GOLD PRICE CLOSED UP $21.05 TO $2178.95
SILVER PRICE DOWN 5 cents TO $24.37
Gold ACCESS CLOSED 2177.60
Silver ACCESS CLOSED: 24,30
This is the 7th straight day for gold to rise in price. This never happens as our bankers for years have controlled the price. Rarely do you see it rise for two consecutive days. .Also Jerome Powell was speaking for two days and they always whack gold on this occasion
Bitcoin morning price:$67,159 DOWN 626 DOLLARS.
Bitcoin: afternoon price: $68,991 UP 1832 dollars
Platinum price closing DOWN $8.70 AT $911.90
Palladium price; DOWN 19.80 AT $1017.70
END
SHANGHAI GOLD PREMIUM 30 DOLLARS/COMEX GOLD
SHANGHAI GOLD
SHANGHAI GOLD (USD) FUTURES – QUOTES
Beginning Monday, April 1, 2024, CME Group settlement data will no longer be accessible through ftp.cmegroup.com and will have a delayed publication time of 12:00 a.m. CT on all cmegroup.com web pages. Learn about alternate ways to access the data in our FAQ.
AUTO-REFRESH IS OFF
Last Updated 08 Mar 2024 04:25:59 AM CT.
Market data is delayed by at least 10 minutes.
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $2,937.10 UP $31.70 CDN dollars per oz( * NEW ALL TIME HIGH 2,937.10CDN DOLLARS PER OZ//MARCH 8 2024)
*BRITISH GOLD: 1694.06 UP 6.92 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1694.06 BRITISH POUNDS/OZ) MARCH 8/2024
*EURO GOLD: 1990.88 UP 16.72 euros per oz //* (ALL TIME CLOSING HIGH: 1990.88 EUROS PER OZ//MARCH 8.2024)
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END
EXCHANGE: COMEX
ACCESS MARKET:
EXCHANGE: COMEX
CONTRACT: MARCH 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,158.000000000 USD
INTENT DATE: 03/07/2024 DELIVERY DATE: 03/11/2024
FIRM ORG FIRM NAME ISSUED STOPPED
092 C DEUTSCHE BANK 1
323 C HSBC 7
363 H WELLS FARGO SEC 13
435 H SCOTIA CAPITAL 7
661 C JP MORGAN 83
686 H STONEX FINANCIA 100
726 C CUNNINGHAM COM 1
737 C ADVANTAGE 17 7
TOTAL: 118 118
MONTH TO DATE: 2,35
JPMorgan stopped 83/118 contracts.
FOR MARCH/2024
GOLD: NUMBER OF NOTICES FILED FOR MAR/2024. CONTRACT: 118 NOTICES FOR 11800 OZ or 0.3670 TONNES
total notices so far: 2359 contracts for 235,900 Oz (7.3374 tonnes)
FOR MARCH:
SILVER NOTICES: 349 NOTICE(S) FILED FOR 1,745,000 OZ/
total number of notices filed so far this month : 4924 for 24,620,000 oz
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END
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
GLD
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $21.05// (makes sense)
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ : HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.87 TONNES AFTER 7 STRAIGHT DAYS OF GOLD INCREASES..?????
INVENTORY RESTS AT 816.57 TONNES
SLV//WHAT???????
WITH NO SILVER AROUND AND SILVER DOWN 5 CENTS AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE WITHDRAWAL OF 4.299 MILLION OZ FROM THE SLV….
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 420.519 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MEGA HUMONGOUS SIZED 2484 CONTRACTS TO 144,228 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR TINY RISE IN PRICE OF $0.08 IN SILVER PRICING AT THE COMEX ON THURSDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN MAJOR SHORT COVERING WITH THE STRONG PRICE RISE. WE HAD A HUGE 630 T.A.S ISSUANCE AND THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON THURSDAY NIGHT: 630 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.08),AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A MEGA MEGA GIGANTIC SIZED GAIN OF 6,824 CONTRACTS ON OUR TWO EXCHANGES. IT OCCURRED WITH A HIGHER PRICE OF ONLY 8 CENTS PER OZ OF SILVER.
WE MUST HAVE HAD:
A MEGA HUMONGOUS SIZED 4340 ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 22.270 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY,S 0.605 MILLION OZ QUEUE JUMP //NEW TOTALS INCREASES TO : 25.860 MILLION OZ
//NEW STANDING FOR SILVER IS THUS 25.860 MILLION OZ
/ MEGA HUMONGOUS SIZED COMEX OI GAIN/ MEGA GIGANTIC SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 630 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A HUGE 466 CONTRACTS //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF MARCH
TOTAL CONTRACTS for 6 days, total 11,588 contracts: OR 57.940 MILLION OZ (1931 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 57.940 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
YEAR 2022:
JAN 2022-DEC 2022
JAN 2022// 90.460 MILLION OZ
FEB 2022: 72.39 MILLION OZ//
MARCH 2022: 207.140 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
TOTALS YR 2022: 1135.767 MILLION OZ (1.1356 BILLION OZ)
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
APRIL 118.035 MILLION OZ(SLIGHTLY GREATER THAN THAN LAST MONTH)
MAY 66.120 MILLION OZ/INITIAL (MUCH SMALLER THIS MONTH)
JUNE: 110.395 MILLION OZ//MUCH LARGER THAN LAST MONTH
JULY 85.745 MILLION OZ (SMALLER THAN LAST MONTH)
AUGUST: 171.43 MILLION OZ (THIS MONTH IS GOING TO BE HUGE //2ND HIGHEST ON RECORD
SEPT: 72.705 MILLION OZ (SMALLER THIS MONTH)
OCT: 97.455 MILLION OZ
NOV. 50.050 MILLION OZ
DEC. 66.140 MILLION OZ//
TOTAL 2023: 1,104.10 MILLION OZ/
JAN ’24 : 78.655 MILLION OZ//
FEB /2024 : 66.135 MILLION OZ./FINAL
MARCH: 57.940 MILLION OZ//WILL BE MUCH LARGER THIS MONTH//MAYBE CLOSE TO A RECORD ISSUANCE
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2484 CONTRACTS WITH OUR SMALL GAIN IN PRICE OF SILVER PRICING AT THE COMEX//THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 4340 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 MARCH. OF 23.385 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAY’S HUGE 0.605 MILLION OZ QUEUE JUMP
//NEW TOTAL STANDING RISES TO 25.860 MILLION OZ
WE HAVE A MEGA HUMONGOUS GAIN OF 6,824 OI CONTRACTS ON THE TWO EXCHANGES WITH THE SMALL GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 630 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE THURSDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS ( WITH PRICE OF SILVER RISING) . THE NEW TAS ISSUANCE THURSDAY NIGHT (630) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 349 NOTICE(S) FILED TODAY FOR 1.745 MILLION OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A MEGA GIGANTIC SIZED 19,595 CONTRACTS TO 506,927 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,733 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110, BUT WE ARE NOW CLOSER TO OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 637 CONTRACTS
WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI ( 19,595 CONTRACTS) WITH OUR STRONG $7.20 GAIN IN PRICE//THURSDAY. THE BANKERS WERE FORCED TO SUPPLY THE NECESSARY SHORT PAPER TO CONTAIN GOLD’S RISE.WE ALSO HAD A RATHER LARGE INITIAL STANDING IN GOLD TONNAGE FOR MARCH. AT 10.270 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’’S MONSTER QUEUE JUMP OF 110,000 OZ QUEUE JUMP
NEW TOTAL Of INITIAL GOLD STANDING RISES TO: 12.544 TONNES // ALL OF THIS HAPPENED WITH OUR $7.20 GAIN IN PRICE WITH RESPECT TO THURSDAY’S TRADING. WE HAD A MEGA HUMONGOUS SIZED GAIN OF 27,094 OI CONTRACTS (84,273) PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 7499 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 506,928
IN ESSENCE WE HAVE A MEGA GIGANTIC SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 27,094 CONTRACTS WITH 19,595 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 7499 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 27,094 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): MEGA MEGA HUMONGOUS SIZED 41,344 CONTRACTS.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (7499 CONTRACTS) ACCOMPANYING THE GIGANTIC SIZED GAIN IN COMEX OI (19,595) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 27,094 CONTRACTS. WE HAVE ( 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR MARCH. AT 7.502 TONNES FOLLOWED BY TODAY’S STRONG QUEUE JUMP OF 0.3421 TONNES/NEW STANDING ADVANCES TO 12.544 TONNES.
/ 3) ZERO LONG LIQUIDATION // 4) MEGA GIGANTIC SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: MEGA HUMONGOUS T.A.S. ISSUANCE: 41,344 CONTRACTS//HUGE SHORT COVERING AGAIN
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
MARCH
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MARCH. :
TOTAL EFP CONTRACTS ISSUED: 42,528 CONTRACTS OR 4252,800 OZ OR 132,27 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 7,088 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 132.27 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 132,27/3550 x 100% TONNES 3.71% 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//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( 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
TOTAL: 2,847,25 TONNES/2022
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: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EX FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 132.27 TONNES//THIS IS GOING TO BE ONE HUMDINGER OF AN E,F,P. ISSUANCE.
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF FEB. 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 NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
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 (APRIL), 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.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
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 MEGA HUMONGOUS SIZED 2484 CONTRACTS OI TO 144,228 AND FURTHER FROM THE 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 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 1169 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 4340 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 4340 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 2484 CONTRACTS AND ADD TO THE 4340 E.FP. ISSUED
WE OBTAIN A MEGA ULTRA GIGANTIC SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 6824 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 34,12 MILLION OZ
OCCURRED WITH OUR TINY $.08 GAIN IN PRICE …..
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//
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 18.62 PTS OR 0.62% //Hang Seng CLOSED UP 128.61 PTS OR 0.76% / Nikkei CLOSED UP 90.23 PTS OR 0.23%//Australia’s all ordinaries CLOSED UP 1,01% /Chinese yuan (ONSHORE) closed UP 7.1905 //OFFSHORE CHINESE YUAN CLOSED UP TO 7.1996 /Oil UP TO 79.18 dollars per barrel for WTI and BRENT UP AT 83.16/ Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A HUMONGOUS SIZED 19,595 CONTRACTS TO 506,927 WITH OUR SMALL GAIN IN PRICE OF $7.20 WITH RESPECT TO THURSDAY TRADING. MOST LIKELY IT WAS THE BANKERS SUPPLYING THE NECESSARY PAPER WITH OUR SHORT PLAYERS EXITING AS FAST AS THEIR FEET COULD CARRY THEM. THE SHORTS HAVE BEEN KILLED SO IT IS UNLIKELY THAT ANY OF THEM WOULD DARE INTO THIS ARENA ESPECIALLY WITH CENTRAL BANKERS BUYING PHYSICAL GOLD ADDING TO THEIR OFFICIAL TOTALS.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MARCH..… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 7499 EFP CONTRACTS WERE ISSUED: : APRIL 7499 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 7499 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A MEGA HUMONGOUS SIZED TOTAL OF 27,094 CONTRACTS IN THAT 7499 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A HUGE SIZED GAIN OF 19,595 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $7.20 THURSDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT WAS A MEGA MEGA HUMONGOUS SIZED 41,349 CONTRACTS, AN ALL TIME HIGH RECORD ISSUANCE.. THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS SOLD OFF THE LONG SIDE OF THE SPREAD WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MARCH (12.544 TONNES) ( NON ACTIVE MONTH)
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 24 MONTHS OF 2021-2023:
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. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 12.544 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT GAINED $7.20 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A MEGA HUMONGOUS SIZED GAIN OF 27,094 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR HIGHER PRICE. WE HAD TO HAVE HAD ANOTHER HUGE EPISODE OF STRONG SHORT COVERING. WE HAD A STRONG T.A.S. LIQUIDATION ON THE FRONT END OF THURSDAY’S TRADING . THE T.A.S. ISSUED ON THURSDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 84.273 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR MARCH. (10.3576 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S MONSTER 11,000 OZ QUEUE JUMP//NEW STANDING INCREASES TO 12.544 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $7.20
WE HAD -REMOVED 637 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 27,094 CONTRACTS OR 2,709,400 OZ OR 84.273 TONNES.
estimated volume today 431,971 wow!!
final gold volumes/yesterday 335,494 huge
//speculators have left the gold arena
MARCH 8/ INITIAL MARCH GOLD
/ /// THE MARCH 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 55,370.519 oz ASAHI Brinks includes 951 kilobars Brinks . |
| Deposit to the Dealer Inventory in oz | nil oz |
| Deposits to the Customer Inventory, in oz | NIL oz |
| No of oz served (contracts) today | 118 notice(s) 11,800 OZ 0.3670 TONNES |
| No of oz to be served (notices) | 1674 contracts 167,400 oz 5.206 TONNES |
| Total monthly oz gold served (contracts) so far this month | 2359 notices 235,900 oz 7.3374 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 |
0 dealer deposits:
total dealer deposits: nil oz
total customer withdrawals: 2
i) Out of ASAHI 24,815.909 oz
ii) Out of Brinks: 30,575.610 oz
total customer withdrawal: 55,390.519 oz
we had 0 customer deposit
total deposit NIL oz
Adjustments: 1
i) JPMorgan/dealer to customer: 10,127.505 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.
For the front month of MARCH we have an oi of 1792 contracts having LOST 147 contracts. We had 257 contracts filed upon on Thursday, so we gained a monstrous 110 contracts or an additional 11,000 oz of gold(0.3421 tonnes) will stand at the comex in this non active delivery month of March
APRIL LOST 6984 CONTRACTS RISING TO 329,204.
MAY EARNED 31 CONTRACTS TO STAND AT 271
JUNE INCREASED ITS OI BY 26,289 CONTRACTS UP TO 123,935 CONTRACTS.
We had 118 contracts filed for today representing 11800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 118 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 83 notice(s) was (were) stopped ( (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for the MARCH. /2024. contract month, we take the total number of notices filed so far for the month (2359 x 100 oz ), to which we add the difference between the open interest for the front month of MARCH. (1792 CONTRACTS) minus the number of notices served upon today 118 x 100 oz per contract equals 392,300 OZ OR 12.202TONNES
thus the INITIAL standings for gold for the MARCH. contract month: No of notices filed so far (2359) x 100 oz + (1792) {OI for the front month} minus the number of notices served upon today (118) x 100 oz which equals 392,300 oz (12.544 TONNES)
TOTAL COMEX GOLD STANDING FOR MARCH: 12.544 TONNES WHICH IS HUGE FOR A NON ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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 oz
total pledged gold: 1,333,105.842 41,40 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 18,037,902.498 OZ
TOTAL REGISTERED GOLD 7,934,023.876 (246,78 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,103,938.672 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,600,858 oz (REG GOLD- PLEDGED GOLD) 205.31 tonnes/dropping like a stone
END
SILVER/COMEX
MARCH 8/INITIAL
//2024// THE MARCH 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 105,931.034 oz cnt . |
| Deposits to the Dealer Inventory | 593,634.500 OZ ASAHI |
| Deposits to the Customer Inventory | 392,933.04 oz Brinks |
| No of oz served today (contracts) | 349 CONTRACT(S) (1,745,000 OZ) |
| No of oz to be served (notices) | 248 contracts (1.240 MILLION oz) |
| Total monthly oz silver served (contracts) | 4924 Contracts (24,620 MILLION 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) 1 dealer deposit
i) Into ASAHI 593,634.500 oz
total dealer deposit:593,634.500 oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 1 deposits customer account:
i) Into Brinks: 392,933.04 oz
total customer deposits 392,933.04 oz
JPMorgan has a total silver weight: 129.806 million oz/285.192 million or 45.61%
adjustment: 0
Comex withdrawals: 1
i) Brinks: 65,793.670 oz
total withdrawal: 65,793.670 oz
TOTAL REGISTERED SILVER: 50.619MILLION OZ//.TOTAL REG + ELIGIBLE. 285.192million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF MARCH /2023 OI: 597 CONTRACTS HAVING LOST 150 CONTRACT(S).
WE HAD 271 NOTICES FILED ON THURSDAY SO GAINED 121 CONTRACTS OR AN ADDITIONAL 605,000 OZ WILL STAND AT THE COMEX
APRIL SAW A LOSS OF 4 CONTRACTS TO STAND AT 829
MAY SAW A GAIN OF 1839 CONTRACTS UP TO 114,996.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 349 for 1.745 MILLION oz
Comex volumes// est. volume today 85,597 strong
Comex volume: confirmed yesterday 93,472 very strong
To calculate the number of silver ounces that will stand for delivery in MARCH. we take the total number of notices filed for the month so far at 4924 x 5,000 oz = 24,620,000 oz
to which we add the difference between the open interest for the front month of MARCH. (597) and the number of notices served upon today 349 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MARCH/2024 contract month: 4924 (notices served so far) x 5000 oz + OI for the front month of MARCH. (597) – number of notices served upon today (349 )x 500 oz of silver standing for the MARCH contract month equates to 25.860 MILLION OZ.
New total standing: 25.860 million oz.
There are 50.025 million oz of registered silver.
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//
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
MARCH 8 WITH GOLD UP $21.05 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.87 TONNES OF GOLD OUT OF THE GLD AFTER 7 CONSECUTIVE GOLD PRICE RISES//INVENTORY RESTS AT 816.57 TONNES
MARCH 7 WITH GOLD UP $7.20 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4,20 TONNES OF GOLD OUT OF THE GLD//INVENTORY RESTS AT 817.44 TONNES
MARCH 6 WITH GOLD UP $17.20 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.30 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 821.47 TONNES
MARCH 5 WITH GOLD UP $16.55 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.30 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 821.47 TONNES
MARCH 4 WITH GOLD UP $30.55 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .86 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 823.77 TONNES
MARCH 1 WITH GOLD UP $40.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 822.91 TONNES
FEB29/WITH GOLD UP $12.60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD//WITHDRAWAL OF 4.03 TONNES INVENTORY RESTS AT 822.91 TONNES
FEB28/WITH GOLD DOWN $1.00 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD INVENTORY RESTS AT 826.94 TONNES
FEB27/WITH GOLD UP $4.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD:/INVENTORY RESTS AT 826.94 TONNES
FEB26/WITH GOLD DOWN $8.90 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 827.81 TONNES
FEB23/WITH GOLD UP $17 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD.//INVENTORY RESTS AT 827.81 TONNES
FEB22/WITH GOLD DOWN $2.15 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD://INVENTORY RESTS AT 829.82 TONNES
FEB21/WITH GOLD DOWN $5.30 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.59 TONNES OF GOLD OUT OF THE GLD///INVENTORY RESTS AT 29.82 TONNES
FEB20/WITH GOLD UP $16.15 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 0.58 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 837.89 TONNES
FEB16/WITH GOLD UP $8,60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD///INVENTORY RESTS AT 837.31 TONNES
FEB15/WITH GOLD UP $11.70 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB14/WITH GOLD DOWN $2.75 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB13/WITH GOLD DOWN $20.15 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/INVENTORY RESTS AT 841.92 TONNES
FEB12/WITH GOLD DOWN $4.80 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG WITHDRAWAL OF 1.74 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 841.92 TONNES
FEB9/WITH GOLD DOWN $8.60 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG DEPOSIT OF 1.44 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 843.66 TONNES
FEB8/WITH GOLD DOWN $2.70 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 5.47 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 842.22 TONNES:
FEB7/WITH GOLD UP $0.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 4.04 TONNES OF GOLD FROM THE GLD. / //://INVENTORY RESTS AT 847.69 TONNES:
FEB6/WITH GOLD UP $8.50 TODAY NO CHANGES IN GOLD INVENTORY AT THE GLD:/ / //://INVENTORY RESTS AT 851.73 TONNES:
FEB5/WITH GOLD DOWN $9.85 TODAY SMALL CHANGES IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF .58 TONNES OF GOLD INTO THE GLD// / //://INVENTORY RESTS AT 851.73 TONNES:
FEB 2/WITH GOLD DOWN $17.95 TODAY SMALL CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF .58 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 851.15 TONNES:
FEB 1/WITH GOLD UP $5.00 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.73 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 851.15 TONNES:
JAN 31/WITH GOLD UP $16.40 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 2.01 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 852.88 TONNES:
JAN 30/WITH GOLD UP $6.50 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 1.16 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 854.89 TONNES:
TOTAL IN LAST 18 DAYS WITHDRAWAL OF 14.12 TONNES
JAN 29/WITH GOLD UP $8.70 TODAY HUGE CHANGES IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF 2.88 TONNES OF GOLD FROM THE GLD// / //://INVENTORY RESTS AT 856.05 TONNES
JAN 26/WITH GOLD DOWN $0.10 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES
JAN 25/WITH GOLD UP $2.50 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES
JAN 24/WITH GOLD DOWN $9.75 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD: / //://INVENTORY RESTS AT 858.93 TONNES
JAN 23/WITH GOLD UP $3.95 TODAY:HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.02 TONNES OF GOLD FROM THE GLD/ //://INVENTORY RESTS AT 858.93 TONNES
GLD INVENTORY: 816.57 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MARCH 8/WITH SILVER DOWN 5 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 4.299 MILLION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 420.519 MILLION OZ…SUCH A MASSIVE FRAUD!
MARCH 7/WITH SILVER UP 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 4.665 MILLION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 424.818 MILLION OZ…SUCH A MASSIVE FRAUD!
MARCH 6/WITH SILVER UP 52 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 2.378 MILLION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 427,105 MILLION OZ
MARCH 5/WITH SILVER DOWN 2 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 1.499 MILL;ION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 429.483 MILLION OZ
MARCH 4/WITH SILVER UP CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // : SLV INVENTORY RESTS AT 430.982 MILLION OZ
MARCH 1/WITH SILVER UP 49 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: // : SLV INVENTORY RESTS AT 430.982 MILLION OZ
FEB 29/WITH SILVER UP 25 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.104 MILLION OZ OUT OF THE SLV//// : SLV INVENTORY RESTS AT 430/982 MILLION OZ
FEB 28/WITH SILVER DOWN 7 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 5.123 MILLION OZ INTO THE SLV//// : SLV INVENTORY RESTS AT 433.086 MILLION OZ
FEB 27/WITH SILVER UP 3 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.64 MILLION OZ FROM THE SLV//// : SLV INVENTORY RESTS AT 427.943 MILLION OZ
FEB 26/WITH SILVER DOWN 44 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.065 MILLION OZ FROM THE SLV//// : SLV INVENTORY RESTS AT 428.603 MILLION OZ
FEB 23/WITH SILVER DOWN 44 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.065 MILLION OZ FROM THE SLV//// : SLV INVENTORY RESTS AT 428.603 MILLION OZ
FEB 22/WITH SILVER DOWN 10 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV
// : SLV INVENTORY RESTS AT 432.766 MILLION OZ
FEB 21/WITH SILVER DOWN 28 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 2.348 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 432.766 MILLION OZ
FEB 20/WITH SILVER DOWN 33 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 3.385 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 435.008 MILLION OZ
FEB 16/WITH SILVER UP 53 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.235 MILLION OZ OF SILVER FROM THE SLV// : SLV INVENTORY RESTS AT 438.393 MILLION OZ
FEB 15/WITH SILVER UP 56 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV : SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 14/WITH SILVER UP 24 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV : SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 13/WITH SILVER DOWN 60 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV A SMALL WITHDRAWAL OF 0.504 MILLION OZ OZ OUT OF THE SLV: SLV INVENTORY RESTS AT 437.615 MILLION OZ
FEB 12/WITH SILVER UP 14 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 1.921 MILLION OZ OZ OUT OF THE SLV: SLV INVENTORY RESTS AT 438.119 MILLION OZ
FEB 9/WITH SILVER DOWN 4 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV A SMALL DEPOSIT OF 600,000 OZ INTO THE SLV: SLV INVENTORY RESTS AT 440.040 MILLION OZ
FEB 8/WITH SILVER UP 29 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: SLV INVENTORY RESTS AT 439.994 MILLION OZ
FEB 7/WITH SILVER DOWN 18 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 4.04 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 439.994 MILLION OZ//LAST 9 DAYS: 10.7598 MILLION OZ WITHDRAWAL
FEB 6/WITH SILVER UP 11 CENTS TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: /INVENTORY RESTS AT 435.144 MILLION OZ//LAST 9 DAYS: 10.7598 MILLION OZ WITHDRAWAL
FEB 5/WITH SILVER DOWN 32 CENTS TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.345 MILLION OZ FROM THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 435.144 MILLION OZ//LAST 8 DAYS: 10.7598 MILLION OZ WITHDRAWAL
FEB 2/WITH SILVER DOWN 50 CENTS TODAY SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.58 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 438.489 MILLION OZ//LAST 7 DAYS: 14.105 MILLION OZ WITHDRAWAL
FEB 1/WITH SILVER UP 7 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.19 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 438.947 MILLION OZ//LAST 6 DAYS: 10.3018 MILLION OZ WITHDRAWAL
JAN 31/WITH SILVER DOWN 8 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.7438 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 440.137 MILLION OZ//LAST 5 DAYS: 9.1118 MILLION OZ WITHDRAWAL
JAN 30/WITH SILVER DOWN 5 CENTS TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.876 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 442.699 MILLION OZ//LAST 4 DAYS: 7.368 MILLION OZ WITHDRAWAL
JAN 29/WITH SILVER UP $.37 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.105 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 444.575 MILLION OZ
JAN 26/WITH SILVER DOWN $0.03 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.556 MILLION OZ INTO THE SLV(FAIRY TALES) // /INVENTORY RESTS AT 446.680 MILLION OZ
JAN 25/WITH SILVER UP $0.03 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.831 MILLION OZ INTO THE SLV(FAIRY TALES) // /NVENTORY RESTS AT 448.236 MILLION OZ
JAN 24/WITH SILVER UP $0.44 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: ANOTHER DEPOSIT OF 1.375 MILLION OZ INTO THE SLV(FAIRY TALES) // //INVENTORY RESTS AT 450.067 MILLION OZ
JAN 23/WITH SILVER UP $0.21 TODAY MEGA CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 16.201 MILLION OZ INTO THE SLV(FAIRY TALES) // //INVENTORY RESTS AT 448.694 MILLION OZ
JAN 22/WITH SILVER DOWN $0.45 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 458,000 OZ OUT OF THE SLV // //INVENTORY RESTS AT 432.493 MILLION OZ
JAN 19/WITH SILVER DOWN $0.11 TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 458,000 OZ OUT OF THE SLV // //INVENTORY RESTS AT 432.493 MILLION OZ
JAN 18/WITH SILVER UP $0.13 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 432.951 MILLION OZ
JAN 17/WITH SILVER DOWN $0.38 TODAY HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 779,000 OZ FROM THE SLV.: // //INVENTORY RESTS AT 433.500 MILLION OZ
JAN 16/WITH SILVER DOWN $0.08 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 433.500 MILLION OZ
JAN 12/WITH SILVER UP $0.62 TODAY NO CHANGES IN SILVER INVENTORY AT THE SLV: // //INVENTORY RESTS AT 433.500 MILLION OZ
CLOSING INVENTORY 420.519 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
What Dollarization Says About Returning To The Gold Standard
FRIDAY, MAR 08, 2024 – 02:30 PM
Everyone’s heard of Javier Milei, the new president of Argentina, called by Fox News the world’s first libertarian president. He has been in the news for his denunciation of leftism, Marxism, and the sprawling bureaucracy that has trapped Argentina in debt. He’s also taken aim at run-away inflation in Argentina. Inflation in the last year was over 200% in Argentina, a rate that the United States hasn’t reached, even with Biden-levels of inflation.
But what might surprise some, given Milei’s libertarian leanings, is that he promised to get his country to use the American dollar. Why and what does it say about the future of fiat currency?
The use of the American dollar by foreign countries in place of their own is called currency substitution or dollarization. There are different reasons why a country might want to abandon its sovereign currency for the currency of the United States. Some of the countries that use the American dollar are small island nations or territories like the Virgin Islands, Turks and Caicos Islands, or Micronesia. These islands depend heavily on American tourists or American military spending to keep their economies afloat. The use of the dollar is a way to appeal to their most important economic partners as well as a way to reduce transaction costs and make transactions more convenient. But Argentina is a major country, it trades with America of course, but its economy is larger and more diverse than those island states.
Argentina, or at least Milei and his supporters, want to switch to the dollar because Argentina’s currency, the Argentinian peso, has been run into the ground by constant government overspending and essentially printing money to cover the costs of government programs that are oversized relative to Argentina’s economy. According to Stephen Matteo Miller of the Mercatus Center, Argentina has already experienced unofficial dollarization, with individual citizens of Argentina holding onto dollars or dollar-denominated assets because while the American dollar is constantly devalued by inflation it is devalued at a slower rate than the peso. Thus, dollarization would make official what rational Argentinians are already doing.
Milei has run into some setbacks with the dollarization part of the agenda and he is now claiming it’s part of a long-term agenda that will follow dramatic cuts to government spending. If Argentina dollarizes, in theory, it would benefit from “only” having to deal with American-level inflation instead of Argentina-level inflation. It would also help keep government spending under control- Argentina would not be able to run huge deficits and offset its spending by printing more dollars, only the United States can produce dollars. The strength of the currency that Argentinians use wouldn’t be undermined by Argentinian fiscal irresponsibility.
What about the situation for ordinary Americans? The Biden administration, even more so than typical politicians, has gone on a relentless spending spree, taking the federal debt to new heights and unsurprisingly we have seen high inflation to go along with it. The higher the debt, the more likely it is that the government will print money to pay it off. This fear causes inflation to rise, even before the government actually does it.
Argentina can turn to the United States for a source of a more stable and reliable fiat currency. But for the United States, there is nowhere to turn. There is no larger economy. The problems that the United States faces with its fiat currency are shared around the world. Fiat currency is constantly devalued and the existence of fiat currency makes government overspending easy. Another fiat currency will never save the United States from dangerous levels of inflation.
What could? Maybe gold. Gold can’t be printed by the government. A nation on the gold standard couldn’t spend without limit- its ability to repay debts would be limited by its store of gold and what investors thought of its long-run sustainability. A switch to hard money could be a solution to American inflation. Would it have to be gold?
In theory, gold isn’t unique. Some other assets or commodities could back a currency. But in practice, only gold (and maybe silver), have the historic, cultural role of serving as money and scarcity, fungibility, and other useful traits to serve as a currency.
Will the United States return to precious metals? Maybe. But if it does it probably won’t do so instantaneously. Instead, it would follow the path of Argentina. The unofficial use of gold and silver as money and as a store of value would spike first, far before any official adoption. A fact worth keeping in mind when considering investment options.
end
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/ SIMON WHITE..//ALASDAIR MACLEOD…
END
3. CHRIS POWELL//
This is just official gold. Total gold held by China: probably around 40,000 tonnes
(Bloomberg)
China splurges on gold for a 16th month as price hits record
Submitted by admin on Thu, 2024-03-07 21:58 Section: Daily Dispatches
By Sybilla Gross
Bloomberg News
Thursday, March 7, 2024
China’s central bank added gold to its reserves for a 16th straight month in February, extending a long buying spree that’s helped to support the precious metal’s surge to a record high.
Bullion held by the People’s Bank of China rose by about 390,000 troy ounces last month, according to official data released today. That takes total holdings to 72.58 million troy ounces, equivalent to about 2,257 tons. …
… For the remainder of the report:
end
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS//LIVE FROM THE VAULT
KINESIS: 163
Episode 163
Posted 8th March 2024
Physical silver buyers gatecrash COMEX vaults
In this week’s episode of Live from the Vault, Andrew Maguire brings an in-depth analysis of the recent price movements in both gold and silver, before diving deep into the increasingly depolarised silver market to expose its vulnerabilities.
The London whistleblower takes listeners through the current bullish setup backed by a thorough analysis that highlights silver’s undervaluation and pervasive manipulation, before closing with an update on the BRICS currency.
end
Spot Gold Price Hits New Record High As ETFs Continue To Contract
FRIDAY, MAR 08, 2024 – 12:55 PM
Spot Gold prices spiked above $2185 this morning on the jobs data – a new record high for the precious metal – dipped back lower… then saw another wave of buying to lift it to another record high at $2195…
Source: Bloomberg
As we detailed previously, in recent years the swing buyers have been ETFs, which hold about 2,500 tonnes of gold. But ETF holdings have been falling even as the dollar price of gold has been rising…
Source: Bloomberg
…and, as Peter Schiff recently noted, the real driving force behind gold’s price increase appears to be foreign central banks, which have been significant buyers of the metal.
This shift towards gold by central banks is seen as a strategic move away from holding U.S. dollars, signaling a broader trend of de-dollarization among global financial institutions.
These developments come at a time when retail interest has been diverted towards more speculative investments like cryptocurrencies, overshadowing traditional safe havens like gold.
However, should retail investors start to show renewed interest, filling that gap would mean ETFs would have to source almost 40mm oz of gold?
With the Fed still poised to cut interest rates as 2024 unfolds, the longer-term outlook is perhaps a more interesting topic, with the forward curve trending toward $2,500/oz…
As Bloomberg’s Jake Lloyd-Smith remarked, there could be more life yet in the barbarous relic, as John Maynard Keynes once called gold.
What is gold pricing in about future Fed action? Real rates dramatically negative? As Luke Gromen noted on X:
“When gold rises in your currency DESPITE positive real rates, the gold market is saying ‘Your government will have a debt spiral if real rates remain positive’.“
With all-time highs for gold, incoming interest rate cuts, and more war on the horizon, 2024-2025 could be the time when the fiat chickens finally come home to roost for good.
Ron Paul recently offered a sliver of hope, imploring freedom lovers not to become too complacent or demoralized to continue the fight:
“We must continue our efforts to reach a critical mass of people with the message of liberty while making plans to ensure our families can take care of themselves when the next crash occurs.”
From the ashes of fiat money, we will have a unique chance to create a new society where sound money policies have a better chance than ever to take political hold – and, slowly but surely, repair the moral fiber of a society destroyed by endless war and overstretched welfare that are only possible with infinite debt to fund them.
end
5 a. IMPORTANT COMMENTARIES ON COMMODITIES /
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP 7.1905
OFFSHORE YUAN: UP TO 7.1996
SHANGHAI CLOSED UP 18.62 PPTS OR 0.62%
HANG SENG CLOSED UP 128.61 PTS OR 0.76%
2. Nikkei closed UP 90.23 PTS OR 0.23%
3. Europe stocks SO FAR: ALL MIXED
USA dollar INDEX DOWN TO 102.68 EURO FALLS TO 1.0936 DOWN 15 BASIS PTS
3b Japan 10 YR bond yield: FALLS TO. +.728 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.03/JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP/ OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN 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 YIELD UP TO +2.2635***/Italian 10 Yr bond yield DOWN to 3.586* /SPAIN 10 YR BOND YIELD DOWN TO 3.080…**
3i Greek 10 year bond yield DOWN TO 3.187
3j Gold at $2167.20 silver at: 24.51 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 1 /100 roubles/dollar; ROUBLE AT 90.60//
3m oil into the 79 dollar handle for WTI and 83 handle for Brent/
3n Higher foreign deposits moving out of China// 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 147.03// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.728% 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 0.8762 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9582 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: 4.074 DOWN 2 BASIS PTS…
USA 30 YR BOND YIELD: 4.235 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.494 DOWN 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 31.95…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 3 BASIS PTS AT 4.002
end
2.a Overnight: Newsquawk and Zero hedge
Futures Dip Ahead Of Jobs Report, Gold At New All Time High
FRIDAY, MAR 08, 2024 – 08:26 AM
US stock-index futures reversed earlier gains and traded near session lows before the release of the February jobs report at 830am (consensus expects a 200k print, a slowdown from last month’s 353k print: see full preview here) and after Fed Chair Jerome Powell indicated the central bank is getting close to the confidence it needs to cut interest rates. S&P 500 futures were down 0.2%, while Nasdaq 100 and Dow Jones futures were down 0.3% at 8:00am ET, reversing earlier gains of as much as 0.2%. Powell said Thursday the Fed will “begin to dial back”rates once it’s confident inflation is moving sustainably at 2%. 10-year yields slid to a one-month low 4.07%, and the dollar skidded for the sixth straight day after the yen surged following a Reuters report the BOJ may hike as soon as this month. Across Europe, bond yields dropped and the euro slipped, after the ECB lowered its inflation forecast, indicating monetary easing could begin in June, a view more rate-setters backed on Friday. Commodities are mixed with Energy flat, metals higher, and Ags mixed. NFP is today’s macro data focal point. Fed’s Williams speaks later but mkt remains focused on Powell’s comment of “not far” from having confidence to cut rates.
In pre market trading, both AVGO and MRVL traded down after reporting disappointing earnings; they are trading -2.4% and -5.9% pre-mkt but NVDA is +3.2% pre-market, taking its market cap increase this year to more than $1 trillion as demand for AI chips shows no signs of letting up. The stock on track to rise for a seventh consecutive session, its longest winning streak since November. The world’s most valuable semiconductor maker is valued at about $2.32 trillion and is inching closer to Apple’s $2.61 trillion market cap and MSFT’s $3.04 trillion.
The balance of the Mag7 are higher ex-MSFT. Consumer earnings were positive, led by COST and GPS but COST appears to be a sell the news event; stocks are+7.4% and -5.0% pre-mkt, respectively. Here are some other notable premarket movers:
- AerSale sinks 20% after the aircraft engineering company reported revenue and adjusted profit for the fourth quarter that trailed estimates.
- Amylyx Pharmaceuticals tumbles 80% after the company said the AMX0035 PHOENIX study missed endpoints.
- Broadcom slips 1.8% after the chipmaker reported semiconductor solutions revenue that missed the average of analysts’ estimates
- Carvana rises 5% as RBC issued an upgrade and doubled the price target to a Street-high $90.
- Costco drops 4.1% after the warehouse club chain reported second-quarter revenue and gross margin that didn’t meet consensus expectations. Citigroup said it’s hard to see catalysts that can drive Costco’s shares higher.
- DocuSign rises 8.6% after the e-signature company reported fourth-quarter results that beat expectations and gave an outlook that is seen as strong.
- Domo falls 12% as the application software company’s outlook pointed to ongoing growth pressures.
- Eli Lilly & Co. slips less than 1% as the company’s Alzheimer’s disease drug donanemab faces further delays in gaining approval
- Biogen gains 3.7%; Biogen markets Leqembi with partner Eisai, which received FDA approval to treat Alzheimer’s in July
- Funko jumps 7% after the maker of bobble-head dolls reported fourth-quarter profit and sales that came in ahead of estimates.
- Gap advances 8% after the clothing retailer reported fourth-quarter EPS that topped consensus expectations. Jefferies highlighted the continued improvement in results at Gap’s namesake brand and Old Navy.
- Marvell Technology slips 5.6% after the chipmaker gave a first-quarter forecast that was weaker than expected. Analysts note that AI was unable to offset weakness in other parts of the business.
- MongoDB drops 8.8% after the database software company gave a full-year forecast that was much weaker than expected.
- Porch Group rises 22% after the home services software company reported revenue for the fourth quarter that beat the average analyst estimate.
- Samsara jumps 14% after the application software company’s full-year forecast topped analyst estimates.
How markets move from here will likely be determined by US employment data, with the consensus forecasting that 200,000 new jobs were created last month, well down from January’s 353,000. The crowd-sourced whisper number is 215k. Hourly wage growth is also expected to slow (full preview here).
“If we get a very robust number, the bond market looks vulnerable,” said Charles Diebel, a macro advisor to Mediolanum International Funds. “It may also start challenging risk assets’ performance, which is based on expectations that interest rates and bond yields will fall.”
Elsewhere, late on Thursday Joe Biden delivered the State of the Union Address in which he stated they will work to rebuild the economy and that unemployment is at a 50-year low, Biden said he is seeking to make healthcare tax credit permanent, while he added that Americans pay more than anywhere else in the world on prescription drugs and he is ending this.
European stocks were also in the green, with the Stoxx 600 up 0.2% and set to log a seventh consecutive week of gains. The financial services subindex leads gains, led by UBS, which rises to a 16-year high on a Morgan Stanley upgrade; energy names also gained. Among individual stock movers in Europe, HelloFresh SE plunged by a record 48% after the meal-kit firm said it no longer expects to achieve previously provided 2025 goals. DS Smith Plc climbed almost 8% after Mondi Plc agreed to buy the company for £5.1 billion ($6.5 billion) to create one of the largest makers of packaging. Here are some of the biggest movers Friday:
- UBS gains as much as 4.8% after being raised to overweight at Morgan Stanley, predicting a strong comeback for the investment banking pipeline will spur long-term structural upside for the bank
- Grifols rallies as much as 26% from near 12-year lows after the company filed annual consolidated accounts with an unqualified opinion from auditor KPMG
- Maire shares rise as much 6.7% in Milan after Algerian state energy company Sonatrach awarded the Italian company a $1.1b contract for a linear-alkyl-benzene plant
- DS Smith gains as much as 7.6% to 350p after Mondi agreed to buy the company for £5.1 billion in an all-share deal that would create one of the world’s largest makers of packaging
- Informa rises as much as 2.4%, after the publishing firm’s earnings. Raised guidance, overshoot on revenue and larger-than-expected buyback in 2024 were highlights, according to analysts
- Mattioli Woods soars as much as 32% after Pollen Street Capital’s deal valuing the company at about £432m; Deal represents a premium of about 34% to Mattioli Woods’ March 7 closing price
- HelloFresh plunges by a record 48% after the meal-kit firm said it no longer expects to achieve previously provided 2025 goals, while setting 2024 profit target well below analyst expectations
- Suess MicroTec falls as much as 7% as Hauck & Aufhaeuser downgraded the German semiconductor company to hold, noting a mismatch in valuations and Ebit margins
Earlier in the session, Asian stocks rose, on track to cap a seventh-straight week of gains, as technology shares rallied again on dovish signals from the US central bank as well as ongoing optimism about artificial intelligence. The MSCI Asia Pacific Index advanced as much as 1%, extending its weekly gain to about 2% and set for its longest weekly win streak in more than three years. Tech harware shares were the biggest boosts to the regional gauge, with TSMC rallying for a fifth day. Most markets gained, with Hong Kong, South Korea and Japan among the leaders. India was closed for a holiday.
In FX, the Bloomberg Dollar Index is down 0.1%. The Japanese yen raced to the top of the G-10 FX leader board, rising 0.8% versus the greenback after Reuters reported the Bank of Japan are leaning toward exiting negative rates in March. The weaker dollar also helped the pound scale a seven-month high.
In rates, treasury yields dropped to a one-month low with price gains led by belly, extending Thursday’s sharp steepening move in the 5s30s spread ahead of February jobs report. Treasury yields richer by 1bp to 2bp across the curve with belly-led gains steepening 5s30s by 1bp on the day, after the spread ended Thursday wider by almost 5bp. US 10-year yields around 4.07% with bunds outperforming by 2.5bp in the sector. German government bonds have gained as several European Central Bank policymakers suggested an April interest rate hike should not be completely ruled out. A crucial gauge of wages in the euro zone also slowed at the end of last year. German two-year yields fall 6bps to 2.78%. According to BBG, the IG dollar issuance slate is empty so far with no offerings expected; six companies priced $7b Thursday, sealing third straight weekly total over $50b.
In commodities, oil prices are little changed, with WTI trading near $79. Gold surged above $2,160 an ounce, rising for an eighth day. The precious metal could rise to $2,300 in the next six to 12 months, analysts at Citigroup Inc. predicted.
“Macro and rates aside, we are seeing massive buying by China, not only at central bank level, but also from a wholesale level, with demand flows for January and February being the most on record,” Ned Naylor-Leyland at Jupiter Asset Management said in a note.
Bitcoin took a breather and holds just above $67k while Ethereum continues to advance as it closes in on USD 4k.
Looking to the day ahead, the main data highlight will be the US jobs report for February. Otherwise, there’s the German and Italian PPI readings for February. From central banks, we’ll hear from the Fed’s Williams and the ECB’s Simkus and Holzmann.
Market Snapshot
- S&P 500 futures up 0.1% to 5,167.25
- STOXX Europe 600 up 0.2% to 504.07
- MXAP up 1.1% to 177.85
- MXAPJ up 1.2% to 538.05
- Nikkei up 0.2% to 39,688.94
- Topix up 0.3% to 2,726.80
- Hang Seng Index up 0.8% to 16,353.39
- Shanghai Composite up 0.6% to 3,046.02
- Sensex little changed at 74,119.39
- Australia S&P/ASX 200 up 1.1% to 7,846.98
- Kospi up 1.2% to 2,680.35
- German 10Y yield little changed at 2.27%
- Euro down 0.1% to $1.0932
- Brent Futures up 0.6% to $83.43/bbl
- Gold spot up 0.3% to $2,167.50
- US Dollar Index little changed at 102.79
Top Overnight News
- Japanese corporate wages are set to jump as annual negotiations w/unions wrap up on March 13, paving the way for the BOJ to eliminate neg. yields by April. RTRS
- A growing number of Bank of Japan policymakers are warming to the idea of ending negative interest rates this month on expectations that this year’s annual wage negotiations will yield strong results. RTRS
- China’s auto sales in Feb crashed 21% Y/Y and 46% M/M, although a sharp rebound in sales and production was forecast for this month. WSJ
- For American tech companies in China, the writing is on the wall. It’s also on paper, in Document 79. The 2022 Chinese government directive expands a drive that is muscling U.S. technology out of the country—an effort some refer to as “Delete A,” for Delete America. WSJ
- Huawei and its partner SMIC relied on US technology to produce an advanced 7-nanometer chip last year, people familiar said. The revelation underscores the fact that China still can’t entirely replace foreign components and equipment. Separately, China is raising more than $27 billion for its largest chip fund to counter US curbs. BBG
- Momentum built for a June ECB rate cut as policymakers echoed that prospect, with a few — such as Francois Villeroy — even suggesting a swifter move in April shouldn’t be completely ruled out. But officials won’t necessarily lower rates at every meeting once the cuts start, Martins Kazaks cautioned. BBG
- Joe Biden targeted Donald Trump in his State of the Union address without mentioning his rival by name. He laid out the makings of a reelection platform including plans to raise taxes on the wealthy and corporations. Biden also sought to portray his age as an asset, going out of his way to appear energetic. BBG
- Saudi Arabia has transferred a $163bn stake in national oil group Aramco to its sovereign wealth fund as the once conservative state investment group seeks to grow its assets to fund projects to modernize the economy. The transfer of 8 per cent of Aramco to the Public Investment Fund is the third time in the past two years the government has increased the sovereign wealth fund’s stake in the world’s largest oil producer. FT
- Concentration within the US equity market has surged to a multi-decade high. The 10 largest US stocks now account for 33% of S&P 500 market cap and 25% of S&P 500 earnings. GIR
A more detailed look at global markets courtesy of Newsquawk
APAC stocks took impetus from the fresh record levels on Wall Street amid dovish tailwinds. ASX 200 printed a fresh record high as the top-weighted financial industry led the gains seen in most sectors. Nikkei 225 initially approached just shy of 40,000 but with gains capped after disappointing Household Spending. Hang Seng and Shanghai Comp. were somewhat varied as the Hong Kong benchmark conformed to the upbeat mood, while the mainland was less decisive amid lingering tech-related frictions between the US and China.
Top Asian News
- China NPC Standing Committee said it will formulate a financial stability law, a law on rural collective economic organizations, a value-added tax law and a private sector promotion law, while it will revise the mineral resources law, enterprise bankruptcy law, unfair competition law, accounting law, public bidding law, the statistics law, and civil aviation law. Elsewhere, Hong Kong’s government issued a draft of a new national security law which includes state secrets, espionage, and foreign interference, according to Reuters.
- US lawmakers advanced a bill on Thursday that would ban TikTok in the US unless it cuts ties with its Chinese parent ByteDance within six months, while House Majority Leader Scalise said the House will vote next week on the TikTok crackdown.
- Three US Senators urge President Biden to hike tariffs on Chinese imported autos saying they could endanger American automotive manufacturing, according to a letter.
- China is raising a USD 27bln chip fund in order to counter mounting US restrictions, according to Bloomberg
European bourses, Stoxx600 (+0.2%) are mixed and trade has been contained within recent ranges, as the US NFP at 13:30 GMT / 08:30 ET remains in focus. European sectors are mixed; Financial Services takes the top spot, led higher by UBS (+4.1%), which benefits from a broker upgrade at Morgan Stanley. Energy is also higher, benefitting from broader strength in the crude complex. Telecoms is found near the bottom of the pile. US Equity Futures (ES +0.1%, NQ U/C, RTY +0.2%) are modestly firmer, and with trade fairly rangebound as traders await the US NFP report at 13:30 GMT / 08:30 ET. In terms of stock specifics, TSMC (+3.5%) benefits after reporting that its revenue rose 11.3% Y/Y.
Top European News
- Vivendi Advances Plan to Split Media Conglomerate in Four
- CPP to Acquire 17.5% Stake in NetCo From Telecom Italia
- Just Group Rises on Dividend Boost, ‘Record Low’ Business Strain
- Grifols Shares Jump as Auditor Greenlights Its Annual Accounts
- ECB’s Simkus Says Interest-Rate Cuts May Begin in June
- Zelenskiy Travels to Turkey in Bid to Shore Up Defense Support
- HelloFresh Slumps Most Ever After Meal-Kit Maker Scraps Target
- Klarna’s CEO Looks to Google for ‘Perfect’ Listing Blueprint
- BE Semiconductor Volume Jumps to More Than Five Times Average
FX
- DXY is flat as losses in EUR offset gains in JPY. The range for the session is 102.69-90 with NFP set to be the main driver for the USD. A soft release could see the DXY move closer to 102; a level not breached since 5th Jan.
- EUR is the only currency across the majors on the backfoot vs. the USD with ECB speakers out in full force and guiding markets towards a June cut. The pair is potentially showing some fatigue after venturing as high as 1.0955 with traders mindful of NFP later which will likely act as the main catalyst for the pair today.
- JPY has continued to extend on its weekly gains vs. the USD as markets increasingly position for a more hawkish BoJ amid reporting that the BoJ is to review its YCC programme and “leaning toward” ending negative rates in March. USD/JPY now down as low as 146.89; a soft NFP print could see the 200DMA come into view at 146.17.
- Antipodeans are both firmer vs. the USD with AUD marginally more so. AUD’s climb this week has seen it rise from 0.6477 base to a current peak of 0.6644 after taking out its 10, 21, 50, 100 and 200DMAs.
- PBoC set USD/CNY mid-point at 7.0978 vs exp. 7.1863 (prev. 7.1002).
BOJ
- BoJ considers new quantitative monetary policy framework, via JiJi; would show the outlook of JGB buying amount.
- BoJ is to reportedly review Yield Curve Control as it considers new quantitative policy framework, according to JiJi.
- BoJ leaning towards ending negative rates in March and key determinant will be outcome of March 13 wage talks, via Reuters citing sources.
- BoJ is reportedly mulling buying nearly 6tln of JGBs under new quantitative policy framework, according to JiJi.
ECB
- ECB’s Villeroy says an ECB rate cut is “very likely” in Spring, describes Spring as April-June 21st. More and more confident on inflation. Need to avoid haste on rates and avoid acting too late. Timing for cuts remains a minor issue, there is a large consensus that risks are in balance and a rate cut will come. French economic growth will surpass the European average.
- ECB’s Kazaks says they could take pauses on the rate-cutting journey, via Bloomberg; wage growth appears to be easing somewhat. Rate cut bets are more consistent with the baseline. How much easing occurs this year is data dependent. ECB will not be on autopilot once reductions commence.
- ECB’s Muller says they need more confidence on prices prior to conducting rate cuts, via Bloomberg. Optimism is returning to the EZ.
- ECB’s Rehn says a faster than expected slowdown in inflation is good news. Risks of a premature rate cut have substantially decreased; matter of cuts will be reviewed in April and June.
- ECB’s Simkus says there are all conditions to move to a less restrictive monetary policy; a cut in June is “very likely”; a cut in April cannot be ruled out but probability is low.
- ECB’s Holzmann says rate change may be in preparation.
- ECB’s Vasle reiterates current level of interest, if held long enough will get inflation to target.
- ECB’s Nagel sees a rising chance of a rate cut before policymakers’ break for summer, although this will be data-dependent, but the prospects have brightened, according to Bloomberg.
Fixed Income
- Bunds are bid, after stronger than expected German Industrial Orders and a slew of ECB speakers which are on the dovish-side/echo-Lagarde overall and increasing the focus on June while a handful have not entirely dismissed April. Bunds printed a session high at 133.84 and is yet to surpass its WTD high at 133.96.
- USTs have been moving in tandem with EGBs with fleeting pressure on the latest BoJ sources piece via JiJi/Reuters but action overall is relatively contained into the US NFP report.
- Gilts are the incremental outperformer despite a lack of specific newsflow. Action which has taken Gilts to within a handful of ticks of the WTD peak and around 50 ticks above post-Budget levels. Currently around 99.80 and higher by 39 ticks thus far.
Commodities
- Crude is now lower after spending much of the session in the green despite a lack of fresh headlines this morning and a rather tentative risk profile ahead of the US jobs report. Brent Apr sits around USD 83.00/bbl after making peaks at USD 83.84/bbl earlier.
- Precious metals are in the green despite a steady Dollar this morning, with some possible tailwinds from heightened geopolitics as the Israeli incursion into Rafah looms if no ceasefire deal is reached. XAU topped yesterday’s USD 2,164.80/oz high and rose to a fresh ATH of USD 2,168.79/oz this morning.
- Base metals are higher the board amid the recent tailwinds seen on Wall Street and then APAC, with dovish rhetoric from Western G10 central banks keeping the complex propped up.
- Shanghai Warehouse Stocks: Copper +24.7k/T, +11.5%; Zinc +11k/T, +11.3%; Lead +9.9k/T, +18.8%
Geopolitics: Middle East
- US President Biden announced that the US military will construct a port in Gaza to allow more humanitarian aid to arrive and confirmed there will be no troops on the ground while a senior official earlier stated that the port is to allow Gaza humanitarian aid deliveries and will take weeks to complete, while troops to remain on vessels offshore.
- Two civilians reportedly killed in a Turkish airstrike in the Duhok province of northern Iraq, via Reuters citing sources.
- “Iranian presidential aide: If Kuwait decides to extract oil and gas from the Durra field, we will do the same”, according to Al Arabiya
Geopolitics: Other
- US President Biden stated during the State of the Union Address that they are facing an unprecedented moment and he assures that Russian President Putin will not stop at Ukraine, while he added they can stop Putin by helping Ukraine with weapons and his message to Putin is that they will not walk away and will not bow down.
- North Korean leader Kim Jong-Un guided an artillery firing drill on Thursday, according to KCNA.
US Event Calendar
- 08:30: Feb. Change in Nonfarm Payrolls, est. 200,000, prior 353,000
- 08:30: Feb. Change in Manufact. Payrolls, est. 7,000, prior 23,000
- 08:30: Feb. Change in Private Payrolls, est. 165,000, prior 317,000
- 08:30: Feb. Unemployment Rate, est. 3.7%, prior 3.7%
- 08:30: Feb. Underemployment Rate, prior 7.2%
- 08:30: Feb. Labor Force Participation Rate, est. 62.6%, prior 62.5%
- 08:30: Feb. Average Weekly Hours All Emplo, est. 34.3, prior 34.1
- 08:30: Feb. Average Hourly Earnings MoM, est. 0.2%, prior 0.6%
- 08:30: Feb. Average Hourly Earnings YoY, est. 4.3%, prior 4.5%
DB’s Jim Reid concludes the overnight wrap
As you read this, I’ll be embarking on my first business trip to Australia for a decade before a brief run through Asia. My memories of this trip in the years gone by is turning up to meetings on Monday morning in Sydney having not slept at all on Sunday night and feeling absolutely awful due to a combination of tiredness and being on a caffeine drip. If there’s a silver lining, the era- and season-defining Liverpool vs Man City game kicks off at 2.45am Sydney time on Monday morning. So I’ll have something to keep me company as I can’t sleep.
As I take off, wondering how I’m going to fill the next 24 hours, welcome to yet another payrolls Friday. I’ll be viewing it on the plane WiFi somewhere around Iraq by my calculations. Ahead of this, markets continued to advance yesterday, with investors growing more hopeful about the prospect of rate cuts this year, particularly after the ECB’s decision leant in a dovish direction. That helped equities climb on both sides of the Atlantic, with the S&P 500 (+1.03%) up to another record high and moving back into positive territory for the week. In fact, if the S&P can hold those gains today, then that would mean it’s recorded 17 out of 19 weekly gains for the first time since 1964. So we’re on the brink of a major milestone, with little seemingly able to knock markets from their gains at the moment.
That ECB decision was a big catalyst for the rally, since although it left rates unchanged, several aspects suggested the window for rate cuts was coming into view. For instance, its latest inflation projections were revised downwards, with headline inflation seen at 2.3% this year, 2.0% in 2025, and 1.9% in 2026, while core inflation is expected at 2.6% this year, 2.1% in 2025 and 2.0% in 2026. So in a couple of years the ECB is pointing to core being back at target and headline being slightly underneath. Alongside that, the near-term growth forecast was revised down, with 2024 lowered by two-tenths from December to 0.6%. In President Lagarde’s comments, there was also something of a steer towards June, saying that “We will know a little more in April, but we will know a lot more in June”. Our European economists continue to see June as the likely starting point for cuts, while noting that Lagarde’s tone gave the impression that the ECB wants to move slowly through the easing cycle. See their full reaction here.
In turn, that meant investors dialled back the prospect of an April cut, which now stands at just 14%, whereas the prospect of a cut by June was largely stable at 92%. So there’s a pretty solid conviction that June is now most likely, and that’s the same month that markets are expecting the Fed’s first rate cuts as well, with a cut 96% priced by June.
The amount of Fed rate cuts priced in by December rose by +4.5bps to 92.4bps yesterday, helped by some dovish-leaning remarks from Powell. Speaking to the Senate Banking Committee, the Fed chair suggested the FOMC was “not far from” the confidence it needed “to begin to dial back the level of restriction”. Later on, Cleveland Fed President Mester struck a measured tone affirming expectations of rate cuts later this year but saying that “the bigger mistake would be to move rates down too soon or too quickly”.
The central bank news flow was generally very positive for markets, since for much of February, the trend had been to push out the timing of rate cuts, and there was growing speculation that they might not happen at all this yea r. But this week we’ve now seen both the Fed and the ECB signal that they want to dial back their restrictive policy soon, which has led to growing confidence that rate cuts are set to happen as soon as the summer. Clearly we’ve got the US CPI release next week, and we’ve seen inflation narratives shift a lot over the last couple of years, but when it comes to markets, there’s a growing confidence that the soft landing and rate cuts are still firmly on the table.
That backdrop led to another round of all-time highs for equities, with the S&P 500 (+1.03%) reaching another record, and taking its YTD gain above 8%. The advance was a broad-based one, which saw the small-cap Russell 2000 (+0.81%) hit its highest level in almost two years, whilst the Magnificent 7 (+2.46%) had its best day since Nvidia’s earnings a couple of weeks ago. Meanwhile in Europe, the STOXX 600 (+0.99%) closed above the 500 mark for the first time, and there were fresh records for the DAX (+0.71%) and the CAC 40 (+0.77%) as well.
Whilst equities were rallying strongly across the board, the picture was also positive but more mixed on the rates side. In the Euro Area, yields moved lower following the ECB decision, with those on 10yr bunds (-1.5bps), OATs (-2.1bps) and BTPs (-2.5bps) all falling back. Meanwhile, in the UK there was a noticeable flattening in the curve, with the 2yr yield up +4.1bps, and the 10yr gilt yield up +0.6bps, which followed the fiscal easing in the previous day’s budget from the government. Then in the US, there was a bull steepening, with the 2yr yield down -5.3bps to 4.50% and the 10yr down -1.9bps to 4.085%.
The front-end US rates move weighed on the dollar, with the broad dollar index (-0.53%) posting its sharpest decline of the year for the second day in a row. The euro rose to its strongest level against the dollar since mid-January (+0.32% to 1.094), despite initially trading lower during the ECB press conference.
Overnight in Asia, equities are mostly rising across the board with the Hang Seng (+1.38%) leading the gains as I type, with the KOSPI (+1.14%) and the Nikkei (+0.26%) also higher. That strength follows on from growing anticipation yesterday that the Bank of Japan would end their negative interest rate policy as soon as the meeting on March 19. So equities in the west go up on rate cutting expectations whilst in Japan they go up on rate hiking ones!
That meant the Japanese Yen was the strongest-performing G10 currency yesterday (+0.82%), hitting its highest level against the dollar in over a month. Elsewhere in the region, China has seen a couple of negative headlines within the property sector, with several companies seeking restructuring options on their debt. Off the back of this, Chinese equities are currently trading sidewards, with the CSI 300 down -0.05%, and the Shanghai Comp up +0.12%. US futures are fairly flat.
Looking forward, attention will be back on the US today, as the February jobs report is coming out. In terms of what to expect, our US economists are forecasting a +200k increase in nonfarm payrolls, which would keep the unemployment rate at 3.7%. For their full preview and to register for their post-release webinar, see here. The print follows some very strong reports over the last couple of months, and the January print had nonfarm payrolls growing by +353k, the highest in 12 months. The uncertainty is around storms in the survey week and a low response to last month’s survey so the prospects of a big miss or revisions in either direction are higher than normal. Ahead of that, we also got the weekly initial jobless claims yesterday, but that was much as expected, coming in at 217k over the week ending March 2 (vs. 216k expected).
Lastly, the rally in gold (+0.63%) continued over the last 24 hours, which sent the precious metal up to a new record of $2158/oz in nominal terms. It also marked its 7th consecutive daily advance, which is the first time that’s happened since 2021. Bitcoin also edged up yesterday, rising +1.28% by the end of the European session to $67,332, and is currently trading at $67,000 as I type. In a short update, Marion Laboure and Cassidy Ainsworth-Grace explain five reasons why Bitcoin reached a record high and why they expect prices to continue to go even higher this year. See here for the report.
To the day ahead now, and the main data highlight will be the US jobs report for February. Otherwise, there’s the German and Italian PPI readings for February. From central banks, we’ll hear from the Fed’s Williams and the ECB’s Simkus and Holzmann.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
APAC benefited from Wall St. strength, NFP ahead – Newsquawk Europe Market Open
FRIDAY, MAR 08, 2024 – 01:27 AM
- APAC stocks took impetus from the fresh record levels on Wall Street amid dovish tailwinds, Nikkei gained despite the recent JPY strength.
- DXY languished beneath 103.00, EUR/USD lingered around 1.0950, USD/JPY tested yesterday’s lows, and Antipodeans remained afloat.
- Fed Chair Powell suggested they are not far from being confident to cut rates and he could see the case for shortening the maturity of Fed holdings, while he would prefer not to hold MBS.
- Fed’s Mester (voter) said a couple more inflation reports could give confidence on inflation with the Fed likely in a position later this year to cut rates.
- ECB’s Nagel sees a rising chance of a rate cut before policymakers’ break for summer, although this will be data-dependent, but the prospects have brightened.
- Looking ahead, highlights include German Industrial Output, Producer Prices, Swiss GDP, French Trade, Italian Producer Prices, EZ Employment, US NFP, Canadian Employment, and comments from Fed’s Williams.
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US TRADE
EQUITIES
- US stocks extended their gains in which the S&P 500 and Nasdaq posted fresh record highs with outperformance in tech amid some dovish tailwinds after the ECB slashed its inflation forecasts and US data showed a surprise downward revision to Unit Labor Costs, as well as an increase in Challenger Layoffs, while the focus turns to the looming NFP report.
- SPX +1.03% at 5,157, NDX +1.56% at 18,297, DJIA +0.34% at 38,791, RUT +0.81% at 2,084.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed Chair Powell suggested they are not far from being confident to cut rates and he could see the case for shortening the maturity of Fed holdings, while he would prefer not to hold MBS.
- Fed’s Mester (voter) said if the economy meets forecasts, rate cuts are likely later this year and she expects the Fed will be able to cut rates gradually. Mester said monetary policy is currently in a “good place” given the outlook and the Fed has the luxury of holding steady while taking in more data, while she added that January inflation reports were a wake-up call and she is considering raising her long-term Fed Funds Rate forecast. Furthermore, Mester said that a couple more inflation reports could give confidence on inflation with the Fed likely in a position later this year to cut rates and policy is in a good position to deliberate on the next step.
- Federal Reserve said US household net worth climbed to USD 156.2tln in Q4 2023, while stock market values climbed by USD 4.7tln in Q4 and real estate values fell by USD 0.6tln in Q4.
- Fed Small Business Report noted most small businesses faced financial challenges last year but added that small business performance was steady over 2023, while their biggest challenges were higher costs and wages in 2023 and small businesses also flagged higher interest rates as a financial challenge.
- US President Biden delivered the State of the Union Address in which he stated they will work to rebuild the economy and that unemployment is at a 50-year low, Biden said he is seeking to make healthcare tax credit permanent, while he added that Americans pay more than anywhere else in the world on prescription drugs and he is ending this.
APAC TRADE
EQUITIES
- APAC stocks took impetus from the fresh record levels on Wall Street amid dovish tailwinds.
- ASX 200 printed a fresh record high as the top-weighted financial industry led the gains seen in most sectors.
- Nikkei 225 initially approached just shy of 40,000 but with gains capped after disappointing Household Spending.
- Hang Seng and Shanghai Comp. were somewhat varied as the Hong Kong benchmark conformed to the upbeat mood, while the mainland was less decisive amid lingering tech-related frictions between the US and China.
- US equity futures traded sideways ahead of the NFP report and with a muted reaction to the SOTU.
- European equity futures indicate a marginally higher open with the Euro Stoxx 50 future +0.2% after the cash market closed up 1.2% on Thursday.
FX
- DXY languished beneath 103.00 after recent soft data and Fed Chair Powell’s suggestion they were nearing the confidence needed to cut rates, while there was little reaction to the State of the Union Address.
- EUR/USD lingered around the 1.0950 level after recently benefitting from the weaker dollar.
- GBP/USD lacked direction and just about held on to the recently reclaimed 1.0800 status.
- USD/JPY tested yesterday’s lows after this week’s increasingly hawkish BoJ rhetoric and perceptions.
- Antipodeans remained afloat with price action uneventful amid the lack of macro drivers of pertinent data.
- PBoC set USD/CNY mid-point at 7.0978 vs exp. 7.1863 (prev. 7.1002).
FIXED INCOME
- 10-year UST futures traded little changed following yesterday’s bull steepening and comments from Fed Chair Powell that the Fed is nearing the confidence to cut rates and that he could see the case for shortening the maturity of Fed holdings.
- Bund futures lacked direction after the prior day’s whipsawing and post-ECB indecision.
- 10-year JGB futures clawed back opening losses and continued their rebound from support at the 146.00 level with the BoJ present in the market for nearly JPY 1.3tln of JGBs in 1yr-10yr maturities.
COMMODITIES
- Crude futures gradually higher amid the positive risk tone and ongoing geopolitical climate.
- White House energy adviser Hochstein said hasn’t seen costs rise amid Red Sea Houthi attacks.
- Spot gold sat near record highs amid a lacklustre dollar and with the NFP report on the horizon.
- Copper futures were rangebound and held on to most of the prior day’s risk-fuelled gains.
CRYPTO
- Bitcoin eked mild gains with price action choppy on both sides of the USD 67,000 level.
NOTABLE ASIA-PAC HEADLINES
- China NPC Standing Committee said it will formulate a financial stability law, a law on rural collective economic organizations, a value-added tax law and a private sector promotion law, while it will revise the mineral resources law, enterprise bankruptcy law, unfair competition law, accounting law, public bidding law, the statistics law, and civil aviation law. Elsewhere, Hong Kong’s government issued a draft of a new national security law which includes state secrets, espionage, and foreign interference, according to Reuters.
- US lawmakers advanced a bill on Thursday that would ban TikTok in the US unless it cuts ties with its Chinese parent ByteDance within six months, while House Majority Leader Scalise said the House will vote next week on the TikTok crackdown.
- Three US Senators urge President Biden to hike tariffs on Chinese imported autos saying they could endanger American automotive manufacturing, according to a letter.
DATA RECAP
- Japanese All Household Spending MM (Jan) -2.1% vs. Exp. 0.4% (Prev. -0.9%)
- Japanese All Household Spending YY (Jan) -6.3% vs. Exp. -4.3% (Prev. -2.5%)
GEOPOLITICS
MIDDLE EAST
- Hamas official said Israel aimed to secure the release of its hostages without agreeing to conditions set by the movement, while Israel prioritised its captives’ issue and refused conditions set by Palestinian factions.
- US President Biden announced that the US military will construct a port in Gaza to allow more humanitarian aid to arrive and confirmed there will be no troops on the ground while a senior official earlier stated that the port is to allow Gaza humanitarian aid deliveries and will take weeks to complete, while troops to remain on vessels offshore.
- CIA Director is scheduled to arrive in Israel soon in a final attempt to reach an agreement before Ramadan, according to Al Jazeera citing Israeli Channel 12.
OTHER
- US President Biden stated during the State of the Union Address that they are facing an unprecedented moment and he assures that Russian President Putin will not stop at Ukraine, while he added they can stop Putin by helping Ukraine with weapons and his message to Putin is that they will not walk away and will not bow down.
- Ukrainian President Zelensky is to visit Turkey on Friday and will meet with Turkish President Erdogan to discuss the Black Sea grain deal, according to the Turkish government.
- North Korean leader Kim Jong-Un guided an artillery firing drill on Thursday, according to KCNA.
EU/UK
NOTABLE HEADLINES
- ECB’s Nagel sees a rising chance of a rate cut before policymakers’ break for summer, although this will be data-dependent, but the prospects have brightened, according to Bloomberg. ECB meetings are scheduled for April 11th, June 6th, July 18th, then September 12th.
2C ASIA AFFAIRS
FRIDAY MORNING/THURSDAY NIGHT
SHANGHAI CLOSED UP 18.62 PTS OR 0.62% //Hang Seng CLOSED UP 128.61 PTS OR 0.76% / Nikkei CLOSED UP 90.23 PTS OR 0.23%//Australia’s all ordinaries CLOSED UP 1,01% /Chinese yuan (ONSHORE) closed UP 7.1905 //OFFSHORE CHINESE YUAN CLOSED UP TO 7.1996 /Oil UP TO 79.18 dollars per barrel for WTI and BRENT UP AT 83.16/ Stocks in Europe OPENED ALL MIXED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
3 CHINA
CHINA/USA
These are the people that the uSA is letting into the country. Gong in 2016 was listed as one of 558 talents in CCP’s “12th 1000 talents plan”.
Chinese American Who Allegedly Stole US Missile Detection Technology Was Part Of CCP’s ‘Thousand Talents Plan’
FRIDAY, MAR 08, 2024 – 05:00 AM
Authored by Lear Zhou via The Epoch Times (emphasis ours),
Chenguang Gong, a Chinese American who has been accused of stealing U.S. infrared missile detection technology, was listed as one of 558 “young talents” in the 12th Thousand Talents Plan run by the Chinese Communist Party (CCP) in 2016.
The list of talents was issued by the Task Force Office of Overseas High-Level Talent Recruitment Programs under the Organization Department of the Central Committee of the CCP.
A complaint by the U.S. Attorney’s Office claimed that Mr. Gong transferred 3,600 files from his work laptop to three personal storage devices from March 2023 to April 2023.
It also claimed that Mr. Gong possessed in his personal storage devices files marked as “confidential” that appeared to belong to several of Mr. Gong’s former employers. These devices were taken from his temporary residence in Thousand Oaks, California, following an FBI search on May 8, 2023.
Mr. Gong, 57, of San Jose, was arrested on Feb. 6 and was bailed out on a $2.5 million bond following a hearing in San Jose the next day. He was indicted on Feb. 27 by the Assistant U.S. Attorney’s Office, making it a formal criminal case.
The case has since been transferred to the Central District Court in Los Angeles, where Mr. Gong made his first appearance on Feb. 20.
A post-indictment arraignment hearing will be decided upon soon.
The Thousand Talents Plan
The Chinese regime offers hefty financial incentives—including research funding, salaries, and housing—via many different talent recruitment programs to entice overseas Chinese and foreign experts into working in China’s science and tech sectors.
Through these programs, the CCP hopes to quickly turn China into an industrial and innovation powerhouse, one that ultimately outperforms Western countries.
The program known as the Thousand Talents Plan was initiated in 2008 and went underground after U.S. authorities realized its underlying goal in 2018.
The FBI explains on its website that all of China’s talent plans incentivize their participants to steal foreign technology. The website states that while the United States welcomes international collaboration in research and development, American businesses should take measures to keep their intellectual property safe and should understand that talent plans encourage illegal conduct.
“Even if talent plan participants who steal information are eventually caught and prosecuted, the damage done to your organization by intellectual property theft may be irreversible,” the FBI warns.
The ‘Victim Company’
Pamela Reese, director of the Malibu-based company Marketing & Communications of HRL Laboratories, confirmed with The Epoch Times in an email that it is the “Victim Company” mentioned in the complaint. Mr. Gong worked with the company’s Visual Systems Laboratory from January 2023 to late April 2023.
“When HRL became aware of suspicious activity being conducted by Gong, the company immediately began an investigation, terminated his employment, and notified relevant authorities,” Ms. Reese said. “HRL has continued to cooperate with the U.S. Federal Bureau of Investigations (FBI) on its case against Gong and will provide ongoing support as needed.”
HRL Laboratories is under active contract to develop new sensors with enhanced performance for use in space-based missile warning and tracking, space-based surveillance, and airborne infrared countermeasures systems, including by the U.S. Department of Defense.
The alleged stolen trade secrets include methods, designs, techniques, processes, specifications, testing, and manufacture of the advanced Readout integrated circuits used in HRL’s infrared sensors, and the mechanical cooling systems of these circuits.
The sophisticated integrated circuits technology is required to achieve low noise, a high dynamic range, a high resolution, and a fast readout rate when collecting electrical signals from infrared photodetector arrays and outputting the data in a standard format.
These trade secrets are foundational technologies that support the business of HRL Laboratories, Leslie Momoda, executive vice president of the company, told FBI agents according to the complaint.
If other entities were to obtain the designs or development roadmaps for these key technologies, they would be able to replicate and improve them, making HRL less competitive, according to Ms. Momoda.
“Additionally, if the Victim Company’s Trade Secret Information was obtained by a foreign government, it would compromise U.S. national security,” Ms. Momoda told the FBI agents.
Suspicious Resignation
“As a top physical science and engineering research organization who regularly works with U.S. government customers, HRL has robust information security practices designed to detect and document suspicious activity,” Ms. Reese told The Epoch Times.
However, according to the complaint, HRL Laboratories only began monitoring Mr. Gong’s network activity right after he sent in his resignation on April 14, 2023, claiming that he was not doing a good job.
The resignation was suspicious because Mr. Gong had been working for HRL for less than three months, and he had performed well.
Daniel Maier, Director of Security of HRL Laboratories, told FBI agents that his department discovered that between March 30, 2023—two weeks before Mr. Gong submitted his resignation—and at least April 25, 2023, Mr. Gong transferred more than 3,600 files from his work laptop to three personal storage devices, a Verbatim USB flash drive and two Western Digital disk drives.
Vice President of Vision Systems Lab Raphael Ricardo told FBI agents that Mr. Gong was given access to the HRL’s full data repository in light of Mr. Gong’s managerial role. In other words, Mr. Gong was granted access to the full history, specifications, and roadmap of HRL’s products.
“It would also have required time and effort to export hundreds of CAD design files, which contained the technical blueprints for the Victim Company’s products and technologies, from the Victim Company’s UNIX system to a Microsoft Windows operating system,” FBI special agent Igor Neyman wrote in his affidavit attached to the complaint.
So far, only the Verbatim USB flash drive was found when the security team of HRL searched Mr. Gong’s belongings on April 26, 2023. The FBI believes the flash drive was used as temporary storage due to its relatively low capacity.
The FBI didn’t locate the two Western Digital drives or another possible digital device that contains files transferred from the intermediate Verbatim flash drive.
Theft From Other Companies
“GONG took and retained thousands of documents, stored on a variety of digital devices, that appear to belong to several of GONG’s former employers,” the complaint states. “Many of these documents bear confidentiality markings indicating their sensitive nature.”
The relevant companies Mr. Gong has worked with include Texas Instruments (“Company 2,” from 2010 to May 2014) and international defense, aerospace, and security company BAE Systems Inc. (“Company 3,” from May 2015 to October 2019).
A proposal of a high-performance AD/DA converter, which Mr. Gong submitted multiple times to various Chinese entities, appears to relate to technology Mr. Gong worked on at Texas Instruments, the complaint states.
The applications of the proposal in 2013 and 2014 allowed Mr. Gong to get onto the 2016 Thousand Talents Plan’s “Young Talents” list.
The FBI found CAD files containing the technical designs and blueprints for integrated circuits or other products from at least “Company 2” and “Company 5” in Mr. Gong’s personal digital devices that were confiscated following a search warrant, according to the complaint.
“I took a risk (because I worked for [Company 3], an American military industry company) and thought I could do something for the country’s high-end military integrated circuits,” Mr. Gong wrote in a letter to a talent plan recruiter after he traveled to China in September 2019 to attend an in-person presentation regarding his high-performance converter proposal in Hangzhou.
In a video presentation included with Mr. Gong’s 2020 submission, Mr. Gong used a video containing the model number “LTN4323” of a high-performance 4K resolution CMOS sensor developed by BAE Systems Inc.
Mr. Gong stated that his product extensions included a “low-light/night vision dual-use CMOS image sensor” for use in military night vision goggles and civilian applications.
Mr. Gong faces 10 years in federal prison if convicted.
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
SPAIN
Get a load of this; Soldiers are “changing” their gender in the army to receive better benefits.
most keep their beards and genitalia
(zerohedge)
Male Soldiers In Spain Changing Genders To Receive Better Benefits And Higher Pay
Just when you though you’ve hit “peak transgender”, you ain’t see nothing yet…
That’s because soldiers in Spain are starting to change their genders from male to female to earn benefits that are only available to females, according to a new report from the NY Post.
The benefits include higher pay and better sleeping quarters and the gender switch has been made possible due to the military’s honoring of a “self-identification law” which was put in place in 2023 to help transgender people.
The report points out that 41 men in Spain’s north-Africa autonomous city Ceuta now list as female after the law change. Only four have changed their name and a a “majority” of them have kept – wait for it – their male genitals and even their beards, according to the report.
Army Corporal Roberto Perdigones commented: “On the outside, I feel like a heterosexual man, but on the inside, I am a lesbian. And it is the latter that counts. This is why I made the legal change to become a woman.”
He added: “For changing my gender, I have been told that my pension has gone up because women get more to compensate for inequality. I also get 15 percent more salary for being a mother.”
“I even have a private room in the barracks, all to myself, with a private bathroom. This is because I cannot be with men as I am a woman, and I did not consider it appropriate to be with biological women out of respect for them,” he added.
The Post reports that the transgender legislation, enacted on December 22, 2022, permits individuals aged 14 and above to alter their identity without requiring psychological or medical assessments, though those between 14 and 16 require consent from parents or guardians.
Children aged 12 and older can change their gender identity with judicial approval. Additionally, Spain’s left-wing administration aims to increase female representation in the Guardia Civil and National Police to 40 percent. Conservative critics have labeled these measures as “woke” progressive actions.
“I have already seen several cases among my colleagues, and it is going to increase,” one civil guard source concluded.
end
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL HAMAS/
END
ISRAEL/GAZA/HAMAS/KAN YOUNIS
END
ISRAEL/HAMAS
this is a first: orthodox jews enter battle and kill Hamas terrorists
(Times of Israel)
https://www.timesofisrael.com/liveblog-march-8-2024/
IDF: In first Gaza operation, ultra-Orthodox troops destroy launch sites, kill Hamas gunmen
Troops of the Kfir Brigade’s Netzah Yehuda Battalion operate in northern Gaza’s Beit Hanoun, in a handout image published March 8, 2024. (Israel Defense Forces)
Over the past week, the IDF says the Kfir Brigade’s Netzah Yehuda Battalion carried out an operation in northern Gaza’s Beit Hanoun.
The battalion, made up of ultra-Orthodox and religious troops, was placed under the Gaza Division’s Northern Brigade for the operation.
It is the first time the unit, normally deployed to the West Bank, is operating in Gaza.
According to the IDF, the soldiers located and destroyed Hamas anti-tank missile launching positions, observation posts, and tunnel shafts, and killed several gunmen in Beit Hanoun.
In December, the IDF said it had completed dismantling Hamas’s Beit Hanoun Battalion, but was continuing to battle smaller cells in the area.
end
ISRAEL GAZA
THE REAL STORY!!!
Editor’s Notes: ‘There is no famine in Gaza’ – comment
The United Nations said in February that more than a quarter of Gaza’s 2.3 million people were “estimated to be facing catastrophic levels of deprivation and starvation.”
By ZVIKA KLEINMARCH 8, 2024 07:35
World media has been focusing in the past week on what it called the “Hunger” in Gaza.
Biden administration officials told Minister Benny Gantz in Washington on Monday that the “food shortage crisis” impacting Palestinians in Gaza is “intolerable,” and improving the distribution of humanitarian aid in the region will be a primary focus during their discussions.
According to Reuters, The United Nations said in February that more than a quarter of Gaza’s 2.3 million people were “estimated to be facing catastrophic levels of deprivation and starvation.” It said that without action, widespread famine could be “almost inevitable.”
“The food shortage and use of the word ‘hunger’ have been exaggerated,” a senior Israeli defense official told me on Thursday during a briefing. “There is no hunger in Gaza,” he said, explaining that most of the food that Israel has been sending into the Strip has “immediately been taken by Hamas terrorists, who then sell some of the supplies for ten times more than what it’s worth.”
How severe is the food shortage in Gaza?
He said that “every family has enough food to survive. Are they eating five meals a day? The answer is no. We have been supplying them with aid as well as the US, but unfortunately, it wasn’t distributed to the citizens themselves.”
A former senior Israeli defense official who I spoke to on condition of anonymity has also said that “there is no food shortage in Gaza; there are those who are hungry since Hamas has taken all of the food and they don’t have enough money to pay Hamas on the black market.”
According to this former official, the food does not reach those who need it most since Hamas controls approximately 70-80% of the area. What happens is that Israel and foreign countries bring food and aid into Gaza. Then gangs take the supplies at gunpoint, and a significant portion of the population is left unable to afford necessities.
“THE SITUATION in Gaza is akin to hunger in New York, where homeless people suffer not from a lack of food but from a lack of money to purchase it,” he explained.
While it’s not accurate to say there is a famine in Gaza, there are indeed hungry individuals struggling because they can’t afford food. Even if Gaza were to be inundated with food supplies, hunger would persist because the issue at its core is not about availability but access and affordability.
“This condition reinforces their narrative, portraying hunger as a consequence of external forces and legitimizing their control,” he explained.
Changing this narrative is challenging, especially now that food shipments have increased. He said that during this past week, Israel has sent 50% more trucks with supplies into Gaza, compared to the daily amount that entered before the war – with about 150 trucks entering during a specific day this week. Previously, food also came through Egypt or via the Rafah crossing. Despite an increase in supply, with around 150 trucks entering midweek instead of the usual 100, the “problem” persists.
After crossing the border, trucks often fall prey to criminal gangs and Hamas, who hijack these supplies for sale on the black market. This action deprives people in desperate need of food, particularly those without the financial means or physical strength to secure it.
Furthermore, according to this former official, Hamas actively works against the distribution of food, attempting to shoot down food drops from the United States, Jordan, and the UAE. The presence of shoulder-fired missiles adds to the difficulty, as it becomes increasingly challenging to deliver aid accurately from a very high altitude, sometimes resulting in supplies being swept kilometers off course or into the sea.
THE MOTIVE behind targeting food aid is clear: to demonstrate a lack of food and, by extension, an ongoing state of hunger. This tactic aims to suggest that any resolution in Gaza that diminishes Hamas’s power – including peace – is undesirable. From their perspective, any solution that might improve conditions in the embattled enclave without their involvement signals the end of their rule. Thus, the humanitarian crisis continues, driven not by a genuine concern for the population’s well-being but by fear and their desire to maintain control.
“We should have categorized this war as the Israel-Iran War or even the West-vs-Iran war,” a third senior defense official who spoke to The Jerusalem Post said on Thursday, explaining that this war and all of its fronts are all related to Iran. He mentioned Hamas, Hezbollah in Lebanon, the Houthis in Yemen, and other terrorist groups funded and influenced by the Islamic republic.
In addition, he explained that Israel has been acting against and eliminating Iranian proxies around the world. Though the Jewish state has seen many successes in this area, he said he was disappointed that Western countries, such as the US, UK and others, haven’t been doing the same.
“The Americans should also be actively eliminating Hamas proxies because it is in their interest,” the official said. “Unfortunately, and although we have tried to convince them to do so, they haven’t yet understood the importance – not only from an Israeli perspective, but actually from their own.”
Hamas controls an enormous amount of food and aid. If it had allowed the citizens of Gaza to have access to this aid, the situation would have been very different – but they don’t care about their citizens but want them to starve because it helps them create their false narrative.
We cannot fall into such a narrative, and we need to tell the world the truth. This may be the only way for the citizens of Gaza, who are deprived of food, to receive what they rightfully deserve.
END
The real story behind last weeks looting crush
(Jerusalem Post)
IDF aid convoy catastrophe probe: Deaths occurred from looting crush
The Fact Finding and Assessment Mechanism (FFAM) is expected to conduct an independent investigation.
By JERUSALEM POST STAFFMARCH 8, 2024 09:14Updated: MARCH 8, 2024 10:56
The IDF submitted its findings on Friday regarding the humanitarian aid convoy catastrophe late last month wherein dozens of Palestinians were killed in a giant crush while attempting to get aid.
The Commanding Officer of the Southern Command, MG Yaron Finkelman, presented the findings of the command review regarding the sequence of events to the Chief of the General Staff, LTG Herzi Halevi, on Tuesday.
The command review found that IDF troops did not fire at the humanitarian convoy but did fire at a number of suspects who approached the nearby forces and posed a threat to them.
The command review reveals that while the trucks were traveling toward the distribution centers, a crowd of about 12,000 Gazans gathered around them and looted the equipment they were transporting.
IDF launched warning shots against looters
Amidst looting, dozens of Gazans also advanced toward IDF troops posing threats to forces standing by, leading to cautionary fire for deterrence purposes.
It was unclear if the associated Palestinians had aggressive intentions or were civilians caught up in a chaotic moment.IDF sources suggested no special rules were limiting live fire against such civilians in the context of a humanitarian operation or whether the forces could have retreated backward, citing that the area was still a war zone.
The investigation is expected to be continued by an independent examination body, the Fact-Finding and Assessment Mechanism (FFAM). FFAM is expected to independently come to conclusions on the incident.
Joanie Margulies, Keshet Neev, and Yonah Jeremy Bob contributed to this report.
end
ISRAEL HAMAS
Israeli strikes pound Gaza launch sites minutes after rockets fired at South
The IDF counter-response was taken within minutes of the firing of rockets from the Gaza Strip.
By JERUSALEM POST STAFFMARCH 8, 2024 11:25
IDF strikes on Hamas terror infrastructure in Gaza. March 8, 2024.
https://www.jpost.com/israel-hamas-war/article-790948
Following several rockets fired into Israel from the Gaza Strip on Thursday night, the IDF instantly countered the attack by directly hitting the sources of the fire, which included a weapons storage facility, a military compound, and a tunnel shaft, the IDF stated on Friday.
The rockets that were fired into Israel were directed at the southern city of Sderot and communities near the Gaza Strip.
The military added that the IDF counter-response was taken within minutes of the launches.
The IDF apprehends terrorists
Additionally, in the Hamad area of Kahn Yunis, IDF troops have engaged in intensive combat, locating various weapons and apprehending several terrorists.
The terrorists apprehended by the IDF were highly armed. Two of them carried an AK-47 rifle, while others held concealed terror operatives such as an explosive grenade.
Those armed terrorists who exited the weapons storage facility were all eliminated by the IDF troops.
IDF has also targeted the tunnels, locating numerous tunnel shafts in the area of al-Qarara. In one incident, the troops identified an armed terrorist cell that was preparing to attack the forces. An aircraft subsequently eliminated the cell before the attack took place, the IDF noted.
In the past day, IDF troops from the Nahal Brigade have killed approximately 15 terrorists in the central Gaza Strip.
END
(Times of Israel)
Report: Israeli officials mull arming some Gaza civilians as aid security crumbles
By YONAH JEREMY BOBMARCH 7, 2024 15:32Updated: MARCH 7, 2024 15:47
Israeli officials have discussed arming some civilians in Gaza to provide security protection for aid convoys into the besieged enclave, as part of wider planning for humanitarian supplies after fighting ends, the Israel Hayom daily reports.
With civil order increasingly strained in Hamas-run Gaza and municipal police refusing to provide security to convoys because of the risk of being targeted by Israeli forces, the issue of secure distribution of supplies has become a major problem.
The civilians would not be linked to militant groups including Hamas but it remained unclear who they might be, the newspaper says. It says Prime Minister Benjamin Netanyahu had postponed a decision on the issue.
The Prime Minister’s Office declines to comment on the report, which comes a week after dozens of Palestinians were killed in an incident in which crowds surrounded a convoy of aid trucks entering northern Gaza and troops opened fire at those the IDF said had tried to rush them.
The incident underlined the chaotic conditions in which aid has been delivered to Gaza, where the United Nations has warned of the growing threat of famine after more than five months of war.
“We were not carrying weapons or anything, we are civilians. We wanted to get food because we are starving here in Gaza,” says Mustafa Lolo, who said he was shot in the legs trying to get aid.
END
Ex-CIA chief David Petraeus on Thursday said that for Israel to beat Hamas, it must not only take apart its remaining battalions in Rafah but also must get Gaza running again for Palestinian civilians.
Speaking at the INSS Conference in Tel Aviv, Petraeus said, “Only by getting Gaza running again for Palestinian civilians, whether in stable food distribution, with hospitals properly running, and eventually with a general return of civil society, will Israel truly be able to end Hamas’s source of support.”
The former CIA chief stated Israel cannot “stop until Hamas has been destroyed and cannot be reconstituted.”
In addition, he said Israel must get Gazans back to their homes, demonstrate to people that aid is being given in a stable way, “that hospitals are functioning, that construction will return,” and that society goes back to functioning…Then you need to implement a plan that keeps them from being able to reconstitute.”
Encouraging a two-state solution
Despite his support for completely destroying Hamas, he said that Israel must eventually come to terms with a two-state solution with the Palestinians.
Petraeus said that though the two-state solution has major issues, it is still the only stable way to end the Israeli-Palestinian conflict eventually.
Further, he said that Saudi normalization will not occur until Israel comes to terms with this.
Regarding Iran, Petraeus said that election-year politics is holding the US back from confronting it with harsher sanctions.
He pushed hard that immediately after the November 2024 US presidential election, Washington would restart a major sanctions campaign against the Islamic Republic.
ISRAEL/LEBANON/
IDF: Secondary blasts from strikes on Hezbollah sites indicate weapons cache
Timesofisrael.com/liveblog-march-8-2024/
The IDF says it carried out airstrikes on Hezbollah command centers in southern Lebanon’s Mansouri and Bint Jbeil a short while ago.
It adds that last night, strikes were carried out on buildings used by Hezbollah in Tallouseh and Majdal Zoun.
The IDF says secondary blasts were seen following the strike, indicating weapons were stored at the site
END
WESTBANK
IDF launches manhunt for suspects who set off explosive device near troops in West Bank
By EMANUEL FABIAN FOLLOW
Illustrative: Israeli soldiers clash with Palestinians during a manhunt for a Palestinian man who rammed his car into IDF troops earlier in the day, in Bethlehem on February 6, 2020. (Musa Al Shaer/AFP)
The IDF says it has launched a manhunt for Palestinian suspects who set off an explosive device near troops in the West Bank town of Silat ad-Dhahr.
According to the IDF, the soldiers were carrying out “proactive activity” in the town when they came under attack.
The soldiers were reportedly searching for gunmen who had opened fire at an army post near the adjacent Homesh outpost a short while earlier.
The IDF does not immediately provide information on injuries to troops, but first responders say three are wounded in the blast, including one listed in serious condition.
END
At least 3 Israelis wounded by IED blast in West Bank town; troops launch manhunt
Soldiers reportedly chasing gunmen who attacked army post near Silat ad-Dhahr when they came under attack; Islamic Jihad operative killed in overnight raid
llustrative: Israeli soldiers seen during a military raid at the Al-Amari refugee camp near Ramallah, in the West Bank, March 4, 2024. (Flash90)
Palestinian gunmen set off an improvised explosive device near Israel Defense Forces troops in the West Bank town of Silat ad-Dhahr on Friday afternoon, wounding at least three Israelis, the military and medics said.
The IDF said soldiers were carrying out “proactive activity” in the town when they came under attack.
The soldiers were searching for gunmen who had opened fire at an army post near the adjacent Israeli settlement outpost of Homesh a short while earlier, according to Hebrew-language media reports.
The IDF did not immediately publicly release information on injuries to troops, but first responders say three were wounded in the IED blast, including one listed in serious condition.
Troops launched a manhunt for the Palestinian suspects behind the attack, the IDF said.
Earlier Friday, the IDF said troops killed a Palestinian Islamic Jihad operative allegedly involved in planning major attacks, in the northern West Bank village of Silat al-Harithiya overnight.
IDF troops operate in the West Bank, early March 4, 2024. (Israel Defense Forces)
Troops of the Duvdevan commando unit and Border Police officers raided Silat al-Harithiya following intelligence provided by the Shin Bet on the suspect’s whereabouts.
According to defense authorities, Muhammad Shalabi, 39, was involved in advancing “significant terror activity” on behalf of Islamic Jihad, including shooting attacks, preparing explosive devices, and delivering funds for terrorism.
The IDF said an assault rifle and other military equipment was captured at Shalabi’s home.
Troops also detained nine more wanted Palestinians during overnight raids across the West Bank, the IDF said. Since October 7, the IDF has said troops have arrested some 3,500 wanted Palestinians across the West Bank, including more than 1,500 affiliated with Hamas.
Tensions between Israelis and Palestinians have risen in the West Bank since the breakout of the war between Israel and Hamas in Gaza following the October 7 massacre, which saw Hamas terrorists kill about 1,200 people, mostly civilians, and kidnap 253.
END
Killed by US aid: Five Gazans dead after being struck by airdropped packages
According to the reports, the parachutes on the humanitarian aid packages did not open.
By JERUSALEM POST STAFFMARCH 8, 2024 14:33Updated: MARCH 8, 2024 16:31
https://www.jpost.com/breaking-news/article-790968
At least five people in Gaza have been reported dead on Friday afternoon after being hit by aid packages airdropped by the US, according to Israeli media citing Gaza reports.
According to the reports, the parachutes on the humanitarian aid packages did not open.
Aside from those killed, it has been reported that several others have been injured by the fall of the aid packages.
some of the aid packages dropped from US cargo planes to Gaza this morning did not open. —There are dead and injured people as a result of heavy aid packages falling on civilians. — It is reported that at least 2 civilians died.
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2,744 Views
Sending humanitarian aid to Gaza
Over the last week, the United States Army has been coordinating with France, Egypt, and Jordan to drop humanitarian aid into Gaza.
During this time, more than 70,000 meals have been delivered to citizens in the northern Gaza Strip.
This is a developing story.
HOUTHIS/WEST
Watch: Indian Navy In Dramatic Sea Rescue Of True Confidence Crew After 3 Sailors Died
THURSDAY, MAR 07, 2024 – 08:40 PM
On Wednesday we reported on the deadly Houthi missile strike on the MV True Confidence, a Liberian-owned vessel, in the Red Sea. The attack resulted in the first fatalities since the Houthi campaign against international shipping began in reaction to the Israeli offensive in Gaza. Three sailors tragically died while the rest of the crew abandoned the stricken vessel as it was on fire.
The UK embassy in the Yemeni capital of Sanaa, confirmed on X: “At least two innocent sailors have died. This was the sad but inevitable consequence of the Houthis recklessly firing missiles at international shipping. They must stop.” A statement by US Central Command later increased the death toll to three.
The vessel’s owners and operator had said it was drifting 50 nautical miles southwest of Aden. True Confidence Shipping and Greece-based operator Third January Maritime Ltd said in a joint statement “The vessel is drifting” and that there the ship had no current connection with any US entity. However, the Indian Navy responded and was able to rescue several crew members, captured in a dramatic video below:
Video of #India’s Armed Forces saving the crew of the TRUE CONFIDENCE that was attacked by the #IRGCterrorists-backed #Houthis yesterday.
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9,159 Views
Twitter.com/JasonMBrodsky/status/176571048356945963
Reuters has confirmed Thursday that “India’s navy evacuated all 20 crew from a stricken vessel in the Red Sea on Thursday, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group’s campaign against the key shipping route.”
The vessel’s owners have contacted and expressed condolences to the families. Two of the deceased were Filipino nationals, while the third was Vietnamese.
The Indian Navy conducted a daring helicopter rescue from a small life raft in choppy waters. According to more from Reuters, “Some wounded were shown lying in the bottom of a navy lifeboat sent to assist.”
“They were carried on stretchers onto the ship and were shown later with heavily bandaged limbs as they were evacuated to the Djibouti hospital,” the report continued.
CENTCOM photo showing the vessel on fire and drifting following a direct hit by Houthi missile…
The owners and managers further said in the statement: “The vessel is drifting well away from land and salvage arrangements are being made.” However, even salvage efforts will be high risk at a moment these waters off Yemen come under daily Houthi drone and rocket attacks.
END
UKRAINE /ISRAEL// RUSSIA
Israel To Take ‘More Aggressive’ Stance Against Russia To Curry Favor With US
THURSDAY, MAR 07, 2024 – 10:20 PM
Authored by Andrew Korybko via Substack,
Israel isn’t planning to send early warning systems to Ukraine out of solidarity but is really trying to curry more favor with the US as its war with Hamas reaches the endgame, though Tel Aviv is disguising its true intentions as a signal of displeasure with Moscow’s balancing act between Israel and Hamas.
Israel’s Permanent Representative to the UN announced late last month that his country is “working to provide Ukraine with early warning systems”, which was followed by a hardline lawmaker promising that “Israel will take a more aggressive stance against Russia.” This came after the new Israeli Ambassador to Russia caused a scandal in early February by misportraying Russia’s regional policy, which readers can learn more about in this analysis here that hyperlinks to nearly two dozen relevant pieces about it.
Russian Foreign Ministry spokeswoman Maria Zakharova reacted to this development by lamenting “The fact that people in the region, especially Israeli politicians, perceive and follow the path imposed on them by the ‘exceptionalists’ – the US”, which has “exacerbated and brought closer this catastrophic situation in the region, given it an eerie momentum, provoked it.” Although Israel is still legally considered a “friendly” country by Russia, that could soon change depending on what it does.
So long as it refrains from sending offensive arms, however, then it might not make that list. Even if it does, then Russia might still keep it off of there for now in order to explore whether diplomacy can result in reaching a “new normal” between them before tensions spiral out of control, similar in spirit to why Russia didn’t designate Turkiye despite it sending Ukraine attack drones. Relations with Ankara remained manageable and mutually beneficial for the most part so ties with Tel Aviv might end up the same way.
Nevertheless, this shift in Israel’s approach towards NATO’s proxy war on Russia through Ukraine – which is already an undeclared but limited hot war after German Chancellor Olaf Scholz inadvertently revealed that Western troops are secretly on the ground there – isn’t being done out of solidarity with Kiev. Rather, it superficially appears to due to Israel’s displeasure with Russia’s balancing act between it and Hamas but is really an attempt by Tel Aviv to curry favor with Washington as its war with Hamas reaches the endgame.
Two detailed reports from American media in late November can be interpreted as an evolution of the Biden Administration’s pressure campaign against Prime Minister Benjamin “Bibi” Netanyahu. The Washington Post informed their audience how he let Qatar fund Hamas, while the New York Times claimed that Israel was allegedly aware of Hamas’ sneak attack plans more than a year before its early October sneak attack. Both are damning and could fuel more protests against him once the conflict ends.
About those, the Biden Administration was already implicated in the unprecedented nationwide ones that rocked Israel last spring, which were analyzed here as being motivated by its ruling liberal-globalists’ ideological opposition to the self-professed Jewish State’s conservative-nationalist government. Anticipating a repeat of those events upon the conclusion of another ceasefire ahead of Ramadan, it’s very possible that Bibi sought to preempt more meddling by agreeing to send those systems to Ukraine.
In his mind, this desperate move could potentially alleviate some of the expected grassroots pressure upon him in that scenario by influencing the US to exercise a greater degree of self-restraint by not involving itself as much in any forthcoming round of Color Revolution unrest. The public pretext upon which these early warning systems are being sent is Israel’s displeasure with Russia’s balancing act between it and Hamas in order to deflect scrutiny from his real motives.
After all, there’s no credence to the claim that Russia supported Hamas’ sneak attack, whether militarily or politically. The Kremlin has repeatedly condemned it as an act of terrorism but also condemned Israel’s collective punishment of the Palestinians in response. Moscow’s hosting of Hamas’ political wing is solely intended to revive peace talks and secure the release of the hostages, the latter task of which “is under the personal control of the president of the Russian Federation” according to a senior diplomat.
However much Israel might dislike this policy due to its desire that all countries take its side over Hamas’ per the zero-sum choice that it’s pressured them to make, this could continue to be conveyed through conventional diplomatic means instead of escalating matters by unilaterally sending such systems to Kiev. The reason why Israel’s export of this early warning equipment is so concerning to Russia is because it could lead to “mission creep” whereby air defense systems and possibly offensive arms soon follow.
Any significant Israeli-backed improvement of Ukraine’s air defense capabilities could lead to a symmetrical Russian-backed improvement of Syria’s, though this analysis here argues that Moscow won’t risk a wider war to stop Tel Aviv’s increasingly frequent strikes against Damascus. At any rate, these two might slip into a dangerous security dilemma since each might accuse the other of obstructing their strikes against what they consider to be legitimate military targets in those neighboring nations.
The consequences could see Russia and Israel ramping up their respective strikes in Ukraine and Syria so as to more effectively break through these new defenses there. That won’t change the military-strategic dynamics of the Ukrainian Conflict but could risk a worsening of the West Asian Crisis if Iran feels comfortable enough to attack Israel from Syria under its host’s Russian-supplied umbrella. In that event, Israel could either react with a ground operation or might even launch one preemptively.
From Bibi’s self-interested political perspective, widening the war to Syria in any ground or special forces capacity could perpetuate the West Asian Crisis to his domestic and international benefit. On the home front, he’ll likely be able to exploit that move to remain in power and avoid (possibly politically driven) corruption charges, while the foreign one could see the US alleviating potentially impending Color Revolution pressure upon him due to Israel more directly containing Iran in Syria per their joint interests.
It’s unclear whether he’s gamed everything out this far, and even if he did, it can’t be taken for granted that events will evolve in that direction and not be offset by some hitherto unpredictable variables. Regardless of whatever his plans may be and however far he’s looking into the future, the fact of the matter is that Israel’s partial compliance with the US’ anti-Russian demands risks ruining ties with Moscow, and this could quickly reverberate throughout West Asia depending on the scenario trajectory.
END
TURKEY/RUSSIA
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES
COVID-19 May Lead To Persistent Cognitive Impairment, Brain Fog, And Lower IQ Scores
FRIDAY, MAR 08, 2024 – 03:30 AM
Authored by Megan Redshaw via The Epoch Times (emphasis ours),
A new study found that COVID-19 infection can cause cognitive deficits that persist for over a year and lower IQ scores in severe cases. Those with persistent symptoms that resolved had small cognitive deficits similar to those with a shorter illness duration.
In a large-scale observational study published on Feb. 29 in the New England Journal of Medicine (NEJM), researchers invited 800,000 people with varying levels of COVID-19 exposure and duration to take an online cognitive assessment and follow-up survey. Cognitive difficulties have been implicated in numerous syndromes following COVID-19, including long COVID, suggesting infection may have lasting effects on the mental processes of the brain.
The study’s authors hypothesized there would be measurable cognitive deficits after COVID-19 that would scale with the severity and duration of the illness. They also speculated that objective impairments in executive and memory function, especially poor memory and brain fog, would be observable in those with persistent symptoms.
Using an assessment tool for cognitive function, researchers estimated global cognitive scores among participants with a history of previous SARS-CoV-2 infection who had symptoms for at least 12 weeks—whether resolved or not—and among a control group of uninfected participants. While cognitive and memory deficits were small for people with mild infection who recovered from COVID-19 quickly, impairments were more pronounced in those with severe disease.
Greater Impairment With More Severe Disease
Of 112,964 participants who completed the survey, those who recovered from COVID-19 with symptoms that resolved in less than four weeks or by 12 weeks post-infection had similar small deficits in global cognition compared with those who had never had COVID-19.
Participants who had mild COVID-19 with resolved symptoms experienced a 3-point drop in IQ compared to uninfected participants. Those with unresolved persistent symptoms had a 6-point loss in IQ, and those with COVID-19 admitted to the intensive care unit experienced a 9-point loss in IQ. Reinfection with SARS-CoV-2 caused an additional loss in IQ of nearly 2 points compared to those who were not reinfected. An IQ, or intelligence quotient, is a number used to represent the relative intelligence of an individual.
According to the study, memory, reasoning, and executive function tasks were the strongest indicators of impaired cognitive function, and these scores correlated with brain fog symptoms reported by participants. More significant deficits were seen in those with unresolved persistent symptoms and those infected with earlier variants of the SARS-CoV-2 virus compared with those who never had COVID-19. Additionally, study participants who were hospitalized had greater deficits in cognitive function compared to those who were not hospitalized.
“By using an innovative cognitive test which has also been completed by people who did not have COVID-19, this important and well-conducted study provides the first accurate quantification of the scale of cognitive deficits in people who had COVID-19,” Maxime Taquet, a fellow in psychiatry at the National Institute for Health and Care Research at the University of Oxford, said in a statement.
Mr. Taquet said researchers found a small but obvious association between COVID-19 and cognition that was more pronounced at extremes.
“The risk of having more severe cognitive problems was almost twice as high in those who had COVID-19 compared to those who did not, and three times as high in those who were hospitalized with COVID-19,” he noted.
In an editorial published Feb. 29 in the NEJM, Drs. Ziyad Al-Aly and Clifford Rosen said the study’s results are concerning and have broad implications that require further evaluation to determine the functional impact of a 3-point loss in IQ and why one group of participants was more severely affected than another.
“Whether these cognitive deficits persist or resolve along with predictors and trajectory of recovery should be investigated. Will Covid-19-associated cognitive deficits confer a predisposition to a higher risk of Alzheimer’s disease or other forms of dementia later in life? The effects on educational attainment, work performance, accidental injury, and other activities that require intact cognitive abilities should also be evaluated,” they wrote.
Study Implications for People With Long COVID
The study’s participants were part of a larger community sample of nearly 3 million people in the Real-time Assessment of Community Transmission (REACT) study assessing SARS-CoV-2 transmission in England. Although the researchers did not say whether participants in the study had long COVID, people with long COVID frequently report persistent cognitive impairment.
There is no accepted universal definition for the condition, but the Centers for Disease Control and Prevention (CDC) broadly defines long COVID as “signs, symptoms, and conditions that continue to develop after acute COVID-19 infection” that can last for “weeks, months, or years.” The term “long COVID” also includes post-acute sequelae of SARS-CoV-2 infection, long-haul COVID, and post-acute COVID-19.
Nearly 7 percent of U.S. adults surveyed by the CDC in 2022 said they’ve experienced long COVID. Although U.S. regulatory agencies claim vaccinating against COVID-19 can reduce the risk of developing long COVID and the current paper suggests vaccination with two or more doses may provide a slight cognitive advantage, a recent paper published in the Journal of Clinical Medicine did not find a significant link between the presence of comorbidities or infection severity and the emergence of long COVID symptoms.
The NEJM study has several limitations, including reliance on subjective reporting to identify individuals with ongoing symptoms and self-selection bias. People with long COVID may have enrolled in the study, but those with more severe impairments may not have been able to participate in the survey. Additionally, certain groups were overrepresented in the study compared with the base population. Baseline cognitive data before SARS-CoV-2 infection was also unavailable, so researchers could not assess cognitive change or infer causality.
end
People Who Received Ivermectin Were Better Off, Study Finds
FRIDAY, MAR 08, 2024 – 06:30 AM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
People who tested positive for COVID-19 and took ivermectin as a treatment recovered faster than a comparison group, a new study found.
The time to self-reported recovery was a median of two days faster among the ivermectin recipients, according to the large UK study.
The quicker recovery period was statistically significant.
People who received ivermectin were also less likely to be hospitalized or die, with 1.6 percent of ivermectin recipients being hospitalized or dying versus 4 percent of the comparison group, which received typical care, which in the UK is largely focused on managing symptoms.
Ivermectin recipients also enjoyed a reduction of severe symptoms and sustained recovery, according to the study.
The paper was published by the Journal of Infection on Feb. 29.
The study covered an open-label trial that involved 2,157 ivermectin recipients and 3,256 who received typical care from June 23, 2021, to July 1, 2022. Participants were randomized and reported symptoms and recovery.
Researchers Say Findings Don’t Support Using Ivermectin
The authors, including Christopher Butler, a University of Oxford professor and joint chief investigator of the trial, downplayed the positive findings in part because the hazard ratio of 1.14 was lower than what authors pre-specified as a meaningful ratio, or 1.2. Hazard ratios are a way to determine whether a treatment is beneficial.
The authors also focused on the lack of differences in the number of days participants felt sick in the previous two weeks, impact on work, and likelihood of using the health care system at 3, 6, and 12 months following treatment.
“Overall, these findings, while evidencing a small benefit in symptom duration, do not support the use of ivermectin as treatment for COVID-19 in the community among a largely vaccinated population at the dose and duration we used,” the authors said.
Funding for the research came from the UK government.
Conflicts of interest included one researcher receiving grants from pharmaceutical companies, including AstraZeneca, and other authors receiving grants from the University of Oxford.
The trial, known as PRINCIPLE, was touted by investigators as “the world’s largest clinical trial of possible COVID-19 treatments for recovery at home and in other non-hospital settings.”
“Ivermectin is readily available globally, has been in wide use for many other infectious conditions so it’s a well-known medicine with a good safety profile, and because of the early promising results in some studies it is already being widely used to treat COVID-19 in several countries,” Dr. Christopher Butler, a University of Oxford professor and joint chief investigator of the trial, said when it was announced ivermectin would be assessed. “By including ivermectin in a large-scale trial like PRINCIPLE, we hope to generate robust evidence to determine how effective the treatment is against COVID-19, and whether there are benefits or harms associated with its use.”
Doctors Weigh In
Dr. Pierre Kory, an American physician who was not involved in the trial, said that the authors wrongly downplayed how ivermectin improved recovery from COVID-19.
“PRINCIPLE was a profoundly positive study that was instead analyzed and written up as a negative one,” Dr. Kory, who has long promoted ivermectin as a COVID-19 treatment, wrote in an essay.
He accused the authors of undertaking “statistical chicanery” by coming up with the pre-specified hazard ratio (HR), noting that no such level was used in other parts of the PRINCIPLE trial.
“A hazard ratio does not need a pre-specified level. If the HR is > 1.0, and it is statistically significant, it is a robust finding,” he said.
The positive findings should also be interpreted in the context of recipients only receiving one dose per day across three days and being directed not to eat food before ivermectin, Dr. Kory said.
Dr. Butler and his co-authors said “no food should be taken two hours before or after administration” despite previous research finding that taking ivermectin with food increases plasma concentration.
Participants also received ivermectin a median of five days after symptom onset, a period of time considered by some to be too late to have much of an impact. Ivermectin works best when applied within 24 hours of symptom manifestation, according to a meta-regression of ivermectin studies.
Dr. Butler did not respond to a request for comment.
There have been additional studies that found ivermectin worked against COVID-19. The drug, commonly used for purposes such as combating malaria, has divided scientists since 2020, when doctors around the world began using it to treat COVID-19.
Some other research, including a U.S. trial, has found that ivermectin did not improve time to recovery.
Dr. David Boulware, another American doctor, who helped run that trial, argued on X that the faster recovery recorded in the UK trial was similar to the quicker recovery reported in an open-label trial of molnupiravir, an antiviral sometimes used to treat COVID-19.
“Molnupiravir also had a 2 day faster improvement in symptoms over ‘usual care’ yet no benefit existed in double-blind trial,” Dr. Boulware said on X. “Placebo effect influences self-reported symptoms.”
GLOBAL ISSUES
MARK CRISPIN MILLER
DR PAUL ALEXANDER
SLAY NEWS
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| EVOL NEWS: |
Tyson Launches Insect-Based ‘Foods’ for General Public Consumption to Meet WEF’s ‘Net Zero’ – EVOL
READ MORE…
LATEST NEWS:
Pro-Vax ‘Influencers’ Are Dying Suddenly – Doctors ‘Baffled’ – EVOL
Read more…
Federal Judge Issues UNBELIEVABLE Ruling For Florida – EVOL
Read more…
Trump Awarded One Of The Highest Honors – EVOL
Read more…
RED ALERT: Biden’s AG Moves To Dismantle Voter Integrity Laws – EVOL
Read more…
Biden Official Admits Devastating Controlled Burn Of Derailed East Palestine Train Cars Wasn’t Necessary – EVOL
Read more…
Oakland city workers inspect trash bins to help fight climate change. Here’s how it works – EVOL
Read more…
US House sends $460bn spending bill to Senate, averting partial government shutdown – EVOL
Read more…
Gov. Youngkin endorses Former President Trump in social media post – EVOL
Read more..
NEWS ADDICT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
END
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE//GLOBAL SHIPPING
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
ROBERT Hl
CANADA
Keean Bexte on X: “HAPPENING NOW: Canadian farmers are rising up, and have locked down their local roads in Quebec. https://t.co/wAIZ4sBWlw”
Seems farmers are the new freedom fighters of the day the world over.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 7;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0936 DOWN .0015
USA/ YEN 147.03 DOWN 0.824 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2830 UP .0018
USA/CAN DOLLAR: 1.3435 DOWN .0018 (CDN DOLLAR UP 18 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED up 18.62 PTS OR 0.62%
Hang Seng CLOSED UP 128.61 POINTS OR 0.76%
AUSTRALIA CLOSED UP 1.01% // EUROPEAN BOURSE: ALL MIXED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MIXED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 128.61 PTS OR 0.76%
/SHANGHAI CLOSED UP 18.62 PTS OR 0.62%
AUSTRALIA BOURSE CLOSED UP 1.01%
(Nikkei (Japan) CLOSED UP 90.27 PTS OR 0.23%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2169.95
silver:$24.51
USA dollar index early FRIDAY morning: 102.60 DOWN 8 BASIS POINTS FROM THURSDAY’s CLOSE.
FRIDAY MORNING NUMBERS ENDS
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And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 2.851% DOWN 10 in basis point(s) yield
JAPANESE BOND YIELD: +0.743% UP 1 AND 8//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.079 DOWN 4 in basis points yield
ITALIAN 10 YR BOND YIELD 3.577 DOWN 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.2670 DOWN 4 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0944 DOWN 0.0007 or 7 basis points
USA/Japan: 147.22 DOWN 0.641 OR YEN IS UP 64 BASIS PTS
Great Britain/USA 1.2852 UP .0039 OR 39 BASIS POINTS //
Canadian dollar DOWN .0016 OR 15 BASIS pts to 1.3467
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The USA/Yuan, CNY: closed ON SHORE CLOSED UP AT 7.1866
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.1980)
TURKISH LIRA: 31.95 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.743…
Your closing 10 yr US bond yield UP 0 in basis points from THURSDAY at 4.094% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.266 UP 2 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.480 DOWN 4 BASIS PTS.
GOLD AT 11;30 AM 2177.55
SILVER AT 11;30: 24.31
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 32.72 PTS OR 0.43%
German Dax : CLOSED DOWN 28,34 PTS OR 0.16%
Paris CAC CLOSED UP 11.79 PTS OR 0.15%
Spain IBEX CLOSED DOWN 13.90 PTS OR 0.13%
Italian MIB: CLOSED DOWN 14.88 PTS OR 0.04%
WTI Oil price 78.02 12: EST/
Brent Oil: 82.34 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 90.60; ROUBLE UP 0 AND 1//100
GERMAN 10 YR BOND YIELD; +2.2674 DOWN 3 BASIS PTS
UK 10 YR YIELD: 4.017 DOWN 2 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0935 DOWN .0016 OR 16 BASIS POINTS
British Pound: 1.2849 UP .0037 or 37 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.001 DOWN 3 BASIS PTS//
JAPAN 10 YR YIELD: 0.741%
USA dollar vs Japanese Yen: 147.09 DOWN 0.777//YEN UP 78 BASIS PTS//
USA dollar vs Canadian dollar: 1.3495 UP .0042 CDN dollar DOWN 42 basis pts)
West Texas intermediate oil: 77.98
Brent OIL: 81.909
USA 10 yr bond yield DOWN 0 BASIS pts to 4.099%
USA 30 yr bond yield UP 1 BASIS PTS to 4.259%
USA 2 YR BOND: DOWN 2 PTS AT 4.490%
USA dollar index: 102.75 DOWN 2 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 31.93 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 90.60 DOWN 0 AND 1/100 roubles
GOLD 2176.75 3:30 PM
SILVER: 24.26 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 68.07 PTS OR 0.18%
NASDAQ UP 279.54 PTS OR 1.53%
VOLATILITY INDEX: 14.79 UP .35 PTS OR 2.42%
GLD: $201.63 UP 1.69 OR 0.85%
SLV/ $22,23 DOWN 0,01 OR 0.045%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
New Record Highs For Bitcoin & Gold As Dollar Suffers Worst Week In 3 Months
FRIDAY, MAR 08, 2024 – 04:00 PM
US macro data serially disappointed this week…
Source: Bloomberg
‘Bad’ news was good news for the doves and the market’s expectations for rate-cuts in 2024 ticked back up to 4 rate-cuts (from 3)…
Source: Bloomberg
Bonds were bid on the week with the belly outperforming the wings…
Source: Bloomberg
The 10Y Yield dropped down to almost 4.0% (closing below its 50DMA) at its lowest in almost six weeks…
Source: Bloomberg
But, while yields were lower on the week, stocks were more mixed with Nasdaq down on the week as a red-end to the week for mega-cap tech spoiled the party…
Mag7 stocks ended the week lower after fading from today’s gains…
Source: Bloomberg
Small Caps outperformed, The Dow lagged, and the S&P 500 desperately tried to close green on the week (but failed)…
If it had closed green, that would have been the 17th positive week in the last 19 – the greatest streak in stocks since 1964…
‘Most shorted’ stocks were squeezed hard at the open today, into the green for the week, before tumbling back to the lows of the week…
Source: Bloomberg
The dollar is down for the sixth straight day, ending the worst week in three months for the greenback…
Source: Bloomberg
And dollar weakness helped spur gains in gold which soared to a new record high just shy of $2200 today. Gold is up for 8 straight days – the longest winning streak since July 2020…
Source: Bloomberg
Golds gains continued despite outflows from Gold ETFs (as Bitcoin ETF inflows soared)…
And in the meantime, cryptos roared higher this week with Bitcoin topping $70,000 (a new record high) for the first time…
Source: Bloomberg
But, Ethereum outperformed Bitcoin on the week (+14% vs +10%), hitting $4000 for the first time since
Source: Bloomberg
Oil prices ended the week lower (at the low end of its recent range)…
Source: Bloomberg
Finally, this is fucking nuts…yes a trillion dollars added YTD…
Source: Bloomberg
And this…
Source: Bloomberg
It’s fine!
END
MORNING TRADING/jobs report
Your phony jobs report;
February Jobs Soar By 275K, Smashing Estimates, But January Revised Sharply Lower And Unemployment Rate Jumps To 2 Year High
FRIDAY, MAR 08, 2024 – 09:05 AM
Death, taxes and the Biden admin reporting a stellar jobs beat… then revising it sharply lower one month later.
That was certainly the case moments ago when the BLS reported that in February a whopping 275K jobs were added, smashing both the median estimate of 200K and the whisper number of 215L. In fact, just one Wall Street forecaster – Seiji Katsurahata at Dai-Ichi – had a higher forecast at 286K.
And while February was a strong print, it’s just a placeholder until next month’s downward revision: that’s because January’s blowout 353K print was revised sharply lower to just 229K, down by a whopping 35%.
However, as usual, there was an ugly divergence between the Establishment survey (payrolls) and the Household survey (actual number employed), which declined once again, sliding to 160.968 million from 161.152 million, or down 184,000.
This means that the divergence between Payrolls and Employment extended as more people are forced to take on more than one job.
That wasn’t the only problem with today’s jobs report: despite the sharp jump in monthly payrolls, the unemployment rate unexpectedly rose to 3.9%, the highest since January 2022, vs estimates of a 3.7% unchanged print. Among the major worker groups, the jobless rates for Whites was unchanged at 3.4%, for Blacks rose 0.3% to 5.6%, Asians was flat at 3.4% as were Hispanics at 5.0%.
We also saw discrepancy between men and women. On International Women’s Day, the unemployment rate for adult women climbed by 0.3 percentage point, to 3.5%, while the jobless rate for men dipped. That said, the rates are now the same.
While the unemployment rate rose, the labor force participation rate was unchanged at 62.5%, disappointing expectations for a modest increase to 62.6%.
There was some more good news on the wage front, well if you are the Fed that is: the average hourly earnings growth dipped to 4.3% YoY from 4.4%, in line with expectations, while the monthly increase was just 0.1%, below the 0.2% estimate and down from a downward revised 0.5% print in January.
The average hourly earnings for all employees on private nonfarm payrolls edged up by 5 cents to $34.57, following an increase of 18 cents in January. Average hourly earnings were up by 0.1 percent in February and 4.3 percent over the year. In February, average hourly earnings of private-sector production and nonsupervisory employees edged up by 7 cents, or 0.2 percent, to $29.71.
In February, the average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.3 hours, following a decline of 0.2 hour in January. In manufacturing, the average workweek was little changed at 39.9 hours, and overtime increased by 0.2 hour to 3.0 hours in February. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.3 hour to 33.8 hours, following a decline of 0.3 hour in January.
Taking a closer look at the job composition, we find that in February job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.
Some more details:
- Health care added 67,000 jobs in February, above the average monthly gain of 58,000 over the prior 12 months. In February, job growth continued in ambulatory health care services (+28,000), hospitals (+28,000), and nursing and residential care facilities (+11,000).
- Government employment rose by 52,000 in February, about the same as the prior 12-month average gain (+53,000). Over the month, employment continued to trend up in local government, excluding education (+26,000) and federal government (+9,000).
- Employment in food services and drinking places increased by 42,000 in February, after changing little over the prior 3 months.
- Social assistance added 24,000 jobs in February, about the same as the prior 12-month average gain of 23,000. Over the month, job growth continued in individual and family services (+19,000).
- Employment in transportation and warehousing rose by 20,000 in February. Couriers and messengers added 17,000 jobs, after losing 70,000 jobs over the prior 3 months. In February, job growth also occurred in air transportation (+4,000), while warehousing and storage lost 7,000 jobs.
- Employment continued to trend up in construction (+23,000), in line with the average monthly gain of 18,000 over the prior 12 months. Over the month, heavy and civil engineering construction added 13,000 jobs.
- Retail trade employment changed little in February (+19,000). Over the month, job gains in general merchandise retailers (+17,000); health and personal care retailers (+6,000); and automotive parts, accessories, and tire retailers (+5,000) were partially offset by job losses in building material and garden equipment and supplies dealers (-6,000) and electronics and appliance retailers (-2,000).
- Employment showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; professional and business services; and other services.
Commenting on the report, Bloomberg economics chief Ana Galvao writes that “the combination of a mild upside surprise to payrolls but an unexpected increase in the unemployment rate muddles the picture for markets. BE’s Macro-Finance SHOK model suggests forecasts for Treasury yields would be little changed.”
And here is Capital Economics, which – very naively – had the second lowest payrolls forecast for February as if the Biden admin would ever admit the ugly truth: “The downward revisions to previous months gains leave recent growth looking less strong than previously thought. Alongside the rise in the unemployment rate to a two-year high and a much weaker rise in wages, there is less reason now to be concerned that renewed labor-market strength will drive inflation higher again.”
One thing is certain: markets loved the print with futures spiking to a new all time high and the dollar sliding to a new one-month low, as the BLS mandate of doing everything in its power to push markets ever higher until the election – reality and facts be damned – comes into full view. As for the reality, the following chart showing the correlation between private payrolls and the NFIB survey’s Small Business hiring plans (because in America it’s the small business that are responsible for most of the hiring), should tell you all you need to know.
AFTERNOON TRADING/
II USA DATA
Money-Market Fund Assets Hit New Record High As Fed’s Bank Bailout Fund Set To Expire
BY TYLER DURDEN
THURSDAY, MAR 07, 2024 – 04:44 PM
Despite soaring stocks, money-market fund assets rose to a fresh record high for the second straight week, adding $19BN to $6.08TN (and almost $70BN in two weeks)…
Source: Bloomberg
But, but, but, ‘money on the sidelines’ and stuff?
In a breakdown for the week to March 6, government funds – which invest primarily in securities like Treasury bills, repurchase agreements and agency debt – saw assets rise to $4.9 trillion, a $21.6 billion increase.
Prime funds, which tend to invest in higher-risk assets such as commercial paper, meanwhile, saw assets fall to $1.02 trillion, a $3.6 billion drop, driven by an exodus from the institutional side.
Institutional funds saw a modest $3.6BN inflow while Retail funds saw $15.1BN inflow…
Source: Bloomberg
The Fed’s balance sheet shrank by $39BN last week to its lowest since Feb 2021…
Source: Bloomberg
QT shows no signs of tapering yet with $29.6BN in securities released last week, to the lowest since March 2021, just above $7TN…
Source: Bloomberg
The Fed’s Reverse Repo facility saw further liquidity drawn-down, plunging fast very recently, on target for a March meeting with the x-axis…
Source: Bloomberg
Bank reserves at The Fed were flat on the week with equity market cap as dramatically decoupled as it was in July of last year…
Source: Bloomberg
Finally, The Fed’s bank bailout facility (BTFP) is set to expire in the next week (but bear in mind these are all one-year term loans). It ticked up by $548MM last week holding around the $164BN level…
Source: Bloomberg
Powell today said he was trying to destigmatize the discount window (because that is where all this crap is going to end up)…
Reminder, bonds are trading higher in yield, lower in price, since the SVB crisis (which means what for the banks holdings?)
end
the real story on the jobs report
(Peter Tchir)
A Disturbingly Weak Report…
FRIDAY, MAR 08, 2024 – 09:27 AM
Authored by Peter Tchir via Academy Securities,
As Non-Farm Payroll hit the tape, the report initially looked strong, adding 275,000 jobs!
But that is where the “goodness” ends.
Downward revisions for the past 2 months were 167k! Making some (like me) wonder why we bother? Remember when last month seemed too strong? It was! Instead of 353k, we only got 229k (and why would we believe that next month, it won’t be revised down further?).
Then, unemployment ticked higher to 3.9%. Still a low level of unemployment, but that increase occurred while the labor participation rate stayed the same (at the somewhat low level of 62.5%). Which means, yes, you guessed it, the Household Survey showed job losses of 184k (bringing the 2-month total to over 200,000 jobs lost). Once again, on a brief glance, it looks like there were part-time jobs created, making the already weak report, even weaker.
Hourly earnings dropped (a good thing for bonds and inflation, a bad thing for workers).
The main thing I looked at earlier in the week with JOLTS was the “Quit” rate which came in at 2.1%, which was the lower than almost any point from 2016 to the end of 2019. Not impressive as it tells us that workers don’t think it is easy to find another job (and JOLTS is a month behind NFP in reporting). The “Hire” rate in JOLTS was at 3.6%, which is also at the lower end of the range in the years prior to COVID.
At best, this is a “normal” job market from historical standards. In reality, it is slightly below “normal” and heading the wrong direction (for the economy, if not monetary policy).
All of this would be less concerning if payment delinquencies on a wide variety of debt weren’t increasing (they are) and credit card debt wasn’t back above trend (it is), etc.
The initial reaction for bonds is lower yields. That seems reasonable, given the data, but I think after the State of the Union, as the “real” campaigning begins, we will realize that no one in D.C. cares about the deficit (how they grow it will vary, but it is going to keep growing) which will limit how much bonds can rally.
On the equity side, the initial reaction might be to rally as this data helps the Fed, but I think it is weak enough, that along with some recent earnings misses, pressure will be to the downside (I had to check 4 times to be sure, but the Nasdaq 100 closed lower on Thursday than it had last Friday – I had to check so often, because the headlines had me convinced it has been a great week, but it hasn’t).
So what initially looked like “good” news is actually mediocre, at best. How the markets treat that news remains to be seen, but I’m expecting a mediocre response, regardless of the fact that today’s data will help the Fed lean towards cuts.
END
Inside The Most Ridiculous Jobs Report In Recent History: Record 1.2 Million Immigrant Jobs Added In One Month
FRIDAY, MAR 08, 2024 – 01:30 PM
Last month we thought that the January jobs report was the “most ridiculous in recent history” but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush.
What happened? Let’s take a closer look.
On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K “jobs”, with just one research analyst expecting a higher number.
And after last month’s record 4-sigma beat, today’s print was “only” 3 sigma higher than estimates.
Before we go any further, a quick note on what last month we said was “the most ridiculous jobs report in recent history”: it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month’s ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K, a 124K revision, which was the biggest one-month revision in two years!
Of course, that does not mean that this month’s jobs print won’t be revised lower: it will be, and not just that month but every other month until the November election because that’s the only tool left in the Biden admin’s box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.
zero hedge X
In the past month the Biden department of goalseeking stuff higher before revising it lower, has revised the following data sharply lower:
– Jobs
– JOLTS
– New Home sales
– Housing Starts and Permits
– Industrial Production
– PCE and core PCE
·
293.2K Views
To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years – and thus denying expectations from Sahm’s Rule that a recession may have already started – in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).
And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years…
… for one simple reason: last month’s average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic…
… but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.
While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS’s latest choice of seasonal adjustments (after last month’s wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.
But it’s more than just the Biden admin hanging its “success” on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge… such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).
This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.
There’s more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of “new jobs” has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that’s great… until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).
Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!
But wait there’s even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!
The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!
Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers…
… but there has been zero job-creation for native born workers since June 2018!
This is a huge issue – especially at a time of an illegal alien flood at the southwest border…
… and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened – i.e., the illegal immigration floodgates that were opened by the Biden admin.
Which is also why Biden’s handlers will do everything in their power to insure there is no official recession before November… and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.
TUCKER CARLSON….
III USA ECONOMIC COMMENTARIES
Ex-Google Engineer Arrested, Charged With Stealing AI Trade Secrets For China
THURSDAY, MAR 07, 2024 – 11:40 PM
Authored by Eva Fu via The Epoch Times (emphasis ours),
A former Google software engineer has been indicted on charges of stealing artificial intelligence-related trade secrets while working for Chinese competitors seeking to gain an edge in the AI race.
Linwei Ding, a Chinese national who also goes by Leon, was charged by a federal grand jury in San Francisco with four counts of trade secret theft, each punishable by up to 10 years in prison. He was arrested on March 6 morning in California’s Newark city, where he lives.
The 38-year-old allegedly stole over 500 files containing confidential information between May 2022 and May 2023, including detailed information about the hardware infrastructure and software platforms allowing Google’s supercomputing data centers to train large AI models through machine learning, according to the indictment.
Within weeks after Mr. Ding began the theft activity, the indictment said, an early-stage Chinese company with a focus on AI offered to make him its chief technology officer. The position came with a monthly salary of around $14,800 with an annual bonus and company stock.
That late October, Mr. Ding traveled to China and stayed there until the following March, participating in investor meetings to raise capital for the firm, Beijing Rongshu Lianzhi Technology.
In May 2023, he founded an AI start-up in Shanghai.
“We have experience with Google’s ten-thousand-card computational power platform; we just need to replicate and upgrade it—and then further develop a computational power platform suited to China’s national conditions,” he stated in a document promoting his company on the China-based social media platform WeChat.
He also tasked another Google employee to scan his access badge on three separate days in December 2023 to create the impression that he was working from the U.S. Google office when, in fact, he was in China, the Google investigators found after examining surveillance footage.
Mr. Ding initially managed to evade Google’s detection by copying the Google data into the Apple Notes application on his Google-issued MacBook then converting it into PDF to upload into his personal Google Cloud account.
But in December 2023, when he uploaded additional files from the Google network to another personal account while in China, Google became suspicious.
He then told a Google investigator that he had intended to use the information as evidence of the work that he had conducted at Google, according to the indictment.
Mr. Ding didn’t disclose either of his affiliations with China-based firms with Google, prosecutors said.
Less than a week later, he booked a one-way ticket to Beijing slated to depart on Jan. 7. He then resigned from Google on Dec. 26.
Google retrieved Mr. Ding’s Google laptop and mobile device from his home the day before his planned departure on Jan. 4.
Stealing US Innovation
Attorney General Merrick Garland disclosed the details of the case at an American Bar Association Conference in San Francisco on Wednesday afternoon.
“We will fiercely protect sensitive technologies developed in America from falling into the hands of those who should not have them,” he said.
FBI director Christopher Wray said the charges were “the latest illustration of the lengths affiliates of companies based in the People’s Republic of China are willing to go to steal American innovation.”
“The theft of innovative technology and trade secrets from American companies can cost jobs and have devastating economic and national security consequences,” he said in a statement.
The interagency Disruptive Technology Strike Force that partook in the case was set up by the Departments of Justice and Commerce last year with an eye on threats of China’s ruling Chinese Communist Party exploiting U.S. innovations for its military development.
Deputy Attorney General Lisa Monaco in a speech last month said that AI is a top priority for the task force, describing it as the “ultimate disruptive technology.”
Mr. Wray, in a late February national security conference, also warned about the danger of generative AI in “making it easier for both more and less-sophisticated foreign adversaries to engage in malign influence” and interference with the U.S. political process.
END
Killadelphia: 8 Teens Shot Near SEPTA Bus In Northeast Philly
THURSDAY, MAR 07, 2024 – 09:20 PM
Just hours after the last shooting injuring four and killing one involving mass transit in Philadelphia was reported, yesterday it hit the wires that another “mass shooting” took place near a SEPTA bus in Northeast Philadelphia.
One teen is “fighting for his life” while 7 other teens are recovering, NBC Philadelphia reports.
The incident occurred at around 3 p.m. near Northeast High School at Cottman and Rising Sun avenues, where students were waiting for a bus. Three assailants opened fire, shooting over 30 rounds from across the street, wounding eight teenagers.
Surveillance captured them exiting a blue Hyundai Sonata and attacking as a bus arrived, then fleeing. The victims, aged between 15 and 17, included seven boys and a girl; two are critically injured.
Descriptions of the gunmen have been released. The shooting prompted a lockdown at a nearby elementary school and hit two SEPTA buses without injuring passengers.
Police have impounded a car believed to be involved in the shooting, seizing a blue Hyundai Sonata found parked on Roselyn Street in the Olney area of the city on Wednesday night. The vehicle, now at a local impound lot, is said to match the description of the dark blue 2019 Hyundai Sonata identified as the getaway car in surveillance footage.
Mayor Cherelle Parker commented: “The purpose of our being here today is to inform you all that enough is enough. That every law enforcement partner that we have here in the city of Philadelphia is actively engaged in working together to ensure that every resource that is needed is readily available so that the work can be done to solve crimes.”
Philadelphia Police Commissioner Kevin Bethel added: “It’s hard to sit here in three days and have 11 juveniles shot who are going and coming from school. The cowardly acts that we’ve seen over the last three days are unacceptable, The downstream impacts if we do not address gun violence and we do not address guns is what we see today.”
“We cannot ignore what we’re seeing over the last three days. I will not sit here and people call me and tell me what I should or should not be doing,” Bethel continued.
“This is what we see when we give guns in the hands of juveniles and what they do with them. Telling kids they should not carry guns because they’re scared. Really? This is the end results of what we see. So we’re going to work hard and continue with the men and women behind me and my team to get these guns off the street and stop this from happening.”
This marks the fourth recent shooting near SEPTA properties, with 11 juveniles shot in the city this week. Other incidents involved fatal shootings and arguments, with no arrests made yet.
Philadelphia Police Department
WANTED for shooting 8 juveniles on 3/6/24 at 7300 Rising Sun Ave. Suspects armed and dangerous – do not approach. If you have information on these suspects -please call or 215-686-TIPS(8477) or 911
·
110.1K Views
https://twitter.com/PhillyPolice/status/1765550546897781018
END
SPECIAL THANKS TO ROBERT H FOR SENDING THIS TO US;
A MUST VIEW…
All you need to know,please circulate this reality. Truth!
The reality that many a nation’s leadership should adopt to server their citizens.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
iiiC USA COVID //VACCINE ISSUES
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
END
SWAMP STORIES
Watch: President Biden Delivers The “Darkest, Most Un-American Speech Given By A President”
Having successfully raged, ranted, lied, and yelled through the State of The Union, President Biden can go back to his crypt now.
Whatever ‘they’ gave Biden, every American man, woman, and the other should be allowed to take it – though it seems the cocktail brings out ‘dark Brandon’?
Tl;dw: Biden’s Speech tonight …
Fund Ukraine.
Trump is threat to democracy and America itself.
Abortion is good.
American Economy is stronger than ever.
Inflation wasn’t Biden’s fault.
Illegals are Americans too.
Republicans are responsible for the border crisis.
Trump is bad.
Biden stands with trans-children.
J6 was the worst insurrection since the Civil War.
(h/t @TCDMS99)
Tucker Carlson’s response sums it all up perfectly:
“that was possibly the darkest, most un-American speech given by an American president. It wasn’t a speech, it was a rant…”
Carlson continued: “The true measure of a nation’s greatness lies within its capacity to control borders, yet Bid refuses to do it.”
“In a fair election, Joe Biden cannot win”
And concluded:
“There was not a meaningful word for the entire duration about the things that actually matter to people who live here.”
Victor Davis Hanson added some excellent color, but this was probably the best line on Biden:
“he doesn’t care… he lives in an alternative reality.“
* * *
Watch SOTU Live here…
* * *
Mises’ Connor O’Keeffe, warns: “Be on the Lookout for These Lies in Biden’s State of the Union Address.”
On Thursday evening, President Joe Biden is set to give his third State of the Union address. The political press has been buzzing with speculation over what the president will say. That speculation, however, is focused more on how Biden will perform, and which issues he will prioritize. Much of the speech is expected to be familiar.
The story Biden will tell about what he has done as president and where the country finds itself as a result will be the same dishonest story he’s been telling since at least the summer.
He’ll cite government statistics to say the economy is growing, unemployment is low, and inflation is down.
Something that has been frustrating Biden, his team, and his allies in the media is that the American people do not feel as economically well off as the official data says they are. Despite what the White House and establishment-friendly journalists say, the problem lies with the data, not the American people’s ability to perceive their own well-being.
As I wrote back in January, the reason for the discrepancy is the lack of distinction made between private economic activity and government spending in the most frequently cited economic indicators. There is an important difference between the two:
Government, unlike any other entity in the economy, can simply take money and resources from others to spend on things and hire people. Whether or not the spending brings people value is irrelevant
It’s the private sector that’s responsible for producing goods and services that actually meet people’s needs and wants. So, the private components of the economy have the most significant effect on people’s economic well-being.
Recently, government spending and hiring has accounted for a larger than normal share of both economic activity and employment. This means the government is propping up these traditional measures, making the economy appear better than it actually is. Also, many of the jobs Biden and his allies take credit for creating will quickly go away once it becomes clear that consumers don’t actually want whatever the government encouraged these companies to produce.
On top of all that, the administration is dealing with the consequences of their chosen inflation rhetoric.
Since its peak in the summer of 2022, the president’s team has talked about inflation “coming back down,” which can easily give the impression that it’s prices that will eventually come back down.
But that’s not what that phrase means. It would be more honest to say that price increases are slowing down.
Americans are finally waking up to the fact that the cost of living will not return to prepandemic levels, and they’re not happy about it.
The president has made some clumsy attempts at damage control, such as a Super Bowl Sunday video attacking food companies for “shrinkflation”—selling smaller portions at the same price instead of simply raising prices.
In his speech Thursday, Biden is expected to play up his desire to crack down on the “corporate greed” he’s blaming for high prices.
In the name of “bringing down costs for Americans,” the administration wants to implement targeted price ceilings – something anyone who has taken even a single economics class could tell you does more harm than good. Biden would never place the blame for the dramatic price increases we’ve experienced during his term where it actually belongs—on all the government spending that he and President Donald Trump oversaw during the pandemic, funded by the creation of $6 trillion out of thin air – because that kind of spending is precisely what he hopes to kick back up in a second term.
If reelected, the president wants to “revive” parts of his so-called Build Back Better agenda, which he tried and failed to pass in his first year. That would bring a significant expansion of domestic spending. And Biden remains committed to the idea that Americans must be forced to continue funding the war in Ukraine. That’s another topic Biden is expected to highlight in the State of the Union, likely accompanied by the lie that Ukraine spending is good for the American economy. It isn’t.
It’s not possible to predict all the ways President Biden will exaggerate, mislead, and outright lie in his speech on Thursday. But we can be sure of two things. The “state of the Union” is not as strong as Biden will say it is. And his policy ambitions risk making it much worse.
* * *
The American people will be tuning in on their smartphones, laptops, and televisions on Thursday evening to see if ‘sloppy joe’ 81-year-old President Joe Biden can coherently put together more than two sentences (even with a teleprompter) as he gives his third State of the Union in front of a divided Congress.
President Biden will speak on various topics to convince voters why he shouldn’t be sent to a retirement home.
According to CNN sources, here are some of the topics Biden will discuss tonight:
Economic issues: Biden and his team have been drafting a speech heavy on economic populism, aides said, with calls for higher taxes on corporations and the wealthy – an attempt to draw a sharp contrast with Republicans and their likely presidential nominee, Donald Trump.
Health care expenses: Biden will also push for lowering health care costs and discuss his efforts to go after drug manufacturers to lower the cost of prescription medications — all issues his advisers believe can help buoy what have been sagging economic approval ratings.
Israel’s war with Hamas: Also looming large over Biden’s primetime address is the ongoing Israel-Hamas war, which has consumed much of the president’s time and attention over the past few months. The president’s top national security advisers have been working around the clock to try to finalize a ceasefire-hostages release deal by Ramadan, the Muslim holy month that begins next week.
An argument for reelection: Aides view Thursday’s speech as a critical opportunity for the president to tout his accomplishments in office and lay out his plans for another four years in the nation’s top job. Even though viewership has declined over the years, the yearly speech reliably draws tens of millions of households.
Sources provided more color on Biden’s SOTU address:
The speech is expected to be heavy on economic populism. The president will talk about raising taxes on corporations and the wealthy. He’ll highlight efforts to cut costs for the American people, including pushing Congress to help make prescription drugs more affordable.
Biden will talk about the need to preserve democracy and freedom, a cornerstone of his re-election bid. That includes protecting and bolstering reproductive rights, an issue Democrats believe will energize voters in November. Biden is also expected to promote his unity agenda, a key feature of each of his addresses to Congress while in office.
Biden is also expected to give remarks on border security while the invasion of illegals has become one of the most heated topics among American voters. A majority of voters are frustrated with radical progressives in the White House facilitating the illegal migrant invasion.
It is probable that the president will attribute the failure of the Senate border bill to the Republicans, a claim many voters view as unfounded. This is because the White House has the option to issue an executive order to restore border security, yet opts not to do so
Maybe this is why?
While Biden addresses the nation, the Biden administration will be armed with a social media team to pump propaganda to at least 100 million Americans.
“The White House hosted about 70 creators, digital publishers, and influencers across three separate events” on Wednesday and Thursday, a White House official told CNN.
Not a very capable social media team…
The administration’s move to ramp up social media operations comes as users on X are mostly free from government censorship with Elon Musk at the helm. This infuriates Democrats, who can no longer censor their political enemies on X.
Meanwhile, Democratic lawmakers tell Axios that the president’s SOTU performance will be critical as he tries to dispel voter concerns about his elderly age. The address reached as many as 27 million people in 2023.
“We are all nervous,” said one House Democrat, citing concerns about the president’s “ability to speak without blowing things.”
The SOTU address comes as Biden’s polling data is in the dumps.
BetOnline has created several money-making opportunities for gamblers tonight, such as betting on what word Biden mentions the most.
As well as…
We will update you when Tucker Carlson’s live feed of SOTU is published.
END
Gaetz Accuses Jack Smith Of Election Interference In Complaint To DOJ Inspector General
THURSDAY, MAR 07, 2024 – 08:20 PM
Authored by Caden Pearson via The Epoch Times (emphasis ours),
Rep. Matt Gaetz (R-Fla.) accused Special Counsel Jack Smith of election interference in a complaint filed with the Department of Justice’s (DOJ) inspector general on Wednesday.
In a letter to Inspector General Michael Horowitz, Mr. Gaetz asserted that Mr. Smith’s resistance to delaying a trial stems from an unspoken drive to hold it before the upcoming November presidential election.
Last week, former President Donald Trump’s lawyers and Mr. Smith’s office filed motions requesting different trial dates in the classified documents criminal case in Florida. President Trump’s lawyers have argued that a fair trial cannot be held in an election year when he is the leading Republican candidate.
“The witch hunt against President Trump by Attorney General Garland and Special Counsel Smith is a partisan exercise, and the American people know it!” Mr. Gaetz wrote on X (formerly Twitter).
“Jack Smith’s attempt to speed up the trial against President Trump violates the DOJ’s rules and the law,” he continued. “His public comments and his office’s briefs before the Supreme Court demonstrate that he has no reason for his actions other than to unlawfully interfere in the 2024 presidential election.”
In his letter, Mr. Gaetz pointed to statements by Mr. Smith in court filings where he has urged a “rapid” review of the case and stressed its “public importance.” This, according to the Florida congressman, shows that the case is an attempt at election interference.
“Were there a legitimate, non-election related purpose for this request, these attorneys, who have filed in appeals courts many times, would have listed such,” Mr. Gaetz wrote (pdf).
“Since charges have been filed and the defendant himself is taking a legal position on timing and lodging various appeals, that justification cannot, for example, be the rights of the defendant under the Constitution or Speedy Trial Act,” he continued.
President Trump’s legal team made a similar argument last month, writing in a court filing that Mr. Smith was twisting “into logical knots” in his argument against delaying the trial.
“The Special Counsel’s latest filing raises a compelling inference of a political motive—the motivation to influence the 2024 Presidential election by bringing the leading Republican candidate to trial before November 5, 2024,” President Trump’s lawyers wrote.
Mr. Gaetz argued in Wednesday’s letter that Mr. Smith’s apparent rush to trial raises questions about compliance with DOJ policy. According to a 2022 memo issued by Attorney General Merrick Garland, law enforcement officers and prosecutors are prohibited from taking actions that could impact elections.
The memo cites the DOJ’s Justice Manual, which has also been highlighted by President Trump’s legal team. The manual sets clear guidelines against using investigative steps, public statements, or criminal charges for electoral advantage.
Citing legal scholars, including Harvard Law School professor Jack Goldsmith, Mr. Gaetz suggested in his letter that the rush to trial lacks a constitutional or statutory rationale, indicating a possible political motivation. Mr. Goldsmith, in an article referenced by Mr. Gaetz, questions the need for speed in the case and raises concerns about the consequences of such haste.
Mr. Gaetz accused Mr. Smith of violating the law by trying to expedite the case in court.
“It is the core of prohibited conduct that a purpose (not the purpose) of any official action of a prosecutor be to affect any election,” Mr. Gaetz wrote. “It may be morally correct that the American people should see swift resolution of this case, perhaps with dropped charges or a Trump acquittal before the November 2024 Presidential election, but wielding Executive Branch authority in the service of this is a violation of law. Prosecutors must be held to a higher standard.”
Mr. Gaetz urged Mr. Garland to conduct an immediate investigation into potential violations of departmental regulations by Mr. Smith.
The Epoch Times contacted Mr. Smith’s office for comment.
Last week, Mr. Smith’s office requested a new trial date of July 8. On the same day, attorneys for the former president asked for a delay of the trial until after the 2024 election or, alternatively, for it to be held on Aug. 12.
President Trump’s attorneys have argued that the U.S. Constitution affords him the right to run for president, engage in political speech-making protected by the First Amendment, and participate in legal proceedings, a right protected by the Sixth Amendment.
President Trump is accused of violating the Espionage Act through unauthorized possession of national defense information, as well as conspiring to obstruct justice and making false statements.
end
Unbelievable! what a moron
(Watson//Modernity/..news)
Nancy Pelosi Angry That Laken Riley’s Killer Was Described As An “Illegal”
FRIDAY, MAR 08, 2024 – 08:45 AM
Authored by Paul Joseph Watson via Modernity.news,
After Joe Biden shocked many by actually telling the truth that Laken Riley was killed by an “illegal,” Nancy Pelosi expressed her anger that the murderer wasn’t described as “undocumented”.
Yes, really.
The 22-year-old nursing student at Augusta University was kidnapped and killed by an illegal immigrant from Venezuela when she was jogging at the University of Georgia last month.
Marjorie Taylor Greene heckled Biden during his State of the Union speech and was actually successful in forcing Biden to tell the truth about the matter.
Although in true senile fashion, Biden called her “Lincoln,” he did say Riley was an “innocent young woman who was killed by an illegal”.
MASK SLIPS: With hard drugs wearing off fast Joe Biden has a truly shocking moment of honesty & lucidity. After MTG screams Laken Riley’s name Biden goes off prompter, rattled and admits: “THOUSANDS of Americans are being Killed by ILLEGALS.” Joe knows. He doesn’t care.
Nancy Pelosi was visibly annoyed that Riley’s killer was accurately described.
Pelosi slams Joe Biden for referring to Laken Riley’s kiIIer as an illegal: “He should’ve said undocumented.”
·
“And he should have said undocumented, but it’s not a big thing, okay?” she told a CNN panel.
Apparently, it was a big thing to her, otherwise she wouldn’t have said it.
“You do think he should have said undocumented?” Pelosi was asked.
“We usually say undocumented,” she responded.
Who is she even being offended on behalf of, the actual murderer?
end
‘Concocted Conspiracy Theory’: Special Counsel Annihilates Hunter Biden’s Motion To Dismiss In Scathing Response
FRIDAY, MAR 08, 2024 – 03:30 PM
Last month Hunter Biden’s legal team filed a motion to dismiss his tax charges, claiming among other things that his own father’s DOJ has “upped the ante” against him in a politically motivated case of “selective and vindictive prosecution” in order to do Donald Trump’s bidding.
“This case follows a nearly six-year record of [the Justice Department] changing its charging decisions and upping the ante on Mr. Biden in direct response to political pressure and its own self-interests,” Hunter’s attorneys wrote in the Feb. 20 filing.
They also wanted “salacious” portions of Biden’s personal expenditures to be redacted, claiming they are “meant to depict Mr. Biden as irresponsible, frivolous, and otherwise of questionable character and integrity.”
Weiss hits back
Fast forward nearly three weeks, and Special Counsel David Weiss just annihilated Hunter’s entire filing in a scathing response. It’s a fun read.
[T]he defendant concocts a conspiracy theory that the prosecution has “upped the ante” to appease politicians who have absolutely nothing to do with the prosecution and are not even members of the current Executive Branch.
…
“[T]o state an obvious fact that the defendant continues to ignore, former President Trump is not the President of the United States.
The defendant fails to explain how President Biden or the Attorney General, to whom the Special Counsel reports, or the Special Counsel himself, or his team of prosecutors, are acting at the direction of former President Trump or Congressional Republicans, or how this current Executive Branch approved allegedly discriminatory charges against the President’s son at the direction of former President Trump and Congressional Republicans.”
Hunter made millions, lied to his accountants, and “chose to commit serious tax crimes”
Under the “factual background” section of the response, Weiss says that Hunter “engaged in a four-year scheme not to pay at least $1.4 million in federal taxes.”
Meanwhile, Hunter “willfully failed to pay his 2016, 2017, 2018, and 2019 taxes, despite having access to funds to pay some or all of these taxes,” and “Despite receiving $1.2 million in financial support from a friend to maintain his lifestyle, the defendant did not make payments towards his tax obligations.”
Hunter again lied to his accountants in 2020.
“For example, the defendant falsely claimed extensive business travel in 2018 during a period in which he later described his crack cocaine use as “twenty-four hours a day, smoking every fifteen minutes, seven days a week.”
The defendant lied to his accountants by claiming as business expenses $43,696 in stays at the Chateau Marmont with his “merry band of crooks, creeps, and outcasts.”
More:
Weiss notes that Hunter “earned millions of dollars in income between years 2016 and 2017,” for which he “performed very little actual work for the $7 million in income he was paid during this period.”
Hunter “spent nearly $5 million on personal expenses to live an extravagant lifestyle instead of paying his taxes.”
Serious Gun Crimes
Weiss then notes that Hunter’s crimes “were not limited to tax violations.”
“In 2018, he chose to purchase a gun, he chose to lie on background check paperwork by stating he was not addicted to drugs, and he certified that his answers on the paperwork were true, when in fact, he had lied about his addiction.“
We also learn that Hunter lied about his legal interactions and negotiations with the DOJ – such as claiming that a plea agreement was approved to handle the gun charge, when in fact it was not.
“The defendant incorrectly claims that DOJ “proposed a non-prosecution agreement for the gun and tax charges, even though DOJ had already determined the charges should not be brought.”
Hunter also claimed that the DOJ “inexplicably demanded” that he plead guilty to felonies with jail time. Not true, according to Weiss:
The rest of the filing, which can be read here, shreds Hunter’s various other claims and defenses, while Weiss accuses Hunter’s legal team of attempting “to transform a seemingly bland set of plea discussions into a conspiracy theory.
In closing, Weiss asks that Hunter’s motion to dismiss be “denied in its entirety.”
KING REPORT//
| The King Report March 8, 2024 Issue 7196 | Independent View of the News |
| ECB Sees Inflation Reaching 2% Target in 2025 – BBG 8:21 ET Lagarde Signals ECB Cut in June with 2% Inflation in Sight – BBG 10:32 ET “We clearly need more evidence, more detail… but we will know a lot more in June… We did NOT discuss cuts for this meeting… But we are just beginning to discuss the dialing back of our restrictive stance.” Lagarde’s statement after ECB policy meeting https://finance.yahoo.com/news/text-lagardes-statement-ecb-policy-140234474.html Powell testimony at the Senate Banking Committee HighlightsWell Aware of Risk of Cutting Too Late – BBG 10:13 ETIf Economy Evolves As Expected, Cuts Can Begin This Year – BBG 10:13 ETPowell Sees Fed ‘Carefully Removing’ Restrictive Stance – BBG 10:14 ETCompanies Should Have the Freedom to Set Prices – BBG 10:18 ETImmigration Policy Is None of the Fed’s Business – BBG 10:22 ETNeed to Understand Emerging Risks in Nonbank Sector – BBG 10:38 ETHousing Market Is in a Very Difficult Situation – BBG 10:51 ETHousing Insurance in Coastal Areas ‘Significant Issue’ – BBG 11:03 ETUS Doing Best of Advanced Economies on Growth, Inflation – BBG 11:11 ETCRE Issues Not First Order Risk for Big Banks – BBG 11:21 ETWill Take While for Comfort Inflation Sustainability at 2% – BBG 11:26 ETWe’re Not Far from Confidence to Cut Rates (and help Biden) – BBG 11:26 ETCould see the case for shortening the maturities of Fed holdings – BBG 11:29 ETFed Can’t Introduce CBDC Without Congress’ Approval – BBG 11:49 ETWe stay the heck out of politics (a whopper of a lie!)– BBG 12:04 ET Fed’s Bowman: “Not yet” ready for rate cuts, willing to hike again if needed https://t.co/6QgVLfk5MP “While the current stance of monetary policy appears to be at a restrictive level that will bring inflation down to 2% over time, I remain willing to raise the federal funds rate at a future meeting should the incoming data indicate that progress on inflation has stalled or reversed… “Should the incoming data continue to indicate that inflation is moving sustainably toward our 2% goal, it will eventually become appropriate to gradually lower our policy rate to prevent monetary policy from becoming overly restrictive… In my view, we are not yet at that point. Reducing our policy rate too soon could result in requiring further future policy rate increases to return inflation to 2% over the longer run.” https://www.reuters.com/markets/us/feds-bowman-not-yet-ready-rate-cuts-willing-hike-again-if-needed-2024-03-07/ Cleveland Fed President Mester said the biggest mistake the Fed can make is prematurely cutting rates. She added that inflation may prove to be more persist this year but if the economy meets Fed forecasts, rate cuts could appear later this year. @ShotsGenocide: Insurance companies were heavily invested in bonds and US Treasuries. Those things are down 40% since 2020. That’s a big reason they’re raising premiums. ECBs sank during Nikkei trading on much stronger than expected Japanese wage growth (2% y/y) in January. ESHs hit a daily low of 5086.50 at 3:09 ET. ESHs then soared on the ECB, Lagarde, and Powell’s dovishness. ESHs intractably rallied until they hit a high of 5170.50 at 13:57 ET. ESHs retreated until the last-hour rally began at 15:00 ET. ESHs hit 5167.75 at 15:55 ET and then fell. USHs traded mostly negatively until they surged to 122 13/32 (+26/32) at 8:42 ET on algo and linear thinking buying. Saner angels then aggressively sold, driving USHs down to 121 12/32 at 11:19 ET. Rate cuts with gold and Bitcoin near all-time highs, stocks bubbling up, and massive deficit spending will provoke even more inflation. PS – US CPI bottomed in June and real inflation continues to percolate. Five Guys’ receipt goes viral – social media reacts to ‘out of control prices’ for burger, fries and small drink – Bacon cheeseburger at $12.49, a small soda at $2.89 and small fries for $5.19 https://www.dailymail.co.uk/yourmoney/article-13170009/five-guys-receipt-viral-prices-control.html @ces921: As long as central bankers continue to say that they believe their current policy is restrictive enough to return inflation to target, risk markets will continue to rally as a reminder that policy is not restrictive and loose financial conditions are exacerbating inflation re-acceleration. This will stop when central banks realize their policy is not restrictive and they reintroduce rates volatility back into markets by removing the prospect of rate cuts and raising the odds of next moves being rate hikes. It doesn’t appear we are there yet. Over the last two days, Powell did nothing to pushback on the market pricing dynamics in play which are showing a significant further easing of financial conditions which are only going to make the achievement of 2% inflation target that much more difficult… Until the Fed is willing to tell the market that they are concerned their policies are not restrictive enough to bring inflation back down to 2%, and introduce more uncertainty about their rate path desires, risk markets will continue to rally, further unanchoring inflation expectations and actual inflation, until the point where the Fed actually becomes uncomfortable again. January Consumer Credit +$19.495B; $10.0B expected. @RealEJAntoni: Revolving consumer credit jumped ($.4B) in Jan, likely fueled by people having to put more purchases on credit cards as inflation reaccelerated and outpaced wage gains – we can expect more of the same until access to credit becomes more constrained. :https://twitter.com/RealEJAntoni/status/1765838694085464564 And families are racking up this record credit card debt w/ interest rates at record highs, now costing consumers $240 billion in interest annually, just for their credit cards – and it’s rising… https://twitter.com/RealEJAntoni/status/1765839911767408997 Positive aspects of previous session Stocks rallied on the notion that the Fed and ECB will soon cut rates Nasdaq hit an all-time intraday high on manic Mag 7 buying; NY Fang+ Index +2.45% Negative aspects of previous session Commodities, ex-oil, rallied; the dollar declined sharply Ambiguous aspects of previous session Where will inflation go if the ECB and/or the Fed cut rates? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5150.39 Previous session S&P 500 Index High/Low: 5165.62; 5128.21 Fed Balance Sheet: -$28.95B; Treasuries -$29.938B; Reserves at the Fed: +$58.624B (‘restrictive’? https://www.federalreserve.gov/releases/h41/20240307/ Reserves at the Fed: $3.626 Trillion – Highest level since 4/20/20, breaking out to the upside! Joe Biden to propose massive tax raid on super rich and corporate America in tonight’s State of the Union address with sweeping hikes including minimum corporate tax up from 15% to 21% – and a 25% levy for billionaires https://trib.al/sJRwLRz Biden plans feisty economic reset – President Biden will use tonight’s State of the Union address to admit that prices are still too high in some areas — but argue things were worse under former President Trump, White House chief of staff Jeff Zients tells Axios… Zients said Biden’s speech will convey “energy, optimism and belief in the future of this country” — and predicted “some passion” when Biden demands Congress act on border security and aid for Ukraine… Among the ideas he’s eyeing: driving down the cost of prescription drugs, cracking down on “junk fees,” expanding the housing supply and emphasizing tax fairness… Even some well-known Democrats find White House thinking naive… The central question for any presidential re-election campaign — the one Ronald Reagan famously posed to then-President Jimmy Carter in 1980 — is: “Are you better off today than you were four years ago?“… https://www.axios.com/2024/03/07/state-of-the-union-biden-us-economy Biden to announce US military-led mission to build port on Gaza coast to boost aid https://trib.al/5srtlCP @bhweingarten: This isn’t just about the Dearborn vote, and the vote of anti-American pro-jihadist progressive voters across the country. The Biden admin has pursued a conscious Iran First policy that extends an umbrella of U.S. protection to its proxies, including through putting the screws to Israel. Yes, it’s about politics, but it’s also policy borne of a sick and twisted ideology that demands punishing the Judeo-Christian West and rewarding those who seek its destruction. Trump blasts Biden on border and inflation in prebuttal to expected State of the Union address https://trib.al/6X6jRad ABC News @ABC: Pres. Biden met virtually with actors who’ve played fictional American presidents and asked them for their advice ahead of his State of the Union address. (Not a parody!) https://abcnews.go.com/Politics/biden-seeks-advice-tv-movie-presidents-ahead-state/story @rawsalerts: Hundreds of pro-Palestine protesters are blocking the motorcade route as President Biden heads to the US Capitol for the State of the Union Address… President Biden’s 2024 State of the Union address – CNN https://www.cnn.com/politics/live-news/state-of-the-union-biden-03-07-24/index.html Biden to Hit Trump in 2024 Pitch at State of the Union – BBG Today – The February Employment Report will take pre and post-NYSE opening trading. Once again, there is a conflict between those that want a soft jobs report so they can herald Fed rate cuts and Team Obama-Biden that want a strong jobs report. We cannot guffaw enough at Powell and his fellow Fed clods for repeatedly asserting that monetary policy is restrictive – while gold, Bitcoin, and major US equity indices are at or near all-time highs! Expected Economic Data: Feb NFP 200k, 2-month Revision +126k, Mfg. 7k, Rate 3.7%, Wages 0.2% m/m & 4.3% y/y, Workweek 34.3, Labor Force Participation Rate 62.6%; NY Fed Pres Williams 7 ET ESUs are -2.25; NQHs are -47.75; USHs are -3/32 at 20:30 ET. S&P Index 50-day MA: 4917; 100-day MA: 4693; 150-day MA: 4598; 200-day MA: 4547 DJIA 50-day MA: 38,243; 100-day MA: 36,615; 150-day MA: 35,867, 200-day MA: 35,447 (Green is positive slope; Red is negative slope) S&P 500 Index (5157.36) – Trender BBG trading model and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4455.17 triggers a sell signal Weekly: Trender and MACD are positive – a close below 4860.59 triggers a sell signal Daily: Trender is positive; MACD is negative – a close below 5028.38 triggers a sell signal Hourly: Trender and MACD are positive – a close below 5114.43 triggers a sell signal Republicans pass ‘Laken Riley Act’ hours before Biden’s State of the Union: 170 Democrats vote AGAINST bill to allow ICE to detain illegal migrants accused of theft after brutal murder of 22-year-old in Georgia https://t.co/N3y4e3n3MB @elonmusk: Most Americans are still unaware that the census counts ALL people, including illegal immigrants, for deciding how many House seats each state gets! (Congressional districts determine the amount of Electoral Votes!) This results in Dem states getting roughly 20 more House seats, which is another strong incentive for them not to deport illegals. @RNCResearch: BIDEN: “I better not start the questions. I’ll get in trouble.” He then sits there — dazed and confused (and frightened, a very sad sight)— as his handlers force the press out of the room. https://twitter.com/RNCResearch/status/1765107368507888063 @TuckerCarlson: Ep. 79 – Dr Keith Ablow is a psychiatrist who spent years on Fox News. He also treated Hunter Biden. Armed agents raided his office, took his patient records as well as Hunter’s laptop, and never charged him with a crime. What was this about? He talks about it for the first time. https://twitter.com/TuckerCarlson/status/1765149038096359446 The US Supreme Court will hear arguments about Trump’s presidential immunity claim on April 25. NYPD is to bring back stop and search at subway stops says liberal Mayor Eric Adams in a bid to halt rampant violence – more than a decade after it was deemed ‘unconstitutional’ https://t.co/S0jtSM9GRe @nytimes : Gov. Kathy Hochul plans to deploy the National Guard and the State Police in New York City’s subway system, where they will patrol platforms and help check bags, after a series of violent crimes. https://nyti.ms/49E4JPn @CollinRugg: Violent crime is getting so bad in New York City subways that Gov. Kathy Hochul is deploying 1,000 total National Guardsmen, state police & MTA police to patrol them. Liberal policies have consequences. (And it is an election year!) We are old enough to remember when Dems asserted that ‘stop & frisk’ was racist and unconstitutional. Democrats are panicking over immigration, crime, and inflation, AKA Bidenomics. Republican billionaire (Jeff Yass) with $33B TikTok stake ‘bullies’ lawmakers to stop bill forcing sale by Chinese https://nypost.com/2024/03/07/us-news/billionaire-tiktok-investor-bullies-lawmakers-to-stop-sale/ Man who crashed into Washington State Patrol trooper, killing him, in US illegally: ICE ICE says Raul Benitez Santana, 33, is a Mexican citizen https://www.foxnews.com/us/man-crashed-washington-state-patrol-trooper-killing-him-us-illegally-ice Youth stabbings, slashings across New York City increased by 48% in 2023, NYPD says. https://t.co/xCLLmtX6Pe 8 teens shot while waiting for bus in ambush attack in Philadelphia https://trib.al/vYtbw7j GREG GUTFELD: After decades of glorifying casual drug use, Rolling Stone is now worried about misuse of drugs – Their recent piece claims… “Trump’s White House was ‘Awash in Speed’ — and Xanax,” essentially saying that Trump’s White House is no different than the Rolling Stone offices. But here’s what’s weird. What led the rag to look into this was a report released in January by the Defense Department detailing how the White House Medical Unit managed drugs during the Trump administration. How nice of the Defense Department to rat them out. Talk about proof of a deep state. That info came from the Defense Department before an election. It’s almost as if the timing and release was meant to undermine one candidate. Seems like a big deal, right?… https://t.co/3tnviRvj89 John Kerry Ridiculed After Suggesting Russia Cut Down on Carbon Emissions to Earn Back Favor During Ukraine War (Not a parody!) https://www.oann.com/newsroom/john-kerry-ridiculed-after-suggesting-russia-cut-down-on-carbon-emissions-to-earn-back-favor-during-ukraine-war/ | |
GREG HUNTER
Trump Wins Big, Biden Fumbles State, Dollar Death Spiral
By Greg Hunter On March 8, 2024 In Weekly News Wrap-Ups6 Comments
By Greg Hunter’s USAWatchdog.com (WNW 624 3.8.24)
Super Tuesday was this week, and Trump ran that table. He won 14 out of 15 primary states. Nikki Haley finally stopped embarrassing herself and gave up. Meanwhile, Joe Biden gave the State Of The Union address and left out the real things he should have been talking about. Here’s my short list: The border, Ukraine war and US military boots on the ground there, the Fani Willis/Trump RICO case pushed by the White House falling apart, flying 320,000 illegals into America and the federal government involved in massive sex trafficking are just a few of the things that should have been talked about Thursday night. The country is falling apart, and this is exactly what the Deep State wants.
The FBI is now increasing arrests of anyone even close to the US Capitol on January 6th. It looks like they are going after another 2,150 people who were protesting a stolen election. It’s being called a “riot,” but the vast majority of Americans know this is a frame job by the FBI and DOJ. Hey, what happened to all the terror suspects coming to America that the FBI has been constantly warning about? Are there any arrests of the real terrorists? NO, is the short answer. What is going on with the FBI? Have they become the enemy of “We the People”?
Bank of America is warning of a “dollar death spiral” with the debt of the US going up a whopping $1 trillion every 100 days. Financial writer John Rubino was four months ahead of Bank of America, and Rubino predicts dark days for the dollar and big inflation coming sooner than later.
There is much more in the 32-minute newscast.
Join Greg Hunter of USAWatchdog.com for these stories and more in the Weekly News Wrap-Up for 3.8.24.
(To Donate to USAWatchdog.com Click Here)
After the Wrap-Up:
Financial writer John Rubino will be the guest for the Saturday Night Post. He predicted four months ago that the US dollar was headed for a death spiral, and it looks like he’s right. Rubino will give you the latest on the U.S. dollar and where inflation is heading.
SEE YOU ON MONDAY
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