GOLD PRICE CLOSED UP $7.10 TO $2332.75
SILVER PRICE UP $0.33 TO $27.74
Gold ACCESS CLOSED $2338.56
Silver ACCESS CLOSED: $27.81
The defense of $2300 gold is now upon us and surpassed. Next up $2400 gold//Silver’s next line is $28.42. Then $34.76
Bitcoin morning price:$72360 UP 4554 DOLLARS.
Bitcoin: afternoon price: $71,792 DOWN 548 dollars
Platinum price closing UP $34.55 TO $964.70
Palladium price; UP $43.65 AT $1048.95
END
SHANGHAI GOLD PREMIUM 5 DOLLARS/COMEX GOLD
SHANGHAI GOLD……
SHANGHAI GOLD (USD) FUTURES – QUOTES
As of Monday, April 1, 2024, CME Group settlement data is no longer accessible through ftp.cmegroup.com and has 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.
A
Last Updated 08 Apr 2024 12:41:48 PM CT.
Market data is delayed by at least 10 minutes.
…from the CME….
“As of Monday, April 1, 2024, CME Group settlement data is no longer accessible through ftp.cmegroup.com and has 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.”
the above has yet to happen!
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3174.32 UP 14.05 CDN dollars per oz( * NEW ALL TIME HIGH 3,174.32 CDN DOLLARS PER OZ//APRIL 8 2024)
*BRITISH GOLD: 1847,79 UP 8,30 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1847.79 BRITISH POUNDS/OZ) APRIL 8/2024
*EURO GOLD: 2153,58 UP 10.90 euros per oz //* (ALL TIME CLOSING HIGH: 2153..58 EUROS PER OZ//APRIL 8.2024)
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
EXCHANGE: COMEX
CONTRACT: APRIL 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,325.700000000 USD
INTENT DATE: 04/05/2024 DELIVERY DATE: 04/09/2024
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 50
118 H MACQUARIE FUT 1
132 C SG AMERICAS 98
190 H BMO CAPITAL 35
363 H WELLS FARGO SEC 62
435 H SCOTIA CAPITAL 15
555 C BNP PARIBAS SEC 1
661 C JP MORGAN 20 130
690 C ABN AMRO 5 8
732 C RBC CAP MARKETS 26
737 C ADVANTAGE 13 10
880 H CITIGROUP 55
905 C ADM 5
TOTAL: 267 267
MONTH TO DATE: 13,346
JPMORGAN STOPPED (RECEIVED) 130/267 CONTRACTS
FOR APRIL/2024
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 267 NOTICES FOR 26,700 OZ or 0.8304 TONNES
total notices so far: 13,346 contracts for 1,334,600 Oz (41.511 tonnes)
FOR APRIL:
SILVER NOTICES: 84 NOTICE(S) FILED FOR 420,000 OZ/
total number of notices filed so far this month : 507 for 2,535,000 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 $7.10 AND UP ON 9 OUT OF THE LAST 10 TRADING DAYS
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 6.04 TONNES OF GOLD FROM THE GLD/
/ /INVENTORY RESTS AT 826.41 TONNES
INVENTORY RESTS AT 826.41 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP 33 CENTS AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL DEPOSIT OF 0.328 MILLION OZ OF SILVER INTO THE SLV
// INVENTORY RISES TO 441.380 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 441.380 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUMONGOUS SIZED 2300 CONTRACTS TO 174,586 AND RAPIDLY CLOSING IN ON THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUMONGOUS SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG GAIN IN PRICE OF $.61 IN SILVER PRICING AT THE COMEX ON FRIDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN PANICKING SHORT COVERING BY OUR SPECS WITH THE HUGE PRICE GAIN. WE HAD A MEGA MEGA + HUMONGOUS 9836 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 BUT DEMAND IS JUST TOO HIGH FOR THEM.
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 FRIDAY NIGHT: 9836 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT THUS LOOKS LIKE THE FED (GOV’T) IS BEHIND ALL OF THESE TRADES.
WE HAVE NOW SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.61), AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A MEGA HUMONGOUS SIZED GAIN OF 3201 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.61.
WE MUST HAVE HAD:
A HUGE SIZED 901 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 2.465 MILLION OZ (FIRST DAY NOTICE) FOLLOWED BY TODAY’S 8700,000 OZ QUEUE JUMP //NEW STANDING 3.370 MILLION OZ//
//NEW STANDING FOR SILVER IS THUS 3.370 MILLION OZ
WE HAD:
/ MEGA HUMONGOUS SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/ VI) MEGA HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 9836 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A WHOPPING 1798 CONTRACTS //
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS FEB. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF APRIL
TOTAL CONTRACTS for 6 days, total 10,399 contracts: OR 51.995 MILLION OZ (2078 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 51.995 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 111035 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: 143.750 MILLION OZ// 4TH HIGHEST ON RECORD.
APRIL: 51.995 MILLION OZ (THIS MONTH WILL PROBABLY BE A WHOPPER OF ISSUANCE OF EFPS)
RESULT: WE HAD A MEGA HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2300 CONTRACTS WITH OUR STRONG GAIN IN PRICE OF SILVER PRICING AT THE COMEX//FRIDAY.,. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS EFP ISSUANCE CONTRACTS: 901 ISSUED FOR MAY AND 0 CONTRACTS ISSUED FOR ALL OTHER MONTHS) WHICH EXITED OUT OF THE SILVER COMEX TO LONDON AS FORWARDS. WE HAVE A GOOD INITIAL SILVER OZ STANDING FOR APRIL. OF 2.465 MILLION OZ ON FIRST DAY NOTICE FOLLOWED BY TODAYS’ 870,000 OZ QUEUE JUMP
//NEW TOTAL STANDING RISES TO 3.370 MILLION OZ
WE HAVE A HUMONGOUS GAIN OF 3201 OI CONTRACTS ON THE TWO EXCHANGES WITH THE HUGE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 9838 CONTRACTS, THE HIGHEST EVER ISSUED//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE FRIDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE FRIDAY NIGHT (9836) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 84 NOTICE(S) FILED TODAY FOR 420,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A VERY STRONG SIZED 9990 CONTRACTS TO 509,247 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 MUCH FURTHER FROM OUR ALL TIME LOW OF 390,000 CONTRACTS.
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 861 CONTRACTS
WE HAD A STRONG SIZED INCREASE IN COMEX OI (9990 CONTRACTS) WITH OUR $38.65 GAIN IN PRICE//FRIDAY. 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 APRIL. AT 44.8615 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE. JUMP OF 17,700 OZ.(0.5505 TONNES)
NEW STANDING 43.309 TONNES// ALL OF THIS HAPPENED WITH OUR $38.65 GAIN IN PRICE WITH RESPECT TO FRIDAY’S TRADING. WE HAD A HUGE SIZED GAIN OF 14,709 OI CONTRACTS (45.95 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3785 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 509k247
IN ESSENCE WE HAVE A HUGE SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 14,709 CONTRACTS WITH 9,990 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 4719 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 14,709 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED 3785 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4719 CONTRACTS) ACCOMPANYING THE VERY STRONG SIZED GAIN IN COMEX OI (9990) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 14,709 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 APRIL. AT 44.8615 TONNES FOLLOWED BY TODAY’S 0.5505 TONNES QUEUE JUMP //NEW STANDING 43.309 TONNES.
/ 3) ZERO LONG LIQUIDATION WITH THE HUGE GAIN IN PRICE.
// 4) VERY STRONG SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 3785 CONTRACTS/ HUGE SHORT COVERING BY OUR WRONG FOOTED SPECS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2024 INCLUDING TODAY
APRIL
ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF APRIL. :
TOTAL EFP CONTRACTS ISSUED: 23,390 CONTRACTS OR 2,339,000 OZ OR 72.75 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 4678 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 5 TRADING DAY(S) IN TONNES 72.75 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 72.75/3550 x 100% TONNES 2.05% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 72.75 TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF 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 GIGANTIC SIZED 2300 CONTRACTS OI TO 174,586 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 901 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 901 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2022 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 2300 CONTRACTS AND ADD TO THE 901 E.FP. ISSUED
WE OBTAIN A HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3201 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 16.005 MILLION OZ
OCCURRED WITH OUR $0.61 GAIN IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 22.24 PTS OR .72% //Hang Seng CLOSED UP 8.93 PTS OR .05% / Nikkei CLOSED UP 254,86 PTS OR 0.91% //Australia’s all ordinaries CLOSED UP 0.23%///Chinese yuan (ONSHORE) closed DOWN 7.2326 //OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2459 /Oil DOWN TO 86.16 dollars per barrel for WTI and BRENT DOWN AT 90.42/ Stocks in Europe OPENED MOSTLY GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG 9990 CONTRACTS TO 509,247 WITH OUR GAIN IN PRICE OF $38.65 WITH RESPECT TO FRIDAY TRADING. WE HAD STRONG T.A.S. LIQUIDATION AS WELL AS SHORTS ARE DESPERATELY TRYING TO GET OUT OF THEIR NAKED SHORTS.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF APRIL..… THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS 4719 EFP CONTRACTS WERE ISSUED: : JUNE 4719 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4719 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A HUGE SIZED TOTAL OF 14,709 CONTRACTS IN THAT 4719 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG SIZED GAIN OF 9990 COMEX CONTRACTS..AND THIS HUGE GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $38.65 FRIDAY 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 FRIDAY NIGHT WAS A STRONG SIZED 3785 CONTRACTS. WE HAD 0 EX FOR RISK ISSUANCE
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: APRIL (43.309 TONNES) ( ACTIVE MONTH)
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 24 MONTHS OF 2021-2023:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY: 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 43.309 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $38.65 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A HUGE SIZED GAIN OF 15,570 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE 0F $38.65.
WE HAD A STRONG T.A.S. LIQUIDATION ON THE FRONT END OF FRIDAY’S TRADING ALONG. THE T.A.S. ISSUED ON FRIDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 48.479 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR APRIL. (44.8615 TONNES) ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 17,700 OZ (0.5505 TONNES)//NEW STANDING; 43.309
NEW STANDING: 43.309 TONNES
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $38.65
WE HAD REMOVED 37 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 15,570 CONTRACTS OR 1,557,000 (48.479 TONNES)
estimated volume today 293,878 //GOOD
final gold volumes/yesterday 309,491 very good
//speculators have left the gold arena
APRIL 8/ INITIAL APRIL GOLD
/ /// THE APRIL 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 195,233.960 oz asahi hsbc . |
| Deposit to the Dealer Inventory in oz | nil oz |
| Deposits to the Customer Inventory, in oz | nil oz |
| No of oz served (contracts) today | 267 notice(s) 26,700 OZ 0.8304 TONNES |
| No of oz to be served (notices) | 578 contracts 57800oz 1.798 TONNES |
| Total monthly oz gold served (contracts) so far this month | 13,346 notices 1,334,600 oz 41.511 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposits:
total dealer deposits: nil oz
total customer withdrawals: 2
i) Out of Asahi 86,598.825 oz
ii) Out of HSBC: 108,634.135 oz
total customer withdrawal: 195,233.960 oz
we had total deposit 0 oz
Adjustments: 0
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR APRIL.
For the front month of APRIL we have an oi of 856 contracts having GAINED 33 contracts. We had 144 contracts served on Friday, so we gained 177 contracts or an additional 17,700 oz (0.5505 tonnes) will stand at the comex
MAY LOST 8 CONTRACTS TO STAND AT 1621
JUNE INCREASED ITS OI BY 7009 CONTRACTS UP TO 431,276 CONTRACTS.
We had 267 contracts filed for today representing 26,700 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 20 notices were issued from their client or customer account. The total of all issuance by all participants equate to 267 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 130 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for the APRIL. /2024. contract month, we take the total number of notices filed so far for the month (13,346 x 100 oz ), to which we add the difference between the open interest for the front month of APRIL. (845 CONTRACTS) minus the number of notices served upon today 267 x 100 oz per contract equals 1,392,400 OZ OR 43.309 TONNES.
thus the INITIAL standings for gold for the APRIL. contract month: No of notices filed so far (13,346) x 100 oz + (845) {OI for the front month} minus the number of notices served upon today (267) x 100 oz which equals 1,392,400 oz (43.309 TONNES)
TOTAL COMEX GOLD STANDING FOR APRIL: 43.309 TONNES WHICH IS HUGE FOR A NON ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,596,143.112 49.64 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,583,380.138 OZ
TOTAL REGISTERED GOLD 7,540,724.837 (234.54 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,042,655.301 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,944,581 oz (REG GOLD- PLEDGED GOLD) 184.90 tonnes/dropping like a stone
END
SILVER/COMEX
APRIL 8
INITIAL
//2024// THE APRIL 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 17,113.640.. oz CNT . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | nil |
| No of oz served today (contracts) | 84 CONTRACT(S) (420,000 OZ) |
| No of oz to be served (notices) | 167 contracts (835,000 oz) |
| Total monthly oz silver served (contracts) | 507 Contracts (2,535,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of silver from the Customer inventory this month |
i) 0 dealer deposit
total dealer 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/289.497 million or 44.90%
adjustment: 0
Comex withdrawals:
i) Out of CNT: 17,113.640 oz
total withdrawal: 17,113.640 oz
adjustment: 1 customer to dealer
a) Manfra 408,767.600 oz
TOTAL REGISTERED SILVER: 46.756MILLION OZ//.TOTAL REG + ELIGIBLE. 289.497million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF APRIL /2023 OI: 251 CONTRACTS HAVING GAINED 30 CONTRACT(S).
WE HAD 144 CONTRACTS SERVED ON THURSDAY, SO WE GAINED 174 CONTRACTS OR ADDITIONAL 870,000 OZ WILL STAND AT THE COMEX UNDERGOING A HUGE QUEUE JUMP
MAY SAW A LOSS OF 5173 CONTRACTS UP TO 118,968
JUNE SAW A GAIN OF 64 CONTRACTS RISING TO 315.
JULY SAW A GAIN OF 6775 CONTRACTS UP TO 40,743
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 84 for 420,000 oz
Comex volumes// est. volume today 142,986 wow
Comex volume: confirmed yesterday 154,455 wow!!.
To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at 507 x 5,000 oz = 2,535,000 oz
to which we add the difference between the open interest for the front month of APRIL (251) and the number of notices served upon today 84 x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the APRIL/2024 contract month: 507 (notices served so far) x 5000 oz + OI for the front month of APRIL. (251) – number of notices served upon today (84 )x 500 oz of silver standing for the APRIL contract month equates to 3.370 MILLION OZ.
New total standing: 3.370 million oz.
There are 46.756 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!
APRIL 8 WITH GOLD UP $7.10 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD/ INVENTORY REMAINS AT 832.45 TONNES
APRIL 5 WITH GOLD UP $38.65 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD/ INVENTORY REMAINS AT 832.45 TONNES
APRIL 4 WITH GOLD DOWN $3.35 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD/ INVENTORY REMAINS AT 830.73 TONNES
APRIL 3 WITH GOLD UP $33,85 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD // INVENTORY REMAINS AT 829.00 TONNES
APRIL 2 WITH GOLD UP $23.90 TODAY; HUG CHANGES IN GOLD INVENTORY AT THE GLD A WITH DRAWAL OF 1.15 TONNES OF GOLD FROM THE GLD.:// INVENTORY REMAINS AT 829.00 TONNES
APRIL 1 WITH GOLD UP $18.70 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:// INVENTORY REMAINS AT 830.15 TONNES
MARCH 28 WITH GOLD UP $26.30 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD:// INVENTORY REMAINS AT 830.15 TONNES
MARCH 27 WITH GOLD UP $15.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.18 TONNES OF GOLD FROM THE GLD// INVENTORY FALLS TO 830.15 TONNES
MARCH 26 WITH GOLD UP $1.40 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD INVENTORY RISES TO 835.33 TONNES
MARCH 25 WITH GOLD UP $17.05 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD INVENTORY RISES TO 838.50 TONNES
MARCH 22 WITH GOLD DOWN $23.75 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD INVENTORY RISES TO 838.50 TONNES
MARCH 21 WITH GOLD UP $24.80 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD A STRONG PAPER DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD/:INVENTORY RISES TO 838.50 TONNES
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 837.35 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
GLD INVENTORY: 832,45 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
APRIL 8/WITH SILVER UP $0.33 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.320 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 441.060 MILLION OZ
APRIL 5/WITH SILVER UP $0.61 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.748 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 441.060 MILLION OZ
APRIL 4/WITH SILVER UP $0.20 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.671 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 437.312 MILLION OZ
APRIL 3/WITH SILVER UP $1.14 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.835 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 433.641 MILLION OZ
APRIL 2/WITH SILVER UP 84 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6.721 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 430.806 MILLION OZ
APRIL 1/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV// SLV INVENTORY RESTS AT 424.085 MILLION OZ
MARCH 28/WITH SILVER UP 20 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.005 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 424.085 MILLION OZ
MARCH 27/WITH SILVER UP 14 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A A DEPOSIT OF 1.691 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 423.079 MILLION OZ
MARCH 26/WITH SILVER DOWN 24 CENTS TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV A A DEPOSIT OF 0.366 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 421.388 MILLION OZ
MARCH 25/WITH SILVER UP 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 3.887 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 421.022 MILLION OZ
MARCH 22/WITH SILVER DOWN 9 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE DEPOSIT OF 1.1899 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 424.909 MILLION OZ
MARCH 21/WITH SILVER DOWN 8 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A HUGE WITHDRAWAL OF 3.560 MILLION OZ INTO THE SLV: SLV INVENTORY RESTS AT 423.720 MILLION OZ
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 441.380 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1:Peter Schiff/Mike Maharrey
Too Hot To Handle: Gold Due For A Correction?
SATURDAY, APR 06, 2024 – 03:10 PM
With gold hitting yet another awe-inspiring all-time high in the wake of Powell’s remarks reassuring markets (more or less) to expect rate cuts in 2024, a few analysts are pointing out risk factors for a correction – so is there really still room to run?
The Wall Street Journal points out that oil price spikes driven by the acceleration of war in the Middle East could cause the Fed to reverse its position of cutting rates three times this year – especially as the Strategic Petroleum Reserve has reached historic lows.
Since Biden took office, the SPR has been drained by over 40% — ironically, as part of a desperate gambit to keep oil prices artificially low in the face of its proxy war in Ukraine and out-of-control inflation, which can only get even worse after the Fed cuts rates. Now that the SPR won’t be refilled as expected (itself a taxpayer-funded sale), Americans will feel even more of the inflationary reality when they head to the gas pumps.
For context, the SPR was founded in 1975 and is now hovering at levels not seen since the early 80’s:
Source: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcsstus1&f=a
But as the conflict in Gaza and beyond continues to accelerate, the US will find more excuses to expand its own involvement as it has from the start.
Whatever form the meddling takes, the US will inevitably need to finance it by printing money. So, as usual, the Fed is damned if they do and damned if they don’t, defeated by their own games: they need to finance the Middle East meddling with money printing, but both the money printing required to fund the war and the effects of the war itself will work together to drive oil prices up.
Coincidentally, both factors will also work together to push gold to hit fresh all-time highs this year, unless the Fed decides to buck the Military-Industrial Complex and renege on its rate cut promises, making it much more challenging for Biden administration war hawks to keep the US involved to the extent they’d like.
On the same topic of Russia and the Middle East, the BRICS countries’ continuing de-dollarization efforts mean that we can expect them to keep stockpiling gold as they continue to divest from petrodollar dependence. Russia says they’ll be doubling their gold and foreign currency purchases, and China’s central bank just hit a new reported record high for its gold reserves late last month.
Still, some are skeptical, saying that gold and other metals are overbought and due for a correction, and interpreted Powell’s remarks on Wednesday as mildly hawkish. Powell did say that more progress needs to be made on inflation in order for the Fed to move forward with rate cuts. These statements added a dash of uncertainty for some:
“We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down towards 2 percent…Reducing rates too soon or too much could result in a reversal of the progress we have seen on inflation and ultimately require even tighter policy to get inflation back to 2 percent.”
But even as Powell admitted the fight against inflation is “not done” (an epic understatement), markets were reassured that the Fed is still expecting to lower interest rates, saying that the data doesn’t justify changing the current course:
“The recent data do not, however, materially change the overall picture, which continues to be one of solid growth, a strong but rebalancing labor market, and inflation moving down toward 2 percent on a sometimes bumpy path.”
So is gold too overbought, or does the macro environment provide enough upward pressure to give it room to keep running?
While short-term corrections are always something to consider during such dramatic price-run ups, I’d call them buying opportunities.
And if the mainstream media’s reaction is to be used as a barometer, the true reality of what the skyrocketing price of gold truly means for the economy and the US dollar still hasn’t been priced in. As Peter Schiff tweeted earlier this week:
PETER SCHIFF…
The mainstream media has finally noticed #gold, but has no idea why it’s rising, or has any appreciation for how high it’s going. They’re also not encouraging anyone to buy it. All of this is a good sign that the rally still has a long way to go before any meaningful correction.
The more skeptical analyses acknowledge that it will be an uphill battle for it to sustain the same awe-inspiring upward pace that it has had since the start of the year. But even they, like I, still expect a confluence of factors in 2024 to continue pushing it higher.
end
This is a fact:
From 1700 to 1900 prices went up 0%. In other words a loaf of bread in 1700 sold for the same dollars in 1900. The Federal reserve came into being in 1913. From 1880 to 1924 the average price increase per year: .4%, And now from 1913 to 2024: prices up 2500%
(zerohedge)
Prices Up 2500% Since FDR Abandoned Gold
MONDAY, APR 08, 2024 – 02:05 PM
On April 5 1933, Franklin D. Roosevelt abandoned the gold standard, wielding questionable legal power amidst America’s dire economic depression. His whimsical approach to monetary policy, including coin flips and lucky numbers, unleashed unprecedented inflation and price increases that have since amounted to nearly 2500%.
Our guest commentator explores this tragic history and the legacy of enduring economic turmoil that still plagues America today.
The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.
The world is full of scraps of paper today.
– Benjamin Anderson, economist, Chase Manhattan Bank (1920 – 1939)
April 1933 found America mired in a crushing economic depression, and newly elected president Franklin DeLano Roosevelt — who had declared the previous month he had a legal power derived from the Trading with the Enemy Act to assume control of our monetary system — responded by taking America off the gold standard. That the Act, an unexploded legislative relic left over from the First World War, was completely irrelevant to the situation at hand (there was no “enemy” to speak of as the nation was at peace) proved an easily passed over quibble.
During FDR’s famous first hundred days, a blizzard of unread legislation sailed through Congress and what they missed was put into action by the president with a mere wave of his hand. FDR’s decree forbidding Americans to touch gold (the bureaucrats christened her Executive Order #6102) was but a sign of the times. It was the 1930s, the Strong Man was much in vogue, and despite growing up a wealthy momma’s boy, FDR was ours. Such are the odd things that a democracy can produce.
FDR needed to confiscate everyone’s gold because, according to his economic recovery plan, he needed to raise prices, though he assured the pubic it would be a “controlled inflation.” History would prove his promise to be less than worthless. The cumulative inflation since 1933 has totaled 2,448 percent (and counting), a debasement previously unknown in our nation’s history. Yet, that’s looking at this story solely from the viewpoint of cold statistics, and that strips out the most important part of the story – or at least it’s most entertaining and interesting part. Sometimes, history can read like the wildest of fiction, as if Kafka took a whack at it.
During the last few months of 1933, the year when his 12 years in office began, FDR would hold informal morning meetings in his bedroom, the president still laying under the covers. To be invited into FDR’s inner sanctum was a sign of his favor, and for a time an economics professor named George Warren basked in Roosevelt’s glow. As the general level of prices was now to be “managed” by the guiding hand of experts, of which George Warren was certainly one, the two of them, FDR in command but Mr. Warren providing the theoretical stars to guide them, worked to raise prices. That required intervening in the gold market, and that required someone to set each day’s target price. A not very serious-minded student (nor executive), FDR would “jokingly consider the meaning of numbers, or flip coins” to fathom what the proper price should be, and in one instance he decided the target would a 21-cent increase, and “smiling broadly” explained to his assembled experts that he chose it because seven times three was a lucky number. I find no record of what Professor Warren thought of all this.
That FDR (or his famous Brains Trust of experts, for that matter) knew nothing about gold and monetary matters did not for a moment make him hesitate; he went at it with a courage born from an insatiable need to do something (“to maintain a government of action” was, in his words, his rule of thumb) and this frenzy of political activity grasped our monetary system. The punch line of it all is that FDR, at the time he first assumed power, was a man who never seemed to take things all too seriously. Even as a young man fresh out of law school he kicked off his legal career with a carefree air by publicly announcing his services included “briefs on the liquor question furnished free to ladies. Race suicides cheerfully prosecuted. Small dogs chloroformed without charge.” A close associate of FDR recalled that when he assumed control of the monetary system, “not even the realization that he was playing nine-pins with the skulls and thighbones of economic orthodoxy seemed to worry him.” He meant it as compliment; he shouldn’t have.
People wondered at his bottomless serenity and humor when Making Big Decisions during the burning intensity of the early New Deal, never guessing that it could have been the result of being safely cocooned and conditioned by a lifetime of inherited wealth, by never having to pick his own clothes up off the floor, so to speak, and so having, according to someone who knew him well, “a perfect faith that somehow, someone would always be round to take care of details satisfactorily.” (He meant it with admirable wonder; he shouldn’t have.) FDR demanded responsibility for our nation’s monetary system then handled it with a pitiless nonchalance. In reading biographies of the man, he does not bring to mind any of history’s great statesmen, but instead Tom and Daisy Buchanan from The Great Gatsby, careless people who “smashed up things and creatures and then retreated back into their money.”
FDR’s time in power set into motion a sea change in our monetary system and he is without peer in his personal influence on it, but coupled with the fact he was a very unserious man in a very serious position of power answers why much of what has happened since his time happened at all. Unlike Alexander Hamilton, a thoroughly serious man who created our old monetary system (including our first government bank), FDR kicked off our modern one as casually and carelessly as if he were deciding what socks to wear each morning.
Almost 2,500 percent in endless inflation later, we’re still paying for it.
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/
PAM AND RUSS MARTENS…
HUGE//FIRST TIME FED IS REPORTING BILLIONS IN LOSSES WEEKLY!
For the First Time in History, the Fed Is Reporting Billions in Losses Weekly; It’s Still Paying High Interest Income to the Mega Banks on Wall Street
By Pam Martens and Russ Martens: April 8, 2024 ~
Jerome Powell, Chairman of the Federal Reserve
As of April 3 of this year, the Federal Reserve (Fed) has racked up $161 billion in accumulated losses. We’re not talking about unrealized losses on the underwater debt securities the Fed holds on its balance sheet, which it does not mark to market. We’re talking about real cash losses it is experiencing from earning approximately 2 percent interest on the $6.97 trillion of debt securities it holds on its balance sheet from its Quantitative Easing (QE) operations while it continues to pay out 5.4 percent interest to the mega banks on Wall Street (and other Fed member banks) for the reserves they hold with the Fed; 5.3 percent interest it pays on reverse repo operations with the Fed; and a whopping 6 percent dividend to member shareholder banks with assets of $10 billion or less and the lesser of 6 percent or the yield on the 10-year Treasury note at the most recent auction prior to the dividend payment to banks with assets larger than $10 billion. (This morning the 10-year Treasury is yielding 4.41 percent.)
Operating losses of this magnitude are unprecedented at the of Fed, which was created in 1913. In a press release dated March 26, the Fed stated this: “The Reserve Banks’ 2023 sum total of expenses exceeded earnings by $114.3 billion.”
As of March 13 of this year, the Fed’s accumulated losses stood at $156.24 billion and yet on March 20 the Federal Reserve voted to sustain those high 5+ percent interest rates to its member banks – making it look like the captured regulator it is considered to be by millions of Americans.
As the chart above indicates, the Fed’s ongoing weekly losses have ranged from a high of $3.3 billion for the week ending Wednesday, January 31, 2024, to $1.86 billion for the most recent week ending Wednesday, April 3, 2024.
American taxpayers have good reason to sit up and pay attention to the Fed’s giant and ongoing losses. That’s because when the Fed is operating in the green, as it was on an annual basis for 106 years from 1916 through 2022, the Fed, by law, turns over excess earnings to the U.S. Treasury – thus reducing the amount the U.S. government has to borrow by issuing Treasury debt securities. According to Fed data, between 2011 and 2021, the Fed’s excess earnings paid to the U.S. Treasury totaled more than $920 billion.
The loss of remittances from the Fed means the U.S. government will go deeper into debt, putting a heavier tax burden on the U.S. taxpayer and raising the risk of another credit rating agency downgrade of U.S. sovereign debt.
The way the Fed is accounting for these losses is straight out of Alice in Wonderland. A January 31 paper by Paul H. Kupiec and Alex J. Pollock published by the American Enterprise Institute explains why the Fed has negative capital under GAAP accounting. The researchers write:
“In 2011, the Fed unilaterally decided to adopt non-standard accounting practices that book operating losses as a ‘negative liability’ in its H.4.1 releases and as a ‘deferred asset’ in its audited financial statements. [The Fed wrote at the time:]
‘[I]n the unlikely scenario in which realized losses were sufficiently large enough to result in an overall net income loss for the Reserve Banks, the Federal Reserve would still meet its financial obligations to cover operating expenses. In that case, remittances to the Treasury would be suspended and a deferred asset would be recorded on the Federal Reserve’s balance sheet.’
“Unfortunately for the Fed, the ‘unlikely scenario’ has become reality. Regardless of the name used, the ‘deferred asset’ account acts to hide the basic immutable fact that operating losses have consumed the Fed’s capital.
“Under the Fed’s unique accounting policy, operating losses do not reduce the Federal Reserve’s reported total capital. The accumulated losses in the ‘deferred asset’ account allow the Fed to report the same capital account balance, no matter how large its accumulated losses. Even if it lost 100 times its capital, or $4.3 trillion, the Fed would still report that it has positive $43 billion in capital. Similar creative ‘regulatory accounting’ has not been utilized by financial institutions since the 1980s when it was used to prop up failing savings and loans.”
The researchers posted a line-item chart on page 8 of their report showing how the Fed’s accounting compares with GAAP accounting. As of December 27, 2023, the Fed’s accounting produces $42.85 billion in capital. Under GAAP accounting, the Fed’s capital stands at a negative $88.7 billion.
As anyone who is a regular reader of Wall Street On Parade will easily guess, the New York Fed has the most dramatic negative capital under GAAP accounting among the Fed’s 12 regional Fed banks. The researchers write:
“Restating each of the 12 individual FRBs [Federal Reserve Banks] December 27, 2023 capital accounts using GAAP, 8 have negative GAAP capital. Exhibit 2A shows the FRBs that have GAAP capital deficits larger than $1 billion. The Federal Reserve Bank of New York, with a GAAP capital nearly negative $70 billion, has the largest capital deficit followed by the Federal Reserve Bank of Richmond with negative GAAP capital approaching $12 billion and the Federal Reserve Bank of Chicago with $7.6 billion in negative GAAP capital.”
For a deeper understanding of the New York Fed, read our reports: Is the New York Fed Too Deeply Conflicted to Regulate Wall Street? and The New York Fed Has Quietly Staffed Up a Second Trading Floor Near the S&P 500 Futures Market in Chicago.
If you agree with Wall Street On Parade that the current banking and Fed structure in the U.S. represents a threat to national security and economic stability, please contact your U.S. Senators today via the U.S. Capitol switchboard by dialing (202) 224-3121. Tell your Senators to hold immediate hearings on the financial stability implications of the Fed’s losses and its deep conflicts with Wall Street’s mega banks.
END
3. CHRIS POWELL//GATA
Fed soon will have to drop gold suppression policy, Maguire tells LFTV
Submitted by admin on Sat, 2024-04-06 20:17 Section: Daily Dispatches
8:18p ET Saturday, April 6, 2024
Dear Friend of GATA and Gold (and Silver):
London metals trader Andrew Maguire, commenting on this week’s edition of Kinesis Money’s “Live from the Vault” program with Shane Morand, says central banks have huge bids for physical gold just below the current market price and will raise their bids if the price moves up.
Gold, Maguire adds, is already the primary mechanism of international “dedollarization” and gold already is being revalued informally by central bank purchases even as a formal revaluation may come in the next several months.
He says the Federal Reserve no longer has the metal to support its short positions in gold and soon will have to drop its longstanding price suppression policy. He expects gold prices to be much higher by the end of the year.
Maguire also believes that silver’s breakout is imminent and will be sharper than gold’s has been.
The program is 42 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
OMG: Bloomberg columnist recommends gold
Submitted by admin on Sun, 2024-04-07 09:47 Section: Daily Dispatches
Central Banks Are the Newest HODLers of Gold
By Merryn Somerset Webb
Bloomberg News
Sunday, April 7, 2024
A few weeks ago, when the gold price hit a record high, no one besides a few gold bugs seemed to care.
Bitcoin also hit a record high. Everyone cared.
Proof came in the personal finance pages of the UK newspapers. The Financial Times had a piece on investing in crypto miners, a long read about what crypto still gets wrong, and a cry of pain for UK investors denied the right to hold Bitcoin exchange-traded funds.
The Telegraph had almost a full page on how to buy. Bitcoin also made made it into the Market Report section of the Daily Mail and got good exposure in the Times too — with another cry of pain for UK investors and the fusty bureaucrats who won’t let them get easy exposure to the asset of the century.
Unless I missed it, none of these papers had an article on gold. …
… For the remainder of the commentary:
end
As gold smuggling runs rampant, Vietnam looks for ways to tame market
Submitted by admin on Sun, 2024-04-07 10:00 Section: Daily Dispatches
By Nguyen Dieu Tu Uyen
Bloomberg News
via South China Morning Post, Hong Kong
Sunday, April 7, 2024
Stabilising the gold market is a pressing issue for the Vietnamese government with smugglers taking advantage of higher local prices to slip in the precious metal, leading to exchange rate distortions and weakness in the dong that’s hurting the economy.
Prime Minister Pham Minh Chinh and members of the National Financial and Monetary Policy Advisory Council are among top authorities who have been urging for solutions in recent months. The price gap of the metal locally over the international rate must be narrowed “to avoid adverse developments,” Chinh said last week as he ordered the central bank to step up measures to calm the market.
Vietnam’s gold imports were about 55.5 tonnes last year, compared with 39.8 tonnes in 2020, according to the data from the World Gold Council.
People familiar with the domestic gold market and its regulations said the increase is predominantly via illegal channels as Vietnam has strict rules on the metal’s imports. They asked not to be identified because of the sensitivity of the matter. …
… For the remainder of the report:
end
Chris Powell…a must read
Maybe the sun isn’t the only thing being eclipsed tomorrow
Submitted by admin on Sun, 2024-04-07 23:06 Section: Daily Dispatches
11:12p ET Sunday, April 7, 2024
Dear Friend of GATA and Gold (and Silver):
Tonight’s action in gold and silver is astounding. Both monetary metals opened down hard, as if somebody was trying to set a negative tone in the market for the day ahead after many days of strong advances.
Whereupon somebody pounced on the price smashes as if metal was a bargain at any price
Something major has changed.
The Federal Reserve and U.S. Treasury would not have been letting the monetary metals rise so sharply over the last few weeks if they still had much control over the markets and if they still had much metal they were prepared to lose.
Is the second great era of gold price suppression ending just as the first great era ended with the collapse of the London Gold Pool in 1968, with the exhaustion of the ready reserves of the price suppressors?
In any case the U.S. dollar is in danger of being murdered by its own government through overissuance, spectacular and still-growing indebtedness, and political weaponization.
While the longstanding gold price suppression policy of the U.S. government and its allies, undertaken to defend the dollar and executed largely through the futures markets, remains a prohibited topic with the cowardly mainstream financial news organizations in the West, major central banks and governments throughout the world — including those of China and Russia — long have known all about it and have even discussed it openly.
Major financial houses know about it too, though they won’t take the risk of discussing it openly.
GATA is a big reason why they know.
They all are aware of the uncoverable short position the Federal Reserve and U.S. Treasury have been running in gold for almost 50 years. The violence of the recent rally in the monetary metals strongly implies that this short position is being squeezed by equally big operators.
So maybe the sun won’t be the only thing eclipsed tomorrow. Maybe a predatory financial system will be eclipsed too, and payback, as the saying goes, is … well, very unpleasant.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
end
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/
5 a. IMPORTANT COMMENTARIES ON COMMODITIES/COFFEE
Arabica Coffee Prices See Largest Weekly Jump In Nearly Three Years
SATURDAY, APR 06, 2024 – 03:45 PM
As if hyperinflating cocoa bean prices and re-accelerating global food inflation weren’t enough, Arabica coffee futures hit their highest level in over a year and a half.
Arabica coffee futures with May delivery jumped 12.5% on the week (the largest weekly gain since July 2021), closing at $2.12 per pound.
The contract is at its highest level since early October 2022.
As for weekly CFTC data on futures and options, managed money-only long contracts hit a record high.
“The current move can largely be attributed to a heat wave in Vietnam affecting Robusta coffee production and as a result, providing carryover support for premium Arabica beans,” Aakash Doshi, senior commodities strategist at Citi, wrote in a note to clients.
Doshi forecasts Arabica coffee futures to be trading between $1.88 and $2.15 through the 2024 calendar year. He indicated prices could go higher if the physical outlook tightens.
Separately, Hernando De La Roche, a senior vice president at StoneX Financial Inc., told Bloomberg that dealers were caught in a vicious “short and forced to cover while funds have been adding long positions,” adding that importers were forced to abandon hedges.
Meanwhile, the recent surge in Brent crude prices due to the worsening geopolitical situation in the Middle East could begin to lift global food prices.
Food inflation is not going away. This is more bad news for central banks.
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN 7.2326
OFFSHORE YUAN: UP TO 7.2459
SHANGHAI CLOSED DOWN 22.26 PTS OR .72%
HANG SENG CLOSED UP 8,93 PTS OR .05%
2. Nikkei closed UP 354.96 OR 0.93%
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX UP TO 104.13 EURO FALLS TO 1.0829 DOWN 7 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.787Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 151.89/JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen 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 UP TO +2.4505***/Italian 10 Yr bond yield UP to 3.819* /SPAIN 10 YR BOND YIELD UP TO 3.292…**
3i Greek 10 year bond yield UP TO 3.373
3j Gold at $2338.80 silver at: 27.67 1 am est) SILVER NEXT RESISTANCE LEVEL AT $28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 4 /100 roubles/dollar; ROUBLE AT 92.50//
3m oil into the 86 dollar handle for WTI and 90 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 151.89// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.7870% 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 0.9061 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9812 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: 4.454 UP 7 BASIS PTS…
USA 30 YR BOND YIELD: 4.594 UP 6 BASIS PTS/
USA 2 YR BOND YIELD: 4.780 UP 5 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.05…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 8 BASIS PTS AT 4.1580
end
2.a Overnight: Newsquawk and Zero hedge,
Futures Flat As 10Y Yield Jumps To 2024 High, Bitcoin Back At Record
MONDAY, APR 08, 2024 – 08:28 AM
US equity futures are flat, trading around 5,252, having rebounded from session lows even as 10Y yields extend their ascent and the USD strengthens as traders further pare expectations for interest-rate cuts in the face of resilient readings on the US economy. As of 8:00am, S&P and Nasdaq fuitures are both unchnaged while major European markets are mostly higher with only Spain/UK in the red. Treasury yields rose to their highest levels of the year across the curve, with the 10-year climbing above 4.45%. Interest-rate swaps imply around 60 basis points of US monetary easing this year, making two cuts the most likely outcome. On Friday, the chance of a third cut was still above 50%. European bond yields are also higher, but yield curves are not moving in tandem. Commodities are mixed with Energy lower, Metals higher, and Ags mixed. Crude oil turned lower after last week’s strong gains after Israel said it will pull some troops from Gaza. Brent futures briefly dropped below $90-handle before reversing losses. Gold also reversed early losses and printed a fresh record above $2,350 before paring gains. Looking at the calendar, Mon/Tues are light macro days ahead of Wednesday’s CPI print, Thurs’ ECB mtg, and Fri’s Bank earnings which launch Q1 earnings season; we algo get at least 7x Fedspeakers where investors will see if a hawkish pivot is building if CPI prints hotter than expected. While the market is trimming rate hike estimates both Goldman and JPM still see at least 3x rate cuts.
In premarket trading, gigacap tech names are mixed with TSLA, NVDA, NFLX all higher. Tesla rallied as much as 4.2%, set to trim some of its 34% year-to-date slump, after Elon Musk said the carmarket would unveil its new robotaxi on Aug. 8. Amazon.com was on course to open above its all-time closing high for the first time in almost three years. Shares in cryptocurrency-linked companies rose as Bitcoin climbed back over the $72,000 mark as it advanced for a third session. Here are some other premarket movers:
- Boeing and Southwest Airlines (LUV US) fell after the FAA announced it was investigating an incident where the engine cowling of a Boeing plane fell off during take-off.
- Skyworks Solutions fell 2.0% after KeyBanc Capital Markets cut its rating to sector weight from overweight. The broker notes that the semiconductor device company’s ability to drive growth in a maturing smartphone market is becoming more challenging.
- UiPath rose 2.3% after KeyBanc Capital Markets assumed coverage with overweight rating. The broker says the automation software company is well positioned to continue driving share gains.
Among the main overnight news, the US plans to award chipmaker Taiwan Semiconductor Manufacturing $11.6 billion in US grants and loans to build three factories in Arizona, as part of an effort to boost domestic production of critical technology. Meanwhile, Treasury Secretary Janet Yellen wrapped up four days of talks in China with a warning to Beijing’s banks and exporters about the risk of sanctions for providing support for Russia’s war.
For investors, it’s a busy week that includes US inflation data, a European Central Bank rate decision and the start of first-quarter earnings. Last Friday’s US jobs numbers exceeded expectations for a fifth straight month, reinforcing the Fed’s view of being patient about reducing rates. The next key moment for markets is Wednesday’s US consumer-price figures, projected to show further evidence of gradual cooling, although there are risks that the surge in oil prices pushes headline inflation higher than expected.
“There are indeed risks, and seeing the 10-year Treasury yield sustainably surpass 5% would indicate markets pricing in more likelihood of a hike,” Madison Faller, global investment strategist at JPMorgan Private Bank, said on Bloomberg Television. “However, as long as investors perceive a rate cut as the next move, they should be able to navigate this transition.”
European stocks gained, lifting the Estoxx 50 up ~0.5% with miners, autos and energy outperform in Europe after a rebound in copper and iron ore prices; the regional Stoxx 600 Index advanced 0.3%. Here are the most notable European movers:
- Nordic Semi gains as much as 11% after JPMorgan initiates on the chipmaker with an overweight recommendation and Carnegie upgrades to buy from hold.
- VBG rises as much as 8.3% in Stockholm after being the subject of Dagens Industri’s “share of the week” feature.
- Zalando shares gain as much as 5.6% after being upgraded to buy from neutral by Citi, which says the German online retailer should see a return to gross merchandise value growth in 2024.
- Wizz Air shares rise as much as 4.8% as BNP Paribas Exane raises its recommendation to neutral from underperform and increases its unit revenue estimates, citing an “improving outlook” for the budget airline.
- Entain shares gain as much as 6% after The Times reported the impending departure of Chairman Jim Gibson could leave the gambling operator vulnerable to a raid by American buyout groups.
- SSAB falls as much as 2.5% after announcing that its long-serving President and CEO Martin Lindqvist is stepping down. Analysts at Citi noted his role in delivering some key strategic initiatives but don’t see much short-term impact from his departure.
- Bayer falls as much as 2% and is the worst performer in Germany’s DAX index, even after a US judge reduced a jury-awarded payout in a Roundup weedkiller claim. Berenberg analysts said the market may have been hoping for a cut to the compensatory damages component of the verdict, which was absent in the ruling.
- Bossard falls as much as 4.3% after reporting sales for the first quarter that missed consensus expectations. The industrial wholesale company omitted the prospect of a recovery in its outlook for the second half of the year, seen as negative by ZKB analysts. It confirmed its medium-term financial goals, however.
- Believe falls as much as 10% to €14.84 after Warner Music Group decided not to acquire the French record label.
Earlier in the session, Asian stocks tracked US peers higher, as strong jobs data in the world’s biggest economy helped lift sentiment on the global outlook. The MSCI Asia Pacific Index rose as much as 0.7%, paring last week’s loss, with TSMC and Toyota among the biggest contributors. Japan, India and Taiwan led gains around the region, after better-than-expected US payrolls data showed the economy remains resilient in the face of high interest rates. On the other end, mainland China stocks fell, reopening after holidays, and Hong Kong gauges were mixed. While strong holiday spending data was seen as encouraging, investors also weighed signs of risk elsewhere in the economy. A Chinese state bank called for the liquidation of defaulted developer Shimao Group. Still, the “winding-up” petition against Shimao and other negatives such as US Treasury Secretary Janet Yellen’s comments on Chinese overcapacity “should be digested by the market soon and not have much material impact on sentiment,” said Shen Meng, a director at Chanson & Co. in Beijing.
In FX, the Bloomberg Dollar Spot Index rose 0.1% with SEK and NOK are the strongest performers in G-10 FX, CHF and JPY underperform. “Upside momentum is struggling to form even as another robust payrolls emphatically showcases the no landing narrative on the economy and USD yield support approaches 6-month highs,” Richard Franulovich, head of foreign-exchange strategy at Westpac Banking Corp. wrote in a note. “A likely 0.3% core CPI this week and a set of FOMC minutes that likely sound more hawkish than Powell’s benign press conference should nonetheless keep USD upside potential intact”
In rates, treasury yields gained across the curve after yields gapped higher at the open, following no major escalation to the Israel-Hamas war and reports of Gaza cease-fire talks, which also weighed on oil prices. Yields rose to session highs, cheaper by 2bp-5bp across the curve with intermediates lagging, widening 2s10s spread by nearly 2bp on the day; 10-year TSY yield peaked over 4.45%, highest since November, outperforming bunds by around 1bp in the sector. Front-end yields joined rest of curve at YTD highs as Fed-OIS contracts price in less cumulative easing this year; the yield on two-year Treasuries advanced three basis points to 4.78% as Friday’s US employment report, when taken with the pickup in key inflation numbers at the start of 2024, raises the possibility of later or fewer interest rate cuts by the Federal Reserve this year. Pricing for a full 25 basis-point rate cut has been pushed out to September from July, with the market now expecting two cuts for the rest of the year, down from the three rate cuts forecast by the market. The next coupon auction cycle begins Tuesday with $58b 3-year note; $39b 10-year note and $22b 30-year bond reopenings follow Wednesday and Thursday.
In commodities, oil retreated from a five-month high after Israel said it would remove some troops from Gaza. Crude has rallied recently on escalating geopolitical tensions and supply shocks, raising the prospect of prices for global benchmark Brent reaching triple figures and muddying the outlook for inflation. Spot gold rises roughly $6 to trade near $2,336/oz, having trimmed some of earlier gains that saw it set a fresh record. Spot silver gains 1.2% near $28. Spot gold rises roughly $6 to trade near $2,336/oz. Spot silver gains 1.2% near $28.
“Currently, we foresee the conflict continuing without significant spillover in the next few months, but the risk remains significant, and we’re closely monitoring the situation,” Lizzy Galbraith, political economist at Abdrn Plc, said on Bloomberg TV.
Bitcoin continues to rise, surpassing the $72k mark and on pace to rise above the mid-March record highs.
Looking at today’s calendar, US economic data slate includes March NY Fed 1-year inflation expectations (11am). The Fed speaker slate includes Goolsbee (1pm) and Kashkari (7pm); Bowman, Williams, Collins, Bostic and Daly are slated later this week, with March FOMC meeting minutes to be released Wednesday.
Market Snapshot
- S&P 500 futures down 0.1% to 5,245.50
- STOXX Europe 600 up 0.2% to 507.43
- MXAP up 0.4% to 175.88
- MXAPJ up 0.2% to 537.89
- Nikkei up 0.9% to 39,347.04
- Topix up 1.0% to 2,728.32
- Hang Seng Index little changed at 16,732.85
- Shanghai Composite down 0.7% to 3,047.05
- Sensex up 0.7% to 74,733.88
- Australia S&P/ASX 200 up 0.2% to 7,789.08
- Kospi up 0.1% to 2,717.65
- German 10Y yield little changed at 2.45%
- Euro little changed at $1.0830
- Brent Futures down 1.0% to $90.23/bbl
- Gold spot up 0.3% to $2,336.11
- US Dollar Index little changed at 104.37
Top Overnight News
- China Construction Bank has filed a winding-up petition in Hong Kong against property developer Shimao in a rare case of a major state-owned financial institution initiating offshore legal action against a mainland Chinese real estate company. FT
- The US relationship with China is “on a stronger footing” than this time last year, Treasury secretary Janet Yellen said as she ended a six-day visit designed to ease tensions with the US’s main economic rival. FT
- U.S. demands that chipmaking giant ASML, opens new tab stop servicing some equipment it has sold to Chinese customers are a diplomatic and business headache for the Dutch government, but signs are it will continue to align with Washington on export restrictions. RTRS
- The US will award TSMC $6.6 billion in grants and as much as $5 billion in loans to ramp up domestic production. The chipmaker will construct a third factory in Phoenix relying on 2-nm process technology, key for AI and the military. BBG
- Alibaba Group Holding Ltd. is cutting prices for cloud customers from the US to Singapore by as much as 59%, mirroring deep discounts at home as the once high-flying division struggles to fend off rivals and revive growth. BBG
- Israel said it has reduced its ground troop presence in southern Gaza Strip after concluding its operation in Khan Younis (this means Israel has now largely withdrawn its troops from Gaza’s major populated areas as the active invasion stage of the war concludes). WSJ
- Speaker Johnson is preparing to unveil his bill for providing aid to Ukraine, but its details are a mystery (there will likely be two separate bills in the House, one for Ukraine and another for Israel, along with provisions to seize certain Russian assets and resume approval for LNG export facilities). WSJ
- Brazil’s top court ordered an investigation into whether Elon Musk is spreading misinformation, and added him to a criminal inquiry investigating anti-democratic acts. Earlier, Musk said he would defy court orders and lift restrictions imposed on some X accounts in Brazil, even if it leads to the platform’s closure there. BBG
- Investors close to Elon Musk are in talks to help xAI raise $3 billion in a round that would value the tycoon’s artificial-intelligence startup at $18 billion, people familiar with the matter said. The venture-capital firm Gigafund and Steve Jurvetson, a prominent Musk backer and co-founder of another venture firm, are among the backers considering investing in the round, the people said. WSJ
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were ultimately mixed as markets digested Friday’s strong NFP report and US-China talks. ASX 200 eked mild gains amid strength in mining and tech, while there were some M&A-related headlines. Nikkei 225 outperformed with the help of recent currency weakness, while wage data matched estimates. Hang Seng and Shanghai Comp. swung between gains and losses with an early boost in Hong Kong after mainland markets and Stock Connect trade reopened from a 4-day weekend and with some encouragement from Yellen’s meetings in China. However, stocks failed to sustain the early optimism with sentiment clouded by developer concerns after a winding-up petition was filed against Shimao Group.
Top Asian News
- PBoC is to set up a USD 70bln tech re-lending programme to support the science and technology sectors.
- US Treasury Secretary Yellen told Chinese Premier Li Qiang that the US-China relationship is now on a more stable footing and that US-China relations have improved because the two sides can have tough conversations. while Yellen also noted that Chinese officials feel more confident about their steps on the property market and financial stability. It was separately reported that the US Treasury and China’s Finance Ministry agreed to launch new exchanges on balanced growth in domestic and global economies, while the US Treasury also agreed with the PBoC to launch a new exchange on combating money laundering in their financial systems.
- Chinese Premier Li Qiang said constructive progress was made in US Treasury Secretary Yellen’s meeting in Guangzhou, while he added that the US and China need to respect each other and should be partners, not adversaries. Premier Li also stated that they hope the US and China can meet each other halfway and implement the consensus reached by their heads of state, according to Reuters.
- Chinese Vice Premier He Lifeng and US Treasury Secretary Yellen had an in-depth, candid, pragmatic and constructive exchange of views in Guangzhou talks, while China expressed serious concerns about US economic and trade curbs on China, as well as fully responded to the production capacity issue. Furthermore, the US and China agreed to continue communication, according to CCTV.
- Russian Foreign Minister Lavrov is to visit China on April 8th-9th.
- Japan’s Keidanren Chief says current JPY weakness is excessive; elsewhere, Japan’s former top FX official Nakao says in relation to recent speculative JPY weakening that if moves are rapid enough it could trigger intervention at any moment.
European bourses are mostly firmer after a contained open, Stoxx 600 +0.2%, upside which occurred despite a lack of fresh fundamental drivers and amid ongoing hawkish fixed income action; DAX 40 +0.5% the outperformer given its Auto exposure and after strong German Industrial Output data. Sectors have a slight anti-defensive bias with Media, Food/Beverage and Healthcare names in the red while Basic Resources and Autos outperform on the return of China. Stateside, futures are near the unchanged mark, ES -0.1%, with specifics light as participants look to the NY Fed SCE later before Wednesday’s CPI and FOMC Minutes for further insight into the Fed’s calculus amid recent hawkish price action.
Top European News
- German chancellor to begin visit to China next Saturday, according to Sky News Arabia; spokesperson adds that Scholz is sceptical on EU tariffs.
- Concern among large British companies about economic uncertainty has fallen to its lowest since mid-2021 although the improved sentiment is not yet converting to stronger investments, according to a survey by Deloitte.
- Recruitment and Employment Confederation survey found that starting salaries for permanent staff in the UK increased by the slowest rate in more than three years during March, according to Reuters.
- Slovak pro-Russian nationalist-left government candidate Peter Pellegrini emerged victorious in the country’s presidential election on Saturday, according to CNN.
- Moody’s affirmed the EU on Friday at AAA; Outlook Stable.
FX
- DXY steady and towards the top-end of 104.24-104.43 bounds, further upside potentially capped as we await CPI on Wednesday.
- EUR and GBP both steady against the USD, single currency not significantly swayed by German data points with the 50- & 200-DMA in proximity alongside OpEx at 1.0790-00 while GBP is entirely flat with specifics light thus far.
- USD/JPY slightly firmer. eyeing the 151.97 YTD peak while overnight light jawboning had no real effect.
- Antipodeans contained overall as the NZD awaits the RBNZ later in the week while the AUD ekes some modest support from iron ore.
- PBoC set USD/CNY mid-point at 7.0947 vs exp. 7.2230 (prev. 7.0949).
- Turkish Central Bank released a statement on simplification of the macroprudential framework on Friday and decided to stop banks’ bond holding requirement according to credit growth rates.
Fixed Income
- Newsflow focused on geopols and US-China with the positive tone in Europe giving fixed benchmarks another reason to continue Friday’s bearish action but with the US yield curve current lower across the board as opposed to Friday’s flattening.
- Bunds dipped on German Industrial Output and have continued to drift to a 131.65 trough with USTs down to 109-04 thus far. No real reaction to the EZ NGEU supply.
- Gilts pressured in tandem with USTs/Bunds; UK specifics non-existent ahead of BoE’s Breeden who last spoke in February at which point she was focussed on how long rates needed to be on hold for.
Commodities
- Crude benchmarks pressured as geopolitical tensions did not materially escalate over the weekend and progress was initially reported in ceasefire talks but clarification since makes clear that gaps remain.
- WTI and Brent at the middle of circa. USD 0.80/bbl parameters holding around USD 86.10/bbl and USD 90.30/bbl respectively. Modest pressure occurred on the RTRS reports around the Iraq-Turkey pipeline.
- Spot gold pressured overnight but has managed to recuperate this and has since lifted to a fresh record high above USD 2.35k/oz Base metals also off lows and into the green with catalysts light and the action seemingly a function of China’s return to market.
- Odds for oil to reach USD 100/bbl are reportedly increasing amid supply shocks impacting the market, according to Bloomberg.
- Azerbaijan oil output 7.3mln/T in January-March (4.8mln/T January-February), via Energy Ministry.
- Iraq has completed the first stage of repairing oil export pipeline to Turkey, according to the Deputy Oil Minister cited by Reuters; to be operational by the end of April; ready to export 350k BPD from the northern oilfields.
- Iraq sets May 2024 Basrah Medium Crude OSP to Asia at par with Oman/Dubai Average (vs prev USD -0.60/bbl), Europe at USD -5.15/bbl vs dated Brent (prev. USD -5.85/bbl), US at USD -0.90/bbl vs ASCI (prev. USD -0.95/bbl).
- Chinese Gold Reserves (USD)(Mar) 161.1B (Prev. 148.6B).
- UBS lifts all of their gold forecasts by USD 250/oz. Forecast gold at USD 2.3k/oz in June, USD 2.5k/oz at end-2024 and March-2025.
- Shanghai Gold Exchange says it is to increase trading limits for some silver future contracts to 11% from 9% and and increase the margin requirement for some contracts to 12% from 10%.
Geopolitics: Middle East
- “Hamas leading source to Al Jazeera: No progress in negotiations in Cairo and the Israeli delegation did not respond to any of Hamas’ demands”. Furthermore, “Israeli media: Senior official says gap between Israel and Hamas over possible deal remains large”, according to Al Arabiya.
- Israeli Broadcasting Authority says “any Israeli movement in Rafah will not begin before the end of the talks with Washington”, according to Sky News Arabia.
- “Israeli sources involved in the negotiations: By Tuesday evening we will know if it is possible to proceed with the negotiations and wait for Hamas’ response”, according to Sky News Arabia
- Israeli PM Netanyahu said Hamas hopes to make Israel give in to its demands but that will not happen, while he added that Israel is ready to reach a hostage release deal in Gaza but not ready to give in to Hamas’s extreme demands, according to Reuters.
- Israel’s delegation was given the green light to attend Gaza truce and hostage release talks in Cairo, according to a government official cited by Reuters. It was later reported that Hamas and Qatar delegations left Cairo and will return within two days to agree on terms of a final agreement, while there was progress in discussions and agreement on the basic points between all parties. Furthermore, Israel and US delegations were reportedly to leave Cairo and consultations will continue during the next two days, according to Egypt’s Al Qahera News citing a senior Egyptian source.
- Israel’s military said it has completed another phase of the Northern Command’s readiness for war. There were also comments from a spokesperson that the Israeli military had withdrawn all ground troops from southern Gaza except for one brigade while Israel later confirmed it had withdrawn its troops from Khan Younis in southern Gaza to prepare for operations in Rafah. Furthermore, White House’s Kirby commented that the Israeli troop reduction appears to be a ‘rest and refit’ for some Israeli forces, according to Reuters.
- Israel launched strikes on Lebanon’s Bekaa, according to two Lebanese security sources cited by Reuters. It was later reported that three people were killed including a field commander in Hezbollah elite forces following an Israeli strike in southern Lebanon.
- Israel’s Defence Minister said preparations are completed to respond to any scenario that develops vis-a-vis Iran. It was also reported that Israel’s military chief Halevi said the IDF can handle Iran and can act forcefully against Iran in places near and far, while he added Israel is cooperating with the US and strategic regional partners, as well as noted that Israel’s military still has many forces in Gaza and it is a long war.
- Senior adviser to Iran’s Supreme Leader said Israeli embassies are no longer safe, according to TASNIM. It was also reported that Iran’s ISNA news agency published names and pictures of nine Iranian missiles that could reach Israel, according to Reuters.
- US Central Command said US forces destroyed one mobile surface-to-air missile system in Houthi-controlled territory of Yemen on April 6th and shot down an unmanned aerial vehicle over the Red Sea, while a coalition vessel also detected, engaged and destroyed one inbound anti-ship missile on April 6th, according to Reuters.
- UKMTO received a report of an incident 60NM southwest of Yemen’s Hodeidah in which a missile was intercepted by coalition forces and a second one impacted the water at a distance from a vessel, although there was no damage and the crew were reported safe, according to Reuters.
- Yemen’s Houthis said they launched rockets and drones targeting one British ship, two Israeli ships and a number of US frigates in the Red Sea, according to Reuters.
Geopolitics: Other
- Ukrainian President Zelenskiy said Ukraine awaits and needs a big US aid package, while he continues to believe that the US Congress will vote for it. Zelenskiy said they may run out of missiles if the intensity of recent Russian attacks continues and 25 Patriot systems are needed to cover Ukraine fully. Zelenskiy also said Ukraine has enough defence stockpiles for now but is having to choose what to protect and Ukraine does not have artillery ammunition to conduct counteroffensive actions but is receiving artillery rounds under foreign initiatives that are enough for defence, according to FT.
- Ukrainian drones reportedly attacked the Zaporizhzhia Nuclear Station, according to RIA. However, a Ukrainian intelligence spokesman denied that Ukraine was involved in the “provocations” at the nuclear plant, while IAEA’s Chief Rossi said the drone attacks at the plant resulted in one casualty and the damage at one of the six reactors did not compromise nuclear safety but added that this a serious incident with the potential to undermine the integrity of the reactor’s containment system. Furthermore, Grossi said such reckless attacks significantly increase the risk of a major nuclear accident and must stop immediately, according to Reuters.
- Russian Security Council Deputy Chairman Medvedev called the leaders of the US, France, Great Britain and Germany accomplices of the terrorist attack in Crocus City Hall, according to RIA citing a post on social media platform X.
- US President Biden will warn China about its increasingly aggressive activity in the South China Sea during a summit this week with Japanese PM Kishida and Philippines’s President Marcos, according to FT.
- AUKUS is considering expanding a security pact to deter China in the South Pacific, according to FT.
- Philippines Defence Ministry announced maritime cooperative activity between the combined defence and armed forces of the US, Japan, Australia and the Philippines, according to Reuters.
- Philippines Coast Guard spokesperson said two Chinese Coast Guard vessels ‘harassed’ Filipino fishing boats on Thursday in which they went as far as pretending to man their water cannons and threaten the Filipino fisherman, while the harassment occurred in Iroquois reef within the Philippines’ exclusive economic zone, according to Reuters.
- Chinese Coast Guard spokesperson said the Philippines organised ships to “illegally conduct” activities in waters adjacent to a reef in the Nansha Islands and alleged that Philippine government ships have continued to undermine stability in the South China Sea under the guise of fishing protection, according to Reuters.
- Ecuador is facing condemnation over a raid on Friday at the Mexican embassy in Quinto where the former Ecuadorian Vice President Jorge Glas, according to CNN and FT.
US Event Calendar
- 11:00: March NY Fed 1-Yr Inflation Expectat, prior 3.04%
Central Banks
- 13:00: Fed’s Goolsbee on WBEZ-FM
- 19:00: Fed’s Kashkari Participates in Town Hall Meeting
DB’s Jim Reid concludes the overnight wrap
Markets had a rough start to Q2 last week, with the S&P 500 (-0.95%) posting its worst weekly performance in 3 months, whilst the US 30yr yield (+21.0bps) saw its biggest weekly rise since October. Several factors were driving the selloff, but geopolitical tensions played a key role, as fears mounted about some sort of escalation in the Middle East. That meant Brent crude oil prices rose for a 4th consecutive week, surpassing $90/bbl for the first time since October. And in turn, that’s led to growing concern about inflation, with investors continuing to price out the chance of rate cuts from the Fed. Indeed, as of this morning, just 62bps of rate cuts are priced in by the December meeting, which is a long way from the 158bps expected at the start of the year.
Those questions about rate cuts gathered pace on Friday, as the US jobs report showed nonfarm payrolls grew by +303k in March (vs. +214k expected). And unlike the previous month, the upside surprise didn’t come with sharp downward revisions. In fact, the January and February prints were revised up by a total of +22k. So even though futures are still pricing a rate cut by June as the most likely outcome, it was down to just a 54% chance by the close on Friday. That also meant that Treasury yields have reached new highs for the year, with the 10yr yield ending last week at 4.40%, and the 10yr real yield rising to 2.03%. And this morning they’ve continued to rise, with the 10yr yield up another +2.0bps to 4.42%.
Looking forward, that question on the timing of rate cuts will be on the agenda this week, as the US CPI release for March is out on Wednesday. So far this year, core CPI has proven stronger than expected, with the January and February prints both at a monthly +0.4%. But for now at least, the Fed hasn’t been too alarmed, and Chair Powell said last week that “ it is too soon to say whether the recent readings represent more than just a bump.” So this week’s releases will be in focus, as a third month of stronger inflation would make it harder to dismiss as a temporary move higher.
In terms of what to expect, our US economists think that monthly headline CPI will be at +0.27%, which would see the year-on-year measure pick up two-tenths to +3.4%. But for core CPI, they see the monthly number slowing down to +0.24%, which would push the year-on-year measure down a tenth to +3.7%. In the meantime, it’s clear that markets are becoming more concerned about the issue, and last week saw the US 2yr inflation swap close at its highest since October, at 2.54%. For more on this week’s CPI report, see the full preview from our economists here, along with how to sign up for their webinar.
Over in Europe, the main event this week is likely to be the ECB’s policy decision on Thursday. It’s widely expected they’ll leave rates unchanged at this meeting, including by market pricing and the consensus of economists. So the big question is likely to be what they signal about the subsequent meeting in June, which investors are pricing in as a very strong probability for an initial rate cut. Indeed, we found out last week that Euro Area core inflation fell to a two-year low in March of +2.9%, and the account of the last ECB meeting said that “the case for considering rate cuts was strengthening.” In their preview (link here), our European economists think that the ECB needs additional data over the next couple of months to underpin its confidence in price stability and open the door for a June rate cut. But they think it should be clear that a June cut is the working assumption, barring a significant shock.
This week ahead also marks the start of the Q1 earnings season, with several US financials reporting on Friday, before the number of releases starts to pick up over the subsequent couple of weeks. Friday’s reports include JPMorgan, Citigroup, Wells Fargo and BlackRock, and DB’s asset allocation team has released a preview of the Q1 earnings season here.
Rounding up the week ahead, there are monetary policy decisions from both the Bank of Canada and the Reserve Bank of New Zealand on Wednesday, along with the Bank of Korea on Friday. Separately on Wednesday, there’s the release of the FOMC minutes from the March meeting. And on Friday, the Bank of England will publish the Bernanke Review into its forecasts. When it comes to data, we’ll also get China’s CPI and PPI reading for March on Thursday, and on Friday’s there’s the UK’s monthly GDP reading for February.
As the week begins, the main story so far has been the fall in oil prices overnight, with Brent crude down -1.54% from its Friday close to $89.77/bbl. That’s partly because last week’s fears of an escalation in the Middle East didn’t materialise over the weekend, although oil prices still remain above their levels throughout the entirety of Q1. Otherwise, there’s been a subdued start for equities, with the Hang Seng (-0.09%), the CSI 300 (-0.44%) and the Shanghai Comp (-0.17%) all losing ground, and futures on the S&P 500 are down -0.10% as well. However, there have been gains elsewhere, including for the Nikkei (+0.79%) and the KOSPI (+0.31%).
Recapping last week in more detail, that strong jobs report was the main news on Friday, with the headline payrolls number firmly surpassing expectations with a +303k gain (vs +214k expected). That was accompanied by an increase in average weekly hours to 34.4 (vs 34.3 expected), whilst average hourly earnings (+0.3%) and the unemployment rate (down a tenth to 3.8%) came in as expected. Altogether, the report added to the view of the Fed being under little urgency to reduce rates, raising the bar for a June cut. Indeed, Friday saw fed funds futures reduce the pricing for a cut by June from 74% to 54%, with a first 25bps cut now only fully priced by the September meeting. By contrast, ECB pricing saw little change, with overnight index swaps pricing 89bps of cuts by December.
Concerns about persistent inflation were further cemented by the jump in oil prices, which has occurred amidst rising tensions in the Middle East. That saw Brent crude and WTI rose +4.22% and +4.50% respectively, reaching $91.17/bbl and $86.91/bbl respectively (+0.57% and +0.37 on Friday). Inflation concerns also meant that Treasury yields reached their highest levels since November across the curve. At the front end, 2yr yields jumped by +10.4bps on Friday to 4.75% (+13.1bps over the week), whilst 10yr yields rose +9.4bps to 4.40% (+20.3bps over the week). The bond sell off was more moderate in Europe however, with 10yr bund yields rising +10.0bps over the week (and +3.7bps on Friday).
But even as there was a fresh selloff in fixed income, US equities saw a strong recovery on Friday, with the S&P 500 and the NASDAQ up +1.11% and +1.24% respectively. Nevertheless, the Friday rally was insufficient to reverse losses earlier in the week that followed on from rising geopolitical tensions and hawkish Fedspeak, as the S&P 500 fell -0.95% over the week. In the meantime, the Russell 2000 saw a larger underperformance of -2.87% for the week, whilst the Magnificent 7 gained +0.53%. This volatility sent the VIX up +3.0 points to its highest weekly close since October (despite a -0.3pt decline on Friday). On the other hand, European equities did not participate in Friday’s rally, with the STOXX 600 down -1.19% on the week, and -0.84% on Friday.
Finally in commodities, gold saw another +4.48% gain last week (and +1.87% on Friday) to $2,330/oz, hitting another all-time high.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Geopols & US-China in focus; DXY steady & fixed benchmarks lower – Newsquawk US Market Open
MONDAY, APR 08, 2024 – 06:38 AM
- European bourses have meandered higher after a contained open, US futures near unchanged
- Geopols. and US-China talks in focus; Hamas sources report no progress in Cairo negotiations
- DXY steady but towards the top-end of the day’s range with peers generally steady in limited newsflow
- Core fixed benchmarks lower in an extension of Friday’s bearish action, US yields higher across the curve
- WTI and Brent pressured as geopolitically tensions did not materially escalated over the weekend, XAU at a fresh record high
- Looking ahead, highlights include US NY Fed SCE, SNB’s Jordan, BoE’s Breeden & Fed’s Goolsbee
More Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
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 are mostly firmer after a contained open, Stoxx 600 +0.2%, upside which occurred despite a lack of fresh fundamental drivers and amid ongoing hawkish fixed income action; DAX 40 +0.5% the outperformer given its Auto exposure and after strong German Industrial Output data.
- Sectors have a slight anti-defensive bias with Media, Food/Beverage and Healthcare names in the red while Basic Resources and Autos outperform on the return of China.
- Stateside, futures are near the unchanged mark, ES -0.1%, with specifics light as participants look to the NY Fed SCE later before Wednesday’s CPI and FOMC Minutes for further insight into the Fed’s calculus amid recent hawkish price action.
- Click here and here for the sessions European pre-market equity newsflow, including earnings.
- Click here for more details.
FX
- DXY steady and towards the top-end of 104.24-104.43 bounds, further upside potentially capped as we await CPI on Wednesday.
- EUR and GBP both steady against the USD, single currency not significantly swayed by German data points with the 50- & 200-DMA in proximity alongside OpEx at 1.0790-00 while GBP is entirely flat with specifics light thus far.
- USD/JPY slightly firmer. eyeing the 151.97 YTD peak while overnight light jawboning had no real effect.
- Antipodeans contained overall as the NZD awaits the RBNZ later in the week while the AUD ekes some modest support from iron ore.
- PBoC set USD/CNY mid-point at 7.0947 vs exp. 7.2230 (prev. 7.0949).
- Turkish Central Bank released a statement on simplification of the macroprudential framework on Friday and decided to stop banks’ bond holding requirement according to credit growth rates.
- Click here for more details.
- Click here for today’s option expiries for the NY cut.
FIXED INCOME
- Newsflow focused on geopols and US-China with the positive tone in Europe giving fixed benchmarks another reason to continue Friday’s bearish action but with the US yield curve current lower across the board as opposed to Friday’s flattening.
- Bunds dipped on German Industrial Output and have continued to drift to a 131.65 trough with USTs down to 109-04 thus far. No real reaction to the EZ NGEU supply.
- Gilts pressured in tandem with USTs/Bunds; UK specifics non-existent ahead of BoE’s Breeden who last spoke in February at which point she was focussed on how long rates needed to be on hold for.
- Click here for more details.
COMMODITIES
- Crude benchmarks pressured as geopolitical tensions did not materially escalate over the weekend and progress was initially reported in ceasefire talks but clarification since makes clear that gaps remain.
- WTI and Brent at the middle of circa. USD 0.80/bbl parameters holding around USD 86.10/bbl and USD 90.30/bbl respectively. Modest pressure occurred on the RTRS reports around the Iraq-Turkey pipeline.
- Spot gold pressured overnight but has managed to recuperate this and has since lifted to a fresh record high above USD 2.35k/oz Base metals also off lows and into the green with catalysts light and the action seemingly a function of China’s return to market.
- Odds for oil to reach USD 100/bbl are reportedly increasing amid supply shocks impacting the market, according to Bloomberg.
- Azerbaijan oil output 7.3mln/T in January-March (4.8mln/T January-February), via Energy Ministry.
- Iraq has completed the first stage of repairing oil export pipeline to Turkey, according to the Deputy Oil Minister cited by Reuters; to be operational by the end of April; ready to export 350k BPD from the northern oilfields.
- Iraq sets May 2024 Basrah Medium Crude OSP to Asia at par with Oman/Dubai Average (vs prev USD -0.60/bbl), Europe at USD -5.15/bbl vs dated Brent (prev. USD -5.85/bbl), US at USD -0.90/bbl vs ASCI (prev. USD -0.95/bbl).
- Chinese Gold Reserves (USD)(Mar) 161.1B (Prev. 148.6B).
- UBS lifts all of their gold forecasts by USD 250/oz. Forecast gold at USD 2.3k/oz in June, USD 2.5k/oz at end-2024 and March-2025.
- Shanghai Gold Exchange says it is to increase trading limits for some silver future contracts to 11% from 9% and and increase the margin requirement for some contracts to 12% from 10%.
- Click here for more details.
DATA RECAP
- Swiss Unemployment Rate Adjusted (Mar) 2.3% vs. Exp. 2.2% (Prev. 2.2%); Unadjusted (Mar) 2.4% (Prev. 2.4%)
- German Industrial Output MM (Feb) 2.1% vs. Exp. 0.3% (Prev. 1.0%)
- German Trade Balance, EUR, SA (Feb) 21.4B vs. Exp. 25.5B (Prev. 27.5B); Imports MM SA 3.2% vs. Exp. -1.0% (Prev. 3.6%, Rev. 3.3%); Exports MM SA -2.0% vs. Exp. -0.5% (Prev. 6.3%)
NOTABLE HEADLINES
- German chancellor to begin visit to China next Saturday, according to Sky News Arabia; spokesperson adds that Scholz is sceptical on EU tariffs.
- Concern among large British companies about economic uncertainty has fallen to its lowest since mid-2021 although the improved sentiment is not yet converting to stronger investments, according to a survey by Deloitte.
- Recruitment and Employment Confederation survey found that starting salaries for permanent staff in the UK increased by the slowest rate in more than three years during March, according to Reuters.
- Slovak pro-Russian nationalist-left government candidate Peter Pellegrini emerged victorious in the country’s presidential election on Saturday, according to CNN.
- Moody’s affirmed the EU on Friday at AAA; Outlook Stable.
NOTABLE US HEADLINES
- US FAA said a Southwest Airlines (LUV) Boeing (BA) 737-800 plane returned safely to Denver Airport on April 7th after crew reported an engine cowling fell off during take-off and struck a wing flap.
- Alibaba (9988 HK/BABA) Cloud announces price cuts of as much as 59% on cloud-products which are powered by data centres outside of China.
- TSMC (2330 TT/TSM) has agreed to USD 6.6bln subsidy for TSMC Arizona chip production; and up to USD 5bln in low cost government loans.
- US Treasury Secretary Yellen says she is confident that inflation will continue to come down, via CNBC.
GEOPOLITICS
MIDDLE EAST – EUROPEAN MORNING
- “Hamas leading source to Al Jazeera: No progress in negotiations in Cairo and the Israeli delegation did not respond to any of Hamas’ demands”. Furthermore, “Israeli media: Senior official says gap between Israel and Hamas over possible deal remains large”, according to Al Arabiya.
- Israeli Broadcasting Authority says “any Israeli movement in Rafah will not begin before the end of the talks with Washington”, according to Sky News Arabia.
- “Israeli sources involved in the negotiations: By Tuesday evening we will know if it is possible to proceed with the negotiations and wait for Hamas’ response”, according to Sky News Arabia
MIDDLE EAST – OVERNIGHT
- Israeli PM Netanyahu said Hamas hopes to make Israel give in to its demands but that will not happen, while he added that Israel is ready to reach a hostage release deal in Gaza but not ready to give in to Hamas’s extreme demands, according to Reuters.
- Israel’s delegation was given the green light to attend Gaza truce and hostage release talks in Cairo, according to a government official cited by Reuters. It was later reported that Hamas and Qatar delegations left Cairo and will return within two days to agree on terms of a final agreement, while there was progress in discussions and agreement on the basic points between all parties. Furthermore, Israel and US delegations were reportedly to leave Cairo and consultations will continue during the next two days, according to Egypt’s Al Qahera News citing a senior Egyptian source.
- Israel’s military said it has completed another phase of the Northern Command’s readiness for war. There were also comments from a spokesperson that the Israeli military had withdrawn all ground troops from southern Gaza except for one brigade while Israel later confirmed it had withdrawn its troops from Khan Younis in southern Gaza to prepare for operations in Rafah. Furthermore, White House’s Kirby commented that the Israeli troop reduction appears to be a ‘rest and refit’ for some Israeli forces, according to Reuters.
- Israel launched strikes on Lebanon’s Bekaa, according to two Lebanese security sources cited by Reuters. It was later reported that three people were killed including a field commander in Hezbollah elite forces following an Israeli strike in southern Lebanon.
- Israel’s Defence Minister said preparations are completed to respond to any scenario that develops vis-a-vis Iran. It was also reported that Israel’s military chief Halevi said the IDF can handle Iran and can act forcefully against Iran in places near and far, while he added Israel is cooperating with the US and strategic regional partners, as well as noted that Israel’s military still has many forces in Gaza and it is a long war.
- Senior adviser to Iran’s Supreme Leader said Israeli embassies are no longer safe, according to TASNIM. It was also reported that Iran’s ISNA news agency published names and pictures of nine Iranian missiles that could reach Israel, according to Reuters.
- US Central Command said US forces destroyed one mobile surface-to-air missile system in Houthi-controlled territory of Yemen on April 6th and shot down an unmanned aerial vehicle over the Red Sea, while a coalition vessel also detected, engaged and destroyed one inbound anti-ship missile on April 6th, according to Reuters.
- UKMTO received a report of an incident 60NM southwest of Yemen’s Hodeidah in which a missile was intercepted by coalition forces and a second one impacted the water at a distance from a vessel, although there was no damage and the crew were reported safe, according to Reuters.
- Yemen’s Houthis said they launched rockets and drones targeting one British ship, two Israeli ships and a number of US frigates in the Red Sea, according to Reuters.
OTHER
- Ukrainian President Zelenskiy said Ukraine awaits and needs a big US aid package, while he continues to believe that the US Congress will vote for it. Zelenskiy said they may run out of missiles if the intensity of recent Russian attacks continues and 25 Patriot systems are needed to cover Ukraine fully. Zelenskiy also said Ukraine has enough defence stockpiles for now but is having to choose what to protect and Ukraine does not have artillery ammunition to conduct counteroffensive actions but is receiving artillery rounds under foreign initiatives that are enough for defence, according to FT.
- Ukrainian drones reportedly attacked the Zaporizhzhia Nuclear Station, according to RIA. However, a Ukrainian intelligence spokesman denied that Ukraine was involved in the “provocations” at the nuclear plant, while IAEA’s Chief Rossi said the drone attacks at the plant resulted in one casualty and the damage at one of the six reactors did not compromise nuclear safety but added that this a serious incident with the potential to undermine the integrity of the reactor’s containment system. Furthermore, Grossi said such reckless attacks significantly increase the risk of a major nuclear accident and must stop immediately, according to Reuters.
- Russian Security Council Deputy Chairman Medvedev called the leaders of the US, France, Great Britain and Germany accomplices of the terrorist attack in Crocus City Hall, according to RIA citing a post on social media platform X.
- US President Biden will warn China about its increasingly aggressive activity in the South China Sea during a summit this week with Japanese PM Kishida and Philippines’s President Marcos, according to FT.
- AUKUS is considering expanding a security pact to deter China in the South Pacific, according to FT.
- Philippines Defence Ministry announced maritime cooperative activity between the combined defence and armed forces of the US, Japan, Australia and the Philippines, according to Reuters.
- Philippines Coast Guard spokesperson said two Chinese Coast Guard vessels ‘harassed’ Filipino fishing boats on Thursday in which they went as far as pretending to man their water cannons and threaten the Filipino fisherman, while the harassment occurred in Iroquois reef within the Philippines’ exclusive economic zone, according to Reuters.
- Chinese Coast Guard spokesperson said the Philippines organised ships to “illegally conduct” activities in waters adjacent to a reef in the Nansha Islands and alleged that Philippine government ships have continued to undermine stability in the South China Sea under the guise of fishing protection, according to Reuters.
- Ecuador is facing condemnation over a raid on Friday at the Mexican embassy in Quinto where the former Ecuadorian Vice President Jorge Glas, according to CNN and FT.
CRYPTO
- Bitcoin continues to lift, surpassing the USD 72k mark with the mid-March peaks next on the radar.
APAC TRADE
- APAC stocks were ultimately mixed as markets digested Friday’s strong NFP report and US-China talks.
- ASX 200 eked mild gains amid strength in mining and tech, while there were some M&A-related headlines.
- Nikkei 225 outperformed with the help of recent currency weakness, while wage data matched estimates.
- Hang Seng and Shanghai Comp. swung between gains and losses with an early boost in Hong Kong after mainland markets and Stock Connect trade reopened from a 4-day weekend and with some encouragement from Yellen’s meetings in China. However, stocks failed to sustain the early optimism with sentiment clouded by developer concerns after a winding-up petition was filed against Shimao Group.
NOTABLE ASIA-PAC HEADLINES
- PBoC is to set up a USD 70bln tech re-lending programme to support the science and technology sectors.
- US Treasury Secretary Yellen told Chinese Premier Li Qiang that the US-China relationship is now on a more stable footing and that US-China relations have improved because the two sides can have tough conversations. while Yellen also noted that Chinese officials feel more confident about their steps on the property market and financial stability. It was separately reported that the US Treasury and China’s Finance Ministry agreed to launch new exchanges on balanced growth in domestic and global economies, while the US Treasury also agreed with the PBoC to launch a new exchange on combating money laundering in their financial systems.
- Chinese Premier Li Qiang said constructive progress was made in US Treasury Secretary Yellen’s meeting in Guangzhou, while he added that the US and China need to respect each other and should be partners, not adversaries. Premier Li also stated that they hope the US and China can meet each other halfway and implement the consensus reached by their heads of state, according to Reuters.
- Chinese Vice Premier He Lifeng and US Treasury Secretary Yellen had an in-depth, candid, pragmatic and constructive exchange of views in Guangzhou talks, while China expressed serious concerns about US economic and trade curbs on China, as well as fully responded to the production capacity issue. Furthermore, the US and China agreed to continue communication, according to CCTV.
- Russian Foreign Minister Lavrov is to visit China on April 8th-9th.
- Japan’s Keidanren Chief says current JPY weakness is excessive; elsewhere, Japan’s former top FX official Nakao says in relation to recent speculative JPY weakening that if moves are rapid enough it could trigger intervention at any moment.
DATA RECAP
- Chinese FX Reserves (USD)(Mar) 3.25T vs Exp. 3.21T (Prev. 3.23T).
- Japanese Labour Cash Earnings YY (Feb) 1.8% vs Exp. 1.8% (Prev. 2.0%)
3C ASIA AFFAIRS/
MONDAY MORNING/SUNDAY NIGHT
SHANGHAI CLOSED DOWN 22.24 PTS OR .72% //Hang Seng CLOSED UP 8.93 PTS OR .05% / Nikkei CLOSED UP 254,86 PTS OR 0.91% //Australia’s all ordinaries CLOSED UP 0.23%///Chinese yuan (ONSHORE) closed DOWN 7.2326 //OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2459 /Oil DOWN TO 86.16 dollars per barrel for WTI and BRENT DOWN AT 90.42/ Stocks in Europe OPENED MOSTLY GREEN// 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/USA
He who laughs last, did not get the joke the first time. China is laughing at the uSA as Yellen is actually asking China not to cash in on their huge amount of treasuries they own.
(zerohedge)
China Rebukes US ‘Politicization’ Of Trade Issues As Yellen Seeks ‘Balanced’ Economic Growth
MONDAY, APR 08, 2024 – 10:25 AM
U.S. Treasury Secretary Janet Yellen arrived in China last Thursday for a 6-day visit, a trip she said was necessary to “advance America’s economic and national security interests.”
Treasury Secretary Janet Yellen said that the United States will launch two new initiatives with China and hold more economic dialogues aimed at addressing the increasing overcapacity in the world’s second-largest economy.
Following two days of extended dialogues with her Chinese counterpart, Vice Premier He Lifeng, Ms. Yellen announced that the two sides have agreed to establish a new initiative for “intensive exchanges on balanced growth in the domestic and global economies.”
“These exchanges will facilitate a discussion around macroeconomic imbalances, including their connection to overcapacity,” she said in a statement.
“I intend to use this opportunity to advocate for a level playing field for American workers and firms.”
Ms. Yellen said she was “particularly concerned” about Beijing’s overproduction in certain sectors because of state subsidies and other policy support. A priority of the treasury secretary’s trip was to pressure Beijing to address the issue of overproduction, especially in new green-energy sectors such as solar, electric vehicles, and lithium-ion batteries.
“I think the Chinese realize how concerned we are about the implications of their industrial strategy for the United States, for the potential to flood our markets with exports that make it difficult for American firms to compete, and that other countries have the same concern,” she told reporters after announcing the new scheme in Guangzhou, a southern Chinese export hub.
China’s overcapacity involves its “entire macroeconomic and industrial strategy,” Ms. Yellen said. “It’s not going to be solved in an afternoon or a month.
“But I think they have heard that this is an important issue to us.”
The Treasury Department and China’s Ministry of Finance will assume the leadership role of the new group, Exchange on Balanced Growth in the Domestic and Global Economies, according to a statement issued by the Treasury Department.
However, as The South China Morning Post reports, China did not take all this criticism laying down.
Chinese Premier Li Qiang urged Washington not to politicise economic issues but to take an objective view on industrial capacity, during talks with US Treasury Secretary Janet Yellen in Beijing on Sunday.
“The United States should look at the capacity issue objectively and dialectically from the point of view of the market economy and from a global perspective, and on the basis of economic laws,” Li said, according to official news agency Xinhua.
“The development of China’s new energy industry will make an important contribution to the global green and low-carbon transformation,” Li said.
“We hope the US could work with China to adhere to the basic market economy norms of fair competition and open cooperation, while refraining from politicising economic and trade issues or overstretching the concept of national security,” Li said.
“The secretary provided her views on the shared objective of a healthy economic relationship that provides a level playing field for workers and businesses in both the US and China,” it said.
Yellen meeting with Chinese Premier Li Qiang at the Great Hall of the People in Beijing on Sunday.
Additionally as Frank Fang detailed via The Epoch Times, another plan set up by the Treasury Department and the People’s Bank of China is dedicated to combating “illicit finance and financial crime.”
U.S. and Chinese officials will have their first exchange on the issue in the “coming weeks.”
“This new effort will enable the U.S. and China to share best practices and provide updates on the actions we are each taking to close loopholes in our respective financial systems,” Ms. Yellen said in the statement.
China characterized the two-day talks between Ms. Yellen and Mr. He as “candid, pragmatic, and constructive.”
According to a summary of the meetings published by state media Xinhua, the two sides agreed to discuss a series of issues under the economic and financial working groups, such as “sustainable finance” and “balanced growth” in the two countries and other economies.
The United States and China set up two working groups last year to deal with economic and financial issues. The first meeting of the financial issue working group was held in Washington on April 4.
But as Fang explains further, issues over support for Russia remain a sticking point as well as growing demands for tariffs.
Russia
During the two-day talks with her Chinese counterpart, Ms. Yellen also raised Washington’s concerns about the regime’s ties with Russia.
Ms. Yellen said she warned the regime of “significant consequences” if Chinese companies provided material aid to Russia’s invasion of Ukraine.
“We’ve been clear with China that we see Russia as gaining support from goods that China, Chinese firms are supplying to Russia,” she told reporters.
She said the Chinese side told her that “it is their policy not to provide Russia with military support.”
“Neither of us want this to be an issue with our bilateral relationship. So we’re working together,” Ms. Yellen said.
Tariffs
Ms. Yellen heads to Beijing on April 6 afternoon for two more days of talks with senior Chinese officials, including Premier Li Qiang and the People’s Bank of China governor Pan Gongsheng.
Steven Hayes, president of the Florida-based advocacy group Americans for Fair Taxation, urged the Treasury secretary to “retaliate” against Beijing’s dumping by restricting Chinese imports and relocating the supply chain.
The Chinese regime is trying to use state subsidies to “destroy” U.S. business, Mr. Hayes said in an interview with NTD, a sister outlet of The Epoch Times, on April 4.
Beijing knows “if they bring products over at a low enough price, that U.S. businesses will not be able to stay in business long enough to compete, because they’re not getting the same subsidies,” he said. Their purposes were to drive American firms out of business, “and then they can raise the prices from China and have free reign.”
En route to China, Ms. Yellen told reporters that she “won’t rule out“ the possibility that the Biden administration would impose tariffs or other trade barriers on China to protect U.S. green energy industries negatively impacted by China’s overproduction.
Steven Mosher, president of the Population Research Institute and author of a new book, “The Devil and Communist China,” suggested that Washington should respond to communist China’s industrial overcapacity with heavy tariffs.
“I think the tariffs should actually be increased to match the level of the subsidies that the Chinese Communist Party is providing industry,” Mr. Mosher told NTD.
“They are very dependent on their export base now, because the domestic sector of the economy is quite blank, [and] frankly, floundering,” he said.
“Now, it’s the time to put pressure on them.”
On Monday evening, her last night in China, Yellen visited Jing-A Brewing Co. in Beijing — co-founded by an American — where she ordered a Flying Fist IPA, a beer made with American hops.
She took a sip and called it “excellent.”
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
NATO
this is a must read
(Tom Luongo)
NATO: It’s Time To Cull The Snake In America’s Garden
MONDAY, APR 08, 2024 – 02:00 AM
Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,
This week’s brouhaha in Brussels saw the Foreign Ministers of NATO emerge from their holes in the ground looking for food now that things are finally warming up for Spring.
And they had a message for us: more for them and less for us. They were ready to steal the food from our mouths, our children from our homes, to give Ukraine the aid it needs to beat Russia in a war only they seem to want.
They would strangle the political process at home to make this so. They would betray their basic roles as diplomats, speaking with forked tongues, to confound the conditions for dialogue with Russia and end the fighting.
In fact, with all the war mongering going on you would have thought this was a convocation of military commanders, not diplomats. But that’s where we are in this process.
The message of NATO’s foreign policy is simple, “War first. Talk later.” Facts on the ground don’t matter. Budget deficits don’t matter. Plunging public support for Ukraine doesn’t matter. All that matters is what these people want.
And they want war. But at the same time, they won’t admit that that is exactly what they are waging.
The doublespeak has gotten to the point where even Pinocchio is looking at outgoing General-Secretary Jens Stoltenberg going, “Dood. Your schnoze!”
Then again, Stoltenberg is a year past his ‘use-by’ date. He’s even more a lame duck than French President Emmanuel Macron at this point. The problem for those who actually run NATO, they can’t agree on who to replace him with… a British Neoconservative or a Dutch Neoliberal?
In the same week where the French and Russian Defense Ministers had a frank conversation about Ukraine, the attack in Moscow on civilians, and how quickly Russia will vaporize French troops sent into the fighting, we’re treated to the complete abandonment of all diplomatic pretense.
And even then, that discussion was more of a diplomatic endeavor than anything coming out of Brussels, if Mark Wauck and Alex Mercouris are correct.
Mercouris, of course, has a lot more to say, but that’s the long and the short of it. It was all a pathetic game, transparently so. The Russians were forced into this war, but now that they’re in it they’re in it to win. Mercouris sums it up:
The Russians are not under any pressure to negotiate. They are winning the war and they know they’re winning the war. The West, if it wants to avoid a spectacular geopolitical disaster—which is what a defeat in Ukraine would be— in its own interests needs to talk to the Russians. But coming up with half baked proposals such as a return to Istanbul or a Frozen Conflict is going to get nowhere. It is only going to annoy the Russians even more. The logical and right thing to do is to ask the Russians what it is, exactly, in Ukraine that they want to achieve, and see whether it might be possible for the West to meet them halfway. I would have thought that is basic obvious diplomacy.
It’s been so long here in the US where we’ve had a Secretary of State who wasn’t hell bent on a war with Russia, Iran, or China (or all three consecutively and concurrently) we’ve forgotten what having diplomats looks like.
I mean think about it. Antony Blinken’s sad dog-eye technique makes you wistful for the days of Condoleeza Rice’s angry diversity hire routine.
The difference between then and now is Putin hadn’t quite told NATO to “piss off.”
Again, can anyone remember that as late as 2007 Vladimir Putin was invited to speak at the annual Munich Security Conference. Back then he was just as willing to tell the West what they needed to hear rather than wanted to hear as he is now, but at least we put up the pretense of listening to him.
Blinken is only competent in the role of anti-diplomat. And why he’s worse than Rice or even *shudder* Hillary Clinton, is that he’s not even consistent. One week looking for an off-ramp after the terror attack in Moscow. This week mouthing words about Ukraine joining NATO knowing that that’s the road to a US war with Russia.
But, Mercouris and Wauck both believe this is some kind of bluff by Blinken. I’d like to believe they are correct. Nat. Sec. Adviser Jake Sullivan cracking a rib canceling his trip to Saudi Arabia may speak to that. I mean, there’s a high probability of that when you “fall down the stairs” or whatever excuse he gave.
As is this morning’s rumor that the US has told Iran they won’t be upset if Iran hits Israel hard in retaliation over the attack on Iran’s embassy in Damascus earlier this week. Israeli citizens seem to believe this rumor, looking for the exits, stocking up on toilet paper, etc.
Today we can see what’s fundamentally wrong with NATO in this clearly over-produced shite with an extended steady cam shot that would make Stanley Kubrick green with envy… or just green.
With all respect to Macron’s right hook, who else is producing this level of propaganda? Who is always driving this bus towards the edge of the cliff? Who is going to put more pressure on Speaker Mike Johnson to pass a Ukraine aid bill that he’s held at bay from these vipers for nearly 6 months?
Exactly who you would expect if you still have three functional brain cells and a passing acquaintance with something known as ‘history.’
The only good thing I have to say about David Cameron’s political resurrection is that he’s no Winston Churchill.
I don’t know about you, but I get tired of writing and saying that NATO hasn’t been fit for purpose since the end of the Cold War. If that’s the case then why did they just get shiny new headquarters, new members, and every Western leader screaming for them to have more money?
We all know why. And that’s the fundamental problem.
NATO is the entangling alliance that the Founders warned us about back in the 18th century. And it’s high time we crafted a way out of the trap that membership in it represents. As a deterrent against future aggression NATO can be seen as a necessary thing. But, like all organizations facing the end of its lifespan, it had to find new ways to retain its relevance after we bled out the USSR with a deft combination of defense spending and $8 per barrel oil.
This is also why the Cold War never really ended. It just shed its skin and NATO along with it. The problem with most of the analysis about the current conflict is that we’re all stuck (including myself at times) within the nation-state framework.
The US needs this. The UK needs that. Russia needs something else.
But that framework is inadequate to describe the everything that’s going on unless you map the geographic unit to the dominant globalist faction within each region of the West. And they each have very different agendas and goals with respect to Ukraine and Russia.
I wrote about that last week, quoting this month’s GGnG Newsletter. It bears repeating this week:
Ukraine became the battleground physically for this. To the EU, the US and the UK, through their influence in Poland and the Baltics, were used to foment this war. Bankrupting them {and Russia} through war forces them back to being subjugated sources of raw materials while exporting EU laws and rules to those places which have the privilege (from their perspective) of doing business with them.
From all three players’ perspectives if Ukraine beat Russia, then they win. Putin is eventually deposed, Russia is humiliated, and the long-desired breakup of their land-based empire would commence. Europe gets their Great Reset. The UK gets to maintain control over the maritime empire, reclaiming NATO
control over the Black Sea, and forcing the Arab oil producers back in line. The US gets to leverage a fallen Russia to weaken China and stop the further integration of the BRICS into a competitor.In short, the world would go back to the 1990’s when guys like Bill Browder were running around buying up everything and the Russian oligarchs Putin beat would be restored to power. Fukuyama would finally be right.
But, as I said, the real goal of this war wasn’t just getting Russia, they had to maneuver the US into a terminal state as well, through the costs of fighting a war we weren’t capable of sustaining. And that was the bridge too far for US interests not beholden to the ghost of Trotsky and the tears of Bill Kristol.
NATO cannot and should not survive these stresses if its intended victims, Russia/China/Iran, fight even remotely competently.
And they are. They all understand that this is a race against a political and economic clock in the West that is quickly counting down to zero. All Russia has to do is keep grinding out territorial gains in Ukraine, Iran to not over-react to Israel’s provocations, and China to ignore the yapping over tariffs and Taiwan.
And all the Americans who are tired of this have to do is keep the money spigot to NATO and Ukraine closed off as much as is politically possible.
So, this is why we’re seeing the full court press from both the UK and EU to get the US re-focused on the task at hand in Ukraine. It’s why everyone on Capitol Hill hates Speaker Mike Johnson and why the knives are out from all sides, including his own party.
Yeah, I’m lookin’ at you Marjorie Taylor Greene….
Because the US is clearly looking for a way to extricate itself from this mess, even if all the puff adders on K Street want to do is pivot towards China.
The cost/benefit analysis for the US, especially in an election year, just doesn’t add up. And there is zero real leverage Europe can apply to the US other than through their bought and paid-for politicos in D.C. for more money.
The heart simply isn’t willing anymore. Why? For all the reasons I’ve been talking about for six years here, the memories of WWII are fading. The generations of Americans imprinted with the post-WWII Pax Americana lie are dying off (Boomers) or no longer care, if they ever did (Gen X).
The Millennials and ‘Zoomers’ aren’t invested in this mythology. They know they’re the heads are on the chopping block.
They can see that none of this is in their best interests. The US, as a nation at war with itself, will try one last time this fall to vote its way out of Europe before it gets ugly here. Listen again to Cameron’s harangue carefully. There is an implicit threat not just in the language but the staging of it.
Make no mistake, folks. These people are the enemy of all that’s good and decent in the world. We have plenty of snakes here in the US doing their bidding, selling us the old lies repackaged as new ones, and acting outside the bounds of the law. There’s plenty of blame to spread around here.
But what’s becoming obvious is that the era of extra-curricular US warfare is over. A lot of people refuse to look at the cover of the TPS report for fear of ‘getting the memo.’
Sadly, most of them work at NATO, and we’re not skimming fractions of pennies here.
* * *
Join my Patreon if that’d be great… yeah…
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL HAMAS/
Slowly, Israel eliminates senior Hamas terrorists
(JerusalemPost)
Climbing the Hamas ladder: IDF kills senior terrorist official in southern Gaza Strip
Akram Abd Al-Rahman Husein Salamah was killed in an air strike by Israeli Air Force fighter jets, in cooperation with IDF and
By JERUSALEM POST STAFFAPRIL 6, 2024 14:07
The IDF and Israel’s Shin Bet killed senior Hamas operative Akram Abd Al-Rahman Husein Salamah earlier this week in a joint operation in the southern Gaza Strip, the IDF announced on Saturday.
According to the announcement, the operation succeeded as a result of IDF and Shin Bet intelligence, and the Israeli Air Force, whose fighter jets ultimately carried out the strike that killed Akram.
Akram was a senior Hamas official who held many key positions, including Deputy Head of the Khan Yunis district.
Akram was a senior official involved in numerous terror attacks
Akram was responsible for planning and executing multiple terror attacks in Israeli territory, as well as directing Hamas activities in the Gaza Strip aimed at harming IDF soldiers during the ground operation.
This announcement comes following the unconfirmed Israeli strike on senior Islamic Revolutionary Guard Corps official, Mohammad Reza Zahedi in Damascus earlier this week.
END
/ISRAEL /HAMAS
IDF commandos retrieve body of hostage Elad Katzir, murdered in Islamic Jihad captivity
Sister slams ‘cowardly’ government for failing to reach a hostage release deal in time to save Elad, who twice was shown alive in terror group propaganda videos
By EMANUEL FABIAN FOLLOW
and TOI STAFFToday, 3:08 pm
An undated photo of Elad Katzir before he was kidnapped by terrorists on October 7, 2023. His body was extracted from Gaza in an IDF raid on April 5, 2024 after he was murdered in captivity by Palestinian Islamic Jihad terrorists. (Facebook)
Israeli commandos recovered the body of hostage Elad Katzir, held by the Palestinian Islamic Jihad in Gaza, the IDF and his family said Saturday, months after he was shown alive in two propaganda videos by the terror group.
The IDF said that according to its intelligence, Katzir, 47, was “murdered in captivity by the Palestinian Islamic Jihad terror group.”
The operation to retrieve the body was carried out by the Commando Brigade, following intelligence provided by the Shin Bet security agency and the IDF’s Military Intelligence Directorate.
“Following an identification procedure carried out overnight by medical officials at the National Center of Forensic Medicine, IDF and Shin Bet representatives informed the family of the late Elad Katzir about the recovery of his body,” the military said.
The IDF and Shin Bet say they “express their deepest condolences to the family.”
Katzir was among 253 people abducted by Hamas-led terrorists during the October 7 onslaught. Palestinian Islamic Jihad operatives took him from his home in Kibbutz Nir Oz along with his parents.
In December, Islamic Jihad published a propaganda video showing Katzir and another hostage, Gadi Mozes, alive. A second video with Katzir was published in early January.
Hostages Gadi Mozes (L) and Elad Katzir in a video published by Palestinian Islamic Jihad on December 19, 2023. (Screen capture/X)
Seemingly speaking under duress, the pair are heard in separate clips warning they could die at any moment due to IDF strikes in Gaza.
There was no immediate comment on the Telegram channel used by Islamic Jihad during the war.
The IDF estimated that Katzir was murdered by his captors in mid-January, not long after the publication of the second video.
Katzir, after being killed, was buried in the Khan Younis refugee camp in southern Gaza, at a site used by terror operatives. Information on the grave was obtained around a week ago, with final confirmation on the location received on Friday night.
Within a few hours, troops of the Maglan and Egoz commando units reached the site, exhumed the body, and brought the body back to Israel for identification. There were no injuries amid the operation, with no fighting taking place at the grave site itself, only in the surrounding area.
He could have been saved
Shortly before the IDF announcement, Katzir’s sister posted that her brother’s body had been recovered. In an angry post, she blamed the government for failing to secure a hostage release deal in time to save him.
Carmit Palty Katzir wrote on Facebook that her family had been notified that his body was extracted from the Gaza Strip and will be buried in Kibbutz Nir Oz.
“Elad was brought to Israel last night, after being murdered in captivity,” she wrote, adding that the Israel Defense Forces spokesperson would announce the “brave rescue operation.”
“The IDF spokesman will not tell you that the prime minister, the cabinet and the IDF have no idea where most of the hostages, alive and murdered, are held. He won’t tell you either that they have no way to protect the hostages, even when they know where they are,” she added in the post, claiming that her brother “could have been saved if a deal would have happened on time.”
Addressing the “cowardly” government, she says, “Look at yourselves in the mirror and see if your hands didn’t spill that blood. You have 133 more hostages to redeem, worlds to save.”
Carmit Palty Katzir holds a poster of her brother Elad as relatives and friends of hostages sit on a street outside the private residence of the Prime Minister Benjamin Netanyahu, in Caesarea, Jan. 20, 2024. (AP Photo/Leo Correa)
Meanwhile, indirect talks between Israel and Hamas to reach a new deal are ongoing in Egypt but have become mired down amid mutual recriminations.
Elad’s parents Hanna and Avraham ‘Rami’ Katzir were in their sealed room when Hamas terrorists attacked the community. Hours later, the family learned that their father, Rami, was murdered in the sealed room and Hanna was missing.
Elad, who was the main caretaker for his parents, managed to tell his sister Carmit that terrorists had entered his home during their last conversation.
Elad was a farmer and social activist who volunteers for the Hadar Foundation, showing up each week to support the fight for the release of Hadar Goldin and Oron Shaul, two soldiers whose bodies are held in Gaza.
He was known by his friends and family as a man of the land, who during tense security times and attacks from Gaza, would insist on working the kibbutz lands closest to the border with Gaza.
His friends quoted him in social media posts, “This is our land, and this is the food we grow.”
In January 2009, Elad was interviewed by The New York Times, following an Israeli offensive in Gaza, and said he was nervous about sniper fire from the other side of the border.
“I do not feel any victory,” he told The New York Times. “I still do not feel safe.”
Hanna Katzir was released on November 24 as part of a temporary ceasefire deal brokered by Qatar and the United States between Hamas and Israel. The Palestinian Islamic Jihad had falsely announced Katzir’s death, allegedly in an IDF attack, days before her release.
An undated photo of Elad Katzir before he was kidnapped by terrorists on October 7, 2023. His body was extracted from Gaza in an IDF raid on April 5, 2024 after he was murdered in captivity by Palestinian Islamic Jihad terrorists. (Facebook)
Hanna’s health was in serious condition after being held hostage in Gaza. She has developed heart problems due to the harsh conditions and starvation, said daughter Carmit.
Once back home in Israel, Hanna Katzir learned that her husband, Rami, was murdered on October 7 and their son, Elad, is still being held by Hamas in Gaza.
It is now believed that 129 hostages abducted by Hamas and other terror groups on October 7 remain in Gaza — not all of them alive — after 105 civilians were released from Hamas captivity during a weeklong truce in late November, and four hostages were released prior to that.
Three hostages have been rescued by troops alive, and the bodies of 12 hostages have also been recovered, including three mistakenly killed by the military. The IDF has confirmed the deaths of 34 of those still held by Hamas, citing new intelligence and findings obtained by troops operating in Gaza. One more person is listed as missing since October 7, and their fate is still unknown.
Hamas is also holding the bodies of fallen IDF soldiers Shaul and Goldin since 2014, as well as two Israeli civilians, Avera Mengistu and Hisham al-Sayed, who are both thought to be alive after entering the Strip of their own accord in 2014 and 2015 respectively.
Reuters contributed to this report
END
ISRAEL GAZA/KHAN YOUNIS/Lebanon//april 6
details in Khan Younis and Lebanon
(Jerusalem Post
40 tons of explosives destroyed, Hamas terrorists killed in IDF Khan Yunis operation
Four terrorists killed • unconfirmed reports of IDF strikes in southern Lebanon
By JERUSALEM POST STAFFAPRIL 6, 2024 13:27
Over the course of its operations in the Al-Amal area in Khan Yunis, the Givati Brigade combat team has been dismantling Hamas weapons storage facilities, and destroyed over 40 tons of explosive devices, the IDF announced on Saturday.
Additionally, the soldiers confiscated Hamas weapons that were being stockpiled in the Gaza Strip, including rifle ammunition and RPGs.
The announcement also stated that the soldiers of the Givati Brigade had multiple close-quarter encounters with Hamas terrorists. In one instance, the soldiers detected four Hamas terrorists near their location and subsequently killed them.
Other IDF updates
Earlier on Saturday, Lebanese Hezbollah-affiliated news source Al-Mayadeen reported that Israel operated in the villages of Arnoun and Rmeish in southern Lebanon. The IDF has not responded to those reports.
Additionally, a rocket siren was sounded in the city of Shlomi in Israel’s north. There have been no reports of injuries or damage at this time.
This is a developing story.
END
ISRAEL//LEBANON/april 6
This is interesting: from Arab presses, Hezbollah is looking for an immediate ceasefire in Lebanon to avoid an inevitable disaster
(Times of Israel)
Voices from the Arab press: Lebanon: Immediate ceasefire or inevitable disaster
A weekly selection of opinions and analyses from the Arab media around the world.
By THE MEDIA LINEAPRIL 6, 2024 11:30
Lebanon: Immediate ceasefire or inevitable disaster
An-Nahar, Lebanon, March 30
For more stories from The Media Line go to themedialine.org
If the information provided by sources close to Hezbollah is accurate, then significant developments in southern Lebanon are on the horizon.
It appears that Wafiq Safa, a security official in Hezbollah, recently visited the UAE to convey his leadership’s willingness to cease fighting in southern Lebanon and establish a demilitarized zone under the supervision of UNIFIL and the Lebanese Army.
The conditions include a clear demarcation of land borders, similar to the agreement reached on maritime borders.
This news comes amid Hezbollah’s involvement in supporting Hamas in Gaza and a notable shift in its official stance toward resistance against Israel. It seems that Hezbollah is signaling a desire to de-escalate tensions and seek a settlement with Israel, possibly with the mediation of the UAE, to avoid a full-scale war.
However, Israeli sources have swiftly rejected any agreement that does not involve Hezbollah surrendering its weapons to the Lebanese Army and relinquishing control over Lebanese territory, leading to Israel’s escalated bombings in Baalbek and Hermel.
This turn of events suggests that Hezbollah may have miscalculated the situation in Gaza and Israel when it decided to engage in supporting Hamas. The Gaza conflict unfolded differently than anticipated, with Israel responding aggressively to what it perceived as an existential threat. Despite international support to undermine Hamas, the situation remains dire, especially in the besieged city of Rafah.
Hezbollah’s erroneous assessment of Israel’s political landscape and military readiness has led to a critical juncture. The internal turmoil in Israel did not deter the unified stance against Hezbollah, reflecting a consensus on addressing threats from both Gaza and Lebanon.
The failure to heed these warning signs has left Hezbollah with a stark choice: either accept a ceasefire and disengage or face the full force of Israel’s military capabilities, potentially dragging the region into a broader conflict with severe consequences. – Ali Hamada
American shifts toward Palestine
Al-Ahram, Egypt, March 29
The impact of recent events on America’s stance regarding the Palestinian issue cannot be underestimated, particularly following the Israeli war on Gaza. The shift in America’s stance is evident, with even key figures within the government expressing criticism toward Israel.
This change is not limited to public opinion but extends into the highest echelons of power. For example, US Senate Majority Leader Chuck Schumer recently delivered a speech before the Senate where he openly criticized Netanyahu. This marks a significant departure for Schumer, a longtime advocate for Israel.
These shifts in American policy may not yet constitute a full-fledged strategy, but they are certainly significant tactical moves that will have far-reaching implications. The evolving attitudes toward Israel are partly due to the changing generational landscape, as well as Israel’s right-wing government, which has been accused of perpetrating acts of genocide against Palestinians. This departure from moral values is being duly noted by the international community, and there is a growing recognition that the Palestinian issue cannot continue to be trapped in the same cycle it has been for decades.
The recent formation of a six-party group, including Egypt, Saudi Arabia, the UAE, Qatar, the Palestinian Authority, and Jordan, meeting with Secretary of State Antony Blinken in Cairo, underscores the need for a new approach to addressing the Palestinian conflict.
The shift in the UN and European stance toward a Palestinian state further emphasizes the necessity for political solutions over mere humanitarian efforts. The next steps taken must be politically calculated, aiming toward the establishment of a Palestinian state that safeguards the remaining Palestinian territory and secures a viable future for the Palestinian people. – Osama Saraya
Is Iran seeking to avoid war at all costs?
Asharq al-Awsat, London, March 28
The recent meeting between Esmail Qaani, the commander of the Revolutionary Guard Corps, and Hezbollah’s secretary-general, Hassan Nasrallah, in Beirut has raised questions and concerns among the party and its supporters.
Reports reveal that Nasrallah was instructed by Iranian Supreme Leader Ali Khamenei not to retaliate against Israeli attacks, even if they exceed the defined rules of engagement.
This decision reflects Iran’s desire to avoid further escalation of conflicts, especially with the US, and to protect the strategic positions it has established, including Hezbollah in Lebanon. Qaani emphasized that Iran aims to avoid a major confrontation at all costs.
However, prioritizing the regime’s interests over those of the people under its control has caused embarrassment for Hezbollah.
Nasrallah’s previous claims of possessing deterrence capabilities to prevent Israeli aggression have been proven wrong, as massive destruction and displacement have occurred in southern Lebanon. The party’s failure to respond effectively has led to criticism not only from within its supporters’ circle but also from the Lebanese population and the broader resistance front.
Amid this crisis, Wafiq Safa, Hezbollah’s coordination officer, visited the UAE. There, Safa proposed a ceasefire in southern Lebanon and the establishment of a demilitarized zone along the border, with military presence limited to UNIFIL and the Lebanese Army.
However, the UAE demanded the complete disarmament of Hezbollah before any agreements could be reached, leading to escalated Israeli bombings in Lebanon.
The Iranian regime’s support for proxy wars while neglecting its own citizens’ basic needs has come under scrutiny. Despite allocating significant funds to military interventions and covert operations abroad, Iran faces internal challenges such as poverty and environmental degradation. The government’s mismanagement of resources and lack of focus on domestic issues have led to unrest among marginalized communities, environmental disasters, and social inequalities. The deteriorating condition of Lake Urmia, widespread poverty, and discrimination against minorities highlight the regime’s misplaced priorities.
As support for the government erodes and instability increases, the potential downfall of the Iranian regime seems imminent.
It is time for Tehran to address pressing domestic concerns and adopt a balanced approach that ensures stability and prosperity for its citizens. Ultimately, the regime’s bullying tactics will not withstand the scrutiny of its own people. – Hoda Husseini
END
//ISRAEL//HAMAS/AID
/ISRAEL//HOUTHIS
US military destroys surface-to air missile system in Houthi-controlled Yemen — CENTCOM
By REUTERS Today, 7:23 pm
CAIRO, Egypt – The United States Central Command (CENTCOM) says US forces destroyed a mobile surface-to air missile system in a Houthi controlled territory of Yemen yesterday.
US forces also shot down one unmanned aerial vehicle over the Red Sea, according to the statement, which adds that a coalition vessel also detected, engaged and destroyed one inbound anti-ship missile.
No injuries or damage are reported.
April 6 Red Sea Update Between approximately 10:00 a.m. and 3:00 p.m. (Sanaa time) on April 6, U.S. Central Command (CENTCOM) forces successfully destroyed one mobile surface-to air missile system in Houthi controlled territory of Yemen. CENTCOM forces also shot down one unmanned aerial vehicle (UAV) over the Red Sea. Additionally, at approximately 6:00 p.m. (Sanaa time), a Coalition vessel detected and successfully engaged and destroyed one inbound anti-ship missile. There were no injuries or damage reported by U.S., coalition, or commercial ships. It was determined that these systems presented a threat to U.S. and coalition forces and merchant vessels in the region. CENTCOM is dedicated to protecting the freedom of navigation and making international waters safer and more secure for Coalition and merchant vessels.
·
46.3K Views
The Houthis, a US-designated terror group, have vowed to target Israeli, British, and American ships, as well as vessels heading to Israeli ports, disrupting traffic along the vital trade route amid the ongoing war in Gaza.
The US, which leads an international coalition meant to protect Red Sea shipping, has been hitting Houthi targets in Yemen since mid-January.
Times of Israel staff contributed to this report.
END
ISRAEL GAZA
Israel strikes Hamas launchers embedded in Khan Younis humanitarian area. They do not care one bit for their citizens
(Jerusalem Post/monday)
Israel strikes Hamas launchers embedded in Khan Yunis humanitarian area
IDF reports that Hamas rocket launchers used to attack Israel were targeted by the IDF.
By JERUSALEM POST STAFFAPRIL 8, 2024 12:27Updated: APRIL 8, 2024 12:39
IDF strikes on Hamas rocket launchers in a humanitarian area of Khan Yunis. April 8, 2024. (Credit: IDF Spokesperson’s Unit)
The Israel Air Force (IAF) fighter jets conducted multiple strikes over the last few days on three Hamas rocket launch posts, the IDF said on Monday.
The posts were discovered using direct operational identifications in a designated humanitarian area in western Khan Yunis.
Allegedly, they were used to carry out attacks towards southern Israel throughout the recent months of fighting.
Prior to the attack, the IDF verified the evacuation of civilians and accurately targeted the launchers.
No innocent civilians hurt
The strikes harmed no innocent civilians.
The military added that Hamas’s use of rocket launchers embedded in a humanitarian area was further proof of the terror organization’s exploitation of civilian populations and humanitarian compounds and areas.
On Sunday, three rocket launches were identified from the area of Khan Yunis, targeting communities near the Gaza Strip. Luckily, the launches fell in open areas.
The launches came as Israeli media reported that the IDF had halted its invasion of the Gaza Strip and withdrew all but one IDF battalion from Khan Yunis.
end
ISRAEL HAMAS/MONDAY
Conflicting reports emerge on status of hostage talks in Cairo
Efforts to negotiate a ceasefire in Gaza have reached a standstill, with a Hamas official revealing that no progress has been made in recent discussions attended by key stakeholders.
By REUTERS, JERUSALEM POST STAFFAPRIL 8, 2024 09:32Updated: APRIL 8, 2024 14:37
A Hamas official said on Monday that no progress was made at a new round of Gaza ceasefire talks in Cairo. Delegations from Israel, Qatar, and the US are also attending the talks, shortly after Egyptian sources said headway had been made on the agenda.
Israel and Hamas sent teams to Egypt on Sunday after the arrival on Saturday of CIA Director William Burns, whose presence underlined rising US pressure for a deal that would free hostages held in Gaza and get aid to stricken civilians.
“There is no change in the position of the occupation, and therefore, there is nothing new in the Cairo talks,” the Hamas official, who asked not to be named, told Reuters. “There is no progress yet.”
Earlier on Monday, Egypt’s state-affiliated Al-Qahera News TV channel quoted a senior Egyptian source saying progress had been made after a deal was reached among participating delegations on issues under discussion.
Israel’s KAN news reported Monday afternoon that talks between the Hamas and Israeli delegations are progressing. Allegedly, the Israeli mediation team is currently waiting for the response of the Hamas delegation.
In Jerusalem over the weekend, Israeli Foreign Minister Israel Katz described the Cairo talks as the closest the sides have come to a deal since a November truce under which Hamas released dozens of hostages.
“We have reached a critical point in the negotiations. If it works out, then a large number of hostages will come home,” he told Israel’s Army Radio.
Hamas seized 253 Israelis during the October 7 cross-border killing spree in southern Israel that sparked the war. Of those, 129 hostages remain, and negotiators have spoken of around 40 going free in the first stage of a prospective deal with Hamas.
Two Egyptian security sources and Al-Qahera News said progress had been made in the Cairo talks.
The security sources said that both sides had made concessions that could help facilitate a ceasefire deal in parallel meetings with mediators on Sunday.
The concessions related to the release of Israeli hostages held by Hamas come from the terrorist group’s demand for the return of displaced residents to northern Gaza, they added, without giving further details.
Al-Qahera reported that consultations were expected to continue within the next 48 hours.
Hamas not flexible on main demands
These steps take precedence over Israel’s prime demand for a release of hostages in exchange for Palestinians held in Israeli prisons, said the official, speaking on condition of anonymity.
“Regarding the exchange of prisoners, Hamas was and is willing to be more flexible, but there is no flexibility over our…main demands,” he told Reuters.
Israel has ruled out winding up the war shortly or withdrawing from Gaza, saying its forces will not relent until Hamas no longer controls Gaza or threatens Israel militarily.
Prime Minister Benjamin Netanyahu said Israel would not give in to “extreme” Hamas demands.
But Israeli officials have signaled a willingness to allow some Palestinians displaced from northern Gaza to return there.
Defense Minister Yoav Gallant claimed on Monday that the conditions the IDF has created within Gaza have allowed Israel to be “more flexible, [created] freedom of action and [given Israel] the ability to make tough decisions regarding the return of the hostages.”
Under international pressure to ease Gaza’s humanitarian crisis and not follow through on plans to storm Rafah, a southern town packed with a million displaced people, Israel said on Sunday it had pulled more soldiers from southern Gaza.
This left just one brigade there, but Defence Minister Yoav Gallant said the troops would be preparing for future military operations, including “their coming mission in the Rafah area.”
As Israeli forces retreated from the heart of residential areas of the southern city of Khan Yunis, rocket sirens blared throughout the border communities near the Gaza Strip.
Subsequently, the Israeli air force destroyed three Hamas rocket launchers discovered in Khan Yunis in a humanitarian aid corridor.
Residents of Rafah, claimed that Israel carried out at least five airstrikes on parts of the city, causing a number of injuries.
END
ISRAEL LEBANON/HEZBOLLAH/MONDAY
Another senior Hezbollah commander killed as Israeli intelligence is pretty good
(zerohedge)
Israel airstrike kills senior Hezbollah Radwan forces commander in southern Lebanon
According to the IDF, Hassin, a senior operative of the Lebanon-based terror organization, held a rank equivalent to that of a brigade commander.
By JERUSALEM POST STAFFAPRIL 8, 2024 09:31Updated: APRIL 8, 2024 10:38
An Israeli airstrike delivered by Israel Air Force fighter jets eliminated Ali Ahmed Hassin, the commander of Hezbollah’s Radwan forces in the Hajir region of southern Lebanon, the IDF reported on Monday.
Earlier, Reuters cited security forces who said that two others were also killed in the strike, which took place in the area of Sultaniyeh.
Three Hezbollah operatives killed
The IDF stated that the other two individuals hit were Hezbollah operatives under Hassin’s command.
According to the IDF, Hassin, a senior operative of the Lebanon-based terror organization, held a rank equivalent to that of a brigade commander.
https://player.jpost.com/public/player.html?player=jpost&media=3693683&url=www.jpost.comIDF strike on commander of Hezbollah Radwan Forces in Hajir region. April 8, 2024. (Credit: IDF Spokesperson’s Unit)
The military further reported that Hassin was responsible for planning and executing terror attacks against Israeli residents in the North.
Among the attacks orchestrated by the Hezbollah Radwan Forces commander were numerous rocket launches directed at Israeli territory.
end
ISRAEL/HAMAS/MONDAY
Terrorist spokesperson admits Hamas, Jihad taking over all the Gazan hospitals
(Jerusalem Post)_
Islamic Jihad spokesman admits taking over all Gaza hospitals
The Islamic Jihad spokesman was arrested recently during the second takeover of Shifa Hospital in northern Gaza.
By YONAH JEREMY BOBAPRIL 8, 2024 20:17
The Shin Bet and IDf Unit 504 revealed on Monday that Islamic Jihad Spokesman Tarik Salame Uda Abu confessed to Gazan terrorists taking over all of the hospitals in Gaza.
“Gaza terror groups use all of the hospitals in the Gaza Strip…the organization lied and deceived regarding the story of an Israeli rocket hitting a hospital at the start of the war,” he told his interrogators.
The Islamic Jihad spokesman was arrested recently during the second takeover of Shifa Hospital in northern Gaza, along with 500 other Hamas and Islamic Jihad terrorists, plus another 200 who the IDF killed when they refused to surrender.
The terror spokesman said that his role was to fool the global media and foreign countries to turn them against Israel.
On October 18, IDF Spokesman R.-Adm. Daniel Hagari laid out the IDF’s full comprehensive intelligence case to prove that a failed rocket launched by Palestinian Islamic Jihad in Gaza was the cause behind the damage and the death Tuesday night at Al-Ahli Arab Hospital.
This was the incident that Uda Abu was referring to on Monday.
Previously revealed recordings of Hamas members blaming PIJ
At the time, Hagari presented audio recordings in which Hamas members can be heard saying to each other that PIJ was responsible for the explosion.
He also presented a detailed video, topping off earlier videos put out by Israel’s public-relations apparatus, showing different stages of the rocket’s trajectory and the layout of the hospital being hit. A camera that Channel 12 had over Gaza City all night captured the rocket launch and hit as well.
The press conference was a nod to Israel’s acknowledgment of the importance of the international perception of this particular hit, as a ground invasion into Gaza is imminent.
“The IDF has concluded an after-action review and confirmed that PIJ was responsible for the strike,” Hagari said. “We did an immediate review for all relevant branches of the IDF.”
The IDF’s timeline for Tuesday goes as follows:
• At 6:15 p.m., a barrage of rockets was fired by Hamas at Israel.
• At around 7 p.m., a barrage of 10 rockets was fired by PIJ from a cemetery near the hospital.
• Also at around 7 p.m., there were reports of an explosion at the hospital.
“According to our intelligence, Hamas checked reports and itself understood that a PIJ rocket misfired,” Hagari said.
“Hamas then decided to launch a global media campaign to hide what happened,” inflating casualties along the way.
Questioned regarding these numbers, he said the intelligence on that issue needed to remain classified, but it has been shared with Israeli political officials.
Furthermore, he said, the PIJ rocket was fired from a nearby cemetery and hit a parking lot next to the hospital. The IDF released video footage of the parking lot to back this up.
Hagari went into extensive detail about the rocket itself: Most of its propellant was still within the rocket when it hit because it had traveled a shorter amount of time than intended. Had it traveled farther, as intended, it would have used up more of the propellant.
Its short trip left the excess propellant and contributed to additional fires after the rocket struck, Hagari said, adding that there is visual evidence showing infrared imagery of the nearby parking lot.
The IDF confirmed that there was no IDF fire by land, sea, or air that could have hit the hospital.
Translation of the recording
Below is a rough translation and transcription of what the Hamas officials said in the recording:
What?
They are saying this was Islamic Jihad.
This was from our side?
It seems that it was from our side, yes.
Who is saying this?
They are saying that the shrapnel of the missile are local pieces and not Israeli shrapnel.
What are they saying [there]?
My god, from us, it didn’t just explode, but in a hospital!
They may have fired from the cemetery behind.
What?
It seems that they fired this from the cemetery behind the hospital, and it failed and landed on the hospital.
There is a cemetery behind it?
Yes, it is right in its area!
Where is it exactly? When you enter the general courtyard area?
When you enter the courtyard area, so that you do not continue toward the city, but instead from the right side, that is where the hospital is.
Contradictory statements about casualty numbers
Already on Tuesday evening, Hagari said: “An analysis of IDF operational systems indicates a barrage of rockets was fired by terrorists in Gaza, passing in close proximity to the hospital at the time it was hit. Intelligence from a few sources that we have in our hands indicates that PIJ is responsible.”
Officials in Gaza issued contradictory statements about casualty numbers, ranging between dozens to hundreds, with video footage from the scene showing a number of cars near the hospital on fire.
Asked about the risks of exposing this intelligence to the world, Hagari indicated the decision was made in light of a broad range of factors.
END
IRAN/MONDAY
In a bit of a surprise, the Iranian rial drops a huge 30% overnight to around 660,000 per dollar.
This is causing huge hardship for its citizens. I guess their huge funding needs is getting out of control
(Jerusalem Post)
Iranian rial collapses, ‘loses 30% of value’ – reports
Government attempts at distracting the public with threats against Israel do not go unnoticed, as small demonstrations and online comments return focus to harsh conditions
By OHAD MERLINAPRIL 8, 2024 09:49Updated: APRIL 8, 2024 10:04
Yesterday, a sharp crash in the value of the Iranian Rial was reported, with some sources reporting that one USD would now be worth over 660,000 Iranian Rials in some unofficial markets.
Others stressed that the already weak currency suffered a blow, leading to the loss of 30% of its worth overnight, despite the regime’s official digits showing no major changes.
One member of the Majlis (the Iranian parliament) demanded to know from chair Mohammad Baqer Qalibaf which steps the authorities are going to take. He called on the parliament to meet with the governor of the country’s central bank and wondered, “If we don’t have money, why are we printing more? And if we do have money, why is it so costly?”
Qalibaf answered that they are “aware of the situation and will hold meetings inshallah,” sparking a wave of disappointed and sarcastic comments.
One user commented ironically, “Oh, you’re going to hold a meeting? Bulls**t.” Another user uploaded a video showcasing the Rial’s loss of buying power, showing how a 50,000 Rial banknote ($1.2) used to be enough to buy 30 eggs only a decade ago, while nowadays it suffices to buy only one single egg.
Economic demonstrations occur across Iran
Several small demonstrations have taken place in different parts of Iran over the past several days in response to the economic hardships.
Some of the protests included a farmer’s strike in eastern Esfahan, during which farmers took their tractors to the streets to protest water-related measures, a protest by retired pensioners in Arak against the cost of living, and a truck drivers’ demonstration in front of the local headquarters of the national petrol company in Sistan and Balochistan, protesting the price of fuel.
Another protest was reported with a medical staff demonstration in Shiraz protesting their salaries not being paid on time.
Additionally, disruptions were recorded in the online registration services to receive government-subsidized fuel coupons as more and more citizens applied for them.
On a similar background, a massive viral campaign with thousands of posts called to expel Afghan refugees and residents from the country, arguing that they steal the jobs of Iranians, live off the country’s budgets, allowances, and shaky economy, and perpetrate crimes against Iranians, with some users likening them to parasites and leeches.
The Iranian currency, the Rial, has steadily declined for decades. Prices are sometimes referred to by multiples of ten, named Touman, to make it easier for buyers to calculate expenses.
Official and military Iranian outlets chose not to address the worsening economic situation, focusing instead on their promised “tough revenge” against Israel following the assassination of high-ranking IRGC officials in Damascus last week, attributed to Israel.
This includes infographics of the different missiles with ranges reaching Israel, threats directed at Israel by officials, and a video showing a barrage of rockets directed against Israel.
However, many users were unimpressed by the government’s distraction attempts. One user denounced the corruption of leaders, which, according to them, led to the situation.
At the same time, another added, “You took away our youth, a curse be upon you,” and a third concluded: “Don’t tell us now that Israel is the one to blame for the Dollar’s [situation].”
end
IRAN/MONDAY
Iran experiences country-wide internet disruption, watchdog group says
Iranian officials said the disruption was due to difficulties being experienced by one of the internet providers in the country.
By JERUSALEM POST STAFFAPRIL 8, 2024 15:55Updated: APRIL 8, 2024 17:29
A “moderate disruption” was recorded in internet connectivity in Iran on Monday, according to the NetBlocks internet watchdog.
The head of Iran’s Communications Regulatory Authority, Amir Lajevardi, stated that one of the internet providers in Iran was experiencing difficulties on Monday and needed to inform and compensate users.
Lajevardi added, “Despite the increased level of Distributed Denial of Service (DDoS) attacks in the last week, the country’s communication network is stable.”
The incident comes as tensions rise in the region, with Iran threatening to respond after several senior IRGC commanders were killed in an alleged Israeli airstrike in Damascus last week.
Past Iranian internet outages
Internet outages are reported periodically in Iran, occasionally due to infrastructure issues but sometimes also due to cyber attacks or restrictions implemented by the Islamic regime.
Iran has worked to isolate its internet network over the years, both to protect against cyberattacks and to prevent Iranians from freely accessing content from around the world.
RUSSIA/UKRAINE
this morning; HOW STUPID CAN ONE BE?
(zerohedge)
‘Dangerous Provocation’: Kremlin Blasts Ukraine For Drone Strike On Zaporizhzhia Nuclear Plant
MONDAY, APR 08, 2024 – 12:20 PM
The International Atomic Energy Agency is once again sounding the alarm over the potential that disaster could strike the Russian-controlled Zaporizhzhia Nuclear Power Plant in southeastern Ukraine, which is the largest in Europe.
On Sunday, for the first time since 2022, Ukraine apparently sent a drone against the facility and it struck one of the plant’s six nuclear reactors.While Kiev has firmly denied it was behind the attack, Moscow has denounced it as a “very dangerous provocation” from Ukraine forces. Kremlin spokesman Dmitry Peskov denounced it as “a very dangerous practice with very bad negative consequences.” He said it’s but the latest example of Kiev’s “terrorist activity.”
“IAEA staff who are on site have had the opportunity to witness these attacks,” Peskov added. Russian state-owned nuclear agency Rosatom reported casualties as a result of the strike, detailing that three people were wounded in the “unprecedented series of drone attacks.”
IAEA head Rafael Grossi warned that if this continues, a serious nuclear accident with radiological consequences could occur. “This cannot happen,” Grossi wrote on X Sunday. He urged both warring sides to avoid any aggression which violates fundamental principles meant to safeguard nuclear facilities.
Russia has long occupied the facility and overseen its operations, utilizing local Ukrainian engineers, and through the course of the war there have been sporadic Ukrainian assaults on the plant.
“Damage at unit 6 has not compromised nuclear safety, but this is a serious incident with potential to undermine integrity of the reactor’s containment system,” Grossi described. The IAEA said that a drone strike resulted in a “detonation” which was “consistent with IAEA observations.”
EuroNews further reports that “According to plant authorities, there was no critical damage… Radiation levels at the plant were also normal after the strikes.”
Additionally, state-run TASS has confirmed the following details of the plant’s current status:
The radiation level at the plant and the adjacent territory has not changed. It corresponds to the normal operation of power units and does not exceed the natural background values. The power unit that was hit is currently in the “cold shutdown” mode. Before that, the Ukrainian military carried out an attack on the ZNPP premises on April 5. Drone attacks were recorded in the area of the cargo port and the nitrogen-oxygen station.
During the opening months of the conflict following Russia’s invasion in Feb. 2022, there was widespread condemnation against Russian forces centered on the Zaporizhzhia.
However, after Russia clearly came into full control of the plant’s daily operations, and as Ukraine forces began dangerously shelling it and sending the occasional drone, global condemnations of the actions of the Ukraine side were curiously absent. With this newest incident too, UN and Western officials are carefully avoiding naming Ukraine as the culprit.
But of course, the Russians likely didn’t just try to drone themselves. But interestingly, in the past Ukrainian media sources sought to claim Moscow would prepare a ‘false flag’ at the plant. This fresh weekend event is the first time Zaporizhzhia has been the intense focus of international headlines in over a year.
The slaughter will go on.
Some details of the new Ukrainian law on mobilization have become known. Sources from Poland and Ukraine familiar with the content of the US-Ukrainian negotiations note that against the backdrop of the failure of last year’s counter-offensive of the Armed Forces of Ukraine and the transfer of initiative on the battlefield to the Russian Armed Forces, the United States managed to get Vladimir Zelensky to sign a new law, which was considered by the Ukrainian president’s entourage as a PR catastrophy.
Now the territorial recruitment centers (TRC) have a free hand for the mass forced mobilization of 330 thousand people with their subsequent transfer to combat units. It is noted that a political decision has been made on the upcoming recertification of “limitedly fit”: all of them will be transferred to the “fit” category – medical commissions have been given the appropriate instructions.
The key factor of pressure from the United States was the threat of reducing the volume of material assistance transferred to Kyiv, which is already received and distributed very unevenly within the country, and simply does not reach the rank and file of the Armed Forces of Ukraine. It is important for Washington to prolong hostilities until approximately mid-2025 in order to more successfully modernize its own armed forces, as well as further weaken the Russian Armed Forces and the Russian economy.
A number of employees of the Office of the President of Ukraine pointed out that the mobilization law contradicts the “peace formula” promoted by the country’s president and entails negative image losses in the eyes of European leftists and liberals. However, supporters of its signing noted that the adoption of the law makes it possible to increase the country’s military potential and form strategic reserves to intensify military operations and seize the initiative from the Russian Armed Forces.
In addition, after the adoption of this law, Washington will have an additional weighty argument for putting pressure on its allies on the issue of expanding the range and volume of military supplies to Ukraine. The risk that Zelensky’s “peace initiatives” will fall victim to the mobilization law is considered acceptable, since even in the worst case scenario, only “neutral countries” will turn away from Ukrainian initiatives, whose position can be neglected.
In conjunction with the adoption of a new law on mobilization, Washington also insists on intensifying attacks on Russian territory, carrying out sabotage and high-profile terrorist attacks there. This, according to the White House, will shift the focus from the difficult situation at the front to the “successes” of the Armed Forces of Ukraine, as well as increase fear among the Ukrainian population of possible retaliatory actions of the Russian military-political leadership. According to American estimates, this will, to a certain extent, offset the reputational costs of the Ukrainian authorities after the adoption of the law on mobilization. Washington, as noted, is not concerned about the fate of the newly mobilized and future front-line losses of Ukrainians.
https://t.me/infantmilitario/123604
RUSSIA/UKRAINE/USA
special thanks to Robert H for sending this to us;
WILLIAM ENGDAHL…
Hello Dear Readers, What has been carefully censored from the Western narrative about the reasons for the ongoing war in Ukraine with Russia is the role of NATO and the CIA along with British MI6, knowingly using Ukranian neo-nazi organizations, in creating what one US intelligence insider at the time called “the most blatant coup” in US history in March 2014. That was fully eight years before Russia intervened to prevent Ukraine, under the utterly corrupt Zelensky regime, from joining NATO, an unacceptable threat to Russia’s existence. The Russian military action that began in February 2022 was in no way unprovoked aggression. It was initiated to preempt a long-planned Ukraine military attack on the ethnic-Russian breakaway provinces of the eastern Ukraine’s Donbass. Former German Chancellor Merkel even admitted that Germany’s joining the Minsk talks to find a peaceful solution with Donbass and Ukraine was merely a NATO ruse to buy time for the Ukraine buildup against Donbass. I include in this letter articles of mine from 2014 and from 2018 on the true background to the insane Ukraine war of NATO, a war which is bringing the world to the brink of a new world war. Ukraine is not about NATO nations, least of all Biden’s USA, defending “democracy.” Zelensky is a proven tyrant who has outlawed any opposition parties and is known as one of the most corrupt politicians in Europe. If you haven’t yet done so, please also consider support for my online voice. The relentless censorship of the Internet and social media by the private corporate social media companies since the 2020 covid fake pandemic, and now the war in Ukraine, is alarming and damaging and can only be compared with book burnings in the Germany of the 1930s, or the Medieval Inquisitions with torture of heretics. I thank you again for your interest and support, William Engdahl
www.williamengdahl.com
END
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES
GLOBAL ISSUES//GLOBAL SALES
end
MARK CRISPIN MILLER
Rep. Raul Grijalva (D-AZ) diagnosed with cancer; Rep. Lauren Boebert (R-CO) has acute blood clot in leg; singer Monique Bingham cancels tour; country singer Colt Ford has heart attack post-concert
Rocker John Driskell Hopkins, Portland radio’s Mike Lynch both have ALS; wrestler Dennis Knight nearly dies in “medical emergency”; Miley Cyrus’s mom Tish asks for prayers amid tragic family loss”
| MARK CRISPIN MILLERAPR 6 |
UNITED STATES
U.S. Rep. Grijalva, top Democrat on House Natural Resources, diagnosed with cancer
April 2, 2024
U.S. Rep. Raúl Grijalva, a Democrat in his 11th term representing Arizona, has cancer, he said in a statement Tuesday. Grijalva, the longtime top Democrat on the U.S. House Natural Resources Committee, did not provide details of his future plans, but said his office remains open as he works “hard to get healthy and return to business as usual as soon as I am able.” “I am in regular communication with my staff and I continue to work as I undergo treatment. It is a privilege to serve as a Representative for the people of Arizona and I take this responsibility very seriously.” Grijalva, 76, said he sought medical treatment “a few weeks ago” for a persistent cough that was initially diagnosed as pneumonia. Further imaging revealed he had cancer, he said. His medical team has developed a “vigorous course of treatment,” he added.
END
Former “Health” Minister Roberto Speranza can’t go anywhere in Italy without police protection, and people yelling “Murderer!”
His name means “hope”—as in, “Let’s hope the same thing’s happening, or will be happening soon, to all his deadly peers throughout the world”
| MARK CRISPIN MILLERAPR 6 |
Click on the link:
Pope Francis misses big event; Anna Paquin walking with a cane; Indian BJP leader Sushil Kumar Modi, Taiwanese badminton champ Chou Tien Chen, Aussie TV star Courtney Murphy all have cancer
Spanish journo Helena Resano no longer paralyzed; Filipino sportscaster Bill Velasco getting over heart failure; Indian BSP candidate Gufran Noor has heart attack; AU pol Nick Xenophon’s brain tumor
| MARK CRISPIN MILLERAPR 6 |
SPAIN
The hopeful message of Helena Resano after the paralysis she has suffered on the left side of her body
March 30, 2024
On March 18, a week after being admitted for having the left part of her body asleep and undergoing different medical tests, Helena Resano was discharged. The 50-year-old journalist is temporarily away from television sets and focused on her recovery process. “Step by step. To walk many days supported, but to walk. Every day, one more step to return. Thank you to everyone who sent me messages of encouragement.” Some hopeful words that show improvement and that Helena has accompanied with a photograph in which she appears taking a pleasant walk in the sun with her husband.
News from Underground by Mark Crispin Miller is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
From Resano in 2021:
Would you have dinner on Christmas Eve with someone, even a family member, who you know hasn’t had the vaccine? This is the question I asked on the street.
ITALY
Pope Francis suddenly drops out of major event over ‘health’ problems
April 1, 2024
Pope Francis suddenly dropped out of attending a major Christian event in Italy over the weekend, citing unspecified “health” problems. The pope made a significant adjustment to his schedule on Good Friday, opting to remain at home instead of leading the Stations of the Cross at Rome’s Colosseum, as initially planned. The Vatican Press Office announced the decision. The statement cited the pope’s desire to conserve his health for upcoming events, notably the Vigil and Holy Mass on Easter Sunday.
DR PAUL ALEXANDER..
Wicked Joe Biden and Barak Obama Flew 90% of Illegals in Secret Flight Program to Florida and Texas; this is how they are going to flip Texas and Florida & if Texas goes, its over for Republican party
will never see White House again, ever…Trump must be made to promise now that on election, January 20th 2025 after swearing in, he will move to DEPORT (& by force if he has to), EVERY Biden illegal
| DR. PAUL ALEXANDERAPR 6 |
That he will remove every single of the 10-14 million illegals (project 14 million by November 2024) under Biden and Obama, and go back 30 years and remove all, all illegals and close the border at the same time for 15 years…complete. With a re-arrangement of the immigration policy where it is merit based and what is best for America.
SLAY NEWS
| The latest reports from Slay News |
| Top Study: 27% of Vaxxed Have Heart DamageA top study conducted by a team of renowned microbiologists and immunologists has found that 27 percent of people vaccinated with Covid mRNA shots have damaged hearts.READ MORE |
| Diddy’s Ex-Bodyguard Blows Whistle: Rapper Made ‘Tapes’ of ‘Politicians, Princes & Preachers’A former bodyguard of Sean “Diddy” Combs has blown the whistle to reveal that the embattled rap mogul secretly made compromising “tapes” of several powerful and influential people.READ MORE |
| Jailed Rap Mogul Warns Diddy’s ‘Life Is in Danger’ amid Trafficking Probe: ‘You Know the Secrets’Jailed rap mogul Marion “Suge” Knight has issued a warning from prison that his former rival Sean “Diddy” Combs’s “life is in danger.”READ MORE |
| Police Release 911 Call from Sudden Death of NFL Star Vontae DavisMore details have begun to emerge regarding the shocking sudden death of 35-year-old former NFL cornerback Vontae Davis.READ MORE |
| Tulsi Gabbard ‘Respectfully Declined’ Offer to Be to RFK Jr’s 2024 Running MateFormer Rep. Tulsi Gabbard (D-HI) “respectfully declined” Robert F. Kennedy Jr.’s invitation to be his vice presidential running mate for the 2024 election, according to a new report.READ MORE |
| Nebraska Democrat Flips to GOP, Reignites Electoral Vote DebateIn an unexpected political turn, State Sen. Mike McDonnell has flipped from the Democrats and joined the Republicans, boosting the GOP’s crucial majority in the legislature.READ MORE |
| Chicago Confirms Tuberculosis Outbreaks at Migrant SheltersChicago health officials have confirmed that some of the “sanctuary” city’s migrant shelters have recorded outbreaks of tuberculosis (TB) cases.READ MORE |
| Liberals Urge Justice Sotomayor to Retire from Supreme Court before NovemberJustice Sonia Sotomayor has come under increasing pressure from the Left to retire from the Supreme Court to allow Democrat President Joe Biden to appoint a replacement before the critical November election.READ MORE |
| Trump Judge Strikes Down Biden’s New Green Agenda Highway RuleA federal judge has just struck down Democrat President Joe Biden’s new green agenda rule for “greenhouse gas emissions standards” on American highways.READ MORE |
| Fulton County Judge Rejects Trump’s Motion to Dismiss Charges in Fani Willis’ CaseA Georgia judge has rejected President Donald Trump’s motion to dismiss the charges brought against him by Fulton County’s Democrat District Attorney Fani Willis.READ MORE |
| Actor Adrian Schiller Dies ‘Suddenly’ at 60: ‘His Death Was Sudden and Unexpected’Celebrated British actor Adrian Schiller has “died suddenly,” according to his agent.READ MORE |
| Leftist Explodes in TDS-Fueled Rage after Police Join Trump on Rally StageA shocking new video is going viral as it reminds Americans of the outbursts fueled by Trump Derangement Syndrome (TDS) after the 2016 election.READ MORE |
Rancher Raises Alarm as Feds Begin Bulldozing Texas Farms
A cattle rancher is raising the alarm after the federal government started bulldozing undamaged Texas farms following the recent wildfires.
READ MORE
Producer Blows Whistle: Diddy’s Secret Tapes of VIPs ‘Worse Than Jeffrey Epstein’
A former producer for Sean “Diddy” Combs has blown the whistle to reveal details regarding the rap mogul’s surveillance operations to gather secret tapes of VIP elites.
READ MORE
Biden Donor Judge Refuses to Recuse Himself from Trump’s ‘Hush Money’ Case despite Daugther Working for Democrats
President Donald Trump demanded that Justice Juan Merchan, a Democrat donor, should recuse himself from his so-called “hush money” case in New York.
READ MORE
RFK Jr Exposes Democrats’ Hoax: Jan 6 Protest Was NOT an ‘Insurrection’
Robert F. Kennedy Jr. has just exposed the Democrats’ biggest hoax regarding President Donald Trump and the protests at the U.S. Capitol on Jan. 6, 2021.
READ MORE
Judge’s Decision to Side with Jack Smith in Classified Documents Case May Benefit Trump, Legal Experts Reveal
Legal experts have revealed that a judge’s recent decision to side with Special Counsel Jack Smith in President Donald Trump’s classified documents case may actually be a victory for the 45th POTUS.
READ MORE
Bill Clinton Mocked over New Memoir about His Life as a ‘Citizen’
Former President Bill Clinton is set to soon release a memoir about his life as a “citizen” that has many people laughing at its premise.
READ MORE
Bearded ‘Transgender’ on Girls’ Basketball Team Injures Female Competitor in Violent Clash
A disturbing video has emerged showing a 6ft-tall bearded basketball player violently throwing a teenage female competitor to the ground and injuring her during a violent clash.
READ MORE
EVOL NEWS
| BREAKING UPDATE: New York Attorney General Demands Expanded Monitorship of Trump Organization – EVOLREAD MORE… |
| LATEST NEWS: |
READ MORE…
LATEST NEWS:
Kid Rock Comes Out SWINGING For Donald Trump – EVOL
Read more…
Covid Vaxxed Emit Strange Fluorescent Glow under UV Light – EVOL
Read more…
Judge Who Went on CNN to Attack Trump Gets Rebuked by Court of Appeals Over J6 Case – EVOL
Read more…
Judge Who Went on CNN to Attack Trump Gets Rebuked by Court of Appeals Over J6 Case – EVOL
Read more…
Iowa again sets ratings record in win over UConn – EVOL
Read more…
South Carolina Coach Dawn Staley Endorses The Idea Of Men Competing In Women’s Basketball – EVOL
Read more…
Ex-Diddy Producer Says This Scandal ‘Could Be WORSE Than Jeffrey Epstein’ – EVOL
Read more…
Antifa Battered In Coolock, Their Phones Seized By Nationalists Apparently Revealing Seedy Links Between Media, NGOs, and Far Left – EVOL
Read more..
NEWS ADDICT
| Doctors Sound Alarm on Global ‘Turbo Cancer Epidemic’Some of the world’s leading doctors are sounding the alarm over a global “turbo cancer epidemic” among Covid-vaccinated patients under 50 years old.READ THE FULL REPORTTop Expert Links Turbo Cancer Spike to Covid ShotsA world-leading data expert has just raised the alarm after conducting a bombshell study that directly links the deadly global turbo cancer spike to Covid mRNA vaccines.READ THE FULL REPORTALERT: Shock WH Announcement Set To Kickstart WWIIIDuring the 75th anniversary celebration of the North Atlantic Treaty Organisation in Brussels, U.S. Secretary of State Antony Blinken reiterated the commitment to Ukraine’s future membership in the defensive alliance. Blinken, along with other member states, discussed the ongoing Russian aggression and the importance of Ukraine’s potential inclusion in NATO. The Secretary of State emphasized the long-standing belief shared by …READ THE FULL REPORTTexas Governor Blasts ‘Traitor’ National Guardsman Caught Smuggling Illegal AliensRepublican Gov. Greg Abbott of Texas ripped a national guardsman accused of smuggling an illegal immigrant during a Thursday Fox News appearance.READ THE FULL REPORTJudge Denies Trump’s Bid to Dismiss Classified Docs Case Based on Presidential Records ActThe judge overseeing the classified docs case against former President Donald Trump declined on Thursday his motion to dismiss based on the Presidential Records Act (PRA).READ THE FULL REPORTVIEW MORE NEWS |
MAJOR UPDATE: Judge Aileen Cannon Rejects Jack Smith’s Demands of Her Jury Instruction Order as ‘Unprecedented and Unjust’
On Thursday, Judge Aileen Cannon threw out Trump’s motion to dismiss the classified documents case based on the Presidential Records Act. In February, Trump’s legal team submitted multiple motions seeking to dismiss the classified documents case brought by Jack Smith. Cannon has now rejected two of Trump’s attempts to dismiss Jack Smith’s legal case, which is unfolding in a federal …
READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Europe’s South Takes The Lead
SATURDAY, APR 06, 2024 – 08:10 AM
By Maartje Wijffelaars, Senior Economist at Rabobank
Brent crude oil extended its gains and broke through the 90 dollars a barrel threshold yesterday, for the first time since end-October last year. The commodity continues its ascend this morning and at the time of writing it’ll cost you 91.2 dollars to buy a barrel. And more support for the commodity is on the table if Russia and Iraq actually stick to the production quotas. Indeed, on Wednesday OPEC+ decided to extend its production cuts through June, but Russia and Iran have produced more than agreed recently. Ukraine strikes on Russian production facilities over the past weeks could ‘help’ Russia lowering its exports, as sites are down. The exact amount of damage is unknown, however, with multiple different figures going around.
Apart from a tighter market, rising uncertainty in the Middle East have fed oil prices since Monday. At the start of the week, Israel hit Iranian military officials in Syria, stoking fears of an escalation of the Israel-Hamas conflict into the broader region.
Yesterday’s ECB accounts of its March meeting showed that uncertainties with respect to the developments of energy prices are on the ECB’s radar. Specifically they mentioned that “Upside risks to inflation included the heightened geopolitical tensions, especially in the Middle East, which could push energy prices and freight costs higher in the near term and disrupt global trade.” And that “It was important to keep in mind that wrong assumptions on energy prices would eventually feed through to all inflation components, either through input prices or indirectly, via wages.”
Overall, the accounts strongly point to a June move, but also underscore the likelihood of a cautious approach for the trajectory afterwards. For more on our ECB view please keep an eye on the preview for next week’s meeting our ECB watcher Bas van Geffen will send out today.
Meanwhile, yesterday’s PMI figures for March narrowly lifted activity in the Eurozone to expansionary territory, for the first time since May 2023. The composite figure came in at 50.3, despite an accelerated contraction in manufacturing (46.1), owing to improved conditions in the services sector on the back of rising new orders, output and employment (51.5).
Indices for individual member states continued to show quite some divergence among member states. Specifically, they showed that things are going rather well in the South, with a composite PMI of 55.3 in Spain and 53.5 in Italy, but (still) not too good in Germany (47.7) and France (48.3). It’s a story that has been playing out for quite some time now due to a multitude of both longer- and shorter-term reasons.
For example, Germany has been struggling with low demand in China and a loss in competitiveness not only due to the ‘recent’ surge in gas prices, but also due to relatively high labour cost growth – outpacing that of many peers for years now – and increased competition from Chinese car manufacturers. A very tight labour market has also been putting a lid on business’ abilities to grow.
Meanwhile, Italy has benefitted from increased competitiveness due to both relatively weaker wage growth and quality gains over the past years, supporting export growth. Indeed, it’s real effective exchange rate based on relative unit labour costs has been steadily in decline since the GFC. It has furthermore been able to tap into high-growth niche markets such as maritime transport production and has suffered less than Germany from supply chain disruptions during the pandemic.
Another important driver of Italy’s post-pandemic boom is the Superbonus tax credit scheme which has fuelled construction investment since 2020 – support from the latter is expected to come to end, however, as the scheme is being faced out. Finally, Italy has benefitted from EU grants from the Recovery and Resilience Facility (RRF) – also known as the EU pandemic recovery fund. Conditional on reform and investment progress, it is entitled to grants worth in total EUR 72bn (3.4% of 2023 GDP). So far it has received just over half of the amount it’s eligible to, although part of that money is still waiting to be spend.
Both wage moderation and significant support from the EU recovery fund have also helped Spain. The latter is entitled to as much as EUR 80bn in EU grants (5.5% of 2023 GDP) and has so far received a little less than half, although not all money received has been spent yet. More beneficial demographic developments have also helped Spain when compared to both Germany and Italy – this partly results from immigration. Another important factor of Spain’s more recent outperformance is that it has been playing catch up lately. It took longer for its hospitality and tourism driven economy to pick up from the pandemic slump. Furthermore, while its relatively small industrial sector – with a relatively strong focus on car manufacturing – has meant that Spain’s economy benefitted less from the strong industrial production growth during the pandemic years, past year(s)’ slump in the sector has also acted as a smaller drag.
German factory orders for February (0.2% m/m and -10.6% y/y) and industrial production in France (0.2% m/m and -0.8% y/y), out this morning, confirmed both countries’ rather weak start to the year. Yes, both saw a minor monthly uptick after a major contraction in January, but performance was worse than expected and in year-on-year terms both indicators weakened compared to January. At the same time, Spain’s industrial output in February exceeded expectations and picked up both compared to January (0.7% m/m after 0.4% m/m in January) and a year ago (+1.5% y/y in February after -0.6% y/y in January).
On a positive note, figures for Germany, France, and the Eurozone were upwardly revised from preliminary estimates. This suggests that the economy gained some steam in the final weeks of the quarter. This suggests growth in the Eurozone is likely to pick up in Q2, from a rather flat start this year. This is in line with our forecast, as private spending is projected to benefit from improved household purchasing power and a decline in long-term interest rates, while investment in general will be supported by the RRF funds – especially in Southern member states. Overall, Spain is expected to largely outperform peers this and next year, while France and Italy are projected to perform broadly in line with the Eurozone average; Germany is to underperform.
END
Is There Some Deus ex Machina That Will Solve The Fed’s Inflation Problem In Time For A June Rate Cut
MONDAY, APR 08, 2024 – 10:40 AM
By Benjamin Picton of Rabobank
Faith, Not Work(er)s
US non-farm payrolls, perhaps unsurprisingly, surprised on the upside. Employment growth in March was 303k, versus a consensus estimate of 214k and a revised February print of 270k. There was also a two-month net upward revision of +22k jobs. The lift in employment was enough to see the unemployment rate fall to 3.8%, despite a two-tick rise in the participation rate to 62.7%.
So, the figures are strong, which is no-doubt part of the reason why 10-year treasury yields closed the day 9.5bps higher (and 20bps higher on the week) at 4.40%. The underlying strength in labor markets must be starting to spook the Fed, because a number of speakers over the weekend seemed to crab walk away from the dot-plot projections that were issued less than three weeks ago.
Neel Kashkari said that he wrote down two cuts in his March projection, but it is “possible the Fed won’t cut this year”. He also asked the question: “why cut rates if the economy remains strong?”. Cleveland Fed President Loretta Mester told us that she still expects the Fed will be cutting this year, but cautioned: “don’t expect disinflation pace to match last year’s”. Dallas Fed President Lorie Logan said that she was “concerned that policy may not be as restrictive as assumed”, the Fed “should be prepared to respond if inflation stops falling” and that it is “much too soon” to think about cutting rates. Governing Board member Michele Bowman said that “inflation progress has stalled” and that she “won’t be comfortable cutting until disinflation returns.”
Granted, most of these speakers are noted hawks, and Kashkari and Logan aren’t voting members of the FOMC, but it does seem like we are starting to see a change in tone from policy makers. The signals being sent by oil and gold prices might have something to do with that.
Front-month Brent crude futures traded as high as $91.91/bbl on Friday before falling back below $90/bbl in early trade this morning. There is plenty of potential for that to go higher if Iranian threats of reprisal play out. Spot gold prices rocketed after the release of the jobs report to reach (another) all-time high of $2,330/ounce, but have since fallen by about $20/ounce. All throughout 2023 we saw gold prices fall on strong data and rising bond yields, so why has this suddenly reversed? The signal from the market seems to be fear that inflation could be poised for a second run higher, while the Fed has painted itself into a corner by providing forward guidance on rate cuts.
Kashkari asked “why cut rates if the economy remains strong?”. Why indeed. Even if we use charitable measures like three and six-month annualized readings for core PCE and the CPI index, we find that these indices bottomed in December only marginally below the 2% target, so it’s not as if deflation was an imminent risk. Admittedly, cutting rates three times with ebullient stock markets, rising commodity prices, a resurgent manufacturing sector, beyond-potential economic growth, generationally tight labour markets and a fiscal deficit of 6.4% (in an election year!) might seem a little mad. Especially when your own bureaucrats are warning about the sustainability of the debt trajectory.
Given the context, Fed assurances of three rate cuts in 2024 look to be faith-based, rather than being grounded in the imminently material. This is not a criticism: a synonym for faith might be ‘trust’, as in the Fed ‘trusts’ that the policy settings they have adopted will cause the trajectory of the economy to unfold as expected. Of course, trust relies on the credibility of promise-makers, and the price action in gold might be suggestive that the credibility of the central bank is being tested. One wonders what the Fed’s internal models are telling them about the state of the economy that gives them confidence that multiple cuts is the optimal policy path this year? Is there some Deus ex Machina set to descend from the DSGE model and solve the inflation problem in time for a June rate cut? Or is the Fed going to be cutting while inflation remains above target? Or not cutting at all, as Kashkari suggested?
The story looks different in other parts of the world. Canadian employment figures for March reported on Friday were substantially worse than expected (-2.2k vs a consensus forecast of +25k). This saw the unemployment rate rise to 6.1% from a previous reading of 5.8% and well above the expected 5.9%. This is getting into the sort of territory where it seems almost certain that the NAIRU lays South of the current rate. This at a time when Canadian composite PMIs show the economy edging further into contractionary territory and year-on-year GDP growth is printing at recessionary levels.
Likewise, EU CPI last week printed lower than expected (and the unemployment rate higher than expected) even after a soft lead in the German numbers the day before gave analysts the opportunity to revise down their forecasts. The producer inflation figures were even softer, printing at -1% m-o-m and -8.3% year-on-year. What does that tell us about what is going to happen to consumer prices in the months ahead?
Since late last year the supposition has been that it would be a footrace between the Fed and the ECB to be the first to cut. Given recent data, one could be forgiven for thinking that the market might have been getting it wrong for months, and that the Fed might actually be one of the last major central banks to cut rates (if they cut at all). If that turns out to be the case, staying short King Dollar might be a dangerous trade.
end
7//OIL ISSUES//NATURAL GAS ISSUES//ELECTRICAL GRID ISSUES// RENEWABLE ENERGY ISSUES//USA AND GLOBE//GLOBAL SHIPPING
Oil retreats as Israel pulls most of its forces from Gaza leaving just one battalion guarding the strip
(zerohedge)
Israel Pulls Troop Division From Gaza, Re-Enters Truce Talks, Cooling Geopolitical Pressure
MONDAY, APR 08, 2024 – 11:40 AM
Israel’s military has confirmed that for the first time it is actually pulling troops from southern Gaza instead of adding them. Specifically ground forces are being withdrawn from Khan Younis following months of intense fighting which has destroyed much of the city.
The Israel Defense Forces (IDF) announced Sunday that its 98th division had “concluded its mission” there and that the division is being withdrawn from the Gaza Strip to “recuperate and prepare for future operations.”
However, there’s no firm indicators that the planned Raffah assault is off, amid ongoing pressure from the Biden administration not to move forward, with the IDF also saying that “a significant force led by the 162nd division and the Nahal brigade continues to operate in the Gaza strip, and will preserve the IDF’s freedom of action and its ability to conduct precise intelligence based operations.”
But this withdrawal and lull was enough to see oil prices briefly decline from a five month high, also on hopes that Iran’s inaction so far means a massive retaliatory attack in response to last week’s Israeli attack on the Damascus embassy might not be coming.
Bloomberg said in a Sunday note that “Brent futures tumbled by as much as 2.6% before clawing back some losses to trade near $90 a barrel”–and on Monday pushing back above $90. West Texas Intermediate briefly fell below $86 on the headlines suggesting cooling of geopolitical tensions in the Middle East, before regaining.
“Oil has rallied recently on escalating tensions in the Middle East and supply shocks, raising the prospect of the global benchmark reaching triple figures,” the report said. “Trading of call options that profit from higher prices was the second-busiest on record on Friday.”
Israel also appears newly committed to a fresh round of truce talks in Qatar, with the Mossad chief reportedly leading an Israeli delegation back to the talks, after previously quitting with no progress made. As for the troop withdrawal, CNN has observed, “A CNN team along the border where troops enter and leave Gaza has not yet seen large numbers of troops withdraw, but it has seen a large number of tanks pull out of Khan Younis overnight. They are now stationed on the border of Gaza and Israel.”
But the price decline is also looking ahead to three greatly anticipated reports on the state of the global oil market due out this week. On Tuesday Energy Information Administration’s Short-Term Energy Outlook is issued, followed by OPEC’s latest Monthly Oil Market Report on Thursday, and then the International Energy Agency’s Oil Market Report set to be issued Friday.
IG analyst Tony Sycamore told Reuters of the start of the week price retreat, “It appears the catalyst is Israel saying it has withdrawn all troops except one brigade from the Southern Gaza strip, likely in response to growing international pressure and to deescalate tensions after it killed senior Iranian commanders in Syria last week.”
As for a potential Iranian response to the embassy attack, Israeli commanders are still bracing, with Defense Minister Yoav Gallant having stressed the country is prepared for any scenario.
Following a meeting with senior officers this weekend, Gallant told reporters that “the defense establishment has completed preparations for responses in the event of any scenario that may develop vis-à-vis Iran.”
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS MONDAY MORNING 7;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0829 DOWN .0007
USA/ YEN 151.89 UP .295 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2627 DOWN .0007
USA/CAN DOLLAR: 1.3589 UP .0003 (CDN DOLLAR DOWN 3 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 22.44 PTS OR .72%
Hang Seng CLOSED DOWN 8.93 PTS OR .05%
AUSTRALIA CLOSED UP .23%
// EUROPEAN BOURSE: MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 8,93 PTS OR .05%
/SHANGHAI CLOSED DOWN 22.24 PTS OR .72%
AUSTRALIA BOURSE CLOSED UP 0.23%
(Nikkei (Japan) CLOSED UP 354.96 PTS OR 0.91%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2339.70
silver:$27.78
USA dollar index early MONDAY morning: 104.13 UP 6 BASIS POINTS FROM FRIDAY’s CLOSE.
MONDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing MONDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.099% UP 4 in basis point(s) yield
JAPANESE BOND YIELD: +0.787% UP 1 AND 0//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.253 UP 3 in basis points yield
ITALIAN 10 YR BOND YIELD 3.790 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4355 UP 6 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR MONDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0850 UP 0.0014 or 14 basis points
USA/Japan: 151.82 UP 0.224 OR YEN IS DOWN 22 BASIS PTS
Great Britain/USA 1.2645 UP .0011 OR 11 BASIS POINTS //
Canadian dollar DOWN .0001 OR 1 BASIS pts to 1.3587
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE CLOSED DOWN AT 7.2305
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2440)
TURKISH LIRA: 32.05 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.787…
Your closing 10 yr US bond yield UP 4 in basis points from FRIDAY at 4.421% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.551 UP 2 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.778 UP 5 BASIS PTS.
GOLD AT 11;30 AM 2326.45
SILVER AT 11;30: 27.52
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: MONDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 32.31 PTS OR 0.41%
German Dax : CLOSED UP 143.93 PTS OR 0.79%
Paris CAC CLOSED UP 57.99 PTS OR 0.72%
Spain IBEX CLOSED DOWN 4.20 PTS OR 0.04%
Italian MIB: CLOSED UP 305.08PTS OR 0.90%
WTI Oil price 85.69 12: EST/
Brent Oil: 90;03 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 92.65 ROUBLE DOWN 0 AND 15/100
GERMAN 10 YR BOND YIELD; +2.4355 UP 6 BASIS PTS
UK 10 YR YIELD: 4.1320 UP 6 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0858 UP.0022 OR 22 BASIS POINTS
British Pound: 1.2656 UP .0022 or 22 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.100 UP 3 BASIS PTS//
JAPAN 10 YR YIELD: .787
USA dollar vs Japanese Yen: 151.78 UP 0.187//YEN DOWN 19 BASIS PTS//
USA dollar vs Canadian dollar: 1.3575 DOWN .0012 CDN dollar UP 12 basis pts)
West Texas intermediate oil: 86.58
Brent OIL: 90.60
USA 10 yr bond yield UP 4 BASIS pts to 4.421%
USA 30 yr bond yield UP 2 BASIS PTS to 4.551%
USA 2 YR BOND: UP 6 PTS AT 4.786%
USA dollar index: 103.90 DOWN17 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.05 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 92.70 DOWN 0 AND 20/100 roubles
GOLD 2339.25 3:30 PM
SILVER: 27.84 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 10.98 PTS OR 0.03%
NASDAQ UP 5.43 PTS OR 0.03%
VOLATILITY INDEX: 15.24 DOWN 0.79 PTS OR .493%
GLD: $216,48 UP 1.34 OR 0.62%
SLV/ $25.40 UP .37 OR 1.48%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Bitcoin & Bullion Back Near Record Highs As Rate-Cut Bets Battered
MONDAY, APR 08, 2024 – 04:00 PM
Ahead of the event risk of CPI, PPI, and FOMC Minutes this week, stocks ambled along while the STIRs market eviscerated more rate-cut hope, sending Treasury yields higher and gold and crypto also soared amid ‘policy error’ fears and geopolitical tensions.
VIX is certainly primed for some action this week (and then to return to normal)…
Source: Bloomberg
Rate-cut expectations for June fell back below 50%…
Source: Bloomberg
…and the market is now pricing in only 62bps of cuts in 2024…
Source: Bloomberg
Treasuries were mixed today with the long-end outperforming (2Y +4bps, 30Y unch)…
Source: Bloomberg
…which flattened the yield curve (2s30s)…
Source: Bloomberg
Stocks, broadly speaking, went nowhere today, except for Small Caps which pumped and dumped and pumped around the cash open. A late-day selloff made things worse…
Interestingly, 0-DTE traders fought the good fight today, buying calls aggressively into the equity market decline around lunchtime. While it stalled the decline, it did not prompt a rebound…
The MAG7 stock basket went nowhere on the day…
Source: Bloomberg
‘Most Shorted’ stocks squeezed higher at the open and then went deadstick for the rest of the day…
Source: Bloomberg
The dollar fell back towards Thursday’s lows today, after spiking back up on Friday’s payrolls print…
Source: Bloomberg
Bitcoin soared back near record highs today nearing $73,000…
Source: Bloomberg
But, Ethereum (back above $3700) has dramatically outperformed Bitcoin in the last few days …
Source: Bloomberg
…having bounced off critical support…
Source: Bloomberg
…Perhaps as hope of an imminent ETH ETF re-awakens…
Several ETF issuers have met w/ SEC re: spot ether ETF, but according to Barron’s… “Those discussions have largely been one-sided, w/out the agency giving companies critical feedback needed to finalize their products.” May 23rd deadline quickly approaching. via
·
51.3K View
Spot Gold prices topped $2350 overnight – a new record high – amid a frenzy of Chinese interest…
Source: Bloomberg
Oil prices fell overnight amid headlines that Israel was pulling troops out of Gaza but that quickly reversed on reality that it was a small withdrawal and then Bibi confirmed a data for an attack on Rafah…
Source: Bloomberg
Finally, when will rates matter?
Source: Bloomberg
Maybe after this week’s Fed Minutes spoil the party?
END
MORNING TRADING/j
AFTERNOON TRADING/
II USA DATA
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
inflation is not going away so the good move is to short treasuries
(zerohedge0
Hardly Anyone Is Short Treasuries; Perhaps They Should Be
MONDAY, APR 08, 2024 – 07:20 AM
Authored by Simon White, Bloomberg macro strategist,
Survey data shows that outright shorts in US Treasuries are near lows. But investors are missing a trick as inflation risks point to higher bond volatility and yields.
JP Morgan’s Treasury Survey tracks their clients’ positioning in Treasuries, asking them whether they are long, neutral or short. The net of the positions is close to flat, but outright shorts are unusually low, with the number of clients saying they are positioned that way near the nadir for the 20-year history of the survey.
The Commodity Futures Trading Commission’s Commitment of Traders data has speculators net short Treasuries, but this is hugely distorted by basis trading (i.e. cash bonds versus futures). However, a position proxy for bond futures (see here) shows positioning is falling but is still net long.
(This proxy, whose methodology is explained in the chart, circumvents the distortion to Commitment of Traders data from the basis trade, i.e. trading the cash bond versus the future.)
The survey rings true in that traders are reducing long Treasury bets as recession risks have receded, but are still reluctant to go outright short.
But bond yields look to be coiling for a larger move.
Bond volatility has been falling, despite upside growth and inflation risks.
There is a yawning disconnect between inflation volatility and bond volatility. Uncertainty in inflation has been rising, and that typically means more volatile yields.
The gap is likely to be closed by rising bond volatility, and given the inflation backdrop, yields are poised to remain elevated.
The few bond shorts that are out there look to be in good shape.
END
Biden not a happy camper as this signals higher inflation on real rents with Blackstone’s 10 billion dollar purchase of Apartment Income Reit
(zerohedge)
Blackstone Makes $10 Billion Bet On Multifamily Units As Real Rents Begin Re-Accelerating
MONDAY, APR 08, 2024 – 01:00 PM
Democrats are probably furious this morning after reading The Wall Street Journal’s headline announcing Blackstone’s $10 billion acquisition of Apartment Income REIT, taking the company private. This move signals the firm’s bullishness on the rental housing market, especially when rents are beginning to re-accelerate.
Blackstone agreed to purchase AIR Communities for $39.12 a share, representing a 25% premium to the company’s closing share price on Friday. The deal is being completed through the investment management company’s $30.4 billion global real-estate fund.
Blackstone favors rental housing as one of the hottest places in the commercial property market to invest. The acquisition of AIR will give the investment manager exposure to 76 rental housing communities in coastal markets, including Boston, Miami, and Los Angeles.
“The acquisition is Blackstone’s largest transaction in the multifamily market,” WSJ pointed out.
Earlier this year, Blackstone President Jonathan Gray said, “We can see the pillars of a real-estate recovery coming into place,” adding, “We are, of course, not waiting for the all-clear sign and believe the best investments are made during times of uncertainty.”
Blackstone has been aggressively increasing investments in CRE markets, a major bet the Federal Reserve’s interest rate hiking cycle has plateaued and cuts near.
Blackstone’s actual bet is based on the idea that rent inflation is reaccelerating.
In December, we noted that shelter CPI lags actual rents by about 18 months. So, by the time the Fed figures out the next surge in shelter costs – it will be too late.
The next paradox for the Fed: since Shelter/OER inflation lags by 18 months, housing inflation will decline well into 2025 even as actual rents are again starting to tick up. By the time lagged CPI catches up with “today”, real rents will be rising double digits.
·
216.7K Views
Fast forward to just days ago, we showed readers actual rents are beginning to rise.
The next paradox for the Fed: since Shelter/OER inflation lags by 18 months, housing inflation will decline well into 2025 even as actual rents are again starting to tick up. By the time lagged CPI catches up with “today”, real rents will be rising double digits.
·
216.7K Views
Meanwhile, Democrats have introduced bills in Congress that aim to restrict hedge funds from buying up homes, alleging these funds are responsible for driving up shelter costs.
According to a recent note by Realtor.com, the US housing market is short 7.2 million homes.
Demand for housing continues to increase as population growth outpaces the rate of new home growth. Also, the genius idea by radical progressives in the White House to flood the nation with ten million plus illegal aliens will continue to put upward pressure on shelter costs.
The latest data from Miller Samuel Inc. and brokerage Douglas Elliman Real Estate data shows the median rent in Manhattan is inching back up to record highs.
We guess inflation is not going away anytime soon – or at least before the elections in November.
END
If Biden Loses The Election, What Will Be The Top Reason
MONDAY, APR 08, 2024 – 02:45 PM
By Mish Shedlock of MishTalk
New Geography claims EVs will decide the election. That’s a reason, but it’s well down my list. What about yours?
EVs and the Election
New Geography says Electric Cars Will Decide the Outcome of the American Election.
Just last week the administration issued a draconian mileage requirement, one of many ‘nudge’ policies attempting to usher in an all-electric future. Replacing a massive $3 trillion industry with a singular technology represents a severe economic threat under any circumstances, but ramming through changes just as EV sales are slowing is nothing less than madness.
Rarely has a policy brought such negative economic and ultimately political implications. EVs today are simply not practical for most people, unable to afford the higher costs and wary of a charger infrastructure that is far from ready for prime time.
The average price for a brand-new EV is over $60,000, about $12,000 more than the average four-door sedan. Even with tax credits, it is hard to see how consumers come out ahead, at least for now. The electric version of the base version of the Ford F-150 pickup truck, the best-selling vehicle in America, costs an additional $26,000 over the gasoline-powered variety. EVs are not affordable for most Americans: it’s little wonder that only 16 per cent of them are seriously considering a purchase.
Disastrous Energy Policy
It’s true that Biden’s energy policy is a disaster. But right now EVs are more like slow boiling a frog. Most people don’t buy new cars, and most who do, don’t consider EVs.
I agree with the stupidity of Biden’s EV policy, but it won’t decide the election. I have not seen any polls that mention EVs as a reason.
The border and the economy, specifically home prices, are my top two. Israel could easily be ahead of EVs. Heck, what about the botched trump trial in Georgia and overreach everywhere else?
If Recession hits, and it could, move that to spot #1. What about Biden’s Progressive woke madness?
Biden’s ban on natural gas exports could easily cost Biden the state of Pennsylvania. And don’t forget the impact of RFK siphoning off more votes from Biden than Trump.
White House Fact Sheet
On January 26, the Biden-Harris Administration Announces Temporary Pause on Pending Approvals of Liquefied Natural Gas Exports
President Biden has been clear that climate change is the existential threat of our time – and we must act with the urgency it demands to protect the future for generations to come. That’s why, since Day One, President Biden has led and delivered on the most ambitious climate agenda in history, which is lowering energy costs for hardworking Americans, creating millions of good-paying jobs, safeguarding the health of our communities, and ensuring America leads the clean energy future.
Today, the Biden-Harris Administration is announcing a temporary pause on pending decisions on exports of Liquefied Natural Gas (LNG) to non-FTA countries until the Department of Energy can update the underlying analyses for authorizations.
Natural Gas Production
In 2023, the United States leaped over Qatar and Australia to become the largest exporter of LNG.
According to the EIA, the US Energy Information Administration, Pennsylvania is the second largest Natural Gas producer in the US after Texas, and it is the third largest coal producer.
Wall Street Journal Poll
The above clip and the two that follow are from the Wall Street Journal – Targeted Presidential States: March 17 – 24, 2024 Poll.
About 20 percent of those polled do not believe either Biden or Trump are mentally and physically fit to be president. Otherwise, Trump clears the 50 percent mark on the economy, inflation, and immigration.
Biden only attained a single mark, at or above 40 percent. That was a 40 percent mark in Wisconsin for the economy.
Protecting Democracy, Ukraine, Russia, Israel, Abortion
Neither candidate scored over 50 percent on Ukraine, Russia, Israel, Abortion, or Protecting Democracy.
Abortion is still a winning issue for Biden, but Trump can easily negate that with a statement that he would stay out of it or better yet, support abortion up to 15 weeks.
Biden is running on a platform of a strong economy that the public does not believe, abortion that will be decided at the state level not by a president, and protecting democracy.
Protecting democracy is not even a winning issue for Biden. With that, let’s return to the economy one more time.
Strength of the Economy
Nationally, it was unanimous, and by large scores, the economy is doing not so good or poor (first horizontal yellow highlight).
Only two states, Michigan and Pennsylvania, had more respondents who said things were worse in their state.
Across the board, more respondents in every state said their economy was getting worse than better. In Arizona and Pennsylvania, the margin of getting worse than getting better was more than 2-1 for getting worse.
It’s the Economy Stupid, But Why?
No poll to date has gotten to the specific point that is most likely to cost Biden the election.
It’s the economy, but specifically housing.
CPI Hot Again Led by Rent
For over two years, analysts said rent was declining or soon would be. But for the 30th consecutive month, rent was up at least 0.4 percent. Gasoline rose 3.8 percent adding to the misery.
Yet Another Groundhog Day for Rent
I repeat my core key theme for over two years now. People keep telling me rents are falling, I keep saying they aren’t.
Rent of primary residence, the cost that best equates to the rent people pay, jumped another 0.4 percent in December. Rent of primary residence has gone up at least 0.4 percent for 30 consecutive months!
The “rents are falling” (or soon will) projections have been based on the price of new leases and cherry picked markets. But existing leases, more important, keep rising.
Q: Income keeps rising so why do more people in all the states keep saying things are getting worse?
A: Rent!
Some of “things are getting worse” is political. The rest expresses frustration with rent that keeps rising and rising and rising.
Compounding the problem are a bunch of Biden and a pack of clueless economists who keep reporting that rent is falling. Perhaps rent is falling in Austin and other seriously overdeveloped areas, but nationally, rents are still rising.
A decline in Austin isn’t going to do much good for anyone in Pennsylvania or Michigan.
Generational Homeownership Rates
The above chart is from the Apartment List’s 2023 Millennial Homeownership Report
Case-Shiller National Home Price Index Hits New Record High
On March 29, I noted Case-Shiller National Home Price Index Hits New Record High
How many zoomers can afford to buy a home with mortgage rates at 7.0 percent and home prices at a record high?
Gen Z, the Most Pessimistic Generation in History
On March 15, I commented Gen Z, the Most Pessimistic Generation in History, May Decide the Election
Economic Reality
Gen Z may be the first generation in US history that is not better off than their parents.
Many have given up on the idea they will ever be able to afford a home.
The economy is allegedly booming (I disagree). Regardless, stress over debt is high with younger millennials and zoomers.
This has been a constant theme of mine for many months.
Credit Card and Auto Delinquencies Soar
OK, there is a fair amount of partisanship in the polls.
However, Biden isn’t struggling from partisanship alone. If that was the reason, Biden would not be polling so miserably with Democrats in general, blacks, and younger voters.
This allegedly booming economy left behind the renters and everyone under the age of 40 struggling to make ends meet.
Happiness Age 30 and Below
On March 20, I commented US Drops to Number #23 in the World Happiness Report
For those age 30 and younger, the US fell to spot #62. The US is number 10 for age group 60 and above.
Record High Credit Card Debt
Credit card debt rose to a new record high of $1.13 trillion, up $50 billion in the quarter. Even more troubling is the surge in serious delinquencies, defined as 90 days or more past due.
For nearly all age groups, serious delinquencies are the highest since 2011.
Auto Loan Delinquencies
Serious delinquencies on auto loans have jumped from under 3 percent in mid-2021 to to 5 percent at the end of 2023 for age group 18-29.Age group 30-39 is also troubling. Serious delinquencies for age groups 18-29 and 30-39 are at the highest levels since 2010.
Those struggling with rent and auto loans are more likely to be Millennials and Zoomers than Generation X, Baby Boomers, or members of the Silent Generation.
The same age groups struggling with credit card and auto delinquencies.
What Will and Won’t Decide the Election?
- For younger voters, and blacks, the economy, specifically housing, will be the deciding issue. Biden may still carry this group, but by far less percentages than in 2020.
- For older voters, especially independents who own their own house, the key factors are likely to be immigration, Biden’s wokeness, and Biden’s age.
- In Pennsylvania, natural gas and energy policy will come into play.
- The abortion issue was a huge loser for Republicans in the 2022 midterms. But given the Supreme Court ruling, the matter is up to states. Trump can lessen the issue more by staying away, or better yet pushing back against more extreme measures.
- Biden is campaigning on a need to “Protect Democracy”. Other than abortion, he has little else. But polls show that is not even a winning issue for him. His extreme woke policies, flouting the Supreme Court, and energy mandates have cost him this issue.
Trump Ahead in Swing States
For more on the recent WSJ poll, please see Trump Leads Biden in 6 of 7 Swings States, Pennsylvania is Key
There has not been a single poll suggesting housing specifically.
Nonetheless, based on the above data, I suggest that it’s the top issue among younger voters and blacks. Generation Z and blacks feel economically left behind, never able to afford a house, with rent jumping every year.
Housing is the single most important issue. Blaming immigration is likely a scapegoat for many.
For independents, a trio of ideas that will make it hard for Biden to win. And finally, RFK is more likely to take votes from Biden than Trump.
EVs are a losing issue for Biden, but dwarfed by a half dozen other items. If a recession hits, Trump could easily win in a landslide.
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
end
Trump is perfectly correct
(zerohedge)
Trump Says Abortion Should Be Decided By States, ‘Will Of The People’
MONDAY, APR 08, 2024 – 08:45 AM
Former President Donald Trump said in a Monday announcement that he believes abortion should be left to the states and that in-vitro fertilization (IFV) should be available, he said in a video statement posted on Truth Social.
“My view is…the states will determine by legislation or vote or perhaps both, and whatever they decide must be the law of the land. In this case, the law of the state. Many states will be different, many will have a different number of weeks or some will have more conservative than others, and that’s what they will be. At the end of the day, this is all about the will of the people,” Trump said. “You must follow your heart or, in may cases, your religion or your faith. Do what’s right for your family and do what’s right for yourself…do what’s right for our country.”
https://truthsocial.com/@realDonaldTrump/112235238031827342/embed
Trump had previously indicated that he would publish his position regarding abortion, which is a large departure from a federal abortion limit that some Republicans have pushed for.
He also said regarding IVF, “We want to make it easier for mothers and families to have babies, not harder. That includes supporting the availability of fertility treatments like IVF in every state in America.”
Last week, Trump told reporters at a Michigan campaign stop that he would make a statement in the coming week, after he was asked about Florida’s controversial six-week abortion ban.
end
iiiC USA COVID //VACCINE ISSUES
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
END
SWAMP STORIES
KING REPORT
| The King Report April 8, 2024 Issue 7216 | Independent View of the News |
| March Nonfarm Payrolls are 303k; 214k was consensus. Of course, February was revised lower, to 270k from 275k, and January was revised 27k higher. Team Obama-Biden’s scam continues: Juice the economy with debt and Fed largesse, craft unrealistically strong economic data, and revised economic data lower in the ensuing economic data release. Government created 71k jobs; Healthcare, which has a huge government presence, grew 72.3k. More importantly, immigrant employment soared as native American employment fell; part-time jobs soared; multiple job holders increased sharply due to the squeeze of inflation – Bidenomics! The Household Survey shows the US inexplicably added 691,000 part-time jobs while losing 6k full-time jobs! Full-time employment fell for the 4th consecutive month. ‘Employed’ +498k; ‘Unemployed’ -29k. The Unemployment Rate fell 0.1% to 3.8%. The Labor Force Participation Rate increased 0.2 to 62.7%. Not in Labor Force -296k https://www.bls.gov/news.release/empsit.a.htm Construction +39k, Retail +17.6k, Health care and social assistance +81.3k, Leisure and hospitality +49khttps://www.bls.gov/news.release/empsit.b.htm Wages were the expected 0.3% m/m and 4.1% y/y. The Workweek increased 0.1 to 34.4 hours. Manufacturing produced 0 jobs; +3k was consensus. March 2023 seasonal adjustment +947k; March 2024 seasonal adjustment +915khttps://www.bls.gov/news.release/empsit.t17.htm Birth/Death jobs March 2023 -29k, March 2024 -21k https://www.bls.gov/web/empsit/cesbd.htm Illegal and legal immigration benefits Big Business secondarily by pressuring wages. Primarily, illegal immigration is a conduit for the government to pass billions of dollars to corporations. @zerohedge: How is this not the biggest political talking point right now: since October 2019, native-born US workers have lost 1.4 million jobs; over the same period foreign-born workers have gained 3 million jobs. https://t.co/Z5HVWmQ24C @zerohedge: Maybe if the Biden Dept of Labor can come up with more ridiculous job numbers, people will finally believe them. Jan: 5-sigma beat; Feb: 3-sigma beat; March: 4-sigma beat https://twitter.com/zerohedge/status/1776252255278108811 In each of the past three months, the payrolls number has come in higher than the highest Wall Street estimate. This is statistically impossible unless the number is manipulated. @RealEJAntoni: In the last year, 651k native-born Americans have lost jobs, while 1.3 million foreign-born workers have gained jobs: @Convertbond: USA Full Time Jobs: March 2024: 132.9m; June 2023: 134.8m; Feb was 132.9 as well, Jan was 133.1. The “gig” and part-time labor-fueled economy. Bloomberg terminal data. @GS_CapSF: Robust labor market of part time jobs while full time employment is down YoY. Multiple job holders +225k back near highs (yes that’s in the +303k nonfarm #). Meanwhile government employment continues to surge. https://twitter.com/GS_CapSF/status/1776237800637292848 @spomboy: Nothing about this chart suggests we have a ‘strong’ labor market. Far from it. FT jobs down -1.3% yy…PT jobs up 7.5%y/y https://t.co/1kq9yJoRON We’ve lost 1.8 MILLION full-time jobs in just the last 4 months. That’s (not surprisingly) the biggest such drop since Covid and the Great Recession before it. @MichaelAArouet: Compared with a year ago the US lost 1347k full time jobs. Can someone please reconcile it with the positive NFP prints each month? Where should all these part-time jobs more than offsetting lost full-time jobs be coming from? https://t.co/8nbX7gmUtx @BLS_gov: Number of unemployed people per job opening unchanged in February for tenth consecutive month https://www.bls.gov/opub/ted/2024/number-of-unemployed-people-per-job-opening-unchanged-in-february-for-tenth-consecutive-month.htm @GS_CapSF: This seems like a statistical impossibility for two series to hold the same ratio for almost a year. Is the BLS making numbers up? Treasuries Fall, with Swaps Shifting First Full Cut to September – BBG 8:39 ET CNBC’s @carlquintanilla: The March jobs number crushes estimates — but the recent NFIB small-business survey “screams that a real slowdown in job growth is coming.” https://t.co/c3ubPwmeiz ‘Risk’ rebounded on Friday. June Gold soared as much as 1.8% to a high of $2350.00. Stocks and commodities rallied smartly; bonds declined sharply. Part of this behavior was a reaction to Thursday’s ‘risk’ tumble. But part of Friday’s action was due to the perception that the US economy is running unnaturally ‘hot’, with Fed complicity, due to election-year politics. Despite more hawkish comments from Fed officials, someone decided to juice ESMs. Whispers circulated The Street that someone was trying to force stocks higher to advance the narrative that the US economy is strong due to Bidenomics. Qui bono? Dallas Fed President Logan said, “I believe it’s much too soon to think about cutting interest rates.” Logan also, like Powell, stated that immigration is boosting the US economy. She also sees ‘meaningful risks’ to progress on inflation. Logan said she is “increasing concerned about upside risks to the inflation outlook;” and the risk of cutting rates too soon is greater than the risk of cutting too late. Richmond Fed President Barkin also asserted that immigration is boosting the US economy. But, he, like other Fed officials, did NOT mention that the immigration boost comes at the cost of blowing up government budgets and debt. Barkin lamented that businesses are still looking to hike prices. Fed’s (Gov) Bowman Says It’s ‘Still Not Time for Rate Cuts – BBG 12:30 ET“I continue to see a number of upside risks to inflation…”ESMs traded mostly higher from the Nikkei opening until they sank on the release of the March Employment Report. They quickly bounced to a new daily high of 5224.50 at 8:42 ET. Sellers returned; ESMs sank to 5205.25 at 9:13 ET. The rally for the NYSE opening began; ESMs hit 5230.00 at 9:55 ET. After a retrenchment to 5215.50 at 10:27 ET, someone decided to aggressively buy ESMs, driving them to a daily high of 5272.50 at 13:00 ET. Traders manically got long for the Friday Afternoon Rally. ESMs sank to 5237.00 at 14:00 ET; they ran to 5261.00 at14:22 ET and then retreated to 5240.00 at 14:57 ET. A late rally took ESMs to 5260.75 at 15:55 ET; they fell to 5249 at 16:00 ET. On Thursday, Nasdaq closed below its 50-day moving average for the first time since November. Over the past several years, when a major equity index suffered a significant technical breakdown, aggressive buying quickly materialized to ‘save’ the index by reversing psychology and the technical damage. On Friday, by a few pennies, the lead month for WTI Oil futures created a Golden Cross to the upside. Its 50-day moving average crossed above the 200-day moving average for the first time since August. Tesla is slashing prices of its best-selling vehicle in a bid to clear its biggest-ever stockpile.https://finance.yahoo.com/news/tesla-offers-steep-discounts-suvs-134038780.html @KobeissiLetter: At 11:05 AM ET, Tesla stock, TSLA, fell nearly 6% after Reuters reported that the company cancelled plans for a low cost car. 30 minutes later, at 11:35 AM ET, @elonmusk posted that “Reuters is lying (again).” The stock quickly recovered gaining ~4% in minutes. This resulted in a ~$50 billion swing in market cap on news that Elon Musk has confirmed to be false. Being on X has become an essential part of being an investor in today’s market. Has X become your primary source of financial news? https://twitter.com/KobeissiLetter/status/1776276255916110186 WSJ: Teens Are Pouring into the Stock Market – Adults can set up custodial accounts for minors…https://www.wsj.com/story/teenagers-are-pouring-into-the-stock-market-2d9f9fc3 99 Cent Only Stores shutting down 371 locations due to inflation and theft https://t.co/bK8dPmpoNS Insurers such as State Farm and Allstate are leaving fire- and flood-prone areas. Home values could take a hit https://t.co/f1gAoqROTB Positive aspects of previous sessionStocks rallied on the belief that the Fed will allow Team Obama-Biden to juice the economy Negative aspects of previous sessionBonds declined on the belief that the Fed will allow Team Obama-Biden to juice the economyGold soared again Ambiguous aspects of previous sessionHow much hell is coming for the US economy due to the high-level rig to get Biden re-elected? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5231.95Previous session S&P 500 Index High/Low: 5222.189; 5157.21 Earliest COVID-19 vaccine recipients wrote in tens of thousands of injuries left off CDC surveysAgency unsuccessfully fought to keep “free text” entries hidden after turning over the checkbox survey data in a different lawsuit. “Persistent immune imprinting,” from taking same vaccine repeatedly, confirmed again… https://justthenews.com/government/federal-agencies/earliest-covid-19-vaccine-recipients-wrote-tens-thousands-injuries-left CDC Releases 780,000 COVID Vaccine Injury ReportsInjuries reported include everything from seizures, Bell’s Palsy, blood clots, and myocarditis to miscarriages, tinnitus (ringing in the ears), shortness of breath, and testicular abnormalities… After years of pretending COVID-19 vaccines were safe, the Centers for Disease Control and Prevention (CDC) released a second batch of 390,000 free-text entries from its V-safe database in March showing the shots are anything but. An earlier batch of 390,000 entries was released in February. (This is just 780,000 reports of the 7.8 million slated to be turned over.)…https://meganredshaw.substack.com/p/cdc-releases-780000-covid-vaccine @BreakingNews on Friday: At 10:23 a.m. ET, a 4.8-magnitude earthquake hit northern New Jersey, causing buildings to shake from Philadelphia north to Boston. The Holland Tunnell, Newark Airport, and JFK Airport were temporarily closed for inspections. Second earthquake rocks New Jersey at magnitude 4.0 (17:59 ET, near Gladstone)https://justthenews.com/politics-policy/environment/second-earthquake-rocks-new-jersey-magnitude-40 Gavin Newsom’s restaurant offering job at $16/hr despite new state law of $20/hr for fast food workers (Liberal/Dem privilege) https://trib.al/zJeOGpj West facing ‘authoritarian’ alliance, says Nato chiefJens Stoltenberg told the BBC that Russia, Iran, China and North Korea are increasingly aligned… “China is propping up the Russian war economy, delivering key parts to the defense industry, and in return, Moscow is mortgaging its future to Beijing.”… (China exposed; will it change or be sanctioned?)https://www.bbc.com/news/uk-politics-68743805 Yellen warns China of ‘significant consequences’ if its companies support Russia’s war in UkraineAntony Blinken told EU and NATO foreign ministers that Beijing was assisting Moscow “at a concerning scale”, and providing “tools, inputs and technical expertise”, according to three people familiar with the discussions… https://www.ft.com/content/ba524406-ee6c-4c39-9ac2-110a2549569a @CollinRugg: U.S. intelligence officials are warning of violence targeting mass gatherings days before millions gather to watch the eclipse. The FBI and Homeland Security are increasingly worried about threats from ISIS and “lone wolves” in the U.S. The intel bulletin specifically warns people to be cautious at “mass gatherings such as sports stadiums, concert venues, or houses of worship in the United States.” The warning is similar to the one U.S. officials gave in Russia on March 7, warning U.S. citizens to stay away from large gatherings for 48 hours due to “imminent plans” from extremists. Despite the terror alert in the USA and Israel on high alert for Iranian attacks, The Big Guy headed to Delaware for what must be necessary weekend treatments. Pipeline for pumping petroleum products blown up in Rostov region in Russia (On Saturday)In Rostov region of the Russian Federation, a pipeline used to pump petroleum products from a local oil depot to tankers in the area of the Azov Sea Port was blown up, the Defense Intelligence of the Ministry of Defense of Ukraine reported on Telegram… (Bad news for Powell & Biden!)https://en.interfax.com.ua/news/general/978536.html Massive container ship loses power near NYC’s Verrazzano Bridge days after Baltimore Key Bridge disaster (Coincidence or something else?) https://nypost.com/2024/04/07/us-news/massive-container-ship-loses-power-near-nycs-verrazzano-bridge-days-after-baltimore-key-bridge-disaster/ Today – Traders will play for the expected Monday Rally. Plus, astute traders know there is a rally window from now until Wednesday, when March CPI will be released. Also, Ramadan ends Tuesday; thereafter the odds of Iran or its proxies attacking someone will soar. If March CPI is not horrible, traders will get long for the earnings season rally. Big Banks start the season when they report results on Friday. Caveat: Iran could thwart the earnings season rally. ESUs are +1.25; NQHs are +2.50; USHs are -1/32; June Gold is -17.50 at 20:25 ET. S&P Index 50-day MA: 5083; 100-day MA: 4875; 150-day MA: 4697; 200-day MA: 4639DJIA 50-day MA: 38,860; 100-day MA: 37,753; 150-day MA: 36,445, 200-day MA: 36,008(Green is positive slope; Red is negative slope) S&P 500 Index (5204.34 close) – Trender BBG trading model and MACD for key time framesMonthly: Trender and MACD are positive – a close below 4539.68 triggers a sell signalWeekly: Trender and MACD are positive – a close below 5033.32 triggers a sell signalDaily: Trender and MACD are negative – a close above 5299.70 triggers a buy signalHourly: Trender and MACD are negative – a close above 5238.66 triggers a buy signal Biden-appointed judge (Reyes) eviscerates DOJ over non-compliance with House subpoenas“I think it’s quite rich you guys pursue criminal investigations and put people in jail for not showing up” but then order personnel to do the same thing… “There’s a person in jail right now because you all brought a criminal lawsuit against him because he did not appear for a House subpoena,” she added…https://justthenews.com/government/courts-law/biden-appointed-judge-eviscerates-doj-over-non-compliance-house-subpoenas White House met with Hunter Biden’s legal team just before he ducked subpoena: visitor logshttps://nypost.com/2024/04/06/us-news/white-house-meets-with-hunter-bidens-legal-team-visitor-logs/ @LucasFoxNews: Israeli military fired 2 officers and punished 3 others for drone strike in Gaza Monday night that killed 7 aid workers from World Central Kitchen. Reminder: U.S. defense chief Lloyd Austin declined to punish anyone involved in drone strike that killed 10 Afghans, including 7 children, during the withdrawal in late August 2021. @joelpollak: According to the @IDF, a Hamas gunman actually mounted a WCK vehicle and fired in the air two hours before the airstrike. The IDF called the WCK, who called its workers, who did not answer. The IDF called off one airstrike before the second one took place. https://t.co/rIdRYhTQkA @joelpollak: Biden‘s betrayal may be a blessing in disguise for Israel. Assuming it has enough weapons, it should simply finish Hamas in Rafah, destroy Hezbollah in Lebanon, and take out the Iranian nuclear facilities. Israel was built without US aid and can survive without US aid. Biden ridiculed for ‘obvious hypocrisy’ as he condemns Israeli airstrike that killed aid workers in Gaza – Biden tried to ‘exploit’ the tragedy in order to ‘make his left wing happier’ Some individuals… blasted the president’s remarks as hypocritical, since the U.S. conducted a drone strike in August 2021 that killed 10 civilians in Kabul, Afghanistan…https://www.foxnews.com/politics/biden-ridiculed-obvious-hypocrisy-condemns-israeli-airstrike-killed-aid-workers-gaza ESJ Editorial Board: Biden Exploits a Tragic Israeli MistakeHe forgets the mistaken U.S. missile strike that killed 10 innocents in Kabul in 2021. Egged on by the emerging anti-Israel liberal media consensus, Mr. Biden called on Thursday for an “immediate cease-fire” and urged Israel to make new concessions in hostage negotiations… The message Hamas will take away is clear: Keep rejecting hostage deals, do whatever you can to worsen the humanitarian catastrophe, and watch Mr. Biden blame and pressure Israel to compromise on its war aims… He puts Israel on trial each day from Washington lecterns, undermining support for its war effort… He may also pay a bigger political price at home than he realizes.https://www.wsj.com/articles/world-central-kitchen-strike-biden-israel-hamas-gaza-kabul-isis-1b5ddd1c Pelosi joins call for Biden to stop transfer of US weapons to Israel – A letter was signed by Pelosi and 36 other Democrats including Representatives Barbara Lee, Rashida Tlaib and Alexandria Ocasio-Cortez…https://www.jpost.com/breaking-news/article-795599 Nancy Pelosi Shows Her Hatred for IsraelHer hypocrisy is astounding when you consider how silent Pelosi has been about the deaths of so many Israeli civilians. It is sad when you examine her relative silence about the deaths in Afghanistan when U.S. aircraft accidentally killed 42 people in an airstrike on a Doctors Without Borders hospital in Kunduz. And her silence is deafening about “women’s rights” when you look at her non-response to the hostages taken by Hamas who have been raped multiple times… The foolishness of Pelosi demonstrates a complete ignorance of who and what Hamas is. Hamas, by its own definition, is an arm of the Muslim Brotherhood. This is an organization that says America is Satan, and is devoted to destroying the United States and establishing a worldwide Islamic theocracy. Hamas is dedicated to the “obliteration” of not only all Jews, but of America… Pelosi, like many om the far left, doesn’t really care about humanitarian aid– unless there is a way of using it to castigate Israel… https://pjmedia.com/rabbi-michael-barclay/2024/04/06/nancy-pelosi-has-an-insatiable-appetite-and-she-must-feed-n4927964 WSJ Editorial Board: Democrats Play Into Hamas’s HandsCutting off weapons to an ally in wartime would be the definition of betrayal.https://www.wsj.com/articles/democrats-play-into-hamass-hands-israel-war-weapons-c079fb94 Mother of American abducted by Hamas: Cease-fire without releasing hostages ‘is a death sentence to them’ https://t.co/rVG2SDIg0h @RNCResearch: Biden was raised in the Greek, Puerto Rican, Jewish, Black, and Irish communities of Delaware. Remarkable! https://twitter.com/RNCResearch/status/1776105849917788331?s=02 @TPostMillennial: Biden draws parallels between his own loss of son Beau and the grief experienced by the families of the six people who died in the collapse of the Francis Scott Key Bridge. (Narcissist)https://twitter.com/TPostMillennial/status/1776335236852306308 Trump dares judge to throw him in jail, ‘will gladly become a Modern Day Nelson Mandela’“If this Partisan Hack wants to put me in the ‘clink’ for speaking the open and obvious TRUTH, I will gladly become a Modern Day Nelson Mandela – It will be my GREAT HONOR,” Trump wrote Saturday on Truth Social about Merchan’s gag order. Trump is still able to comment on Merchan and Manhattan District Attorney Alvin Bragg, just not their families under the order…https://justthenews.com/politics-policy/all-things-trump/trump-dares-judge-throw-him-jail-will-gladly-become-modern-day “Oh Man, This Is Huge”: Video Revealed by Jan. 6 Defendant Raises Questions About Undercover Agents – In sworn testimony in a December 2022 Alaska civil court trial and in numerous media appearances, Mr. Guandolo said he was with two FBI special agents and a colleague with whom he traveled to Washington on Jan. 6. Mr. Guandolo has indicated that he was also introduced to other FBI personnel at the Capitol that day. Mr. Pope is seeking to compel federal prosecutors to identify them all. He said even if the men were at the Capitol on personal time, their free movement around the grounds shows they did not believe the Capitol was off limits to the public…https://www.zerohedge.com/political/oh-man-huge-video-revealed-jan-6-defendant-raises-questions-about-undercover-agents Students protest ‘war criminal’ Hillary Clinton at alma mater appearance: ‘Blood on her hands’ https://t.co/58exDZDF7y Illegal migrant deported 8 times with 11 arrests now charged with murder in Ohio: ‘Our border is broken’ – Fermin Garcia-Gutierrez, 46, has used at least 7 different names and 3 different birthdateshttps://www.foxnews.com/us/illegal-migrant-deported-8-times-11-arrests-now-charged-murder-ohio-border-broken? Colorado Springs-area resident found guilty on all charges in Capitol breach trial in D.C.“J6 Praying Grandma,” was convicted on all four federal misdemeanor charges for her participation in the Jan. 6, 2021… When she was inside the Capitol for 10 minutes with a group of other rally-goers, Lavrenz said she “felt God’s presence on me.”… https://gazette.com/news/crime/verdict-colorado-springs-area-resident-found-guilty-on-all-charges-in-capitol-breach-trial-in/article_41e439fe-f0fc-11ee-9887-4fc0904851b5.html Trump Accuses Biden of Unfairly Targeting 71-Year-Old Jan. 6 ‘Hostage’ https://t.co/qrcDby1IYU“Rebecca Lavrez, also known as the ‘J6 Praying Grandma,’ has been unfairly targeted by Crooked Joe Biden’s DOJ, and now faces up to 1 YEAR in prison for peacefully walking around the Capitol, and praying for our Failing Nation on January 6th!” he wrote in a post on Truth Social… (Bronx, NYC) Judge who allegedly let gun-toting squatting migrant off hook despite DA’s bail plea previously let cop beaters go https://nypost.com/2024/04/06/us-news/alleged-gun-migrant-set-free-despite-bail-request/ NYPD cop’s murder mirrors larger national pattern: Repeat offenders committing violent crimesThe pattern has emerged across the country as cities like New York and Washington, D.C. have softened bail laws and continue to release dangerous individuals into the public…https://justthenews.com/nation/crime/nypd-cops-murder-mirrors-larger-pattern-justice-system-releases-dangerous-offenders How do we reconcile jail for grannies that ‘trespassed’ in the Capitol with the reluctance and refusal to deport and/or arrest violent illegal immigrants as well as violent Americans in Big-Blue cities? @AnnCoulter: Can NYC get more absurd? ‘NYC to pay $17.5 million after Muslim women forced to remove hijabs for MUGSHOTS.’ https://t.co/XoLGi5gFKW @Real_RobN: William Barr, the chief law enforcement officer of the U.S. government covering up the overthrow of your government in real time, Lieutenant Colonel, Anthony Shaffer,• “Jessie wasn’t alone, there was a number as in like a bunch of different trucks engaged in this.”• “Beyond the shadow of a doubt we have evidence of a massive transfer of completed, curated ballots ready to be injected into the counting centers.”• “Normally Jesse receives a ticket, that proves he was there. That was refused. That wasn’t an accident, that was intentional. That was you receive no ticket.”In Dec 2020 an “irate” William Bar called Anthony Shaffer looking into 144,000 – 280,000 completed ballots trafficked from New York to Pennsylvania to “STAND DOWN” “‘I told you you need to stand down on this.’ “[He was] agitated, to say the least.” https://twitter.com/Real_RobN/status/1776650344577257886 “The problem with the world is that the intelligent people are full of doubts, while the stupid ones are full of confidence.” — Charles Bukowski, American poet & novelist | |
GREG HUNTER INTERVIEWING STEVE QUAYLE
Your Bomb Shelter is Not Going to Save You – Steve Quayle
By Greg Hunter On April 6, 2024 In Political Analysis25 Comments
By Greg Hunter’s USAWatchdog.com (Saturday Night Post)
Renowned radio host, filmmaker, book author and archeological dig expert Steve Quayle says just about every aspect of American life is under a new threat because America is on the verge of war. No doubt the coming global war will turn nuclear. Quayle explains, “Here is the critical issue. We are so tenuously and perilously poised at provoking a nuclear preemptive attack in the continental United States because the minute an F-16 (J-model), which can carry nuclear weapons, the minute we get our bombers in the air, there is a point Russia, with its superior hypersonic weapons, can take that aircraft out before they can even get over a target. This is most critical, and that is Russia has achieved electronic warfare dominance. That means imagine a net and you are firing missiles, bombers and they have no ability to navigate. . . . Anything that is stealth no longer exists as stealth. . . . I think there is a more sinister purpose to starting a nuclear war than most people recognize. The globalists, the Satanists, the Luciferians, the one world government people and the WTF-ers are all total haters of mankind. They all have the same goals as Satan, and that is the destruction of humanity. I think what is at stake is the global sacrifice of the western nations. All NATO countries, and it is amazing to me, that all these countries that want war on Russia have long since abandoned Christianity, and, yes, these are holy wars. . . . In my opinion, we are at the time and the revealing of the Anti-Christ.”
Quayle also points out the coming conflict between Israel and Iran is the biggest world war sign out there. Quayle says, “I don’t think this is just a possibility. I think it is a given, now. (After Israel attacked Iran’s embassy last week in Syria.) The reason why this is a big deal is that history will record underestimating Iran for the last 24 years. You are talking about an empire, the Persian Empire. The Prophet Daniel was praying to the living GOD, and two archangels, Michael and Gabriel, said the “Prince of Persia” in the heavenly realm withstood them for 21 days. The point is Iran is a major power. . . . The Pentagon has underestimated Iran’s ability to launch not only conventional missiles, but also nuclear missiles. This may make people in America lose sleep at night, but it is my understanding that there are Iranian nuclear missiles in Venezuela. So, how does anybody think this is not going to get much bigger than it is right now. . . . It looks like Iran and the US have made an agreement that the US will not come to Israel’s aide when they battle it out. Another thing, Russia and Iran have mutual defense treaties. China and Iran have defense treaties. Iran also has a mutual defense treaty with India. All three of those powers have hypersonic nuclear missiles. So, we are going up against three goliaths.”
With gold at all-time highs, will it go higher? Quayle, who has been a gold broker for decades, says, “People do not trust the American investment community or the paper assets they were always taught would be there for them. Gold is basically being revalued outside of the United States by multiple nations. . . . Years ago, I said that if you can’t touch it, you don’t own it. Paper based assets are irrelevant when they cannot be traded for whatever you need to acquire.”
In closing, Steve says, “Demons and fallen angels want the destruction of all humanity. . . . accepting Jesus as Lord and Savior is the only way to get delivered from this. Your bomb shelter is not going to save you.”
There is much more in the 1-hour interview.
Don’t forget to click here to get the latest satellite phone deals at Sat123.com.
For powered generation ideas go to BeReady123.com.
Join Greg Hunter with his special guest, renowned radio host and filmmaker, Steve Quayle, as they talk about the important news stories of the week as Quayle warns of war spreading like fireworks all over the world 4/6/24.
(Tech Note: If you do not see the video, know it is there. Unplug your modem and plug it back in after 30 sec. This will clear codes that may be blocking you from seeing it. In addition, try different browsers. Also, turn off all ad blockers if you have them. Finally, clear your Cashe and that might help too. https://its.uiowa.edu/support/article/719 All the above is a way Big Tech tries to censor people like USAWatchdog.com.)
After the Interview:
Go to Sat123.com for the latest deals on satellite phones and many other products that you need to navigate our troubled times.
For powered generation ideas from BeReady123.com, you can watch an 8-minute demonstration. You can also go to BeReady123.com for all your power generation shopping.
You can see unique videos and content Steve Quayle has to offer on GenSix.com.
There is lots of free information on SteveQuayle.com.
To get a copy of “Midnight Strikes” click here.
SEE YOU TUESDAY
harveyorganblog.com 
