April 11/2023 · by harveyorgan · in Uncategorized · Leave a comment·Edit

GOLD PRICE CLOSED: UP $14.30, TO $2003.55

SILVER PRICE CLOSED: UP 27 CENTS AT $25.05

Access prices: closes : 4: 15 PM

Gold ACCESS CLOSE $1998.95

Silver ACCESS CLOSE: 25.03

Bitcoin morning price:, $30,122 UP 1012 Dollars

Bitcoin: afternoon price: $30,349 UP 1239 dollars

Platinum price closing $998.85 UP $1.35

Palladium price; closing $1455.865 UP $19.85

END

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

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: $2698.95 UP 8.49 CDN dollars per oz (ALL TIME HIGH 2732.50)

BRITISH GOLD: 1612,94 UP 5.10 pounds per oz//(ALL TIME HIGH//1629.84)

EURO GOLD: 1836,06UP 2.91 euros per oz //(ALL TIME HIGH//1860.82)

COMEX DATA EXCHANGE:

COMEX//NOTICES

EXCHANGE: COMEX
CONTRACT: APRIL 2023 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,989.100000000 USD
INTENT DATE: 04/10/2023 DELIVERY DATE: 04/12/2023
FIRM ORG FIRM NAME ISSUED STOPPED

072 C GOLDMAN 2
104 C MIZUHO 1
118 C MACQUARIE FUT 55
132 C SG AMERICAS 1
363 H WELLS FARGO SEC 136
435 H SCOTIA CAPITAL 320
523 H INTERACTIVE BRO 1
624 C BOFA SECURITIES 1
624 H BOFA SECURITIES 42
657 C MORGAN STANLEY 27
661 C JP MORGAN 30 15
732 C RBC CAP MARKETS 8
737 C ADVANTAGE 1
800 C MAREX SPEC 15 13
880 C CITIGROUP 7
880 H CITIGROUP 35
905 C ADM 20

TOTAL: 365 365

MONTH TO DATE: 21,494

JPMORGAN STOPPED 15/365

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GOLD: NUMBER OF NOTICES FILED FOR APRIL/2023. CONTRACT: 365 NOTICES FOR 36,500 OZ or 1.135 TONNES

total notices so far: 21,494 contracts for 2,149,400 oz (66.855 tonnes)

SILVER NOTICES: 8 NOTICE(S) FILED FOR 40,000 OZ/

total number of notices filed so far this month : 297 for 1,485,000 oz

END

GLD

WITH GOLD UP $14.30

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//

WITH NO SILVER AROUND AND SILVER UP 27 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 3239 TO 138,5476 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS GIGANTIC SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR STRONG $0.17 LOSS IN SILVER PRICING AT THE COMEX ON MONDAY. WITH LAST WEEK’S READING AT THE COMEX , WE HAVE NOW SET ANOTHER RECORD LOW AT 117,395 CONTRACTS , MARCH 29.2023. OUR BANKERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.17). BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPEC LONGS AS WE HAD A MONSTER GAIN ON OUR TWO EXCHANGES 3482 CONTRACTS. WE HAD 0 CRIMINAL NOTICES FILED IN THE CATEGORY OF EXCHANGE FOR RISK TRANSFER ( THE TOTAL ISSUED IN THIS CATEGORY SO FAR THIS MONTH TOTAL 8.5 MILLION OZ.) WE HAVE FINISHED WITH OUR SPECS BEING SHORT AS THEY COVERED WITH THE RISE IN PRICE IN JANUARY . WE HAVE NOW RETURNED TO OUR USUAL AND CUSTOMARY SCENARIO: BANKERS SHORT AND SPECS LONG.

WE MUST HAVE HAD:
A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS( 243 CONTRACTS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 1.055 MILLION OZ(FIRST DAY NOTICE)+ THE 8.5 MILLION OZ OF EXCHANGE FOR RISK//THUS TOTAL NEW STANDING 10.058 MILLION OZ/ //// V) HUGE SIZED COMEX OI GAIN/ GOOD SIZED EFP ISSUANCE/.

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL –42 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 6 days, total 9827 contracts: OR 49.135 MILLION OZ . (1637 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:49.135 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 49.135 MILLION OZ

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3197 CONTRACTS DESPITE OUR $0.17 LOSS IN SILVER PRICING AT THE COMEX//MONDAY.,. THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE CONTRACTS: 243 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// 30,000 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 10.058 MILLION OZ .. WE HAVE A GIGANTIC SIZED GAIN OF 3482 OI CONTRACTS ON THE TWO EXCHANGES

WE HAD 8 NOTICE(S) FILED TODAY FOR 40,000 OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A FAIR SIZED 2727 CONTRACTS TO 474,361 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 138 CONTRACTS

WE HAD A FAIR SIZED DECREASE IN COMEX OI ( 2727 CONTRACTS) WITH OUR $21.40 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 34,600 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 $21.40 LOSS IN PRICE WITH RESPECT TO THURSDAY’S TRADING.WE HAD A FAIR SIZED LOSS OF 1430 OI CONTRACTS (4.447PAPER TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1297 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 474,361

IN ESSENCE WE HAVE A FAIR SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1430 CONTRACTS WITH 2727 CONTRACTS DECREASED AT THE COMEX AND 1297 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 1292 CONTRACTS OR 4.447 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1297 CONTRACTS) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI (2727 //TOTAL LOSS IN THE TWO EXCHANGES 1292 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 34,600 OZ//NEW STANDING 69.315 TONNES // ///3) ZERO LONG LIQUIDATION//4) FAIR 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: 23,388 CONTRACTS OR 2,338,800 OZ OR 72,746 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 3898 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 72.746 TONNES

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

THUS EFP TRANSFERS REPRESENTS 72.746/3550 x 100% TONNES 2.02% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:. 276.50 TONNES (STRONG AGAIN/

APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)

JUNE: 247.54 TONNES (FINAL)

JULY: 188.73 TONNES FINAL

AUGUST: 217.89 TONNES FINAL ISSUANCE.

SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC. 175.62 TONNES//FINAL ISSUANCE//

JAN:2022 247.25 TONNES //FINAL

FEB: 196.04 TONNES//FINAL

MARCH: 409.30 TONNES INITIAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)

MAY: 247.44 TONNES FINAL//

JUNE: 238.13 TONNES FINAL

JULY: 378.43 TONNES FINAL

AUGUST: 180.81 TONNES FINAL

SEPT. 193.16 TONNES FINAL

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

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

DEC: 185.59 tonnes // FINAL

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

FEB: 151.61 TONNES/FINAL

MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)

APRIL: 72.746 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 3197 CONTRACTS OI TO 138,476 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 243 CONTRACTS

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

MAY 243 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 243 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 3197 CONTRACTS AND ADD TO THE 243 OI TRANSFERRED TO LONDON THROUGH EFP’S,

WE OBTAIN A HUGE GAIN OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3440 CONTRACTS.

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES //17.200 MILLION OZ

OCCURRED DESPITE OUR $0.17 LOSS IN PRICE ….. OUR SPEC SHORTS HAVE NOWHERE TO HIDE!

END

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS//

NORTH KOREA/SOUTH KOREA

i)TUESDAY MORNING//MONDAY NIGHT

SHANGHAI CLOSED DOWN 1.79 PTS OR .05% //Hang Sang CLOSED UP 130.16 POINTS OR .64% /The Nikkei closed UP 289.71 PTS OR 1.05% //Australia’s all ordinaries CLOSED UP 1.24 % /Chinese yuan (ONSHORE) closed DOWN TO 6.8842/OFFSHORE CHINESE YUAN DOWN TO 6.88579 /Oil DOWN TO 80.36 dollars per barrel for WTI and BRENT AT 84.68 / Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE WEAKER

b) REPORT ON JAPAN/

OUTLINE

3 CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A FAIR SIZED 2727 CONTRACTS DOWN TO 474,499 WITH OUR LOSS IN PRICE OF $21.40 ON MONDAY,

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 1297 EFP CONTRACTS WERE ISSUED: : JUNE 1297 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1297 CONTRACTS

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A FAIR SIZED TOTAL OF 1430 CONTRACTS IN THAT 1297 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE HAD A FAIR SIZED LOSS OF 2589 COMEX CONTRACTS..AND THIS FAIR SIZED LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $21.60. 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 (69.315) ( 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: 69.315 tonnes

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $21.40 //// AND WERE SUCCESSFUL IN KNOCKING SOME SPECULATOR LONGS AS WE HAD OUR FAIR SIZED LOSS OF 1292 CONTRACTS ON OUR TWO EXCHANGES

WE HAVE LOST A TOTAL OI OF 4.447 PAPER 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 34,600 OZ… ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $21.60

WE HAD – 138 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST AFTER TRADING ENDED LAST NIGHT

NET LOSS ON THE TWO EXCHANGES 1430 CONTRACTS OR 143000 OZ OR 4.447 TONNES.

Estimated gold comex today 117,600 poor

final gold volumes/yesterday 144,785 poor

//APRIL 11/ APRIL 2023 CONTRACT

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	128.600 oz 5 kilobars BRINKS .
Deposit to the Dealer* Inventory in oz*	nil OZ
Deposits to the Customer* Inventory, in oz*	32,151.000 OZ MANFRA 1000 KILOBARS
No of oz served (contracts) today	365 notice(s) 36,500OZ 1.135 TONNES
No of oz to be served (notices)	801 contracts 80100 oz 2.4914 TONNES
Total monthly oz gold served (contracts) so far this month	21,484 notices 2,148,400 OZ 66,855 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 Manfra: 32,151.000 oz (1000 kilobars)

total deposits: 32,150.00 oz

customer withdrawals: 1

i) Out of Brinks: 128.600 oz (5 kilobars)

total withdrawals: 128,600 oz

Adjustments; 0

CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.

For the front month of APRIL we have an oi of 1165 contracts having LOST 99 contracts. We had 445 contracts served upon yesterday so we GAINED 346 contracts or 34,600 oz were QUEUE JUMPED.

May gained 144 contracts up to 1979.

June lost 3843 contracts down to 402,291 contracts.

We had 365 contracts filed for today representing 36,500 oz

Today, 0 notice(s) were issued from J.P.Morgan dealer account and 30 notices were issued from their client or customer account. The total of all issuance by all participants equate to 365 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 15 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 (21,149 x 100 oz ), to which we add the difference between the open interest for the front month of (APRIL. 1166 CONTRACTS) minus the number of notices served upon today 365 x 100 oz per contract equals 2,228,500 OZ OR 69.315TONNES 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 (21,494 x 100 oz)+ 1166OI for the front month minus the number of notices served upon today (445)x 100 oz} which equals 2,228,500 oz standing OR 69.315 TONNES in this active delivery month of APRIL..

TOTAL COMEX GOLD STANDING: 69.315 TONNES WHICH IS HUGE FOR AN ACTIVE DELIVERY MONTH.

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 o

total pledged gold: 1,629,392,410 OZ 50.6809 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED: 21,800,639.266 OZ

TOTAL REGISTERED GOLD: 12,260,115,116 (381.34 tonnes)..

TOTAL OF ALL ELIGIBLE GOLD: 9,540,524,150 O Z

REGISTERED GOLD THAT CAN BE SERVED UPON: 10,630,723 OZ (REG GOLD- PLEDGED GOLD) 330.66 tonnes//

END

SILVER/COMEX

APRIL 11//2023// THE APRIL 2023 SILVER CONTRACT

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	496,642.130 oz CNT .
Deposits to the Dealer* Inventory*	nil
Deposits to the Customer Inventory	NIL oz
No of oz served today (contracts)	8 CONTRACT(S) (40,000 OZ)
No of oz to be served (notices)	19 contracts (95,000 oz)
Total monthly oz silver served (contracts)	297 Contracts (1,485,000 oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

i) 0 dealer deposit

total dealer deposits: nil oz

i) We had 0 dealer withdrawal

total dealer withdrawals: oz

We have 0 deposits into the customer account

Total deposits: nil oz

JPMorgan has a total silver weight: 141.723 million oz/274.037 million =51.45% of comex .//dropping fast

Comex withdrawals: 2

i) Out of CNT: 496,642.130 oz

Total withdrawals; 496,642.130 oz

adjustments: 0

the silver comex is in stress!

TOTAL REGISTERED SILVER: 35.486 MILLION OZ (declining rapidly).TOTAL REG + ELIGIBLE. 274,037 million oz

CALCULATION OF SILVER OZ STANDING FOR MAR

silver open interest data:

FRONT MONTH OF APRIL /2023 OI: 27 CONTRACTS HAVING GAINED 4 CONTRACT(S. WE HAD 2 NOTICES FILED ON MONDAY SO WE GAINED 6 CONTRACTS OR AN ADDITIONAL 30,000 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 117,600 poor

Comex volume: confirmed yesterday: 144,785 poor

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 297 x 5,000 oz = 1,485,000 oz

to which we add the difference between the open interest for the front month of APRIL(27) and the number of notices served upon today 8 (5000 oz) equals the number of ounces standing.

Thus the standings for silver for the APRIL/2023 contract month: 297 (notices served so far) x 5000 oz + OI for the front month of APRIL (27) – number of notices served upon today (8 )x 500 oz of silver standing for the APRIL. contract month equates 1.580 million oz +/ EXCHANGE FOR RISK NOW TOTALS 8.58 MILLION OZ //new total standing 10.058 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 11/WITH GOLD UP $14.30 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 903.91 TONNES

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 11/WITH SILVER UP 27 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 468.585 MILLION OZ

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

2 Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens//JAMES RICKARDS//

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

4. OTHER GOLD/SILVER RELATED COMMENTARIES/

END

5.IMPORTANT COMMENTARIES ON COMMODITIES:

END

GLOBAL COMMODITIES ISSUES/FOOD IN GENERAL

6.CRYPTOCURRENCY COMMENTARIES/

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

ONSHORE YUAN: CLOSED DOWN TO 6.8842

OFFSHORE YUAN: 6.8879

SHANGHAI CLOSED DOWN 1.79 POINTS OR .05%

HANG SANG CLOSED UP 130.16 PTS OR .64%

2. Nikkei closed UP 289.71 PTS OR 1.05%

3. Europe stocks SO FAR: ALL GREEN

USA dollar INDEX DOWN TO 101.84 EURO RISES TO 1.0903 UP 35 BASIS PTS

3b Japan 10 YR bond yield: FALLS TO. +.448Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 133.07 /JAPANESE YEN FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK

3c Nikkei now ABOVE 17,000

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

3e Gold UP /JAPANESE Yen DOWN CHINESE YUAN: 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 +2.2345***/Italian 10 Yr bond yield RISES to 4.092*** /SPAIN 10 YR BOND YIELD RISES TO 3.281…** DANGEROUS//

3i Greek 10 year bond yield FALLS TO 4.102.

3j Gold at $2001.25 silver at: 25.01 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 34 /100 roubles/dollar; ROUBLE AT 81.95//

3m oil into the 80 dollar handle for WTI and 84 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 133.07 10 YEAR YIELD AFTER BREAKING .54%, FALLS TO .448% 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 0.9048 as the Swiss Franc is still rising against most currencies. Euro vs SF 0.9858 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: 3.4000 DOWN 12BASIS PTS…GETTING DANGEROUS//

USA 30 YR BOND YIELD: 3.614 DOWN 1 BASIS PTS/

USA 2 YR BOND YIELD: 3.9848 DOWN 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 19.29…

GREAT BRITAIN/10 YEAR YIELD: DOWN 1 BASIS PTS AT 3.514

end

2. Overnight: Newsquawk and Zero hedge:

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

Futures Flat, Europe At 5 Week Highs, Bitcoin Over $30K

TUESDAY, APR 11, 2023 – 03:06 PM

US equity futures held on to post-holiday gains as traders awaited tomorrow’s inflation data for clues about whether the Fed’s tightening cycle is done or if it will hike once more in May (currently market odds are 74% after Friday’s strong jobs report) and also prepared for the start of the first-quarter earnings season when the big banks report on Friday. S&P 500 contracts were flat as of 7:40 a.m. ET, fading earlier gains after the underlying benchmark pulled off another late recovery on Monday as investors shrugged off fears of one more Fed rate hike in the wake of Friday’s strong US employment data. Nasdaq 100 futures dipped 0.2% after rising modestly earlier.

Overnight, China printed slowest annual CPI pace since Sept 2021. Also last night, Fed Pres Williams said he doesn’t worry if market view on rates is different than the Fed’s view and rejected arguments that rate hikes are to blame for banking sector turmoil. ECB member De Cos (historically leans dovish) said that the central bank’s baseline scenario would allow for further hikes. BOJ Governor Ueda held his inaugural press conference where he reiterated the need to maintain easy monetary policy.

European stocks rose to a 5 week high after reopening from a long holiday; Japanese equities also climbed after a Nikkei report that Warren Buffett plans to boost investments in Japan and on new Bank of Japan Governor Kazuo Ueda’s dovish remarks on monetary policy; Japanese trading companies including Mitsubishi Corp. rose after Nikkei reported that Warren Buffett is weighing investment beyond his stakes in trading houses, which he recently increased. Treasury yields retreated across the curve, but rebounded from session lows. Oil dipped and gold climbed.

The most notable overnight move came in crypto where in a broad thrust late on Monday, bitcoin breached the key $30,000 level for the first time since June on Tuesday…

… adding to its steady gains as investors raised bets that the Fed will not only soon end its aggressive monetary tightening campaign, but will start rate cuts and – according to Apollo chief economist, Torsten Slok, who like us believes the CRE crash will send the economy into a tailspin – launch QE in 2024.

In premarket trading, Tilray Brands shares slumped as much as 9.9% after the cannabis producer reported net revenue for the third quarter that missed the average analyst estimate. The company also announced the acquisition of Hexo Corp. Analysts were positive about the deal, but cautioned that challenges remain for the cannabis industry. Hexo shares declined 21% in US premarket trading. Gold miner Newmont Corp. lost 2.3% after it sweetened its bid for Australia’s Newcrest Mining. Here are some of the biggest US movers today:

Cryptocurrency-exposed stocks rose in US premarket trading on Tuesday as Bitcoin trades above $30,000 for the first time since June 2022, surging more than 80% this year. Riot Platforms (RIOT US) +4%, Marathon Digital (MARA US) +4.2%, MicroStrategy (MSTR US) +3.3% and Coinbase (COIN US) +2.9%.
Nasdaq Inc. (NDAQ US) shares slide 0.9% after the stock exchange operator was downgraded to equal-weight from overweight at Morgan Stanley, while the broker raised Virtu Financial (VIRT US) to equal weight from underweight, saying that it prefers more defensive and transactional exchanges due to the uncertain macroeconomic outlook.
Akamai Technologies (AKAM US) stock gains 2.2% on low volumes after it was upgraded to overweight from neutral at Piper Sandler, with the broker saying that recent pullback in the cloud-computing company’s shares offers an opportunity to own a contrarian stock on prospect of a pullback in capex.
Adtran (ADTN US) falls 13% in premarket trading, set to hit its lowest level since December 2020, after the communications equipment company released preliminary 1Q results, and said revenue is expected to fall short of guidance due to customer inventory corrections.

While the S&P 500 has gained 7% year-to-date amid growing bets that the Fed’s rate-hiking campaign is coming to an end, dashing countless bearish hopes that stocks should trade far lower because a recession is looming, Wednesday’s CPI reading is seen as key for policy makers as they consider such a decision.

“It’s an important number, it’s really among the data which will determine whether the Fed pivots,” said Jean-François Robin, head of global market research at Natixis. “The big risk for markets would be for the data to crush that narrative and then tech and financial stocks would get a beating.”

A scenario where the Fed halts rate hikes in May, which markets had briefly entertained last month as fragility in banks raised recession fears, looks increasingly remote after Friday’s unexpectedly strong jobs report. “The Fed has maintained its resolute inflation narrative despite banking sector stress, switching to liquidity tools to tackle the funding squeeze, and keeping its monetary policy toolkit intact,” Mizuho International Plc strategists including Evelyne Gomez-Liechti wrote in a note.

After May, though, markets are pricing in a pivot to easier policy. Tighter financial conditions following the failure of Silicon Valley Bank could pave the way. Investors predict rates will peak below 5%, with the Fed then cutting by roughly 50 basis points before end 2023.

Investors are also readying for an earnings season that some forecast could be the worst since the depths of the pandemic. Friday will provide a major test of sentiment when JPMorgan, Wells Fargo and Citigroup all report after weeks of market stress across the US banking sector following the failure of Silicon Vally Bank.

Meanwhile, cracks in 2023’s equity advance are appearing, as hedge funds and other speculators amass the deepest short position since November 2011 when the US sovereign credit rating was cut. In other words, another short squeeze is imminent.

“It remains a very tricky trading environment,” Chris Turner, a strategist at ING Bank wrote in a note to clients. “Experienced commentators are refusing to dismiss last month’s events as a one-off and instead prefer to see bank failures as a harbinger of forthcoming stress in the global financial system.”

European stocks returned from the Easter holiday on the front foot and risen to their best level in five weeks. The Stoxx 600 is up 0.6% with miners, autos and retailers the best performing sectors. Here are some of the biggest movers on Tuesday:

HelloFresh shares rise as much as 7.3% as JPMorgan double- upgrades the meal-kit delivery firm to overweight from underweight, seeing the right combination of attractions to turn positive.
Nordic Semiconductor shares fall as much as 6.1% after DNB Markets cut its price target on the chipmaker, citing several headwinds on both supply and demand sides.
UBS shares climb as much as 2.1%, most since March 30, as JPMorgan says the Swiss bank’s “transformative deal” to take over Credit Suisse will create a wealth management “powerhouse.”
Soitec shares climb along with other European chip stocks on Tuesday, rising as much as 6%. The wafer maker’s cautious targets for fiscal 2024 and its reduction to FY26 revenue outlook were broadly anticipated, with the weakness in the smartphone market a “well-known” culprit, according to Jefferies.
Accor shares gain as much as 3.5% after the company is raised to overweight from equal-weight at Morgan Stanley on upside from its exposure to the luxury and lifestyle segment of the hotel sector.
ASR Nederland shares rise as much as 6.6%, the most since October, as UBS double-upgrades the Dutch insurer to buy from sell and Citi lifts its rating to buy from neutral.
Spirax-Sarco shares decline as much as 3% as UBS cuts its rating on the UK steam management and pumps manufacturer to neutral from buy on a weaker risk-reward.

Earlier in the session, Asian stocks rose, on track for a third day of gains, amid a report Warren Buffett plans to boost investment in Japan while the Bank of Korea kept interest rates on hold. The MSCI Asia Pacific Index climbed as much as 1.1%, with Alibaba Group and South Korea’s LG Chem among the biggest contributors. Japanese stocks gained after the Nikkei reported Buffett is weighing investment beyond his stakes in trading houses, which he recently increased. “Clearly, this news is having a significant impact on stock prices,” said Hiroshi Namioka, chief strategist at T&D Asset Management Co Ltd. “This may encourage foreign investors to invest in Japanese stocks, especially in value stocks.”

South Korean shares advanced as the central bank held policy, though it said it intends to remain in “restrictive” territory to combat inflation. Australian equities were also among the biggest regional gainers as data showed strong consumer confidence and business sentiment. Benchmarks edged higher in Hong Kong while Chinese stocks slipped as weak China inflation data suggested more monetary or fiscal stimulus may be needed. Investors will be watching US inflation data later this week for further signals on the Federal Reserve’s policy. The Fed isn’t “close to being done,” Catherine Yeung, an investment director at Fidelity International, told Bloomberg Television. While the US equity market has “basically traded sideways” the past ten months, Chinese and Asian equity markets are “looking a lot more appealing,” she added.

Stocks in India rose as forecast of a normal monsoon later this year eased concerns over growth, while a risk-on mood in Asian equities also boosted sentiment. Key stock gauges extended their winning run to the seventh session, the longest gaining streak this year, helping them rebound about 5% from their March lows. “While bond yields are still more attractive, the correction in Indian listed equities seems overdone,” Rajesh Cheruvu, managing director and chief investment officer, LGT Wealth said in a note. The S&P BSE Sensex rose 0.5% to 60,157.72 in Mumbai, while the NSE Nifty 50 Index advanced 0.6% to 17,722.30. Kotak Mahindra Bank contributed the most to the Sensex’s gain, increasing 5% as analysts expect the stock’s weighting in MSCI indexes to rise. TCS was among the biggest losers ahead of the technology major’s fourth quarter earnings announcement on Wednesday. Out of 30 stocks in the index, 21 rose and nine fell.

Japanese equities climbed amid a report that Warren Buffett plans to boost investments in Japan and on new Bank of Japan Governor Kazuo Ueda’s dovish remarks on monetary policy. The Topix Index rose 0.8% to 1,991.85 as of market close Tokyo time, while the Nikkei advanced 1% to 27,923.37. Sony Group Corp. contributed the most to the Topix Index gain, increasing 1.5%. Out of 2,158 stocks in the index, 1,610 rose and 438 fell, while 110 were unchanged. Japanese trading companies including Mitsubishi Corp. rose after Nikkei reported that Warren Buffett is weighing investment beyond his stakes in trading houses, which he recently increased. Meanwhile, Ueda said yield curve control and negative interest rates are appropriate amid the current economy. Buffett’s investment “had a moderately positive effect in the intermediate to long term regarding foreign perceptions of Japan’s market,” said John Vail, Chief Global Strategist at Nikko Asset Management. “It also supports domestic optimism, too.”

Australian stocks rose to a 3 month high; the S&P/ASX 200 index rose 1.3% to 7,309.90, boosted by miners and banks to cap its best session since Jan. 4. The advance came as Asian equities and European stock futures gained following a late recovery in post-holiday trading on Wall Street. Read: Stocks Climb Amid Buoyant Sentiment; Dollar Slips: Markets Wrap Australia’s consumer confidence surged and business sentiment showed ongoing resilience after the country’s central bank left its key interest rate unchanged for the first time in its almost yearlong tightening cycle. In New Zealand, the S&P/NZX 50 index was little changed at 11,873.58. Meanwhile, house sales fell to a record low in the three months through December as interest-rate hikes and plunging property prices pushed buyers to the sidelines

In FX, the Bloomberg Dollar Spot Index is down 0.3% with the euro and pound both rising ~0.5% versus the greenback; the Norwegian krone is the only G-10 currency that trades in the red versus the dollar, meeting a fresh round of selling from early New York flows. USD/NOK up by 0.7% to 10.6037, highest since March 21; EUR/NOK rallies 1.3% to 11.5748, a level last seen in April 2020, Real money demand sends EUR/NOK higher, while the common currency also hits fresh cycle highs versus the kiwi and the Aussie.

In rates, treasuries gained with 10-year yields falling 2bps to 3.40%, inside Monday’s selloff ranges. Most yields slid to session lows during the London morning as bund and gilt yields pared their moves; however they have since erased much of the move. Yields rose when trading resumed after a four-day weekend following Friday’s strong jobs report. US yields are lower by 2bp-3bps, led by the 3Y despite auction of that tenor ahead at 1pm New York time — the first of three Treasury coupon sales this week; the 10Y yield was down 2bps to 3.40% after earlier dipping to 3.38%. Treasury yields reached their highest levels in several days Monday as Fed swaps priced in higher odds of a 25bp May rate hike; little changed at around 75%. IG credit issuance slate includes only Mitsubishi UFJ Financial Group $benchmark so far; four high-grade offerings totaling about $2b were priced Monday. German 10-year yields have risen 6bps while the UK equivalent adds 7bps as they react to Friday’s US jobs data for the first time.

In commodities, oil extended Monday’s loss, with West Texas Intermediate dipping back below $80 a barrel after briefly crossing it. Gold was slightly higher and near $2,000 an ounce.

As noted above, Bitcoin surpassed the $30k mark, rising as high as $30,430 intraday high before paring modestly back towards the figure.

Looking to the day ahead, the event calendars is light, with just the NFIB small business confidence (90.1, exp. 89.8, Last 90.9) on deck, however things pick up tomorrow when the March CPI report and minutes of the Fed’s March policy meeting are ahead as well as auctions of 10-year notes and 30-year bonds over the next two days.

Market Snapshot

S&P 500 futures up 0.1% to 4,139
STOXX Europe 600 up 0.6% to 461.64
MXAP up 0.9% to 162.31
MXAPJ up 0.7% to 526.21
Nikkei up 1.0% to 27,923.37
Topix up 0.8% to 1,991.85
Hang Seng Index up 0.8% to 20,485.24
Shanghai Composite little changed at 3,313.57
Sensex up 0.5% to 60,161.08
Australia S&P/ASX 200 up 1.3% to 7,309.89
Kospi up 1.4% to 2,547.86
German 10Y yield little changed at 2.24%
Euro up 0.5% to $1.0917
Brent Futures up 0.6% to $84.66/bbl
Gold spot up 0.7% to $2,005.09
US Dollar Index down 0.50% to 102.07

Top Overnight News

China’s CPI for March undershot the Street at +0.7% (vs. the St +1% and down from +1% in Feb) while the PPI slumped to -2.5% (inline with the St and down from -1.4% in Feb) as the country remains one of the world’s biggest sources of disinflation. WSJ
Chinese provinces plan to boost spending on major construction projects by almost a fifth this year as Beijing continues to rely on infrastructure to spur an economy being hindered by consumers still bruised from years of pandemic restrictions. About two thirds of China’s regions have announced spending plans for major projects such as transport infrastructure, energy generation and industrial parks this year, adding up to more than 12.2 trillion yuan ($1.8 trillion). That’s an increase of 17% compared to last year. BBG
Alibaba entered the ChatGPT fray. The firm will integrate its new AI model into its Slack-like office chat software and smart speakers. Meanwhile, China plans to mandate security reviews for ChatGPT-like bots before they can operate. The US opened an inquiry into how regulators and firms can ensure systems are trustworthy, legal and ethical. BBG
Warren Buffett likes Japan. Shares of the country’s major trading houses jumped after Buffett told the Nikkei he’s raised his holdings in them and wants to increase his exposure to Japanese stocks. Berkshire kicked off a yen bond sale that may price this week, a person familiar said. Nikkei
Alecta CEO Magnus Billing was forced to step down after Sweden’s biggest pension fund became one of the largest overseas casualties of the SVB meltdown. And the Swiss government is being grilled in parliament on UBS’s takeover of Credit Suisse. Lawmakers can do little to derail the deal, but they’ll probably try to push for an overhaul of too-big-to-fail rules and pursue legal action against CS management. BBG
NY Fed chief John Williams played down the significance of market expectations “well off into the future” when it comes to policy decisions. Investors bet the Fed will increase by 25 bps in May, but cut later this year — which officials don’t see, according to their forecasts. Williams also said he didn’t think aggressive hikes precipitated financial strains highlighted by recent banking failures. BBG
Yellen to tell international financial officials at this week’s IMF-World Bank spring meetings that the US banking system is on solid ground (she will hold a press conf. at 11:30amET Today). Politico
Money supply growth is collapsing in the UK, eurozone and US, and they read that as a warning of recession and deflation. Central bankers have raised interest rates too far and, if the so-called monetarists are proved right again, they say there should be a “clear out” of officials. BBG
Fed officials will get an early copy of the Senior Loan Officer Opinion Survey at their 5/2-3 meeting with the results acting as one input into their policy decision (the survey will be released publicly the following week). RTRS

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded mostly higher following the recovery seen on Wall Street and as some major markets returned from the long weekend. ASX 200 saw its first session of the week propped up by mining names after Newmont upped its offer for Newcrest Mining. Nikkei 225 reclaimed 28k+ status with the index underpinned by the recent Yen weakness. Hang Seng and Shanghai Comp were mixed with Hong Kong playing catch-up, whilst the latter overlooked cooling inflation data and traded subdued throughout the session amid heightened tensions over Taiwan.

Top Asian News

China could make cash injections via MLF at an unchanged rate, according to China Daily.
PBoC said some Chinese banks cut deposit rates in April as part of normal interest rate self-discipline mechanism, according to Bloomberg.
PBoC injected CNY 5bln via 7-day reverse repos with the rate at 2.00% for a CNY 3bln net injection.
BoK maintained its base rate at 3.50%, as expected. BoK Governor Rhee said the decision was unanimous, and five board members wanted to keep the door open for one more possible rate hike. He said several board members see the need to give a warning against an early rate cut expectations, and added the BoK does not target an FX level, according to Reuters. BoK said economic growth is seen slower than previously expected, inflation to slow to 3% range after Q2 – in line with prior expectations, and the tightening stance to remain in place for a considerable period.
Australian Treasurer Chalmers says global economic conditions are getting worse, according to Bloomberg.
Japanese Finance Minister Suzuki said specific monetary policy is up to the BoJ to decide, according to Reuters.
Japan’s Labour Confederation Chief does not think a one-off wage hike for the year is adequate, and will seek further increases next year and the year after.
Warren Buffet said he intends to add more investments in Japanese stocks, according to Nikkei.

European bourses are mostly in the green, Euro Stoxx 50 +0.7%, continuing the positive APAC handover on their return to the market with newsflow otherwise limited. Sectors are similar and feature outperformance in Basic Resources while Food, Beverage and Tobacco names lag. Stateside, futures are steady with a slight positive bias, ES +0.3%, with action elsewhere playing catch-up to the late-Monday US upside. China Vehicle sales (Mar): 9.7% YY (prev. 13.5% in February), via Industry Association; NEVs +34.8% YY

Top European News

UK PM Sunak plans on calling for general elections in the autumn of 2024, according to The Telegraph; Sunak’s Conservatives Are Gaining Ground on Labour, Poll Shows
British Households Cut Luxuries and Dining Out After Prices Jump
BP Expands UK Carbon Capture Bet With Harbour Energy Deal
IPO Pipeline Gets Fillip From Investment Firm: The London Rush
Italy upgrades 2023 GDP growth forecast to 1% (prev. 0.6% set in Nov) but downgrades 2024 forecast to 1.4% (prev. 1.9%), according to government officials cited by Reuters.

Dollar loses post-payrolls momentum to the benefit of major peers, as DXY drifts down towards 102.000 from just over 102.500.
Franc probes 0.9050 after defending 0.9100, Euro probes 1.0900, Sterling back on the 1.2400 handle and Yen eyes 133.00 following breaches of the 100 and 50 DMAs.
Aussie outperforms down under on the back of encouraging improvements in business and consumer confidence alongside a resolution on WTO disputes with China.
PBoC sets USD/CNY mid-point at 6.8882 vs exp. 6.8884 (prev. 6.8764)
HKMA bought HKD 3.81bln after the currency reached the weak end of the trading band, according to Reuters.
Russian President Putin to discuss the “situation on currency market” with CBR’s Nabiullina and Fin Min Siluanov later on Tuesday. Follows the CBR saying the share of USD and EUR deposits in Russian banks are still high and significantly higher than CNY; FX deposits abroad exceeded FX deposits in Russia in 2022.

Fixed Income

EGBs remain pressured, in catch-up to the post-NFP hawkish trade, but have bounced markedly off initial lows with USTs positive throughout but directionally in-fitting.
Specifically, Bunds retested the overnight Eurex peak after initially dipping to a 136.12 trough while more recently Gilts climbed to a 103.83 high before easing off best.
Stateside, action has been more contained with USTs in a circa. 10 tick range and the yield curve under modest but broad-based pressure with the docket thin until Fed speak/3yr supply.

Commodities

Crude benchmarks retain an underlying positive bias from the supportive APAC tone, with fresh developments and price action since limited amid a thin docket for the session
Currently, WTI and Brent have been back above USD 80/bbl and USD 85/bbl respectively at best, albeit the latter has slipped incrementally back below the figure.
Spot gold is firmer and holding just above the USD 2k/oz mark around USD 10/oz above the 10-DMA at USD 1991/oz while base metals also derive support from the improving tone between Australia and China.

Geopolitics

Taiwan Defence Ministry said as of late Tuesday morning, they have spotted 26 Chinese military planes and nine Chinese ships around Taiwan, according to Reuters.
Egypt secretly planned to supply rockets to Russia, according to a leaked US document cited by the Washington Post. Egypt’s president in February planned to produce 40,000 rockets for Russia and instructed officials to keep production & shipment secret “to avoid problems with the West”.
North Korea does not respond to the inter-Korean liaison office for a fifth straight day, according to Yonhap.
US, Japan, and South Korea to discuss North Korea in defence talks on April 14th, according to Bloomberg.
Australia is to suspend its WTO dispute against China on barley after reaching an agreement with China for the resolution of the dispute; China agreed to undertake a review of duties imposed on Australian barley, according to Reuters. Subsequently, China’s Foreign Ministry says it is willing to work with Australia to return relations to the right track.
Brazilian President Lula said he is going to invite Chinese President Xi to Brazil, according to Reuters.
Japanese Finance Minister Suzuki said they are to hold the G7 meeting on April 12th and will discuss the economy, supply chain, and the Ukraine crisis, according to Reuters.

US Event Calendar

06:00: March SMALL BUSINESS OPTIMISM, 90.1, est. 89.8, prior 90.9

Central Bank Speakers

13:30: Fed’s Goolsbee Speaks at Economic Club of Chicago
18:00: Fed’s Harker Discusses the Economic Outlook
19:30: Fed’s Kashkari Speaks in Town-Hall Event

DB’s Henry Allen concludes the overnight wrap

Welcome back and hope you all enjoyed the long weekend. Most European markets have been closed over the last couple of sessions, but there’s been a bit more trading in the US, where last week’s risk-off tone moderated somewhat. Indeed, the S&P 500 traded lower for the majority of yesterday’s session before recovering to close up +0.10%, and both Asian equities and US equity futures have seen further gains this morning. In the meantime US Treasuries sold off, with the 10yr yield up by another +2.6bps yesterday to 3.417%, which comes on the heels of an +8.6bps increase last Friday.

In many respects it’s been a fairly quiet period since our last edition, but one of the biggest stories was last Friday’s US jobs report, which showed another decent gain in nonfarm payrolls of +236k in March (vs. +230k expected). Furthermore, the unemployment rate fell back a tenth to 3.5% (vs. 3.6% expected) and the participation rate hit a post-Covid high of 62.6% (vs. 62.5% expected), so there was plenty of good news to digest.

With another strong jobs report in hand, investors have responded by dialling up the probability of another Fed rate hike at the next meeting. That’s now only three weeks from tomorrow, and since the jobs report, the odds of another 25bp hike have risen from a near-even 53% to a stronger 71% this morning. In addition, futures further out the curve are pricing in their most hawkish rate path for the Fed since the SVB collapse, with the year-end rate priced at 4.40% by yesterday’s close. That’s the highest it’s been in a month, even if it’s still over a full point beneath its pre-SVB level of 5.56%.

This sense that we might get a more hawkish Fed was bolstered by the New York Fed’s latest Survey of Consumer Expectations which came out yesterday. That showed inflation expectations rising in March at both the 1yr and 3yr horizons for the first time in 5 months. For instance, the 1yr expectation was up half a point to 4.7%, and the 3yr expectation rose a tenth to 2.8%. Nevertheless, there were some more dovish details in report, including that the share of households saying it was harder to obtain credit than a year ago rose to 58.2%, the highest since the survey began a decade ago.

Speaking of more dovish signals, the jobs report did actually contain several indicators pointing to a cooling labour market, even if the market’s main focus was on how it made a May hike more likely. For instance, the monthly gain in nonfarm payrolls of +236k was actually the slowest since December 2020. On top of that, average hourly earnings were up by +0.3% on a monthly basis, which took the annual change down to its lowest since June 2021, at +4.2% (vs. +4.3% expected). Another detail that caught our eye was the decline in the temporary help services category, which has historically been a leading indicator in previous cycles. That category has now seen a decline in payrolls of -4.1% relative to a year earlier, and whilst the data only goes back to 1990, on every occasion they’ve fallen by that much before, the US has either been in or near a recession.

This morning in Asia, equities are mostly positive following lower trading volumes in the region over the last couple of sessions. Currently, the KOSPI (+1.38%) is leading gains in the region, which follows the Bank of Korea’s decision to maintain interest rates at 3.5% as expected. And the Nikkei (+1.34%), the S&P/ASX 200 (+1.31%) and the Hang Seng (+0.07%) have all seen gains as well. By contrast, the CSI 300 (-0.25%) and the Shanghai Composite (-0.35%) both losing ground. That comes on the back of China’s March inflation data showing CPI fell to an 18-month low of +0.7% (vs. +1.0% expected). Looking forward, US equity futures are pointing a bit higher, with those on the S&P 500 up +0.11%, whilst Bitcoin has just surpassed the $30,000 mark for the first time since last June.

Staying on Asia, yesterday also brought a noticeable weakening in the Japanese Yen, which fell -1.08% against the US Dollar. That followed a press conference from new BoJ Governor Ueda, who said that “given the current economic, price and financial conditions, I think it’s appropriate to keep up the current yield curve control”. That was a more dovish tone than had been expected by some, since there had been anticipation that Ueda might seek to move away from the yield curve control policies of his predecessor.

Looking forward to this week now, the focus will likely remain on the Fed’s next decision, since tomorrow sees the release of the US CPI report for March. The February release showed that inflation was still running reasonably fast, with core CPI at a 5-month high of +0.45%, and this time around our US economists expect core inflation to come off a bit to +0.39%, although that would still leave the year-on-year change up a tenth at +5.6%. For headline inflation, they see a lower rate of +0.24%, taking the year-on-year rate down to +5.2%. Remember this month that there’ll be unusually large base effects at play, since the March 2022 surge in energy prices after Russia’s invasion of Ukraine will be dropping out of the annual comparisons.

Speaking of the Fed, we should get another window into their thinking from the release of the FOMC minutes for March tomorrow. That meeting took place shortly after the market turmoil, which created some doubt as to whether they would proceed with a rate hike at all. Indeed, it was reported by Nick Timiraos in the Wall Street Journal that it was “their closest call” in years and that the decision was only made to proceed with a hike two days beforehand. So it’ll be interesting to see their thoughts on how far they should keep hiking rates. Otherwise, this week’s main central bank policy decision comes from the Bank of Canada tomorrow. They announced a pause in rate hikes at their January meeting, so investors are expecting that rates will remain unchanged.

Elsewhere this week, global policymakers will be gathering in Washington for the IMF/World Bank spring meetings. As part of that, the IMF will be releasing their latest economic forecasts later today, and G20 finance ministers and central bank governors will also be meeting this week. Plenty of officials will be speaking publicly whilst there as well, including BoE Governor Bailey and Bundesbank President Nagel.

Finally, the other important thing to watch out for will be the start of earnings season. Several US financials will be kicking things off on Friday, including JPMorgan Chase, Citigroup, Wells Fargo and BlackRock. US banks have already had a very weak start to the year given the market turmoil, with the KBW Banks Index now down by -19.60% on a YTD basis.

2 b) NOW NEWSQUAWK (EUROPE/REPORT)/ASIA REPORT

APAC bolstered after a Wall St. recovery as markets return from Easter – Newsquawk Europe Market Open

TUESDAY, APR 11, 2023 – 08:51 AM

APAC stocks traded mostly higher following the recovery seen on Wall Street and as some major markets returned from the long weekend
European equity futures gapped higher on the return from the Easter break and are indicative of a firmer cash open, with Euro Stoxx 50 +0.5%
DXY traded subdued for most of the session, USD/JPY also saw choppy price action and AUD outperformed
Bund futures gapped lower at the open but clambered off worst levels, Crude futures edged higher throughout the APAC session
Looking ahead, highlights include Norwegian CPI, EZ Retail Sales and Sentix Index, EIA STEO, speeches from Fed’s Goolsbee (voter), Harker (voter), and supply from Germany and the US

View the full premarket movers and news report.

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

EASTER HOLIDAY NEWS

Click here to catch up on the main events from Easter

US TRADE

EQUITIES

US stocks were ultimately flat on Easter Monday, unwinding earlier losses in the aftermath of Friday’s NFP report, some cited a Bloomberg sources piece during the NY lunchtime which suggested the Federal Home Loan Bank system had drastically cut the total amount of borrowing in the latest week as a factor behind the recovery in risk.
SPX +0.10% at 4,109, NDX -0.09% at 13,051, DJIA +0.30% at 33,586, RUT +1.02% at 1,772.
Click here for a detailed summary.

NOTABLE HEADLINES

Federal Home Loan Bank (FHLB) debt issuance “plunges” in a signal of the easing US bank crisis; USD 37bln in the latest week vs 304bln in the two weeks prior, according to Bloomberg sources.
Fed’s Williams (voter, neutral) said it is important to understand inflation dynamics are complicated; sees inflation this year at around 3.75% and expects to get to 2% inflation by 2025. He expects growth this year to be under 1% and said there is a lot of uncertainty around the inflation outlook. He said the stability of unemployment has been a striking development, and he expects to see the unemployment rate rise gradually to 4-4.5% (prev. saw the unemployment rate tick up to around 4.5% in late March). He sees rent-related price pressures coming down sharply. Williams said market policy expectations are tricky to measure, and he does not worry if the market’s view on rates differs from the Fed’s view. He is happy to see market rate expectations are reactive to data and said Fed rate hikes weren’t the driver of trouble at banks sparking the latest stresses. He hasn’t seen clear signs of credit tightening, via Reuters.
Senior US Treasury Official views the US banking system as strong and resilient, according to Reuters.

DATA RECAP

Atlanta Fed GDPnow (Q1): 2.2% (prev. 1.5%).

APAC TRADE

EQUITIES

APAC stocks traded mostly higher following the recovery seen on Wall Street and as some major markets returned from the long weekend.
ASX 200 saw its first session of the week propped up by mining names after Newmont upped its offer for Newcrest Mining.
Nikkei 225 reclaimed 28k+ status with the index underpinned by the recent Yen weakness.
Hang Seng and Shanghai Comp were mixed with Hong Kong playing catch-up, whilst the latter overlooked cooling inflation data and traded subdued throughout the session amid heightened tensions over Taiwan.
US equity futures held a flat/mild upward bias for most of the session but within tight ranges.
European equity futures gapped higher on the return from the Easter break and are indicative of a firmer cash open, with Euro Stoxx 50 +0.7%.

FX

DXY was choppy within a tight 102.31-51 range, but overall traded subdued for most of the session.
EUR/USD found some support around 1.0855 while GBP/USD topped 1.2400 in what was seemingly dollar-driven action.
USD/JPY also saw choppy price action, with the pair pulling back towards its 100 and 50 DMAs (at 133.31 and 133.25 respectively) before finding support at the latter.
AUD took the spot as the G10 outperformer after China and Australia reached an agreement on a WTO dispute regarding Chinese duties imposed on Australian barley.
PBoC sets USD/CNY mid-point at 6.8882 vs exp. 6.8884 (prev. 6.8764)
HKMA bought HKD 3.81bln after the currency reached the weak end of the trading band, according to Reuters.

FIXED INCOME

10yr UST futures attempted to claw back some losses following the prior day’s selling and ahead of a 3yr Note auction later today.
Bund futures gapped lower at the open but clambered off worst levels as the German bond future played catchup from the Easter break.
10yr JGB futures traded on a firmer footing with the complex also propped up by a successful 5yr JGB auction.

COMMODITIES

Crude futures edged higher throughout the session amid a mostly positive APAC mood, with WTI reclaiming USD 80/bbl+ status.
Spot gold struggled to reach the USD 2,000/oz mark as DXY remained caged to a tight range.
Copper futures traded flat on the LME, whilst CME copper met resistance at the USD 4/lb psychological mark.

CRYPTO

Bitcoin prices were volatile with the crypto rising above USD 30k before meeting resistance near USD 30.5k.

NOTABLE ASIA-PAC HEADLINES

China could make cash injections via MLF at an unchanged rate, according to China Daily.
PBoC said some Chinese banks cut deposit rates in April as part of normal interest rate self-discipline mechanism, according to Bloomberg.
PBoC injected CNY 5bln via 7-day reverse repos with the rate at 2.00% for a CNY 3bln net injection.
BoK maintained its base rate at 3.50%, as expected. BoK Governor Rhee said the decision was unanimous, and five board members wanted to keep the door open for one more possible rate hike. He said several board members see the need to give a warning against early rate cut expectations, and added the BoK does not target an FX level, according to Reuters. BoK said economic growth is seen slower than previously expected, inflation to slow to 3% range after Q2 – in line with prior expectations, and the tightening stance to remain in place for a considerable period.
French senators to visit Taiwan in the week of April 24th, and will discuss semiconductors during the visit, according to Senate office
Australian Treasurer Chalmers says global economic conditions are getting worse, according to Bloomberg.
Japanese Finance Minister Suzuki said specific monetary policy is up to the BoJ to decide, according to Reuters.
Warren Buffet said he intends to add more investments in Japanese stocks, according to Nikkei.

DATA RECAP

Chinese CPI YY (Mar) 0.7% vs. Exp. 1.0% (Prev. 1.0%)
Chinese CPI MM (Mar) -0.3% (Prev. -0.5%)
Chinese PPI YY (Mar) -2.5% vs. Exp. -2.5% (Prev. -1.4%)
Australian Consumer Sentiment (Apr) 9.4% (Exp. 1.5%, Prev. 0.0%)
Australian NAB Business Confidence (Mar) -1 (Prev. -4.0)
Australian NAB Business Conditions (Mar) 16 (Prev. 17.0)
South Korean Trade Balance (Apr 1-10) USD -3.4bln; Exports -8.6% Y/Y; Imports -7.3% Y/Y, according to the customs agency cited by Reuters.

GEOPOLITICAL

CHINA-TAIWAN

Taiwan Defence Ministry said as of late Tuesday morning, they have spotted 26 Chinese military planes and nine Chinese ships around Taiwan, according to Reuters.
China refused to use the open channel with the Pentagon over Taiwan, according to Bloomberg.
Senior White House Administration official said the US is closely monitoring Beijing’s actions, the military exercises undermine peace and stability across the Taiwan Strait and there was no reason for China to overreact, according to Reuters.
White House’s Kirby said tensions with China are high right now and would like to see the relationship get on better footing. He added the US is in talks with China about possible visits of Treasury Secretary Yellen and Commerce Secretary Raimondo.

OTHER

US Under Secretary for International Affairs Shambaugh sees a renewed focus on enforcing sanctions against Russia and continued support for Ukraine, according to Reuters.
Egypt secretly planned to supply rockets to Russia, according to a leaked US document cited by the Washington Post. Egypt’s president in February planned to produce 40,000 rockets for Russia and instructed officials to keep production & shipment secret “to avoid problems with the West”.
North Korea does not respond to the inter-Korean liaison office for a fifth straight day, according to Yonhap.
US, Japan, and South Korea to discuss North Korea in defence talks on April 14th, according to Bloomberg.
Australia is to suspend its WTO dispute against China on barley after reaching an agreement with China for the resolution of the dispute; China agreed to undertake a review of duties imposed on Australian barley, according to Reuters.
Israeli Prime Minister said he will retain Defence Minister in place as security tensions rise, according to Reuters.
Brazilian President Lula said he is going to invite Chinese President Xi to Brazil, according to Reuters.
Japanese Finance Minister Suzuki said they are to hold the G7 meeting on April 12th and will discuss the economy, supply chain, and the Ukraine crisis, according to Reuters.

EU/UK

UK PM Sunak plans on calling for general elections in the autumn of 2024, according to The Telegraph.
Italy upgrades 2023 GDP growth forecast to 1% (prev. 0.6% set in Nov) but downgrades 2024 forecast to 1.4% (prev. 1.9%), according to government officials cited by Reuters.

DATA RECAP

UK BRC Retail Sales YY (Mar) 4.9% (Exp. 4.2%, Prev. 4.9%)

2 c. ASIAN AFFAIRS

ASIAN AND AUSTRALIAN CLOSINGS//EUROPE OPENING TRADING:

TUESDAY MORNING/MONDAY NIGHT

SHANGHAI CLOSED DOWN 1.79 PTS OR .05% //Hang Sang CLOSED UP 130.16 POINTS OR .64% /The Nikkei closed UP 289.71 PTS OR 1.05% //Australia’s all ordinaries CLOSED UP 1.24 % /Chinese yuan (ONSHORE) closed DOWNTO 6.8842/OFFSHORE CHINESE YUAN DOWN TO 6.88579 /Oil DOWN TO 80.36 dollars per barrel for WTI and BRENT AT 84.68 / 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/

end

4.EUROPEAN AND UK AFFAIRS

FRANCE

GERMANY

5 RUSSIA//UKRAINE AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA

Конец света для гегемона – Ведомости

You have to wonder if there is an award for being Stupid? Because the decision maker who took Russia off Swift deserves the award. The move was the catalyst of what is happening.
We are watching along with much of the Global South in real time the collapse of the Federal Reserve Dollar system. Many decades of control are disappearing along with PAX American. What will remain while perhaps foggy is certain; National currencies are going to participate in trade settlements while the Federal Reserve Dollar in its present form dies. The world will no longer allow a private cartel to rule settlements for trade which is a function of labor. What will be of interest is how real balance dollars are accounted for the US vs funny unsecured printing of Federal Reserve Dollars. money printed backed by nothing is worth nothing. While money earned on balance through labor has value to give.
Biden may go down as the dumbest of the lot on the Ship of Fools but there are many who compete for the title.
There is soon coming a look in the mirror as to what are American interests. Things like GPS being turned off when Russians conduct operations is a sign that in a real direct fight they would fight blind on a battlefield while their opponent will have sight. And clearly there is a reason that Starlink is falling out of the sky. Those hundreds of bases around the world will soon shrink to budget realities because there is zero market for new debt to fund them. A looming boycott of Federal Reserve Dollars for trade settlement at ports will be the sign of a new reality. The previous threat of American might rings hollow. Ask the 200 or so NATO commanders who got a KInzhal calling card to be returned home in coffins.

https://www.vedomosti.ru/opinion/columns/2023/04/10/970144-konets-sveta-dlya-gegemona

END

ISRAEL/

END

6.Global Issues//COVID ISSUES/VACCINE ISSUES/

/GLOBAL ISSUES:

This is big! IMF cuts global GDP hugely and warns of heavy downside risk due to banking crisis

(zerohedge)

“Risk Of Harder Landing”: IMF Cuts Global GDP Outlook, Warns Of “Heavy Downside Risks” Due To Banking Crisis

TUESDAY, APR 11, 2023 – 04:45 PM

The IMF trimmed its global-growth projections in its latest World Economic Outlook report (link), warning of high uncertainty and risks as sticky inflation and financial-sector stress adds to pressures emanating from tighter monetary policy. GDP will likely expand 2.8% this year and 3% next year, each 0.1% less than forecast in January, the fund said in its latest forecast; That compares with 3.4% expansion in 2022. In a plausible alternative scenario with further financial sector stress, to which the IMF assigns a 25% probability, the IMF warns that global growth could decline to about 2.5% in 2023 with advanced economy growth falling below 1%.

Some highlights from the report:

The fund raised its 2023 growth forecast for advanced nations marginally to 1.3%, 0.1% point higher than in the January forecast, boosted by strong labor markets. But that’s less than half the 2.7% expansion in 2022.
The US is expected to grow 1.6%, 0.2% point more than in the prior projection
The eurozone is expected to grow more slowly at 0.8 per cent this year as member states deal with last year’s energy price increases before recovering to a 1.4 per cent rate in 2024.
China’s forecast growth rate of 5.2 per cent in 2023 from the IMF is in line with the Beijing government’s target, although the fund expects it to slow to 4.5 per cent in 2024.
Japan’s forecast was cut to 1.3%, 0.5% point lower than in January, after a disappointing fourth quarter that’s expected to have carried into this year
The IMF cut its growth expectations for emerging markets and developing economies — which have a bigger weighting than advanced nations based on purchasing-power-parity — to 3.9%, 0.1% point lower than its last projection
The largest reduction among major economies was for South Africa, seen growing just 0.1%, down 1.1% point from the previous estimate
The biggest upgrade was for Saudi Arabia, which the fund now predicts will expand 3.1%, 0.5% point higher than seen in January, boosted by large investment projects.

While the latest cuts in the 2023 forecast isn’t large, Bloomberg notes that the report showed the IMF is more subdued about the outlook than in January, when it saw this year as a “turning point” for the global economy and risks were more balanced.

Last week, the IMF warned growth over the next five years will be limited. That’s based on risks from economic fragmentation caused by geopolitical tension — including the escalating US-China rivalry that’s reinforced by the war in Europe — as well as slower labor-force growth and decelerating long-term rates of expansion in China and South Korea.

Additionally, in a new addition to the report, the IMF is now forecasting inflation; it projected that global headline inflation is set to fall from 8.7% in 2022 to 7.0% in 2023 but 0.4% higher than the January projection, on the back of lower commodity prices but underlying (core) inflation is likely to decline more slowly. Inflation’s return to target is unlikely before 2025 in most cases.

Here is a snapshot summary:

The unexpected failures last month of Silicon Valley Bank and Signature Bank and the collapse of Credit Suisse Group roiled markets and ignited financial-stability concerns, complicating central banks’ quest to tame inflation while maintaining growth and the health of the banking system, sparking IMF concerns about financial sector instability.

“The risks are weighted heavily to the downside, in large part because of the financial turmoil of the last month and a half,” said Pierre-Olivier Gourinchas, the fund’s chief economist. “That is under control as of now, but we are concerned that this could result in a sharper and a more elevated downturn if financial conditions were to worsen significantly.”

To that end, in one forecast scenario which it calls a “plausible alternative,” financial instability remains contained but impacts conditions more than in the IMF’s base case and banks reduce lending. That would cause growth to slow to 2.5% in 2023, the weakest pace since 2001, excluding the first year of the Covid-19 pandemic in 2020 and the global financial crisis of 2009.

In a severe downside scenario, to which the IMF assigns a 25% probability, there could be significant credit disruption, and the pace of global expansion could slow to less than 2% — something that’s only happened five times since 1970. There’s also about a 15% probability of growth at just 1%.

Gournichas told the Financial Times that, while the banking system was far more resilient than during the 2008 crisis, policymakers had to “think about what could go wrong”.

“We can all remember the long time between the failure of an individual institution, whether it was Bear Stearns or Countrywide,” he said, referring to institutions that failed more than a decade ago. “Every time, this was treated like an isolated incident, until it wasn’t.”

In its twice-yearly full forecasts published on Tuesday, the IMF said the turmoil in the UK government bond market last autumn and last month’s US banking turbulence showed the “significant vulnerabilities [that] exist both among banks and non-bank financial institutions”.

“Risks to the outlook are heavily skewed to the downside, with the chances of a hard landing having risen sharply,” the IMF said.

Additional risks beyond the financial sector include inflation taking longer than expected to slow, China’s reopening faltering, or a worsening of the Russia-Ukraine war. “We’re seeing a lot of downside risk going forward,” Gourinchas said.

Hinting that central banks are caught between a rock and a hard place, while on one hand it warns of financial stability risk brought on by sharp rate hikes, the IMF has also warned of a “hard landing” for the global economy if persistently troublesome inflation keeps interest rates higher for longer and amplifies financial risks.

Although the fund left its overall economic forecasts largely unchanged from January in its latest World Economic Outlook, published on Tuesday, it stressed that signs of resilience alongside lower global energy and food prices masked a darker reality. Gourinchas warned that “Below the surface . . . turbulence is building, and the situation is quite fragile”.

“Inflation is much stickier than anticipated even a few months ago,” he said. “More worrisome is that the sharp [monetary] policy tightening of the past 12 months is starting to have serious side effects for the financial sector.”

So long as financial markets remained relatively stable, central banks should do everything they can to beat inflation, the fund said. Gournichas warned price pressures could continue to prove more persistent, which would result in a “harder landing scenario”.

“There is a concern out there that we may not have enough tightening in the system at this point and more will be needed,” he said. “That would certainly increase the odds that output would come down further compared to our projections.”

However, a credit crunch, which some economists are predicting in the wake of the recent US banking turmoil, could act as a disinflationary force, he said. “As long as it is orderly, some of this lending contraction may actually be beneficial in terms of bringing down inflation and may substitute for further interest rate hikes,” Gournichas said.

More in the full report here...

END

DR PAUL ALEXANDER

TikTok Star Died Suddenly – “Totally Unexpected”

Suffered migraines for months…

DR PANDAAPR 10

SAVE ▷ LISTEN

TikTok influencer Jehane Thomas died suddenly at 30 years old.

The mother of two young children died unexpectedly. She had been suffering severe debilitating migraines for months which she documented on social media.

Her friend Alyx Reast published this on her GoFundMe Page:

“Despite suffering from migraines and bouts of illness for several months, her passing was totally unexpected and we are all absolutely heartbroken.”

end

BOOM! Switzerland: Why has Swiss government now moved to say NO (none) COVID gene injection is recommended now, even for HIGH-RISK persons? What does the Swiss government know that the US does not?

Simple, they know that COVID mRNA technology based LNP injection is a fraud, dangerous, does not protect the airways & causes harms, death, re-infection; WHO on April 7th said none for healthy kids!

DR. PAUL ALEXANDERAPR 10

SAVE ▷ LISTEN

No one is to get this dangerous poison, no one under 65, over 65, NO one!

Ask yourself: why did WHO quietly say that these shots must be stopped in healthy children? How many healthy children got them via scared parents, and got harmed and died? We must strip WHO down to the studs and jail many of those corrupted WHO technocrats who advocated this! Jim Hoft of Gateway again ahead of the pack!

All COVID vaccine recommendations withdrawn and doctors can now only administer vaccine in unique special cases. Individual cases. Case by case.

I have 4 key messages today this Easter Monday 2023:

Alexander COVID News-Dr. Paul Elias Alexander’s Newsletter is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Upgrade to paid

1)these COVID mRNA technology based gene shots should have never been brought and must be stopped immediately! Switzerland is sending a message. None, not one shot anymore for any healthy child, and none for anyone, no one, no one anymore is to get this dangerous shot. This mRNA-LNP platform was always dangerous, dangerous way before the 1st day it was announced to be developed and used (though we know these bastards involved had this death shot teed up years before), dangerous the first day it was rolled out. Those involved are at least guilty of criminal negligence!

2)I again call on Dr. Robert Malone to go in front of the US congress ‘under oath’ (to be questioned by non-conflicted scientists and even lay persons) and testify as to what was his role in mRNA technology development, what he knows as to the danger, when he knew it, and why it took him so long to stand against it; Dr. Malone, it is a public health imperative given you said you invented the mRNA technology repeatedly and the record is there and you were silent on key issues that resulted in deaths e.g. did not stay in injection site, is reversed transcribed back into DNA, does not get readily dissolved etc.

3) All doctors and scientists, all health officials, all government technocrats, all persons and agencies, who advocated for these shots knowing full well that it was not safety tested and knowing the possible harms, must have their medical licenses stripped and be fired, be fully investigated as to how they were incentivized and held to account via proper legal proceedings.

4)POTUS Trump must commit to a compensation fund being set up to recompense and make ‘whole’ all those and their families harmed by these OWS gene injections, direct and indirect

5)POTUS Trump must reverse the ‘LIABILITY PROTECTION’ that all vaccine makers and FDA etc. have enjoyed and make it retroactive to February 2020, allowing damaged parties to sue even retroactively with no cap on awards.

6)Again, all COVID related gene injections, mRNA and DNA platforms must be stopped fully in the US, complete! There is no benefit, only harms!

7)Moderna and Pfizer and their CEOs must be investigated fully by an independent law agency (not the FBI or congress) e.g. a special counsel etc.

SOURCE:

Swiss Government Temporarily Halts Vaccinations Against Covid-19 Including for High-Risk Individuals

END

The UNVACCINATED have to be careful now! The VACCINATED will soon be told they CANNOT even enter the restaurant! The VACCINATED may attack the UNVACCINATED when they fully realize they were tricked!

Yes, I just said that, the VACCINATED may well physically attack the UNVACCINATED out of anger and fear, seeing as the data and evidence shows their immune system is now damaged!

DR. PAUL ALEXANDERAPR 10

SAVE ▷ LISTEN

Some even say they want the unvaccinated to share the same risk as them due to the mRNA technology shot and that the unvaccinated must be accountable because they knew of some information that they did not share with the vaccinated! In other words, the VACCINATED is now pivoting to blame the UNVACCINATED! Yes, this is in the media now.

END

VACCINE IMPACT

Traffic Accidents and Deaths Soar in 2021 Following Roll-out of COVID-19 “Vaccines”

April 10, 2023 4:43 pm

The National Highway Traffic Safety Administration (NHTSA) recently released its annual study of crashes on U.S. roads for 2021, and found that “The total number of accidents rose by an astonishing 16%.” This was “astonishing” because: “That was a year of COVID-19 lockdowns and travel restrictions, when police groups nationwide reported that the smaller number of drivers on America’s roads were acting more recklessly than normal.” What do analysts say was the cause of this “astonishing” increase in traffic accidents in 2021? They say it was due to too many drivers speeding, driving while drunk, and texting too much. COVID-19 injections, of course, are never even considered, because that would be politically incorrect to blame the emergency-use authorized experimental shots for an increase in traffic accidents. However, “Road Traffic Accident” is a “symptom” tracked following vaccines in the U.S. Government’s Vaccine Adverse Events Reporting System (VAERS), so let’s see what was reported for 2021, as compared to the previous 10 years following vaccines before the experimental COVID shots were approved. In 2021, there were 356 cases filed in VAERS of Road traffic accidents following COVID-19 shots, including 33 deaths, 21 permanent disabilities, 100 ER visits, and 165 hospitalizations. By contrast, following all FDA-approved vaccines for a 10-year period from 2010 through 2019, before the experimental COVID shots were authorized, there were 70 total cases filed for Road traffic accidents, including 5 deaths, 6 permanent disabilities, 39 trips to the ER, and 19 total hospitalizations during a 10-year period following ALL vaccines. That’s an increase of almost 5,000% in Road traffic accidents for 2021, and a 6,500% increase in traffic deaths for 2021, when the COVID-19 experimental shots were being injected into Americans, as compared to all FDA-approved vaccines from the previous 10 years.

France Has Already Surrendered To The Coming Conflict

BY TYLER DURDEN

TUESDAY, APR 11, 2023 – 03:49 PM

By Michael Every of Rabobank

De Gaulle of the man!

Good Friday’s slightly stronger-than-expected US payrolls print saw the market reprice in a further 25bps rate Fed hike in May, albeit not stopping the meme that we are close to the cycle peak. Indeed, new BOJ Governor Ueda just provided no sign he is set to tighten policy, while the Aussie financial press ask ‘Is the RBA a dove or a chicken?’, noting Governor Lowe’s only justification for an April pause was “We’ve already done a lot, let’s pray it’s enough,” and that he’s said he’s “prepared to have a slightly slower return of inflation to target than other central banks… to preserve many of those job gains that have been delivered in the last few years, that’s a better outcome.” As Ben Picton points out, the RBA even has the gall to assume productivity rises ahead to counter low inflation. In short, the white flag is being waved in two places, but not the US.

Make that three, as the IMF’s latest World Economic Outlook expects a return to ultra-low interest rates, with Fed Funds back comfortably below 1%. That’s a big call with struggling supply chains, overheating services, an ageing population acting as a secular push on wage rates, the Wall Street Journal saying ‘The US is back in the factory business’, a return to industrial policy –and mercantilism– and the Fund not even calling for a global recession first! And let’s not forget the global angle, as some EM think about barter not dollars, OPEC+ slash output, and money waits in the wings to leap back into speculative commodity trades again.

Actually, make that four white flags. President Macron’s red-carpet visit to China, where VDL was ushered in via the tradesman’s entrance, saw another big meeting at a big table –with ‘random’ Chinese citizens cheering Macron, not burning down his favorite restaurant– but mocked by national-security experts as “one of the greatest blunders by a major European power since the end of the Cold War,” because “flattery works”; and ‘to Macron’ is now defined as “to deliberately increase one’s dependency on China whilst lecturing European partners about naivety and the need to boost EU strategic autonomy.”

Indeed, Macron signed many China investment deals, a new Airbus plant, promised Huawei fair treatment, and snubbed VDL’s call for China supply-chain ‘de-risking.’ In doing so, despite saying the use of force to change the Taiwan status quo was “unacceptable,” Macron implied no French economic consequences for China, even adding, “I am neither Taiwan nor the US.” While he was there, Beijing said it would inspect cargo vessels entering Taiwan and stepped up major military exercises encircling it, seen as a warm-up for a potential blockade by some in uniform. Today, by contrast, the FT argues ‘Why Taiwan matters to the world: a dangerous rise in tensions with Beijing is a price worth paying to protect a flourishing Asian democracy.’

Monday then saw a Politico story with Macron quotes the site had to stress: “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.” What they could report was Macron stating: “Europe must resist pressure to become America’s followers”; the “great risk” Europe faces is getting “caught up in crises that are not ours, which prevents it from building its strategic autonomy”; Europe had increased its dependency on the US for weapons and energy, and must focus on boosting its defence industries; and the EU should reduce its dependence on the “extraterritoriality of the US dollar,” because “If the tensions between the two superpowers heat up … we won’t have the time nor the resources to finance our strategic autonomy and we will become vassals.” De Gaulle of the man!

National-security experts stress Macron sent the wrong signal to China, as with Russia in 2022, with whom he is still keen to make a deal: imagine if the US had said Ukraine was “a faraway country of which we know nothing,” leaving the EU on their own – which some Americans wish they had. Equally, the EU is divided. France, Germany, and Spain want to deepen relations with China, while those east of Austria and north of Germany (and the Dutch) are looking to the US. This could threaten a schism given national-security nerves now transcend economics. Moreover, Macron is far too late in his warnings. As we argued in ‘Balance of payments –and power– crises’, Europe is already in a structurally weak, EM-like position in a raw ‘geopolitical’ world:

China is the EU’s largest trading partner, but the EU exports twice as much to the US, while Chinese exports to it hit EU industry; the EU is still negotiating entry for its green goods into the US IRA, i.e., US taxpayers subsidising EU production.
US sanctions could follow. With US Treasury officials saying ‘America has a message for countries and companies still doing businesses with Russia: You’re with us or against us’, the same could perhaps apply to Europe vis-à-vis China: Airbus could suffer like French automakers in the Iranian market. After all, Foreign Policy magazine argues: ‘The US Needs an Economic War Council for China: If Washington wants peace in Asia, it must prepare for financial war.’
The EU is reliant on US defence. Building a real EU military means retooling its political economy, massive fiscal expenditure, and a population willing to fight – as Germany’s promised rearmament is now seen taking 50 years. Meanwhile, rising US voices would be happy to stop defending Europe tomorrow to pivot to Asia.
The EU is reliant on US gas until 2027, and then on the US keeping sea lanes open for Mid-East energy cargoes. It has few green resources or willingness to mine them because it’s so dirty; it can’t go nuclear for a decade or more; wind or solar mean more Chinese goods, or US IRA rivals, and requires rewiring the electricity grid; and new green technology is unproven at scale.
There is no global alternative to the US dollar, just fragmentation and chaos. The next time France needs Eurodollar swaplines from the US, which more hikes from the Fed increases the likelihood of, will the White House say, “Le service n’est pas compris”?
As global influence matters for defence, energy, and trade, Asia sees France as following its own interests; and Africa and Latin America see Europe as hypocrites for trying to force them to condemn Russia’s invasion –which has nothing to do with them– while kowtowing.

Meanwhile, Stephen Roach, among the most optimistic and pro-China voices in markets, just published ‘Beijing’s Grim Sense of Resignation’, which has remarkable quotes too:

“For the broad consensus of Chinese I met with during my March 23-28 visit to Beijing, the air was heavy with a grim sense of resignation over the US-China conflict… The China consensus now believes that there is very little that can be done to arrest this worrisome downward spiral in the world’s most important bilateral relationship. But resignation speaks to a different dimension of conflict – the acceptance that it is here to stay and that there is very little that can be done to arrest the escalation, let alone find a path to conflict resolution.… I am left with the uncomfortable sense that the Chinese leadership is now struggling to reconcile its core goals of prosperity and global stature with the mounting conflict with the US. In doing so, they are all but dismissing an important trade-off between conflict and prosperity… There is, of course, a dark side to resignation — of a China that has given up hope and is now preparing for a far more dangerous phase of conflict escalation– kinetic military action. Fortunately, I didn’t pick up any such sentiment on my recent trip in Beijing. But just the thought, reinforced by the recent bellicosity on the US Congress, adds to the lingering sleep deprivation of jet lag.”

That’s worth noting – as is France already surrendering. Indeed, Roach, Macron, the RBA, and the IMF all suggest we are heading for different, but equally painful, episodes of De Gaulle stones.283

end

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

European Natural Gas Futures Signal Concern About Next Winter

TUESDAY, APR 11, 2023 – 08:00 PM

By Tsvetana Paraskova of Oilprice.com

Despite short-term bearish factors and relatively low natural gas prices for the nearest months, the longer-dated futures of Europe’s benchmark prices have rallied in recent weeks, suggesting that the market is jittery about European gas supply for next winter.

The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, were at $47.64 (43.65 euros) per megawatt-hour (MWh) as of 11 a.m. GMT on Tuesday. The nearest futures prices have been lingering around that range for weeks, as the winter ended, the weather turned warmer, and stockpiles at Europe’s gas storage sites are at their highest for an end to a winter period for a decade.

However, the December futures, at $63.31 (58 euros) per MWh on Tuesday, have rallied by 9% in the last two weeks, per Bloomberg data, suggesting continued concerns about refilling European storage ahead of next winter and uncertainty about France’s nuclear fleet availability.

As of April 9, storage sites across the EU were 55.55% full, according to data from Gas Infrastructure Europe. That’s well above the five-year average and the gas in storage levels at the end of the previous two winters.

Contrary to initial expectations, the 2022/2023 winter went surprisingly well, but the energy crisis isn’t over, and Europe is not out of the woods yet.

If demand for LNG in Asia, especially in China, picks up with the Chinese reopening, Europe may have to pay up for spot supply to beat competition from the Asian market ahead of next winter.

As fears of a gas crunch did not materialize this winter, pulling European natural gas prices down, Europe shouldn’t count on another warmer-than-usual winter and less competition from Asia as it starts to prepare for the 2023/2024 winter, analysts say. In a market with stronger competition from Asia for LNG supply, the current European gas prices may not be enough to continue attracting spot cargoes.

END

.8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES

END

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

EURO VS USA DOLLAR:1.0903 UP.0035

USA/ YEN 133.07 UP 0.400 NOW TARGETS INTEREST RATE AT .50% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//

GBP/USA 1.2435 UP 0.0044

USA/CAN DOLLAR: 1.3488 DOWN .0023 (CDN DOLLAR UP 16 PTS)

Last night Shanghai COMPOSITE CLOSED DOWN 1.79 PTS OR .05%

Hang Sang CLOSED UP 130.16 PTS OR .64%

AUSTRALIA CLOSED UP. 1.24% // EUROPEAN BOURSE: ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 130.16 PTS OR .64 %

/SHANGHAI CLOSED DOWN 1.79PTS OR .05%

AUSTRALIA BOURSE CLOSED UP 1.24%

(Nikkei (Japan) CLOSED UP 289.71 PTS OR 1.05%

INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: 2003.40

silver:$25.05

USA dollar index early TUESDAY morning: 101.84 DOWN 41 BASIS POINTS from MONDAY’s close.

TUESDAY MORNING NUMBERS ENDS

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And now your closing TUESDAY NUMBERS 11: 00 AM

Portuguese 10 year bond yield: 3.137% UP 9 in basis point(s) yield

JAPANESE BOND YIELD: +0.456 % DOWN 1 AND 7//100 BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.343 UP 12 in basis points yield

ITALIAN 10 YR BOND YIELD 4.147 UP 12 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.2915 UP 11 BASIS PTS

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.0925 UP 0.0056 or 56 basis points

USA/Japan: 133,34 DOWN 0.121 OR YEN UP 12 basis points/

Great Britain/USA 1.2437 UP .0047 OR 47 BASIS POINTS //

Canadian dollar DOWN .00028 OR 28 BASIS pts to 1.3476

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The USA/Yuan, CNY: closed ON SHORE (CLOSED DOWN.(6.8852)

THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. 6.8934

TURKISH LIRA: 19.29 EXTREMELY DANGEROUS LEVEL/DEATH WISH/HYPERINFLATION TO BEGIN.

the 10 yr Japanese bond yield at +0.456…VERY DANGEROUS

Your closing 10 yr US bond yield UP 1 in basis points from FRIDAY at 3.426% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic

USA 30 yr bond yield 3.626 UP 0 in basis pt

USA 2 YR BOND YIELD: 4.0161% UP 3 in basis points.

closing USA dollar index, 101.74 DOWN 0.51in 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 TUESDAY: 12:00 PM

London: CLOSED up 44.16 points or .57%

German Dax : CLOSED UP 57.28 PTS OR .37%

Paris CAC CLOSED UP 65.53 PTS OR .89%

Spain IBEX DOWN 74.60 PTS OR .80%

Italian MIB: CLOSED UP 311.65 PTS OR 1.15%

WTI Oil price 80.61 12: EST

Brent Oil: 84.76. 12:00 EST

USA /RUSSIAN /// DOWN TO: 82.06/ ROUBLE DOWN 0 AND 45//100 RUBLES/DOLLAR

GERMAN 10 YR BOND YIELD; +2.2915 UP 11

UK 10 YR YIELD: 3.5610 UP 11 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA: 1.0913 UP 0.0045 OR 45 BASIS POINTS

British Pound: 1.2423 UP 0032 or 32 basis pts

BRITISH 10 YR GILT BOND YIELD: 3.566% UP 3 BASIS PTS

USA dollar vs Japanese Yen: 133,68 UP 0.216 //YEN DOWN 216 BASIS PTS//

USA dollar vs Canadian dollar: 1.3467 DOWN .0037 CDN dollar, UP 37 basis pts)

West Texas intermediate oil: 81.45

Brent OIL: 85.49

USA 10 yr bond yield UP 1 BASIS pts to 3.428%

USA 30 yr bond yield UP 0 BASIS PTS to 3.623%

USA 2 YR BOND: UP 3 PTS AT 4.037%

USA dollar index: 101.83 UP 2 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 19.29

USA DOLLAR VS RUSSIA//// ROUBLE: 81.97 DOWN 0 AND 35/100 roubles

DOW JONES INDUSTRIAL AVERAGE:UP 175,26 PTS OR 0.52%

NASDAQ 100 DOWN 51.30 PTS OR 0.39%

VOLATILITY INDEX: 18.62 DOWN .35 PTS (1.85)%

GLD: $186,37 UP 1.26 OR 0.68%

SLV/ $23.04 UP 0.16 OR 0.70%

end

USA AFFAIRS

1 a) USA TRADING TODAY IN GRAPH FORM

Stocks Squeezed Before Late-Day ODTE Profit Taking As Bitcoin Storms To 10 Month Highs

TUESDAY, APR 11, 2023 – 11:02 PM

It’s only fitting that in a day when there was no fundamental news and when everyone is waiting for tomorrow’s CPI print, with volumes near the lowest of the year, that the only thing that mattered today was positioning and technicals.

And as we wrote earlier, the most important technical factor was that hedge fund shorting of S&P futures had reached the highest level in 11 years…

… which coupled with growing pessimism about the market-leading tech generals (according to Goldman’s PB desk)…

… and absent a bucketload of bad news, meant that stocks were primed for another slow motion meltup, which incidentally is precisely what we have seen with the Goldman most-shorted index rising sharply for a second day.

Add to this the still sizable CTA bid which we previewed at the start oft he month meant at least $29BN in forced S&P buying…

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfdGltZWxpbmVfbGlzdCI6eyJidWNrZXQiOltdLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2ZvbGxvd2VyX2NvdW50X3N1bnNldCI6eyJidWNrZXQiOnRydWUsInZlcnNpb24iOm51bGx9LCJ0ZndfdHdlZXRfZWRpdF9iYWNrZW5kIjp7ImJ1Y2tldCI6Im9uIiwidmVyc2lvbiI6bnVsbH0sInRmd19yZWZzcmNfc2Vzc2lvbiI6eyJidWNrZXQiOiJvbiIsInZlcnNpb24iOm51bGx9LCJ0ZndfbWl4ZWRfbWVkaWFfMTU4OTciOnsiYnVja2V0IjoidHJlYXRtZW50IiwidmVyc2lvbiI6bnVsbH0sInRmd19leHBlcmltZW50c19jb29raWVfZXhwaXJhdGlvbiI6eyJidWNrZXQiOjEyMDk2MDAsInZlcnNpb24iOm51bGx9LCJ0ZndfZHVwbGljYXRlX3NjcmliZXNfdG9fc2V0dGluZ3MiOnsiYnVja2V0Ijoib24iLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3ZpZGVvX2hsc19keW5hbWljX21hbmlmZXN0c18xNTA4MiI6eyJidWNrZXQiOiJ0cnVlX2JpdHJhdGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2xlZ2FjeV90aW1lbGluZV9zdW5zZXQiOnsiYnVja2V0Ijp0cnVlLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X2VkaXRfZnJvbnRlbmQiOnsiYnVja2V0Ijoib24iLCJ2ZXJzaW9uIjpudWxsfX0%3D&frame=false&hideCard=false&hideThread=false&id=1643072198981156866&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fstocks-squeezed-late-day-odte-profit-taking-bitcoin-storms-10-month-highs&sessionId=55aae9c40710ed4eb56d9120fd8dc9ab2620d8fc&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

… and that’s why for the third day in a row, futures erased another modest dip and traded to session highs

… before some early selling across the 0DTE complex starting at 230pm ET eventually pushed stocks lower…

… with almost all sectors solidly in the green…

… including the battered bank sector, as the KRE regional bank index rose for the 4th day…

… with the tech sector weakest on the day…

… the result of treasury yields rising for the 3rd day in a row following Friday’s stronger than expected payrolls report…

… and even though the Fed’s latest career Democrat, Chicago Fed president Austan Goolsbee, strongly hinted he would dissent with any more rate hikes next month, the market was skeptical and kept odds of a 25bps hike in May at just above 71%.

In short, just another quiet, rangebound day ahead of tomorrow’s CPI print.

Elsewhere, the clash over where gold will go now that it has crossed above $2,000 continued, with the yellow metal trading on either side of this key line, as banks do everything they can do prevent a breakout to new record highs. Ironically, it’s silver that has been the sleeper hit, rising pretty much every day for the past month.

But the biggest mover for the second day in a row, was not gold but rather digital gold, with bitcoin quietly extending on its YTD gains to 82%, and trading above $30,000 for the first time since last June much to the powerless rage of fake socialists (and Indians) like Elizabeth Warren.

END

.i b Morning trading:

Early morning trading:

II) USA DATA//

END

III) USA ECONOMIC STORIES

Chicago Fed’s Goolsbee Emerges As First Rate Hike Dissenter, Urges “Caution” Amid Bank Failures

BY TYLER DURDEN

TUESDAY, APR 11, 2023 – 09:55 PM

There appears to be “some” confusion at the Fed, or perhaps just a rising tide of politically-motivated dissent.

One day after NY Fed president John Williams, the man who sparked a revolt at the most important regional Federal Reserve bank for being too clueless, said that he doesn’t think rate hikes are behind the “issues” at failed banks, and even more idiotically, just hours after saying this morning that he doesn’t think bank failures will be a “big negative” for the US economy, another Fed president – this time the Fed’s extremely political Chicago Fed president – who previously served as Obama’s chief economist (and whose ascent to the top of the Chicago Fed was marred in yet another Fed scandal), refuted everything Williams said earlier when he warned that the Fed should exercise “prudence and patience” in raising interest rates further as central bankers assess just how much last month’s banking turmoil will contribute to tighter lending conditions.

“Given how uncertainty abounds about where these financial headwinds are going, I think we need to be cautious,” Goolsbee said Tuesday in prepared remarks for an Economic Club of Chicago event. “We should gather further data and be careful about raising rates too aggressively until we see how much work the headwinds are doing for us in getting down inflation.”

Translation: it’s time to pause the Fed’s rate hikes (which effectively would mean the end of the tightening cycle) and assess the damage the Fed has already unleashed.

Goolsbee, the Fed’s newest policymaker whose highly politicized appointment as head of the Chicago Fed saw big internal dissent as well as two opposing votes, and whose job may have been a political favor catalyzed by intervention from his headhunting wife, is even more remarkably a voter on monetary policy this year and is now the first official to signal that he may support holding rates where they are at the Fed’s May 2-3 meeting — though he stopped short of explicitly endorsing a pause.

Unlike Goolsbee, who is viewed as the Biden admin’s most dedicated plant at the Fed now that Lael Brainard has been shifted to the Treasury, most Fed officials have emphasized that even amid the uncertainties created by the bank crisis, the Fed has more work to do to bring inflation down to its 2% target (to avoid confusion, these are the same clueless hacks and career academics who two years ago said inflation was transitory).

Echoing analyses by Goldman and others, the Chicago Fed chief said that inflation and labor market data came in “surprisingly strong” at the end of 2022 and beginning of this year, but the knock-on effects of the Silicon Valley Bank collapse in March and the resulting financial-market stress may help the Fed in its campaign to cool the economy.

While Goolsbee was careful to say that the Fed should still prioritize its mission to bring down elevated price pressures, he said that signs are emerging that banks are pulling back on lending, helping the Fed. Almost as if the Fed precipitated the bank failure to enable it to achieve its economic slowdown mission faster.

“We’ve been tightening financial conditions to bring inflation down, so if the response to recent banking problems leads to financial tightening, monetary policy has to do less,” he said.

According to Goolsbee, that contraction could equal somewhere between 25 to 75 basis points of tightening, which not coincidentally is exactly what Goldman calculates last week; Goldman of course is the same bank that has also been pushing for a rate hike pause to “assess” the economic damage before resuming hikes again later in the year.

Goolsbee’s emphasis on watching credit conditions differ from that of his even dumber colleagues who insist that the Fed needs to do more to tame prices (the same prices which are soaring thanks to the Fed’s inaction in 2021), recession and credit crunch be damned.

Goolsbee’s most prominent foil is another Wall Street muppet, formern Goldman staffer and upward failing Minneapolis Fed President Neel Kashkari, who said last month that though it’ll take a while to see the full effects of the banking fallout, the Fed still has more work to do to lower inflation, and may have to hike rates all the way until 6%.

New York Fed President John Williams, a permanent voter on the Federal Open Market Committee, said Tuesday at a separate event that one more rate increase is a “reasonable starting place” for officials.

Goolsbee also nodded to the standoff in Congress about raising the country’s debt limit. “Moments of financial stress are a particularly bad time to take actions that could ignite a financial crisis on their own like, say, defaulting on U.S. Treasuries in a fight over the debt limit,” Goolsbee said.

BALTIMORE/A BASKET CASE CITY

Baltimore and San Francisco are two troublesome cities.

Two commentaries on them:

First Baltimore

Baltimore Mayor Calls For Citywide Curfew After All Hell Breaks Out

TUESDAY, APR 11, 2023 – 12:20 AM

All hell broke out on Sunday night in Baltimore City’s Inner Harbor district when gunshots were heard, causing hundreds of spring break youngsters to scatter through the streets. The mayhem, captured on video, resembled an apocalyptic scene. As a result, Mayor Brandon Scott has proposed a citywide curfew for minors during the upcoming summer months.

Baltimore City Police Commissioner Michael Harrison said more than 200 “young people” went running after gunfire rang out just 50 feet from police officers, according to Fox Baltimore. A 14yo and a 16yo suffered gunshot wounds.

I’m reporting live on @wbalradio this morning from the #InnerHarbor, with @C4WBAL & @BryanNehman, after an #Easter night shooting here that saw a 14 yr old boy & a 16 yr old shot while @BaltimorePolice were breaking up a “big fight” in a crowd of upwards of 200 young people pic.twitter.com/kq2WEyptGH— Scott Wykoff (@ScottWykoffWBAL) April 10, 2023

Here’s the video of the chaos:

Just a late night run at the great Baltimore City’s #InnerHarbor #SpringBreak vibes #SpringBreak2023 #Baltimore #Maryland #น้องวินอยากเป็นพี่วิน #TAEHYUNGxCELINE #SuccessionHBO #Succession #ChaguoSmartNaAirtel #Maryland #Taiwan #TikTok #SummerMMFF2023 #INVASION #Russia… pic.twitter.com/X36btbT65g— Daniel Barahona (@GlobalSETT) April 10, 2023

“Either they [the kids] don’t care about consequences or don’t believe the consequences, and they have no respect for human life or the sanctity of life or authority to pull off that brazen cowardly act right there in the presence of police officers,” said Harrison.

Mayor Scott said youth curfews would be implemented for the summer period.

“I want everyone to hear me and hear me very clearly. We are going back to the old days. We will be enforcing the use of youth curfew in Baltimore as we move into the later Spring and Summer months,” the mayor said.

None of this should come as a surprise…

Over fifty years of Democratic leadership has steered this struggling city into a hellhole of murders, broken families, collapsing education system, and an ever-worsening opioid crisis.

… and, of course, the Biden administration remains silent on Baltimore’s rapid demise.

END

And now San Francisco

SAN FRANCISCO/WHOLE FOODS

My goodness: this major company is leaving SF due to employee safety

(zerohedge)

Whole Foods Closes Its “Flagship” San Fran Store After Just A Year Due To Employee Safety Concerns

TUESDAY, APR 11, 2023 – 04:05 PM

It’s yet another story of a major company leaving a U.S. city: this time, it’s a Whole Foods in San Francisco that is closing after barely being open for a year. The location in question is a 64,000 “flagship” Whole Foods store that you just know the company wouldn’t be closing down unless things truly had run amok.

The Whole Foods Market at Eighth and Market streets is reportedly shutting down this week due to concerns about safety.

The company said: “We are closing our Trinity location only for the time being. If we feel we can ensure the safety of our team members in the store, we will evaluate a reopening of our Trinity location.”

A report from the San Francisco Standard said that “deteriorating street conditions around drug use and crime near the grocery store” are the reasons it is closing.

The location had already cut its hours as of October last year, due to “high theft” and “hostile visitors”, the report says. Syringes and pipes were found in the restroom last year, prompting the store to also implement new bathroom rules around November 2022.

“They just barely opened up,” one nearby neighbor told The Standard. “I’ve seen security run into the store real quick before, like, something happened.”

Supervisor Matt Dorsey said on Twitter: “I’m incredibly disappointed but sadly unsurprised by the temporary closure of Mid-Market’s Whole Foods. Our neighborhood waited a long time for this supermarket, but we’re also well aware of problems they’ve experienced with drug-related retail theft, adjacent drug markets, and the many safety issues related to them.”

He responded with a call to – you guessed it – fund the police: “Today, I’m waiving privilege to publicly announce a drafting request I’m working on with @Stefani4CA for a Charter Amendment entitled the “San Francisco Police Department Full Staffing Act,” which will get San Francisco to a fully staffed police department within 5 years.”

Recall earlier this year we wrote about Target exiting from downtown Philadelphia for similar safety concerns. They followed in the footsteps of Wawa, who we noted last year had enough of Philadelphia’s crime and also picked up and left shop at several locations in Center City.

Whole Foods follows the lead of companies like Walgreens, who have also shuttered business in San Francisco.

end

USA COVID//

END

SWAMP STORIES

Totally nuts!

Bragg Sues Jim Jordan To Stop ‘Brazen And Unconstitutional’ Attack On Trump Prosecution

TUESDAY, APR 11, 2023 – 10:41 PM

Manhattan District Attorney Alvin Bragg on Tuesday sued Rep. Jim Jordan (R-OH) in an effort to keep House Republicans from asking questions about federal funds used by the city to indict former President Donald Trump.

In a 50-page lawsuit filed in the Southern District of New York, Bragg accused Jordan of a “brazen and unconstitutional attack” on his prosecution of Trump, and a “transparent campaign to intimidate and attack” Bragg, who unveiled 34 felony charges against Trump over alleged attempts to cover up a potential sex scandal during the 2016 Presidential campaign.

Bragg seeks to bar Jordan and his Congressional allies from enforcing a subpoena sent to Mark Pomerantz, who formerly headed up the DA’s Trump investigation and later wrote a book detailing his experience. Pomerantz resigned weeks after Bragg took office early last year, after deciding not to seek an indictment of Trump, according to the NY Times.

Jordan responded on Tuesday, slamming Bragg.

“First they indict a President for no crime. Then, they sue to block congressional oversight when we ask questions about the federal funds they say they used to do it,” he said.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1645868974502998017&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fpolitical%2Fbragg-sues-jim-jordan-stop-brazen-and-unconstitutional-attack-trump-prosecution&sessionId=dec6351a02d918793e204ba4de4405944fd1051a&siteScreenName=zerohedge&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

Developing…

END

THE KING REPORT

The King Report April 11, 2023 Issue 6986

Independent View of the News

US Navy says destroyer conducts navigational rights mission in South China Sea https://t.co/gM5m0dSQpF

WSJ: Ukraine May Run Out of Air Defenses by May, Leaked Pentagon Documents Warn
Kyiv is depleting its last reserves of S-300 missiles, making it possible for Russia to achieve air superiority, according to purported Pentagon presentations https://t.co/OH2Me0UdNt

Pentagon Officials Are Realizing US Munitions Stockpiles Aren’t Nearly Big Enough to Take on China – “One of the big lessons coming out of Ukraine is the incredible consumption of conventional munitions and the conduct of what is really a limited regional war. So, a great power war, if that were to ever happen — God forbid it does — the consumption rates would be incredible,” Chairman of the Joint Chiefs of Staff Gen. Mark Milley said…  https://dailycaller.com/2023/04/09/pentagon-muntitions-congress-hearings-budget-china/

Leaked Pentagon document says Russia almost took down British spy plane near Ukraine https://t.co/lpgEAJJKxR

ESMs peaked 14 minutes after the Nikkei opened. They traded modestly in negative territory from 22:30 ET until 5 ET. ESMs then rallied modestly and traded flat until 7:11 ET. They then tumbled until conditioned traders bought after the NYSE opened. The daily bottom appeared at 9:34 ET. ESMs and stocks rallied until 11:40 ET. After a 15-hanlde retreat, ESMs commenced a Noon Balloon at 12:05 ET.

ESMs and stocks rallied into the close. Traders are exceedingly bullish; and pattern traders want to be long into earning season, which commences on Thursday.

Apple PC shipments plunge 40% in bigger drop than rivals
Shipments of Apple’s Mac computers plunged by 40.5% to 4.1 million units in the first quarter compared to the same period a year earlier, according to IDC’s report. That marked the largest percentage decline year-over-year among top PC sellers… (No wonder Apple insiders recently sold Apple shares!)
https://nypost.com/2023/04/10/apple-pc-shipments-plunge-40-in-bigger-drop-than-rivals/

@NateGeraci Apr 8: It’s still early, but in contention for chart of the year… (Shows huge gap between Fed Funds and savings rates as well as CDs – clear reason for deposit flight from banks)
https://twitter.com/NateGeraci/status/1644832237211271172/photo/1

@Jkylebass (Sunday night): With xi and the Communist Party of China effectively blockading the Taiwan Strait for the past 48 hours, deposits are flying out of HKD and the Hong Kong banking system writ large (-5.8% of demand deposits left the system last month alone). The HKD looks to have traded through the 40-yr-old peg of 7.85 yet again. Geopolitics and rates differentials (coupled with the collapse of Chinese and HK RE prices) can’t be much worse for those looking for stability in the unstable middling kingdom. Buckle up.

Positive aspects of previous session
Once again, stocks rallied after a morning decline in the US, a recurring pattern
The DJTA led the rally

Negative aspects of previous session
Bonds declined moderately

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]: 4097.05
Previous session High/Low: 4109.50; 4072.55

@townhallcom: REPORTER: “Is the administration trying to protect the president from our questions?” KJP: “Absolutely not.” REPORTER: “So why the lack of any interaction in a formal setting to have a press conference?” KJP: “The president takes shouted questions.”
https://twitter.com/townhallcom/status/1645507059058614273

@RNCResearch: Karine Jean-Pierre says it’s “unprecedented that a president takes as many shouted questions as this president has.” Reporters groan in unison at the absurdity of her statement.
https://twitter.com/RNCResearch/status/1645507236884611080

Inside the CEI system pushing brands to endorse celebs like Dylan Mulvaney
At stake is their Corporate Equality Index — or CEI — score, which is overseen by the Human Rights Campaign, the largest LGBTQ+ political lobbying group in the world. HRC, which has received millions from George Soros’ Open Society Foundation among others, issues report cards for America’s biggest corporations via the CEI: awarding or subtracting points for how well companies adhere to what HRC calls its “rating criteria.”… The HRC lists five major rating criteria, each with its own lengthy subsets, for companies to gain — or lose — CEI points. The main categories are: “Workforce Protections,” “Inclusive Benefits,” “Supporting an Inclusive Culture,” “Corporate Social Responsibility and Responsible Citizenship.”…
    James Lindsay, a political podcaster who runs a site called New Discourses, told The Post that the Human Rights campaign administers the CEI ranking “like an extortion racket, like the Mafia… HRC sends representatives to corporations every year telling them what kind of stuff they have to make visible at the company. They give them a list of demands and if they don’t follow through there’s a threat that you won’t keep your CEI score.”…
https://nypost.com/2023/04/07/inside-the-woke-scoring-system-guiding-american-companies/?s=02

@WifeyAlpha: How Transitory Is Inflation? “An inflation jump to 4% is often temporary, but when inflation crosses 6%, it proceeds to higher levels over 80% of the time. When inflation crosses 8%, reverting to 2% usually takes 7 to 22 years, with a median of over 13 years.” https://t.co/fvT4U7P1zj

Today – March CPI is due tomorrow; 0.2% is consensus. Astute traders and analysts realize that April CPI should be higher than March CPI due to the surge in gasoline and oil prices that began in March. Normally, traders would be careful ahead of an important CPI report. However, traders are exceedingly bullish; plus, conditioned and pattern traders want to be long for earnings reporting season.

Expected economic data: March NFIB Small Business Optimism 89.3; Chicago Fed Pres & ex-Obama stooge Goolsbee 13:30 ET    ESMs are +4.50 at 20:30 ET.

S&P 500 Index 50-day MA: 4030; 100-day MA: 3985; 150-day MA: 3921; 200-day MA: 3945
DJIA 50-day MA: 33,116; 100-day MA: 33,368; 150-day MA: 32,573; 200-day MA: 32,470

S&P 500 Index – Trender trading model and MACD for key time frames
Monthly: Trender and MACD are negative – a close above 4514.50 triggers a buy signal
Weekly: Trender and MACD are positive – a close below 3847.63 triggers a sell signal
Daily: Trender and MACD are positive – a close below 3998.92 triggers a sell signal
Hourly: Trender and MACD are negative – a close above 4112.94 triggers a buy signal

“Does This Compromise President Biden?” (CCP money that flowed into the Bidens)The notion that a declining power like Russia, which has domestic problems, a shrinking economy, a shrinking demographic base, is somehow a bigger threat than China is laughable. It is indicative of a larger issue, which is that Biden essentially has a soft spot for Beijing. The question, of course, is why?This is a commercial relationship that not only has made the Bidens money. It has advanced the strategic and military interests of the Chinese government itself…The Biden team has lied repeatedly. I can go into greater detail…. It has been subterfuge from the beginning. They need to be called out on it….. The American people understand if somebody’s giving you a sweetheart deal, particularly an actor like China… without getting something in return. They are not that stupid….The question about blackmail, to be blunt about it, is, are they going to need to blackmail Joe Biden? Joe Biden’s posture towards China is incredibly soft.[T]here has been a complete lack of curiosity by the media, and even, as we have seen, suppression….China is a rival power. They are supplanting the United States on the global stage, both in terms of their economic capability and in terms of their military capability. They also talk openly about wanting to reorient the world — to move it away from an American‑led Western coalition. They want to create something very different, and everybody essentially recognizes that, with the exception, it seems, of President Joe Biden… Biden repeatedly says, “China is not a threat. We should welcome the rise of China. It is good not only for China but good for the United States that China is becoming more powerful. The fact is that they are not a threat to us.”…
   This is a Biden Center that is focused on foreign policy, national security. They say the three biggest threats that the United States faces in the world today are global terrorism, climate change and Russia… It is a glaring omission for the Biden Center, focused on foreign policy diplomacy, to exclude China as one of the three major threats…
    It is impossible to answer that question without looking at the commercial ties that Biden has with China. They are extensive. They are lucrative. They are unique…When I say money going to the Bidens’ pockets from China, do I mean an American company in China?… What I mean directly and clearly is the Chinese government itself, which is run, of course, by the Chinese Communist Party. That is what makes what the Bidens have done commercially with Beijing unique compared to anything that relates to corruption… The Chinese Communist Party wanted Joe Biden elected. They did not want President Donald Trump… President Xi is not running a Biden charity. He is running a country that wants to surpass the United States strategically. They are going to pull those levers if they need to. Generally, Biden’s posture towards them is the posture they want..
https://www.gatestoneinstitute.org/19539/does-this-compromise-biden

House Judiciary Committee: Documents Reveal FBI Sought to Develop Sources in Local Catholic Churches – Today, Chairman Jim Jordan (R-OH) revealed that the FBI relied on information derived from at least one undercover employee and sought to use local religious organizations as” new avenues for tripwire and source development.” This proposed outreach plan included contacting so-called “mainline Catholic parishes” and the local “diocesan leadership.” The documents reveal that the FBI also expressed an interest in “leverag[ing] existing sources and/or initiat[ing] Type 5 Assessments to develop new sources with the placement and access” to report on suspicious activity. In light of this information and the serious consequences for the free exercise of Americans’ First Amendment rights, Chairman Jordan issued a subpoena today to FBI Director Wray for all documents related to the FBI’s actions… https://judiciary.house.gov/media/press-releases/documents-reveal-fbi-sought-develop-sources-local-catholic-churches

House Judiciary Com Chair @Jim_Jordan: We now know the FBI, relying on information derived from at least one undercover employee, sought to use local religious organizations as “new avenues for tripwire and source development.” Chilling.

GOP Sen. @HawleyMO: I specifically asked Merrick Garland whether the FBI was targeting Catholic parishes and he said no. Now it turns out the FBI was using undercover sources in multiple parishes.

America First Legal’s Investigation Reveals the Biden White House Was Involved with the Mar-a-Lago Raid and that NARA Misled Congress; AFL Launches Additional Investigation
   The FBI obtained access to these records through a “special access request” from the Biden White House on behalf of the Department of Justice (DOJ). It appears that the Biden White House and DOJ coordinated to obtain the Trump records and perhaps create a pretext for the law enforcement raid by way of a “special access request.”… What this effectively means is that there are substantial discrepancies between what the Archives has told Congress and what appears in its internal communications. For example, Acting Archivist Debra Wall told Rep. Mike Turner (R-OH) on August 16, 2022, that NARA “had not been involved in the DOJ investigation or any searches that it has conducted.”… https://aflegal.org/america-first-legals-investigation-reveals-the-biden-white-house-was-involved-with-the-mar-a-lago-raid-and-that-nara-misled-congress-afl-launches-additional-investigation/

Internal memos call into question National Archives narrative to Congress on Trump documents
NARA role with FBI continued well after February 2022 criminal referral, memos suggest.
For months, the National Archives and Records Administration has insisted it had nothing to do with the federal criminal investigation into memos containing classified markings that were found at former President Donald Trump’s Mar-a-Lago estate since it referred the matter to the FBI in February 2022…
    Months earlier, but well after the NARA referral to the FBI, the Archives was deeply involved in the probe when it fielded a request in April 2022 from the Biden White House to facilitate FBI “special access” to 15 boxes of documents Trump had returned to the Archives, some of which contained the classified memos, according to a letter from the Archives to one of Trump’s attorneys…
https://justthenews.com/government/federal-agencies/internal-memos-call-question-national-archives-narrative-congress-trump

@townhallcom: (Buffoonish) John Kirby warns journalists not to report on leaked Pentagon documents. “This is information that has no business in the public domain…It has no business…on the front pages of newspapers or on television.” https://twitter.com/townhallcom/status/1645499884131295263

Victor Davis Hanson @VDHanson: When are violent protests good or bad? Ask Vice President Kamala Harris: She just went to Nashville to praise the violent hijacking of the Tennessee legislature in session: “A democracy says you do not silence the people, you do not stifle the people, you do not turn off their microphones when they are speaking. These leaders had to get a bullhorn to be heard.”
     Ask Kamala Harris yet a third time: Of the violent summer 2020 riot organized by BLM and Antifa, Harris gushed: “They’re not gonna stop, and everyone beware, because they’re not gonna stop…they’re not going to let up — and they should not.” Common denominator? Some politically driven violence is necessary, some not, depending on its perceived woke utility— to Kamala Harris.

Republicans: you’re being played! – Ann Coulter
The left’s sole objective is to make Trump the GOP’s 2024 presidential nominee
He’s already lost three election cycles for the GOP — why not make it four?…
    Against DeSantis’ smarts and energy, the Democrats would be running President Senile Dementia and a vice president whose sole credentials are that she is black and a woman,” Coulter wrote. “They had only one hope: Get Trump the nomination…
   Instead of attacking Trump for the things he’d actually done, liberals would run off and make wild charges, forcing normal people to say, I don’t like the guy, but he’s not a Russian agent… they’re doing it again, trying to trick Republicans into choosing the worst possible presidential nominee…
     Politico reports that Biden’s senior advisers reacted to Trump’s recent surge in the polls with unmitigated joy. “We beat Trump once, they say, and will again.”…
   After voters reject you once, they almost never change their minds. In all of US history, losing presidential candidates have run again about a dozen times. Only three of those renominations were successful — and only one since 1892. (Nixon was the only one to do it in the past 131 years…)
   Everyone acts as if Trump’s 2016 win was a gigantic, stupendous victory, when in reality he barely squeaked by. Don’t confuse “startling” with “big.” He was running against the most hated woman in politics… Trump went on turn his presidency over to Jared and Ivanka, betray his voters (But he moved the embassy!) and lose the next three election cycles…
https://thespectator.com/topic/republicans-played-donald-trump-nomination/

Bill Barr on Sunday: “I think ultimately the savvy Democratic strategists know [the Manhattan District Attorney’s Office probe] is going to help Trump, and they want him to be the nominee because he is the weakest of the Republican candidates, the most likely to lose again to Biden.”…
https://www.foxnews.com/politics/barr-slams-trump-weak-candidate-makes-bold-prediction-2024-election

How to Make Trump Go Away – Frank Luntz
Why does Donald Trump still generate such loyalty and devotion?… To answer these questions, I have hosted more than two dozen focus groups with Trump voters across the country… Many felt ignored and forgotten by the professional political class before Mr. Trump and victimized and ridiculed for liking him now… (Tucker Carlson said this during the 2020 Campaign.)
   It’s not about beating Mr. Trump with a competing ideology. It’s about offering Republicans the contrast they seek: a candidate who champions Mr. Trump’s agenda but with decency, civility and a commitment to personal responsibility and accountability… Republicans want just about everything Mr. Trump did, without everything Mr. Trump is or says. (Ann Coulter said this several years ago.)
https://www.nytimes.com/2023/04/09/opinion/donald-trump-2024-campaign.html

@BrendonClint: Trump’s executive branch was FROZEN with inaction during those crucial first two years where he had a GOP Congress. It was marked by infighting between Bannon and Priebus and angst over personnel decisions (much like the Trump campaign last night with its Loomer drama)… Bannon started keeping a white board in his office where he wrote down all the promises Trump had made during the campaign that weren’t being kept. That pissed Trump off and he fired him. Trump had no idea how Washington worked (still doesn’t) and no idea what to do, where to go for help, what levers to pull, and as a result, he got EATEN ALIVE… That’s how it was for Trump in the White House, though. Everyone else got what they wanted, and he just got pushed around. He was beyond out of his depth. He was a substitute teacher getting run over by students run amuck.

CNN Steve Bannon’s White House whiteboard revealed   May 3, 2017
When he moved into the White House, Trump’s chief strategist removed the floor-to-ceiling bookshelves and sofa from his office and positioned his desk in the corner to make room for giant whiteboards that are lined up in four columns beneath the campaign theme: Make. America. Great. Again. In the final hours of the first 100 days, the promises kept were marked with a red X, including abandoning a massive Pacific trade deal. The column without a single red X: Legislative accomplishments…
https://www.cnn.com/2017/05/03/politics/steve-bannons-white-house-whiteboard/index.html

@JMichaelWaller: Does anyone have any evidence that Trump did anything serious to stop the Obama wokeness agenda injected into CIA and FBI? Serious question.

WSJ’s Kim Strassel: The GOP’s Abortion Flop
A Wisconsin Supreme Court drubbing is the latest indication of the need to find the sensible middle.
   How powerful is this one issue in today’s political environment? The economy is teetering on the verge of a recession, racked by a banking crisis and regulatory disarray. Inflation rages on; gasoline prices are again on the rise. Crime is upending cities. The border is a tragedy. China and Russia are feeding a new global disorder. President Biden’s approval rating is underwater, and Democrats trail in the generic ballot. Republicans should be on the march… That’s the message from voters pretty much everywhere—if and when Republicans choose to unwax their ears. In early November, a majority of voters in bright-red Kentucky rejected an amendment that would have made it easier to restrict abortion…
    The GOP’s problem is muddle and inaction. (Their default behavior!) Fearful of getting crosswise with the pro-life right, Republicans have failed to land on a consensus position. Wisconsin’s Legislature had months to produce common-sense legislation—but instead sat on its hands…
   One contrast is Florida, where the Legislature prior to the Dobbs decision passed a bill prohibiting abortion after 15 weeks. That’s a number considered generally acceptable by much of America outside the fringe right and left. The legislation neutralized the issue, allowing Florida Republicans to deflect attacks. Rep. Val Demings in the midterms spent millions bashing pro-life Sen. Marco Rubio on abortion in a bid for his seat. He pointed to the law, shrugged, and turned to the economy and crime. Mr. Rubio and Gov. Ron DeSantis won giant re-elections, while Florida Republicans picked up four U.S. House seats and won supermajorities in the state Legislature…
https://www.wsj.com/articles/the-gops-abortion-flop-wisconsin-protasiewicz-dobbs-roe-middle-ground-florida-15-6-week-ban-d5cc7137

@JonathanTurley: Alexandria Ocasio-Cortez is promising articles of impeachment against Justice Clarence Thomas over the failure to disclose trips with a billionaire friend.  There is no evidence that the failure to disclose was either an ethical or constitutional violation.

@nicksortor: It is reported that the Louisville gunman was 25-year-old Connor Sturgeon, who reportedly texted a friend before the shooting saying he was feeling suicidal and “would shoot up the bank.” (Fox reports Sturgeon had so many concussions in high school that we wore a helmet when playing basketball)

@simonateba: @WhiteHouse blames Republicans over Louisville, Kentucky shooting. @PressSec
Karine Jean-Pierre laments “Gun Violence” in America that Republicans refuse to act on.
https://twitter.com/simonateba/status/1645493373128650752

Victor David Hanson: Fiddling America Away – We fixate only on the irrelevant that we think we can address while ignoring the existential we know we no longer can solve.
   The last few weeks, the world had been writing off the United States as either crazy or irrelevant as it watches America cannibalize itself… The symptoms of our decline abroad appear everywhere…
   Allies ask who are our leaders. An impaired Joe Biden who never is quite sure where he is, what he is doing, or whom he is with? Kamala Harris, whose only interests appear to be demagoguing racial and social tensions with a shrinking vocabulary? Senator John Fetterman (D-Penn.), who was elected on the argument it was unkind not to vote for a candidate who was physically and mentally impaired?…
   Browse through any media account of the U.S. military, and the storyline is one of racial, gender, gay, or transgendered wokeism, or a looming manpower shortage—not a new lethal weapon, a new division of veteran soldiers, or a new program to up the level of training, physical prowess, and mental attitude among the ranks… China now openly talks of war with the United States… America’s downtowns are reaching a breaking point of vacancy, vagrancy, and violence that makes life there unsustainable, while the country argues over gender pronouns… https://amgreatness.com/2023/04/09/fiddling-america-away

GREG HUNTER

I will not bring you a commentary Wednesday April 12/ I will catch up on the data on Thursday

see you then

Robert Hryniak	8:55 PM (52 minutes ago)
to

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2023. CONTRACT: 365 NOTICES FOR 36,500 OZ or 1.135 TONNES

total notices so far: 21,494 contracts for 2,149,400 oz (66.855 tonnes)

SILVER NOTICES: 8 NOTICE(S) FILED FOR 40,000 OZ/

total number of notices filed so far this month : 297 for 1,485,000 oz

2.ASIAN AFFAIRS//

NORTH KOREA/SOUTH KOREA

i)TUESDAY MORNING//MONDAY NIGHT

b) REPORT ON JAPAN/

3 CHINA

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.Global Issues//COVID ISSUES/VACCINE ISSUES

7. OIL ISSUES

8 EMERGING MARKET ISSUES

Futures Flat, Europe At 5 Week Highs, Bitcoin Over $30K

APAC bolstered after a Wall St. recovery as markets return from Easter – Newsquawk Europe Market Open

EASTER HOLIDAY NEWS

US TRADE

EQUITIES

APAC TRADE

EQUITIES

FX

FIXED INCOME

COMMODITIES

CRYPTO

GEOPOLITICAL

EU/UK

TUESDAY MORNING/MONDAY NIGHT

2 d./NORTH KOREA/ SOUTH KOREA/

2e) JAPAN

3 CHINA /

4.EUROPEAN AND UK AFFAIRS

Конец света для гегемона – Ведомости

“Risk Of Harder Landing”: IMF Cuts Global GDP Outlook, Warns Of “Heavy Downside Risks” Due To Banking Crisis

Suffered migraines for months…

BOOM! Switzerland: Why has Swiss government now moved to say NO (none) COVID gene injection is recommended now, even for HIGH-RISK persons? What does the Swiss government know that the US does not?

Simple, they know that COVID mRNA technology based LNP injection is a fraud, dangerous, does not protect the airways & causes harms, death, re-infection; WHO on April 7th said none for healthy kids!

The UNVACCINATED have to be careful now! The VACCINATED will soon be told they CANNOT even enter the restaurant! The VACCINATED may attack the UNVACCINATED when they fully realize they were tricked!

Yes, I just said that, the VACCINATED may well physically attack the UNVACCINATED out of anger and fear, seeing as the data and evidence shows their immune system is now damaged!

Traffic Accidents and Deaths Soar in 2021 Following Roll-out of COVID-19 “Vaccines”

April 10, 2023 4:43 pm

France Has Already Surrendered To The Coming Conflict

European Natural Gas Futures Signal Concern About Next Winter

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

Stocks Squeezed Before Late-Day ODTE Profit Taking As Bitcoin Storms To 10 Month Highs

Chicago Fed’s Goolsbee Emerges As First Rate Hike Dissenter, Urges “Caution” Amid Bank Failures

Baltimore Mayor Calls For Citywide Curfew After All Hell Breaks Out

Whole Foods Closes Its “Flagship” San Fran Store After Just A Year Due To Employee Safety Concerns

Bragg Sues Jim Jordan To Stop ‘Brazen And Unconstitutional’ Attack On Trump Prosecution

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