APRIL 10//GOLD FINISHED DOWN $21.40 TO $1989.25//SILVER CLOSED DOWN 17 CENTS TO $24.78//PLATINUM FINISHED DOWN $4.30 TO $997.50//PALLADIUM CLOSED DOWN $19.70 TO $1416.10//ANDREW MAGUIRE A MUST VIEW TAPE//COVID UPDATES//VACCINE IMPACT//SLAY NEWS//FRIDAY JOBS REPORT PLUS OTHER IMPORTANT DATA RELEASES//USA UPDATE ON HUGE TROUBLES IN THE REAL ESTATE SECTOR AND THE BANKS WHICH HOLD THEIR DEBT//SWAMP STORIES FOR YOU TONIGHT//
The final comex data tonight is totally compromised. It made no sense. So i am recording the preliminary data as the final set,
the volumes (final) was also compromised.
Also Europe was closed for Easter Monday and it was easy for the crooks to sell paper gold with no risk of paper gold becoming real gold. Watch for gold to go beyond 2,000 dollars on Tuesday.
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: $2688.42 DOWN 23.22 CDN dollars per oz (ALL TIME HIGH 2732.50)
BRITISH GOLD: 1607.86 DOWN 9.59 pounds per oz//(ALL TIME HIGH//1629.84)
EURO GOLD: 1833.20 DOWN 4.43 euros per oz //(ALL TIME HIGH//1860.82)
072 C GOLDMAN 7 104 C MIZUHO 3 118 C MACQUARIE FUT 136 132 C SG AMERICAS 3 363 H WELLS FARGO SEC 32 435 H SCOTIA CAPITAL 431 523 H INTERACTIVE BRO 1 624 C BOFA SECURITIES 2 624 H BOFA SECURITIES 82 657 C MORGAN STANLEY 41 661 C JP MORGAN 29 732 C RBC CAP MARKETS 8 800 C MAREX SPEC 13 15 880 C CITIGROUP 14 880 H CITIGROUP 69 905 C ADM 1 3
TOTAL: 445 445
MONTH TO DATE: 21,129
JPMORGAN stopped 28.445 contracts
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GOLD: NUMBER OF NOTICES FILED FOR APRIL/2023. CONTRACT: 445 NOTICES FOR 44,500 OZ or 1.384 TONNES
total notices so far: 21,128 contracts for 2,112,800 oz (66.011 tonnes)
SILVER NOTICES: 2 NOTICE(S) FILED FOR 10,000 OZ/
total number of notices filed so far this month : 289 for 1,445,000 oz
END
GLD
WITH GOLD DOWN $21.40
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD
/NO CHANGES IN GOLD INVENTORY AT THE GLD://////
INVENTORY RESTS AT 930.91 TONNES
Silver//SLV
WITH NO SILVER AROUND AND SILVER DOWN 17 CENTS
AT THE SLV// HUGE CHANGES IN SILVER INVENTORY AT 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 HUGE SIZED 1105 TO 135,279 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 SMALL $0.02 GAIN IN SILVER PRICING AT THE COMEX ON THURSDAY. 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 ROSE BY $0.02). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A MONSTER GAIN ON OUR TWO EXCHANGES 1530CONTRACTS. 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 GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS( 425CONTRACTS) 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 10.050MILLION OZ/ //// V) HUGE SIZED COMEX OI GAIN/ GOOD SIZED EFP ISSUANCE/.
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –57 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 5days, total 9584 contracts: OR 47,920 MILLION OZ . (1917 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR:47,920 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 47.920 MILLION OZ
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1105 CONTRACTS WITH OUR $0.02 GAIN IN SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE CONTRACTS: 425 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// 15,000 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 10.050 MILLION OZ .. WE HAVE A GIGANTIC SIZED GAIN OF 1530 OI CONTRACTS ON THE TWO EXCHANGES
WE HAD 2 NOTICE(S) FILED TODAY FOR 10,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 980 CONTRACTS TO 477,088 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 + 946 CONTRACTS
WE HAD A SMALL SIZED DECREASE IN COMEX OI ( 980 CONTRACTS) WITH OUR $9,15 LOSS IN PRICE. WE ALSO HAD A STRONG INITIAL STANDING IN GOLD TONNAGE FOR APR. AT 66.892 TONNES ON FIRST DAY NOTICE // PLUS A 33,900 OZ QUEUE 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 $9,15 LOSS IN PRICEWITH RESPECT TO THURSDAY’S TRADING.WE HAD A SMALL SIZED GAIN OF 398 OI CONTRACTS (1.238 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1378 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 476,142
IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 398 CONTRACTS WITH 980 CONTRACTS DECREASED AT THE COMEX AND 1378 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 398 CONTRACTS OR 1.238 TONNES.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1378 CONTRACTS) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI (980 //TOTAL GAIN IN THE TWO EXCHANGES 398 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 QUEUE JUMP OF 33M900 OZ//NEW STANDING 68.267 TONNES // ///3) ZERO LONG LIQUIDATION//4) SMALL SIZED COMEX OPEN INTEREST LOSS/ 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER/
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023 INCLUDING TODAY
MAR
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL :
TOTAL EFP CONTRACTS ISSUED: 22,091 CONTRACTS OR 2,209,100 OZ OR 68,712 TONNES IN 5TRADING DAY(S) AND THUS AVERAGING: 4418 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5TRADING DAY(S) IN TONNES 68.712 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 68,712 /3550 x 100% TONNES 1.91% OF GLOBAL ANNUAL PRODUCTION
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: 68.712 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 HUGE SIZED 1105 CONTRACTS OI TO 135,279 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 425 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 2180and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 425 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 1105 CONTRACTS AND ADD TO THE 425OI TRANSFERRED TO LONDON THROUGH EFP’S,
WE OBTAIN A HUGE GAIN OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1530 CONTRACTS.
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES //7.650 MILLION OZ
OCCURRED DESPITE OUR TINY $0.02 GAIN IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!
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)MONDAY MORNING//SUNDAY NIGHT
SHANGHAI CLOSED DOWN 12.29 PTS OR .37% //Hang Sang CLOSED UP 56.61 POINTS OR .25% /The Nikkei closed UP 115.35 PTS OR 0.43% //Australia’s all ordinaries CLOSED DOWN .30 % /Chinese yuan (ONSHORE) closed DOWNTO 6.8790 /OFFSHORE CHINESE YUAN UP TO 6.8856 /Oil UP TO 80.89 dollars per barrel for WTI and BRENT AT 85.22 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL SIZED 980 CONTRACTS DOWN TO 477,088 WITH OUR LOSS IN PRICE OF $9.15 ON THURSDAY,
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF APRIL… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 1378 EFP CONTRACTS WERE ISSUED: : JUNE 1378 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1378 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 SMALL TOTAL OF 398 CONTRACTS IN THAT 1378 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A SMALL SIZED LOSS OF 980 COMEX CONTRACTS..AND THIS SMALL SIZED GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $9.15. 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 (68.267) ( 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: 68.267 tonnes
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $9.15 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD OUR SMALL SIZED GAIN OF 398 CONTRACTS ON OUR TWO EXCHANGES
WE HAVE GAINED A TOTAL OI OF 1.238PAPER TONNES OF TOTAL OI FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR APRIL. (66.892 TONNES) FOLLOWED BY TODAY’S QUEUE JUMP OF 33,900 OZ… ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $9.15
WE HAD + ADDED 820 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT
NET GAIN ON THE TWO EXCHANGES 398 CONTRACTS OR 39,800 OZ OR 1.238 TONNES.
Total monthly oz gold served (contracts) so far this month
21,128 notices 2,112,800 OZ 66,011 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
i)Dealer deposits: 0
total dealer deposit: nil oz
No dealer withdrawals
Customer deposits: 1
i) Into Int. Delaware: 482.265 oz (15 kilobars)
total deposits: nil oz
customer withdrawals: 0
total withdrawals: nil oz
in tonnes:0.
Adjustments; 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.
For the front month of APRIL we have an oi of 1265 contracts having GAINED 153 contracts. We had 186 contracts served upon yesterday so we GAINED 339 contracts or 33,900 oz were QUEUE JUMPED.
May gained 282 contracts up to 1835.
June lost 3047 contracts down to 405,201 contracts.
We had 445 contracts filed for today representing 44,500 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 445 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 28 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 (21,128 x 100 oz ), to which we add the difference between the open interest for the front month of (APRIL. 1265 CONTRACTS) minus the number of notices served upon today 445x 100 oz per contract equals 2,194,800 OZ OR 68.267 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 (21,128 x 100 oz)+ 1265 OI for the front month minus the number of notices served upon today (445)x 100 oz} which equals 2,161,000 oz standing OR 68.267 TONNES in this active delivery month of APRIL..
TOTAL COMEX GOLD STANDING: 68.267 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.
total pledged gold: 1,629,392,410 OZ 50.6809 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,768,616,766 OZ
TOTAL REGISTERED GOLD: 12,260,115,116 (381.34 tonnes)..
TOTAL OF ALL ELIGIBLE GOLD: 9,508,501.750 O Z
REGISTERED GOLD THAT CAN BE SERVED UPON: 10,630,723 OZ (REG GOLD- PLEDGED GOLD) 330.66 tonnes//
END
SILVER/COMEX
APRIL 10//2023// THE APRIL 2023 SILVER CONTRACTAPRIL 5//2023// THE APRIL 2023 SILVER CONTRACT
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
652,524.230 oz Delaware
Loomis
.
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)
41 contracts (205,000 oz)
Total monthly oz silver served (contracts)
289 Contracts (1,445,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
i) 0 dealer deposit
total dealer deposits: nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: oz
We have 1 deposits into the customer account
i) Into Delaware 16,965.127 oz
Total deposits: 16,965.127 oz
JPMorgan has a total silver weight: 141.723 million oz/274.534 million =51.45% of comex .//dropping fast
Comex withdrawals: 2
i) Out of Loomis: 250,850.830 oz
iii) out of Delaware 1961.000 oz
Total withdrawals; 652,524.230 oz
adjustments: 0
the silver comex is in stress!
TOTAL REGISTERED SILVER: 35.486 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 274,534 million oz
CALCULATION OF SILVER OZ STANDING FOR MAR
silver open interest data:
FRONT MONTH OF APRIL /2023 OI: 23 CONTRACTS HAVING LOST 61 CONTRACT(S. WE HAD 64 NOTICES FILED ON THURSDAY SO WE GAINED 3 CONTRACTS OR AN ADDITIONAL 15,000 OZ WILL STAND FOR DELIVERY IN THIS NON ACTIVE DELIVERY MONTH OF APRIL.
MAY SAW A LOSS OF 360 CONTRACTS DOWN TO 92,198
JUNE HAD A 5 CONTRACT LOSS TO 30
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 2 for 10,000 oz
Comex volumes// est. volume today 44,219 poor
Comex volume: confirmed yesterday: data corrupted
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 289 x 5,000 oz = 1,1445,000 oz
to which we add the difference between the open interest for the front month of APRIL(23) and the number of notices served upon today X 2 (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the APRIL/2023 contract month: 289 (notices served so far) x 5000 oz + OI for the front month of APRIL (23) – number of notices served upon today (2 )x 500 oz of silver standing for the APRIL. contract month equates 1.550 million oz +/ EXCHANGE FOR RISK NOW TOTALS 8.5 MILLION OZ //new total standing 10.050 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 10/WITH GOLD DOWN $21.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 930.91 TONNES
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 10/WITH SILVER DOWN 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.585 MILLION OZ
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
Recession Warning? Consumer Debt Climbs But Pace Slowing
American consumers continued to pile on debt in February, but the pace of borrowing slowed significantly, another sign the economy could be heading toward a recession.
Overall, consumer debt grew by $15.3 billion in February, a 3.8% annual increase, according to the latest data from the Federal Reserve. That compares with an upwardly revised 19.5 billion increase in January.
Americans now owe a record $4.82 trillion in consumer debt.
The Federal Reserve consumer debt figures include credit card debt, student loans, and auto loans, but do not factor in mortgage debt. When you include mortgages, US households are buried under more than $16.9 trillion in debt. Household debt charted the biggest increase in two decades in the fourth quarter of 2022.
Credit card debt grew at a much slower pace in February, in line with the drop in retail sales. Lower fuel and energy prices gave consumers some relief, even as price inflation remains elevated. As Forbes reported in February, retail sales that month told a “story of consumers leaning into value and curtailed spending.” The borrowing data confirms this.
Revolving debt, primarily reflecting credit card borrowing increased by $5 billion in February, a 3.8% increase. In absolute terms, it was the smallest increase in revolving credit since April 2021. But credit card borrowing still remains slightly higher than the prepandemic average even with higher interest rates as Americans continue to cope with rapidly increasing prices.
To put the numbers into perspective, the annual increase in 2019, prior to the pandemic, was 3.6%. It’s pretty clear that Americans are still heavily relying on credit cards to make ends meet.Bloomberg reported, “Still, many Americans are leaning on credit cards to keep up with rising prices. A Census Bureau survey in early March showed about a third of Americans said they used credit cards or loans to meet their spending needs.”
Americans now owe a record $1.22 trillion in revolving debt.
The bigger problem is the double whammy of rising debt and rising interest rates.
Average credit card interest rates eclipsed the record high of 17.87% months ago. The average annual percentage rate (APR) currently stands at 20.11%.
NBC News revealed just the impact of rising interest rates on indebted consumers.
Bankrate data shows it would take 16 years for someone to pay off the current average credit card balance of $5,474 by making the minimum payments at 19.2%. At that point, they would have shelled out $7,365 in interest alone.”
Given that the CPI is still closer to last year’s high than it is to the Fed’s 2% target, the central bank still needs to raise rates higher to slay price inflation. This is going to be difficult given the amount of debt piled up not only by consumers but also governments and corporations. As economist Daniel Lacalle put it, rising interest rates are on a collision course with a wall of debt.
People are already struggling to pay the bill. According to a Moody’s Analytics analysis of Equifax data, nearly 25 million people are behind on credit card, auto loan, or personal loan payments. We haven’t seen delinquency levels like this since 2009.
The growth of non-revolving credit has cratered in the last three months. This debt includes auto loans, student loans, and borrowing for other big-ticket items.
Revolving credit grew by just $10.3 billion in February, a 3.4% increase. This was up from the meager 1.7% increase in December and the 2.2% increase in January, but it remains below the average growth of 5% in recent years.
The plunge in non-revolving credit indicates that consumers have cut back spending on big-ticket items. That could signal that the economy is slowing under the weight of high interest rates.
And now we’re seeing a similar slowdown in credit card debt.
Does this indicate Americans are getting close to the end of their ropes?
The American economy depends on consumers spending money. They relied on plastic to make ends meet as price inflation blazed through the economy. Prices are still going up, but a lot of people have to be getting close to their borrowing limit.
So, what happens when consumers max out those credit cards? How will they make ends meet? How will it impact an economy that relies on borrowing and spending to limp along? And how will the Fed slay price inflation without popping the massive debt bubble?
Mainstream pundits and policy analysts don’t seem to be asking these questions. They probably should.
END
Peter Schiff: This Banking Crisis Is the Cusp Of A Much Worse Financial Crisis
Peter Schiff appeared on TraderTV to talk about the failure of Silicon Valley Bank and Signature Bank, the bailout, and what might lie ahead. Peter emphasized that this banking crisis isn’t over. In fact, it is just the beginning of a much worse financial crisis.
Peter started out the interview by pointing out that the failure of these two banks was the very obvious result of Fed policy combined with the moral hazards inherent in government-insured banking.
The reason that we’re going to have so many failures is because the Fed kept interest rates so low for so long. That’s what enabled Silicon Valley Bank, Signature Bank and just about every other bank to load up on overpriced US Treasuries and mortgages.”
Peter said Silicon Valley Bank was just the weak link in the chain. They were forced to sell some of those overpriced assets for a loss. That created a panic run and an exodus of deposits from the bank.
[The bank] was insolvent for a while. It just didn’t recognize that because it didn’t have to mark-to-market its bonds. But that’s true with all the other banks. Nobody is marking this stuff to market. Everybody is just putting it in their ‘hold to maturity’ bucket and they don’t have to take a haircut, they don’t have to mark it to market. So, the can pretend that 60 cents worth of bonds is worth a dollar. But if they had to stop pretending then they would all be insolvent.”
Peter explained that a bank deposit is your asset, but it is a liability to the bank. It owes you that money if you ask for it.
If they take the money that they owe you, and they blow it on overpriced mortgage-backed securities, then they can’t pay you back.”
Of course, in the US banking system, the government steps in and covers at least some of your loss. And in the case of Silicon Valley Bank and Signature Bank, they covered 100% of the loss. In effect, FDIC insurance now goes to infinity.
Well, the US government doesn’t have any money. Where does the US government get the money? From the Fed. The Fed just prints the money. That’s where the FDIC gets the money, which is why everybody is going to lose.”
The mainstream pundits, central bankers, and politicians all claim the banking system is sound. “You don’t need to worry about your money,” they say. Peter said you had better worry even more about your money.
The only way the government can make sure your bank doesn’t fail is by destroying the value of the money that you have on deposit. It’s inflation that is going to wipe out the value of everybody’s bank accounts.”
In another recent interview, Peter said this is a sequel to 2008 and like all sequels, it’s going to be worse than the original. In this interview, Peter noted that nobody wants to call this a financial crisis. They want to call it a banking crisis. Why?
They don’t want to evoke any memories of the ’08 criris. They don’t want to invite any comparison to that crisis. So, they’re trying to label it something different. No! This is a financial crisis. The 2008 financial crisis was also a banking crisis. Unless people forget, it was the banks that were failing. Yes, they were failing because of bad mortgages. But that was the debt that was failing. And so that’s what’s happening now. Banks are failing because of bad debt.”
Peter said this is just the cusp of the crisis.
It’s going to get much, much worse.”
Peter reminded us that in the days leading up to the 2008 financial crisis, everybody insisted the problems were “contained” to subprime mortgages and there was nothing to worry about.
That’s exactly what they’re saying now. ‘This is nothing. It’s no big deal.’ It is a big deal. It’s not nothing.”
Peter said this isn’t a black swan event.
This is your garden-variety white swan. They’re all over the place. This is what swans look like. If you keep interest rates at zero for 10 years, this is what you get. It’s not a surprise.”
3,Chris Powell of GATA provides to us very important physical commentaries
London metals trader Maguire reviews movement to escape dollar
Submitted by admin on Sat, 2023-04-08 17:00Section: Daily Dispatches
5p ET Saturday, April 8, 2023
Dear Friend of GATA and Gold:
Commenting on Kinesis Money’s “Live from the Vault” program this week, London metals trader Andrew Maguire reviews the maneuvers of more countries to escape the U.S. dollar and the U.S.-controlled international payment system. The program is 41 minutes long and can be seen at YouTube here:
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc.
The world is holding its breath for a simmering bank crisis in the United States triggered by the spectacular collapse of Silicon Valley Bank and Signature Bank.
Across the Atlantic, the repercussions are reverberating. As European banks edge closer to a similar crisis, concerns are growing that the regional crisis could become systemic.
The real culprit for the festering crisis is the US Federal Reserve’s monetary policy based on the US dollar’s hegemony, which has plundered global wealth on several occasions.
After World War II, the US deliberately established the dollar’s hegemony.
In the third quarter of 2022, the dollar comprised nearly 60 percent of global foreign exchange reserves. In January, the dollar accounted for about 40 percent of international payments.
Given that the dollar is so embedded in the system of international transactions, the US has turned it into a tool to bleed other countries by collecting seigniorage revenue.
With a $100 greenback costing about 17 cents to print, the US could reap $100 worth of goods and services from other nations.
Just as former French president Charles de Gaulle grumbled more than half a century ago, the US enjoyed “exorbitant privilege” and “deficit without tears” created by its dollar and used its worthless paper note to plunder the resources and factories of other nations.
From the gold dollar to the petrodollar, credit dollar and now the debt dollar, the world has been witnessing the basis of the dollar as an international currency weakening over the past decades.
To salvage the dollar’s hegemony, the US has recklessly exhausted all military, finance and trade means, attempting to continuously export risks to and reap benefits from other countries through the lucrative dollar business.
To boost its domestic economy, the US often pumps excess money into global markets during periods of economic expansion, creating the illusion of a worldwide boom.
After the international financial crisis in 2008, the Fed introduced multiple rounds of quantitative easing.
Following the outbreak of the COVID-19 pandemic in 2020, it implemented “unlimited” quantitative easing, pushing global inflation to a 40-year high, forming a colossal asset bubble and exacerbating risks to the world economy.
While the oversupply of US dollars has brought “inflationary pressures not seen in a generation” to the US, other economies were hit harder. In February, annual inflation in Argentina reached the 100-percent mark for the first time since 1991.
Most of the excess dollars are exported to other countries through imports and overseas investment, allowing the US to harvest the wealth of other countries at nearly zero cost.
The world is holding its breath for a simmering bank crisis in the United States triggered by the spectacular collapse of Silicon Valley Bank and Signature Bank.
… ‘Irrational prosperity’
The oversupply of the dollar also creates “irrational prosperity” that deviates from the actual economic situation and exacerbates turmoil in the global financial market.
More economists are waking up to the detriments of the current dollar-based monetary system.
David E. Sumual, chief economist of Bank Central Asia in Indonesia, said the current dollar-centered monetary system does not reflect the dynamic global market. He also said the sudden policy changes of the Fed always cause volatility in other countries.
But the Fed will continue to manipulate global markets and wreak havoc on the world economy, so long as other countries do not cut their reliance on the dollar.
Analysts have warned that the Fed had driven up asset bubbles worldwide to an extremely dangerous level, and the first signs of those bubbles bursting are beginning to appear.
After years of frothy markets, real trouble is on the horizon.
While the Western banking industry is teetering on the edge of catastrophe, the Fed shows no signs of stopping its rate hikes.
Aggressive interest rate hikes have led to a global liquidity tightening, resulting in capital outflows and currency depreciation in emerging markets.
According to data from the International Monetary Fund, the pressure on debt repayment for countries denominated in the dollar has increased sharply. More than 60 percent of low-income countries are already at high risk of or in debt distress.
If the past is any indication, once a country falls into debt distress, its assets would be exposed to US plundering.
As the Fed flip-flops on its monetary policy, the US also suffers temporary economic pain. Still, with its hegemonic currency, Uncle Sam can shuffle the risks to others and emerge largely unscathed from a crisis it started.
After the 2008 global financial crisis, it took the European Union 13 years to return GDP per capita to its pre-crisis level, while it took the US only two years to do so.
Despite a brief jolt, the United States continues to plunder the world.
However, the abuse of the dollar, weaponization of global financial infrastructure, and the country’s irresponsible monetary policy are backfiring and eroding US credibility.
END
Peter Hambro: He who has the gold makes the rules
Submitted by admin on Fri, 2023-04-07 13:13Section: Daily Dispatches
By Peter Hambro Reaction, London Thursday, April 6, 2023
Straws in the wind presage the oncoming storm, and not everyone notices in time. One such straw has just appeared in the gold market and only the most beady-eyed of your readers will have noticed that JPMorganChase did not, as is usual, roll over its maturing derivatives position in gold. Instead the bank delivered physical gold to those standing for delivery. Gold expert Ted Butler writes at SilverSeek.com: “A major development last week was the large amount of gold issued by JPMorgan over the first two days of the Comex April contract. Total gold deliveries by JPMorgan of 14,326 contracts, including 10,682 contracts (1.07 million ounces) by JPM from its proprietary house account were the largest by JPM in history. This is big news because it demonstrates clear and blatant price manipulation by JPMorgan. With more than 19,000 contracts of gold standing for delivery, what would have been the price of gold had JPM not delivered more than 10,000 contracts from its house account?”
Given that the short positions were established at prices much lower than today’s, there must be substantial actual and mark-to-market losses involved.
Wall Street on Parade notes that JPMorganChase Bank holds 53% of all the monetary metals derivatives contracts in the U.S. banking system.
Could it be that the margin calls on its massive position — or those of its customer, whomever that may be — are now so large that it could no longer continue to meet them? If so, we are witnessing a substantial increase in the price of gold, as a reaction to the people’s need for a real investment when there is an absence of sellers. …
China reports fifth month of increasing gold reserves
Submitted by admin on Fri, 2023-04-07 12:44Section: Daily Dispatches
From Bloomberg News Friday, April 7, 2023
The People’s Bank of China raised its holdings by about 18 tons in March, according to data on its website on Friday. Total stockpiles now sit at about 2,068 tons, after growing by about 102 tons in the four months before March.
Nations have been building up stockpiles of bullion amid heightened geopolitical risks and high inflation. Central-bank demand rose for a second year in 2022, and the biggest buyers in January of this year were Turkey, China and Kazakhstan, according to the World Gold Council.
This flurry of purchases by China’s central bank is the first since a ten-month run that ended in September 2019. Prior to that, the last wave of inflows ended in late-2016. …
1. YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS//,MONDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 6.8790
OFFSHORE YUAN: 6.8856
SHANGHAI CLOSED DOWN 12.79 POINTS OR .37%
HANG SANG CLOSED UP 56.61 PTS OR .25%
2. Nikkei closed UP 115.35 PTS OR 0.43 %
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 102.04 EURO FALLS TO 1.0876 DOWN 15 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.463Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 132.95 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morninG
3e Gold DOWN /JAPANESE Yen DOWN CHINESE YUAN: DOWN// OFF- SHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN’S worth of BONDS. Japan’s GDP equals 5 trillion usa
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund UP TO +2.174***/Italian 10 Yr bond yield RISES to 4.039*** /SPAIN 10 YR BOND YIELD RISES TO 3.219…** DANGEROUS//
3i Greek 10 year bond yield FALLS TO 4.050
3j Gold at $2001 silver at: 24.97 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 48 /100 roubles/dollar; ROUBLE AT 81.61//
3m oil into the 80 dollar handle for WTI and 85 handle for Brent/
3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 132.95 10 YEAR YIELD AFTER BREAKING .54%, RISES TO .463% 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 0.9084 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9873 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: 3.370 DOWN 1 BASIS PTS…GETTING DANGEROUS//
USA 30 YR BOND YIELD: 3.587 DOWN 2 BASIS PTS/
USA 2 YR BOND YIELD: 3.9452 DOWN 7 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 19.27…
GREAT BRITAIN/10 YEAR YIELD: DOWN 1 BASIS PTS AT 3.4325
end
2. Overnight: Newsquawk and Zero hedge:
2. a)FIRST, ZEROHEDGE (PRE USA OPENING// MORNING
Futures Drop, Dollar Rises With Most Global Markets Still Closed
MONDAY, APR 10, 2023 – 03:06 PM
With much of Asia and Europe still closed for Easter Monday, US stock futures, already painfully illiquid, were trading in a narrow range for much of the session, before losing all of their post-payrolls gains as investors assessed the path of Federal Reserve monetary policy following Friday’s jobs report. Contracts on the S&P 500 dipped 0.2% at 7:30am while Nasdaq 100 futures dipped 0.4% as the dollar spiked to session highs on the back of yen weakness following the latest comments from the BOJ’s new head Ueda.
In premarket trading, Tesla edged lower after the electric car-maker again marked down all of its vehicles in the US as first-quarter price tweaks helped to yield an incremental sales gain.Pioneer Natural stock gained 7.2% in premarket trading after the Wall Street Journal reported that oil giant Exxon Mobil has held preliminary talks over a possible acquisition of the fracking company. Here are some other notable premarket movers:
Tupperware shares decline 7.9% after the company said on Friday that it has engaged financial advisers to help improve its capital structure and remediate doubts about ability to continue as a going concern.
Shares of Apple and its PC maker peers may be active after data from IDC show a tough start to the year for the industry that’s still grappling with a glut of unsold inventory. Watch Apple, HP and Dell.
Micron Technology advanced 6.5% in US premarket trading after rival Samsung Electronics said Friday it would cut memory chip production.
Capital One Financial Corp. shares are lower by 4.1% in premarket trading after Walmart Inc. sued to end their credit-card partnership, in a move that analysts said wouldn’t be likely to meaningfully impact COF’s earnings per share.
Arrival surges as much as 80% premarket on Monday after announcing that it has entered into business combination agreement with Kensington Capital Acquisition to advance US commercialization plans.
AudioCodes tumbles 15% in premarket trading after the communications equipment company said revenue for 1Q is anticipated to be lower than previously estimated internally when the company provided guidance for the year in February.
Block slips 1.2% in premarket trading after Keefe, Bruyette & Woods analyst Steven Kwok cut the recommendation to market perform from outperform, citing a “growing number of risks” for the firm.
Last Friday, the BLS reported that US payrolls rose at a firm pace, just beating expectations, in March with the unemployment rate dropping again near record lows. Bond traders are betting that the Fed probably has one more interest-rate hike to go in this tightening cycle as the economy shows resilience, despite recent banking turmoil. Traders’ next focus will be on Wednesday’s consumer price index reading to assess whether the Fed is managing to tame inflation. Treasury Secretary Janet Yellen told AFP that she anticipates the US economy will growth and the labor market will remain strong as inflation comes down.
“The Fed will still see the need for further cooling in the labor market,” Win Thin, global head of currency strategy at Brown Brothers Harriman, wrote in a research note. “This week’s CPI and PPI data are likely to underscore the fact that inflation remains stubbornly high and so we look for the hawkish tilt in Fed comments to continue.”
Traders are also looking ahead to earnings season, which officially kicks off on Friday when JPMorgan Chase & Co. and Citigroup report results. “Stocks have benefited from expectations of an end of the hiking cycle and the advent of rapid rate cuts in the second half and into 2024, so they could be disappointed,” said Rajeev De Mello, a global macro portfolio manager at GAMA Asset Management SA. “However, investor positioning in stocks seem to be very cautious and while data has been weakening, it doesn’t signal a hard recession.”
With most European markets closed for Easter, attention instead turned to Asia where stocks edged higher in holiday-thinned trading as investors assessed the outlook for Federal Reserve policy in the wake of key US jobs data. The MSCI Asia Pacific Index rose 0.2%, driven by gains in materials and technology shares. South Korea’s Kospi was among the top-performing regional benchmarks, on the back of a rally in stocks tied to electric vehicles. China’s onshore equities edged lower, while Hong Kong and Australia were among markets shut for holidays.
Japanese stocks climbed, boosted by the marine transport sector and Nintendo shares. The Topix Index rose 0.6% to close at 1,976.53, while the Nikkei advanced 0.4% to 27,633.66. Nintendo Co. contributed the most to the Topix Index gain, increasing 4% after The Super Mario Bros. Movie marked the biggest opening weekend for a film so far this year. Of 2,158 stocks in the index, 1,578 rose and 473 fell, while 107 were unchanged.
Stocks in Asia have traded in a narrow range so far this month as uncertainty over global interest rates, China’s economic recovery and possible recessions in advanced economies keeps risk appetite in check. US payrolls rose at a firm pace last month, data showed Friday, paving the way for the Fed to increase interest rates at its next meeting in early May. “For the Asian equity market, the direction searching journey won’t get any easier ahead,” said Hebe Chen, a market analyst at IG. “Instead, the ‘glass half-full’ sentiment is poised to bake into more divided and fragile risk appetite.” Geopolitical issues are another reason for investor caution amid a technology trade standoff between Beijing and Washington. China held two days of military drills around Taiwan, with multiple exercises involving aircraft and ships on Sunday, after the island’s president, Tsai Ing-wen, returned from a visit to the US.
Most stocks in India advanced on Monday, led by an extension of rally in real estate companies, buoyed by the local central bank’s surprise pause on rate hikes last week. The S&P BSE Sensex rose as much as 0.5% before closing little changed at 59,846.51 in Mumbai, while the NSE Nifty 50 Index advanced 0.1%. Gauges of small- and mid-sized companies gained 0.2% and 0.4%, respectively. Broader markets in India have now gained for six consecutive sessions, helping trim their yearly losses. Investors will now be shifting focus to start of earnings season later this week. Tata Consultancy Services contributed the most to the Sensex’s gain, increasing 1.3%. Out of 30 shares in the Sensex index, 17 rose, while 13 fell
In rates, treasuries hold small gains as trading resumes in US, with most European markets closed, erasing a portion of Friday’s curve-flattening selloff sparked by robust March jobs data during a shortened session. Yields are lower led by 2-year, down ~4.5bp at 3.935%; it climbed 15bp Friday as swap contracts referencing Fed’s policy rate upgraded the odds of another quarter-point rate increase next month to about three in four.
In FX, the dollar gained after trading unchanged for much of the session; the yen came under mild selling pressure after Kazuo Ueda refrained from sending any hawkish signals in his first comments after taking over as governor of the Bank of Japan. In his inaugural speech, Ueda says he’ll do all he can to ensure stability in prices and the financial system and that the current monetary easing is very powerful; while the BOJ could review policy in the long term, it’s appropriate to continue with yield curve control framework for now. USD/JPY traded 0.5% higher at 132.85, versus 131.83-132.80 day range. The currency was initially lower versus the dollar on increased expectations for another Federal Reserve rate hike before erasing losses amid thin flows ahead of Ueda’s inaugural speech.
In commodities, oil was little changed while gold rebounded after dipping below $2,000 an ounce.
Monday’s event calendars are light, however this week includes March CPI report and minutes of the Fed’s March policy meeting on Wednesday, as well as auctions of 3- and 10-year notes and 30-year bonds over the next three days.
Market Wrap
S&P 500 futures down 0.2% at 4,124
MXAP up 0.2% to 161.71
MXAPJ up 0.2% to 523.49
Nikkei up 0.4% to 27,633.66
Topix up 0.6% to 1,976.53
Hang Seng Index up 0.3% to 20,331.20
Shanghai Composite down 0.4% to 3,315.36
Sensex up 0.1% to 59,904.57
Australia S&P/ASX 200 down 0.3% to 7,218.98
Kospi up 0.9% to 2,512.08
Brent Futures little changed at $85.14/bbl
Gold spot down 0.4% to $1,999.06
US Dollar Index little changed at 102.02
Top Overnight News
China’s financial sector is reeling from a series of new corruption probes and a surge in surprise audits of venture funds, as President Xi Jinping sharpens his focus on an industry he sees as failing to serve the broader economy. FT
State oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day. RTRS
A US Navy destroyer conducted “freedom of navigation” operations in the South China Sea near the Spratly Islands in a show of force as China holds military exercises around Taiwan. The drills are on par with the reaction last year after Nancy Pelosi visited the island, Taiwan said. BBG
Apple PC shipments plunged 41% last quarter, an IDC tracker shows. Lenovo and Dell’s dropped more than 30% each. HP’s fell 24.2%. BBG
Russia begins evacuating people from territory it controls in southern Ukraine ahead of a major offensive from the Ukraine army expected to start in the coming weeks. NYT
Saudi Arabia’s production cut may not have as large an impact on markets as some think as countries outside OPEC+ ramp output. WSJ
Food costs for households are surging despite a drop in food raw material expense as packaged goods firms aggressively hike prices. WSJ
TSLA cut prices in the United States between 2% and nearly 6%, its website showed on Thursday, as the company extends a discount drive on its electric vehicles that analysts caution could hurt profitability. RTRS
First Republic Bank, beset by concerns over loan values and deposit flight, said in a regulatory filing that it will suspend payments of quarterly cash dividends on its preferred stock. WSJ
US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy. Commercial bank lending dropped nearly $105 billion in the two weeks ended March 29, the most in Federal Reserve data back to 1973. The more than $45 billion decrease in the latest week was primarily due to a a drop in loans by small banks. BBG
10:00: Feb. Wholesale Inventories MoM, est. 0.2%, prior 0.2%
2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT
US Futures Tumble, Erase Payrolls Gains After BoJ’s Ueda Signals Nothing New
MONDAY, APR 10, 2023 – 03:23 PM
In his first public address, the new governor of Japan’s central bank disappointed policy hawks as he signaled that he plans no drastic changes in its ultra-low interest rate policy, sticking to earlier messaging on the topic.
“Markets have calmed and, as far as the impact on the Japanese system, we have maintained the easy monetary policy, and there is ample capital and fluidity,” Ueda said.
Ueda inauguration comes after his predecessor Kuroda presided over a decade-long monetary stimulus program centered around zero or minus long-term interest rates to nurture economic activity.
“As a result of appropriate policy from both the BOJ and the government we’re now in a situation where we’re not in a state of deflation,” Ueda told reporters in Tokyo Monday after meeting with Kishida at the prime minister’s office.
“We agreed the thinking behind the joint statement is appropriate, and there’s no need for an immediate review.”
Japan’s benchmark rate has been at minus 0.1% for years, and, as a reminder, Japanese inflation remains near 40-year cycle highs…
Ueda has repeatedly indicated he won’t take drastic action given Japan’s slow wage growth, shrinking and aging population and other challenges. He said it was vital to ensure the trend toward inflation will continue.
“There are difficult problems. But for right now, and we are speaking about Japan here, the situation is not such that there is a major raising of interest rates. For now, the financial system remains basically stable,” he said.
The 71-year old is scheduled to host his first policy meeting between April 27-28. Mainly due to increasing signs of deterioration in financial market functioning, most BoJ watchers expect some kind of policy tightening by June…
…but Ueda’s comments poured cold water on that to some extent…
“Right now, the yield curve control is considered most appropriate for the economy while tending to market functionality,” he said.
“Given the current economic, price and financial conditions, I think it’s appropriate to keep up the current yield curve control.”
The reaction was swift with Yen dropping to its weakest in a week…
And US equity futures tumbling (stronger USD), erasing all of the payrolls spike gains…
Ueda did offer a bone to an inflation-fighting stance as he concluded by saying he’s open to the idea of a policy review from a longer-term standpoint, although he’d like to discuss it with other board members before any decision.
But then again, Kuroda has been promising progress for years…
2 c. ASIAN AFFAIRS
ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 12.29 PTS OR .37% //Hang Sang CLOSED UP 56.61 POINTS OR .25% /The Nikkei closed UP 115.35 PTS OR 0.43% //Australia’s all ordinaries CLOSED DOWN .30 % /Chinese yuan (ONSHORE) closed DOWNTO 6.8790 /OFFSHORE CHINESE YUAN UP TO 6.8856 /Oil UP TO 80.89 dollars per barrel for WTI and BRENT AT 85.22 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
///NORTH KOREA/SOUTH KOREA/
END
2e) JAPAN
JAPAN/
END
3 CHINA /
CHINA/
China Sanctions Reagan Library After McCarthy’s Meeting With Taiwan President
Amid Chinese threats, McCarthy met with President Tsai Ing-wen on April 5 at the Reagan Library in Simi Valley, California.
McCarthy welcomed Tsai as a “great friend of America” during a high-level meeting on U.S. soil, risking China’s ire in a demonstration of U.S. support.
During her visit, Tsai accepted a leadership award from the Hudson Institute and spoke about Taiwan’s regional security challenges.
McCarthy joined an increasing number of foreign legislators who have met with Tsai to demonstrate their support for Taiwan in the face of Chinese intimidation.
“We will take resolute measures to punish the ‘Taiwan independence’ separatist forces and their actions, and resolutely safeguard our country’s sovereignty and territorial integrity,” the Chinese Cabinet’s Taiwan Affairs Office said in a statement on April 6, according to an English translation.
U.S.-Chinese relations have reached their lowest point in decades due to disagreements over the status of Taiwan, which separated from China in 1949 following a civil war, as well as security, technology, and Beijing’s treatment of Hong Kong and Muslim ethnic minorities.
The Chinese regime claims the democratic island as its own territory and has vowed to seize Taiwan, by force if necessary.
China’s Response
China’s Ministry of Foreign Affairs announced on April 7 that the Reagan Library and the Hudson Institute, a think tank in Washington, were sanctioned for “providing a platform and facilitation to Taiwan separatist activities.” It stated that Chinese institutions were prohibited from cooperating with or contacting them.
Amid escalating tensions between Taiwan’s self-governing democracy and China’s communist dictatorship, McCarthy urged Congress to expedite the delivery of military armaments to Taiwan.
During the Taiwanese official’s trip, McCarthy encouraged the United States and its allies to take a stand against China’s aggression with a clear and consistent unified message that promotes peace and protects democracy.
The House leader said it is crucial that congressional leaders speak with “one voice” so that China’s leaders understand “where we stand.”
“Don’t send a balloon over our air space. Don’t use authoritarian bully tactics,” McCarthy said. “It won’t go far.”
McCarthy was accompanied by a bipartisan delegation that uniformly emphasized Congress’ commitment to supporting Taiwan.
Alluding to Chinese threats, Rep. Mike Gallagher (R-Wis.), chair of the House China Select Committee, said the bipartisan delegation intended to “send a simple message—and that is, we are not afraid.”
“We support our friends in Taiwan,” he said. “We’re going to keep saying that whenever we have the opportunity, and we’re going to turn those words into action … because Taiwan is a small, very bright candle burning at the edge of a vast authoritarian darkness.”
Brad Jones and The Associated Press contributed to this report.
end
CHINA//EUROPE
FROM ROBERT H TO US:
Lepa on Twitter: “The German press notes that the President of the EC Ursula von der Leyen, had to leave China by the airport transit of the ordinary passages… a real diplomatic humiliation..https://t.co/8MSSPxmw1l” / Twitter A picture is worth far more than words. What does tell us about status ? Or that there was no one to see Macron off ? No victory to take to quell public unrest that grows daily in France. They’re not relevant on the board of where hegemony exists and their ordinary exit clearly demonstrates irrelevance. Even the Ship of Fools does not get why China no longer answers the phone. The world is clearly moving on with indifference to the West. Our world as we have known it is changing far beyond what daily reports tell us .
The German press notes that the President of the EC Ursula von der Leyen, had to leave China by the airport transit of the ordinary passages… a real diplomatic humiliation..🤷♀️ pic.twitter.com/8MSSPxmw1l
Escobar: Iran And Saudi Arabia – A Chinese Win-Win
SUNDAY, APR 09, 2023 – 05:30 AM
Authored by Pepe Escobar via The Cradle,
The single Iranian-Saudi handshake buried trillions of dollars of western divide-and-rule investments across West Asia, and has global leaders rushing to Beijing for global solutions.
The idea that History has an endpoint, as promoted by clueless neoconservatives in the unipolar 1990s, is flawed, as it is in an endless process of renewal. The recent official meeting between Saudi Foreign Minister Faisal bin Farhan al-Saud and Iranian Foreign Minister Hossein Amir-Abdollahian in Beijing marks a territory that was previously deemed unthinkable and which has undoubtedly caused grief for the War Inc. machine.
This single handshake signifies the burial of trillions of dollars that were spent on dividing and ruling West Asia for over four decades. Additionally, the Global War on Terror (GWOT), the fabricated reality of the new millennium, featured as prime collateral damage in Beijing.
Beijing’s optics as the capital of peace have been imprinted throughout the Global South, as evidenced by a subsequent sideshow where a couple of European leaders, a president, and a Eurocrat, arrived as supplicants to Xi Jinping, asking him to join the NATO line on the war in Ukraine. They were politely dismissed.
Still, the optics were sealed: Beijing had presented a 12-point peace plan for Ukraine that was branded “irrational” by the Washington beltway neocons. The Europeans – hostages of a proxy war imposed by Washington – at least understood that anyone remotely interested in peace needs to go through the ritual of bowing to the new boss in Beijing.
The irrelevance of the JCPOA
Tehran-Riyadh relations, of course, will have a long, rocky way ahead – from activating previous cooperation deals signed in 1998 and 2001 to respecting, in practice, their mutual sovereignty and non-interference in each other’s internal affairs.
Everything is far from solved – from the Saudi-led war on Yemen to the frontal clash of Persian Gulf Arab monarchies with Hezbollah and other resistance movements in the Levant. Yet that handshake is the first step leading, for instance, to the Saudi foreign minister’s upcoming trip to Damascus to formally invite President Bashar al-Assad to the Arab League summit in Riyadh next month.
It’s crucial to stress that this Chinese diplomatic coup started way back with Moscow brokering negotiations in Baghdad and Oman; that was a natural development of Russia stepping in to help Iran save Syria from a crossover NATO-Gulf Cooperation Council (GCC) coalition of vultures.
Then the baton was passed to Beijing, in total diplomatic sync. The drive to permanently bury GWOT and the myriad, nasty ramifications of the US war of terror was an essential part of the calculation; but even more pressing was the necessity to demonstrate how the Joint Comprehensive Plan of Action (JCPOA), or Iran nuclear deal, had become irrelevant.
Both Russia and China have experienced, inside and out, how the US always manages to torpedo a return to the JCPOA, as it was conceived and signed in 2015. Their task became to convince Riyadh and GCC states that Tehran has no interest in weaponizing nuclear power – and will remain a signatory of the Non-Proliferation Treaty (NPT).
Then it was up to Chinese diplomatic finesse to make it quite clear that the Persian Gulf monarchies’ fear of revolutionary Shi’ism is now as counter-productive as Tehran’s dread of being harassed and/or encircled by Salafi-jihadis. It’s as if Beijing had coined a motto: drop these hazy ideologies, and let’s do business.
And business it is, and will be: better yet, mediated by Beijing and implicitly guaranteed by both nuclear superpowers Russia and China.
Hop on the de-dollarization train
Saudi Crown Prince Mohammed bin Salman (MbS) may exhibit some Soprano-like traits, but he’s no fool: he instantly saw how this Chinese offer morphed beautifully into his domestic modernization plans. A Gulf source in Moscow, familiar with MbS’ rise and consolidation of power, details the crown prince’s drive to appeal to the younger Saudi generation who idolize him. Let girls drive their SUVs, go dancing, let their hair down, work hard, and be part of the “new” Saudi Arabia of Vision 2030: a global tourism and services hub, a sort of Dubai on steroids.
And, crucially, this will also be a Eurasia-integrated Saudi Arabia; future, inevitable member of both the Shanghai Cooperation Organization (SCO) and BRICS+ – just like Iran, which will also be sitting at the same communal tables.
From Beijing’s point of view, this is all about its ambitious, multi-trillion-dollar Belt and Road Initiative (BRI). A key BRI connectivity corridor runs from Central Asia to Iran and then beyond, to the Caucasus and/or Turkey. Another one – in search of investment opportunities – runs through the Arabian Sea, the Sea of Oman, and the Persian Gulf, part of the Maritime Silk Road.
Beijing wants to develop BRI projects in both corridors: call it “peaceful modernization” applied to sustainable development. The Chinese always remember how the Ancient Silk Roads plied Persia and parts of Arabia: in this case, we have History Repeating Itself.
A geopolitical revolution
And then comes the Holy Grail: energy. Iran is a prime gas supplier to China, a matter of national security, inextricably linked to their $400 billion-plus strategic partnership deal. And Saudi Arabia is a prime oil supplier. Closer Sino-Saudi relations and interaction in key multipolar organizations such as the SCO and BRICS+ advance the fateful day when the petroyuan will be definitely enshrined.
China and the UAE have already clinched their first gas deal in yuan. The high-speed de-dollarization train has already left the station. ASEAN is already actively discussing how to bypass the dollar to privilege settlements in local currencies – something unthinkable even a few months ago. The US dollar has already been thrown into a death by a thousand cuts spiral.
And that will be the day when the game reaches a whole new unpredictable level.
The destructive agenda of the neocon leaders in charge of US foreign policy should never be underestimated. They exploited the 9/11 “new Pearl Harbor” pretext to launch a crusade against the lands of Islam in 2001, followed by a NATO proxy war against Russia in 2014. Their ultimate ambition is to wage war against China before 2025.
However, they are now facing a swift geopolitical and geoeconomic revolt of the World’s Heartland – from Russia and China to West Asia, and extrapolating to South Asia, Southeast Asia, Africa and selected latitudes in Latin America.
The turning point came on 26 February, 2022, when Washington’s neocons – in a glaring display of their shallow intellects – decided to freeze and/or steal the reserves of the only nation on the planet equipped with all the commodities that really matter, and with the necessary nous to unleash a momentous shift to a monetary system not anchored in fiat money.
That was the fateful day when the cabal, identified by journalist Seymour Hersh as responsible for blowing up the Nord Stream pipelines, actually blew the whistle for the high-speed de-dollarization train to leave the station, led by Russia, China, and now – welcome on board – Iran and Saudi Arabia.
END
ISRAEL/
Israel Strikes Lebanon After Barrage of Militia Rockets
FRIDAY, APR 07, 2023 – 02:45 PM
The Israel-Lebanon border area witnessed its most intense hostilities since 2006 on Thursday and Friday, with Israeli fighter jets attacking targets in southern Lebanon in retaliation for a rocket attack on northern Israel. Gaza also saw an exchange of fire.
“Israel’s reaction, tonight and in the future, will exact a significant price from our enemies,”said Prime Minister Benjamin Netanyahu in a statement.
The exchange represents a troubling new escalation of regional warfare that erupted Tuesday night, after Israeli police raided Jerusalem’s Al Aqsa mosque, smashing windows and brutally beating worshipperswho’d locked themselves inside. They arrested hundreds more who’d stayed on the compound after Israel-specified visiting hours.
BREAKING: Israeli police brutally beat Palestinian worshippers inside al Aqsa mosque in Jerusalem during Ramadan. pic.twitter.com/IiFU10qI5c— IMEU (@theIMEU) April 4, 2023
Al Aqsa is the third-holiest site in Islam, and it’s situated on land also revered by Jews, who call it the Temple Mount. Israel’s actions sparked outrage across the Muslim world, garnering condemnations from the governments of Jordan, Saudi Arabia and Egypt.
Soon after the Israeli police raid, militants in Gaza fired rockets at southern Israel, most of which were reportedly intercepted by the US-subsidized Iron Dome system. Israel responded with air force strikes on Gaza.
Thursday brought warfare on a different frontier and with higher intensity, as northern Israel faced a barrage of 34 rockets fired from southern Lebanon. An Israeli military source told Reuters that mortars were also fired across the frontier. It’s said to be the largest such attack from the territory since 2006 and Israel’s war with the Lebanese political and militant group Hezbollah.
For the first time since 2006, the northern Israeli colonies are under attack by heavy rocket shelling coming from Lebanon. Israeli Iron Dome failed to intercept. How will Israel deal with more sophisticated and powerful Hezbollah missiles in a future war?pic.twitter.com/JXjY76CGVO— Hadi Nasrallah (@HadiNasrallah) April 6, 2023
While Israel said most of the rockets were intercepted, others caused moderate damage in the northern border town of Shlomi. There were several injuries, but no reported fatalities.
Edifício pega fogo em Israel após ser atingido
Um pequeno edifício foi visto em chamas em Shlomi, no norte de Israel, após ter sido atingido por um projétil durante os recentes ataques com foguetes oriundos do Líbano e da Faixa de Gaza.#Israel#PalestineWillBeFreepic.twitter.com/YbNDmgMubk— Eduardo Lima (@Eduardo_AI1917) April 6, 2023
The Israeli military said the attacks from Lebanon came from affiliates of Gaza-based Hamas and Palestinian Islamic Jihad militias. The New York Times reports Hamas leader Ismail Haniyeh was in Lebanon on Thursday, meeting with leaders of both groups.
Israeli authorities say the rocket barrage likely had the blessing of Hezbollah, which controls most of southern Lebanon. Earlier on Thursday, Hezbollah warned that “hundreds of millions of Muslims” were willing to “shed blood” for al-Aqsa.
That Israeli onslaught triggered another round of 44 rockets from Gaza. One struck a house in Sderot, Israel, without causing injuries. This video purportedly shows the aftermath:
It appears both sides are tailoring their strikes to moderate the escalation of hostilities. As the New York Times‘ Patrick Kingsley reports:
In Gaza, both sides initially kept open the possibility of de-escalation by focusing their fire away from major cities. By 6 a.m., no injuries had been reported by the authorities in either Gaza or southern Israel. Palestinian militias used short-range rockets instead of targeting cities in central Israel. Israel did not strike downtown Gaza City or other city centers.
De-escalation will also require moderation of Israel’s actions against Palestinians observing Ramadan. “Aqsa is a red line for all Muslims,” Kassem Kassir, a political analyst close to Hezbollah tells the New York Times. “The rocket attack is a message to Israel that we won’t be silent about all this escalation. If the escalation continues, the 20 rockets might become 1,000 in the coming days.”
end
Israel Strikes Syria After Rare Rocket Attack On Golan Heights
SUNDAY, APR 09, 2023 – 07:00 PM
On the heels of the most intense exchange of fire across the Israel-Lebanon border since 2006, violence erupted on a different front over Saturday night, as a rare rocket attack on the Israel-occupied Golan Heights was carried out by Palestinian militants in Syria.
The Al Quds Brigade claimed responsibility, according to a Beirut television station. The Palestinian militia headquartered in Damascus said the volley of rockets was an act of retaliation for a brutal Israeli police raid on the Al Aqsa Mosque in Jerusalem earlier in the week.
Israeli responded with waves of artillery fire, drone strikes and apparent missile strikes in Syria. The initial counter-strikes targeted rocket launchers, while later attacks hit an area near the Syrian capital, Damascus. Syria said its air defenses intercepted some Israeli missiles, but acknowledged that others caused unspecified damage.
Israel said it also targeted a compound of Syria’s 4th Division, and Syrian Army radar and artillery sites. The IDF said it “views the Syrian state as responsible for everything happening in its territory and will not enable attempts to violate Israel’s sovereignty,” according to the Times of Israel.
Of six rockets fired, two fell short and landed in Syrian territory, one landed in nearby Jordan three landed in Israel,according to the IDF. There were no reports of damage or casualties.
While it’s not clear what kind of rockets were used, the poor performance suggests they were crude Qassam rockets — often derisively likened to bottle rockets — that are the principal weapon used by Palestinian militias in cross-border strikes.
Here’s how the head of the team that developed Israel’s Iron Dome anti-rocket system once described them:
“Qassam rockets are comprised of make-shift components, and their trajectories are very ‘wobbly’ rather than smooth. Imagine a Coke bottle flying several times faster than the speed of sound on an irregular course.”
Of course, that’s not to say they can’t kill people or cause property damage in the relatively rare instances in which they actually hit something.
With these latest strikes, the Syrian-based Al Quds Brigade’s joins other Palestinian militias who’ve already launched rockets at Israel after Tuesday night’s Israeli police raid on the Al Aqsa mosque, which is Islam’s third most-revered site. Police smashed windows and brutally beat worshipperswho’d locked themselves inside.
In the wake of the raid — which earned condemnation from Jordan, Saudi Arabia and Egypt — Palestinian militants in both Gaza and southern Lebanon fired rockets at Israel, prompting retaliatory attacks by the IDF.
Israel seized the Golan Heights from Syria during the 1967 War. It unilaterally annexed it in 1981, prompting the UN Security Council to adopt Resolution 497, demanding that Israel rescind the annexation, as “the acquisition of territory by force is inadmissible” under the UN Charter and “the principles of international law.”
..Dr. Peter McCullough – “This Spike Protein is a Killer”
BY THE WELLNESS COMPANYDr. Peter McCullough was one of the most outspoken and bravest leaders during the pandemic, and today he is continuing his work to keep Americans healthy and safe in this new post-pandemic era of spike protein.Dr. McCullough wasn’t afraid to stand up to big pharma, big tech and big government during the pandemic, and he is showing that same courage today.“This spike protein is a killer, and it rips through the hearts of men and women,” said Dr. McCullough in a new video where he calls the response of the FDA and the CDC to the dangers of spike protein as “criminal.”The good news is that, despite censorship by the mainstream medical community, solutions exist to deal with this deadly spike protein. Dr. Peter McCullough notes the following potential remedies:1. Prescription Ivermectin2. Prescription Low-Dose Naltrexone3.Over-the-counter NattokinaseIn 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. Not only is nattokinase over-the counter, Dr. Peter McCullough and his team at The Wellness Company designed an optimized Nattokinase-based supplement, Spike Support, to give people everywhere access to this critical ingredient.In addition to Nattokinase, which aids with circulation and dissolves spike proteins, Spike Support also includes:Dandelion for a detoxifying agent and prevent spike protein cellular bindingBlack sativa to possibly facilitate cellular repairGreen tea for added defenses at the cellular level through scavenging for free radicalsIrish sea moss to help rebuild damaged tissue and muscleNot only is the Spike Support Formula optimized to provide the greatest possible protection, it has also been created to help consumers save money – 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.The pandemic may be behind us, but spike protein is here to stay. Keep you and your family safe and order the Spike Support Formula today!Click here to order the Spike Support Formula today!This post is sponsored content and Zerohedge has been compensated for its publication.
Australia Discreetly Discontinues AstraZeneca COVID Vaccine
Swiss authorities have stopped recommending COVID-19 vaccination, including for people who are designated at high risk from COVID-19.
Switzerland’s Federal Office of Public Health now says that “no COVID-19 vaccination is recommended for spring/summer 2023.”
People designated high risk are also not recommended to get a COVID-19 vaccine, authorities said.
They attributed the change to the number of citizens who have received a vaccine, recovered from COVID-19, or both received a vaccine and enjoy natural immunity from post-recovery protection.
“Nearly everyone in Switzerland has been vaccinated and/or contracted and recovered from COVID-19. Their immune system has therefore been exposed to the coronavirus. In spring/summer 2023, the virus will likely circulate less. The current virus variants also cause rather mild illness,” Swiss health officials said.
Seroprevalence data from mid-2022 showed that more than 98 percent of the Swiss population had antibodies against the COVID-19 virus, indicating that people had immunity from prior infection, vaccination, or both.
The Omicron variant of the COVID-19 virus, which started circulating around the world in late 2021, causes less severe cases than its predecessor, Delta. Additionally, the available COVID-19 vaccines have performed increasingly worse against Omicron and its subvariants, providing little or even negative protection against infection and quickly waning shielding against severe disease.
Swiss authorities nodded to the short-lived protection as they noted that people designated at high risk from COVID-19 can still receive a vaccine, despite the lack of recommendation, after consultation with their doctor.
“Vaccination may be wise in individual cases, as it improves protection against developing severe COVID-19 for several months,” they said.
People at high risk include those aged 65 or older and pregnant women.
We have been saying this near 2 years now! Thanks NTD for the report but you guys are late to the game, but better late than never! Pfizer & Moderna CEOs etc. should be handcuffed
‘Several experts and journalists in different countries have raised serious concerns over Pfizer’s clinical trials for its COVID vaccine. They charge that the pharmaceutical company dropped subjects who suffered adverse events and used a flawed methodology to arrive at the claim the jab is 95 percent effective. France spoke with French biostatistician Christine Cotton, who published a report on Pfizer’s trials.’
releasing a counterpart even years later to be killed at will – She calls this a Binary Poison (as it’s in two parts); we have never made it with this type of mRNA vaccine for this type of virus
We have no idea today what is in the vaccine, none! Could we as a nation, a globe been set up with a binary weapon, where we got the shot, and then some point in the future, they release the virus (similar) and we have catastrophic massive antibody-dependent enhancement (ADE) of infection and disease. Could this happen? You nor I have any idea what is in the shot. These beasts at Moderna and Pfizer etc. could have pre-programmed the shots and have so many poison pills in it. That they can turn on with a release of a pathogen in the future. In short, they may have killed millions already, that the vaccinated are ‘walking dead’, vaccinated now and there is pre-programmed death????
looks like, regaining it! 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
mRNA technology gene injection that has harmed and killed thousands! This is no surprise baby powder & cancer; Johnson & Johnson announced Tuesday that the company has agreed to settle.
‘Johnson & Johnson announced Tuesday that the company has agreed to pay $8.9 billion over 25 years to settle “all current and future” claims that the company’s baby powder and other cosmetic talc products allegedly caused cancer.’
‘Several experts and journalists in different countries have raised serious concerns over Pfizer’s clinical trials for its COVID vaccine. They charge that the pharmaceutical company dropped subjects who suffered adverse events and used a flawed methodology to arrive at the claim the jab is 95 percent effective. France spoke with French biostatistician Christine Cotton, who published a report on Pfizer’s trials.’
Another Former Associate with Jeffrey Epstein Files to Run for U.S. President in 2024
April 6, 2023 7:17 pm
It has been widely reported today that Robert F. Kennedy, Jr. has filed to run for the office of the U.S. Presidency in 2024, giving Americans two candidates now, one in each party, who are former associates with convicted child sex trafficker Jeffrey Epstein and are running for President. Just about everyone in the alternative media who has covered this announcement by RFK Jr. sees this as wonderful news, while the corporate media, which seem to be following some kind of script or press release, are all writing basically the same thing and choosing to just criticize his “anti-vaxx” positions. This “negative” media coverage will of course only strengthen Kennedy’s support in the alternative media which thrives on negative news against the COVID shots. What is lacking in all of this media coverage is the abundance of publicly available information about RFK Jr.’s troubled past with sex and drugs, much of which was published back in 2015 by New York Times bestselling author, Jerry Oppenheimer, and his book: RFK Jr and the “Dark Side of the Dream”, which the New York Daily News described as “A bombshell unauthorized biography tells the haunting past that kept Kennedy from following in his father’s footsteps.” So a member of the incredibly famous Kennedy family, who just a few years ago was considered by most in the media as “unelectable” and has never previously held a public elected office before, is now being funded by a wealthy Silicon Valley Technocrat who apparently believes that he can buy a U.S. President.
Big Tech Fail: Not Enough Computers in the U.S. to Develop New AI Software
April 7, 2023 7:11 pm
I recently reported how America’s faith in Artificial Intelligence (AI) is about to destroy the U.S. economy, as investors are pouring $BILLIONS into developing new AI software, which is projected to be a $1.59 TRILLION industry by 2030. And news continues to be reported on just how much of a fantasy this faith in AI, and technology in general, is, as we are being setup for perhaps the largest economical bubble to burst in the history of the U.S. Today, The Information confirmed one of the reasons I gave for a possible imminent collapse of the Tech sector based on this rush into AI: there aren’t enough computers in the U.S. to run all of this new, power hungry, desire for these new AI toys that do NOT produce any revenue yet. “AI Developers Stymied by Server Shortage at AWS, Microsoft, Google – Startups and other companies trying to capitalize on the artificial intelligence boom sparked by OpenAI are running into a problem: They can’t find enough specialized computers to make their own AI software. A spike in demand for server chips that can train and run machine-learning software has caused a shortage, prompting major cloud-server providers including Amazon Web Services, Microsoft, Google and Oracle to limit their availability for customers, according to interviews with the cloud companies and their customers. Some customers have reported monthslong wait times to rent the hardware. Cloud providers expanding their data centers also are running into problems getting enough energy sources to power them, according to a February report from commercial real estate firm CBRE.” The Technology Community here in 2023 has obviously not learned the lessons from the Big Tech bubble burst and economic fallout in the early 2000s, and this bubble looks to be a lot worse, given how their largest bank, Silicon Valley Bank, has already failed, and many other banks in the U.S. are on the brink of collapse. These gigantic Tech companies, such as Apple, Google, Amazon, and Microsoft, are running most of the economy today, and if they crash, so does America. Here is more evidence that Big Tech is recklessly overspending what is left of America’s wealth, and that our reliance on Technology could be close to collapsing what is remaining of the American Empire.
Iran Oil Snapped Up by Chinese Private Refiners as Market Shifts
Private refiners in China, the largest crude importer, are snapping up more Iranian oil as competition for supplies from Russia rises.
So-called teapots are prioritizing the flows, with Russian supplies getting more pricey as mainstream buyers such as state-owned Chinese refiners and Indian processors take a greater share, according to analysts and trade data.
In March, China’s imports of Iranian crude and condensate jumped 20% month-on-month to 800,000 barrels a day, and are on track to extend gains in coming months, according to Emma Li, analyst with data intelligence firm Vortexa Ltd.
The shift within China underscores the flux in the global crude market, with more Russian supplies being shipped to Asia as western buyers shun purchases amid the war in Ukraine. While Iranian oil has long been sanctioned by the US, refiners in China have proved to be a consistent outlet.
Analysts tend to rely on ship tracking to monitor such flows as they haven’t shown up in official customs data since June 2022. Some of the flows are rebranded as Malaysian crude.
Most Iranian oil used to go to state-owned refineries but “the private refiners in Shandong especially are now running the show,” said Homayoun Falakshahi, senior crude oil analyst at Kpler, the data and analytics firm.
Iranian oil exports to China rose to almost 1.2 million barrels a day in February, second-highest pace since start of 2017, according to Kpler figures. As it takes at least a month for Iranian exports to reach China, additional cargoes may show up in China’s imports in March and April.
Iranian oil for May arrival is being sold at about $12-a-barrel discount to ICE Brent on a delivered basis, while Russia’s Urals is being offered at no more than $10 below the same benchmark and ESPO at a discount of $6 a barrel discount. Given that disparity, teapots are choosing Iranian oil over Russian supplies, according to traders who participate in the market.
Independent refiners in Shandong, which account for 20% of China’s refining capacity, or about 3.7 million barrels a day, are almost solely relying on sanctioned oil due to its deep discounts. Supplies from Iran, Russia, and Venezuela compete for sales to users in the province.
Chinese majors and Indian refiners are increasingly scrambling for Russian ESPO crude, which used to be the teapots’ long-time favorite grade, according to Vortexa’s Li. That means Iranian crude and condensate will continue to expand market share among the teapots, she said.
–With assistance from Serene Cheong.
END
Fresh Missile Attack On US Base At Syria’s Conoco Gas Fields
MONDAY, APR 10, 2023 – 08:52 PM
A new rocket attack has reportedly taken place against an American military base at the Conoco gas fields in eastern Syria, near the city of Deir ez-Zor on Monday.
US occupation forces have been coming under increased pressure and sporadic attacks from likely Iran-backed militant groups. It’s also possible that forces linked to the Syrian government are seeking to force the Pentagon out of sovereign Syria territory.
Few details were issued in the immediate aftermath, but the fresh attack comes after the biggest flare-up in tit-for-tat attacks between “Iran-backed” fighters and the US which took place at the end of March.
Those March rocket attacks left one US contractor dead and at least six injured with that defense officials described as “traumatic brain injuries” which resulted from the blasts.
️#BREAKING A missile attack targets the American base in the Koniko gas field, east of Deir Ezzor.— War Monitor (@WarMonitors) April 10, 2023
It seems that ever since China brokered a restoration of ties deal between Saudi Arabia and Iran, the rocket and drone assaults on US positions have intensified.
For years US forces have occupied the major oil and gas installations in Syria’s east, as part of broader Washington efforts to choke the Assad government into submission. Syria and Iran have remained defiant, however, and could be seeking to impose enough of a cost on US forces so as to pressure Washington and the American public to desire a pull-out from the region.
.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 MONDAY MORNING 7;30AM//OPENING AND CLOSINGS
EURO VS USA DOLLAR:1.0876 DOWN.0015
USA/ YEN 132.96 UP 1.06 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2403 UP 0.0007
USA/CAN DOLLAR: 1.3506UP .0023 (CDN DOLLAR DOWN 23 PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 12.29M PTS OR .37%
Hang Sang CLOSED UP 56.61 PTS OR .25%
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 .25%
/SHANGHAI CLOSED DOWN 12.29 PTS OR .37%
AUSTRALIA BOURSE CLOSED DOWN 0.30%
(Nikkei (Japan) CLOSED UP 115.35 PTS OR 0.43%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2000.00
silver:$25.00
USA dollar index early MONDAY morning: 102,06 UP 33 BASIS POINTS from THURSDAY’s close.
The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(6.8817
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.8923
TURKISH LIRA: 19.27 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.
the 10 yr Japanese bond yield at +0.470…VERY DANGEROUS
Your closing 10 yr US bond yield UP 3 in basis points from FRIDAY at 3.417% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 3.626 UP 2 in basis pt
USA 2 YR BOND YIELD: 3.997% UP 3 in basis points.
closing USA dollar index, 102.40 UP .67 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
German Dax : CLOSE
Paris CAC CLOSED
Spain IBEX UP
Italian MIB: CLOSED
WTI Oil price 80.61 12: EST
Brent Oil: 84.76. 12:00 EST
USA /RUSSIAN /// DOWN TO: 81.64/ ROUBLE DOWN 0 AND 52//100 RUBLES/DOLLAR
GERMAN 10 YR BOND YIELD; +2.1774 DOWN 0
UK 10 YR YIELD: 3.4325 DOWN 1 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0857 DOWN 0.0034 OR 34 BASIS POINTS
British Pound: 1.2378 DOWN 0017 or 17 basis pts
BRITISH 10 YR GILT BOND YIELD: 3.44325% DOWN 1 BASIS PTS
USA dollar vs Japanese Yen: 133,62 UP 1.724//YEN DOWN 173 BASIS PTS//
USA dollar vs Canadian dollar: 1.3513 up .0030 CDN dollar, down 30 basis pts)
West Texas intermediate oil: 79,89
Brent OIL: 84.33
USA 10 yr bond yield UP 3 BASIS pts to 3.415%
USA 30 yr bond yield UP 2 BASIS PTS to 3.627%
USA 2 YR BOND: UP 4 PTS AT 4.007%
USA dollar index: 102.26 UP 53 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 19.27
USA DOLLAR VS RUSSIA//// ROUBLE: 81.61 DOWN 0 AND 49/100 roubles
DOW JONES INDUSTRIAL AVERAGE:UP 101.23 PTS OR 0.30%
NASDAQ 100 DOWN 11.36 PTS OR 0.87%
VOLATILITY INDEX: 18.94 UP .54 PTS (2.93)%
GLD: $185.11 DOWN 1.38 OR 0.74%
SLV/ $22.88 DOWN 0.01 OR 0.04%
end
USA AFFAIRS
1 a)USA TRADING TODAY IN GRAPH FORM
Bitcoin, Bond Yields, & The Buck Bid; Gold Skids
MONDAY, APR 10, 2023 – 11:00 PM
Bank lending is crashing (hurting small businesses and commercial real estate the most), the labor market is starting to snap (confirmed by payrolls on Friday), and inflation expectations are re-accelerating (NYFRB’s survey today)… but apart from that, everything is awesome.
Source: Bloomberg
Since payrolls print on Friday, Treasury yields are up considerably, the dollar is surging, rate-hike odds are rising, bitcoin’s up as gold falls, stocks are broadly unchanged with big-tech is underperforming small-caps.
BoJ’s Ueda sparked the early weakness in stocks (and yen) after offering no signs of budging towards a more hawkish tone…
Source: Bloomberg
Small Caps are up solidly since payrolls, but Nasdaq, S&P and Dow are basically unchanged (with Nasdaq the laggard)…
Headlines hit around 1230ET about a drop in the amount of FHLB debt issuance (which has been an inverse proxy for bank pain). Stocks rallied on that (though ironically, regional banks were not very excited – since with both loans and deposits collapsing, banks don’t need as many backstop-measures).
Here’s Bloomberg’s take: The Federal Home Loan Bank system issued $37 billion in debt in the last week of March, a sharp drop-off from the $304 billion two weeks earlier, according to a person familiar with the matter. That plunge from an all-time peak earlier in the month is an early sign that the banking crisis has started to subside.
It did help that the headline sparked a short-squeeze: ‘Most Shorted’ stocks were squeezed off an opening drop, rallied up to Wednesday’s open and then faded back fast before the FHLB surge took it to the highs. That was a 3.5% surge from low to high today for ‘most shorted’ stocks,reminding us of JPMorgan’s warning from last week…
Source: Bloomberg
…And 0DTE traders surged in with aggressive call-buying to help with the momentum…
Notably the early weakness took The Dow down to its 100DMA once again… and once again it found significant support…
Cyclicals outperformed Defensives on the day…
Source: Bloomberg
Treasury yields were all higher on the day (up 2-3bps from Friday’s close but up significantly from overnight lows), extending Friday’s yield surge with the short-end underperforming…
Source: Bloomberg
2Y Yields jumped back above 4.00%…
Source: Bloomberg
Fed Chair Powell’s favorite yield-curve-based recession-signal continues to plumb new depths of inversion…
Source: Bloomberg
Rate-hike odds extended Friday’s hawkish rise with a May 25bps now at 75%…
Source: Bloomberg
USDJPY surged above its 50- and 100-DMAs (yen weakest relative to the dollar in almost a month)…
Source: Bloomberg
Which, of course, sent the dollar index soaring
Source: Bloomberg
Cryptos rallied today, led by bitcoin, with some pointing to positive comments from Hong Kong authorities on web3 (ironic given the US’ current crackdown on anything digital)…
Source: Bloomberg
That lifted Bitcoin back above $29,000 to its highest since June 2022…
Source: Bloomberg
Spot Gold prices fell back below $2000 (as the dollar spiked)…
Source: Bloomberg
Oil prices continued to tread water with WTI trading down to $80 but still in general holding the range since OPEC+’s surprise…
Finally, Bloomberg notes that speculators timed it just about perfectly before Friday’s strong US payrolls data, adding the most to their bets against benchmark Treasuries in just over a year. Net-short leveraged fund positions in 10-year futures climbed by almost 150,000 contracts in the week to last Tuesday, the biggest bearish shift since March 2022
Source: Bloomberg
“Although US yields bounced following the jobs report, they remain below levels from the prior week, leaving room for more upward repricing,” Goldman Sachs Group analysts including Praveen Korapaty wrote in a note.
“The mix of March data thus far should solidify the case for a hike at the upcoming May FOMC meeting.”
But today’s moves basically stalled at Friday’s highs.
END
.
.i b Morning trading:
Early morning trading:
II) USA DATA//FRIDAY JOBS SREPORT
March payrolls lowest in 27 months but in line with expecations. Hourly earnings drop
(zerohedge)
March Payrolls Lowest In 27 Months, In Line With Expectations; Unemployment Rate, Hourly Earnings Drop
FRIDAY, APR 07, 2023 – 03:44 PM
Ahead of today’s jobs report, Goldman shared the following market matrix on how to interpret the data: “The best case scenario for stocks is a small headline miss…call it 175k – 200k range. Stocks don’t want a surprising print in either direction (big beat investors will stress over inflation and continued rate hikes / big miss investors will stress the hard landing).” To be sure, now that the BLS has finally stopped defending the “strong labor market” myth, the risk was to the downside, with Newedge warning that “based on a linear regression of jobless claims, ISM employment, NFIB hiring, ADP, JOLTs, conference board, and Indeed/ZipRecruiter surveys that predict a negative 49K.”
In the end, however, the BLS decided not to ruffle any feathers on a day when markets are closed and the March payrolls print came at 236K, just above the 230K expected, and below last month’s upward revised 326K (up from 311K). Despite the aggressive recent revisions, this was the lowest monthly increase in 27 months: the last time we had a lower monthly print was December 2020 when they tumbled 268K.
The change in total nonfarm payroll employment for January was revised down by 32,000, from +504,000 to +472,000, and the change for February was revised up by 15,000, from +311,000 to +326,000. With these revisions, employment in January and February combined is 17,000 lower than previously reported.
While total payrolls came in just stronger than expected, this was thanks to 47K government jobs, private payrolls were only 189K, missing the consensus print of 218K and below February’s 266K.
For those expecting the long-overdue mea culpa from the BLS on its payrolls fabrication, especially after the dismal JOLTS and claims prints, well they will have to wait some more because today’s jobs report was the 11th monthly beat in a row.
The unemployment rate unexpectedly dipped after rising last month, and dropped from 3.6% to 3.5%, below the 3.6% consensus; the number of unemployed persons, at 5.8 million, was little changed in March. Among the major worker groups, the unemployment rate for Hispanics decreased to 4.6% in March, essentially offsetting an increase in the prior month. The unemployment rates for adult men (3.4 percent), adult women (3.1 percent), teenagers (9.8 percent), Whites (3.2 percent), Blacks (5.0 percent), and Asians (2.8 percent) showed little or no change over the month. Of note, this was the lowest unemployment rate for blacks on record.
It wasn’t just the unemployment rate that improved, the participation rate did as well, rising from 62.5% to 62.6%. The employment-population ratio edged up over the month to 60.4 percent. These measures remain below their pre-pandemic February 2020 levels…
… but the prime-age participation rate is now back to pre-Covid levels.
Perhaps the biggest surprise in today’s report, however, was the continued drop in hourly earnings, which in April came in at 4.2% Y/Y, down from 4.6% in February and below the 4.3% expected. On a monthly basis, earnings rose 0.3%, as expected, and up modestly from 0.2% last month. That, however, may be due to another modest drop in the average hours worked, which dipped from 34.5 to 34.4, below the 35.5 expected.
Some more details:
The number of persons employed part time for economic reasons was essentially unchanged at 4.1 million in March.
The number of persons not in the labor force who currently want a job was little changed at 4.9 million in March and has returned to its February 2020 level. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force was little changed at 1.3 million in March. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, also was little changed over the month at 351,000.
A breakdown of the various jobs shows the following:
Leisure and hospitality added 72,000 jobs in March, lower than the average monthly gain of 95,000 over the prior 6 months. Most of the job growth occurred in food services and drinking places, where employment rose by 50,000 in March. Employment in leisure and hospitality is below its pre-pandemic February 2020 level by 368,000, or 2.2 percent. Of note, the number of waiters and bartenders rose by 50.3K, this was 26% of all private payrolls.
Government employment increased by 47,000 in March, the same as the average monthly gain over the prior 6 months.
Employment in professional and business services continued to trend up in March (+39,000), in line with the average monthly growth over the prior 6 months (+34,000). Within the industry, employment in professional, scientific, and technical services continued its upward trend in March (+26,000).
Over the month, health care added 34,000 jobs, lower than the average monthly gain of 54,000 over the prior 6 months. In March, job growth occurred in home health care services (+15,000) and hospitals (+11,000). Employment continued to trend up in nursing and residential care facilities (+8,000).
Employment in social assistance continued to trend up in March (+17,000), in line with the average monthly growth over the prior 6 months (+22,000).
In March, employment in transportation and warehousing changed little (+10,000). Couriers and messengers (+7,000) and air transportation (+6,000) added jobs, while warehousing and storage lost jobs (-12,000).
Employment in retail trade changed little in March (-15,000). Job losses in building material and garden equipment and supplies dealers (-9,000) and in furniture, home furnishings, electronics, and appliance retailers (-9,000) were partially offset by a job gain in department stores (+15,000).
Hilariously, in a month when we saw the biggest banking crisis since Lehman, the BLS “calculated” that 1,000 financial activity jobs were lost.
* * *
In his kneejerk reaction to the jobs report, Academy Securities strategist Peter Tchir writes that “NFP didn’t completely confirm the weakness in ADP, nor the bump up in jobless claims” and while he headline number of 236k, with -17lk of revisions was right in line with expectations (though maybe a touch above the “whisper” number), somewhat disappointing was private payrolls were only 189k, much lower than expectations, so government hiring picked up the slack.
On the Household side, there were 577k jobs added! That is impressive and reduces the longstanding gap between the establishment and household portions of the survey. It is also why the unemployment rate inched lower to 3.5% while the participation rate actually increased (which is good in my view).
Wage growth remained steady at 0.3% on the month (up from 0.2% last month). Hours worked were a touch light.
This allows/forces the Fed to remain on the “hawkish” side of things:
3.5% unemployment is almost the lowest it has been since they started hiking, so the “jobs for inflation fighting” argument has not materialized.
0.3% wage growth is “only” 3.6% annualized (ignoring rounding), which is getting into the comfort zone, but not as good as last month’s number and this Fed is likely to want to beat down any re-emerging pressures.
As Tchir concludes, “you could probably craft a “Goldilocks” scenario around this data for markets, but equally compelling, especially around current positioning, you could craft a scenario that isn’t great for markets.”
Finally as it pertains to stocks, Tchir writes that he expects the data, on balance, to reinforce the recession is near narrative in the coming weeks “so that is why I cannot buy into any “goldilocks” theories on today’s numbers.”
end
Friday: yields rise and rate hike odds spike with the latest job data report. Fed to remain hawkish
(zerohedge)
Yields & Rate-Hike Odds Spike As Jobs Data Forces Fed To Remain Hawkish
This allows/forces the Fed to remain on the “hawkish” side of things:
3.5% unemployment is almost the lowest it has been since they started hiking, so the “jobs for inflation fighting” argument has not materialized.
0.3% wage growth is “only” 3.6% annualized (ignoring rounding), which is getting into the comfort zone, but not as good as last month’s number and this Fed is likely to want to beat down any re-emerging pressures.
You could probably craft a “Goldilocks” scenario around this data for markets, but equally compelling, especially around current positioning, you could craft a scenario that isn’t great for markets.
The ‘relief’ news sent rate-hike odds for May soaring above 70% (from a coin toss)…
Was embraced by equity futures (though only back to barely green on the day)…
Bond yields spiked initially but are fading back now with the short-end underperforming…
The dollar’s kneejerk reaction was to spike higher but that is fading fast…
Gold is closed but bitcoin did nothing…
Tchir’s Bottom Line
Rates. Higher yields and flatter curve. We should start pricing in more certainty of further hikes and a longer lag between them and when the Fed cuts (we are trading what the Fed will try and convince markets is necessary, not what I, or many others, think is the correct policy).
Credit. Dull. Not looking for much movement in spreads and this market will ultimately be looking more at bank spreads and any signs of supply of credit not keeping pace of demand at the private/loan side of things creeping into the bond market side of things.
Equities. The whole “stocks are long duration” assets, especially high tech, mega growth companies, should experience more of a pullback. I could see banks, commodities (Russell 2000, in essence) doing better (the underperformance of Russell 2000 (IWM) versus Nasdaq 100 (QQQ) has been eye-opening. I’m leaning to the “normalization” trade in stocks where we drift slightly lower, but more of normalization between the year to data winners and year to date losers.
I fully expect the data, on balance, to reinforce the recession is near narrative in the coming weeks (see Slowing, Slowing, Gone?) so that is why I cannot buy into any “goldilocks” theories on today’s numbers.
So now we wait for CPI…
END
credit crunch coming: February sees the slowest credit card growth in two years
(zerohedge)
On The Edge Of A Credit Crunch: February Saw Slowest Credit Card Growth In Two Years
SATURDAY, APR 08, 2023 – 06:02 AM
Earlier this week, we wrote an article in which we said that the great fear – one also shared by Jamie Dimon – is that the ongoing bank run and near death experience of countless regional banks will force small and mid-size banks to further tighten lending standards as they enter survival mode and hunker down, effectively grinding all new loan issuance to a halt and sending the US economy into a tailspin (as a reminder, 70% of US GDP comes from consumption, the bulk of which derives from new credit creation).
That’s a problem because as we also discussed previously, banks with less than $250bn in assets are responsible for roughly 50% of US commercial and industrial lending, 60% of residential real estate lending, 80% of commercial real estate lending, and 45% of consumer lending. And with key segments of the economy locked out of critical lines of funding, GDP will crater and the US will spiral into a recession, just as the “inflation-fighting” Fed ordered.
Unfortunately for the Fed, the central bank won’t know until early May, or one month from now when the next Senior Loan Officer Opinion Survey on Bank Lending Practices is published, what the impact of the bank failures has been on loan issuance. What we do know, as we first reported it two months ago, is that already back in February loan demand was plunging while bank lending standards were approaching the tightest levels on record.
The good news is that as we also first reported on Tuesday, we were given an early glimpse into the loan demand and supply big picture as of late March – after the bank crisis and credit crunch had started – courtesy of the Dallas Fed’s latest Banking Conditions Survey which had the following ominous conclusion:
Loan demand declined for the fifth period in a row as bankers in the March survey reported worsening business activity. Loan volumes fell, driven largely by a sharp contraction in consumer loans…. Credit standards and terms continued to tighten sharply, and marked rises in loan pricing were also noted over the reporting period. Banking outlooks continued to deteriorate, with contacts expecting a contraction in loan demand and business activity and an increase in nonperforming loans over the next six months. Some contacts cited waning consumer confidence from recent financial instability as a concern.”
And since the survey took place after the bulk of the bank failures in March and around the peak of the bank crisis…
“Data were collected March 21–29, and 71 financial institutions responded to the survey.”
… it best captures the current lending zeitgeist, and is a credible preview of the bloodbath that will be revealed in the the next SLOOs report.
Fast forward to today when we got another confirmation that a painful credit crunch is coming when the Fed took advantage of the Good Friday holiday to report the latest consumer credit data. It was ugly.
What it showed is that as of February, or the month before the worst credit crisis since Lehman slammed the banking sector, revolving credit (i.e., credit card debt) rose by just $5 billion, down sharply from the $12.8 billion in January, the $13.7 billion LTM average, and the lowest single increase since April 2021.
While it is unclear if credit card usage rose at the slowest pace in two years due to weak demand or a sudden squeeze in supply – obviously we will have more information in one month when the next SLOOS hits – the implication is clear: one of the most powerful economic lifelines is grinding to a halt.
There was a silver lining: while nonrevolving credit had unexpectedly collapsed in early 2023, driven by a sharp slowdown in auto loans (courtesy of record high interest rates), in March, this category saw a modest rebound, rising from last month’s $6.7 billion, if 40% below the LTM average of $16.8 billion.
It gets worse: on Thursday, the American Bankers Association index of credit conditions fell to the lowest level since the onset of the pandemic, indicating bank economists see credit conditions weakening sharply over the next six months. As a result, banks are likely to become even more cautious about extending credit.
The bottom line is that while the consumer credit data is backward looking, the trend is clear and the March events will only lead to an even sharper credit crunch, as revolving credit – due to a reduction in both supply and demand – turns negative, to be followed promptly by a contraction in GDP and – subsequently – a recession, and another panicked stimulus package.
END
III) USA ECONOMIC STORIES
This is big~\!!
tells the truth as to what is going on with respect to USA/China relations and the Ukraine
(zerohedge)
Over 100 More Classified Docs Appear Online: US Secrets ‘From Ukraine To Middle East To China’
SATURDAY, APR 08, 2023 – 04:55 PM
A more expanded document dump and leak of highly classified materials is being reported in the wake of the initial disclosure that memos related to US strategy in the Ukraine war appeared online, including material marked “Top Secret”.
This time the leak appears more expansive: “A new batch of classified documents that appear to detail American national security secrets from Ukraine to the Middle East to China surfaced on social media sites on Friday, alarming the Pentagon and adding turmoil to a situation that seemed to have caught the Biden administration off guard,” The New York Times reported Friday evening.AP file image
“The scale of the leak — analysts say more than 100 documents may have been obtained — along with the sensitivity of the documents themselves, could be hugely damaging, U.S. officials said,” the report continues.
One senior intelligence official was quoted in the report as saying the leak is “a nightmare for the Five Eyes” – in reference to the intelligence-sharing nations of the US, UK, Canada, Australia and New Zealand.
Like the Ukraine war plans earlier reported on by the Times, some of these latest documents appeared on Twitter and other social media platforms, and they include reports labeled with one of the highest classification ratings of “Secret/NoForn” – which means they are sensitive enough to not be shared with even foreign allies.
Interestingly, the NY Times notes that one intelligence slide which is circulating features “an alarming assessment of Ukraine’s faltering air defense capabilities.” But these leaks, some of which actually appeared on a Discord server devoted to discussing Minecraft and other unusual places, include more than the initial content on Ukraine war planning:
But the leaked documents appear to go well beyond highly classified material on Ukraine war plans. Security analysts who have reviewed the documents tumbling onto social media sites say the increasing trove also includes sensitive briefing slides on China, the Indo-Pacific military theater, the Middle East and terrorism.
The report quotes one analyst who warns this is likely “the tip of the iceberg” and that more major leaks are coming, or possibly have already happened, in something which could begin to rival the ‘Pentagon Papers’ of the Vietnam war era.
A former senior Pentagon official, Mick Mulroy, was also quoted as saying this could possibly hinder Ukrainian military planning given that “many of these were pictures of documents” and thus “it appears that it was a deliberate leak done by someone that wished to damage the Ukraine, U.S., and NATO efforts.”
This assessment suggests a leak from inside allied forces, and not from a foreign adversary, even though US officials are accusing Russian-linked entities online of being the chief spreaders of the leaked documents.
US officials are also warning that some of the documents may have been digitally altered to fit a more pro-Kremlin narrative, as we detailed earlier. Twitter has acknowledged that US officials are requesting that it act to scrub classified materials from the platform.
There’s growing concern that the leaks could be coming from within the Ukrainian military…
terrorism.
The report quotes one analyst who warns this is likely “the tip of the iceberg” and that more major leaks are coming, or possibly have already happened, in something which could begin to rival the ‘Pentagon Papers’ of the Vietnam war era.
A former senior Pentagon official, Mick Mulroy, was also quoted as saying this could possibly hinder Ukrainian military planning given that “many of these were pictures of documents” and thus “it appears that it was a deliberate leak done by someone that wished to damage the Ukraine, U.S., and NATO efforts.”
This assessment suggests a leak from inside allied forces, and not from a foreign adversary, even though US officials are accusing Russian-linked entities online of being the chief spreaders of the leaked documents.
US officials are also warning that some of the documents may have been digitally altered to fit a more pro-Kremlin narrative, as we detailed earlier. Twitter has acknowledged that US officials are requesting that it act to scrub classified materials from the platform.
There’s growing concern that the leaks could be coming from within the Ukrainian military…
Pentagon and US intelligence officials are also scrambling to discover the source of the leak in an ongoing investigation. Likely this is to result in greater scrutiny on Kiev and how its chain-of-command handles sensitive data shared from the Pentagon.
The report quotes one analyst who warns this is likely “the tip of the iceberg” and that more major leaks are coming, or possibly have already happened, in something which could begin to rival the ‘Pentagon Papers’ of the Vietnam war era.
A former senior Pentagon official, Mick Mulroy, was also quoted as saying this could possibly hinder Ukrainian military planning given that “many of these were pictures of documents” and thus “it appears that it was a deliberate leak done by someone that wished to damage the Ukraine, U.S., and NATO efforts.”
This assessment suggests a leak from inside allied forces, and not from a foreign adversary, even though US officials are accusing Russian-linked entities online of being the chief spreaders of the leaked documents.
US officials are also warning that some of the documents may have been digitally altered to fit a more pro-Kremlin narrative, as we detailed earlier. Twitter has acknowledged that US officials are requesting that it act to scrub classified materials from the platform.
There’s growing concern that the leaks could be coming from within the Ukrainian military…
Pentagon and US intelligence officials are also scrambling to discover the source of the leak in an ongoing investigation. Likely this is to result in greater scrutiny on Kiev and how its chain-of-command handles sensitive data shared from the Pentagon.
END
Echoes Of New Century’s Collapse Amid Sudden Firesale Of Real Estate Loans As One Bank Sees 40% Downside
MONDAY, APR 10, 2023 – 05:02 AM
Those who peaked below the surface of the latest H.8 statement which, as discussed previously, saw the biggest drop on record in bank loans and leases in the last two weeks of March…
… found another, perhaps even bigger surprise. As we detailed over the weekend when breaking down the weekly change in small bank loans and leases by their subcomponents, we found that whereas in the first week after the bank crisis (the one ending March 15) the bulk of the collapse in loans was in the traditionally volatile C&I space, the latest week was a surprise: that’s because while the plunge in C&I loans moderated substantially to just $6.9BN from $25BN the week before, the biggest slide was in one of the anchor pillars of the small bank sector: real estate loans.
In fact, while the biggest drop among small bank loans in the latest week was the $18.7BN decline in real estate loans, this was a continuation of the $19.2BN drop in the previous week. Combining the two weeks adds to a $37.8BN plunge in real estate loans in the second half of March. This number is notable because it is the biggest since the collapse of the country’s then-second largest subprime lender, New Century Financial in March 2007, which as most traders over 40 recall, was the catalyst that ushered in the global financial crisis, and within the year led to the collapse of Bear Stearns and, eventually, Lehman.
… increasingly more are also seemingly starting to notice and, what is far more ominously, are taking a page out of the Margin Call playbook and quietly selling out of their real estate loan exposure: or to quote Kevin Spacey, “this is what the beginning of a firesale looks like.”
To be sure, it’s no longer just us that are focusing on the potential of CRE to be the next market crash catalyst. As Bloomberg wrote over the weekend, “almost $1.5 trillion of US commercial real estate debt comes due for repayment before the end of 2025. The big question facing those borrowers is who’s going to lend to them?”
Well, there is another even bigger question as the video clip above suggests, but we’ll get back to it in a second.
Bloomberg quotes a recent must-read note by Morgan Stanley titled “Scaling Maturity Walls” (available to pro subs in the usual place) in which the bank’s credit strategists write that “refinancing risks are front and center” for owners of properties from office buildings to stores and warehouses, adding that “the maturity wall here is front-loaded. So are the associated risks.”
Looking at the charts below, Morgan Stanley’s James Egan writes that “roughly $400-450bn worth of CRE loans are scheduled to mature in 2023. This is on par with 2022, and both of those years are the largest on record ( Exhibit 12 ). From there it doesn’t get any easier, as maturities climb each year until 2027, reaching over $550bn.” And “while the maturity walls within other asset classes might not be very front loaded, the issue within commercial real estate is happening right now.”
As these maturities come due, Egan warns that he is left many more questions than answers, “chief among them: who is going to be responsible for refinancing these loans as they mature? That story differs depending on property type. The multifamily space has grown very reliant on the GSEs over the years. From 2023 through 2027, 46% of maturities are currently guaranteed by the GSEs. As a reminder, in the GSE space, borrowers will ask lenders for a loan, and if the property meets the eligibility criteria for agency guarantee, then the lender should generally feel comfortable that the loan will be guaranteed by the agency when quoting a rate lock. The agencies will inspect the property at different times depending on the exact program, but given that the majority of agency guaranteed multifamily properties are held by borrowers with multiple properties, there is incentive to continue to work with the agencies.”
But the real punchline is that as these maturities are picking up, the single largest lender in the Commercial Real Estate landscape is the one that is now under the most scrutiny: regional banks, something we have been warning about for months. As Morgan Stanley notes in the next chart, in the years since the GFC, origination volumes and the share of that volume has varied, but since 2014 the trend has clearly been away from CMBS and toward regional banks.
Meanwhile, as we discussed previously, rising rates and worries about defaults have already hurt CMBS deals. Sales of the securities without government backing fell about 80% in the first quarter from a year earlier, according to Bloomberg calculations.
“The role that banks have played in this ecosystem, not only as lenders but also as buyers,” will compound the wave of refinancing coming due, the analysts wrote.
Unfortunately, when apartment blocks are excluded, the scale of the problems facing banks becomes even starker. As much as 70% of the other commercial real estate loans that mature over the next five years are held by banks, according to the Morgan Stanley report.
“Commercial real estate needs to re-price and alternative ways to refinance the debt are needed,” the analysts said.
To be sure it’s not all doom and gloom, and as Bloomberg notes, there are some slivers of good news. Conservative lending standards in the wake of the financial crisis provide borrowers, and in turn their lenders, with some degree of protection from falling values. Additionally, sentiment toward multifamily housing also remains much more positive as rents continue to rise, one reason why Blackstone Real Estate Income Trust had a positive return in February even as rising numbers of investors lodge withdrawal requests. The availability of agency-backed loans will help owners of those properties when they need to refinance.
Alas, with regional banks now undergoing cardiac arrest, and unlikely to reboot their lending activity as long as deposit flight continues – which as discussed last week has slowed modestly but remains an existential risk to the regional banks and which is unlikely to be resolved as long as the Fed refuses to cut rates and remove depositors’ preference from shifting funds from banks to safer, and higher yielding money markets (see “JPM Asks If The Fed Will Restrict Reverse Repo Use To Short Circuit $1.5 Trillion Bank Run“)…
…. it doesn’t take rocket science to realize that, just like in March 2007 when the collapse of New Century finally shocked everyone into a state of brutal realization that the party was over, it’s about to get a whole lot worse.
How much worse? Well, according to Morgan Stanley office and retail property valuations could fall as much as 40% from peak to trough, creating a feedback loop of liquidations, bank failures, defaults and from there even more liquidations:
US securitized credit – CRE: $1.35-1.46 trillion (30-32%) of CRE debt matures by YE 2025 and banks hold ~42-56% of maturing debt. Recent attention on US CRE is understandable as the asset class faces a trifecta of risks:
(1) Maturity walls are front loaded. Acknowledging the variance in the numbers reported by different sources, we estimate that nearly $566-615 billion (22-24%) of the outstanding $2.6 trillion core CRE debt (excluding multifamily) matures by year-end 2024 and another $275-340 billion (11-13%) is due in 2025.
(2) Bank dependence is high – both as direct lenders to the asset and also as buyers of both agency and non-agency CMBS. Banks hold 36-64% of debt maturing each year and account for nearly half the agency CMBS and 10-15% of the non-agency CMBS investor base.
(3) Valuation concerns have increased in specific sectors such as office and retail.
Our equity colleagues expect a 30-40% peak to trough correction in both asset classes.
We are glad that one month after we called CRE the “BIg Short 3.0”, one of the largest and most respected US banks agrees. We are not glad that if, or rather when we are proven right that with trillions in loan maturities which nobody wants to roll CRE is about to become the next Subprime, the US financial system will suffer another existential shock, or as some call it “credit event.”
Morgan Stanley’s conclusion: “commercial real estate needs to re-price and alternative ways to refinance the debt are needed.”
And while it may not have been Morgan Stanley’s intention, yelling “re-pricing” in a burning theater can be even worse than yelling fire: it’s the green light for everyone else to start selling… something the collapse in real estate loans suggest may have already started.
Much more in the must-read MS notes (here and here) available to pro subs.
END
Goldman Sachs is correct: in the last two weeks huge slowdown in consumer spending which is 70% of GDP
(zerohedge)
Goldman: Slowdown In Consumer Spending “Moved From Theory To Reality” In The Last 2 Weeks
MONDAY, APR 10, 2023 – 08:05 PM
As Goldman consumer discretionary trader Scott Feiler writes over the weekend, all year, a consumer spending slowdown has been a theory (if one which became far louder in the last week of March when we showed a sharp drop in the post-bank crisis consumer spending). Feiler lists that among the rising headwinds on the horizon listed have been
i) reduced SNAP benefits (end of February),
ii) lower tax refunds by double-digits y/y (mainly a March impact),
iii) revolving credit up to all-time highs, and
iv) unseasonably cool weather in March impacting home, outdoor and apparel.
Additional recent concerns have been the jobs angle (finally slowing) and the end of the student debt moratorium in June. Until very recently, these were only listed headwinds, with no notable slowdown to speak of. But, as the Goldman trader warns, “the slowdown moved from theory to reality the last 2 weeks, with the Costco update Thursday night which feels like a big focus, given they were the first major bellwether to call it out”, and then others quickly joined:
COST: Provided an update on March sales Thursday night. They said total March comps in the US were +0.9% This was about 200 bps below consensus and their weakest comp in over 6 years. The weakness is being led by discretionary, with their non-food sales down mid to high-singles vs down MSD in February and, down LSD in January and slightly positive in December.
LEVI: Shares were down 16% on Thursday after they spoke to increased promotions needed to clear excess inventories (gross margins missed by 100 bps). They also spoke to a slower wholesale environment in the US. They said they expect the US and Europe wholesale environment to remain constrained as retailer partners cautiously plan open-to-buy budgets. As a result, the company guided to a LSD-MSD decline in FY23 global wholesale revenues vs. flattish prior.
On March 29th, RH guided 1Q sales to be down ~25% y/y, a 1000 bps slowdown vs 4Q.
On March 21st, CTRN guided 1Q sales 1000 bps below consensus.
Throughout the 2H of March, there were multiple spending trackers highlighted from the big banks pointing to much slower growth rates in March.
It wasn’t all bad news:
WMT: Sounded very constructive at their analyst day this week, as they reaffirmed 1Q and FY, while heavily leaned into the idea that operating income could grow above their outlook on the go-forward. One specific data point tossed around a lot this week (between COST slowdown vs WMT strength) was that WMT has just ~6% exposure to California vs COST at ~16%.
Weather flip? Many hedge fund investors are taking the other side of the cautious retail trade as we move into April, whereas LO’s and concentrated HF’s have not. The argument from many is that weather played a significant impact on the March slowdown. Our personal view on the desk is that while this may be a temporary trade, longer-term investors became more focused on the softening jobs picture this week, so will not underwrite a temporary bump from weather trade.
According to Goldman, the next catalyst to keep an eye on – at least until Friday’s retail sales update – KMX is the only major consumer company to report this week and Goldman thinks expectations are for them to miss comp sales by about 500 bps and speak to a slow start to 1Q.
Finally, Feiler asks rhetorically “what are we seeing, who will be impacted” and answers “We have seen a very defensive playbook in consumer, with names like dollar-stores (DG/DLTR) and discounters/staples (WMT, PG) outperforming, vs a reduction in discretionary plays.”
The silver lining in all this is that as the Goldman Prime Brokerage chart below show, positioning already largely reflects the consumer slowdown, with Discretionary positioning bumping along lows, vs Staples significantly net bought recently.
Ports Of Los Angeles And Long Beach Close Due To Widespread Worker Shortages During Contract Talks
MONDAY, APR 10, 2023 – 01:00 AM
The ports of Los Angeles and Long Beach have closed due to widespread worker shortages apparently linked to ongoing contract talks, ABC7 news reported. Unions representing workers at the two ports are in talks for a new contract.
The ILWU Local 13 withheld workers from their shifts starting Thursday evening, according to the Pacific Maritime Association, which represents shipping employers on the West Coast.
“The action by the Union has effectively shut down the Ports of Los Angeles and Long Beach – the largest gateway for maritime trade in the United States,” the PMA said. The union, however, released a statement making no mention of any formal work action.
The organization said Thursday several thousand members were in attendance at the organization’s regular monthly meeting, at which a new president was sworn in. It said on Friday many members were observing religious holidays with their families.
“On Friday, April 7, 2023, union members who observe religious holidays took the opportunity to celebrate with their families,” read a statement from ILWU. “Cargo operations are ongoing as longshore workers at the Ports remain on the job.”
Port officials and shippers, however, believe the absences are a deliberate, if unspoken, message from the union to put pressure on the talks. The union has been working without a new contract since July.
The closures come as cargo volumes have already dropped from peak levels a year ago.
Trade experts say some shippers have already started diverting cargo traffic away from the two ports.
“A lot of the cargo has been shifted away from the West Coast ports, into the middle of our country and the East Coast,” said Nick Vyas, executive director of the Kendrick Global Supply Chain Institute at the University of Southern California. “So we have a seen a significant drop in volume at our West Coast ports, which is not a good sign.”
He noted that some 40% of the foreign goods arriving to the United States are processed through the two ports.
The Port of Los Angeles released a statement saying it is continuing to communicate with the ILWU and the PMA to support a return to normal operations.
“Resuming cargo operations at America’s busiest port complex is critical to maintaining confidence to our customers and supply chain stakeholders,” Port of Los Angeles officials said.
Port officials remain optimistic that operations will resume Saturday.
Port of Long Beach Executive Director Mario Cordero released a statement: “Four of the Port’s container terminals are closed for the day, today, April 7. Terminal operators at the affected sites said they made the decision to close when workers did not report for their shifts this morning. We have no further information as to the situation, but it is expected that normal, regularly scheduled hours and operations will resume tomorrow.”
END
Apple Tumbles Most In Two Months After PC Shipments Plunge 40% In Q1
BY TYLER DURDEN
MONDAY, APR 10, 2023 – 04:40 PM
The end of the biggest pandemic-fueled personal-computer boom has been ugly, and it’s still not over. New data via International Data Corporation‘s (IDC) Worldwide Quarterly Personal Computing Device Tracker shows first quarter shipments were around 56.9 million, or about a 29% decline compared to the same quarter in 2022.
IDC blamed continued “weak demand, excess inventory, and a worsening macroeconomic climate” as contributing factors to the drop in shipments for the quarter.
The results also show the “era of COVID-driven demand and at least a temporary return to pre-COVID patterns,” the report said. Shipments in 1Q were more than the 59.2 million units shipped in 1Q19 and 60.6 million in 1Q18.
“Even with heavy discounting, channels, and PC makers can expect elevated inventory to persist into the middle of the year and potentially into the third quarter,” Jitesh Ubrani, research manager for IDC’s Mobility and Consumer Device Trackers, said in the report.
Among the top computer makers, Apple Inc.’s computer shipments plunged by 40.5%, Lenovo Group Ltd., ASUSTek Computer Inc., and Dell Technologies Inc. recorded drops of more than 30%, and HP Inc. was down 24.2%.
The continued demise of the PC market comes as no surprise to readers. We have pointed out the bubble and shown the unfolding bust for nearly a year. We even said the bust cycle might not experience a turnaround until 2024.
Recall that we have also outlined how graphics cards, memory chips, and monitor prices have plunged in the last two quarters. There are also great deals on networking equipment.
The IDC report sent AAPL stock tumbling by the most in 2 months…
… to the lowest level since March 29.
END
USA COVID//
END
SWAMP STORIES
END
THE KING REPORT
The King Report April 10, 2023 Issue 6083
Independent View of the News
(Thursday) China to inspect ships in Taiwan Strait, Taiwan says won’t cooperate (Biden silent) The move comes amid heightened tensions between China and Taiwan, with U.S. House Speaker Kevin McCarthy hosting Taiwanese President Tsai Ing-wen in California on Wednesday, becoming the most senior U.S. figure to meet a Taiwanese leader on U.S. soil in decades… https://www.reuters.com/world/asia-pacific/china-inspect-ships-taiwan-strait-taiwan-says-wont-cooperate-2023-04-06/
China Xinhua News (@XHNews) tweeted at 9:37 PM on Fri, Apr 07, 2023: The Eastern Theater Command of the Chinese People’s Liberation Army on Saturday launched combat readiness patrol and military exercises around the Taiwan Island, which will last from April 8 to 10 Beijing time as scheduled… These operations serve as a stern warning against the collusion between separatist forces seeking “Taiwan independence” and external forces and against their provocative activities, said Shi, adding that the operations are necessary for safeguarding China’s national sovereignty and territorial integrity. (China escalated because Biden has been mum on other aggressions.) https://t.co/ogHg8V59H4
China retaliates against Taiwanese President Tsai’s US visit by sanctioning Reagan library, think tank (Hudson Institute hosted the meeting at the Reagan Library.) https://t.co/Rva9sSE4wn
North Korea Doesn’t Answer Calls From South Korea for a Third Day South Korea called military hotline at 9 a.m. and 4 p.m. North Korea has not responded to regularly-held, inter-Korean phone calls for a third consecutive day, elevating tensions on the peninsula and increasing concern about the stability of the region… The two Koreas typically hold calls on the link twice a day, every day… North Korean state media reported Saturday that the country staged an underwater detonation test of its “Haeil-2” nuclear-capable attack drone last week. The drone cruised off North Korea’s east coast for more than 71 hours before its test warhead was detonated underwater, KCNA said Saturday… https://www.bloomberg.com/news/articles/2023-04-09/north-korea-unresponsive-to-skorea-calls-for-third-straight-day
Europe must resist pressure to become ‘America’s followers,’ says Macron (RU Paying attention?) Europe must reduce its dependency on the United States and avoid getting dragged into a confrontation between China and the U.S. over Taiwan, French President Macron said in an interview on his plane back from a three-day state visit to China…The quotes in this article were all actually said by the president, but some parts of the interview in which the president spoke even more frankly about Taiwan and Europe’s strategic autonomy were cut out by the Elysée. (US allies are fleeing Obama-Biden) https://www.politico.eu/article/emmanuel-macron-china-america-pressure-interview/
This is horrible for the US: Top Saudi, Iranian diplomats to meet in China, say media, officials Beijing’s secret role in the breakthrough between Tehran and Riyadh shook up dynamics in the Middle East, where the United States was for decades the main mediator, flexing its security and diplomatic muscles. “The era of the United States’ involvement in this region is over … The regional countries are capable of preserving security and stability in the Middle East without Washington’s interference,” another Iranian official said… https://sports.yahoo.com/top-saudi-iranian-diplomats-meet-060117281.html?s=09
March Employment Report Highlights – another huge discrepancy between NFP & EmployedNFP 236k, 230k expected, Feb revised to 326k from 311k, 2-month revision -17kMfg -1k, -4 expected; Unemployment Rate 3.5%, 3.6% expected and priorWages 0.3% m/m as expected; Workweek 34.4, 34.5 expected.Labor Force Participation Rate 62.6%, 62.5% consensus and prior; U6 6.7%, 6.8% priorLeisure and hospitality +72k with Waiters & Bartenders +50.3k; Gov’t +47k, Health care +34kHousehold Survey Employed +577k; Unemployed -97k; Not in Labor Force -320kCivilian labor Force +480k, Employment-population ratio +0.2 to 60.4%Black unemployment fell to 5% from 5.7%, the lowest level since 1972Black female unemployment fell to a record low of 4.2%Unable to work due to bad weather 150k; 519k full-time had to work part-time due to weather.https://www.bls.gov/news.release/empsit.nr0.htm
Reuters: The gap between jobless rates for whites and African Americans also narrowed to 1.8 percentage points, the lowest since the Labor Department began tracking it half a century ago…
Though the financial media noted the March NFP was modestly stronger than expected, they ignored the huge 577k jobs gained in the Household Survey. USMs declined 1 point; ESMs peaked at +14.75.
Fed should stick to raising rates while labor market strong, Bullard says https://t.co/0VNW3RK3b6
The twin ports of Los Angeles and Long Beach closed Thursday because of a manpower shortage (Stayed home on Friday over contract/higher wages dispute.) https://t.co/K1EMYfr9Z9
McDonald’s lays off hundreds, cuts pay for workers, closes field offices https://trib.al/TcpUeGS
Ugly employment data released on Thursday induced more defensive asset allocation.March Challenger Job Cuts 89,703; +319.4% y/yInitial Jobless Claims 228k, 200k expected, prior week hiked to 246k from 198kContinuing Claims 1.823m, 1.7ym consensus, prior week raised to 1.817m from 1.689m Inquiring minds want to know why the BLS was so far off in its prior week Claims data.
Bloomberg on Thursday: Equities pared losses after Fed Bank of St. Louis President James Bullard said a recent drop in US yields will ease headwinds for the economy stemming from recent turmoil in the banking sector…
BBG: US Property Taxes Rose Twice as Fast Last Year Than in 2021 (property tax are not in CPI) Nationwide, the average tax on single-family homes increased 3% in 2022, to $3,901, after rising 1.8% the previous year… (New Jersey is $9,527)
ESMs traded lower when the Nikkei opened on Thursday and continued to fall until China closed at 2 ET. The usual rally for the European open then commenced. It ended at 3:27 ET. ESMs and stocks then sank until 6 ET. Someone aggressively bought ESMs, driving them to a daily high of 4123.50 at 8 ET. Then, ESMs and stocks tumbled. We all know what happened next.
Traders aggressively bought the decline when the NYSE opened, creating a bottom at 9:45 ET. ESMs bounced 17 handles by 10:13 ET. Sellers reappeared; ESMs lost 12 handles by 10:41 ET. It was time for the rally into the European close. ESMs and stocks surged higher until 12:32 ET; they then plodded higher until 14:33 ET. ESMs and stocks then declined until 15:20 ET but rallied modestly into the close.
As we regularly harp, the financial media crafts fundamental or dubious reasons to rationalize market machinations that are due to trading schemes. The above Bullard story is such a lark. Bullard’s comments about lower long-term interest rates are innocuous – who doesn’t know that long-term interest rates have fallen precipitously over the past few weeks?
USMs rallied only 18 ticks on the ugly employment data on Thursday and they quickly lost the entire gain. USMs then had an A-B-C rally that took USMs back to their daily high of 134 14/32. Sellers reappeared, USMs retreated. After a moderate rebound rally, USMs sank into the close, finishing -5/32.
DeSantis threatens new taxes, tolls targeting Disney as feud escalates: ‘We’re going to win’ (Since Disney is so high-minded, shouldn’t they want to ‘pay their fair share?” https://trib.al/KJ5QsIW
Positive aspects of previous session Stocks after a morning decline in the US Fangs and techs led the rally because traders are getting long for earnings season
Negative aspects of previous session After an early rally, bonds declined and finished -5/32 for the day due to the strong job report
Ambiguous aspects of previous session How far will the US sink due to Bidenism and Bidenomics?
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]: 4094.06 Previous session High/Low: 4107.32; 4069.84
mRNA inventor @RWMaloneMD: Switzerland stops the COVID vaccines, Spike protein kills brain cells… all vaccination recommendations have been withdrawn, doctors can only administer the controversial vaccines in individual cases under certain conditions – but then bear the risk of liability for vaccination damage… https://rwmalonemd.substack.com/p/news-from-the-front-lines
Bill Clinton Issues Mea Culpa on Ukraine Giving Up Nukes, Putin’s War “… I got them to agree to give up their nuclear weapons, and none of them believed that Russia would have pulled this stunt if Ukraine still had their weapons.”…https://t.co/XSqwwjesnv
NYT: Ukraine War Plans Leak Prompts Pentagon Investigation – Classified documents detailing secret American and NATO plans have appeared on Twitter and Telegram. (WSJ: circulated for weeks) Classified war documents detailing secret American and NATO plans for building up the Ukrainian military ahead of a planned offensive against Russian troops were posted this week on social media channels, senior Biden administration officials said. The Pentagon is investigating who may have been behind the leak of the documents, which appeared on Twitter and on Telegram, a platform with more than half a billion users that is widely available in Russia… a significant breach of American intelligence in the effort to aid Ukraine… https://www.nytimes.com/2023/04/06/us/politics/ukraine-war-plan-russia.html
Over 100 More Classified Docs Appear Online: US Secrets ‘From Ukraine to Middle East to China’ “A new batch of classified documents that appear to detail American national security secrets from Ukraine to the Middle East to China surfaced on social media sites on Friday, alarming the Pentagon and adding turmoil to a situation that seemed to have caught the Biden administration off guard,” The New York Times reported Friday evening. “The scale of the leak — analysts say more than 100 documents may have been obtained — along with the sensitivity of the documents themselves, could be hugely damaging, U.S. officials said,” the report continues… (How can Team Biden be so inept?) https://www.zerohedge.com/geopolitical/over-100-more-classified-docs-appear-online-us-secrets-ukraine-middle-east-china
US national security documents with Ukraine, China secrets turn up in ‘nightmare’ leakhttps://trib.al/nCTq7wc
@TrendSpider: AAPL Insiders at Apple sold over $41,000,000 in shares this week…including CEO Tim Cook, whose last sale was over 2 years ago. https://t.co/J3HvTAQgNO
Bank deposits edge up (+$40B latest week) after record outflows, Fed data showshttp://reut.rs/40TY67m
Today – Earnings season begins this week. DAL and FAST report on Thursday; PNC, PGR, WFC, JPM, BLK, and Citi report on Friday. March CPI is due on Wednesday; 0.2% is consensus. The Manheim Used Car Index increased 1.5% in March. https://twitter.com/TommyThornton/status/1644328846789844992
@biancoresearch: The latest Manheim Index. When this turned lower, the overwhelming consensus proclaimed this as “proof” that inflation was no longer a problem. Now that it has solidly turned higher, it is “interesting” that the overwhelming consensus no longer seems interested in this measure.
Expected economic data: Feb Wholesale Inventories 0.2% m/m
ESMs are only +0.50 at 21:35 ET. Traders should be buying stuff for the standard Monday rally and the rally for earnings reporting season. Perhaps, people finally fear the consequences of Bidenism.
@bennyjohnson: Miserable CNN reporters visibly SHOCKED when forced to read new poll showing less than 33% of Americans think Joe Biden should be reelected: “The numbers are beyond sobering for President Biden.” https://twitter.com/bennyjohnson/status/1644018706568060928
As highlighted above, Team Obama-Biden has orchestrated an historic collapse in US influence and prestige on Planet Earth. There is no way to ascertain how horrid the consequences will be. Is anyone paying attention to the managed diminution of the USA? As bad as US foreign affairs are, domestic affairs are even worse! All these developments cannot be random events!
Victor Davis Hanson on Tucker Carlson notes: “We’re in the middle of a revolution that we don’t even know we’re in. It’s the worst example of third-world election tampering.” He opines that Democrats are prosecuting and persecuting Trump and their ideological opponents because they have no message. Therefore, for Dems, it’s all above processes to gain and retain power.https://t.co/yXcCZOi3F1
Victor Davis Hanson: Our French Revolution We are in a Jacobin Revolution of the sort that in 1793-94 nearly destroyed France. And things are getting scary. The Democratic Party vanished sometime in 2020. It was absorbed by hard-left ideologues… They are turning America toward a Balkanized war-of-all-against-all. To implement such an unpopular program, the new Left must radically alter our institutions. So, the “Democrats” periodically threaten to pack the courts, end the filibuster, destroy the Electoral College, and override the states’ prerogatives to establish balloting laws… They engage in stunts like tearing up the State of the Union address on national television. With impunity they mob the homes of Supreme Court justices to leverage their decisions. This revolution is run by elites and is a top-down operation. The Pentagon lectures the country on its supposed innate racism – even as the United States continues to lose wars abroad, abandons billions of dollars of equipment to terrorists, and allows communist China to surveille domestic American military bases with impunity… America now has three potential futures and two are bad. First, the Jacobins have two more years to finish what they started as the founders’ dream descends into our worst nightmare. Second, the revolution has so warped our legal system, our voting on Election Day, and the FBI, the CIA, the Justice Department, and the IRS, that even a despised, unpopular Left will “win” elections. The third is that New York Prosecutor Alan Bragg has jumped the shark… https://www.realclearpolitics.com/articles/2023/04/06/our_french_revolution_149078.html
@ChadPergram: Fox has confirmed that the House Oversight Committee has issued subpoenas to several banks as part of its inquiry into the Biden family’s financial records…: Bank of America, Cathay Bank, JPMorgan Chase, HSBC USA N.A., Mervyn Yan, a former Biden business associate…
White House blasted over ‘Easter news dump’ after Afghanistan, transgender sports, IRS actions On Thursday afternoon, the White House released a long-awaited after-action report on the botched Afghanistan withdrawal overseen by President Biden in August 2021. Then, hours later, the Department of Education rolled out new Title IX rules expanding the definition of sexual discrimination in an effort to prevent schools from banning transgender athletes. Also on Thursday, the Internal Revenue Service (IRS) published a 150-page plan on how it would deploy new resources from the Inflation Reduction Act. Buried in the document, which the Treasury Department originally said would come no later than Feb. 17, the IRS acknowledged that it would spend a staggering $45.6 billion on increased enforcement and tax audits… https://t.co/mvDLgprBtc
@RudyGiuliani: Biden withdrew military before civilians in Afghanistan, not his predecessor. That decision was insane and Biden owns it. He, also, left behind billions of dollars in lethal arms now being used by terrorist groups to kill Americans and others who assisted us during the war.
@RNCResearch: Reporter: “It doesn’t seem to address the $7 billion in military hardware and technology that was left in Afghanistan for the Taliban…does [Biden] take responsibility for leaving all or some of that?” Kirby: “You know who is responsible for that equipment? The Afghans.” https://twitter.com/RNCResearch/status/1644049389571170304
@CurtisHouck: CBS’s @EdOKeefe SLAMS the Biden WH & John Kirby for releasing a report on the Afghanistan withdrawal was sent to us “about 10 minutes before the briefing began, with little notice“: “It’s the very definition of a modern major holiday news dump…after months of requests…Releasing this at the beginning of the high holidays…Why today? Is this all we get?” https://twitter.com/CurtisHouck/status/1644035708280008721?t=J1VNpkjKVNwLUBpulVrTyg&s=09
@townhallcom: KIRBY: “That stuff belonged to the Afghans. This idea…is just LUDICROUS! That we left millions of dollars of stuff in Afghanistan?! We didn’t! We turned it over as the previous administration would do…” (Another egregious Team Biden lie/gaslighting attempt!) https://twitter.com/townhallcom/status/1644047580202954761
Another high holiday news dump by Team Biden: @greg_price11: The Biden Education Department just dropped new Title IX rules that bar schools that receive federal funding from enforcing policies that ban biological males from playing girls’ sports. https://www2.ed.gov/about/offices/
@julie_kelly2: NEW bombshell filing in Proud Boys trial. Defense writes that DOJ just recently disclosed involvement of undercover officers/informants from other agencies aside from FBI–DC Metro police and DHS. “At least 40 undercover informants…” Office of DC US Atty office Matthew Graves continues to hide evidence from defense, now disclosing crucial role of undercover/human sources almost 4 MONTHS into the trial. As you know, Judge Kelly won’t give af. Major props here to @FreeStateWill who forced DOJs hand to admit role of undercover DC Metro cops including a few acting like Trump supporters. This late disclosure in Proud Boys case came after Will identified the officers in court motions… https://twitter.com/julie_kelly2/status/1643941971298271232
@amuse: DOJ admits that of the 13 Proud Boys involved with J6, eight or more of them were paid by the FBI to provide the government information about the group. The FBI was the majority of Proud Boys – only 5 are being prosecuted. https://twitter.com/amuse/status/1643949926240473088/photo/1
GOP Rep. @RepMTG: “At least 40 undercover FBI informants” participated in J6 with Proud Boys but only 5 Proud Boys are being prosecuted? Is that right @julie_kelly2? The FBI is not supposed to encourage or help people break the law, they should stop people from breaking the law. Congress must defund the corruption from the FBI. The weaponization of government can be stopped through the budget and appropriations.
Appeals court ruling puts hundreds of Jan. 6 felony cases in limbo At the heart of the conflict is how to measure whether Jan. 6 rioters acted with “corrupt intent,” a central element in the crime of obstructing an official proceeding…The stakes of the lingering issue are enormous. More than 300 Jan. 6 defendants have been charged with obstructing Congress’ proceedings. https://www.politico.com/news/2023/04/07/january-6-obstruction-ruling-00091034?s=02
@charliekirk11: House Judiciary chair Rep. Jim Jordan has subpoenaed Mark Pomerantz, who resigned from the Manhattan DA’s office in February 2022 over Bragg’s then reluctance to pursue the case against Trump. The subpoena directs Pomerantz to appear before the committee April 20th. https://twitter.com/charliekirk11/status/1643998418858315777
@paulsperry_: Hill investigators looking into connections between Dem Rep. ADAM SCHIFF & Dem DA Bragg + Dem Judge Merchan hearing Trump case; Merchan’s Dem consultant daughter recently called Schiff a “client” and Schiff’s impeachment counsel Dan Goldman has worked closely w/ Bragg
Daily Mail: Transgender Colorado woman, 19, is arrested over plot to shoot up THREE schools and churches by cops who found detailed plans and communist manifesto four days after Nashville massacre – William Whitworth, 19, who goes by Lilly, was arrested just four days after the massacre in Nashville; Among her possessions, police found a ‘kill list’ and a copy of The Communist Manifesto… x-President Donald Trump was a ‘con man.’…Whitworth is in the process of transitioning from male to female… (US MSM mum for the obvious reasons.) https://www.dailymail.co.uk/news/article-11948149/Transgender-Colorado-woman-19-arrested-plot-shoot-THREE-schools-churches.html
Riley Gaines shows DailyMail.com’s Maureen Callahan how she was PUNCHED twice by a transgender woman – and blasts the White House for saying the trans community is ‘under attack’… when it’s women who are being assaultedShe revealed she was locked in a room for 3 hours to shelter from a baying mobGaines slammed Joe Biden for ‘betraying’ women by failing to protect themThe swimmer said she was then barricaded in a room at San Francisco State University for three hours to protect herself from the ‘vengeful’ mob who were demanding they be let in to ‘fight’ her… She said the protesters were ‘clearly unhinged’ and ‘vengeful’. ‘It was violent and it was not progressive,’… The San Francisco Police Dept said it was investigating… but there were ‘no arrests related to the event… https://www.dailymail.co.uk/news/article-11949941/Riley-Gaines-reveals-PUNCHED-twice-transgender-woman-blames-Joe-Biden.html
@Riley_Gaines_: The campus police and University did nothing. They were scared to assert any force and adequately do their job for fear of coming off as racist, transphobic, or anything other than an ally to the community. I’m tired of the double standard. When will enough be enough?
Riley Gaines’ agent demands expulsion of San Francisco State students involved in ‘assault’… also called for any staff who did not attempt to end the incident to be fired as wellhttps://t.co/kBXDTVGrbq
@OliLondonTV: San Francisco State University has just released a statement to students after Riley Gaines was assaulted and held hostage by them. The University VP commended the trans activists for their “tremendous bravery’’ and described them as behaving “peacefully”. They then offer support to the violent mob who assaulted Riley with Campus Resources to help them “process” and “begin to heal”. https://twitter.com/OliLondonTV/status/1644890070543941632
Riley Gaines rejects SFSU’s statement suggesting students protested ‘peacefully’: ‘I was assaulted’ Gaines criticized the email and said, ‘we must have different definitions of peaceful’https://fxn.ws/3KhXVvw
Nashville authorities are still concealing the Nashville shooter’s manifesto.
@RachelAcenas: In a 69-26 vote, the Tennessee House votes to expel Democrat Rep. Justin Pearson. Rep. Justin Jones was the first to be ousted, while Rep. Gloria Johnson survived expulsion by one vote. The Democrats, known as the #TenneseeThree, are accused of disorderly conduct by participating in a gun control protest on the House floor last week in light of the Nashville school shooting.
@AnnCoulter: I’m guessing using a bullhorn to shut down proceedings in a state legislature (NEARLY DESTROYING DEMOCRACY!!) is not one of those bourgeois values so important to civil society.
@AriFleischer: Imagine the howls of the MSM and Ds if Senators Ted Cruz and Josh Hawley seized the Senate floor and shouted into bullhorns to incite a mob of right-wing activists who burst into the Capitol and Senate gallery, on behalf of their favorite cause.
@ChuckCallesto: Evidence emerges showing ‘Wisconsin Takes Action’ used an app to PAY VOTERS UP TO $250 to encourage friends and family to vote for Democrat Judge Janet Protasiewicz — Flipping court from red to blue… (Carlson noted this illegality. What will GOP do?) https://t.co/LEtlndbQo5 Ballot bounties? Wisconsin lawmaker flags payments used to mobilize voters for liberal judge “Community mobilizers” could make as much as $270 by creating a list of 75 people and making sustained efforts to turn out 60 of them to vote in the Wisconsin Supreme Court election. https://justthenews.com/politics-policy/elections/election-bribery-or-gotv-pac-allegedly-pays-people-vote-progressive
Texas AG Paxton slams ‘Soros-backed’ prosecutor after jury convicts Army sergeant for shooting protester – Sgt. Daniel Perry claimed he had acted in self-defense in the shooting of an armed man at a Black Lives Matter protest in 2020… “This week has shown us how rogue prosecutors have weaponized the judicial system,” he added. “They must be stopped!“… Perry, who was stationed at Fort Hood at the time, was driving for Uber to make extra money in downtown Austin on the night of July 25, 2020, when he encountered a large crowd of protesters. They were illegally blocking city streets that night, according to police, as protesters in Austin and elsewhere had done during the weeks of rioting… “When Garrett Foster pointed his AK-47 at Daniel Perry, Daniel had two tenths of a second to defend himself. He chose to live,” Doug O’Connell, an attorney for Perry, previously told Fox in a statement… https://www.foxnews.com/politics/texas-ag-paxton-slams-soros-backed-prosecutor-after-jury-convicts-army-sergeant-shooting-protester
@RyanAFournier: The Daniel Perry case just took a crazy turn. The lead detective, David Fugitt just filed an affidavit claiming the Soros backed DA had him remove over 100 pages of exculpatory evidence… The grand jury NEVER got to see it. This is criminal. “I firmly believe the District Attorney’s Office, acting under the authority of Jose P. Garza, tampered with me as a witness.” https://twitter.com/RyanAFournier/status/1644703256570916865
Gov @GregAbbott_TX: I am working as swiftly as Texas law allows regarding the pardon of Sgt. Perry… Additionally, I have already prioritized reigning in rogue prosecutors, and the Texas legislature is working on laws to achieve that goal. hhttps://twitter.com/GregAbbott_TX/status/1644778789493243907
Leftist DAs increasingly ignore or mitigate violent crimes but aggressively prosecute self-defense actions against their ideological brethren.
George Soros’ son has visited White House more than a dozen times since Biden took office, records showhttps://fxn.ws/3GqQMI0
Walter Reed National Military Medical Center Terminates Catholic Pastoral Care Contract During Holy Week – This order was issued as Catholics entered Holy Week, the most sacred of days in the Christian faith… His Excellency, the Most Reverend Timothy P. Broglio, J.C.D., Archbishop for the Military Services, condemned the move as an encroachment on the First Amendment guarantee of the Free Exercise of Religion… (How can some say Team Obama-Biden is at war with Judeo-Christianity?) https://www.milarch.org/walter-reed-national-military-medical-center-terminates-catholic-pastoral-care-contract-during-holy-week/
@ChicagoContrar1: When @Brandon4Chicago (Mayor Elect) claims police accountability measures such as police BWC and dashcams “didn’t work,” he is telling us cameras didn’t “catch cops in the act” as anti-police activists had hoped.What BWC and dashcams DID capture was criminals committing crimes, holding firearms, and resisting arrest, and Johnson doesn’t like it.
@kylenabecker: This is how socialists intend to destroy the nation: “Equity.” If there are no standards, then nobody fails. America goes from global superpower to mediocrity. Does the rest of the world stop trying to compete? No, they prey on our weakness and exploit our resources. Socialists are ‘useful idiots’ to predatory foreign powers; they are destructive menaces to Americans who must deal w
President Donald Trump being indicted on 34 bogus counts of fraud by an ultra-left New York prosecutor. This was a huge turning point in American politics. It has never been done to a former President and the leading candidate in the opposing party. It represents how derange the Democrat party has become. The lying Legacy Media (LLM) cheered on the pain for Trump this week, and reported he was arrested when he was only indicted. CBS News (propaganda) buried what really happened. CBS said in one report “an arraignment is different than an arrest,” and went on to report Trump was arrested like all the other LLM. There was no bail, no mug shot taken and no handcuffs. There were some positive turning points for Trump. He has raised $10 million and has sky rocketed in the polls. This has backfired in a big way on the Deep State Democrats and is not helping their chances in 2024.
War talk with Russia is heating up over the ongoing Ukraine war. Russia is calling it a “hot conflict with the United States.” Meanwhile, the DOD is consumed with the military being a “safe space for the non-binary.” This is a total departure from reality, and very dangerous turning point for all involved.
The sick and dying from the CV19 bioweapon vax is still trending higher—much higher. More and more are getting so sick they can no longer work. People who “died suddenly” for no apparent reason are still stacking up in greater numbers. Doctor Tony Fauci is now bragging about the next pandemic that he says, “There will absolutely be an outbreak of another pandemic.” Has the public reached a turning point for the CV19 vax and plandemic lies?
There is much more in the 55-minute newscast.
Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up for 4.7.23.
on Twitter: “The German press notes that the President of the EC Ursula von der Leyen, had to leave China by the airport transit of the ordinary passages… a real diplomatic humiliation..
https://t.co/8MSSPxmw1l” / Twitter
Edifício pega fogo em Israel após ser atingido
️After the bombing of the Hamas office in Rashidiyeh in Tyre, Lebanon pic.twitter.com/63aWq8HCwk— Bellum Report (@BellumReport) April 7, 2023
Dr. Peter McCullough was one of the most outspoken and bravest leaders during the pandemic, and today he is continuing his work to keep Americans healthy and safe in this new post-pandemic era of spike protein.Dr. McCullough wasn’t afraid to stand up to big pharma, big tech and big government during the pandemic, and he is showing that same courage today.“This spike protein is a killer, and it rips through the hearts of men and women,” said Dr. McCullough in a new video where he calls the response of the FDA and the CDC to the dangers of spike protein as “criminal.”The good news is that, despite censorship by the mainstream medical community, solutions exist to deal with this deadly spike protein. Dr. Peter McCullough notes the following potential remedies:1. Prescription Ivermectin2. Prescription Low-Dose Naltrexone3. Over-the-counter NattokinaseIn 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. Not only is nattokinase over-the counter, Dr. Peter McCullough and his team at The Wellness Company designed an optimized Nattokinase-based supplement, Spike Support, to give people everywhere access to this critical ingredient.In addition to Nattokinase, which aids with circulation and dissolves spike proteins, Spike Support also includes:Dandelion for a detoxifying agent and prevent spike protein cellular bindingBlack sativa to possibly facilitate cellular repairGreen tea for added defenses at the cellular level through scavenging for free radicalsIrish sea moss to help rebuild damaged tissue and muscleNot only is the Spike Support Formula optimized to provide the greatest possible protection, it has also been created to help consumers save money – 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.The pandemic may be behind us, but spike protein is here to stay. Keep you and your family safe and order the Spike Support Formula today!Click here to order the Spike Support Formula today!This post is sponsored content and Zerohedge has been compensated for its publication.
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