scheme which clears the path for foreign investors to its USD 5tln swaps market, while the Swap Connect scheme is set to launch within months, according to FT.
- RBA Financial Stability Review stated that Australia is not immune to global financial shocks but Australian banks are well capitalised, profitable and highly liquid, while it noted that APRA has stepped up oversight of domestic institutions and is considering lessons for regulations. RBA also stated that global financial stability risks have increased and regulators will need to tighten rules, as well as protect against digital runs on banks.
- RBI kept the Repurchase Rate unchanged at 6.50% (exp. 25bps hike) via unanimous decision, while the MPC maintained its policy stance of remaining focused on the withdrawal of accommodation through a 5-1 vote. However, Governor Das said that the decision to pause is for this meeting only and they will not hesitate to take action if needed in future policy meetings with the MPC ready to act if warranted.
DATA RECAP
- Chinese Caixin Services PMI (Mar) 57.8 vs Exp. 55.0 (Prev. 55.0)
- Chinese Caixin Composite PMI (Mar) 54.5 (Prev. 54.2)
- Australian Trade Balance (AUD)(Feb) 13.9B vs. Exp. 11.1B (Prev. 11.7B)
- Australian Exports MM (Feb) -3% (Prev. 1%)
- Australian Imports MM (Feb) -9% (Prev. 5%)
GEOPOLITICAL
CHINA-TAIWAN
- US House Speaker McCarthy met Taiwanese President Tsai Ing-Wen in California to become the most senior figure to meet a Taiwanese leader on US soil since 1979, while McCarthy told Tsai that he is optimistic they will continue to find ways for the US and Taiwan to work together to promote freedom, democracy, peace and stability.
- US House Speaker McCarthy said the discussion with Taiwan’s President was very productive and that they must continue arms sales to Taiwan, as well as strengthen economic cooperation, particularly with trade and technology. McCarthy stated that America’s support for the people of Taiwan will remain resolute, unwavering and bipartisan, while he added that US arms sales to Taiwan must be delivered on a timely basis and that there is no need for retaliation from China for the meeting with Taiwan’s President Tsai, according to Reuters.
- US Rep. Aguilar said they look forward to more meetings like this in the future, while Rep. Gallagher said they support Taiwan and will turn those words into action in this congress, according to Reuters.
- White House said channels of communication with China are open and the US has consistently urged China to show restraint, while it added that escalation is uncalled for.
- China’s Foreign Ministry spokesperson said the US colluded with Taiwan authorities and connived at attempts by separatists seeking Taiwan independence to carry out political activities on US soil. China’s Foreign Ministry spokesperson also said the US has breached the commitments it made and relentlessly challenges the bottom line, while it made provocations in matters like official interaction with Taiwan, as well as arms sales and military collusion with Taiwan. Furthermore, in response to the seriously erroneous acts of collusion, China will take resolute and effective measures to safeguard national sovereignty and territorial integrity, according to Reuters.
- China’s Fujian maritime safety administration launched a three-day special joint patrol and inspection operation in the central and northern parts of the Taiwan Strait which include moves to board ships, according to Reuters.
- Taiwan’s Defence Minister said a China aircraft carrier was about 200 nautical miles off Taiwan’s east coast and noted the carrier group is training but the timing is quite sensitive, according to Reuters.
- Global Times’s Hu Xijin said House Speaker McCarthy’s meeting with Taiwan’s President is “the beginning of another game round in the grand process of the Taiwan Straits”, while Hu personally believes the mainland will soon launch resolute actions and will ensure that the outcome of this round will frustrate Taiwan independence and its supporters.
OTHER
- Kyiv is reportedly willing to discuss the future of Crimea with Moscow if its forces reach the border of the Russian-occupied peninsula, according to FT citing a top adviser to President Zelensky.
- Canadian PM Trudeau stated that he spoke with US President Biden about Ukraine and called on Russia to release the detained WSJ reporter Evan Gershkovich immediately, according to a tweet.
- North Korean state media KCNA noted commentary from security analyst Choe Ju Hyon who warned that US and South Korean military drills are escalating tensions to the brink of nuclear war. It was separately reported that South Korea’s Defence Minister said North Korea is ready to conduct a nuclear test at any time, according to Yonhap.
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED UP .07 PTS OR .00% //Hang Sang CLOSED UP 56.61 POINTS OR .28% /The Nikkei closed DOWN 340.33PTS OR 1.22% //Australia’s all ordinaries CLOSED DOWN .30 % /Chinese yuan (ONSHORE) closed UP TO 6.8766 /OFFSHORE CHINESE YUAN UP TO 6.8771 /Oil UP TO 80.37dollars per barrel for WTI and BRENT AT 84.95 / 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/
end
CHINA
end
4.EUROPEAN AND UK AFFAIRS
FRANCE
French protesters storm Paris’ Black Rock headquarters
(zerohedge)
French Pension Protesters Storm Paris BlackRock Headquarters
THURSDAY, APR 06, 2023 – 03:10 PM
Update (0810ET):
We noted early that pension protestors in France were gathered outside of BlackRock’s Paris headquarters. The protestors have now stormed the building.
Here are the current scenes from Paris:
BREAKING: BlackRock’s office in Paris.pic.twitter.com/TSmodRz9vY— PiQ (@PriapusIQ) April 6, 2023
Happening in France this morning.
Railway workers have taken over BlackRock’s headquarters in Paris.pic.twitter.com/unwYeH1YS3— Zineb Riboua (@zriboua) April 6, 2023
BREAKING NEWS: BlackRock Paris headquarters is NOW taken by France protestors
BlackRock is the world’s largest asset manager, with US$10 trillion in assets under management as of January 2022.
The screnario is super chaospic.twitter.com/BCDHupcedk— Coinwire.com (@coinwirehq) April 6, 2023
BREAKING:
$10 trillion asset manager BlackRock Paris headquarters taken over by protestors. pic.twitter.com/b77wYsJIkM pic.twitter.com/lKz5nM9vzf— Multify Media (@multifymedia) April 6, 2023
* * *
France faces another wave of widespread protests and strikes following an unproductive discussion between the prime minister and labor unions. The failure to reach a compromise on the unpopular pension reform, which extends the working years for individuals, has fueled two-and-a-half months of public discontent.
Hundreds of thousands of people are expected to protest on Thursday against Emmanuel Macron’s pension reform to raise the minimum age from 62 to 64.
NOW – Protest at BlackRock head office in Paris.
The Globalists are starting to run into some bother as the world awakens from its slumber #paris #blackrock #biden #us #France #Dollar #protests pic.twitter.com/jBv93gtvbh— jamiemcintyre (@jamiemcintyre21) April 6, 2023
Protests again grip France but Macron not backing down
https://t.co/ObUxxNENKm pic.twitter.com/GAiNzzTs8K— Mohamed Vevo (@MoH_Vevo_Mv) April 6, 2023
Operation “Dead City”
Protesters block major highways, universities, high schools, industrial areas, etc., as protests against Macron’s pension reforms continue in France.
This is Lyon, France.pic.twitter.com/0V521MQD7O— Hassan Mafi (@thatdayin1992) April 6, 2023
France
Protests continue to take place across France against Macron’s pension reform (and many other issues). Just look at the scale of the protests in Toulouse.pic.twitter.com/4j368gEe0D— James Melville (@JamesMelville) April 6, 2023
Trade union leaders met the Prime Minister, Elisabeth Borne, on Wednesday, but after just an hour of talks — they failed to find a comprise. The Guardian provides insight into some of those conversations:
Cyril Chabanier, speaking on behalf of France’s eight main unions, said: “We again told the prime minister that the only democratic outcome would be the text’s withdrawal. The prime minister replied that she wished to maintain the text, a serious decision.”
Sophie Binet, the new leader of the CGT trade union, called for more protests and strikes after the failed talks with the prime minister:
“We have to continue mobilizing until the end, until the government understands there is no way out other than withdrawing this reform,” Binet said.
Labor unions plan to keep pressure on the government until the Constitutional Council decides on the pension reform. They believe there’s still a chance to block it from becoming law on April 14. If unions are unsuccessful, strikes will likely continue.
“We’re in a social crisis, we have a democratic crisis, there is a problem, and the president has the solution in his hands,” Laurent Berger, leader of the CFDT union, said on RTL radio.
Bloomberg cited a recent poll that shows most French people oppose pension reform.
And most French people support pension reform protests.
Meanwhile, Macron is meeting with Chinese President Xi Jinping in Beijing today while France enters another round of mass protests.183
GERMANY
5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS
Ukrainian and NATO attacks on Russian communication satellites recorded – Russia is preparing to respond
| Robert Hryniak | 5:09 PM (3 hours ago) |  | |
| to | |||
This will get interesting
https://avia-pro.net/news/zafiksirovany-ataki-ukrainy-i-nato-na-rossiyskie-kommunikacionnye-sputniki-rossiya-gotovitsya
END
ISRAEL/
Dozens Of Rockets Pound Israel From Lebanon In Most Serious Escalation Since 2006 War
THURSDAY, APR 06, 2023 – 04:15 PM
The prior days of clashes and tensions at Jerusalem’s al-Aqsa Mosque are spiraling toward broader conflict in Gaza and along Israel’s northern border as on Thursday afternoon a barrage of rockets was fired from Lebanon.
Rocket sirens have been sounding in the towns of Betzet and Shlomi in the Western Galilee, close to the border, while the IDF says its Iron Dome system intercepted at least one of the projectiles. There are emerging reports of at least person wounded by shrapnel on the Israeli side.
No group has claimed responsibility for the rockets, but Hezbollah is the prime armed group operating in southern Lebanon. Some reports say the rocket salvo was launched from Palestinian refugee camps, and thus might not have been approved by Hezbollah, the Lebanese Shia group backed by Iran.
According to The Times of Israel, it’s a likely directly response to the recent Israeli police raids on al-Aqsa Mosque during Muslim holy days:
There was no immediate claim of responsibility, but the launches came just hours after Lebanon’s Iran-backed terror group Hezbollah said it would support “all measures” Palestinian groups may take against Israel after clashes at the flashpoint Al-Aqsa mosque on the Temple Mount in Jerusalem.
Axios is reporting an estimate of “between 25-30 rockets” launched, according to defense officials.
“Most were intercepted by the Iron Dome system, the Israeli military said. At least one rocket fell in the town of Shlomi in northern Israel,” the report continues.
Israel is also observing an important holiday, namely the first day of the Passover festival. The current tensions began Tuesday night, when Israeli police raided Jerusalem’s Al Aqsa Mosque, brutally beating worshippers after declaring overnight prayers there unlawful.
Outrage swept across Palestinian communities, sparking marches, confrontations with Israeli troops, and rocket attacks from the Gaza Strip. The violence spiraled higher, as the Israeli Air Force bombed Gaza.
Hamas then continued firing a barrage of rockets from the Gaza Strip into Israel Wednesday night and Thursday morning, according to the IDF. Violent clashes were also reported between Israeli forces and protesters in the country’s north.
Israel is reportedly now shelling southern Lebanon, and has scrambled air force jets to neutralize the attacks. Prime Minister Benjamin Netanyahu is also set to convene an emergency security meeting as the crisis escalates, which is already being called the most serious escalation since the 2006 war.
developing…
end
END
6.Global Issues//COVID ISSUES/VACCINE ISSUES
How Long Can the COVID-19 Spike Protein Stay in Your Body and What Can you do About it?
BY THE WELLNESS COMPANY
As we grapple with the aftermath of the COVID-19 pandemic, much remains to be discovered about the virus, the mRNA vaccines and their long-term effects on our bodies. One area of particular interest is the spike protein, which is found on the surface of the SARS-CoV-2. Until fairly recently, it was unclear just how long this protein, which plays a crucial role in helping the virus invade our cells and appears capable of causing significant biological harm, can remain in our bodies. Similarly, until recently, it was unclear what if anything can be done to protect against spike protein.
For most people, COVID-19 symptoms usually last for a few weeks, but for a subset of those infected with the virus, symptoms persist even after the acute phase of the disease. This condition is commonly called “long-COVID.” Although estimates vary, it is reported that anywhere from one in ten to one to three people experience symptoms even after 12 weeks of diagnosis.
Recent Study Detects Spike 12 Months Post-Infection
The causes of long-COVID aren’t perfectly understood, but a recent study suggests that it is likely associated with elements of the SARS-CoV-2 virus lingering in the body. The study in question measured SARS-CoV-2 antigen and cytokine levels in plasma samples collected from people who developed PASC.
The researchers found circulating spike protein in the vast majority of the patients with long-haul symptoms. The detection of spike at multiple time points, even 2 to 12 months after infection, confirms that viral reservoirs can persist in the body well beyond the acute phase of illness.
The question, then, is what effect this could have on our health.
Harmful Effects of the Spike Protein
With long-COVID, circulating spike is liable to cause harm in several ways. First, spike protein has the ability to impair T-cell (an important immune cell) receptor function, potentially weakening immunity. Other research indicates that long-COVID is strongly linked with elevated inflammatory markers. Further, spike has also been shown to elicit dysfunction in pericytes, blood vessel endothelial cells, and the blood–brain barrier.
Bottom Line
The long-term persistence of the COVID-19 spike protein in the human body has major implications for our understanding of the virus and its long-term effects. Given the spike protein’s capacity to harm a host of biological processes – from immune cell dysfunction to blood vessel abnormalities – it is crucial that further research is conducted to fully comprehend the mechanisms underlying these lingering effects.
What Can You Do to Protect Against Spike Protein
Despite censorship by the mainstream medical community, solutions to spike protein exist. Dr. Peter McCullough, one of the world’s leading cardiologists and COVID freedom fighters, notes the following potential remedies:
1. Prescription Ivermectin
2. Prescription Low-Dose Naltrexone
3. Over-the-counter Nattokinase
In particular, nattokinase shows great promise. From Dr. McCullough:
I have found nattokinase, the Japanese product derived from natto (a traditional Japanese food made from whole soybeans that have been fermented with Bacillus subtilis var. natto.) to be the most compelling and scientifically supported approach to clear Spike protein out of the body via proteolytic degradation.
Dr. Peter McCullough and his team at The Wellness Company designed an optimized Nattokinase-based supplement, Spike Support, to help you feel your best.
- Nattokinase to aid with circulation and dissolve spike proteins
- Dandelion for a detoxifying agent and prevent spike protein cellular binding
- Black sativa to possibly facilitate cellular repair
- Green tea for added defenses at the cellular level through scavenging for free radicals
- Irish sea moss to help rebuild damaged tissue and muscle
Here is one of Dr. McCullough’s colleagues, Dr. Jen VanDeWater, talking about all the elements of The Wellness Company’s Spike Support Formula:
According to The Wellness Company, purchasing all the separate ingredients of the Spike Support Formula would be over $100 – you can save 36% with the unique formulation in The Wellness Company’s Spike Support Formula.
Click here to order the Spike Support Formula today!
People are saying about The Wellness Company’s Spike Support Formula:
“I saw Dr. McCullough talk about the product and decided to give it a try. A month and a half later, I feel sooo much better. I also have recommended the product to family members to help them detox from the painful side effects of the vaccine.”
“I feel like I have had brain fog for the past 18 months and after taking this supplement noticed the fog lifting finally. I plan to buy more for myself and now a friend suffering from heart issues.”
“I am grateful for the Wellness Company and for you coming out with this spike protein vitamins. I am a big believer in natural healing and not pharmaceutical drugs. Thank you for doing what is right and for speaking truth in a world that is so dark.”
END
Robert H to us;
how ivermectin if widely distrubted should have an acted as a protector through the entire COVID era
This should have been widely distributed as a protector through the Covid era.
| Robert Hryniak | 2:19 PM (8 minutes ago) | | |
| to | |||
I wonder if this should not be used in the future ?
http://www.spentamexico.org/v15-n3/A1.15(3)1-35.pdf
…GLOBAL ISSUES:
END
DR PAUL ALEXANDER
Very dangerous FED announcement on Long-awaited Fed digital payment system (Central Bank Digital Currency (CBDC)) to launch in July; Kennedy (and Mike Yeadon) reminds this is a slippery slope to
financial slavery & political tyranny; CBDC will allow the government to surveil all our private financial affairs; power to enforce dollar limits on our transactions restricting where you can send $
| DR. PAUL ALEXANDERAPR 5 |
‘The Fed just announced it will introduce its “FedNow” Central Bank Digital Currency (CBDC) in July. CBDCs grease the slippery slope to financial slavery and political tyranny. While cash transactions are anonymous, a #CBDC will allow the government to surveil all our private financial affairs.
The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires. A CBDC tied to digital ID and social credit score will allow the government to freeze your assets or limit your spending to approved vendors if you fail to comply with arbitrary diktats, i.e. vaccine mandates.
The Fed will initially limit its CBDC to interbank transactions but we should not be blind to the obvious danger that this is the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago today in 1933.
Watch as governments, which never let a good crisis go to waste, use Covid-19 and the banking crisis to usher in a new wave of CBDCs as a safe haven from germ-laden paper currencies or as protection against bank runs. https://cnbc.com/2023/03/15/long-awaited-fed-digital-payment-system-to-launch-in-july.html’
SOURCE:
https://www.cnbc.com/2023/03/15/long-awaited-fed-digital-payment-system-to-launch-in-july.html
END
Trump Calls Alvin Bragg a ‘Criminal’ for ‘Illegally Leaked’ Grand Jury Information: ‘He Should Be Prosecuted’; POTUS Trump is correct, he should be prosecuted, this is a witch hunt & should not have
happened, these leftist freaks are destroying the US and now going after the legal justice system. I want Trump to emerge from this stronger and do all he could to punish them all with real jail!
| DR. PAUL ALEXANDERAPR 6 |
SOURCE:
END
money & I have said this was only about shaming POTUS Trump, shaming 45; but we will ensure we impose same on them who did this, we return it in kind, we go at their KINGS too in court, no matter when
| DR. PAUL ALEXANDERAPR 6 |
9:22 PM ∙ Apr 4, 20233,482Likes631Retweets
VACCINE IMPACT
The Data Missing from Wall Street Economists: Skyrocketing Disabilities and Injuries in U.S. Workforce After COVID-19 “Vaccines”
April 5, 2023 5:16 pm
The word “unprecedented” is being used more and more in financial news stories these days to describe the economy, and on financial news sites you can often read articles describing the same thing, but interpreting the data in completely opposite ways. Take the “jobs market” data which has been the focus of many financial news stories this week. Depending on which articles you read on the same website, the data that is being released this week on jobs and unemployment either means the labor market is in decline, or that it is “too strong.” A recent survey published on “investor-satisfaction” led to an article published this week stating that “Investors are mad as hell at advisers.” Well, one reason why financial “experts” might be having such a hard time interpreting the current economic data is that certain topics are politically incorrect to discuss, and perhaps the biggest topic that nobody in the corporate media wants to address is the topic of deaths and injuries due to the roll-out of the COVID-19 “vaccines” in 2021. If a reporter at any of the corporate news outlets even hints at the possibility that the COVID vaccines are killing and disabling people, their career would be pretty much over. But if one does not factor in how many people were either removed from the labor force due to vaccine deaths, or are injured and disabled from the COVID shots, how can you accurately interpret the economic data?? Edward Dowd and his team at Phinance Technologies seem to be the only ones spending time crunching this data and publishing it, and Dowd recently wrote what the CONSERVATIVE estimates are at this point from evaluating the data: “Using the conservative numbers from our vaccine damage report for US and assuming globally that 5 billion were vaccinated here are extrapolated estimated human costs globally: Deaths: ~5 million – Disabilities: ~46.5 million – Injuries: ~900 million.” And these groups are not static. No wonder Wall Street analysts are having such a difficult time interpreting the economic data, and often publishing contradictory information: they are missing this key data that Dowd provides, but which is politically incorrect to even acknowledge, let alone analyze. And one of the most amazing things here is that Edward Dowd is providing the data that his team has collected to the whole world for FREE!!
Canadian Funeral Director and Embalmer Testifies About “Dirty Blood” Found in Bodies Post COVID Vaccinations
April 5, 2023 5:58 pm
Laura Jeffery is blowing the whistle on what she has been finding as a funeral director and embalmer in the post-novel injection world, and wonders why no one else is doing the same. Embalmers use a technique that drains the circulatory system of deceased patients and fills it with preservation so “that we can present a person that is reasonable to how their appearance should be,” said Jeffery. “I started to notice anomalies to what the return was – the return blood was stickier, thicker, darker and I started seeing little tiny pieces of clot like polka dots coming out… there was something different. I would call it ‘dirty blood.'”
.SLAY NEWS
The latest reports from Slay News |
| Bill Gates Rejects Calls from Top Experts to ‘Pause’ AI Chatbot Development: ‘Why Stop?’Microsoft co-founder Bill Gates has rejected calls from some of the world’s most renowned experts to “pause” his efforts to develop more advanced artificial intelligence (AI) chatbots.READ MORE |
| DA Bragg’s Case Against Trump Spells Doom for Clintons, BidensAs the Left rejoices over Manhattan District Attorney Alvin Bragg’s case against President Donald Trump, many are overlooking the dangerous precedent that is being set and how it will likely impact some of the Democrats’ most untouchable figures.READ MORE |
| James Comer: ‘Had Two Calls with Republican DAs Who Want to Go after Bidens’House Oversight Committee Chairman James Comer (R-KY) has issued a warning to the Biden family after speaking with two Republican county attorneys.READ MORE |
| James Woods Takes Off Kid Gloves: ‘Puppet Masters Are Ghost Hosting a Dog & Pony Show in New York While Our President Naps’Hollywood legend James Woods has taken to social media to blast the political persecution of President Donald Trump.READ MORE |
| Women’s Basketball Star Angel Reese Rejects Jill Biden’s Apology: ‘We’ll Go to the Obamas’LSU star women’s basketball player Angel Reese has snubbed First Lady Jill Biden’s invitation to the White House.READ MORE |
| Judge Overseeing DA Bragg’s Anti-Trump Case Is a Biden DonorMore details are emerging that reveal a major conflict of interest for the judge overseeing Manhattan District Attorney Alvin Bragg’s case against President Donald Trump.READ MORE |
| Tucker Carlson: DA Bragg’s Anti-Trump Case Is ‘Boldest Election Interference Ever Attempted’Fox News star Tucker Carlson has blasted George Soros-funded Manhattan District Attorney Alvin Bragg’s politically motivated case against President Donald Trump.READ MORE |
| Trump Calls on Alvin Bragg to Resign or Be Prosecuted for ‘Illegally Leaking Grand Jury Information’President Donald fired back at Manhattan District Attorney last night from his Florida home Mar-a-Lago.READ MORE |
| North Carolina Democrat Switches Parties, Giving Republicans Veto-Proof MajorityA North Carolina Democrat has reached her limit with her party and announced that she is switching to the Republicans.READ MORE |
| John Bolton and Mitt Romney Doom Alvin Bragg: ‘Even Weaker Than I Feared, Dangerous Precedent’Two big Trump haters shocked the world when the charges in the Trump indictment were revealed.READ MORE |
| Tech Mogul Stabbed to Death in San Francisco’s Rincon Hill NeighborhoodA man stabbed to death early Tuesday morning near downtown San Francisco was well-known tech mogul Bob Lee. He was the founder of Cash App and the former chief technology officer of Square. San Francisco Police said: “On April 4, 2023, at approximately 2:35 a.m., San Francisco Police officers from Southern Station responded to the 300 block of Main Street …READ MORE |
| CNN ‘Unimpressed’ with DA Bragg’s ‘Underwhelming’ Case Against Trump: ‘There’s Not More to It’A CNN panel was disappointed to learn how “underwhelming” Manhattan District Attorney Alvin Bragg’s politically motivated case against President Donald Trump is.READ MORE |
| Violent Crime Surges in NYC as Authorities Focus on DA Bragg’s Get-Trump CaseAs authorities exhaust resources to pursue George Soros-funded Manhattan District Attorney Alvin Bragg’s politically motivated case against President Donald Trump, violent crime is surging in New York City.READ MORE |
MICHAEL EVERY/RABOBANK//
end
7//OIL ISSUES//NATURAL GAS ISSUES/USA AND GLOBE
END
.8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0902 UP .0007
USA/ YEN 131.40 UP 0.466 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2462 DOWN 0.0009
USA/CAN DOLLAR: 1.3472 UP .0018 (CDN DOLLAR DOWN 18 PTS)
Last night Shanghai COMPOSITE CLOSED UP 0.07 PTS OR .00%
Hang Sang CLOSED UP 56.61 PTS OR .28%
AUSTRALIA CLOSED DOWN. 0.30% // EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES ALL GREEN
2/ CHINESE BOURSES / :Hang SANG CLOSED UP 56,61 PTS OR .28%
/SHANGHAI CLOSED UP 0.07 PTS OR .00%
AUSTRALIA BOURSE CLOSED UP 0.30%
(Nikkei (Japan) CLOSED DOWN 340.33 PTS OR 1.22%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2020.00
silver:$24.92
USA dollar index early THURSDAY morning: 101.61 UP 7 BASIS POINTS from WEDNESDAY’s close.
THURSDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing THURSDAY NUMBERS 11: 00 AM
Portuguese 10 year bond yield: 3.040% DOWN 3 in basis point(s) yield
JAPANESE BOND YIELD: +0.461% DOWN 0 AND 6//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.2423 DOWN 2 in basis points yield
ITALIAN 10 YR BOND YIELD 4.023 DOWN 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.1770 DOWN 3 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 1.09433 UP 0.0033 or 33 basis points
USA/Japan: 131.63 UP 0.692 OR YEN DOWN 69 basis points/
Great Britain/USA 1.2457 DOWN .0005 OR 5 BASIS POINTS //
Canadian dollar DOWN .00019 OR 19 BASIS pts to 1.3473
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE (CLOSED UP..(6.8797
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. 6.8759
TURKISH LIRA: 19.26 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.461…VERY DANGEROUS
Your closing 10 yr US bond yield DOWN 1 in basis points from WEDNESDAY at 3.281% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.531 DOWN 3 in basis pt
USA 2 YR BOND YIELD: 3.7853 % UP 2 in basis points.
closing USA dollar index, 101.48 DOWN 6 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 76.02 PTS OR 1.03%
German Dax : CLOSE UP 77.72 POINTS OR 0.50%
Paris CAC CLOSED UP 8.45 PTS OR .0.12%
Spain IBEX UP 57.70 POINTS OR 0.62
Italian MIB: CLOSED UP 346,47 PTS OR 1.29%
WTI Oil price 80.61 12: EST
Brent Oil: 84.76. 12:00 EST
USA /RUSSIAN /// DOWN TO: 81.37 / ROUBLE DOWN 1 AND 54//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.1770 DOWN 3
UK 10 YR YIELD: 3.4480 UP 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0925 UP 0.0022 OR 22 BASIS POINTS
British Pound: 1.2444 DOWN 0018 or 18 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.4455% DOWN 1 BASIS PTS
USA dollar vs Japanese Yen: 131.84 UP 0,900//YEN DOWN 90 BASIS PTS//
USA dollar vs Canadian dollar: 1.3482 up .0029 CDN dollar, down 29 basis pts)
West Texas intermediate oil: 80.59
Brent OIL: 84.98
USA 10 yr bond yield UP 1 BASIS pts to 3.298 %
USA 30 yr bond yield DOWN 2 BASIS PTS to 3.541%
USA 2 YR BOND: UP 7 PTS AT 3.8330%
USA dollar index: 101.58 UP 3 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 19.25
USA DOLLAR VS RUSSIA//// ROUBLE: 81.375 DOWN 1 AND 54/100 roubles
DOW JONES INDUSTRIAL AVERAGE:UP 2.63 PTS OR 0.01%
NASDAQ 100 DOWN 95,40 PTS OR 0.74%
VOLATILITY INDEX: 18.44 DOWN .64 PTS (3.35)%
GLD: $186.49 UP 0.34 OR 0.71%
SLV/ $22.89 DOWN 0.05 OR 0.22%
end
USA AFFAIRS
1 a)USA TRADING TODAY IN GRAPH FORM
Bonds Best, Gold Good, Banks & Big-Tech Bad, & Jobs Ugly
BY TYLER DURDEN
THURSDAY, APR 06, 2023 – 11:00 PM
Just over a week ago, the labor market surprises were carrying the enjoined hopes of every equity market bull and ‘soft-landing’-believer on its lonely shoulders. By the end of this week, those hopes lay dashed to smithereens as wave after wave of reality checks sent the Labor Market data surprise index dumps back to ‘soft’ survey reality…
Source: Bloomberg
Most notably, today’s BLS revisions to the jobless claims data is a ‘game-changer’ as the trend is now clearly ‘bad’ for the labor market and ‘bad news is bad news’ again as the ‘recession’ fears build (not helped by The IMF’s downgrade of global; growth to its weakest in over 30 years).
Source: Bloomberg
And that had the impact one would expect in STIRs as terminal-rate expectations dropped (down at 4.95% in May now) and rate-cut expectations soared (more than 3 rate-cuts priced in for 2023)…
Source: Bloomberg
May remains a coin-flip for 25bps or pause, but overall expectations are well below the early week highs above 70%…
Source: Bloomberg
The Dow outperformed on the week with Small Caps the biggest losers and Big-Cap Tech also in the red, despite today’s pre-payrolls meltup…
The Dow found support all week at its 100DMA…
Defensives dominated Cyclicals this week (defensives are actually up 4 weeks in a row)…
Source: Bloomberg
Energy and Healthcare outperformed on this short week while Industrials and Consumer Discretionary lagged…
Source: Bloomberg
Regional Banks traded down to new post-SVB lows (still dramatically underperforming the big banks and the market)…
Source: Bloomberg
Treasury yields were down across the board with the short-end outperforming…
Source: Bloomberg
The 5Y and 10Y yield dropped to their lowest close since September 2022…(and note just how far below FF the 2Y yield is trading)…
Source: Bloomberg
The yield curve (2s10s) steepened on the week (though we saw flattening today after the claims data)…
Source: Bloomberg
But Powell’s favorite yield curve recession signal (3m18m fwd – 3m) massively flattened this week to record levels of inversion… screaming recession imminent.
Source: Bloomberg
US Mortgage rates tumbled for the 4th straight week (but with job losses building, we wouldn’t get too excited about a homebuilder come back quite yet)…
Source: Bloomberg
Notably, the spread between the 30Y mortgage rate and the 10Y TSY yield has never been wider…
Source: Bloomberg
The dollar ended the short week lower…
Source: Bloomberg
Cryptos were mixed this week (since Friday’s “close”) with Bitcoin slightly lower, Ripple lagging, and Ethereum outperforming…
Source: Bloomberg
Bitcoin rallied up near $29k intraday during the week and Ethereum neared $1950 before fading back today (its highest since Aug 2022)…
Source: Bloomberg
A wild week in commodity-land with oil surging on OPEC+’s surprise production cut, precious metals outperforming (dovish data), and Nattie clubbed like a baby seal…
Source: Bloomberg
Gold surged this week to its second highest weekly close ever…
Oil largely traded sideways from Sunday’s open with WTI basically swinging between around $80 and $81 all week…
Henry Hub NatGas plunged to a $1 handle once again today as forecasts showed unusually mild weather by mid-April, while traders parsed a government report that showed an inventory drop in line with analyst estimates.
Finally, ahead of tomorrow’s “most important-est ever” payrolls print, we note that the STIRs market is completely ignoring any and all FedSpeak and DotPlots about “higher for longer” rates…
Source: Bloomberg
And in fact, as Bloomberg’s Simon White notes, “higher for longer” rarely plays out like that in practice.
In fact, the median time between the last Fed hike and the first cut is only four months, while the average time is only six weeks.
In a sign of how quickly things can turn, it wasn’t long ago when the market was pricing in several more Fed rate hikes…
Source: Bloomberg
The market was pricing in 100bps of hikes by year-end after Powell’s hawkish comments on March 8th, and swung to pricing in 105bps of cuts by year-end on March 24th.
And this week has seen those rate-cuts priced in more dovishly.
.i b Morning trading:
Early morning trading:
II) USA DATA
III) USA ECONOMIC STORIES
Jobless Claims Explode Higher After BLS ‘Revisions’; Tech Layoffs On ‘2001’ Pace
THURSDAY, APR 06, 2023 – 03:39 PM
After ugly ISM employment data, dismal JOLTS, soaring WARN notices, and a weaker than expected ADP print, this morning’s Challenger, Gray & Christmas report announced a bigger than expected 89,703 job cuts in March (270,416 year-to-date), up 319.4% YoY. The West dominated the cuts (East 13,638; Midwest 21,764; West 48,123; South 6,178), with technology-sector companies have announced 102,391 cuts so far this year, “on pace to surpass the highest annual total for the sector announced in 2001,” the report notes.
Source: Bloomberg
“We know companies are approaching 2023 with caution, though the economy is still creating jobs,” Andrew Challenger, firm’s senior vice president, said in statement.
“With rate hikes continuing and companies’ reigning in costs, the large-scale layoffs we are seeing will likely continue.”
As we detailed overnight, this morning’s jobless claims data comes with a giant caveat as BLS is about to drop the ‘revised’ series of data.
With the BLS lies finally over, initial jobless claims soared to 228k (down from a massively upward revised higher 246k print the prior week). Continuing claims surged above 1.8mm, its highest since Dec 2021…
Source: Bloomberg
The so-called ‘adjustment’ is shown below – just as we have suggested, the last 3 months have seen dramatic upward revisions…
None of this should come as a surprise as we have been mocking the claims data’s “seasonal adjustments” for months…
Finally, we note that having decoupled from ‘reality’ for six months, the labor market is now rapidly catching down to ‘soft’ survey’s sad reflection of the state of the economy…
Source: Bloomberg
Will this be the trigger for Powell and his pals to ‘pause’?Small businesses file for bankruptcy at record pace, even greater than the COVID crash
(zerohedge)
Small Businesses File For Bankruptcy At Record Pace, Surpassing COVID Crash
THURSDAY, APR 06, 2023 – 03:25 PM
Authored by Liam Cosgrove via The Epoch Times (emphasis ours),
Small businesses across the United States are experiencing a surge in bankruptcies, surpassing levels not seen since 2020. According to a UBS note reviewed by The Epoch Times, conditions could become worse as the knock-on effects from the recent banking crises begin to manifest.
The note from UBS Evidence Lab shows private bankruptcy filings in 2023 have exceeded the highest point recorded during the early stages of the COVID pandemic by a considerable amount. The four-week moving average for private filings in late February was 73 percent higher than in June 2020.
“[We] believe one of the more underappreciated signs of distress in U.S. corporate credit is already emanating from the small- and mid-size enterprises sector,” Matthew Mish, head of credit strategy at UBS, wrote in a recently published research note. “[The] smallest of firms [are] facing the most severe pressure from rising rates, persistent inflation and slowing growth.”
Industries hit hardest by the wave of bankruptcies include real estate, health care, chemicals, and retail outlets, according to the Swiss Bank’s report.
The Federal Reserve’s monetary tightening to combat inflationary pressures has been largely behind the uptick in bankruptcies. UBS indicated that the fear of a credit crunch has further worsened the rise in defaults.
Credit conditions are tightening across the spectrum. Large businesses and individual borrowers are feeling the heat as well.
As of February 2023, the monthly bankruptcy filings exceeded 31,000, an 18 percent rise from the 25,564 bankruptcy filings reported in February 2022, according to data provided by the American Bankruptcy Institute. The increase in Chapter 11 bankruptcies—typically used by larger businesses—rose by 83 percent over the same period, with 373 total filings in February of this year.
The White House has downplayed the current economic challenges and their impact on small businesses. Last week, for example, President Joe Biden cited higher rates of new business formation over the past three years—without acknowledging the issues entrepreneurs face.
“When I came into office, this economy was reeling. Small businesses were hurting. Literally hundreds of thousands of small businesses had closed across the country. Millions of Americans, many of whom worked in small businesses, lost their jobs through no fault of their own,” he said. “To jumpstart American economic recovery, we needed to help the small businesses, and we needed to help them fast. So we got to work.”
The president claimed that the American Rescue Plan Act of 2021 helped the economy by providing emergency loans to millions of businesses.
Still, the administration is set to raise the corporate income tax to 28 percent sometime in the coming months. The tax hike will affect small businesses at a time when credit conditions continue to tighten.
END
RFK Jr Files To Challenge Biden For 2024 Democratic Nomination
THURSDAY, APR 06, 2023 – 04:48 PM
Robert F. Kennedy, Jr on Wednesday filed a statement of candidacy with the Federal Election Commission, positioning him to oppose President Biden for the 2024 Democratic nomination.
Though he hasn’t formally announced his candidacy, the 69-year-old Kennedy’s previous messaging about a possible run gave some insight into his potential themes:
“My top priority [would] be to end the corrupt merger between state and corporate power that has ruined our economy, shattered the middle class, polluted our landscapes and waters, poisoned our children, and robbed us of our values and freedoms.”
Last month, Kennedy asked supporters to help him decide if he should run or not, directing them to visit his website, TeamKennedy.com, to volunteer or donate money. “If it looks like I can raise the money and mobilize enough people to win, I’ll jump in the race,” he said via Twitter.
Biden hasn’t announced his own re-election bid yet. Kennedy joins author Marianne Williamson, who’s taking another shot at the Democratic nomination after a failed but entertaining 2020 run.
Media coverage of Kennedy’s filing uniformly emphasized his activism against vaccinations. Combining the deadpan tone of a real journalist with the language of a partisan hack, Jake Tapper assured CNN’s audience that Kennedy is a “quack”:
It was just the latest shot in a long-running exchange between Kennedy and Tapper, which was particularly intense after Kennedy’s book, “The Real Anthony Fauci,” accused Fauci of leading an “historic coup d’état against Western democracy.”
An environmental lawyer, Kennedy heads “Children’s Health Defense,” which aims to “end childhood health epidemics by working aggressively to eliminate harmful exposures.” He’s sought to link childhood vaccinations to the rise of autism, and his criticism of Covid-19 vaccines led to his organization being de-platformed by Facebook and Instagram.
The son of Robert Kennedy and nephew of JFK is an outspoken critic of the Neocon foreign policy agenda. On Monday, Kennedy used Twitter to blast policies that saw the US government spend “trillions bombing roads, ports, bridges, and airports [while] China spent the equivalent building the same across the developing world.”
He added:
“The Ukraine war is the final collapse of the Neocon’s short-lived ‘American Century.’ The Neocon projects in Iraq and Ukraine have cost $8.1 trillion, hollowed out our middle class, made a laughingstock of U.S. military power and moral authority, pushed China and Russia into an invincible alliance, destroyed the dollar as the global currency, cost millions of lives and done nothing to advance democracy or win friendships or influence.”
We’d love to see that kind of a rhetorical flamethrower leveled at Joe Biden in a Democratic debate. We can only hope he survives the establishment’s inevitable drive to de-platform him there too.
USA COVID//
END
A must view:
“The Last War We Can Afford To Fight”: Tucker Carlson Sounds Alarm Over De-Dollarization, Slams Biden Admin For Pissing Off World
THURSDAY, APR 06, 2023 – 05:25 PM
As we’ve noted several times of late, a growing number of countries are threatening the US dollar’s status as the global reserve currency by conducting global trade without it – you know, the thing Saddam and Gaddafi threatened to do before they were ‘liberated’ from their mortal coils for other stated reasons.
Some recent headlines;
- “No Reason” For Malaysia To Rely On US Dollar, PM Warns As Yuan Influence Grows
- De-Dollarization Just Got Real
- Here Are 7 Signs That Global De-Dollarization Has Just Shifted Into Overdrive
- De-Dollarization Has Begun
Fox News host Tucker Carlson has picked up on this, big time, noting that the process began after the Biden administration started wielding the dollar as a political weapon by freezing US dollars held by Russians.
Carlson cites an article from the Daily Caller, in which authors E.J. Antoni and Peter St. Onge write:
A second critical feature of a reserve currency is its apolitical nature. Which Biden is now gutting. After both parties in Washington destroyed the dollar’s stability with inflation, now the Biden administration has chosen to wield the dollar as a weapon. Together, the message to foreigners they should get out while they still can.
In response to Russia’s war with the Ukraine, the US froze the dollar reserves of Russia’s central bank. To be clear, these were not American assets, but were dollars owned by the Russian central bank and the Russian people. The seizure was intended to cause bank runs and collapse Russia’s credit system. It didn’t work.
Instead, it exposed the Biden administration’s willingness to violate the trillions of dollars foreigners rightfully own. The danger of this precedent is difficult to overstate.
This part is a must-hear from Carlson in response to the above (starts at 7:15 in the video below):
“Smart foreigners started to dump the US dollar. Why? Because the US dollar was no longer a reliable store of power. Suddenly it was a political weapon that could be wielded at will against anyone who held it.
“So what if you have a border dispute with your neighbor that the State Department hadn’t authorized? Or, what if you accidentally criticized transgender theology, and irritated the human rights campaign? Well, the US government might denounce you as immoral and then confiscate all your money. Because they just did that with Russia.
“And as a result, dollars begin to look much less appealing to the rest of the world – and so de-dollarization began, and it has accelerated at remarkable speed, almost without comment in the American media, over the last year.
“So Russia announced it will conduct business in Asia, Africa and Latin America in Chinese currency. Brazil, which as a brand new government supported by the Biden administration announced it will do the same thing… Pakistan is doing the same thing, that’s a long-time US ally. India and Malaysia, two of the biggest economies in the world, announced they’ll be settling their trade in their own currencies – not the dollar. Even France, which we liberated, is using Chinese currency in a new liquefied natural gas trade. China and Saudi Arabia are now major business partners.”
Carlson also points out that nobody wants to hold a currency that continues to devalue due to endless printing, calling it “6th grade economics.”
And while Biden “is continuing to send the contents of our treasury – our dollars, to corrupt oligarchs in eastern Europe and around the world,” at the very same time, “he’s selling off America’s most valuable hard asset – that’s our Strategic Petroleum Reserve, because unlike the US dollar, oil – which is in the reserve, has inherent value … so unlike fiat currencies like the dollar, oil will always have value. That’s why Russia is not now in poverty because they have a lot of oil. But we have less because the SPR has been drained.”
What could reverse this? Ending the war in Ukraine, says Carlson. But US politicians are hell-bent on winning at all costs.
“Politicians in Washington remain mired in their weird boomer WWII fantasies where they’re all Winston Churchill and Zelensky is the head of the French resistance.”
And in a Wednesday op-ed, Carlson writes:
War always is a destabilizing event. It always challenges the existing order, but it was the West’s reaction to the Russian invasion that seemed too ominous. Policy makers in the U.S. went insane. Joe Biden, helped by his Republican allies in the Senate, appear to be determined not simply to topple the Russian government in some kind of regime change war, but to blow up the postwar economic order that had served the U.S. so generously for so long. So, we thought at the time that the real threat to our future wasn’t just the billions we were sending to Zelenskyy. That was reckless, but probably not going to end America. The real threat was the unprecedented economic sanctions that Joe Biden was allowed to, in fact, encourage to impose. Those sanctions, you’ll recall, were supposed to hurt Russia, but even in March of last year, it seemed obvious they were going to hurt the United States much more than they hurt Russia. Here’s what we said 13 months ago.
We should prepare to lose our position as holder of the world’s reserve currency. That is happening in slow motion. It’s unmistakable. Now, the Biden people seem to have no idea this is going on or maybe they want it to happen. Joe Biden was up there at the State of the Union bragging about how he took 30 points off the Russian ruble in a single day. Hurray. Good for us, but once we stop celebrating our win, the destruction of the Russian economy, they deserve it. You have got to wonder, is there a downside to this? Could it be a pyrrhic victory? Let’s see. These policies have driven Russia, China, India, Turkey and other countries to accelerate their flight from the U.S. dollar. Let’s be clear. That’s the majority of the global economy. This may be the most reckless and destructive thing any American president has ever done to the United States.
So, that was last year and at the time it was really just yelling into the wind. Those views were considered absurd, even treasonous. Biden and his Republican allies described sanctions against Russia as morally essential. We seized oligarchs’ yachts at anchor. We closed the Apple Store in Moscow. We were all assured these were important victories and anyone who has questions what their long-term economic consequences was a Putin stooge. That was the consensus in Washington last spring. In case you’ve forgotten what it sounded like
Of course, you know, the famous pictures from Germany in the early twenties, banknotes in wheelbarrows. Want to buy a cup of coffee? That will be £30 of currency. Kids playing with worthless stacks of deutschmarks. That was called Weimar, the Weimar Republic and that government collapsed because of hyperinflation and then economic collapse led to communist revolutions across Germany and ultimately to fill in the blank the Nazi regime. That’s well known.
In fact, it’s a cliche at this point, but here’s the thing that nobody seems to remember What brought on the economic collapse that set the world on fire. Does anyone remember that? Why did the German government blow up its own currency? Well, simple. The German government took on too much debt in order to pay for a pointless war. Yes, a pointless war did that and if that sounds familiar, it’s because exactly what we have done repeatedly for decades. We did it in Vietnam. We did it in Iraq. We did it in Afghanistan and every time we got away with it, because uniquely, we held the world’s reserve currency, but this time could be very, very different. War against Russia will be the last war we can afford to fight.
END
SWAMP STORIES
“Trump Can’t Get A Fair Trial In NYC” – Dershowitz Warns “He’ll Probably Be Convicted”
THURSDAY, APR 06, 2023 – 09:25 PM
“There is no part of the case that is not weak,” Alan Dershowitz, an attorney who taught law at Harvard Law School for nearly 50 years and was part of Trump’s impeachment defense team in 2019, told The Epoch Times in an interview on Wednesday.
“Never in the history of America has anybody ever been prosecuted for not disclosing the reason they gave for paying hush money,” he added
“So the entire indictment is based on a deep fallacy. There’s nothing strong about it. You can’t create strength with multiple weaknesses.
“There are 34 bad counts, and 34 bad counts do not create a single good count.”
Dershowitz described Bragg’s prosecution of Trump as politically motivated: “It’s very dangerous – it means that district attorneys can indict their own political enemies,” Dershowitz said in an interview last week, noting that he predicted this outcome in his book, “Get Trump,” which describes a two-tiered system of justice, singling out Trump.
“It really endangers the rule of law for all Americans: today, it’s Trump; tomorrow, it’s a Democrat; the day after tomorrow, it’s your uncle Charlie, or your niece, or your nephew,” Dershowitz added.
“In 60 years of practice, this is the worst case of prosecutorial abuse I have ever seen,” the scholar said.
“What’s really unprecedented is not the indictment of a past president, but the indictment of a potential future president who was running against the head of the party of the man who indicted him.”
However, despite all that legal weakness, Dershowtiz told Charlie Kirk that he fears Trump will probably get convicted because getting a fair trial in NYC is unlikely:
“I don’t think I could get this case dismissed so easily. I don’t think that if you had the best lawyers in the history of the world, Abraham Lincoln and John Marshall, a New York City judge, would dismiss this case because that New York City judge’s life would be over. Everybody would point to him the way they pointed to me when I defended Trump.”
“I think he probably will be convicted by a New York jury who voted for Bragg and voted for get Trump.”
“Bragg’s going to be popular. He’ll be reelected and and he’ll probably win this case unless there is a change of venue.”
“You can’t get fair justice in Manhattan. I could not win a case in Manhattan for Donald Trump.”
But, the former Harvard Law professor suggested:
“it will be reversed on appeal. It will never be affirmed all the way up to the Supreme Court.”
Watch the full interview below:
END
THE KING REPORT
| The King Report April 6, 2023 Issue 6082 | Independent View of the News |
| Trigger for Saudi oil-production move was Granholm (US Energy Sec.) comment that U.S. would not refill SPR this year, according to report https://www.marketwatch.com/story/trigger-for-saudi-oil-production-move-was-comment-that-u-s-would-not-refill-spr-this-year-report-says-8fe801ed US Economic Data released on Wednesday March ADP Employment Change 145k, 210k expected, 261k prior revised from 242kMarch S&P Global US Services PMI 52.6, 53,8 consensus and priorMarch S&P Global US Composite PMI 52.3, 53.3 expected and priorMarch ISM Services Index 51.2, 54.4 consensus, 55.1 priorMarch ISM Services Priced Paid 59.5, 65.6 priorMarch ISM Services Employment 51.2, 54.0 priorMarch ISM Services New Orders 52.2, 62.6 prior The softer-than-expected US economic data unleashed defensive asset allocation: bonds rallied; stocks sank. Fangs got hammered. The DJIA was relatively strong due to aggressive buying in healthcare-related stocks: JNJ, UNH, MRK, and Amgen. ESMs traded modestly higher, but flat, during Nikkei trading. They dropped during the final hour of Chinese trading. ESMs rallied after China’s 2 ET close but peaked 6 minutes after Europe opened. The ensuing moderate decline ended at 4:47 ET. ESMs and stocks rallied until 8:14 ET. After a moderate retreat due to the soft ADP Employment Change (released at 8:15 ET), ESMs and stocks rallied on the usual opening and dip buying. A peak appeared at 9:55 ET. ESMs and stocks then sank on recession fear and defensive asset allocation until 12:29 ET. In the afternoon, ESMs plodded higher, with a minor retreat near 14:00 ET, until the close. USMs sank into the NYSE close. Apparently, the asset allocators exited the market at midday. The big, overlooked story on Wednesday: Gasoline soared 7.79, or 2.85%. WTI oil fell .35. Walmart still worried about inflation (tight labor market) as it begins automation push Rainey’s comments come after the retailer on Tuesday said it expects about 65% of its stores to be serviced by automation within three years… https://trib.al/nzlKswT Morgan Stanley analysts are forecasting something ‘worse than in the Great Financial Crisis’ for commercial real estate – Lisa Shalet: “More than 50% of the $2.9 trillion in commercial mortgages will need to be renegotiated in the next 24 months when new lending rates are likely to be up by 350 to 450 basis points… and a huge amount is owed to regional banks… https://fortune.com/2023/04/04/how-bad-commercial-real-estate-banking-crisis-svb-morgan-stanley-outlook/ Positive aspects of previous session An afternoon rally reduced stock losses and closed the DJIA +80.34 Biotech and health-related stocks soared on safe-haven buying Negative aspects of previous session Bonds rallied sharply on disappointing US economic data Fangs declined sharply; usually they rally when safe-haven buying appears The DJTA got hammered for the 3rd straight session Gasoline soared again Ambiguous aspects of previous session What does soaring gold and bonds portend? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 4087.54 Previous session High/Low: 4099.69; 4072.56 Disney CEO Who Punished Gina Carano For Free Speech Complains He Shouldn’t Be Punished For Free Speech – Iger: “Companies have freedom of speech just like individuals … and to be punished for taking a stance and using its exercisable constitutional right is ‘not Florida.'”… Disney fired actress Gina Carano from The Mandalorian after a social media post… https://www.outkick.com/disney-ceo-who-punished-gina-carano-for-free-speech-complains-he-shouldnt-be-punished-for-free-speech/ Anti-Vaccine Activist RFK Jr. Challenging Biden in 2024 (Filed the paperwork; didn’t announce) https://www.bloomberg.com/en/news/thp/2023-04-05/urgent-anti-vaccine-activist-rfk-jr-challenging-biden-in-2024 @RobertKennedyJr: The collapse of U.S. influence over Saudi Arabia and the Kingdom’s new alliances with China and Iran are painful emblems of the abject failure of the Neocon strategy of maintaining U.S. global hegemony with aggressive projections of military power. China has displaced the American Empire by deftly projecting, instead, economic power. Over the past decade, our country has spent trillions bombing roads, ports, bridges, and airports. China spent the equivalent building the same across the developing world. The Ukraine war is the final collapse of the Neocon’s short-lived “American Century.” The Neocon projects in Iraq and Ukraine have cost $8.1 trillion, hollowed out our middle class, made a laughingstock of U.S. military power and moral authority, pushed China and Russia into an invincible alliance, destroyed the dollar as the global currency, cost millions of lives and done nothing to advance democracy or win friendships or influence. Air Force loosens applicants’ body fat requirements amid US obesity surge, recruiting struggles Air Force expected to miss active-duty recruiting goal by 10% in 2023 https://www.foxnews.com/politics/air-force-loosens-body-fat-requirements-us-obesity-surge-recruiting-struggles Ukraine ‘ready’ to talk to Russia on Crimea if counteroffensive succeeds “If we will succeed in achieving our strategic goals on the battlefield and when we will be on the administrative border with Crimea, we are ready to open [a] diplomatic page to discuss this issue,” Sybiha said, referring to Kyiv’s long-planned counteroffensive. He added: “It doesn’t mean that we exclude the way of liberation [of Crimea] by our army.”… https://12ft.io/proxy?q=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fd68b4007-4ddf-4320-b29a-f2eee2662d6e A majority of Americans now think getting a college degree isn’t worth it 56% of Americans think earning a four-year degree is a bad bet… (42% say ‘worth it’) https://unusualwhales.com/news/a-majority-of-americans-now-think-getting-a-college-degree-isnt-worth-it After the NYSE close, Costco reported: March Sales +0.5% but Comparable Sales -1.1; US comp sales ex-fuel & FX +0.9%; E-commerce sales -12.7%, E-com sales ex-fuel & FX -11.6%; Costco fell 3%. Today – Disappointing US economic data on Wednesday induced defensive asset allocation, which pushed most stocks lower. Jamie Dimon fomented a stock decline on Tuesday. OPEC+ inhibited equity buying on Monday. With absenteeism for Passover (tonight) and Good Friday increasing as the session progresses, a few determined traders can manipulate the markets with ease after Europe closes. In a rare quirk, the March Employment Report will be released on Good Friday, when markets are closed. Expected economic data: Initial Jobless Claims 200k, Continuing Claims 1.7m ESMs are -7.00; USMs are -6/32; WTI oil is -0.08; and Gasoline is +0.67 at 20:15 ET. S&P 500 Index 50-day MA: 4027; 100-day MA: 3983; 150-day MA: 3919; 200-day MA: 3942 DJIA 50-day MA: 33,128; 100-day MA: 33,372; 150-day MA: 32,547; 200-day MA: 32,439 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 3986.34 triggers a sell signal Hourly: Trender and MACD are negative – a close above 4107.88 triggers a buy signal Joe Biden pushed for fracking in Ukraine days after Hunter joined Burisma board https://trib.al/H2lDSn3 Politico: Bragg’s case against Trump hits a wall of skepticism — even from Trump’s critics … including from left-leaning legal experts, liberal pundits and some of Trump’s Republican detractors… https://www.politico.com/news/2023/04/05/alvin-bragg-case-against-trump-00090602 Trump rails against tsunami of probes into him: Says he had ‘right’ to take classified documents to Mar-a-Lago and calls Special Counsel Jack Smith a ‘lunatic’ in speech slamming the Biden family and Hunter’s laptop https://t.co/jkPcRtt5nT @townhallcom: TRUMP: “I have a Trump hating judge with a Trump hating wife and family, whose daughter worked for Kamala Harris and now receives money from the Biden/Harris campaign… It’s right out of the old Soviet Union. That’s where we are!” https://twitter.com/townhallcom/status/1643415796234764288 Disgraced ex-FBI Deputy Director Andrew McCabe on CNN regarding Trump’s indictment: “Disappointment, I think everyone was hoping we would see more… It simply isn’t there…” https://twitter.com/SteveKrak/status/1643426938306932741 @TomFitton: We’re in a revolutionary period where the communists think they can undo our republican form of government. Despite a crime epidemic and business flight, Chicago voters elected a far-left mayor, Brandon Johnson. The mayor-elect campaigned on hiking taxes on businesses and the wealthy; and halting crime by hiring more psychologists and giving jobs to youths. Beverly A. Pekala @PekalaLaw: Chicago elects tax proponent Brandon Johnson— $100MM: taxing financial transactions on every securities trading contract $400MM: raising #\realestate transfer tax $100MM: user fees on high end commercial districts $30MM: hiking hotel tax + more #taxes. What has Chicago done? Only 1 in 20 black students at CPS can do math at grade level… Brandon Johnson… already said that as a teacher he pushed to eliminate standards, stopped giving homework, and reduced test prep as a way of “rebelling against the structure.” For him, the concept of “equity,” not excellence, will dominate, and kids will lose… He’s promised to target businesses and the wealthy to pay for his social programming… https://wirepoints.org/chicagoans-vote-to-double-down-on-the-same-policies-that-cost-lightfoot-her-job-wirepoints/ ‘Black labor v white wealth’: can a progressive win Chicago’s mayoral election? Johnson is a member of the Chicago Teachers Union (CTU) and its former deputy political director… “This is about Black labor versus white wealth. That’s what this battle is about,” Johnson responded… https://www.theguardian.com/us-news/2023/apr/01/chicago-mayoral-election-police-reform-policies Points and Figures: Hey San Francisco and Portland, “Hold My Beer” – Chicago is Toast A Marxist, and this isn’t a stretch, was elected Mayor… life will get easier for criminals. The victory of a Marxist was sowed in fields long ago. How? The Democratic Machine rigged so many elections and was so powerful that people in Chicago lost hope and their self-determination. Showing up to vote to have a “voice” was useless. It remains to be seen what the actual voter turnout was, but it was less than 40%. The Chicago Democratic Machine didn’t do anything about the gangs. Instead, they partnered with them to get out the vote when they needed them… Today’s Democratic Party is the party of socialism… https://jeffreycarter.substack.com/ Brandon Johnson’s views on tolerance for violence and defunding police are absolutely clear. Here are his own words… Johnson in a WGN-TV interview also defended looting as “an outbreak of incredible frustration and anguish” tied to “a failed racist system.”… Johnson was asked by a WGN-TV interviewer at that time, “Do you worry about stores leaving Chicago and the county because they don’t think it’s safe?” Johnson bristled at the concern. He replied, “these companies have insurance and assurance.”… https://wirepoints.org/brandon-johnsons-views-on-tolerance-for-violence-and-defunding-police-are-absolutely-clear-here-are-his-own-words-wirepoints/?s=02 @ClintonRarey: I decided to look into @actblue in Austin, TX. I spoke with Ann who is a 80+ year-old living in a retirement home. Over the last 6 years according to @FECshe has made 26,143 donations or 11.9 donations a day for 2,190 days straight on average. Totaling $161,541.70 in donations. Either someone is making donations on her behalf, has access to her bank account or @Actblue is using the elderly to launder money to politicians. https://twitter.com/ClintonRarey/status/1643396078945853441 Leonardo DiCaprio says Malaysian financier planned to donate to Obama’s 2012 campaign…up to $30 million… in what prosecutors allege was part of an illegal foreign influence operation… https://www.msn.com/en-gb/news/world/leonardo-dicaprio-says-malaysian-financier-planned-to-donate-to-obamas-2012-campaign/ar-AA19snyG @ggreenwald: NPR has an article complaining that Twitter now characterizes it as “US state-affiliated media.” To prove that they are not, they cite that WH Press Sec. Karine Jean-Pierre today “defended NPR’s journalism.” Strange choice. https://www.npr.org/2023/04/05/1168158549/twitter-npr-state-affiliated-media We hope that you and your families have meaningful and reflective Passovers and Easters. | |
GREG hUNTER INTERVIEWING BILL HOLTER
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