MARCH 20//GOLD CLOSED UP $1.45 TO $2158.10//SILVER CLOSED DOWN 5 CENTS TO $24.91//PLATINUM CLOSED DOWN $22.20 TO $898.35 WHILE PALLADIUM CLOSED UP $0.15 TO $995.80//GUCCI’S STOCK COLLAPSES AS A GOOD INDICATOR OF EUROPE’S FINANCIAL MESS//ISRAEL VS HAMAS; NOW 90 TERRORISTS DEAD AT SHIFA HOSPITAL//ISRAEL VS HEZBOLLAH AND SYRIA//ISRAEL VS HAMAS/RAFAH//COVID UPDATES//VACCINE INJURIES//DR PAUL ALEXANDER//SLAY NEWS ETC//ISRAEL EXPORTS HUGE INCREASE GAS IN THEIR LEVIATHAN FIELD AND EGYPT COMPLAINS TO ISRAEL//GOLDMAN SACHS TACKLES THE REAL INTEREST RATE GOAL OF THE USA AND IT IS HIGHER THAN 3.5%//COLUMBIAN DRUG LORD WAS ARRESTED IN A REFUGEE MIGRANT CAMP///TRUMP SUES NBC ON FALSE ACCUSATIONS//TUCKER CARLSON TALKS WITH RON PAUL//TESTIMONY ON HUNTER BIDEN’S MONEY TO THE BIDEN FAMILY//FOMC: VERY VERY DOVISH AND THAT SENDS GOLD/SILVER SKYROCKETING IN THE ACCESS MARKET///OTHER SWAMP STORIES FOR YOU TONIGHT///
Bitcoin: afternoon price: $64,793 DOWN 5081 dollars
Platinum price closing DOWN $22.20 TO $898.35
Palladium price; UP $0.15 AT $995.80
END
SHANGHAI GOLD PREMIUM 45 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.
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $2,944.38 UP $16.20 CDN dollars per oz( * NEW ALL TIME HIGH 2,944.38CDN DOLLARS PER OZ//MARCH 20 2024)
*BRITISH GOLD: 1708,21 UP 12.18 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1708.21 BRITISH POUNDS/OZ) MARCH 20/2024
*EURO GOLD: 1999.47 UP 13.61 euros per oz //* (ALL TIME CLOSING HIGH: 1999.47 EUROS PER OZ//MARCH 11.2024)
DONATE
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
EXCHANGE: COMEX
gold comex: 0 notices
JPMORGAN STOPPED (RECEIVED) 0/0 CONTRACTS
FOR MARCH/2024
GOLD: NUMBER OF NOTICES FILED FOR MAR/2024. CONTRACT: 0 NOTICES FOR 6500 OZ or 0.0000 TONNES
total notices so far: 5263 contracts for 526,300 Oz (16.370 tonnes)
FOR MARCH:
SILVER NOTICES: 10 NOTICE(S) FILED FOR 50,000 OZ/
total number of notices filed so far this month : 5327 for 26,636,000 oz
XXXXXXXXXXXXXXXXXX
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $1.45
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
WOW!! HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A STRONG PAPER DEPOSIT OF 4.03 TONNES OF GOLD INTO THE GLD// /INVENTORY RESTS AT 837,35 TONNES
INVENTORY RESTS AT 837.35 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER DOWN 5 CENTS AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 0.954 MILLION OZ OUT OF THE SLV.:
// INVENTORY FALLS TO 426.326 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 426.326 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY AN ULTRA- HUGE SIZED 1765 CONTRACTS TO 153,154 AND CLOSER TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE OF $0.11 IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN MAJOR SHORT COVERING DESPITE THE PRICE LOSS. WE HAD A FAIR 386 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/GOLD 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 TUESDAY NIGHT: 386 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.11),BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A MEGA HUGE SIZED GAIN OF 3,3434 CONTRACTS ON OUR TWO EXCHANGES DESPITE THE LOSS IN PRICE OF 11 CENTS.
WE MUST HAVE HAD:
A MEGA HUGE SIZED 1580 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 10,000 OZ QUEUE JUMP
/NEW TOTALS INCREASES TO : 27.000 MILLION OZ
//NEW STANDING FOR SILVER IS THUS 27.000 MILLION OZ
WE HAD:
/ HUMONGOUS SIZED COMEX OI GAIN/ ULTRA HUGE SIZED EFP ISSUANCE/ VI) FAIR SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 386 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED 458 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 14 days, total 22,081 contracts: OR 110.405 MILLION OZ (1577 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 110.405 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: 110.405 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 1765 CONTRACTS DESPITE OUR LOSSIN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUGE EFP ISSUANCE CONTRACTS: 1580 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 SMALL 10,000 OZ QUEUE JUMP
//NEW TOTAL STANDING RISES TO 27.00 MILLION OZ
WE HAVE A HUMONGOUS GAIN OF 3343 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A SMALL SIZED 386 CONTRACTS//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE TUESDAY NIGHT (386) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 10 NOTICE(S) FILED TODAY FOR 50,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 4373 CONTRACTS TO 535,047 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: added 272 CONTRACTS
WE HAD A GOOD SIZED DECREASE IN COMEX OI (4373 CONTRACTS) WITH OUR $4.10 LOSS IN PRICE//TUESDAY. 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 QUEUE JUMP OF 200 OZ.
NEW TOTAL Of INITIAL GOLD STANDING RISES TO: 18.668 TONNES // ALL OF THIS HAPPENED WITH OUR $4.10 LOSS IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A GOOD SIZED GAIN OF 4283 OI CONTRACTS (13.32) PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A VERY STRONG SIZED 8656CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 535,047
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4283 CONTRACTS WITH 4373 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 8656 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 4283 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1347 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A VERY STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (8656 CONTRACTS) ACCOMPANYING THE STRONG SIZED loss IN COMEX OI (4373) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 4283 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 QUEUE JUMP OF 0.00622 TONNES/NEW STANDING ADVANCES TO 18.668 TONNES.
/ 3) ZERO LONG LIQUIDATION // 4) GOOD SIZED COMEX OPEN INTEREST LOSS/ 5) VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1347CONTRACTS//SOME 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: 72,611 CONTRACTS OR 7,261,100OZ OR 225.85 TONNES IN 14TRADING DAY(S) AND THUS AVERAGING: 5186 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 14TRADING DAY(S) IN TONNES 225.85 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 225.85/3550 x 100% TONNES 6.33% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
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 EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 225.85 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 HUGE SIZED 1765 CONTRACTS OI TO 153,154 AND CLOSER TO 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 1580 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 1580 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1580 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 1765 CONTRACTS AND ADD TO THE 1580 E.FP. ISSUED
WE OBTAIN A ULTRA HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3343CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 16.725 MILLION OZ
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//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 16.93 PTS OR 0.55% //Hang Seng CLOSED UP 13.59 PTS OR 0.08% / Nikkei CLOSED //Australia’s all ordinaries CLOSED DOWN 0.08% /Chinese yuan (ONSHORE) closed DOWN 7.1981 //OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2144 /Oil DOWN TO 82.61 dollars per barrel for WTI and BRENT UP AT 86,65/ Stocks in Europe OPENED MOSTLY ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD 4373 CONTRACTS TO 535,047 WITH OUR SMALL LOSS IN PRICE OF $4.10 WITH RESPECT TO TUESDAY TRADING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MARCH..… THE CME REPORTS THAT THE BANKERS ISSUED A VERY STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 8656 EFP CONTRACTS WERE ISSUED: : APRIL 8656 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 8656CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 4373 CONTRACTS IN THAT 8656 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GOOD SIZED LOSS OF 4373 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR FALL IN PRICE OF $4,10 TUESDAY 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 MONDAY NIGHT WAS A MUCH SMALLER SIZED 1347 CONTRACTS,
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL 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//. IT SEEMS THAT OUR CROOKS ARE HAVING A HARD TIME TRYING TO CONTROL THE PRICE OF GOLD AND THUS THE NEED FOR RECORD T.A.S. ISSUANCE.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: MARCH (18.668 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
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: 18.668 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $4.10 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A GOOD SIZED GAIN OF4373 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR SLIGHTLY LOWER PRICE.
WE HAD A STRONG T.A.S. LIQUIDATION ON THE FRONT END OF TUESDAY’S TRADING . THE T.A.S. ISSUED ON TUESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS. THE HIGH T.A.S. ISSUANCE IS MEANT TO CONTROL THE PRICE OF GOLD (AS WELL AS INITIATE A RAID).
WE HAVE GAINED A TOTAL OI OF 13.32 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 200 OZ QUEUE JUMP//NEW STANDING INCREASES TO 18.668 TONNES
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $2.75
WE HAD added 272 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 4283 CONTRACTS OR 428,300 OZ OR 13,32 TONNES. estimated volume today 219,251 fair
Total monthly oz gold served (contracts) so far this month
5263 notices 526,300 oz 16.370 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: 1
i) Out of ASAHI 45,574.210 oz
total customer withdrawal: 45,574.210 oz
we had 0 customer deposit
total deposit nil oz
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR MAR.
For the front month of MARCH we have an oi of 739 contracts having LOST 11 contracts. We had 13 contracts filed upon on Monday, so we gained 2 contracts or an additional 200 oz of gold(0.00622 tonnes) will stand at the comex in this non active delivery month of March.
APRIL LOST 21,749 CONTRACTS FALLING TO 200,387.
MAY EARNED 55 CONTRACTS TO STAND AT 890
JUNE INCREASED ITS OI BY 16,147 CONTRACTS UP TO 272,806 CONTRACTS.
We had 0 contracts filed for today representing 0 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 0 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 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 (5263 x 100 oz ), to which we add the difference between the open interest for the front month of MARCH. (739 CONTRACTS) minus the number of notices served upon today 0 x 100 oz per contract equals 600,200 OZ OR 18.668 TONNES
thus the INITIAL standings for gold for the MARCH. contract month: No of notices filed so far (5263) x 100 oz + (xxx) {OI for the front month} minus the number of notices served upon today (0) x 100 oz which equals 600,200 oz (18.668 TONNES)
TOTAL COMEX GOLD STANDING FOR MARCH: 18.668 TONNES WHICH IS HUGE FOR A NON ACTIVE DELIVERY MONTH IN THE CALENDAR.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,733,522.260 OZ
TOTAL REGISTERED GOLD 7,736,801.037 (240.64 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 9,996,721.223 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 6,403,443 oz (REG GOLD- PLEDGED GOLD) 199.17 tonnes/dropping like a stone
END
SILVER/COMEX
MARCH 20
INITIAL
//2024// THE MARCH 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
0 oz
.
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
nil
No of oz served today (contracts)
10 CONTRACT(S) (50,000 OZ)
No of oz to be served (notices)
73 contracts (0.365 MILLION oz)
Total monthly oz silver served (contracts)
5327 Contracts (26.635 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) 0 dealer deposit
total dealer deposit :nil oz
i) We had 0 dealer withdrawal
total dealer withdrawals: 0 oz
We had 0 deposits customer account:
total customer deposits nil oz
JPMorgan has a total silver weight: 129.806 million oz/285.110 million or 45.26%
adjustment: 1/customer to dealer//Delaware: 10,385.200 oz
Comex withdrawals: 0
total withdrawal: nil oz
TOTAL REGISTERED SILVER: 48.898MILLION OZ//.TOTAL REG + ELIGIBLE. 285,110million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF MARCH /2023 OI: 83 CONTRACTS HAVING LOST 193 CONTRACT(S).
WE HAD 195 NOTICES FILED ON TUESDAY SO GAINED BACK 2 CONTRACTS OR AN ADDITIONAL 10,000 OZ WILL STAND AT THE COMEX
APRIL SAW A GAIN OF 52 CONTRACTS TO STAND AT 855
MAY SAW A GAIN OF 982 CONTRACTS UP TO 117,744.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 10 for 50,000 oz
Comex volumes// est. volume today 51,510 fair
Comex volume: confirmed yesterday 54,896 fair.
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 5327 x 5,000 oz = 26,635,000 oz
to which we add the difference between the open interest for the front month of MARCH. (83) and the number of notices served upon today 10 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the MARCH/2024 contract month: 5327 (notices served so far) x 5000 oz + OI for the front month of MARCH. (83) – number of notices served upon today (10 )x 500 oz of silver standing for the MARCH contract month equates to 27.000 MILLION OZ.
New total standing: 27.000 million oz.
There are 48.239 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 20 WITH GOLD UP $1.45 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A STRONG PAPER DEPOSIT OF 1.48 TONNES OF GOLD INTO THE GLD/:INVENTORY RISES TO 833.32 TONNES
MARCH 19 WITH GOLD DOWN $4.10 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A STRONG PAPER DEPOSIT OF 1.48 TONNES OF GOLD INTO THE GLD/:INVENTORY RISES TO 833.32 TONNES
MARCH 15 WITH GOLD DOWN $5.20 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/:INVENTORY REMAINS AT 816.86 TONNES
MARCH 14 WITH GOLD DOWN $12.20 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD//:INVENTORY REMAINS AT 816.86 TONNES
MARCH 13 WITH GOLD UP $14.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:INVENTORY REMAINS AT 815.13 TONNES
MARCH 12 WITH GOLD DOWN $21.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:NOT AVAILABLE///LAST VALUE 815.13 TONNES
MARCH 11 WITH GOLD UP $3.20 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD OUT OF THE GLD AFTER 7 CONSECUTIVE GOLD PRICE RISES//INVENTORY RESTS AT 815.13 TONNES
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:
GLD INVENTORY: 833.32 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
MARCH 20/WITH SILVER DOWN 5 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE DEPOSIT OF 11.792 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 427.280 MILLION OZ
MARCH 18/WITH SILVER DOWN 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE DEPOSIT OF 11.792 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 427.280 MILLION OZ
MARCH 15/WITH SILVER DOWN 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.006 MILLION OZ FROM THE SLV: SLV INVENTORY RESTS AT 417.866 MILLION OZ
MARCH 14/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: SLV INVENTORY RESTS AT 418.872 MILLION OZ
MARCH 13/WITH SILVER UP 32 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV: SLV INVENTORY RESTS AT 418.872 MILLION OZ…
MARCH 12/WITH SILVER DOWN 31 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL WITHDRAWAL OF 0.549 MILLION OZ OF SILVER INTO THE SLV//// : SLV INVENTORY RESTS AT 418.872 MILLION OZ…
MARCH 11/WITH SILVER UP 11 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUGE WITHDRAWAL OF 2.147 MILLION OZ OF SILVER FROM THE SLV//// : SLV INVENTORY RESTS AT 418.323 MILLION OZ…SUCH A MASSIVE FRAUD!
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
CLOSING INVENTORY 427.280 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
end
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/ SIMON WHITE..//
During Spring Bank Panic of 2023, Liquidity Advances from FHLBs Topped Those of Q4 2008, when Wall Street Was in Collapse
According to data from the Federal Deposit Insurance Corporation, and using a graph from the St. Louis Fed above, the liquidity crisis among banks in the spring of last year was far more dramatic than has been acknowledged by banking regulators.
According to the data, during the worst financial crisis since the Great Depression (at the end of the fourth quarter of 2008 when Wall Street was in a state of collapse), banks had borrowed a total of $790 billion in advances from Federal Home Loan Banks (FHLBs). But during the bank panic in the spring of last year, those FHLB advances topped the Q4 2008 number, registering $804 billion as of March 31, 2023.
According to data from the Congressional Budget Office, at the end of the quarter before the banking panic of 2023 (the quarter ending December 31, 2022) two of the banks that failed in the spring of 2023 were among the top 10 borrowers from the Federal Home Loan Banks. Those two banks were Silicon Valley Bank and First Republic Bank.
The CBO report explains the FHLB loan system as follows:
“The principal business activity of FHLBs is to borrow in the capital markets and issue advances to their member institutions. Advances come in two forms: traditional advances and liquidity advances. Traditional advances are intended but not required to be used by members to finance residential housing or by a community financial institution to fund loans for small businesses, small farms, or community development activities. The mortgage-related advances can be used as longer-term funding for loans that are not sold in the secondary mortgage market—such as loans retained by a member in its portfolio—or as interim funding for loans that a member ultimately sells or securitizes.
“FHLBs may also make liquidity advances to members, provided that the member is solvent, has the necessary collateral, and has reasonable prospects of returning to a satisfactory financial condition. In that capacity, the FHLBs serve as an alternative to using the Federal Reserve’s discount window, allowing members facing liquidity shocks (that is, urgent demands for cash) to access short-term funding without experiencing the regulatory and market oversight often associated with borrowing from the discount window…”
Adequate and timely regulatory oversight was exactly what was missing at the banks that failed in the spring of 2023.
According to data released by the Federal Home Loan Banks for the quarter ending December 31, 2023, it is not just small or medium size banks that are tapping advances from the FHLBs. As of that date, the top three borrowers were the following: JPMorgan Chase, the largest bank in the U.S., had outstanding FHLB advances of $41.7 billion. Wells Fargo and PNC Bank each took second place with advances of $38 billion each.
Also ranking among the largest borrowers was Flagstar Bank, the federally-insured bank of the publicly- traded New York Community Bancorp. (ticker NYCB). As of December 31, 2023, Flagstar had outstanding advances at the FHLBs of $20.25 billion. NYCB’s share price has collapsed this year; its deposit credit rating has been cut to junk; and earlier this month it accepted an emergency equity infusion from an investor group led by the former U.S. Treasury Secretary in the Trump administration, Steve Mnuchin. See our report: Steve Mnuchin, Trump’s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share.
Another bailout program initiated during the banking panic of 2023 is the Federal Reserve’s Bank Term Funding Program (BTFP). The BTFP was announced by the Fed on March 12, 2023 and was to provide emergency loans to banks of up to one-year in duration – an unprecedented action for the Fed as its emergency loan programs are required under statute to be short-term in nature and adequately collateralized. But instead of imposing a haircut on collateral posted by the banks as is the custom, the Fed said it would accept the collateral at par – meaning at the face amount of the collateral at maturity, rather than at the deeply depressed market value.
The Fed announced it was ceasing to make new loans under the BTFP as of March 11 of this year. But because banks may have made new loans of one year recently, loan balances for this program may not come down dramatically for some time. As of Wednesday, March 13, the BTFP had total loan balances of $167.46 billion, which was $3.4 billion more than the prior week.
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGSWEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN 7.1981
OFFSHORE YUAN: DOWN TO 7.2144
SHANGHAI CLOSED UP 16.93 PPTS OR 0.55%
HANG SENG CLOSED UP 13.59 PTS OR 0.08%
2. Nikkei closed
3. Europe stocks SO FAR: MOSTLY ALL RED
USA dollar INDEX UP TO 103.75 EURO FALLS TO 1.0842 DOWN 20 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.725 Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 151.67/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 DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN/ OFFSHORE: DOWN
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 DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.4240***/Italian 10 Yr bond yield DOWN to 3.689* /SPAIN 10 YR BOND YIELD DOWN TO 3.222…**
3i Greek 10 year bond yield DOWN TO 3.281
3j Gold at $2153.30 silver at: 24.86 1 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 7 /100 roubles/dollar; ROUBLE AT 92.73//
3m oil into the 82 dollar handle for WTI and 86 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 151.67// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.725% 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 0.8907 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9656 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: 4.286 DOWN 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.437 DOWN 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.681 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.39…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: DOWN 2 BASIS PTS AT 4.062
end
2.a Overnight: Newsquawk and Zero hedge
Futures Flat Ahead Of Fed
B
WEDNESDAY, MAR 20, 2024 – 08:30 AM
US futures are flat after Tuesday’s record-high cash close, having rebounded from overnight session lows ahead of the Fed meeting where nobody expects any rate change and where some (but not consensus) expect a hawkish move in the dots to signal 2 rate cuts instead of 3 (Goldman and most big banks still expect 3 cuts) as well as gleaning some insight on what the Fed’s QT tapering will look like. As of 8:00am, S&P futures were up 0.1%, reversing an earlier loss of 0.3%, while Nasdaq futures gained 0.3%.
In Europe, most markets are lower with Germany/Italy in the green and the France the biggest laggard as Kering’s Gucci APAC profits fall ~20%, dragging all China-related names down. UK inflation prints dovish to expectations. Intel shares jumped after the chipmaker won almost $20 billion in chips incentives to expand US plants. Meanwhile, the Biden administration is also considering blacklisting a number of Chinese semiconductor firms linked to Huawei after the telecom giant notched a significant technological breakthrough last year. Bond yields are down 1bps as USD strength and yen weakness continues after the cartoonish BOJ’s first rate hike in 17 years paradoxically sent the USDJPY above 151.50, its highest level this decade. Commodities were sold across the board including Ags, Energy, and Metals.
In premarket trading, Mag7 names are mixed and Intel was the standout in Semis space after it won almost $20 billion in federal grants and loans to help fund an expansion of its semiconductor factories on American soil thanks to the Chips Act. Here are some other notable premarket movers:
Amcor ADRs drop 3.3% after the packaging company announces CEO Ron Delia’s retirement.
Cannabis stocks rise, with Canopy Growth leading gains in the sector as the company is set to extend gains for a fourth straight session.
Gildan Activewear ADRs advance 2.1%, with the Canadian clothing manufacturer set to extend gains for a second session. The company confirmed on Tuesday it had received an expression of interest and was reviewing the proposal. Bloomberg reported private equity firm Sycamore Partners was exploring an offer.
International Paper shares gain 1.1% after appointing KKR’s Andrew Silvernail as CEO to succeed Mark Sutton, who has served in the post since 2014.
Mobileye shares rise 4.7% after the firm deepened its partnership with Volkswagen to accelerate development of automated driving functions, targeting premium offerings for the Audi, Bentley, Lamborghini and Porsche brands.
Riot Platforms shares gain 2.9% as JPMorgan raised to overweight from neutral, saying the stock offers the best relative upside among Marathon and CleanSpark — the three largest and most liquid US-listed mining stocks.
Taysha Gene Therapies shares soar 27% after providing preliminary results for two patients who received its experimental gene therapy.
Tesla shares tick 0.8% higher after the EV maker announced plans to raise the starting price of its locally-made Model Y sport utility vehicles in China by 5,000 yuan ($700) from April 1.
The focus today is firmly on the FOMC decision and the path for US interest rates (full preview here). While the central bank is expected to hold, investors will be parsing commentary to assess how quickly it might start to ease. The decision and economic forecasts will be released at 2 p.m. in Washington. Chair Jerome Powell will hold a press conference 30 minutes later. The Fed’s dot plot of rates projections will be in focus as investors gauge how many cuts policymakers are expecting this year.
“The risk of those dots shifting has grown and if we do see that median move higher, then obviously you’d expect a knee jerk rally in the dollar and a knee jerk move lower in Treasuries and equities,” said Michael Brown, senior research strategist at Pepperstone Group Limited. “With that risk on the horizon, no one has particularly much conviction to do anything much this morning.”
Europe’s Stoxx 600 dropped 0.1% having earlier fallen as much as 0.4%, while the CAC 40 loses 0.6%, led lower by luxury shares after Kering warned that sales at Gucci have fallen about 20% in the first quarter in Asia-Pacific, fueling worries about high-end consumer spending in China. Kering was one of the biggest drops in the Stoxx 600 Index, with LVMH, Burberry Group Plc and Christian Dior SE also seeing losses. Here are some of the biggest European movers Wednesday:
Johnson Matthey rises as much as 9.7% after the British conglomerate agrees to sell its Medical Device Components business to Montagu Private Equity for £550m
BASF gains as much as 2.1% as Berenberg upgrades to buy, saying “there can hardly be a more compelling reason” to turn positive than at start of a recovery from a recent slump
Terna gains as much as 5.5% after the Italian utility presented its strategic plan through 2028, with Goldman upgrading its rating to neutral and highlighting a “positive surprise”
Lonza rises as much as 5.2% on its purchase of the Genentech biologics manufacturing site in California from Roche for $1.2 billion
Eutelsat rises as much as 5.7% after the satellite operator announced a partnership deal with Intelsat worth up to $500 million over seven years
Idorsia soars as much as 18% following FDA approval of its hypertension drug, also known as aprocitentan, which should unlock its next deal, according to Jefferies
Beneteau rises as much as 6.9%, hitting highest since Sept. 2023, as Oddo says the French sailboat manufacturer’s results are “excellent”
Bureau Veritas rises as much as 6.6% after the French testing, inspection and certification company outlined its growth ambitions for the coming years
Kering plunges as much as 15% after the company warned of a steep drop in sales at its Gucci brand, notably in Asia-Pacific, pulling peers in the European luxury sector lower
FDM Group slumps as much as 12% following the professional services provider’s 2023 results. Numis says challenging conditions remain in place
Trustpilot falls as much as 9.4% after an offering of 15.5m shares by holder Vitruvian Partners priced at 200p apiece, representing 3.9% discount to Tuesday’s close
Earlier in the session, Asian stocks inched higher as Korean shares rose and Chinese stocks shook off earlier losses. The MSCI Asia Pacific Index gained less than 0.1% with Tencent and Samsung Electronics rising, while SK Hynix and AIA Group declined. Stocks rebounded in Korea after Tuesday’s selloff led by strong gains in some technology and financial services companies. Stocks were closed in Japan for a public holiday. Chinese stocks moved higher after banks left five-year and one-year prime lending rate as expected. Traders are looking for fresh catalysts to extend a rally that is now into its sixth week. Investors await the earnings from Tencent Holdings for further cues on the nation’s corporate earnings trajectory.
“We have seen a base forming” in China markets because of government action, Audrey Goh, head of asset allocation at Standard Chartered Wealth Management, told Bloomberg TV. “Overall the backdrop for Chinese equities still remains quite lackluster. We need a bit more in terms of policy support from the government to entice investors back to the market.”
In FX, the Bloomberg Dollar Index was up for a fifth day for the first time since early January; the pound whipsawed after Britain’s inflation rate fell more sharply than expected. The Bank of England meets on rates on Thursday, but a move is unlikely as policymakers say they need further evidence that price pressures will fall back sustainably. The yen is again one of the weakest of the G-10 currencies for a second day, falling 0.6% versus the greenback, and about to hit a decade low against the greenback.
In rates, Treasury yields are lower across the curve, led by gilts after benign UK CPI data drove a dovish re-pricing in Bank of England rate-cut expectations. Yields are down 1bp-2bp across the curve with 10-year yields falling 1bp to 4.275% after reaching weekly low. Gilts are ~3.5bp richer vs USTs in 10-year sector, after UK inflation slowed more than expected in February. For Fed communications, focus is on potential for changes to policy members’ median projections for fed funds through 2026 and longer run, with traders broadly holding a hawkish set-up to the meeting. Treasury auctions resume Thursday with $16b 10-year TIPS reopening.
In commodities, oil dipped after a two-day gain as an industry group flagged a fall in US crude stockpiles, while gold traded in a narrow band ahead of the Fed.
Bitcoin reversed an overnight loss to trade flat around $64,000.
Today’s US economic data calendar is empty before the Fed rate decision and economic projections at 2pm New York time and Powell’s new conference at 2:30pm
Market Snapshot
S&P 500 futures little changed at 5,238.25
MXAP down 0.1% to 174.88
MXAPJ little changed at 530.06
Nikkei up 0.7% to 40,003.60
Topix up 1.1% to 2,750.97
Hang Seng Index little changed at 16,543.07
Shanghai Composite up 0.6% to 3,079.69
Sensex up 0.2% to 72,176.27
Australia S&P/ASX 200 little changed at 7,695.76
Kospi up 1.3% to 2,690.14
STOXX Europe 600 down 0.3% to 503.71
German 10Y yield little changed at 2.41%
Euro little changed at $1.0856
Brent Futures down 0.8% to $86.67/bbl
Gold spot down 0.0% to $2,156.68
US Dollar Index up 0.16% to 103.99
Top Overnight News
As tensions rise with China, Taiwan’s defense minister has hinted that U.S. troops have been training the Taiwanese military on outlying islands that would be on the front lines of a conflict with its neighbor. WSJ
The Biden administration is considering blacklisting a number of Chinese semiconductor firms linked to Huawei Technologies Co. after the telecom giant notched a significant technological breakthrough last year. BBG
Benjamin Netanyahu insisted Israel would launch a ground assault on Rafah, despite pressure from the US not to carry out a large operation in the Gazan city where hundreds of thousands of people are sheltering. FT
UK inflation cools by more than anticipated in Feb, with headline coming in at +3.4% (down from +4% in Jan and below the Street’s +3.5% forecast) while core dipped to +4.5% (down from +5.1% in Jan and below the Street’s +4.6% forecast), although the services CPI ran a bit warmer at +6.1% (down from +6.5% in Jan, but above the Street’s +6% forecast). RTRS
ECB’s Lagarde says price/wage disinflation progress is occurring, but more time is needed for the central bank to assess the situation, which means the first cut probably won’t come until June at the earliest (“we will know a bit more by April and a lot more by June”). ECB
FOMC: We suspect that the Fed leadership is still targeting a first cut in June, and this combined with a default pace of one cut per quarter implies that the most natural outcome for the median dot is to remain unchanged at 3 cuts or 4.625% for 2024. We expect the median dots to remain unchanged at 3.625% for 2025 and 2.875% for 2026 as well. We expect the longer run dots to gradually drift higher over time, with a small tick up a bit more likely than not this week. The only significant change to the economic forecasts should be an increase in 2024 GDP growth. GIR
John Paulson will host a Florida fundraiser for Donald Trump next month, as the former president tries to match Joe Biden’s money operation and pay for a growing pile of legal bills and judgments. FT
JPMorgan surprised with a 9.5% dividend hike on the back of record annual profit. The firm’s asset-management division named Jonathan Sherman the next head of its US equities business. BBG
Intel jumped premarket after winning $8.5 billion in US grants — and as much as $11 billion in loans — to help fund the expansion of its domestic factories. The White House is also weighing blacklisting Chinese chip firms linked to Huawei, people familiar said, escalating its campaign to curtail Beijing’s AI and semiconductor ambitions. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded cautiously and mostly rangebound ahead of the FOMC and with Japanese markets closed. ASX 200 struggled for direction as strength in energy was offset by losses in the tech and consumer sectors. KOSPI outperformed as South Korea plans to cut corporate and dividend income tax to encourage a higher shareholder return, while index heavyweight Samsung Electronics (005930 KS) rose over 5% and was helped by reports that NVIDIA looks to procure high-bandwidth memory chips from the Co. Hang Seng and Shanghai Comp. were indecisive as participants digested the latest earnings releases, while Prada (1913 HK) shares slipped in early trade after Gucci owner Kering (KER FP) issued a luxury sector warning amid Asia-Pacific weakness, while the mainland was kept afloat following the lack of surprises from the PBoC’s benchmark LPRs which were maintained at their current levels
Top Asian News
PBoC reshuffled its Monetary Policy Committee which now includes China securities regulator head Wu Qing and PBoC Vice Governor Xuan Changneng, while the committee also has two new academic members, Huang Yiping from Peking University and Huang Haizhou from Tsinghua University.
Chinese Foreign Minister Wang Yi said in a meeting with his Australian counterpart that their economies are highly complementary and have great potential, while he stressed that since relations are on the right track, they must not hesitate, deviate or turn back. Furthermore, Wang said regarding China’s sovereignty, dignity and legitimate concerns, that they hope that the Australian side will continue to abide by commitments it has made, as well as respect and properly handle them.
Australian Foreign Minister Wong said she discussed a range of shared interests with her Chinese counterpart and welcomes progress in the removal of trade impediments with China. Wong added she discussed volatility in nickel markets with China and raised concerns about human rights, including in Xinjiang, Tibet, and Hong Kong, while they will seek to manage differences with China wisely.
China’s embassy in the UK commented regarding UK Foreign Secretary Cameron’s remarks on Hong Kong’s new law and urged the British side to stop making groundless accusations against the legislation of Article 23, while it added that Hong Kong affairs are purely China’s internal affairs and the British side is not qualified to make irresponsible remarks.
US is said to consider sanctioning Huawei’s chipmaking network which could be added to the entity list, while the companies that could be blacklisted over links with Huawei include chipmakers Qingdao Si’en, Swaysure, and Shenzhen Pensun Technology, according to Bloomberg.
Tencent (700 HK/TCEHY) – Q4 (CNY): Revenue 155.20bln (exp. 157.42bln). FY Adj. Net 157.7bln (exp. 152.97bln). FY-end combined MAU of Weixin and WeChat 1.343bln (prev. 1.313bln); Recommended final dividend of HKD 3.40/shr.
Tencent (700 HK/TCEHY) President says Chinese gaming regulator has approved many licenses since December to show support for the industry; says Q1 video games revenue will be weaker Y/Y.
European bourses, Stoxx600 (-0.2%) are mostly lower, with clear underperformance in the CAC 40 (-0.8%), with Luxury names hampered by Kering (-14.4%). European sectors are mostly lower; Consumer Products and Services is slumped at the foot of the pile after Kering issued a profit warning, which has weighed on peers such as LVMH (-2.9%)/Hermes (-1.9%). US equity futures (ES -0.1%, NQ -0.1%, RTY -0.5%) are softer, with clear underperformance in the RTY, as it pares back yesterday’s gains; Intel (+2.2% pre-market) gains after being awarded approx. USD 20bln in grants by the Biden Administration.
Top European News
ECB President Lagarde: “Building confidence in the path ahead”; “when it comes to the data that is relevant for our policy decisions, we will know a bit more by April and a lot more by June.”. “Three domestic factors that will be to ensuring that the inflation path evolves as we project: 1. Wage Growth, 2. Profit Margins 3. Productivity Growth”; Echoes rhetoric from the prior ECB meeting.
EU Council and Parliament provisionally agreed to renew the suspension of import duties and quotas on Ukrainian exports to the EU until June 2025, according to Reuters.
FX
Dollar is firmer vs. peers as JPY weakness provides support and has led DXY above yesterday’s peak at 104.05 (vs current 104.12). Resistance comes via the March high at 104.29. Fate for USD is likely to be sealed by today’s FOMC meeting.
EUR is weighed on by the broadly firmer USD with not much in the way of fresh EZ-specific updates as comments from Lagarde reiterate recent remarks. EUR/USD trough yesterday was 1.0834 with 200DMA just above at 1.0838.
GBP is softer vs. USD but flat against EUR following slightly softer-than-expected UK inflation metrics. Cable has been as low as 1.2690 but is yet to test its 50DMA to the downside at 1.2684.
Another session of losses for JPY as yesterday’s BoJ hike fails to stop the rot in the absence of a dovish turn from the Fed. USD/JPY has been as high as 151.58 with technicians highlighting the 2023 high at 151.91 and 2022 high at 151.94. Continued upside will prompt speculation of intervention.
Antipodeans are both softer vs. the USD. AUD/USD is holding above yesterday’s 0.6563 trough, whilst NZD/USD has extended downside to print a fresh YTD low at 0.6031.
PBoC set USD/CNY mid-point at 7.0968 vs exp. 7.1967 (prev. 7.0985).
Fixed Income
Gilts gapped higher by 24 ticks to 98.97 after the region’s softer-than-expected CPI numbers. Gilts continued to advance higher reaching a 99.30 peak, before fading the move back towards 99.00.
Bunds hold a bullish tilt, given the UK data. Thereafter, nothing fundamentally new from ECB’s Lagarde who kept the emphasis on June. Price action generally mirrors Gilts, with Bunds printing a high at 132.34, before eventually fading the move.
UST price action is in-fitting with the above but slightly more contained overall. USTs remain around the 110-08 mark after Tuesday’s particularly strong 20yr auction with newsflow since thin and the narrative honing in on the FOMC.
Commodities
A subdued session for crude thus far, amid the broadly risk-averse mood coupled with a stronger Dollar, with the complex giving back some of its recent gains despite the heightened geopolitical tensions and slightly bullish private inventory data.
Precious metals upside has been capped by the firmer Dollar with participants on standby for the FOMC release, dot plots, and press conference. XAU holds around 2,150/oz within a USD 2,154.55-2,160.30/oz range.
Base metals are mixed with price action largely dictated by the Greenback and amid the cautious risk sentiment. Price action in Europe has been contained thus far.
Peru copper production declined 1.2% Y/Y in January to 205,375 metric tons, according to the Mines and Energy Ministry.
Russian Energy Minister Shulginov says the situation on domestic fuel market is under constant surveillance; measures are being taken to keep gasoline surplus.
Norway’s Prelim (Feb) oil production 1.897mln BPD (prev. 1.829mln M/M); Gas production 10.4bln CU metres (prev. 11.71bln cu meters M/M).
Geopolitics: Middle East
US President Biden said the war in Gaza has caused terrible suffering to the Palestinian people and they will continue to lead international efforts to deliver more humanitarian aid to the people of Gaza people, while it was also reported that Defense Secretary Austin will host his Israeli counterpart next week for a bilateral meeting.
UK Foreign Secretary Cameron said hostages held by Hamas in Gaza must be released and the most important thing now is a pause in fighting to get hostages out and aid in. Cameron stated it is crucial to turn a pause in fighting into a permanent, sustainable ceasefire and that a ceasefire can only be achieved with conditions being fulfilled, while he added they must get Hamas leaders out of Gaza and dismantle their network to ensure a ceasefire lasts, according to a Reuters interview.
“Israeli media: Blinken to visit Israel on Friday”, according to Sky News Arabia.
“Agreement on truce in Gaza is not imminent, but there is slow progress in the negotiations”, according to Al Arabiya citing sources
Geopolitics: Other
China’s embassy in the Philippines said US Secretary of State Blinken’s remarks about the South China Sea ignored facts and groundlessly accused China regarding its activities in the South China Sea. Furthermore, it stated that remarks once again threatened China with the ‘so-called’ US-Philippine Mutual Defence Treaty obligations which China firmly opposes, while China advises the US not to stir up trouble or take sides on the South China Sea issue.
Taiwan’s Foreign Minister said China has built “enormous” military bases on three islands surrounding Taiwan’s main holding in the South China Sea, according to Reuters.
US Air Force said it conducted a successful hypersonic weapons test, according to Reuters.
North Korea leader Kim guided a solid fuel engine test for a new intermediate-range hypersonic missile, according to KCNA.
US Event Calendar
07:00: March MBA Mortgage Applications -1.6%, prior 7.1%
14:00: March FOMC Rate Decision
DB’s Jim Reid concludes the overnight wrap
As we arrive at another Fed decision day, markets have posted further advances ahead of the announcement, with both the S&P 500 (+0.56%) and Europe’s STOXX 600 (+0.26%) moving higher. However, there were growing warnings under the surface, particularly on the inflation side, as Brent crude oil prices closed above $87/bbl for the first time since October. So it’s clear there are several price pressures in the pipeline, which has led to fresh doubts about whether we’ll get rate cuts by the summer after all. Moreover, there are increasing signs that investors are pricing this in, with US 1yr inflation swaps inching up to 2.64%, their highest level since October, even as bond yields eased off from Monday’s 3-month highs.
When it comes to the Fed’s decision, it’s widely expected they’ll keep rates on hold today. So the main focus will instead be on the latest Summary of Economic Projections, including the dot plot for where officials see rates moving over the next few years. As a reminder, the last dot plot in December pencilled in three rate cuts for 2024, which led to a significant multi-asset rally as investors grew confident that rate cuts were on the horizon. But since then, the inflation reports for both January and February were stronger than expected, with core CPI running at a monthly +0.4%.
Given those developments on the inflation side, there’s been growing speculation about whether the Fed might signal fewer than three cuts in today’s dot plot. Indeed, it’s worth noting that back in December, 8 of the 19 officials already had two rate cuts or less for 2024, so it would only take two other officials to shift hawkishly for the median dot to move up to two cuts. In their preview (link here), DB’s US economists expect the median dot to remain at three cuts in 2024, but they think the Fed will raise their 2025 and 2026 dots slightly to show less easing further out. That will be significant if so, as the post-pandemic dot plots repeatedly moved the dots up or held them steady at every meeting, up until December, when the dots finally moved lower compared to the meeting before. So if this March dot plot does move the dots higher again, it will make the dovish shift in December look more like a blip than a turning point.
We have argued for some time that central banks face an unenviable challenge in calibrating their policy this year given the long and variable policy lags and the extreme nature of the recent inflation shock and accompanying post-Covid structural shifts. In yesterday’s note here , looking at credit cycles across the US and Europe, Peter Sidorov argues that this calibration challenge is the toughest for the Fed, with the US seeing more resilient credit conditions than Europe, but with more of the delayed impact of rate hikes still to play out there. The note is a useful reminder of the challenges the Fed will face going forward so good context ahead of the conclusion of the FOMC today.
Leading up to their final deliberations, markets have managed to post further gains over the last 24 hours, with the S&P 500 recovering from a -0.35% decline after the open yesterday to close +0.56% higher. Energy stocks (+1.08%) led the advance amidst the rise in oil prices, with consumer discretionary (+0.86%) and industrials (+0.82%) also posting strong gains. The broad gains saw 76% of the S&P constituents up on the day, with the equal-weighted S&P 500 up +0.58%. Moreover, even as the Magnificent 7 (+0.36%) lagged the S&P 500, its gain was still enough to take the group up to a fresh all-time high. Finally in Europe, the story was also one of modest gains, with the STOXX 600 up +0.26%. However, both the CAC 40 (+0.65%) and the DAX (+0.31%) saw larger advances, which left both of them at new records as well.
Over on the rates side, US Treasuries rallied before the Fed’s decision, with the 10yr yield (-3.1bps) coming down from its YTD high the previous day to close at 4.29%, with the rally extending after a strong 20yr Treasury auction. But the rally was more prominent at the front end, with the 2yr yield (-4.8bps) down to 4.685% as investors priced in slightly more rate cuts for the remainder of the year. For example, the amount of cuts priced by the Fed’s December meeting rose +2.4bps to 73bps, having closed at its lowest of 2024 so far on Monday, at just 71bps. Still, the last three sessions are the first time since November that markets have priced less 2024 easing than the December median FOMC dot of 75bps.
Meanwhile in Europe, the main story was one of wider spreads, as yields on 10yr bunds (-1.0bps) and OATs (-0.6bps) fell back, whereas those on Italian BTPs (+2.3bps) and Greek bonds (+3.8bps) both moved higher.
Asian equity markets are mostly trading higher this morning led by the KOSPI (+1.30%) which is being propelled by a +4.81% rise in index heavyweight Samsung Electronics. Elsewhere the Hang Seng is reversing initial losses to gain (+0.18%) with the CSI (+0.20%) and the Shanghai Composite (+0.45%) also edging higher. Japan is closed for a public holiday which means no cash US Treasury trading. S&P 500 (-0.11%) and NASDAQ 100 (-0.12%) futures are edging lower.
In FX, the Japanese yen (-0.41%) is extending its losses and trading at a 4-month low of 151.45 and within touching distance of its weakest level since 1990 even after the BoJ moved away from negative interest rates and yield curve control yesterday. Against the euro it’s now at a 16-year low of 164.60. The Yen is still a funder in the global carry trade and yesterday’s inline policy meeting hasn’t changed that yet.
Moving back across the world, over in Canada there was some brighter news on inflation yesterday, as CPI unexpectedly fell to +2.8% in February (vs. +3.1% expected). That helped support an outperformance in Canadian sovereign bonds, with the 10yr yield down -7.4bps on the day. The release also led investors to price in a significantly higher chance of a rate cut by the June meeting, with overnight index swaps moving up the probability from 49% on Monday to 79% by yesterday’s close. Looking forward, the next inflation release comes from the UK this morning shortly after we go to press, which will be in focus ahead of the Bank of England’s next decision tomorrow.
Elsewhere on the data side, US housing starts rose by more than expected in February, up to an annualised rate of 1.521m (vs. 1.440m expected), whilst building permits also rose to an annualised rate of 1.518m (vs. 1.496m expected). Over in Germany, the ZEW survey also came out for March, with the expectations component up to 31.7 (vs. 20.5 expected), which is its highest level since February 2022.
To the day ahead now, and the main highlight will be the Federal Reserve’s policy decision and Chair Powell’s subsequent press conference. Otherwise, data releases include UK CPI for February, Italian industrial production for January, and the European Commission’s preliminary consumer confidence indicator for the Euro Area in March. From central banks, we’ll also hear from ECB President Lagarde, and the ECB’s Lane, De Cos, Schnabel, Nagel and Villeroy.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Equities softer, DXY firmer benefiting from a weaker Yen, Bonds bullish post-UK CPI; FOMC due – Newsquawk US Market Open
WEDNESDAY, MAR 20, 2024 – 06:32 AM
European equities are mostly lower, with the CAC 40 dragged down by Luxury names after Kering issued a profit warning; US equity futures modestly softer
DXY firmer, taking impetus from the weaker Yen; USD/JPY above 151.70
Bonds hold a bullish bias following softer UK CPI, as attention turns to the FOMC
Crude and base metals are softer owing to the firmer Dollar and tentative risk tone
Looking ahead, Australian PMIs, FOMC, CNB, BCB Policy Announcements, BoC Minutes, Comments from Fed Chair Powell, ECB’s Schnabel, Earnings from General Mills & PDD
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses, Stoxx600 (-0.2%) are mostly lower, with clear underperformance in the CAC 40 (-0.8%), with Luxury names hampered by Kering (-14.4%).
European sectors are mostly lower; Consumer Products and Services is slumped at the foot of the pile after Kering issued a profit warning, which has weighed on peers such as LVMH (-2.9%)/Hermes (-1.9%).
US equity futures (ES -0.1%, NQ -0.1%, RTY -0.5%) are softer, with clear underperformance in the RTY, as it pares back yesterday’s gains; Intel (+2.2% pre-market) gains after being awarded approx. USD 20bln in grants by the Biden Administration.
Click here and here for the sessions European pre-market equity newsflow, including earnings.
Dollar is firmer vs. peers as JPY weakness provides support and has led DXY above yesterday’s peak at 104.05 (vs current 104.12). Resistance comes via the March high at 104.29. Fate for USD is likely to be sealed by today’s FOMC meeting.
EUR is weighed on by the broadly firmer USD with not much in the way of fresh EZ-specific updates as comments from Lagarde reiterate recent remarks. EUR/USD trough yesterday was 1.0834 with 200DMA just above at 1.0838.
GBP is softer vs. USD but flat against EUR following slightly softer-than-expected UK inflation metrics. Cable has been as low as 1.2690 but is yet to test its 50DMA to the downside at 1.2684.
Another session of losses for JPY as yesterday’s BoJ hike fails to stop the rot in the absence of a dovish turn from the Fed. USD/JPY has been as high as 151.58 with technicians highlighting the 2023 high at 151.91 and 2022 high at 151.94. Continued upside will prompt speculation of intervention.
Antipodeans are both softer vs. the USD. AUD/USD is holding above yesterday’s 0.6563 trough, whilst NZD/USD has extended downside to print a fresh YTD low at 0.6031.
PBoC set USD/CNY mid-point at 7.0968 vs exp. 7.1967 (prev. 7.0985).
Gilts gapped higher by 24 ticks to 98.97 after the region’s softer-than-expected CPI numbers. Gilts continued to advance higher reaching a 99.30 peak, before fading the move back towards 99.00.
Bunds hold a bullish tilt, given the UK data. Thereafter, nothing fundamentally new from ECB’s Lagarde who kept the emphasis on June. Price action generally mirrors Gilts, with Bunds printing a high at 132.34, before eventually fading the move.
UST price action is in-fitting with the above but slightly more contained overall. USTs remain around the 110-08 mark after Tuesday’s particularly strong 20yr auction with newsflow since thin and the narrative honing in on the FOMC.
A subdued session for crude thus far, amid the broadly risk-averse mood coupled with a stronger Dollar, with the complex giving back some of its recent gains despite the heightened geopolitical tensions and slightly bullish private inventory data.
Precious metals upside has been capped by the firmer Dollar with participants on standby for the FOMC release, dot plots, and press conference. XAU holds around 2,150/oz within a USD 2,154.55-2,160.30/oz range.
Base metals are mixed with price action largely dictated by the Greenback and amid the cautious risk sentiment. Price action in Europe has been contained thus far.
Peru copper production declined 1.2% Y/Y in January to 205,375 metric tons, according to the Mines and Energy Ministry.
Russian Energy Minister Shulginov says the situation on domestic fuel market is under constant surveillance; measures are being taken to keep gasoline surplus.
Norway’s Prelim (Feb) oil production 1.897mln BPD (prev. 1.829mln M/M); Gas production 10.4bln CU metres (prev. 11.71bln cu meters M/M).
ECB President Lagarde: “Building confidence in the path ahead”; “when it comes to the data that is relevant for our policy decisions, we will know a bit more by April and a lot more by June.”. “Three domestic factors that will be to ensuring that the inflation path evolves as we project: 1. Wage Growth, 2. Profit Margins 3. Productivity Growth”; Echoes rhetoric from the prior ECB meeting.
EU Council and Parliament provisionally agreed to renew the suspension of import duties and quotas on Ukrainian exports to the EU until June 2025, according to Reuters.
DATA RECAP
UK CPI YY (Feb) 3.4% vs. Exp. 3.5% (Prev. 4.0%); All Services 6.1% (prev. 6.5%); Marginally softer metrics, though not enough to shift the dial away from the Table Mountain approach. Market Pricing: Incrementally pricing in cuts; August now fully priced. Dec -70bps (prev. -66bps).
UK Core CPI MM (Feb) 0.6% vs. Exp. 0.7% (Prev. -0.9%); UK Core CPI YY (Feb) 4.5% vs. Exp. 4.6% (Prev. 5.1%); UK CPI MM (Feb) 0.6% vs. Exp. 0.7% (Prev. -0.6%)
UK PPI Output Prices MM NSA (Feb) 0.3% vs. Exp. 0.1% (Prev. -0.2%); UK PPI Output Prices YY NSA (Feb) 0.4% vs. Exp. -0.1% (Prev. -0.6%, Rev. -0.3%); UK PPI Input Prices MM NSA (Feb) -0.4% vs. Exp. 0.2% (Prev. -0.8%, Rev. -0.1%); UK PPI Input Prices YY NSA (Feb) -2.7% vs. Exp. -2.7% (Prev. -3.3%, Rev. -2.8%); UK RPI YY (Feb) 4.5% vs. Exp. 4.5% (Prev. 4.9%); UK RPI MM (Feb) 0.8% vs. Exp. 0.7% (Prev. -0.3%); UK PPI Core Output YY NSA (Feb) 0.3% (Prev. -0.4%, Rev. -0.3%); UK PPI Core Output MM NSA (Feb) 0.2% (Prev. 0.2%, Rev. 0.3%)
UK RPIX YY (Feb) 3.5% (Prev. 3.8%); RPI-X (Retail Prices) MM (Feb) 0.7% (Prev. -0.4%)
UK ONS House Price Index (Jan) -0.6% vs. prev. -2.2%
German Producer Prices MM (Feb) -0.4% vs. Exp. -0.1% (Prev. 0.2%); Producer Prices YY (Feb) -4.1% vs. Exp. -3.8% (Prev. -4.4%)
Italian Industrial Output YY WDA (Jan) -3.4% (Prev. -2.1%, Rev. -1.5%); Italian Industrial Output MM SA (Jan) -1.2% vs. Exp. -0.5% (Prev. 1.1%, Rev. 1.2%)
EM DATA
South African Core Inflation YY (Feb) 5.0% vs. Exp. 4.8% (Prev. 4.6%); Core Inflation MM (Feb) 1.2% vs. Exp. 1.1% (Prev. 0.3%)
South African CPI YY (Feb) 5.6% vs. Exp. 5.5% (Prev. 5.3%); CPI MM (Feb) 1.0% vs. Exp. 0.9% (Prev. 0.1%)
NOTABLE US HEADLINES
Alphabet’s (GOOG) Google hit with a EUR 250mln fine by the French regulator, according to AFP.
Biden administration has awarded Intel (INTC) almost USD 20bln in grants and loans to subsidize chip production in the US; INTC +4.5% pre-market
Boeing (BA) CFO says FAA undertaking tougher audit than before; says made decision to constrain 737 production below 38 per month; will not rush or go too fast
GEOPOLITICS
MIDDLE EAST
US President Biden said the war in Gaza has caused terrible suffering to the Palestinian people and they will continue to lead international efforts to deliver more humanitarian aid to the people of Gaza people, while it was also reported that Defense Secretary Austin will host his Israeli counterpart next week for a bilateral meeting.
UK Foreign Secretary Cameron said hostages held by Hamas in Gaza must be released and the most important thing now is a pause in fighting to get hostages out and aid in. Cameron stated it is crucial to turn a pause in fighting into a permanent, sustainable ceasefire and that a ceasefire can only be achieved with conditions being fulfilled, while he added they must get Hamas leaders out of Gaza and dismantle their network to ensure a ceasefire lasts, according to a Reuters interview.
“Israeli media: Blinken to visit Israel on Friday”, according to Sky News Arabia.
“Agreement on truce in Gaza is not imminent, but there is slow progress in the negotiations”, according to Al Arabiya citing sources
OTHER
China’s embassy in the Philippines said US Secretary of State Blinken’s remarks about the South China Sea ignored facts and groundlessly accused China regarding its activities in the South China Sea. Furthermore, it stated that remarks once again threatened China with the ‘so-called’ US-Philippine Mutual Defence Treaty obligations which China firmly opposes, while China advises the US not to stir up trouble or take sides on the South China Sea issue.
Taiwan’s Foreign Minister said China has built “enormous” military bases on three islands surrounding Taiwan’s main holding in the South China Sea, according to Reuters.
US Air Force said it conducted a successful hypersonic weapons test, according to Reuters.
North Korea leader Kim guided a solid fuel engine test for a new intermediate-range hypersonic missile, according to KCNA.
CRYPTO
Bitcoin (-1.1%) fell below USD 61k overnight, though now sits around USD 63k in what has been a volatile session thus far.
APAC TRADE
APAC stocks traded cautiously and mostly rangebound ahead of the FOMC and with Japanese markets closed.
ASX 200 struggled for direction as strength in energy was offset by losses in the tech and consumer sectors.
KOSPI outperformed as South Korea plans to cut corporate and dividend income tax to encourage a higher shareholder return, while index heavyweight Samsung Electronics (005930 KS) rose over 5% and was helped by reports that NVIDIA looks to procure high-bandwidth memory chips from the Co.
Hang Seng and Shanghai Comp. were indecisive as participants digested the latest earnings releases, while Prada (1913 HK) shares slipped in early trade after Gucci owner Kering (KER FP) issued a luxury sector warning amid Asia-Pacific weakness, while the mainland was kept afloat following the lack of surprises from the PBoC’s benchmark LPRs which were maintained at their current levels
NOTABLE ASIA-PAC HEADLINES
Chinese Loan Prime Rate 1Y (Mar) 3.45% vs. Exp. 3.45% (Prev. 3.45%)
Chinese Loan Prime Rate 5Y (Mar) 3.95% vs. Exp. 3.95% (Prev. 3.95%)
PBoC reshuffled its Monetary Policy Committee which now includes China securities regulator head Wu Qing and PBoC Vice Governor Xuan Changneng, while the committee also has two new academic members, Huang Yiping from Peking University and Huang Haizhou from Tsinghua University.
Chinese Foreign Minister Wang Yi said in a meeting with his Australian counterpart that their economies are highly complementary and have great potential, while he stressed that since relations are on the right track, they must not hesitate, deviate or turn back. Furthermore, Wang said regarding China’s sovereignty, dignity and legitimate concerns, that they hope that the Australian side will continue to abide by commitments it has made, as well as respect and properly handle them.
Australian Foreign Minister Wong said she discussed a range of shared interests with her Chinese counterpart and welcomes progress in the removal of trade impediments with China. Wong added she discussed volatility in nickel markets with China and raised concerns about human rights, including in Xinjiang, Tibet, and Hong Kong, while they will seek to manage differences with China wisely.
China’s embassy in the UK commented regarding UK Foreign Secretary Cameron’s remarks on Hong Kong’s new law and urged the British side to stop making groundless accusations against the legislation of Article 23, while it added that Hong Kong affairs are purely China’s internal affairs and the British side is not qualified to make irresponsible remarks.
US is said to consider sanctioning Huawei’s chipmaking network which could be added to the entity list, while the companies that could be blacklisted over links with Huawei include chipmakers Qingdao Si’en, Swaysure, and Shenzhen Pensun Technology, according to Bloomberg.
Tencent (700 HK/TCEHY) – Q4 (CNY): Revenue 155.20bln (exp. 157.42bln). FY Adj. Net 157.7bln (exp. 152.97bln). FY-end combined MAU of Weixin and WeChat 1.343bln (prev. 1.313bln); Recommended final dividend of HKD 3.40/shr.
Tencent (700 HK/TCEHY) President says Chinese gaming regulator has approved many licenses since December to show support for the industry; says Q1 video games revenue will be weaker Y/Y.
Source: Newsquawk
2C ASIA AFFAIRS
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 16.93 PTS OR 0.55% //Hang Seng CLOSED UP 13.59 PTS OR 0.08% / Nikkei CLOSED //Australia’s all ordinaries CLOSED DOWN 0.08% /Chinese yuan (ONSHORE) closed DOWN 7.1981 //OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2144 /Oil DOWN TO 82.61 dollars per barrel for WTI and BRENT UP AT 86,65/ Stocks in Europe OPENED MOSTLY ALL RED// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
3 CHINA
CHINA/
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
FRANCE/UKRAINE/RUSSIA
Macron is nuts if he sends in troops
(zerohedge)
French Units In Ukraine Will Be ‘Priority’ Target, Warns Russia
WEDNESDAY, MAR 20, 2024 – 05:45 AM
Russian intelligence has alleged that France is preparing a military contingent of 2,000 troops to be deployed on the ground in Ukraine. The claim was made by Director of the Russian Foreign Intelligence Service (SVR) Sergey Naryshkin on Tuesday, and was quickly picked up in international headlines, also given it is rare for him to make statements like this.
“The current leadership of the country [France] does not care about the deaths of ordinary French people or about the concerns of the generals,” Naryshkin said as translated in TASS. “According to information coming to the Russian SVR, a contingent to be sent to Ukraine is already being prepared. Initially, it will include around 2,000 troops.”
The Russian intelligence chief further said the French military “fears that such a large military unit cannot be transferred and stationed in Ukraine unnoticed.”
“It will thus become a legitimate priority target for attacks by the Russian armed forces. This means that it will suffer the fate of all the French who have ever come to the Russian world with a sword,” Naryshkin emphasized. The past months have seen instances where Moscow claimed its forces took out French mercenaries in Kharkiv, but neither the Ukraine nor France ever verified this. Russia is now saying it will target foreign troops in Ukraine as a “priority”.
He didn’t elaborate further or offer anything in the way of verification or proof, but it comes after French President Emmanuel Macron sparked fierce debate in Europe last month by telling allies they shouldn’t rule out sending Western troops to Ukraine. “Nothing should be excluded,” Macron had said. “We will do everything that we must so that Russia does not win.”
While most Western allies have voiced their rejection of a scenario of sending NATO forces to Ukraine, officials have been urging more rapid production of weapons. Italy’s prime minister Giorgia Meloni is the latest to say that deploying Western ground troops to Ukraine must “be avoided at any cost” in Tuesday remarks.
On Monday European Council President Charles Michel called for Europe to shift to a “war economy” mode in response to Russia’s war in Ukraine. “If we do not get the EU’s response right and do not give Ukraine enough support to stop Russia, we are next. We must therefore be defense-ready and shift to a ‘war economy’ mode,” Michel stated in an op-ed published in European newspapers and the Euractiv website.
According to details of the latest efforts to free up more EU funds for Ukraine:
He [Michel] urged countries to facilitate investments in defense — including by considering changing the mandate of the EU lending arm, the European Investment Bank, to allow it to support Europe’s defense industry.
EU countries approved an agreement on Monday to increase the EU’s support for Ukraine’s armed forces by 5 billion euros ($5.4 billion) — amid warnings that Kyiv’s forces need more resources to hold the line against a larger Russian army as a $60 billion US aid package for Ukraine is being held up by Congress.
EU foreign policy chief Josep Borrell hailed the hasty cash injection by saying, “With the fund, we will continue to support Ukraine defend itself from Russia’s war of aggression with whatever it takes and for as long as we need to.” But on the battlefield things continue to look very bad for Ukraine…
I have it on good authority that Ukrainians want to fight so we must keep funding their war effort. If the Washington Post is trying to imply that Ukrainians are being conscripted involuntarily to fight a doomed war, it has fallen prey to vatnik propaganda.
·
271.8K Views
Many war analysts have said that Western efforts to ramp up arms and money to Kiev are unlikely to make a difference, and that Russia has enough ammo and manpower to sustain the fight possibly for years to come. President Putin this week has floated the idea of creating a security buffer zone to prevent drone and rocket cross-border attacks on Russian territory. This would involve seizing more Ukrainian territory, especially along its northern border areas.
end
EUROPE/GUCCI
Good indicator as to how the economy is faring
(zerohedge)
Luxury Meltdown: Kering’s Gucci Warning Sends Shares Crashing Most Since 1992
WEDNESDAY, MAR 20, 2024 – 06:55 AM
Shares of French luxury group Kering tumbled as much as 15% on Wednesday—the largest drop in more than three decades. The luxury goods company issued a profit warning, expecting sales at Gucci, its biggest brand, to plunge 20% year-on-year in the first quarter, notably because of slumping demand across the Asia-Pacific region.
“In a first half that Kering expected to be challenging, current trends lead the Group to estimate that its consolidated revenue in the first quarter of 2024 should decline by approximately 10% on a comparable basis, from last year’s first quarter,” Kering said in a statement.
The statement continued, “This performance primarily reflects a steeper sales drop at Gucci, notably in the Asia-Pacific region. Gucci comparable revenues in the first quarter are expected to be down by nearly 20% year on year.”
The luxury slowdown originates in Asia, mainly China, whose economic downturn has spooked consumers.
Shares of Kering in Paris plunged as much as 15%, the most significant drop since 1992.
Analysts at Jefferies, led by James Grzinic, told clients:
“Kering’s warning largely reflects a sharp deterioration of Gucci’s resonance in Asia Pacific, and China in particular. This comes at a time when the transition to the De Sarno signature remains in its early stages. While a mixed Chinese yuan backdrop may have added an extra challenge, the news suggests a deeper trough.”
Vital Knowledge analysts said:
“Gucci has been encountering some company-specific problems for a few quarters, but this update will raise further worries about consumer spending and China’s economy.”
Here’s what other Wall Street analysts are saying (list courtesy of Bloomberg):
AlphaValue (add)
Analyst Jie Zhang will lower her earnings expectations for 2024 on the back of the group’s unexpected trading update
Gucci’s recovery “will need some time to achieve, and the continued higher investment will weigh on the brand’s profitability throughout the year,” Zhang writes in a note
Citi (buy)
“Gucci suffered significantly from being in the midst of a major design and management transition, with weak performance of carryover items and limited penetration from early products,” analyst Thomas Chauvet writes
While consensus earnings estimates had been slashed by high- single digits just over a month ago on the heels of the company’s forecast for a y/y decline in operating income, expects company fiscal 2024 Ebit/EPS estimates to be reduced by ~15% “solely due to Gucci, with the likelihood of slower-than- expected brand turnaround”
Implications for the sector include “downside” risk for 1H 2024 sales
RBC (outperform)
Analyst Piral Dadhania says “patience still required,” with Gucci in early stages of a turnaround
Revenue guidance is much worse than expected, especially in APAC region
Gucci’s potential continues to be unfulfilled, but with right strategic initiatives in areas such as China and brand elevation, rebuilding its product offer especially in handbags, and change in creative and executive leadership, the growth profile can improve over time
Morgan Stanley (equal-weight)
Luxury brands/groups performance likely to have polarized further in 1Q vs 2023, and with Kering guiding for first-quarter comparable revenue to decline by about 10% it will be “in the bottom of the pack,” according to analyst Edouard Aubin
Kering didn’t provide indications for its other brands, but implies that non-Gucci businesses saw organic sales growth as flat to slightly down y/y
Jefferies (hold)
“Whilst a mixed CNY backdrop may have added an extra challenge, the news suggests a deeper trough and material” estimate cuts, analyst James Grzinic writes
Says legacy Gucci product is not resonating with consumers, while transition to De Sarno signature product is in “early stages”
Thinks flattish 1Q sales for non-Gucci brands points to market share losses
Investors likely weigh whether Kering’s “M&A ambitions” in the near term are affected
Bloomberg Intelligence
“Preliminary 1Q guidance for a 10% comparable sales downturn flags a 20% drop at Gucci (vs. consensus’ 6.5% decline) on Asia softness,” Analyst Deborah Aitken writes
Says possible 2024 EPS estimates may be cut by 6%-8%, even with the other 50% of the portfolio flat and better than expected
“Gucci matters most to operating and cash flow contribution (33% margin in 2023 vs. 24% for Kering),” she says
Kering’s profit warning is an ominous sign for luxury stocks.
MSCI Europe Textiles Apparel & Luxury Goods has peaked.
“European stock investors have become more upbeat on economic growth and the earnings backdrop. Yet cyclical sectors such as luxury and autos are affected by China’s sluggish rebound. That sets up luxury, a key European growth sector, for a disappointing 1Q reporting season, and a crack in bullish sentiment for the region’s stocks,” Bloomberg’s Heather Burke noted.
Separately, Swiss watch exports recorded the first decline in three years, primarily due to a slowdown in shipments to China and Hong Kong.
China has been the engine of global growth, but its deflationary pressures and other mounting economic troubles are spreading beyond the world’s second-largest economy to Europe.
end
GERMANY
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL HAMAS/
15 terrorists killed on a strike on a building in central GAZA
A wounded Palestinian man gestures as he is carried into the Al-Aqsa Martyrs Hospital in Deir al-Balah on March 19, 2024, following an alleged Israeli strike in the Nuseirat refugee camp in the central Gaza Strip. (AFP)
At least 15 people were killed by an Israeli airstrike targeting a house in the Nuseirat refugee camp in central Gaza, officials in the Hamas-run Gaza health ministry say.
Medics say rescue operations are still underway as some victims are believed to be trapped under the rubble of the three-floor building.
The casualties figures can not be confirmed and there are no immediate details on the target of the strike.
There is no immediate comment from the IDF.
end
ISRAEL/GAZA/RAFAH
Netanyahu has no choice but to enter Rafah and permanently destroy Hamas
(TIMES OF ISRAEL)
Netanyahu says he made clear to Biden Rafah ground op crucial to destroying Hamas
In briefing to Knesset Foreign Affairs and Defense Committee, PM acknowledges disagreement with US, says he and American president agreed on way for Washington to share concerns
Prime Minister Benjamin Netanyahu attends a meeting of the Knesset Foreign Affairs and Defense Committee on March 19, 2024 (Screenshot/GPO)
Prime Minister Benjamin Netanyahu told a powerful Knesset committee on Tuesday that the IDF will go ahead with an expected ground operation in Rafah, and that he told US President Joe Biden as much in their phone call yesterday.
“We have a disagreement with the Americans about the need to enter Rafah,” Netanyahu told the Foreign Affairs and Defense Committee. “Not about the need to eliminate Hamas — the need to enter Rafah. We do not see a way to eliminate Hamas militarily without destroying these remaining battalions. We are determined to do it. ”
“I made it clear to the president in our conversation, in the clearest way, that we are determined to complete the elimination of these battalions in Rafah,” said Netanyahu. “There is no way to do it, except by going in on the ground.”
During a phone call with the prime minister on Monday, Biden effectively ruled out any potential support for a major Israeli ground offensive in Rafah, which abuts the Egyptian border in Gaza’s southernmost tip.
“A major ground operation there would be a mistake. It would lead to more innocent civilian deaths, worsen the already dire humanitarian crisis, deepen the anarchy in Gaza and further isolate Israel internationally,” US National Security Adviser Jake Sullivan said, offering a readout on the 45-minute call.
Netanyahu added in his discussion with Israeli legislators on Tuesday that the two leaders agreed on a mechanism for the Americans to share their ideas on humanitarian aid and the evacuation of civilians, a concern that he said Israel shares.
“We need to complete the military elimination of Hamas,” he said. “There is no substitute for that, you can’t go around it, you can’t say, ‘We’ll destroy 80 percent of Hamas, we’ll [leave] 20%,’ because that 20% will reorganize and retake the Strip, and of course they will pose a renewed threat to Israel, and of course it will also be a victory for the broader axis that threatens us — the Iranian axis.”
US President Joe Biden meets with Irish Prime Minister Leo Varadkar in the Oval Office of the White House, Friday, March 15, 2024 in Washington. (AP Photo/Evan Vucci)
Sullivan, speaking to the press on Monday night, clarified that Biden had again rejected during the call “the straw-man (argument) that raising questions about Rafah is the same as raising questions about defeating Hamas. That’s just nonsense. Our position is that Hamas should not be allowed a safe haven in Rafah or anywhere else.”
Netanyahu also acknowledged on Tuesday that Israel was locked in a diplomatic struggle alongside its military campaign, and that international pressure on his government was growing.
Monday’s call between Netanyahu and Biden was their 20th since the outbreak of war following Hamas’s October 7 attack, but their first since February 15.
It came four days after an unprecedented speech from Senate Majority Leader Chuck Schumer, a longtime pro-Israel stalwart and the most senior Jewish lawmaker in Congress, calling for early elections in Israel to replace Netanyahu, who he said has “lost his way” and branded as an obstacle to peace along with Hamas, the Israeli far-right and Palestinian Authority President Mahmoud Abbas.
Palestinians pray in front of a mosque destroyed by Israeli airstrikes in Rafah, Gaza Strip, Friday, March 8, 2024, ahead of the holy Islamic month of Ramadan. (AP Photo/Fatima Shbair)
Biden on Friday hailed Schumer’s speech and said many Americans feel as the senator does, though the White House clarified that elections were a matter for the Israeli people to decide. Schumer’s remarks infuriated Netanyahu, who has accused the US of trying to meddle in Israel’s domestic politics.
According to a report Tuesday from the Axios news site, Biden insisted during the phone call that he’s not trying to undercut Netanyahu politically.
The report, citing two people with knowledge of the conversation, said Netanyahu complained about repeated attacks against him by US politicians, singling out Schumer’s speech and Biden’s endorsement of it, which he argued amounted to interference in Israeli politics. The sources told the news site that Biden pushed back and told Netanyahu he was not trying to undermine him and has no intention of intervening in Israeli domestic politics.
The report also said the conversation helped clear the air between the two men.
On Monday, Sullivan, the US national security adviser, hit back at Netanyahu, charging that Israel interferes in American politics more than the other way around, during a press conference in which he presented the US’s new, hardened stance regarding a widescale Israeli operation in Rafah.
Netanyahu’s determination to take out Hamas’s remaining battalions seems as strong as ever, even after Biden’s calls to find a new means of destroying the organization’s military capabilities.
“We need control over the Philadelphi Route,” Netanyahu told the Knesset members, according to Israel National News, referring to a route running along the Egypt-Gaza border.
White House national security adviser Jake Sullivan speaks during a press briefing at the White House, March 12, 2024, in Washington. (Evan Vucci/AP)
On humanitarian aid, Netanyahu said Israeli officials were looking into the possibility of having outside organizations distribute food, as well as “private companies.”
The prime minister reportedly told the powerful parliamentary body that “from Israel’s standpoint, there is nothing preventing Gazans from leaving, but there aren’t countries in the world that are ready to receive them.”
He added that Israel is building a new border crossing at Kerem Shalom “to replace the Rafah crossing” into Egypt and that Israel will have control over it.
Netanyahu reportedly said in the meeting that Israel’s international PR suffers because of a lack of personnel who can speak English clearly.
According to quotes from Channel 12 from the closed-door meeting, Netanyahu was asked if Israel’s international hasbara problem was due to a lack of funding.
“It’s not just a lack of money. There simply are no people, you are surrounded by people who can’t put two words together [in English]. We need to find them,” he said.
In response to the reports, Netanyahu’s office said that he “deeply values the work of his team and of the Public Diplomacy Directorate that operates under him, and he said this to the Foreign Affairs and Defense Committee.”
Jacob Magid contributed to this report.
END
ISRAEL/HEZBOLLAH/SYRIA
Israel knocks out a Hezbollah commander and 4 other jihadists in a Syrian airstrike
(Jerusalem Post)
Hezbollah commander, four other jihadists killed in Syria airstrike – report
The Syrian Observatory for Human Rights, a UK-based monitor, had reported three explosions and the presence of unidentified aircraft that day in the eastern city of Dier-ez-Zor.
People can be seen on the Syrian side of the Quneitra crossing in the Golan Heights on the border line between Israel and Syria, as it is seen from its Israeli side October 15, 2018.(photo credit: AMIR COHEN/REUTERS)
Five commanders of Iranian-backed militias in Syria were killed in an airstrike on Tuesday, according to Saudi television station al-Hadath, cited by Israeli media that night.
A further report claimed that one of those killed was a Hezbollah commander.
The Syrian Observatory for Human Rights, a UK-based monitor, had reported three explosions and the presence of unidentified aircraft that day in the eastern city of Dier-ez-Zor.
Syria hosts several militias financed by Iran, which have attacked not only Israeli forces but American troops as well since war broke out between Israel and Hamas in October.
Those include Hezbollah, which controls much of Southern Lebanon and has been firing rockets and missiles into the north of Israel since October 7, leading to regular exchanges of fire and the evacuation of about 100,000 people away from their homes near the Israel-Lebanon border.
A Hezbollah fighter stands in front of anti-tank artillery at Juroud Arsal, the Syria-Lebanon border, July 29, 2017. (credit: ALI HASHISHO/REUTERS)
Iran scaled back IRGC presence in Syria due to strikes
A few weeks ago, it was reported that a suspected Israeli strike had killed Colonel Reza Zarei, an Iranian Revolutionary Guards Corps (IRGC) officer, as well as two Hezbollah fighters. A Damascus-area strike in January was reported to have killed three IRGC officers.
In February, it was reported that Iran had scaled back its deployment of IRGC officers in Syria in light of Israeli strikes.
This is a developing story.
END
ISRAEL/GAZA //RAFAH
Netanyahu is not in any rush into Rafah/ He may wait until the USA election
Prime Minister Benjamin Netanyahu speaks on a video statement released on March 20, 2024. (Screenshot/GPO)
Two days after his phone call with US President Joe Biden, Prime Minister Benjamin Netanyahu releases a video statement saying that he will “soon approve the plan to evacuate the civilian population from the war zone.”
He says he appreciates Biden’s support, and that the president asked to present US proposals on humanitarian assistance and other aspects of the war.
Netanyahu is sending top aides to Washington on Sunday.
The operational plan, says Netanyahu, has already been approved.
“While we are preparing to enter Rafah, which will take some time, we continue to operate with all our might,” says Netanyahu. “We continue to operate in Khan Younis, in the central camps, for the elimination and capture of senior Hamas officials as we just did in Shifa Hospital, while eliminating hundreds of terrorists.”
“As I promised you time and time again — we are determined to achieve absolute victory, and we will achieve it.”
end
ISRAEL/GAZA/HAMAS/RAFAH
5 senior Hamas officials vaporized
(Jerusalem Post)
Israel kills five senior Hamas officials in Rafah operation, IDF announces
As part of their operations, they managed Hamas activity in humanitarian zones and were responsible for coordination with Hamas operatives in the field.
The operatives killed were Sayid Katab Alkhashash, Osama Hamd Zaher, Muhamed, and Aud Almelalakhi, who were heads of Hamas’s Emergency Bureau in northern and eastern Rafah. Hadi Abu Alrus Kasin, an operations officer, was also killed.
As part of their operations, they managed Hamas activity in humanitarian zones and were responsible for coordination with Hamas operatives in the field.
Israel Air Force F-15i Ra’am fly at a Graduation ceremony for Israeli Air Force soldiers who have completed the IAF Flight Course, at the Hatzerim Air Base in the Negev desert. June 28, 2016. (credit: Ofer Zidon /Flash90.)
An additional Hamas official was killed in Rafah last week
Furthermore, Nidal Aleed, the head of Hamas’s Rafah Emergency Bureau, who managed all of its operations in the area, was killed in a strike last week, according to the announcement.
end
IDF: 90 Hamas gunmen killed, over 300 nabbed in raid at Gaza’s Shifa Hospital
Operation at Strip’s largest medical center continues; senior officials in terror group’s emergency committee slain in Rafah airstrike
ISRAEL/RAFAH
Netanyahu: Israel will soon approve plans to evacuate Rafah civilians
Prime Minister Benjamin Netanyahu said plans to evacuate Rafah civilians would be approved soon in a video published on Wednesday.
He added, “While we are preparing to enter Rafah, which will take some time, we continue to operate with all our might. We continue to operate in Khan Yunis, in the central camps, in the elimination and capture of senior Hamas officials as we did now in Shifa, in the elimination of many hundreds of terrorists.”
end
ISRAEL/GAZA/CENTRAL GAZA/SHIFA HOSPITAL
and the world is silent that these terrorists are hiding and firing while in Gaza’s largest hospital Shifa.
IDF: 90 Hamas gunmen killed, over 300 nabbed in raid at Gaza’s Shifa Hospital
Operation at Strip’s largest medical center continues; senior officials in terror group’s emergency committee slain in Rafah airstrike
The Israel Defense Forces on Wednesday continued an operation against Hamas forces at Gaza City’s Shifa Hospital, with the military saying troops had killed more than 90 gunmen so far.
The operation, which began early Monday morning, was being carried out by the Navy’s Shayetet 13 commando unit, the 401st Armored Brigade, and other forces.
Troops raided the hospital, the largest medical center in the Gaza Strip, after Israeli intelligence indicated that Hamas operatives, including commanders, had returned to the complex to use it as a command center for planning attacks against Israel and troops in Gaza. It was previously raided by the military in November.
“Over the past day, the troops have eliminated terrorists and located weapons in the hospital area, while preventing harm to civilians, patients, medical teams and medical equipment,” the IDF said in a statement Wednesday morning.
The IDF said that hundreds of terror suspects had so far been questioned at the hospital complex by field interrogators of the Military Intelligence Directorate’s Unit 504 and the Shin Bet security agency.
In a video statement from the hospital on Wednesday, IDF Spokesman Rear Adm. Daniel Hagari said troops had detained between 250 and 300 terror operatives at the medical center during the ongoing operation
He said another 300 suspects were also being questioned.
“We are talking about many [Palestinian Islamic Jihad] operatives, including battalion commanders, Hamas operatives, including political officials,” Hagari said.
“We will reach all the terrorists in this area. Our goal is to arrest the senior officials alive and bring them in for interrogation. Whoever fights against us will be killed,” he continued.
Photos circulating on social media on Wednesday showed IDF troops detaining suspected Hamas operatives at the hospital overnight.
מאז שהמבצע יצא לדרך, מאות מחבלים נעצרו בבית החולים שיפא בעזה. גם הלילה נעצרו עשרות מחבלים שהועברו לחקירת יחידה 504 ושב”כ
Translate post
·
5,508 Views
Among those detained at Shifa and brought to Israel for further questioning was Mahmoud Qawasmeh, a senior Hamas operative involved in the planning of the 2014 kidnapping and murder of Eyal Yifrach, Gil-ad Shaer, and Naftali Fraenkel, the Shin Bet announced.
In a statement, the security agency said Qawasmeh was “one of the planners and financiers of the infrastructure that carried out the kidnapping and murder attack” in 2014.
From left to right: Eyal Yifrach, 19, Gil-ad Shaer, 16, and Naftali Fraenkel, 16, three Israeli teenagers who were seized and kiled by Palestinians on June 12, 2014 (photo credit: IDF/AP)
The Shin Bet said he had been exiled to the Gaza Strip as part of the 2011 Shalit deal, where he continued to advance attacks in the West Bank, including shooting attacks in recent years carried out by Hamas cells.
Hagari, in his statement, said the IDF was also providing food and water to the civilians sheltering at the hospital and brought in generators for Shifa’s ER.
He said the operation at Shifa would likely last several more days.
The IDF also released a video showing weapons recovered by troops at Shifa, and clips of the elite Duvdevan commando unit operating on the hospital’s premises.
Israeli troops first entered the hospital early in the conflict, on November 5. The war was triggered on October 7 when some 3,000 terrorists stormed the border with Israel and unleashed an unprecedented attack on the country’s southern communities, killing some 1,200 people, most of them civilians, and taking 253 hostages to Gaza, where more than half remain.
IDF troops operate at Shifa Hospital in the Gaza Strip, in a handout image published by the military on March 19, 2024. (Israel Defense Forces)
The IDF also said Wednesday it had struck a Hamas tunnel shaft in northern Gaza overnight. The site was identified after a rocket was fired toward the southern city of Sderot on Tuesday. It fell short and landed inside Gaza.
Also in northern Gaza, the IDF said it struck a six-man Hamas cell in the Jabaliya area.
In central Gaza, the Nahal Brigade continued to battle Hamas operatives over the past day, and in southern Gaza, the 98th Division was battling the terror group in the Khan Younis suburb of al-Qarara, the IDF said.
Also Wednesday, the IDF and Shin Bet announced that an airstrike in southern Gaza’s Rafah earlier in the week had killed senior officers in Hamas’s so-called Emergency Committee.
In the strike carried out by fighter jets on Monday, Sayyid Qutb Hashash, Osama Hamad Dhahir, and Hadi Abu al-Rous were killed, and Muhammad Awad al-Malalhi was apparently wounded, according to the IDF.
Palestinians look at a residential building destroyed in an Israeli strike in Rafah, Gaza Strip, Tuesday, March 20, 2024. (AP Photo/Hatem Ali)
Hashash, Dhahir, and al-Malalhi were the heads of Hamas’s Emergency Committee in the north and east Rafah areas, and al-Rous was the operations officer of the Emergency Committee, the IDF said.
The committee is a Hamas body tasked with maintaining public order and civil control in the Strip’s municipalities.
The IDF said the officials were “responsible for organizing terror activity and communication with Hamas operatives on the ground” as well as aiding “the military wing of the terror organization to establish continued control.
“The senior officers were the emissaries of Hamas leadership in Rafah, concentrated Hamas’s activity in humanitarian zones and were responsible for coordination with Hamas operatives in the field,” it said.
The strike came after the IDF targeted Nidal al-Eid, the head of the Emergency Committee in Rafah last week, the military added.
An IDF handout from March 20, 2024, identifying senior Hamas operatives in in an airstrike in Rafah in the Gaza Strip (Israel Defense Forces)
More than a million Palestinians displaced by the five-month-old war between Israel and Hamas have been sheltering in Rafah, which abuts Gaza’s border with Egypt.
Israel says one-sixth of Hamas’s combat strength — four battalions of rifle- and rocket-wielding fighters — is in Rafah and must be crushed before the war can conclude. But the prospect of a spiraling civilian toll has raised alarm abroad.
With a new round of mediated talks underway in Qatar on a possible release of hostages, the White House said it would confer with Jerusalem before any troops or tanks move into Rafah.
The Hamas-run Gaza Health Ministry said on Wednesday 104 Palestinians had been killed in fighting in the Gaza Strip in the past 24 hours, bringing its official death toll since October 7 to 31,923.
These figures cannot be independently verified, and are believed to include both civilians and Hamas members killed in Gaza, including as a consequence of terror groups’ own rocket misfires. The IDF says it has killed over 13,000 operatives in Gaza, in addition to some 1,000 terrorists inside Israel on October 7.
The Israel Defense Forces on Wednesday continued an operation against Hamas forces at Gaza City’s Shifa Hospital, with the military saying troops had killed more than 90 gunmen so far.
The operation, which began early Monday morning, was being carried out by the Navy’s Shayetet 13 commando unit, the 401st Armored Brigade, and other forces.
Troops raided the hospital, the largest medical center in the Gaza Strip, after Israeli intelligence indicated that Hamas operatives, including commanders, had returned to the complex to use it as a command center for planning attacks against Israel and troops in Gaza. It was previously raided by the military in November.
“Over the past day, the troops have eliminated terrorists and located weapons in the hospital area, while preventing harm to civilians, patients, medical teams and medical equipment,” the IDF said in a statement Wednesday morning.
The IDF said that more than 300 terror suspects had so far been questioned at the hospital complex by field interrogators of the Military Intelligence Directorate’s Unit 504 and the Shin Bet security agency. More than 160 of those were taken to Israel for further interrogation, the IDF said.
Photos circulating on social media on Wednesday showed IDF troops detaining suspected Hamas operatives at the hospital overnight.
The IDF said Tuesday that among the suspects were “dozens of prominent terrorists” in Hamas and Palestinian Islamic Jihad.
Israeli troops first entered the hospital early in the conflict, on November 5. The war was triggered on October 7 when some 3,000 terrorists stormed the border with Israel and unleashed an unprecedented attack on the country’s southern communities, killing some 1,200 people, most of them civilians, and taking 253 hostages to Gaza, where more than half remain.
IDF troops operate at Shifa Hospital in the Gaza Strip, in a handout image published by the military on March 19, 2024. (Israel Defense Forces)
The IDF also said Wednesday it had struck a Hamas tunnel shaft in northern Gaza overnight. The site was identified after a rocket was fired toward the southern city of Sderot on Tuesday. It fell short and landed inside Gaza.
Also in northern Gaza, the IDF said it struck a six-man Hamas cell in the Jabaliya area.
In central Gaza, the Nahal Brigade continued to battle Hamas operatives over the past day, and in southern Gaza, the 98th Division was battling the terror group in the Khan Younis suburb of al-Qarara, the IDF said.
Also Wednesday, the IDF and Shin Bet announced that an airstrike in southern Gaza’s Rafah earlier in the week had killed senior officers in Hamas’s so-called Emergency Committee.
In the strike carried out by fighter jets on Monday, Sayyid Qutb Hashash, Osama Hamad Dhahir, and Hadi Abu al-Rous were killed, and Muhammad Awad al-Malalhi was apparently wounded, according to the IDF.
Palestinians look at a residential building destroyed in an Israeli strike in Rafah, Gaza Strip, Tuesday, March 20, 2024. (AP Photo/Hatem Ali)
Hashash, Dhahir, and al-Malalhi were the heads of Hamas’s Emergency Committee in the north and east Rafah areas, and al-Rous was the operations officer of the Emergency Committee, the IDF said.
The committee is a Hamas body tasked with maintaining public order and civil control in the Strip’s municipalities.
The IDF said the officials were “responsible for organizing terror activity and communication with Hamas operatives on the ground” as well as aiding “the military wing of the terror organization to establish continued control.
“The senior officers were the emissaries of Hamas leadership in Rafah, concentrated Hamas’s activity in humanitarian zones and were responsible for coordination with Hamas operatives in the field,” it said.
The strike came after the IDF targeted Nidal al-Eid, the head of the Emergency Committee in Rafah last week, the military added.
An IDF handout from March 20, 2024, identifying senior Hamas operatives in in an airstrike in Rafah in the Gaza Strip (Israel Defense Forces)
More than a million Palestinians displaced by the five-month-old war between Israel and Hamas have been sheltering in Rafah, which abuts Gaza’s border with Egypt.
Israel says one-sixth of Hamas’s combat strength — four battalions of rifle- and rocket-wielding fighters — is in Rafah and must be crushed before the war can conclude. But the prospect of a spiraling civilian toll has raised alarm abroad.
With a new round of mediated talks underway in Qatar on a possible release of hostages, the White House said it would confer with Jerusalem before any troops or tanks move into Rafah.
The Hamas-run Gaza Health Ministry said on Wednesday 104 Palestinians had been killed in fighting in the Gaza Strip in the past 24 hours, bringing its official death toll since October 7 to 31,923.
These figures cannot be independently verified, and are believed to include both civilians and Hamas members killed in Gaza, including as a consequence of terror groups’ own rocket misfires. The IDF says it has killed over 13,000 operatives in Gaza, in addition to some 1,000 terrorists inside Israel on October 7.
END
Agencies contributed to this report.
WEST BANK
END
HOUTHIS/USA
END
/RUSSIA/UKRAINE/
No kidding: Ukraine is losing the war
(zerohedge)
Former Top Polish Army Chief Admits “Ukraine Is Losing The War”
A former top Polish army chief says Ukraine is losing the war and that “more than 10 million people are missing.”
General Rajmund Andrzejczak, the ex-chief of the Polish General Staff, made the comments during an appearance on Polsat Television.
“More than 10 million people are missing. According to my estimates, losses should be in the millions, not hundreds of thousands. The country has no resources, no one to fight. Ukrainians are losing this war,” said the general.
Andrzejczak pointed to Ukraine’s dwindling anti-aircraft missile supplies, which would allow Russia to conduct more effective strikes, casualties, and infrastructure damage.
“The Ukrainians are losing this war,” he stated emphasized.
After German intelligence sources warned that Russia would be in a position to attack another NATO country after 2026, Andrzejczak warned that Poland has a limited time to prepare.
“We need to prepare… A lot depends on us, whether it will be in two, three, or five years. Our mission is to push the threat further away. There is still time, but much work is needed,” he said.
As we highlighted back in December, Michael Maloof, a former Pentagon official, that the war in Ukraine is effectively “over” because Kiev’s counter-offensive has failed and there is no appetite in America to continue funding it.
The average age of a Ukrainian soldier is now 43 and mentally disabled men are being sent to fight on the front lines.
Back in November Sascha Lehnartz, chief correspondent of German newspaper Die Welt, said the Ukrainian “counteroffensive seems to have failed” and that there was a sense Kiev had “already lost” the war.
A month before that, CNN reported on a Time article which quoted a top Zelensky aide as saying, “He deludes himself. We’re out of options. We’re not winning.”
Surviving COVID-19 may leave you at heightened risk of developing debilitating autoimmune diseases like rheumatoid arthritis and lupus for up to a year after infection, according to new research.
However, the study also found that vaccinating against the virus could significantly lower your chances of developing these potentially life-altering inflammatory conditions.
COVID-19 Infection Severity Plays a Big Role
The study, published in Annals of Internal Medicine, analyzed national claims data from over 10 million Korean and 12 million Japanese patients aged 20 and above diagnosed with COVID-19 between January 2020 and December 2021. The dominant strains were the wild-type virus and the delta variant during this period. COVID-19 patients were compared with matched flu patients and uninfected controls.
A little less than 4 percent of Korean participants had a history of COVID-19, and about 1 percent had a history of flu. Among Japanese participants, about 8 percent had been infected with COVID-19, and slightly less than 1 percent had been infected with flu.
Researchers found that COVID-19 patients had a 25 percent to 30 percent increased risk of new-onset autoimmune rheumatic diseases (AIRDs) 30 days after infection compared to uninfected individuals.
More severe COVID-19 was linked to a greater risk of new-onset, untreated, and treated AIRD, with both wild-type and delta variants associated with AIRD risk. The risk of new-onset AIRD seemed to decline over time and trailed off after the first year.
COVID-19 infection is associated with numerous autoimmune disorders, Dr. Jacob Teitelbaum, a board-certified internist specializing in the treatment of chronic fatigue syndrome and fibromyalgia, told The Epoch Times. “For example, there is a marked increase in hyperthyroidism after COVID caused by autoimmune attack on the thyroid glands,” he said. With the immune system already on high alert from the virus and “having trouble shutting down,” it is not surprising that the body’s own tissues will often become collateral damage, he noted.
“So this new study simply confirms what is already expected,” Dr. Teitelbaum added.
Vaccines Reduce Autoimmune Risk, but Only in Mild Cases
The findings also suggest that COVID-19 vaccination reduced the rate of AIRDs among patients who received one to two or more doses. This reduced risk was observed whether the vaccine used was mRNA-based or viral-vector type.
However, the reduced AIRD risk was only linked to patients with mild COVID-19 infection, not those with moderate or severe infection.
This is noteworthy, given growing evidence suggesting that COVID-19 vaccination could cause new-onset autoimmune diseases, including autoimmune glomerulonephritis, autoimmune hepatitis, and AIRDs.
AIRDs Increase Risk of Other Severe Conditions
AIRDs involve inflammation of the joints or connective tissue caused by attacks from the body’s immune system. These diseases can affect multiple organs and systems, leading to a wide range of symptoms and complications.
Some common AIRDs include:
Rheumatoid arthritis (RA): RA is a chronic autoimmune disorder that primarily affects joints, causing inflammation, pain, stiffness, and swelling. Untreated RA can lead to joint damage, deformities, disability, cardiovascular disease, osteoporosis, and lung problems over time.
Systemic lupus erythematosus (SLE): SLE is a systemic autoimmune disease affecting various organs and tissues like skin, joints, kidneys, heart, lungs, and brain. Symptoms may include fatigue, joint pain, skin rashes, fever, and organ inflammation. Complications involve kidney damage, cardiovascular disease, neurological disorders, and increased infection susceptibility.
Ankylosing spondylitis (AS): AS primarily affects the spine and sacroiliac joints, causing inflammation and eventual vertebrae fusion, leading to spinal stiffness and limited mobility. It can also impact other joints, eyes, and organs. Complications may include spinal deformities, eye inflammation, and cardiovascular problems.
Psoriatic arthritis (PsA): PsA is an autoimmune condition with joint inflammation and skin lesions (psoriasis). In addition to joint pain, swelling, and stiffness, PsA can cause nail changes, eye inflammation, and tendon inflammation (enthesitis). Complications could include diabetes and high blood pressure.
Sjögren’s syndrome: Sjögren’s syndrome primarily affects moisture-producing glands, leading to dry eyes and mouth. However, it can also cause systemic issues like joint pain, fatigue, and organ involvement of the kidneys, lungs, or nervous system. It increases the risk of lymphoma and other autoimmune diseases.
Systemic sclerosis (scleroderma): Scleroderma is characterized by excessive collagen production, causing thickening and hardening of skin and connective tissues. It can also affect internal organs like the lungs, heart, kidneys, and gastrointestinal tract. Complications may include gastrointestinal bleeding, lung and heart problems, and bowel obstruction.
Inexpensive Treatment Available but Ignored: Expert
AIRDs significantly impact quality of life and require long-term management with medications, physical therapy, and lifestyle modifications. Regular monitoring and comprehensive care from health care professionals are essential for managing these conditions and minimizing health risks.
However, effective yet inexpensive treatments for these conditions are largely ignored, Dr. Teitelbaum said.
Low-dose naltrexone, costing less than $1 a day, has been shown to help chronic pain or autoimmune conditions, he added. Additionally, highly absorbed curcumin and Boswellia serrata, found in curcumin, were proven as effective as Celebrex in treating rheumatic arthritis in a head-to-head study, he noted.
expanding manufacturing capacity, despite low demand for their mRNA poison…” ‘Moderna is building manufacturing facilities in many countries, much more capacity than they had for covid shots.’
“Expected to come online by 2025, the facility, also known as the MITC, will aim to supply the U.K. with mRNA vaccines for a “wide range” of respiratory diseases, according to Moderna. […] Last Summer, Moderna struck a preliminary deal with the U.K. to erect the MITC as part of an effort to shore up access to “rapid pandemic response capabilities.” At the time, Moderna said it was designing the facility to be activated “on an urgent basis.” The move falls under the U.K.’s “100 Days Mission,” which aims to blunt the force of future pandemics.”
The plant would be an end-to-end producer of shots for COVID, flu and any other vaccines the company might develop with its mRNA technology platform, Bancel told the publication, while referencing moves the company has made in Australia, Canada and England.”
the new capacity is not for flu vaccines, but it could be.
The most likely next product to reach the market is Flu vax and they are planning it for this coming fall (2024). However, this manufacturing expansion is too large if all of it is just for the flu product, considering that covid boosters were ~20% uptake.
My estimates of capacity are based on what was available for covid vs what is being built out now.
For covid they had Norwood MA, Lonza NH, Lonza Swss, Rovi Spain
Now they will have Norwood which capacity will be 2x what is was during covid, Canada, Australia, UK, Rovi Spain and possibly Japan and China
It seems that they are building these facilities in anticipation. There are no new products approved except the covid vax which is questionable at best.
They are also building capacity for Personalized Vaccine Treatment – cancer gene therapy product.
I agree with my correspondent’s assessment – the Blob is planning something “big”, for which they need a lot of poison. I advise everyone to stay vigilant, tune your bullshit detectors to maximum precision. It is likely that as soon as this coming fall the biological/chemical and possibly radiological weapons will be used. I don’t know if this will be “elections special” or later, in 2025. Above all else, protect your family and do not comply.
every day among them are feral evil animals and no one is stopping it. what do you think America will look like? do you think you or your daughter will be safe anymore? Biden + Obama INVADING America
11 million now under Biden and Obama in 3 years came in illegally, 2 million ‘got-aways’, of them 400 were hardened terror cell jihadists trying to get in to kill Americans…now 90 are inside and we do not now names or addresses…where? it is not ‘if’ for it is booked, we will be attacked badly by these vermin…remember Biden and Obama then…
one man can stop it, who is willing, and that is Trump, like him or hate him, you must now think how to protect the vaginas of your girl children, your own vagina, for Biden and Obama decided with Mayorkas, that it belongs to the islamist jihadist illegal gang rapist…ensure you lady and your daughters understand the power of the 2nd amendment, licensed, learn to shoot to kill once life is threatened by these 6th century medieval beasts.
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE//GLOBAL SHIPPING
Huge increase in gas sales by Israel to Egypt from the new Leviathan gas discovery. And Egypt is complaining to Israel on the Hamas-Israel war? Egypt is totally broke. They need Israel badly as revenue from the Suez Canal is a fraction of former self
(zerohedge/the cradle)
Egypt Saw Gas Trade With Israel Soar In 2023, As Economy Falters
Israel’s NewMed Energy reported on Tuesday that natural gas exports from the Leviathan field to Egypt increased by 28 percent in 2023. The company reports that the exports jumped from 4.9 billion cubic meters (BCM) in 2022 to 6.3 BCM in 2023.
Israel Katz, former energy minister, approved the increase in exports to Egypt last year. For 2026, he projected an annual production increase of six BCM – about 60 percent over the current volume. “3.5 BCM of which will be directed in favor of Egypt,” the report stated.
“The expansion of the total export quota to Egypt was increased by 38.7 BCM over 11 years,” the Israeli Ministry of Energy’s August announcement read. “The export permit was granted under the comprehensive framework approved by government decisions … and in consultation with the Director of the Natural Gas Authority. In addition, an additional increase of 0.5 BCM per year is being considered.”
The ministry noted that, in addition to enabling production expansion, the new exports are expected to derive billions of dollars in bonus revenues for Israel, increase energy ties with Egypt and other regional players, and strengthen Israel’s geopolitical status.
Furthermore, the report adds that “on December 14, 2023, the partners in the Tamar reservoir announced that the Ministry of Energy approved them to increase the export permit of the reservoir from 38.7 BCM … to 43 BCM. This amount will make it possible to increase the maximum amount of additional gas allowed for export to Egypt from 3.5 BCM per year to 4 BCM per year. As of the valuation date, no agreement has yet been signed. The export is subject to the aforementioned export permit.”
NewMed reported that Leviathan’s partners, including Chevron, will invest $568 million to upgrade the field. In the latter half of 2025, annual production will increase from 12 BCM to 14 BCM. The company reported a fourth-quarter profit of $102 million, down significantly from $141 million the previous year.
Egypt–Israel tensions have been on the rise in recent months over Tel Aviv’s plan to push Gazans into the Sinai Peninsula to continue with their plan of invading Rafah.
Cairo has called on Washington, which has previously condemned the plan, to send a clear message to its regional ally not to move forward with the Rafah invasion. It says that “it is not enough to state opposition; it is also important to indicate what if that position is circumvented, what if that position is not respected.”
However, following multiple investment deals into Egypt by other regional allies of Israel and a boost in the International Monetary Fund (IMF) loan to be granted to Egypt, the North African nation is constructing an “isolated security zone,” something which local rights groups are calling Cairo’s preparation for an influx of Palestinian refugees.
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0842 DOWN .0020
USA/ YEN 151.67 UP 0.646 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2691 DOWN .0026
USA/CAN DOLLAR: 1.3599 UP .0024 (CDN DOLLAR UP 24 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 16.93 PTS OR 0.55%
Hang Seng CLOSED UP 13.59 POINTS OR 0.08%
AUSTRALIA CLOSED DOWN .04% // EUROPEAN BOURSE: MOSTLY ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: MOSTLY ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 13.59 PTS OR 0.08%
/SHANGHAI CLOSED DOWN 16.93 PTS OR 0.55%
AUSTRALIA BOURSE CLOSED DOWN .04%
(Nikkei (Japan) CLOSED UP 263.16 PTS OR 0.66%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2154.60
silver:$24.85
USA dollar index early WEDNESDAY morning: 103.75 UP 24 BASIS POINTS FROM TUESDAY’s CLOSE.
The USA/Yuan, CNY: closed ON SHORE CLOSED DOWN AT 7.1993
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2150)
TURKISH LIRA: 32.39 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.725…
Your closing 10 yr US bond yield DOWN 1 in basis points from TUESDAY at 4.278% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.426 DOWN 2 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.683 DOWN 1 BASIS PTS.
GOLD AT 11;30 AM 2158.00
SILVER AT 11;30: 24.95
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 2.89 PTS OR 0.04%
German Dax : CLOSED UP 5.17 PTS OR 0.03%
Paris CAC CLOSED DOWN 50.26 PTS OR 0.61%
Spain IBEX CLOSED UP 34.30 PTS OR 0.32%
Italian MIB: CLOSED DOWN 16.29 PTS OR 0.05%
WTI Oil price 83.34 12: EST/
Brent Oil: 87.50 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 92.42 ROUBLE DOWN 0 AND 23/100
GERMAN 10 YR BOND YIELD; +2.4270 DOWN 2 BASIS PTS
UK 10 YR YIELD: 4.0480 DOWN 4 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA: 1.0920 UP .0098 OR 98 BASIS POINTS
British Pound: 1.2784 UP .0067 or 67 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.043 UP 3 BASIS PTS//
JAPAN 10 YR YIELD: 0.725%
USA dollar vs Japanese Yen: 151.06 UP 0.36//YEN DOWN 4 BASIS PTS//
USA dollar vs Canadian dollar: 1.3486 DOWN .0088 CDN dollar DOWN 88 basis pts)
West Texas intermediate oil: 81.84
Brent OIL: 86.06
USA 10 yr bond yield DOWN 2 BASIS pts to 4.268%
USA 30 yr bond yield UP 1 BASIS PTS to 4.447%
USA 2 YR BOND: DOWN 8 PTS AT 4.613%
USA dollar index: 103.05 DOWN 44 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.37 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 92.25 DOWN 0 AND 40/100 roubles
GOLD 2185.60 3:30 PM
SILVER: 25.58 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: UP 401..34 PTS OR 0.13%
The FOMC dropped its dot-plot and it was unequivocally more hawkish than the Dec dots with 2024 flat at 3 cuts (though more voters moved towards only 50bps), but 2025 and beyond saw rate-cuts erased from the projections…
Powell reiterated his long-held view that the dot-plot does not amount to a “plan”.
Powell calls the longer run interest rate change “pretty modest”.
“I don’t think we know that,” Powell says about whether this will be a lasting trend.
However, Powell did admit rates are unlikely to be going ZIRP anytime soon:
“I don’t see rates going back down to that level but I think there’s tremendous uncertainty on that.”
If the Fed eases too much or too soon, he says, we could see inflation come back.
And if we ease too late, we could do unnecessary harm to employment.
“We want to be careful,” Powell says, stressing that “the risks are really two-sided here.”
Powell signaled balance sheet reduction will slow (less QT >> more QE):
“We did not make any decisions today. The general sense of the committee is that it’ll be appropriate to slow the pace of runoff fairly soon, consistent with the plans we previously issued.”
Powell also rather dismissed the recent jump in inflation:
“There’s reason to think that there could be seasonal effects there,” Powell says about the January CPI and PCE figures, and then says that February PCE wasn’t “terribly high.”
So, wait, the seasonally-adjusted data is showing seasonal affects now?
So uber-dovish: Brad Conger, chief investment officer at Hirtle Callaghan & Co., weighs in:
“The FOMC was on the horns of a dilemma. January and February’s inflation readings showed that progress towards the Fed’s 2% target is stagnating at best and inflecting back up at worst.
The facts called for a hawkish adjustment to reflect the slackening progress. Instead, we got a dovish adrenaline shot — reaffirming the November pivot. The boost to financial conditions is working counter to the Fed’s price mandate. So much for Jay Powell’s presumed admiration for Paul Volcker.”
Financial Conditions are literally at the same level of ‘looseness’ as they were before The Fed hiking cycle began…
Source: Bloomberg
Powell had an opening to talk down the rallies and risk assets and didn’t take it. It’s just unbelievable (except in an election year) that he didn’t even acknowledge the questioner’s characterization of financial conditions as having eased.
And, comically, rate-cut expectations actually (dovishly) increased today for 2024…
Source: Bloomberg
The odds of a rate-cut in June jumped to 67%…
Source: Bloomberg
And Powell’s dovish dance sent assets to the moon as the dollar dived…
Source: Bloomberg
…which helped send gold soaring to a new record high…
Source: Bloomberg
…and Bitcoin broke back above $65,000…
Source: Bloomberg
Which was notable after a record net outflow from BTC ETFs yesterday…
Source: Bloomberg
Stocks soared higher – new record highs for the S&P, Dow, and Nasdaq – with Small Caps exploding to one of the best day of the year so far…
Which is funny because stocks didn’t give a shit about rate-cut expectations anyway…
Source: Bloomberg
Shorts were squeezed hard today
Source: Bloomberg
…and MAG7 stocks soared to a new higher record high…
Source: Bloomberg
Treasury yields spiked on the ‘Dots’ then tumbled on Powell’s dovishness today led by the short-end (2Y -8bps, 30Y unch)…
Source: Bloomberg
Which prompted a massive bull steepening in the yield curve…
Source: Bloomberg
Despite the weak dollar and economic excitement from The Fed’s SEP, crude slipped lower on the day, back below $82 after the DOE data…
Source: Bloomberg
Finally, is this what The Fed fears?
Source: Bloomberg
Or is a Biden loss a bigger worry?
Source: Bloomberg
They tried to jawbone the big pivot/easing of rate-cut expectations and it showed no impact on Biden’s approval rating, So what next? QE?
END
MORNING TRADING/
AFTERNOON TRADING/FOMC/RATE CUTS
Fed Remains On Hold, But ‘Dots’ Reveal Hawkish Bias
WEDNESDAY, MAR 20, 2024 – 02:00 PM
Tl;dr: No change for rates, barely any change in the statement, upgraded economic growth, but big ‘signals’ from the Dot-Plot with 2024 remaining the same (3 rate-cuts) but 2025, 2026, and beyond all seeing higher rates (less cuts).
2024 Median dot: unchanged at 3 cuts, but composition changed…
2 officials saw no cuts (unch)
2 officials sew one cut (one more than in Dec)
5 officials saw two cuts (unchanged)
9 officials saw three cuts (up from 6 in Dec)
1 saw four cuts (down from five who saw 4 or more cuts in Dec)
…literally one voter stood between 50bps and 75bps in cuts in 2024…
…and the so-called neutral rate is higher…
…and implicit admission that the inflation target will eventually be lifted.
* * *
Since the last FOMC meeting (Jan 31st), bitcoin has been the big winner (and bonds the biggest loser). Gold and stocks have outperformed even with the dollar rising modestly…
Source: Bloomberg
Even more notably, stocks have rallied since the last FOMC meeting despite a plunge in 2024 rate-cut expectations from 6 to 3 (in line with The Fed’s December dot-plot), much of whicfh is thanks to the incessant jawboning down of expectations by an endless series of Fed speakers…
Source: Bloomberg
…quite a disconnect since the last FOMC meeting…
Source: Bloomberg
Perhaps more problematically, US macro data has disappointed while inflation expectations have soared…
Source: Bloomberg
Stagflation, anyone?
So, what will The Fed do?
Well they won’t be cutting rates today (or hiking them), but it’s the dots that will be the catalyst for any market moves.
2024 is on a knife-edge as just 2 dots moving higher will shift the median to just 2 rate-cuts, which would likely disappoint the market (but the consensus is for The Fed to leave the 2024 dots and will adjust the longer-term dot).
As Goldman’s Josh Schiffrin (Head of Macro Trading Strategy) noted:
“I think the longer run dot will move up today’s meeting. The continued strong performance of the economy even at ‘restrictive’ levels of short rates, the evolution of the economy post covid (for example high level of fiscal spending) and the fact that several fed speakers have indicated they are open to the idea that neutral has risen leads me to believe the long run dot will rise over the next few years starting at today’s meeting.”
So, what did The Fed do?
As expected, The Fed left rates alone
*FED HOLDS BENCHMARK RATE IN 5.25-5.5% TARGET RANGE
But it’s all about the dots…
*FOMC MEDIAN FORECAST SHOWS 75 BPS OF RATE CUTS IN 2024 TO 4.6%
*FOMC MEDIAN RATE FORECAST FOR 2025 RISES TO 3.9% FROM 3.6%
While The Fed kept its median dot at 3 cuts for 2024, beyond that the dots signal considerably less aggressive Fed rate-cutting. We also note that while the median 2024 dot remained the same, 8 Fed voters were for 50bps or less in Dec, now it’s 9. The Fed now expects one less rate-cut in 2025 and 2026… and the so-called ‘neutral’ rate has also been increased.
Policymakers now think the economy will grow 2.1 percent this year, up from the 1.4 percent forecast in December.
They also expect the unemployment rate will end the year at 4 percent, down slightly from previous estimates.
They also predict inflation will end the year at 2.4 percent – in line with previous estimates – and won’t hit the Fed’s 2 percent target until 2026.
Read the full redline below (barely any red)…
II USA DATA
TUCKER CARLSON…
“I Believe In The Black Swan”: Ron Paul And Tucker Talk Ukraine, US Interventionism, And ‘The Most Important Thing’
Ron Paul and Tucker Carlson sat down for an in-depth and thought-provoking exchange spanning U.S. foreign policy, the philosophical underpinnings of government intervention, and the overarching consequences of monetary policY
On Ukraine
Paul, a longtime critic of US foreign policy – particularly interventionism, slammed America’s involvement in the Ukraine war. Carlson played a soundbite of Paul in 2014, when the United States was deep into the reformation of Ukraine.
“We’ve already spent $5 billion over the last ten years trying to pick and choose the leadership of Ukraine … And then we participated in the overthrow of the Yanukovych government,” (for which then-VP Joe Biden was point-man within the Obama administration).”
And I take a noninterventionist foreign policy position. It’s not our business. It doesn’t serve anybody’s interests. It’s part of the same thing that led us into the disaster in the Middle East. So a lot of people die and a lot of money is spent…
-Ron Paul, 2014
Carlson asked Paul just how he knew all that in 2014, to which Paul replied: “Sometimes the people who are running their operation gives you an idea, like like Victoria Nuland,” who he called “the worst kind of warmonger.”
“Who benefits from these bombs being dropped?” Paul continued.
On Monetary Policy and Economic Principles
According to Paul, America needs to “go through rough tumble times because the price always has to be paid,” adding “How do you liquidate the debt? You know, we can’t walk away from that debt.
When asked by Carlson how to do this, Paul said that the government would essentially inflate their way out of it.
“You print money, and every time you print money, the value of the dollar goes down. So the value of the debt goes down … If you double the money supply and prices go up by 50%, it doesn’t work that way. But if you do that, the real debt, it goes down. So it’s a theft, it’s a tax, it’s evil.” -Ron Paul
“So you inflate your way out of it,” Carlson replied.
“Yeah. And that’s that’s what will happen,” Paul said.
Non-Aggression
Carlson then asked a probing question regarding Paul’s comment that he speaks to the “remnant” of people who understand what’s going on, and who find each other – and that it’s more than just practical and political, but spiritual.
“I think that, that’s the same principle, you know, the non-aggression principle. Yeah. I think more Christians should know about non-aggression,” Paul replied, adding that he can’t stand lawmakers who “speak well and are dedicated to the Constitution and freedom and peace, and they go on and on. And, yes, they’re the biggest war mongers ever. They never voted for a nickel against the military and God complex, but they still call themselves a conservative constitutionalist.”
Changing Minds
While Ron Paul says he doesn’t have the perfect answer to what’s going on in Ukraine (“Well, now we have World War three on a doorstep. And every day we try to start another fight with Russia. And there we go. On and on. So it’s, it’s it’s not going to be stopped that way”), he said he’s encouraged by people changing their mindstowards war.
Paul says that people are “starved for the truth,” and when they learn it, they learn that “things can get better.”
‘Don’t be a Counterfeiter”
According to Paul, it’s easy for him to discuss monetary policy because the US government is “a counterfeiter.”
“It’s illegal. The Constitution says that only gold. Silver can be legal tender. So. And here. Yeah. Guess what? 1930, 34, when, Roosevelt made gold illegal,” Paul said, adding that “it isn’t hard for people to understand counterfeit. And the other thing is, this is not hard for people to understand taxation. It’s a tax. It’s a vicious tax. It’s a tax on the poor in the middle class. And it enhances war. It enhances all this welfare.“
How to Prepare
Carlson then asked Paul what the average person should do “if what you have predicted comes true,” which he thinks it “likely will” since “there’s no way to get out of the debt and a way to liquidate it except through inflation. Hyperinflation. How do you protect your family? Like, what practical steps do you take?“
To which Paul replied, “I think people should know about how how oh, throughout history, even currently, we’re in the middle of it. You know, the depreciation of the money and what people can do so that they, they that I list is a real eye opener for me.
“But you can’t do that forever. I think we’re reaching this point where, some sudden thing is going to happen. I believe in that theory of the Black Swan.”
At the end of the day, Paul says “the Republic is gone.“
That said, Paul and Carlson agreed that one should have optimism and faith in the principles of liberty, non-aggression and personal responsibility, as Paul has a profound belief in the capacity for change and improvement.
END
III USA ECONOMIC COMMENTARIES
There Goes The Fed’s Inflation Target: Goldman Sees Terminal Rate 100bps Higher At 3.5%
TUESDAY, MAR 19, 2024 – 03:45 PM
Two years ago, we first said that it’s only a matter of time before the Fed admits it is unable to rsolve the so-called “last mile” of inflation and that as a result, the old inflation target of 2% is no longer viable.
Then one year ago, we correctly said that while everyone was paying attention elsewhere, the inflation target had already been hiked to 2.8%… on the way to even more increases.
And while the Fed still pretends it can one day lower inflation to 2% even as it prepares to cut rates as soon as June, moments ago Goldman published a note from its economics team which had to balls to finally call a spade a spade, and concluded that – as party of the Fed’s next big debate, i.e., rethinking the Neutral rate – both the neutral and terminal rate, a polite euphemism for the inflation target, are much higher than conventional wisdom believes, and that as a result Goldman is “penciling in a terminal rate of 3.25-3.5% this cycle, 100bp above the peak reached last cycle.”
There is more in the full Goldman note, but below we excerpt the key fragments:
We argued last cycle that the long-run neutral rate was not as low as widely thought, perhaps closer to 3-3.5% in nominal terms than to 2-2.5%. We have also argued this cycle that the short-run neutral rate could be higher still because the fiscal deficit is much larger than usual—in fact, estimates of the elasticity of the neutral rate to the deficit suggest that the wider deficit might boost the short-term neutral rate by 1-1.5%. Fed economists have also offered another reason why the short-term neutral rate might be elevated, namely that broad financial conditions have not tightened commensurately with the rise in the funds rate, limiting transmission to the economy.
Over the coming year, Fed officials are likely to debate whether the neutral rate is still as low as they assumed last cycle and as the dot plot implies….
…Translation: raising the neutral rate estimate is also the first step to admitting that the traditional 2% inflation target is higher than previously expected. And once the Fed officially crosses that particular Rubicon, all bets are off.
… Their thinking is likely to be influenced by distant forward market rates, which have risen 1-2pp since the pre-pandemic years to about 4%; by model-based estimates of neutral, whose earlier real-time values have been revised up by roughly 0.5pp on average to about 3.5% nominal and whose latest values are little changed; and by their perception of how well the economy is performing at the current level of the funds rate.
The bank’s conclusion:
We expect Fed officials to raise their estimates of neutral over time both by raising their long-run neutral rate dots somewhat and by concluding that short-run neutral is currently higher than long-run neutral. While we are fairly confident that Fed officials will not be comfortable leaving the funds rate above 5% indefinitely once inflation approaches 2% and that they will not go all the way back to 2.5% purely in the name of normalization, we are quite uncertain about where in between they will ultimately land.
Because the economy is not sensitive enough to small changes in the funds rate to make it glaringly obvious when neutral has been reached, the terminal or equilibrium rate where the FOMC decides to leave the funds rate is partly a matter of the true neutral rate and partly a matter of the perceived neutral rate. For now, we are penciling in a terminal rate of 3.25-3.5% this cycle, 100bps above the peak reached last cycle. This reflects both our view that neutral is higher than Fed officials think and our expectation that their thinking will evolve.
Not that this should come as a surprise: as a reminder, with the US now $35.5 trillion in debt and rising by $1 trillion every 100 days, we are fast approaching the Minsky Moment, which means the US has just a handful of options left: losing the reserve currency status, QEing the deficit and every new dollar in debt, or – the only viable alternative – inflating it all away. The only question we had before is when do “serious” economists make the same admission.
They now have, and not just Goldman: earlier today, Apollo’s Torsten Slok admitted his latest “Daily Spark” chart that “inflation is now sticky at 3%”
The Fed’s inflation target is 2%, and the bottom line of the inflation discussion is that inflation has started to move sideways at 3%, and this is a problem for the Fed, see chart below.
And while we have discussed the staggering consequences of raising the inflation target by just 1% from 2% to 3% on everything from markets, to economic growth (instead of doubling every 35 years at 2% inflation target, prices would double every 23 years at 3%), and social cohesion, we will soon rerun the analysis again as the implications are profound. For now all you need to know is that with the US about to implicitly hit the overdrive of dollar devaluation, anything that is non-fiat will be much more preferable over fiat alternatives.
Just get a load of this!!! Colombian drug lord in a Texas migrant shelter
(zerohedge)
Colombian Drug Lord Arrested After Operating Out Of Texas Migrant Shelter
TUESDAY, MAR 19, 2024 – 06:40 PM
If you’ve ever traveled internationally and returned legally to the United States, there is a rigorous vetting process through Customs and Border Protection. But for the millions of migrants that illegally crossed into the US because of open southern border policies enforced by radical leftists in the White House (and secretly pushed by mega-corporations and NGOs), anyone is welcome, including terrorists and drug lords.
Department of Homeland Security claims that migrants entering flooding into the US undergo “robust security vetting,” but law-abiding citizens, especially folks in Manhattan, know this statement is malarky as neighborhoods transform into third-world countries overnight.
Earlier this month, White House spokesperson Angelo Fernandez Hernandez doubled down on the big lie, claiming migrants “pass through a rigorous vetting process.”
The lack of vetting, whether at the southern or northern border, is producing tragic consequences nationwide.
You know what the real ‘Bloodbath’ is? It’s illegals invading our country and committing m*rder. REMEMBER THEIR NAMES: Laken Riley Christopher Gadd Lizabeth Medina Melissa & Riordan Powell David Hadrich Cindy Goulding Cheston Edwards Deborah Brandao Nazareth Tamer-Claure Connor Holcomb Andi Lynn Blair Isidro Cortes Moussa Fofana Mafalda Thayer Corbin Wagner Gretchen Gross Aiden Clark Michael Kunovich Erpharo Gilbert Kayla Hamilton Maria Rios Ian Matteo Garcia Diane Hill Luckett
·
5.1M Views
The chaos is being realized as some illegals embark on rape and/or kill rampages.
One of the most shocking revelations of the Biden administration’s failure to properly vet migrants was in San Antonio, Texas, where authorities recently arrested 29-year-old Aderbis Pirela, one of Interpol’s top 10 Most Wanted, for operating a drug ring within a migrant shelter, according to The National Desk.
Pirela, the second-in-command of a violent Colombian gang, was wanted for four murders, drug trafficking, and warrants out of Bogota. The fact that the gangster made it into the US is evident in the lack of a “robust security vetting” process.
“This just goes to the heart of one of the main issues. The reality is every time Secretary Mayorkas or anybody from this administration tells the American people that we properly vet everyone before we release them is just a lie,” former Head of Customs and Border Protection Mark Morgan said.
Morgan continued: “They’re provided a false sense of security that doesn’t exist. The reality is there are many countries that illegal aliens are coming into our country from that we have zero diplomatic relationships with, and we’re getting nothing with respect to their criminal history.”
Aderbis Pirela was on Interpol’s TOP 10 MOST WANTED list with ties to at least four murders, drug trafficking and other warrants out of Colombia where he’s a drug lord. He was just arrested in Texas this week after entering America illegally in January as, get this… A POLITICAL REFUGEE! I don’t think anything better explains what a joke our “refugee” and “asylum” claim process is than this case. A literal gang leader on Interpol’s top 10 Most Wanted List was let in under the idea that he’s a refugee. This is Biden’s border crisis. This is what the intentional betrayal of your country for power looks like. Former Head of Customs and Border Protection Mark Morgan says: “This just goes to the heart of one of the main issues. The reality is every time Secretary Mayorkas or anybody from this administration tells the American people that we properly vet everyone before we release them is just a lie… They’re providing a false sense of security that doesn’t exist. The reality is that there are many countries that illegal aliens are coming in from that we have zero diplomatic relationships with and we’re getting NOTHING back with respect to their criminal history.”
·
7.4M Views
Some of those migrants entering the US are known terrorists. Nearly two dozen were caught attempting entry at the southern border at the end of last year. Currently, Iranian assassin(s) roam free in the US (read: here). And the surging terror threat is likely the real reason why New York City mobilized National Guard troops with machine guns to patrol subways.
The issue facing Biden and his loser party of woke communist radicals is these unvetted illegals are being dumped into once-peaceful neighborhoods across metro areas by the tens of thousands. Every death, every rape, every beating an illegal inflicts on anyone will boil in the veins of Americans as they will never forget the pain and suffering Democrats have caused by open borders. They will take this anger out at the ballot box on Nov. 5. Polling data shows Americans are overwhelmingly fed up with open borders.
Thanks to Biden’s border policies, our immigration system is overrun. In most cases, we ultimately have no idea who we are actually releasing into the United States. The situation is no different now with the influx of Haitian migrants.
·
5,073 Views
By the way, let’s not forget the names of the Americans whose lives were cut short by illegals. Say her name: “Laken Riley.”
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
end
iiiC USA COVID //VACCINE ISSUES
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
END
SWAMP STORIES
This ought to be fun: Texas is allowed to start arresting and deporting illegal aliens
(zerohedge)
In Blow To Biden, Supreme Court Allows Texas To Start Arresting And Deporting Illegal Aliens
TUESDAY, MAR 19, 2024 – 02:20 PM
The Supreme Court on Tuesday dealt a blow to the Biden administration’s attempts to keep the US border open – allowing Texas to enforce a new law giving local police the power to arrest migrants.
With three liberal justices dissenting, the conservative-majority court rejected an emergency request by the Biden administration which claimed that states have no authority to legislate on immigration.
The law, SB4, allows police to arrest migrants who illegally cross into the United States from Mexico, and imposes criminal penalties. It also empowers judges to deport people to Mexico.
“Texas is the nation’s first-line defense against transnational violence and has been forced to deal with the deadly consequences of the federal government’s inability or unwillingness to protect the border,” Texas argued in court papers.
The dispute is the latest clash between the Biden administration and Texas over immigration enforcement on the U.S.-Mexico border.
A federal judge blocked the law after the Biden administration sued, but the New Orleans-based 5th U.S. Circuit Court of Appeals said in a brief order that it could go into effect March 10 if the Supreme Court declined to intervene.
On March 4, Justice Samuel Alito issued a temporary freeze on the law to give the Supreme Court time to consider the federal government’s request. –NBC News
Solicitor General Elizabeth Prelogar said in court filings that Texas’ law is “flatly inconsistent” with Supreme Court precedent dating back 100 years.
“Those decisions recognize that the authority to admit and remove noncitizens is a core responsibility of the national government, and that where Congress has enacted a law addressing those issues, state law is preempted,” she said, adding that the appeals court did not explain its reasoning for allowing the law to go into effect.
And what about the GDP?
The new ruling may put a crimp in the Biden administration’s seeming plan to flood the country with low-wage labor in an effort to boost GDP, which Democrats now insist would benefit to the tune of $7 trillion thanks to illegal immigrants – who are allowed to work indefinitely whilst waiting for the US immigration system to process their asylum claims.
Recall that 10 million illegals have entered the US under Biden, while virtually all of the job gains under Biden have gone to foreign-born workers, looks like their ‘great replacement’ theory scheme has just suffered a swift kick to the huevos.
“This unprecedented surge in illegal immigration isn’t an accident. It is the result of deliberate policy choices by the Biden administration,” said Eric Ruark, Director of Research for Numbers USA, a nonprofit that advocates for immigration restrictions.
Looks like Krugman is going to have to go back to the drawing board. Maybe he can get back to work finding out who ‘hacked’ child porn onto his computer.
Former President Donald Trump filed a lawsuit on Monday against the American Broadcasting Companies (ABC) and ABC News host George Stephanopoulos, accusing them of defamation.
The complaint alleges that Mr. Stephanopoulos defamed President Trump on March 10, during an episode of “This Week With George Stephanopoulos,” when he repeatedly stated during the broadcast that a jury had found President Trump liable for the rape of writer E. Jean Carroll, despite being “aware of the truth.”
“These statements were and remain false, and were made by Defendant Stephanopoulos with actual malice or with a reckless disregard for the truth given that Defendant Stephanopoulos knows that these statements are patently and demonstrably false,” the complaint reads.
President Trump’s complaint alleges that Mr. Stephanopoulos was aware that the jury did not find the former president liable for rape, “yet still falsely stated otherwise.”
Mr. Stephanopoulos made these allegedly defamatory statements “within the scope and course of his employment or contractual relationship” with ABC and “with intent to harm” President Trump.
The filing outlined two reasons to support the claim that the statements were made “with intent to harm” as being because the ABC host allegedly “was and is aware of the truth regarding the determinations made by the subject juries.”
The additional reason outlined in the complaint alleges that Mr. Stephanopoulos’ statements “appear to have been prepared in advance and were written on notes that he was reading from while making these defamatory statements.”
Ms. Carroll claimed that the alleged incident took place at Bergdorf Goodman in Manhattan more than two decades ago, but could not remember specifically when, according to the filing.
President Trump has maintained his denial of the allegations.
Statements Made During Rep. Mace Interview
The incident at the heart of President Trump’s complaint happened on March 10, during an interview Mr. Stephanopoulos was conducting with Rep. Nancy Mace (R-S.C.), who was a victim of rape at the age of 16.
During his preamble to introduce her, the ABC host played a clip of Ms. Mace speaking publicly during her 2019 campaign about the impact rape had on her.
The program then cut to Mr. Stephanopoulos, who immediately directed statements to Ms. Mace about her support for President Trump despite a jury’s verdict in his civil case involving Ms. Carroll.
Ms. Mace, who later described feeling blindsided by the questioning, accused Mr. Stephanopoulos during the interview with attempting to shame her as a victim of rape.
“You endorsed Donald Trump for president. Judges in two separate juries have found him liable for rape and for defaming a victim of that rape. How do you square your endorsement of Donald Trump with the testimony we just saw?” asked Mr. Stephanopoulos.
Put immediately offside, Ms. Mace replied: “Well, I will tell you, I was raped at the age of 16, and any rape victim will tell you, I’ve lived for 30 years with an incredible amount of shame over being raped. I didn’t come forward because of that judgment and shame that I felt.
“And it’s a shame that you will never feel, George, and I’m not going to sit here on your show and be asked a question meant to shame me about another potential rape victim. I’m not going to do that,” she continued.
“It’s actually not about shaming you. It’s a question about Donald Trump.”
“No, you are shaming me,” she insisted.
“You’ve endorsed Donald Trump for president,” he said.
“Right.”
“Donald Trump has been found liable for rape by a jury,” Mr. Stephanopoulos said. “Donald Trump has been found liable for defaming the victim of that rape by a jury. It’s been affirmed by a judge. He repeated—”
Ms. Mace, cutting across his statement, said: “It’s not a criminal court case, number one. Number two, I live with shame, and you’re asking me a question about my political choices trying to shame me as a rape victim and find it disgusting.”
As the heated exchange continued, Mr. Stephanopoulos denied that he was trying to shame Ms. Mace.
“You’re trying to shame me this morning,” she said.
“I’m just asking you—” said Mr. Stephanopoulos
“And I find it offensive. And this is why women won’t come forward,” Ms. Mace said.
“Women won’t come forward because they’re defamed by those who perpetrate rape. Donald Trump has been—” Mr. Stephanopoulos said.
“They are judged, and they’re shamed, and you’re trying to shame me this morning. I think it’s disgusting,” Ms. Mace continued, speaking over the host.
During his exchange, the more that Mr. Stephanopoulos defended himself against Ms. Mace’s accusations of shaming her, the more he repeated statements such as that President Trump was “found liable for rape.”
“I’m asking you a very simple question, explain what—” the ABC host said.
“And I answered it. You’re shaming me for my political choices,” Ms. Mace said.
“No, I’m not—I’m asking you a question about why you endorsed someone who’s been found liable for rape. Just answer the question.”
“It was not a criminal court. This was—this was a—it was a civil court,” she said.
“It was a civil court that found him liable for rape,” Mr. Stephanopoulos said.
The ABC host tried to move the discussion forward by noting that Ms. Mace was repeating the same statement about shaming her.
“You’re questioning my political choices because I’ve been raped,” the South Carolina congresswoman charged. “I think that’s disgusting.”
“No,” Mr. Stephanopoulos replied, “I’m questioning your political choices because you’re supporting someone who’s been found liable for rape.”
The host pushed Ms. Mace to answer his question: “Why are you supporting someone who’s been found liable for rape?”
The congresswoman asserted that President Trump was found guilty of sexual abuse. “It wasn’t actually rape, by the way,” she added.
Following the interview, Ms. Mace said she wouldn’t do an ABC interview again, telling NewsNation that she had come to discuss “Donald Trump versus Joe Biden and the 2024 race.”
ABC declined to comment to The Epoch Times.
end
Watch Live: Chaos Breaks Out As Hunter Biden Ex-Biz Partners Testify
WEDNESDAY, MAR 20, 2024 – 10:52 AM
Two of Hunter Biden’s ex-business partners are testifying live in front of the House Oversight and Accountability Committee, which is investigating President Biden’s alleged involvement in son Hunter’s foreign business dealings.
“The Biden defenders’ outrageous dishonesty and vile attempts at assassinating my character are as predictable as they are disgusting,” said Tony Bobulinski, a former business partner of the Bidens who went public and blew the whistle shortly before the 2020 US election, in opening comments. “As a former Naval officer, I do not understand this world of partisan outrage and insanity; I struggle to process it, and I despise it.”
House Oversight Committee hearing goes off the rails when Hunter Biden’s former business partner Tony Bobulinski calls out Reps. Jamie Raskin and Dan Goldman for lying on behalf of the Biden Crime Family.
·
15.1K Views
Tony Bobulinski savagely inquires where Hunter Biden is: “Should I allow Hunter to give his opening statement first?!” 🤣 pic.twitter.com/Z6BNmZQVW9— Benny Johnson (@bennyjohnson) March 20, 2024
Watch as the Democrats twist themselves into a pretzel to defend their leader…
House Oversight Committee hearing goes off the rails when Hunter Biden's former business partner Tony Bobulinski calls out Reps. Jamie Raskin and Dan Goldman for lying on behalf of the Biden Crime Family. pic.twitter.com/Xny4VTbhVc
House Oversight Committee hearing goes off the rails when Hunter Biden’s former business partner Tony Bobulinski calls out Reps. Jamie Raskin and Dan Goldman for lying on behalf of the Biden Crime Family. pic.twitter.com/Xny4VTbhVc— Greg Price (@greg_price11) March 20, 2024
Hunter’s former business partner Tony Bobulinski: “It is clear to me that Joe Biden was the brand being sold by the Biden family.” pic.twitter.com/Z8ZZMNFNsS— The Post Millennial (@TPostMillennial) March 20, 2024
Also testifying will be Jason Galanis, who is currently in federal prison on unrelated fraud charges (and just said he was sexually assaulted by a prison guard).
“The entire value-add of Hunter Biden to our business was his family name and his access to his father, Vice President Joe Biden. Because of this access, I agreed to contribute equity ownership to them — Hunter and Devon — for no out-of-pocket cost from them in exchange for their ‘relationship capital,” Galanis will say in his opening statement obtained by the Daily Caller.
On the other side, the Democrats’ key witness is Lev Parnas, who insists that “From shortly after my arrest on October 9, 2019, to now, I have been trying to share the irrefutable truth with you: The American people have been lied to by Trump, Giuliani, & various cohorts of individuals in govt and media positions.”
former Giuliani associate Lev Parnas: “From shortly after my arrest on October 9, 2019, to now, I have been trying to share the irrefutable truth with you: The American people have been lied to by Trump, Giuliani, & various cohorts of individuals in govt and media positions.” pic.twitter.com/q5aHzAk0HL— Aaron Rupar (@atrupar) March 20, 2024
BREAKING.
One day after former Trump adviser Peter Navarro reported to a Miami jail to serve a sentence for Contempt of Congress, Hunter Biden has SKIPPED his public hearing in defiance of a Congressional subpoena. The Bidens do not care about the law.
As expected, the Bank of Japan hiked rates for the first time since 2007 and ended its YCC (Yield Curve Control) policy. The bank also ended its ETF (asset) purchase scheme. The BoJ asserted that short-term interest rates would be its main policy tool. The bank said it would continue to monetize debt and CP.BOJ scraps negative rates in sweeping policy overhaul – NikkeiCentral bank also ends yield control program and purchases of ETFs After a two-day policy meeting, the BOJ decided to guide overnight lending rates to 0%-0.1%, up a fraction from minus 0.1%-0%. Raising its benchmark for the first time in 17 years, the central bank has become the last major monetary authority to ditch a policy of negative interest rates — first implemented in Japan in 2016…The BOJ ended its yield curve control (YCC) policy of keeping 10-year Japanese government bond (JGB) yields at around zero percent. Risk asset purchases will also be curtailed. The BOJ will no longer purchase exchange traded funds (ETFs) and Japanese real-estate investment trusts (J-REITs). It has bought a total of 37 trillion yen ($248 billion) of ETFs and 650 billion yen of J-REITs since 2010…https://asia.nikkei.com/Economy/Bank-of-Japan/BOJ-scraps-negative-rates-in-sweeping-policy-overhaul Bank of Japan: Changes in Monetary Policy Framework March 19, 2024https://www.boj.or.jp/en/mopo/mpmdeci/mpr_2024/k240319a.pdfSpeaker Mike Johnson and White House strike roughly $1 TRILLION spending deal four days before next government shutdown – ‘An agreement has been reached for DHS appropriations, which will allow completion of the FY24 appropriations process,’ Johnson said in a statement…Though the details are still being finalized, the deal is expected to be over a trillion dollars after Congressional leadership settled on a $1.59 trillion spending top-line number in January…. https://trib.al/J1iAPsp ESHs initially sank to a daily low of 5202.50 at 21:33 ET on the release of the BoJ Communique. They quickly rebounded to 5213.75 at 23:42 ET. They then sank to 5203.25 at 23:50 ET, possibly on the realization that although the BoJ will continue monetizing bonds & CP, it will do so at a slower pace. ESHs then traded sideways, in an 11-handle range until they spurted higher at 4:34 ET. ESHs hit a daily high of 5219.25 at 4:52 ET. Sellers then unloaded; ESHs tumbled to a daily low of 5186.00 at 8:30 ET. The rally for the US pump & dump then commenced. ESHs hit 5206.50 at 9:29 ET. The ‘dump’ took ESHs down to 5195.25 at 9:43 ET. As we warned in yesterday’s missive, traders knew that the window for a carefree rally would remain open until the FOMC Communique was released. So, the usual suspects aggressively bought; ESHs hit 5218.50 at 11:37 ET. During morning US trading, the DJIA rallied sharply while Mag 7 and related trading sardines sank. Disappointment that Nvidia’s CEO couldn’t satisfy delusional expectations felled NVDA and related stocks. Nvidia sank as much as 3.9% (9:46 ET). It then rallied sharply thereafter. At 12:16 ET, ESHs went vertical, hitting 5235.75 at 12:47 ET. After a modest retreat, ESHs spurted to a new daily high of 5239.00 at 13:01 ET. A huge reason for Tuesday’s manic rally: It was the final day of trading for March VIX options. The VIX close today will be the settlement price for March options. This is 15 minutes after the FOMC Communique’s release. Nvidia hit its daily high of 905.44 at 14:18 ET, three minutes after the 14:15 ET VIX Fix. Nvidia and ESHs then went inert because the manipulation for the VIX Fix was completed. Near 14:54 ET, ESHs and Nvidia broke lower. After hitting 5226.25 at 15:15 ET, it was time for the late manipulation. ESHs rallied to a new daily high of 5244.75 at 15:56 ET. @Jkylebass: The Fed and the Treasury have both been using their ‘slush funds’ to inject enormous liquidity into U.S. markets since mid 2023. The FED has another $400 billion to inject between now and the election. It’s purely a coincidence…right?The Fed’s ONRRP will be drained by Election Day. They don’t know the difference between ‘the economy’ and ‘severe inflation. The market has reacted perfectly to the injection of almost $2 trillion of liquidity since mid 2023.https://twitter.com/Jkylebass/status/1770061618853953732Positive aspects of previous sessionThe usual Fed Week Rally appeared; stocks and bonds rallied moderatelyThe standard manipulation for the VIX settlement occurred Negative aspects of previous sessionGasoline and oil rallied modestlyMag 7 stocks were soft Ambiguous aspects of previous sessionWhat will the Fed and Powell say now that inflation is escalating anew? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open:Down;Last Hour: UpPivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5163.47Previous session S&P 500 Index High/Low: 5180.31; 5131.59Supreme Court rules Texas can enforce law allowing police to arrest migrantsThat means the law can go into effect as litigation occurs in lower courts.https://justthenews.com/government/courts-law/supreme-court-rules-texas-can-enforce-law-allowing-police-arrest-migrants @StephenMoore: Government employees now make 40 percent MORE than private sector workers. Benefits to government employees cost 80.3% more. All while government employees enjoy de facto lifetime tenure in their jobs! https://t.co/BoYyQiqJbDYen Falls to Lowest Since 2008 vs. Euro as BOJ Path Seen Gradual (behind curve) – BBG 20:22 ET Today – The past few FOMC Meetings went as expected, with Fed officials regurgitating that inflation is moving in the right direction, so the Fed will cut rates later this year; but, as always, ‘the Fed is data driven. If Fed officials reiterate that pap, they will lose even more of the little credibility they possess. The FOMC Communique and Powell should admit that inflation has fooled them once again – and they stand ready to act if the trend continues. ESUs are -4.75; NQHs are -15.75; and USHs are +2/32 at 20:30 ET. Expected Economic Data: FOMC Communique 14:00 ET, Powell Press Conference 14:30 ET S&P Index 50-day MA: 4982; 100-day MA: 4761; 150-day MA: 4633; 200-day MA: 4586DJIA 50-day MA: 38,452; 100-day MA: 37,046; 150-day MA: 36,061, 200-day MA: 35,683(Green is positive slope; Red is negative slope) S&P 500 Index (5178.51) – Trender BBG trading model and MACD for key time framesMonthly: Trender andMACD arepositive – a close below 4455.17 triggers a sell signalWeekly: Trender andMACD arepositive – a close below 4901.55 triggers a sell signalDaily: Trender ispositive; MACD is negative – a close below 5076.81 triggers a sell signalHourly: Trender andMACD arepositive – a close below 5124.84 triggers a sell signal Yale Law Professor Jed Rubenfield on Justice Jackson’s Comments at Monday’s SCOTUS Hearing“One of the most worrisome, troublesome statements at an oral argument I’ve ever heard.”https://morninganswerchicago.com/yale-law-professor-jed-rubenfield-on-justice-jacksons-comments-at-yesterdays-scotus-hearing/ @TheBabylonBee: Ketanji Brown Jackson Warns Right to Free Speech Could Lead to People Speaking Freelyhttps://buff.ly/4ckFinM KanekoaTheGreat: Biden’s Justice Department shatters historical precedent imprisoning Trump Trade Advisor Peter Navarro for contempt of Congress, destroying a 250-year tradition of honoring executive privilege. Obama’s DOJ didn’t prosecute Eric Holder and Lois Lerner following contempt referrals after they invoked executive privilege. Bush’s DOJ didn’t prosecute Josh Bolten and Harriet Miers following contempt referrals after they invoked executive privilege. The Justice Department hasn’t prosecuted executive officials who were instructed by the president to invoke executive privilege until now. The last time anyone was sentenced for contempt of Congress was in 1948… @EndWokeness: An illegal stabbed two people in a Laundromat in O’Fallon, Missouri on Sunday. Jose Barrera entered the country illegally in Texas (Eagle Pass) in 2021 under Biden. NBC is reporting that before he came to the United States, Barrera killed people with a machete in Honduras…https://twitter.com/EndWokeness/status/1770083932991557914Less than 30% of New Yorkers are happy with quality of life — massive decline (20 percentage points) over 5 yearshttps://trib.al/lp1Wz9hObama-appointed judge rules it’s okay for illegal immigrant to carry gun after he was found wandering Chicago with a pistol – The problem isn’t the universal right to self defense. The problem is the number of Chicagoans and other Americans who are denied that right while a lawbreaker from a foreign country is extended that right. Understand me here: I have a concealed carry permit. I am a law-abiding, tax-paying citizen. It is illegal for me to carry in Chicago or all of Illinois, except in my car while I am passing through the state, because of numerous state- and city-level laws.If I were to be caught on the streets of Chicago with my lawfully concealed weapon as recognized by the majority of US states, I would be thrown in prison. But illegal aliens have their cases dismissed.https://notthebee.com/article/federal-judge-rules-that-its-okay-for-illegal-immigrants-to-carry-gunsOnce again, we see that liberals stridently advocate for tougher gun laws, but their ilk will not enforce existing gun and criminal laws! Award-winning fish and chip shop is ordered to remove Union flag mural by council officials ‘because it’s inappropriate for the area’https://www.dailymail.co.uk/news/article-13206731/fish-chip-shop-ordered-remove-Union-flag-mural.html“I’ve Changed My Mind”: Swedish Open Borders MP Makes Complete U-Turn“The change that Sweden has undergone and is undergoing is fundamentally changing the country,” said Meijer, noting that “mass immigration has been followed by several major problems.”…https://modernity.news/2024/03/19/ive-changed-my-mind-swedish-open-borders-mp-makes-complete-u-turn/ @charliekirk11: A 47-year-old New York City woman, Adele Andaloro, has been arrested for attempting to remove squatters from her own Flushing, Queens home. While in the process of trying to sell the $1 million home left to her by her parents, squatters moved in and refused to leave.And because this is New York where tenant rights are given after 30 days of illegal occupation, the squatter called the police on the homeowner and took her away in handcuffs. In New York, you are now considered a criminal if you pay back your loans, defend innocent bystanders on the subway, or dare to be inside your own home. New York is a total dystopian clown show.https://twitter.com/charliekirk11/status/1770197729224122624Fairfax Schools (Virginia’s largest school district) to Let Students Opt Out of Holocaust Lesson, Citing Students With ‘Different Experiences’ – The Left has been pressured by Islamic extremists to demonize Israel following Hamas’ terrorist attacks on the Jewish nation on October 7, and liberals have used the same language of “colonization” and “oppression” that they apply to whites in the U.S. to Israelis… Fairfax County contains a hotbed of Muslim extremism…https://www.dailywire.com/news/fairfax-schools-to-let-students-opt-out-of-holocaust-lesson-citing-students-with-different-experiences
harveyorganblog.com 
