GOLD PRICE CLOSED DOWN $14.60 TO $2329.50
SILVER PRICE UP $0.04 TO $27.93
Gold ACCESS CLOSED $2332.50.
Silver ACCESS CLOSED: $27.84
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:$69109 UP 39 DOLLARS.
Bitcoin: afternoon price: $69800 up 730 dollars
Platinum price closing DOWN $8.40 TO $965.45
Palladium price; DOWN $25.55 AT $1051.00
END
SHANGHAI GOLD PREMIUM 50 DOLLARS/COMEX GOLD
SHANGHAI GOLD……
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 10 Apr 2024 09:00:54 AM 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.”
Now I retrieve the data after 1 am
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3191.20 down 1.20 CDN dollars per oz( * NEW ALL TIME HIGH 3,192.60 CDN DOLLARS PER OZ//APRIL 9 2024)
*BRITISH GOLD: 1859,74 UP 4,01 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1859.94 BRITISH POUNDS/OZ) APRIL 10/2024
*EURO GOLD: 2171,12 UP 2.16 euros per oz //* (ALL TIME CLOSING HIGH: 2166.67 EUROS PER OZ//APRIL 9.2024)
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END
EXCHANGE: COMEX
ACCESS MARKET
EXCHANGE: COMEX
CONTRACT: APRIL 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,343.500000000 USD
INTENT DATE: 04/09/2024 DELIVERY DATE: 04/11/2024
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SEC 23
435 H SCOTIA CAPITAL 51
726 C CUNNINGHAM COM 1
737 C ADVANTAGE 13 8
905 C ADM 3
991 H CME 83
TOTAL: 91 91
MONTH TO DATE: 13,509
JPMORGAN STOPPED (RECEIVED) 0/91 CONTRACTS
FOR APRIL/2024
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 91 NOTICES FOR 9100 OZ or 0.2830 TONNES
total notices so far: 13,509 contracts for 1,350,900 Oz (42.018 tonnes)
FOR APRIL:
SILVER NOTICES: 61 NOTICE(S) FILED FOR 305,000 OZ/
total number of notices filed so far this month : 572 for 2,860,000 oz
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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 DOWN $14.60
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD/
/ /INVENTORY RESTS AT 828.,71 TONNES
INVENTORY RESTS AT 828.71 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP 4 CENTS AT THE SLV//
NO CHANGES IN SILVER INVENTORY AT THE SLV:
// INVENTORY RISES TO 441.929 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 441.929 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A FAIR SIZED 298 CONTRACTS TO 174,397 AND RAPIDLY CLOSING IN ON THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS STRONG SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR STRONG GAIN IN PRICE OF $.15 IN SILVER PRICING AT THE COMEX ON TUESDAY. 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 4365 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 TUESDAY NIGHT: 4365 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 $0.15), AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A HUMONGOUS SIZED GAIN OF 2582 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.15.
WE MUST HAVE HAD:
A MEGA HUGE SIZED 2582 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 305,000 OZ QUEUE JUMP //NEW STANDING 3.6695 MILLION OZ//
//NEW STANDING FOR SILVER IS THUS 3.695 MILLION OZ
WE HAD:
/ STRONG SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/ VI) MEGA HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 4365 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A WHOPPING 881 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 8 days, total 14,303 contracts: OR 71.515 MILLION OZ (1787 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 71.515 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: 71.515 MILLION OZ (THIS MONTH WILL PROBABLY BE A WHOPPER OF ISSUANCE OF EFPS)
RESULT: WE HAD A FAIR SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 298 CONTRACTS WITH OUR STRONG GAIN IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS EFP ISSUANCE CONTRACTS: 2582 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’ 305,000 OZ QUEUE JUMP
//NEW TOTAL STANDING RISES TO 3.695 MILLION OZ
WE HAVE A HUMONGOUS GAIN OF 2582 OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 4365 CONTRACTS, THE 3RD HIGHEST EVER ISSUED//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE TUESDAY NIGHT (4365) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 61 NOTICE(S) FILED TODAY FOR 305,000 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 FAIR SIZED 1677 CONTRACTS TO 505,214 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 148 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI (1677 CONTRACTS) WITH OUR $11.35 GAIN IN PRICE//TUESDAY. THE BANKERS WERE FORCED TO SUPPLY THE NECESSARY SHORT PAPER TO CONTAIN GOLD’S RISE.WE ALSO HAD A RATHER LARGE INITIAL STANDING IN GOLD TONNAGE FOR APRIL. AT 44.8615 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S QUEUE JUMP OF 700 OZ.(0.02177 TONNES)
NEW STANDING 43.107 TONNES// ALL OF THIS HAPPENED WITH OUR $11.35 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF 6162 OI CONTRACTS (19.166 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 4485 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 505,214
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6162 CONTRACTS WITH 1677 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 4485 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6162 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED 3067 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4485 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (1677) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6162 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 0.02177 TONNES EQUEUE JUMP
//NEW STANDING 43.107 TONNES.
/ 3) ZERO LONG LIQUIDATION WITH THE GAIN IN PRICE.
// 4) FAIR SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 3057 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: 31,474 CONTRACTS OR 3,147,400 OZ OR 97.89 TONNES IN 8 TRADING DAY(S) AND THUS AVERAGING: 3934 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 8 TRADING DAY(S) IN TONNES 97.89 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 97.89/3550 x 100% TONNES 2.76% 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: 97.89 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 FELL BY A FAIR SIZED 298 CONTRACTS OI TO 174,695 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 2582 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 2582 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2582 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 298 CONTRACTS AND ADD TO THE 2582 E.FP. ISSUED
WE OBTAIN A HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3165 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 11.420 MILLION OZ
OCCURRED WITH OUR $0.15 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//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 21.20 PTS OR .70% //Hang Seng CLOSED UP 311.10 PTS OR 1.85% / Nikkei CLOSED DOWN 191.36 PTS OR 0.48% //Australia’s all ordinaries CLOSED UP 0.35%///Chinese yuan (ONSHORE) closed UP 7.2338 //OFFSHORE CHINESE YUAN CLOSED UP TO 7.2409 /Oil DOWN TO 85.78 dollars per barrel for WTI and BRENT DOWN AT 89.87/ Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 1577 CONTRACTS TO 505,214 WITH OUR GAIN IN PRICE OF $11,35 WITH RESPECT TO TUESDAY 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 4485 EFP CONTRACTS WERE ISSUED: : JUNE 4485 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4485 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 6250 CONTRACTS IN THAT 4485 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 1765 COMEX CONTRACTS..AND THIS STRONG GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GAIN IN PRICE OF $11.35 TUESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT WAS A STRONG SIZED 3057 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 STRONG T.A.S. ISSUANCE.
// WE HAVE A STRONG AMOUNT OF GOLD TONNAGE STANDING: APRIL (43.107 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: 43.107 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $11.35 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG SIZED GAIN OF TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE 0F $11…35.
WE HAD A HUGE T.A.S. LIQUIDATION ON THE FRONT END OF TUESDAY’S TRADING ALONG. THE T.A.S. ISSUED ON TUESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 19.166 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 700 OZ (0.02177 TONNES)//NEW STANDING; 43.107 TONNES
NEW STANDING: 43.107 TONNES
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $11.35
WE HAD REMOVED 871 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 6250 CONTRACTS OR 625,000 (19.440 TONNES)
estimated volume today 294,408 // very GOOD
final gold volumes/yesterday 294,408 very good
//speculators have left the gold arena
APRIL 10/ INITIAL APRIL GOLD
/ /// THE APRIL 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | oz nil . |
| Deposit to the Dealer Inventory in oz | nil oz |
| Deposits to the Customer Inventory, in oz | nil oz |
| No of oz served (contracts) today | 91 notice(s) 9100 OZ 0.2830 TONNES |
| No of oz to be served (notices) | 350 contracts 35,000oz 1.0856 TONNES |
| Total monthly oz gold served (contracts) so far this month | 13,509 notices 1,350,900 oz 42.015 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: 0
total customer withdrawal: nil 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 441 contracts having LOST 65 contracts. We had 72 contracts served on TUESDAY, so we GAINED 7 contracts or an additional 700 oz (0.02177 tonnes) will stand at the comex
MAY GAINED 168 CONTRACTS TO STAND AT 1728
JUNE DECREASED ITS OI BY 630 CONTRACTS DOWN TO 424,133 CONTRACTS.
We had 91 contracts filed for today representing 9100 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 91 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for the APRIL. /2024. contract month, we take the total number of notices filed so far for the month (13,509 x 100 oz ), to which we add the difference between the open interest for the front month of APRIL. (441 CONTRACTS) minus the number of notices served upon today 91 x 100 oz per contract equals 1,385,900 OZ OR 43.107 TONNES.
thus the INITIAL standings for gold for the APRIL. contract month: No of notices filed so far (13,509) x 100 oz + (441) {OI for the front month} minus the number of notices served upon today (91) x 100 oz which equals 1,385,900 oz (43.107 TONNES)
TOTAL COMEX GOLD STANDING FOR APRIL: 43.107 TONNES WHICH IS HUGE FOR THIS 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: 1,586,497.812 49.34 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,582,172.588 OZ
TOTAL REGISTERED GOLD 7,531,079.537 (234.24 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,051,093.031 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,944,582 oz (REG GOLD- PLEDGED GOLD) 184.90 tonnes/dropping like a stone
END
SILVER/COMEX
APRIL 10
INITIAL
//2024// THE APRIL 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 107,077.89. oz Brinks . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 10,874.258 oz delaware |
| No of oz served today (contracts) | 61 CONTRACT(S) (305,000 OZ) |
| No of oz to be served (notices) | 167 contracts (835,000 oz) |
| Total monthly oz silver served (contracts) | 572 Contracts (2,860,000 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 1 deposits customer account:
i) Into delaware: 10,874.258 oz
total customer deposits 10,874.258 oz oz
JPMorgan has a total silver weight: 129.806 million oz/289.976 million or 44.82%
adjustment: 0
Comex withdrawals: 1
i) Out of Brinks 107,077,890
total withdrawal: 107,077.890 oz
adjustment: 0
TOTAL REGISTERED SILVER: 46.766MILLION OZ//.TOTAL REG + ELIGIBLE. 289.976million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF APRIL /2023 OI: 228 CONTRACTS HAVING GAINED 57 CONTRACT(S).
WE HAD 4 CONTRACTS SERVED ON TUESDAY, SO WE GAINED 61 CONTRACTS OR ADDITIONAL 305,000 OZ WILL STAND AT THE COMEX UNDERGOING A QUEUE JUMP
MAY SAW A LOSS OF 6228 CONTRACTS DOWN TO 102,256
JUNE SAW A LOSS OF 13 CONTRACTS FALLING TO 340
JULY SAW A GAIN OF 5540 CONTRACTS UP TO 51,265
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 61 for 305,000 oz
Comex volumes// est. volume today 152,583 wow
Comex volume: confirmed yesterday 152,583 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 572 x 5,000 oz = 2,860,000 oz
to which we add the difference between the open interest for the front month of APRIL (228) and the number of notices served upon today 61x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the APRIL/2024 contract month: 572 (notices served so far) x 5000 oz + OI for the front month of APRIL. (228) – number of notices served upon today (61 )x 500 oz of silver standing for the APRIL contract month equates to 3.695 MILLION OZ.
New total standing: 3.695 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 10 WITH GOLD DOWN $14.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 0.86 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 828.71 TONNES
APRIL 9 WITH GOLD UP $11.35 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 827,85 TONNES
APRIL 8 WITH GOLD UP $7.10 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A WITHDRAWAL OF 6.02 TONNES OF GOLD INTO THE GLD/ INVENTORY REMAINS AT 826.41 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: 828.71 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
APRIL 10/WITH SILVER UP $0.04 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:
/ SLV INVENTORY RESTS AT 441.929 MILLION OZ
APRIL 9/WITH SILVER UP $0.15 TODAY: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.549 MILLION OZ INTO THE SLV// SLV INVENTORY RESTS AT 441.929 MILLION OZ
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 441.328 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 441.929 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
PETER SCHIFF/SCHIFFGOLD/MIKE MAHARRAY
END
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/
END
3. CHRIS POWELL//GATA
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/
5 a. IMPORTANT COMMENTARIES ON COMMODITIES/
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 WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP 7.2326
OFFSHORE YUAN: UP TO 7.2409
SHANGHAI CLOSED DOWN 21.20 PTS OR .70%
HANG SENG CLOSED UP 311.10 PTS OR 1.85%
2. Nikkei closed DOWN 191.32 OR 0.48%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 103.83 EURO RISES TO 1.0861 UP 7 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.792Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 151.94/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: UP/ OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.323***/Italian 10 Yr bond yield DOWN to 3.671* /SPAIN 10 YR BOND YIELD DOWN TO 3.162…**
3i Greek 10 year bond yield DOWN TO 3.233
3j Gold at $2347.70 silver at: 28.08 1 am est) SILVER NEXT RESISTANCE LEVEL AT $28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 21 /100 roubles/dollar; ROUBLE AT 93.21//
3m oil into the 85 dollar handle for WTI and 89 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 151.94// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.7920% 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 0.9036 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9814 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: 4.352 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.488 DOWN 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.736 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.26…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 3 BASIS PTS AT 4.0590
end
2.a Overnight: Newsquawk and Zero hedge
Futures On Edge Ahead Of Critical CPI Report
BY TYLER DURDEN
WEDNESDAY, APR 10, 2024 – 07:59 AM
Futures are up small before the March CPI data was expected to show further moderation in price pressures following stronger readings at the start of the year, with Mag7 mixed and Semis lower, tracking bigger gains in Europe. Bond yields are uniformly 1bps lower, USD is off a touch, and commodities are mostly higher led by base metals and Ags. The CPI print is the clear focus today but keep an eye on the bond auctions (yesterday’s 3Y auction required a concession), 2x Fed speakers (Bowman, Goolsbee), and then the Fed Minutes this afternoon to look for any hints on policy including changes to QT.
In premarket trading, TSMC ADRs rose 0.5% after the Taiwanese chipmaker reported better-than-expected sales growth for the first quarter. The chip giant’s quarterly revenue grew at its fastest pace in more than a year, shoring up expectations that a global boom in artificial intelligence development is fueling demand for high-end chips and servers. The main chipmaker to Nvidia Corp. and Apple Inc. reported a better-than-expected 16% rise in March-quarter sales to about NT$592.6 billion ($18.5 billion), versus the NT$579.5 billion average projection. Alphabet shares rose 0.7%, set to extend gains for a fourth consecutive session, as Google unveiled a host of updates to its artificial intelligence offerings at its annual cloud conference.
Here are some other notable premarket movers:
- Certara shares gain 2.9% after KeyBanc Capital Markets upgrades to overweight, noting increased estimates and positive data trends.
- International Flavors shares rise 1.5% after an upgrade to buy at Citi.
- PriceSmart shares climb 4.7% after the operator of membership warehouse clubs reported earnings per share for the second quarter that beat analysts’ estimates.
- Revolution Medicines gain 5.7% after an upgrade to strong buy at Raymond James.
As discussed earlier, economists forecast that consumer prices rose 0.3% in March on a monthly basis, both overall and excluding food and energy costs. While that would mark a step down from the previous two months, it may not be enough for Federal Reserve officials looking for even lower readings, although both Goldman and JPM expect the final CPI prints to come in on the dovish side of expectations. A hot number could “put a question mark on whether the Fed will cut at all this summer and will it be a September time frame,” said Guy Miller, chief strategist at Zurich Insurance Co. This would mean a further delay and “markets are very vulnerable to that as we have seen significant multiple expansion in the past 12 months,” he said (our full CPI preview is here).
Wall Street traders predict stocks could move 2% either way on a surprise inflation number. Both JPMorgan Chase and Goldman Sachs trading desks see stocks falling some 2% if the consumer price index tops 0.4% in March on a monthly basis. However, both banks say they view any hit to the market as temporary. For those who missed our full preview (available here) here is the Goldman…
… and JPM reaction matrix (for core CPI MoM):
- Above 0.40%. The first tail-risk scenario, which would likely be driven by a combination of hotter shelter pricing with vehicle prices surprising to the upside. Separately, stronger energy prices could push headline CPI to nearly 4%, a psychological level that could trigger a hawkish pivot in Fed rhetoric; after the CPI print there are 6x Fed speakers the balance of the week and Fed Minutes. The ultimate outcome may be a removal of all 2024 rate cut expectations with increased implied probability of rate hikes. Look for a surge to both bond yields and to bond vol. The Equity impact would be negative, and we could see the SPX’s first -2%+ day since Feb 2023. Longer-term, this could be the catalyst for not just the 5% pullback that investors have waited for but also an official correction should earnings season disappoint and increase the sell off. Probability 10%, SPX loses 1.75% – 2.5%.
- Between 0.30% – 0.40%, inclusive. In this scenario, the print can trigger a wide range of outcomes, with a 0.3% print being digested well by the market to a 0.4% print sparking fears of another inflation surge while repricing bond yields higher as cut expectations dissipate. When thinking through this scenario I was reminded of a quote by S&P Global’s Chief Economist from the Flash PMI print on Mar 21, “Costs have increased on the back of further wage growth and rising fuel prices, pushing overall selling price inflation for goods and services up to its highest for nearly a year. The steep jump in prices from the recent low seen in January hints at unwelcome upward pressure on consumer prices in the coming months.” The biggest questions are when does this hit official prints and is the impact felt in one print or multiple? While the recent ISM-Srvcs print will assuage some of these fears is companies continue to enjoy pricing power, then short-term turmoil could lead to margin expansion, or at least stability. Probability 35%, SPX adds 25bps to loses 1%.
- Between 0.20% – 0.30%, inclusive. An in line print (0.28% – 0.3%) should bring relief to investors and likely pulls money back into the market as this removes the last major hurdle into what is likely to be a strong earnings period. As Positioning Intel mentioned, there is ample room for HFs to ramp up leverage and boost stocks ahead of buybacks returning to full strength. That said, details of the CPI print matter and anything toward the lower end of the range likely means that we are seeing a shelter disinflation accelerating to the downside which would impact forecasts for inflation for the balance of the year while also reinforcing the Fed’s dovish pivot. While the commodity price spike certainly gives pause for its ability to filter to core prices, shelter remains one of the more stubborn aspects of core prices, and the heaviest weight. Probability 37.5%; SPX adds 50bps – 1%.
- Between 0.10% – 0.20%, inclusive. Sticking with the shelter disinflation theme, this outcome likely would also include multiple downside surprises across items such as transportation, apparel, and Core Services more generally. Look for a strong move lower in bond yields, likely as part of a bull steepening. This would be supportive of Equities, specifically Cyclicals/Value, as part of an ‘Everything Rally’. While I do not think this is enough to renew calls for a May cut, this would likely pull forward expectations for a June cut, which have fallen from ~70% to ~50% over the last two weeks. Probability 15%; SPX adds 1.25% – 1.75%
- Below 0.10%. The other tail-risk scenario, where bond yields would see significant decline with the 10Y yield falling 20bps, or more, as investors potentially carry that momentum to push the 10Y yield below 4% in the succeeding days. A downward surprise of this magnitude should fully green light a June cut. Probability 2.5%; SPX adds 1.5% – 2%.
“This bull market continues irrespective of what happens with CPI,” said JPMorgan’s Market Intelligence traders led by Andrew Tyler (full note available here for pro subs). They point to a supportive backdrop, where the economy and corporate profits are growing and the Fed is on pause.
The straddle-implied move for today’s move is 0.98%, up notably from last month’s expectation of a 0.95% move and notably higher from the January’s 0.70% move on CPI day; this is also the highest since November, but generally on the low side over the past two years.
Meanwhile, leading market strategists are optimistic that Corporate America can help fuel the next leg of the stock market rally by delivering another bumper earnings season. Even pricey technology stocks — the primary profit engine in the previous quarter — are again expected to be supported by solid results. While the S&P 500 Index is coming off its best first quarter in five years and trading near its all-time high, market experts are reluctant to bet against further gains.
“It’s way too early to apply the brakes on the US stock rally,” said Manish Kabra, head of US equity strategy at Societe Generale SA. “The momentum has been backed up by the earnings outlook, and I expect that to continue for at least one more quarter.”
Earnings for S&P 500 companies are expected to post a “healthy” 10% gain in the first quarter in headline numbers from a year ago, according to Deutsche Bank AG strategists. Earnings upgrades from analysts have outnumbered downgrades in the first quarter, according to a Citigroup Inc. index.
In Europe, the Stoxx 600 index was higher Wednesday, rebounding from the previous session’s losses, as surging sales at Taiwan Semiconductor Manufacturing Co. from the boom in global AI development boosted tech stocks. Miners advanced after gains in copper, iron ore and gold. Tesco Plc rose as it forecast higher retail profit and announced a share buyback. The gains come a day before an interest-rates announcement from the European Central Bank that’s widely expected to prepare markets for an initial cut in June as price pressures in the region ease. Here are the biggest European movers:
Earlier in the session, Asian stocks rose, as gains in Chinese technology shares helped counter declines in Japan, with a numbers of markets closed for holidays. The MSCI Asia Pacific Index rose as much as 0.4%, on track for its third day of gains. Alibaba, Tencent and Meituan were among the top contributors to the regional benchmark’s advance, and helped push a gauge of Hong Kong-listed tech shares 2.5% higher; meanwhile an index of Hong Kong-listed Chinese stocks gained for the third day and entered a technical bull market after advancing 20% from a January low. Stocks fell in Tokyo as investors assessed the risk of further interest-rate hikes this year in Japan.
TSMC’s quarterly revenue grew at its fastest pace in more than a year, shoring up expectations that a global boom in artificial intelligence development is fueling demand for high-end chips and servers. The main chipmaker to Nvidia Corp. and Apple Inc. reported a better-than-expected 16% rise in March-quarter sales to about NT$592.6 billion ($18.5 billion), versus the NT$579.5 billion average projection.
European stocks are on course for their best day in almost three weeks with technology names leading after a positive update from TSMC. The main chipmaker to Nvidia and Apple reported a better-than-expected 16% rise in March-quarter sales. The Stoxx 600 is up 0.6%, with retail, bank, auto and mining shares also outperforming.
In FX, the Bloomberg Dollar Spot Index falls 0.1% while the kiwi sits atop the G-10 FX pile, rising 0.2% versus the greenback after a hawkish hold from the RBNZ. The NZD/USD rose 0.2% to 0.6069, gaining for a third day. Leverage sellers sold the spot at Tuesday’s 0.6077 high immediately after the rate decision, according to an Asia-based FX trader “NZD can remain supported and AUD/NZD may remain under a little downward pressure over the very near-term,” said Peter Dragicevich, a strategist at Corpay Solutions. “However, a change in the RBNZ’s viewpoint and bias looks to be a matter of time based on the weakness across the NZ economy and moderating inflation pressures.”
In rates, treasuries edge higher ahead of US inflation data due later on Wednesday, with 10-year yields falling 1bps to 4.35%, slightly outperforming gilts in the sector; curve spreads are likewise little changed, with price action limited ahead of CPI and 10-year note auction. US session also includes 10-year note reopening at 1pm, following soft reception for Tuesday’s 3-year note auction, and 2pm release of minutes of March FOMC meeting. WI 10-year yield at around 4.36% is ~19.5bp cheaper than last month’s result, a 0.9bp tail. The market set-up into CPI data appears to have favored short positions, posing risk of a squeeze in the event of benign readings.
In commodities, oil prices advance, with WTI rising 0.2% to trade near $85.40. Oil was steady following back-to-back losses after an industry report pointed to a gain in US crude stockpiles, although simmering tensions in the Middle East are expected to cap losses. Iron ore was near a two-week high following a 10% surge fueled by bets that a recent slump was overdone. Copper extended its rally to $9,500 a ton amid supply risks and a brightening outlook for demand. Prices have risen more than 10% on the London Metal Exchange this year, making copper one of the best-performing industrial metals. Finally, gold held a record high as investors positioned for the inflation data.
In crypto, Hong Kong is likely to approve spot Bitcoin ETFs next week and some launches could happen in April, according to Reuters sources.
Looking at today’s calendar, the US economic data slate includes March CPI (8:30am), February wholesale inventories (10am) and March monthly budget statement (2pm). Fed speakers scheduled for the session include Bowman (8:45am) and Goolsbee and Barkin in a panel discussion at 12:45pm. And from other central banks, there’s a policy decision from the Bank of Canada, and we’ll get the FOMC minutes from the March meeting.
Market Snapshot
- S&P 500 futures up 0.1% to 5,266.25
- STOXX Europe 600 up 0.6% to 509.10
- MXAP up 0.2% to 177.79
- MXAPJ up 0.7% to 545.54
- Nikkei down 0.5% to 39,581.81
- Topix down 0.4% to 2,742.79
- Hang Seng Index up 1.8% to 17,139.17
- Shanghai Composite down 0.7% to 3,027.34
- Sensex up 0.4% to 75,000.86
- Australia S&P/ASX 200 up 0.3% to 7,848.45
- Kospi down 0.5% to 2,705.16
- German 10Y yield little changed at 2.36%
- Euro little changed at $1.0859
- Brent Futures up 0.2% to $89.58/bbl
- Gold spot up 0.1% to $2,355.88
- US Dollar Index little changed at 104.09
Top Overnight news
- Apple assembled $14 billion of iPhones in India last fiscal year, doubling production in a sign it’s accelerating a push to diversify beyond China. The US tech giant now makes as much as 14% or about 1 in 7 of its marquee devices from India. BBG
- China’s outlook was cut by Fitch from stable to negative due to uncertain growth, property risks, and rising fiscal deficits. WSJ
- TSMC’s quarterly sales grew at the fastest pace since 2022 as a boom in AI development fuels chip demand. The outperformance lends weight to expectations that the company will return to solid growth this year. TSMC’s full earnings report is due next week. BBG
- The BOJ would consider a policy response if the yen’s weakness causes inflation to rise sharply higher, Gov. Kazuo Ueda said Wednesday. “If there is a risk that a virtuous cycle of wages and prices strengthens more than expected and underlying inflation rises above 2%, we need to consider changing monetary policy,” Ueda said in a parliamentary committee meeting, when asked by an opposition lawmaker whether the bank would act against the yen’s fall. WSJ
- Big investors are selling US Treasuries and buying European government bonds, betting that cooler inflation in Europe will allow its central bank to start cutting interest rates sooner than the Federal Reserve. Money managers at Pimco, JPMorgan Asset Management and T Rowe Price have all increased their exposure to European government debt in recent weeks. FT
- Biden is up 4-points over Trump in the latest national Reuters poll (this is an improvement from Biden’s 1-point advantage in March). RTRS
- Persistent inflation and hot US growth have left the Federal Reserve’s rate-cutting hopes “off track”, Bridgewater’s Bob Prince said on Tuesday, adding an influential voice to the growing chorus asking whether US rates will start to fall this year. “So far, this year is not transpiring the way that the Fed — or interest rate markets — have described. I think it is clear the Fed is off-track now. The question is how far off track,” Prince, the $112.5bn hedge fund’s co-chief investment officer, told the Financial Times. FT
- Global VC funding slid 30% last quarter as investors remained cautious amid sputtering economies and a sluggish IPO market. China’s 40% decrease helped pull the market down, while the US saw a 29% drop, according to Preqin. The one bright spot: AI. BBG
- Boeing delivered only 83 commercial airplanes in Q1 (down from 157 in Q4:23 and 130 in Q1:23), the lowest figure in nearly 3 years and a byproduct of the significant safety and quality-control changes being put in place at the company. Market Watch
- We expect a 0.27% increase in March core CPI (vs. 0.3% consensus), corresponding to a year-over-year rate of 3.70% (vs. 3.7% consensus). We expect a 0.29% increase in March headline CPI (vs. 0.3% consensus), which corresponds to a year-over-year rate of 3.37% (vs. 3.4% consensus). Our forecast is consistent with a 0.28% increase in CPI core services excluding rent and owners’ equivalent rent and with a 0.21% increase in core PCE in March. We will update our core PCE forecast after the CPI is released and again after the PPI is released. GIR
A more detailed look at global markets courtesy of Newsquawk
Asia-Pac stocks traded mixed with some lacking conviction ahead of looming risk events, while there were also holiday closures in South Korea, Singapore, Malaysia, Philippines, Indonesia & Middle East. ASX 200 was led higher by outperformance in the mining and defensive sectors. Nikkei 225 remained subdued but was off worst levels following mixed PPI data. Hang Seng and Shanghai Comp. were mixed with Hong Kong boosted by tech after China’s Cyberspace Administration said several firms including China Mobile, Alibaba, Huawei and Tencent completed the filing of large model AI services registration. However, the mainland declined amid a lack of fresh drivers and with the EU wanting to talk with China about unfair competitive conditions and over-capacity during German Chancellor Scholz’s visit.
Top Asian News
- Fitch revised China’s outlook to Negative and affirmed its rating at A+, while it stated the outlook revision reflects increasing risks to China’s public finance outlook and forecasts general government deficit in China to rise to 7.1% of GDP in 2024.
- US Deputy Secretary of State Campbell said the easing of US travel advisories on China is under active consideration but added the large number of Chinese economic migrants coming to the US is of increasing concern.
- BoJ Governor Ueda said given the current outlook for economic activity and prices, the BoJ anticipates that accommodative financial conditions will be maintained for the time being and noted that with trend inflation yet to reach 2%, they need to support the economy’s momentum toward hitting 2% by maintaining accommodative monetary conditions. Furthermore, they won’t change monetary policy just to deal directly with FX moves but may need to change monetary policy if FX moves lead not just to rising import prices, but risk pushing up trend inflation more than expected.
- RBNZ kept the OCR unchanged at 5.50% as expected. RBNZ noted that a restrictive monetary policy stance remains necessary to further reduce capacity pressures and inflation, while the committee is confident that maintaining the OCR at a restrictive level for a sustained period will return consumer price inflation to within the 1%-3% target range this calendar year. RBNZ Minutes noted the committee agreed interest rates need to remain at a restrictive level for a sustained period and there remains limited tolerance to increase the time to achieve the inflation target while inflation remains outside the target band and while inflation expectations and pricing intentions remain elevated.
- China’s CAAM Official says auto factories capacity is not growing fast, idled capacity is being closed instead.
European bourses firmer across the board, Stoxx 600 +0.5%, with the region playing catchup to the late-doors rally on Wall St. SMI +0.2% is firmer but is the incremental laggard amid losses in Novartis, also resulted in contained performance for Healthcare more broadly. DAX 40 +0.8% supported by sales metrics from numerous auto names, with Infineon benefitting from broader tech strength while Aurubis is assisted by tin pricing. Stateside, futures are essentially unchanged but with a very mild upward bias into US CPI; ES +0.1%, NQ +0.1%
Top European News
- Nel Slides as Pareto Cuts to Sell on ‘Undesirable Cocktail’
- Tesco Sees Higher Profit With Price Cuts Drawing in Shoppers
- Tycoon Fridman Wins EU Sanctions Appeal Over Alleged Putin Ties
- European Gas Prices Through Next Year Rise on Persistent Risks
- EU Ramps Up Pressure on China’s Green Tech With Wind Probe
- BMW Electric Car Sales Jump 41% as Rivals Struggle With Demand
FX
- DXY broadly steady against peers into CPI; DXY in a narrow 104.03-104.17 range.
- Peers generally contained and also awaiting the US highlights, EUR within Tuesday’s parameters while GBP is contained and just shy of the 1.27 mark.
- USD/JPY remains in proximity to but is yet to test the YTD peak and then 152.00 above.
- Antipodeans diverge slightly with the NZD leading after the RBNZ’s hawkish hold; NZD/USD at the top-end of 0.6050-0.6077 band
- NOK pressured by cooler-than-expected CPI though essentially all of the move has pared as it is far too soon to change the calculus around a potential first cut in September.
- PBoC set USD/CNY mid-point at 7.0959 vs exp. 7.2300 (prev. 7.0956).
Fixed Income
- Contained start to a packed day. USTs are yet to meaningfully deviate from the unchanged mark in narrow 109-19+ to 109-23 bounds.
- Gilts saw initial underperformance ahead of 2027 supply but following the strong auction, which received the highest demand since 2020, a modest bid emerged with Gilts back up to the unchanged mark.
- Bunds slightly firmer as the complex focusses on US events before attention will centre on Thursday’s ECB thereafter; a soft reception for a new 15yr Bund sparked modest pressure, but Bunds remain off earlier lows as expectations were tempered into the sale by the somewhat mixed history for new 15yr taps.
- UK sells GBP 4bln 3.75% 2027 Gilt: b/c 3.68x (prev. 3.01x), average yield 4.204% (prev. 4.314%) & tail 0.3bps (prev. 0.5bps).
- Germany sells EUR 2.01bln vs exp. EUR 2.5bln 2.60% 2041 Bund; b/c 1.6x, average yield 2.54%, retention 19.6%.
Commodities
- Crude benchmarks modestly firmer but with ranges thin and specifics somewhat light into US data though geopolitics and the escalating flood situation around Russian refineries draw focus.
- WTI and Brent at the mid-point of circa. USD 0.60/bbl parameters.
- Russia’s Orsk oil refinery has declared force majeure on fuel supply amid floods, according to a document cited by Reuters. More recently, Russia’s Kremlin, on the floods, says the forecast is not favourable and the water continues to rise.
- Russia’s Lukoil says it has restored damaged CDU-5 unit at Volgograd oil refinery (~300k BPD), has been put into operation on Feb 21 and now works at designed capacity.
- UBS raises oil forecast higher by USD 5/bbl across all tenors as it raises 2024 oil demand growth estimates and reduces OPEC+ crude production projection for 2024.
- A total of 600k tonnes of corn could be exported from Ukraine to China in April alongside 400k tonnes in May, according to brokers cited by Reuters.
- Precious metals essentially unchanged given USD and Fixed action while base metals continue to grind higher; iron ore bid for the 3rd consecutive session where optimism around Chinese demand continues to be cited as the driver.
Geopolitics Middle East
- “Israeli Foreign Minister: If Iran attacks us from its territory, we will respond in Tehran”, according to Sky News Arabia.
- Hamas rejects most of the key points of the truce proposal, according to Al-Mayaden.
- US President Biden said Israeli PM Netanyahu’s policy in Gaza is wrong and he does not agree with it, while he called on Israel to cease fire and to allow full access to all food and medicine to Gaza, according to Al Jazeera. It was also reported that the Biden administration rejected Israeli PM Netanyahu’s statement on the date of the Rafah operation and described it as a threat driven by a fragile political position, according to CNN and Al Jazeera
- US officials said the Biden administration rejected Israeli PM Netanyahu’s statement on the date of the Rafah operation and described it as a threat driven by a fragile political position, according to CNN.
- Israeli Defence Force said they will carry out a large-scale humanitarian operation in southern Gaza.
Geopolitics: Other
- US President Biden’s administration is preparing to take the unusual step of issuing an order that would prevent US companies and citizens from using software made by a major Russian cybersecurity firm because of national security concerns, according to CNN sources.
- White House National Security Advisor Sullivan said more joint patrols can be expected after four-way naval drills in the South China Sea during the weekend. Sullivan also said that US President Biden and Japanese PM Kishida will announce measures to enhance defence and security cooperation, while they will also announce measures on space exploration soon.
US Event Calendar
- 07:00: April MBA Mortgage Applications, prior -0.6%
- 08:30: March CPI MoM, est. 0.3%, prior 0.4%
- March CPI YoY, est. 3.4%, prior 3.2%
- March CPI Ex Food and Energy MoM, est. 0.3%, prior 0.4%
- March CPI Ex Food and Energy YoY, est. 3.7%, prior 3.8%
- March Real Avg Hourly Earning YoY, prior 1.1%
- March Real Avg Weekly Earnings YoY, prior 0.5%
- 10:00: Feb. Wholesale Trade Sales MoM, est. 0.8%, prior -1.7%
- Feb. Wholesale Inventories MoM, est. 0.5%, prior 0.5%
- 14:00: March Monthly Budget Statement, est. -$223b, prior -$378.1b
- 14:00: March FOMC Meeting Minutes
Central bank speakers
- 08:45: Fed’s Bowman Discusses Basel Capital Requirements
- 12:45: Fed’s Goolsbee, Barkin Participate in Panel Discussion
DB’s Jim Reid concludes the overnight wrap
US Treasuries posted a strong rally ahead of today’s US CPI release for March, with the 10yr yield (-5.8bps) seeing its biggest daily decline in over two weeks. That meant yields came off their highs for the year on Monday, and this morning we’ve seen a further -0.8bps decline to 4.35%. Meanwhile for equities, the S&P 500 saw a late rally to post a modest gain (+0.14%), with the index finding a more stable footing after last week’s decline. Nevertheless, the S&P 500 has now gone 7 consecutive sessions without a new record, which is the longest period without an all-time high since January, back when the S&P 500 surpassed its 2022 peak. So it makes a change from the pattern of very strong gains over recent months, with the index currently on a run of 5 consecutive monthly gains since November.
Looking ahead to today, the US CPI print will be heavily in focus after the last two prints came in strongly. They showed core CPI running at a monthly +0.4% in both January and February, which has led to concern that inflation could end up remaining sticky above target levels. For now at least, the Fed haven’t sounded too concerned, and Fed Chair Powell said last week that “it is too soon to say whether the recent readings represent more than just a bump.” But today’s print will be crucial, as if there is a third strong reading, it would be increasingly difficult to explain that as just a temporary blip. A related point was made yesterday by Atlanta Fed President Bostic, one of the more hawkish FOMC voices. He reiterated that he only expects one rate cut this year. And when asked if the Fed might not cut at all this year, he said that “I can’t take off the possibility that the rate cuts may even have to move further out.”
In terms of what to expect today, our US economists are looking for headline CPI to be at a monthly +0.27%, with the year-on-year measure picking up two-tenths to +3.4%. Then for core CPI, they’re forecasting a monthly +0.24%, with the year-on-year measure declining to +3.7%. You can read their full preview here, along with how to sign up for their webinar discussing the report.
Ahead of the report, there were some signs that investor concern was easing about inflation, at least compared to the rise in recent days. For instance, the US 2yr inflation swap reached a peak of nearly 2.56% early in yesterday’s session, its highest since October, but was down to 2.53% at the close. That also coincided with a fall in oil prices, with Brent Crude (-1.06%) falling back for a second day and closing beneath $90/bbl again. Moreover, investors dialled up the probability that the Fed would still cut rates, with the probability of a cut by June moving up to 60%, having been at 52% the previous day.
With the slightly better inflation news, sovereign bonds experienced a strong rally on both sides of the Atlantic. In the US, that meant the 2yr and the 10yr Treasury yield both moved off their year-to-date high from the previous day, with the 2yr yield (-4.6bps) down to 4.74%, whilst the 10yr yield (-5.8bps) fell to 4.36%. However, the downtrend in yields ran out of steam after a soft 3-year Treasury auction, which saw $58bn of notes issued 2bps above the pre-sale yield, the largest tail in over a year. Over in Europe there were similar moves, and yields on 10yr bunds (-6.4bps), OATs (-6.3bps) and BTPs (-7.5bps) all moved lower.
Equities had looked on course for a weak session yesterday, with the S&P 500 trading half a percent down in the final hour of trading, but a late rally left the index up +0.14% by the close. Rate-sensitive sectors outperformed, with utilities up +0.55%, while cyclical sectors underperformed, with financials (-0.50%) and industrials (-0.22%) seeing declines. Both the NASDAQ (+0.32%) and the small-cap Russell 2000 (+0.34%) posted moderate advances. Most members of the Magnificent 7 (+0.20%) posted gains, but its gain was limited by a -2.04% decline for Nvidia on news of a new AI accelerator chip announced by Intel (+0.92%). Meanwhile in Europe, there were large declines, with the STOXX 600 (-0.61%), the DAX (-1.32%) and the CAC 40 (-0.86%) all falling back. Indeed, for the Dax, this was the weakest session in over three months.
Overnight in Asia, there have been losses across several indices, including the Nikkei (-0.32%), the CSI 300 (-0.43%) and the Shanghai Comp (-0.34%), whilst markets in South Korea are closed for a holiday. The main exception to this pattern has been the Hang Seng (+1.88%), with the index currently on track for its highest closing level since November.
In other news overnight, Fitch Ratings revised their outlook on China to negative, while keeping the rating at A+. Separately in New Zealand, the central bank maintained the Official Cash Rate at 5.5%, and their statement said that “A restrictive monetary policy stance remains necessary to further reduce capacity pressures and inflation.” And over in Japan, the PPI data for March came in at +0.8% year-on-year, in line with expectations, up from an upwardly revised +0.7% in February. That came as BoJ Governor Ueda said that “We won’t consider changing monetary policy at all to directly respond to moves in foreign exchange”.
Looking back at yesterday’s data, the ECB Bank Lending Survey for Q1 showed a continued turn in the bank credit cycle. Pockets of weakness were still evident, including a deterioration in demand for corporate loans, probably reflecting the rise in rates since the start of the year. But with banks expecting further normalisation in Q2, the BLS points to an improving cyclical picture in the euro area. That said, whether this improvement materialises may well depend on whether expectations of upcoming ECB rate cuts prove accurate.
Finally in the US, the NFIB’s small business optimism index fell to an 11-year low of 88.5 in March (vs. 89.9 expected). There were also signs of weakness elsewhere in the release, as the number of firms saying they planned to increase employment fell to a net +11%, the lowest since May 2020.
To the day ahead now, and the main data highlight will be the US CPI release for March. Otherwise, there’s Italian retail sales for February. And from central banks, there’s a policy decision from the Bank of Canada, and we’ll get the FOMC minutes from the March meeting.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Fitch revised China’s outlook to negative, RBNZ maintained the OCR; US CPI due – Newsquawk Europe Market Open
WEDNESDAY, APR 10, 2024 – 01:24 AM
- US stocks eventually eked slight gains, APAC stocks traded mixed ahead of upcoming risk events and a slew of market closures.
- Fitch revised China’s outlook to Negative and affirmed its rating at A+.
- European equity futures indicate a higher open with the Euro Stoxx 50 future +0.6% after the cash market closed down 1.1% on Tuesday.
- RBNZ kept the OCR unchanged as expected and noted that a restrictive monetary policy stance remains necessary.
- DXY is steady above the 104 mark, NZD the notable outperformer post-RBNZ, other majors are steady.
- Looking ahead, highlights include include Norwegian CPI, US CPI, BoC Policy Announcement, FOMC Minutes, Comments from Fed’s Bowman, Barkin & Goolsbee, Supply from UK, Germany & US.
More Newsquawk in 3 steps:
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US TRADE
EQUITIES
- US stocks eventually eked slight gains after two-way price action ahead of looming risk events and with early headwinds amid notable selling in Nvidia (NVDA) shares which hit sentiment and dragged stocks into negative territory for most of the session. However, stocks then staged a late comeback which was also facilitated by less-hawkish commentary from Fed’s Bostic who said they cannot eliminate the possibility that rate cuts move even further out but also suggested that cuts could be pulled forward if the disinflation pace resumes.
- SPX +0.14% at 5,209, NDX +0.39% at 18,169, DJIA -0.02% at 38,883, RUT +0.34% at 2,080.
- Click here for a detailed summary.
NOTABLE HEADLINES
- Fed’s Bostic (voter) reiterated he expects a slow pace of disinflation in 2024 and stated that CPI coming in at consensus would be a welcome development, as well as noted that it is always possible Fed’s growth forecast could rise. Bostic said they cannot eliminate the possibility that rate cuts move even further out but also suggested that cuts could be pulled forward if the disinflation pace resumes, while he added that if there seems like there is a looming cliff coming, he would then think about when it is appropriate to reduce rates.
- US President Biden said he and his administration are examining whether he has the authority to act on his own to shut down the US border with Mexico to migrants if deemed necessary, according to Reuters.
APAC TRADE
EQUITIES
- APAC stocks traded mixed with some lacking conviction ahead of looming risk events, while there were also holiday closures in South Korea, Singapore, Malaysia, Philippines, Indonesia & Middle East.
- ASX 200 was led higher by outperformance in the mining and defensive sectors.
- Nikkei 225 remained subdued but was off worst levels following mixed PPI data.
- Hang Seng and Shanghai Comp. were mixed with Hong Kong boosted by tech after China’s Cyberspace Administration said several firms including China Mobile, Alibaba, Huawei and Tencent completed the filing of large model AI services registration. However, the mainland declined amid a lack of fresh drivers and with the EU wanting to talk with China about unfair competitive conditions and over-capacity during German Chancellor Scholz’s visit.
- US equity futures traded sideways after yesterday’s late recovery and as focus turns to US CPI.
- European equity futures indicate a higher open with the Euro Stoxx 50 future +0.6% after the cash market closed down 1.1% on Tuesday.
FX
- DXY traded steadily as participants braced for the incoming CPI data and FOMC Minutes, while comments from Fed’s Bostic were less hawkish as he stated they cannot eliminate the possibility rate cuts move further out but also suggested cuts could be pulled forward if the disinflation pace resumes.
- EUR/USD lacked direction after yesterday’s intraday pullback and amid light catalysts.
- GBP/USD traded sideways near its 100DMA after returning from a brief foray above 1.2700.
- USD/JPY saw muted price action after mixed PPI data and BoJ Governor Ueda’s reiterations.
- Antipodeans were mixed alongside the similar risk mood in Asia but with mild support in NZD/USD after the RBNZ kept rates unchanged and stuck to a hawkish tone.
- PBoC set USD/CNY mid-point at 7.0959 vs exp. 7.2300 (prev. 7.0956).
- SNB’s Vice Chairman Schlegel said FX interventions support the goal of achieving price stability and without forex sales, the SNB would have had to raise interest rates higher. Schlegel said FX purchases in the past have also helped head off deflation and that FX interventions complement interest rate policy, while he added the central bank only uses FX intervention when necessary.
FIXED INCOME
- 10-year UST futures kept afloat after rallying into the US inflation data, despite a poor 3-year auction.
- Bund futures took a breather near yesterday’s peak after firm demand at the Bobl auction.
- 10-year JGB futures lacked demand after mixed PPI data and the absence of additional BoJ purchases, while the latest comments from BoJ Governor Ueda largely kept to the script.
COMMODITIES
- Crude futures languished near the prior day’s lows amid the absence of any material escalation in the Middle East geopolitical situation and following bearish crude inventory data.
- US Energy Inventory Data (bbls): Crude +3mln (exp. +2.4mln), Gasoline -0.6mln (exp. -1.3mln), Distillate +0.1mln (exp. -1.2mln), Cushing +0.1mln.
- EIA STEO stated 2024 world oil demand growth was cut by 480k BPD to a 0.95mln BPD Y/Y increase and the 2025 forecast was cut by 30k BPD to a 1.35mln BPD Y/Y increase.
- Spot gold was indecisive after a pull-back from record levels ahead of US CPI data.
- Copper futures traded rangebound amid the mixed risk sentiment in Asia.
- World Steel Association forecasts that demand will see a 1.7% rebound this year to reach 1.793bln metric tons and steel demand is forecast to grow by 1.2% in 2025 to reach 1.815bln metric tons.
CRYPTO
- Bitcoin was indecisive and oscillated around the USD 69,000 level.
NOTABLE ASIA-PAC HEADLINES
- Fitch revised China’s outlook to Negative and affirmed its rating at A+, while it stated the outlook revision reflects increasing risks to China’s public finance outlook and forecasts general government deficit in China to rise to 7.1% of GDP in 2024.
- US Deputy Secretary of State Campbell said the easing of US travel advisories on China is under active consideration but added the large number of Chinese economic migrants coming to the US is of increasing concern.
- BoJ Governor Ueda said given the current outlook for economic activity and prices, the BoJ anticipates that accommodative financial conditions will be maintained for the time being and noted that with trend inflation yet to reach 2%, they need to support the economy’s momentum toward hitting 2% by maintaining accommodative monetary conditions. Furthermore, they won’t change monetary policy just to deal directly with FX moves but may need to change monetary policy if FX moves lead not just to rising import prices, but risk pushing up trend inflation more than expected.
- RBNZ kept the OCR unchanged at 5.50% as expected. RBNZ noted that a restrictive monetary policy stance remains necessary to further reduce capacity pressures and inflation, while the committee is confident that maintaining the OCR at a restrictive level for a sustained period will return consumer price inflation to within the 1%-3% target range this calendar year. RBNZ Minutes noted the committee agreed interest rates need to remain at a restrictive level for a sustained period and there remains limited tolerance to increase the time to achieve the inflation target while inflation remains outside the target band and while inflation expectations and pricing intentions remain elevated.
DATA RECAP
- Japanese Corp Goods Price MM (Mar) 0.2% vs. Exp. 0.3% (Prev. 0.2%)
- Japanese Corp Goods Price YY (Mar) 0.8% vs. Exp. 0.8% (Prev. 0.6%, Rev. 0.7%)
GEOPOLITICS
MIDDLE EAST
- US President Biden said Israeli PM Netanyahu’s policy in Gaza is wrong and he does not agree with it, while he called on Israel to cease fire and to allow full access to all food and medicine to Gaza, according to Al Jazeera. It was also reported that the Biden administration rejected Israeli PM Netanyahu’s statement on the date of the Rafah operation and described it as a threat driven by a fragile political position, according to CNN and Al Jazeera
- Israeli Defence Minister Galant reportedly told US Secretary of Defense Austin that Israel has not yet set a date for the Rafah operation and that Israel would have to carry out several necessary actions before an operation in Rafah which are mainly an orderly evacuation of the civilian population and an increase in humanitarian aid, according to Axios.
- White House said an in-person Israel-US meeting on Rafah will take place in a couple of weeks.
- US Secretary of State Blinken said the US continues to work closely with Qatar and Egypt on a ceasefire agreement for Gaza, while the US does not have a date for the potential Israeli operation in Rafah and conversations with Israel are ongoing. Furthermore, Blinken said they have an offer for Hamas which is a “very serious” offer and should be accepted.
- US officials said the Biden administration rejected Israeli PM Netanyahu’s statement on the date of the Rafah operation and described it as a threat driven by a fragile political position, according to CNN.
- Israeli Defence Force said they will carry out a large-scale humanitarian operation in southern Gaza.
- The town of Kafr Kila in southern Lebanon was subjected to Israeli raids, according to Sky News Arabia.
OTHER
- US President Biden’s administration is preparing to take the unusual step of issuing an order that would prevent US companies and citizens from using software made by a major Russian cybersecurity firm because of national security concerns, according to CNN sources.
- White House National Security Advisor Sullivan said more joint patrols can be expected after four-way naval drills in the South China Sea during the weekend. Sullivan also said that US President Biden and Japanese PM Kishida will announce measures to enhance defence and security cooperation, while they will also announce measures on space exploration soon.
3C ASIA AFFAIRS/
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED DOWN 21.20 PTS OR .70% //Hang Seng CLOSED UP 311.10 PTS OR 1.85% / Nikkei CLOSED DOWN 191.36 PTS OR 0.48% //Australia’s all ordinaries CLOSED UP 0.35%///Chinese yuan (ONSHORE) closed UP 7.2338 //OFFSHORE CHINESE YUAN CLOSED UP TO 7.2409 /Oil DOWN TO 85.78 dollars per barrel for WTI and BRENT DOWN AT 89.87/ Stocks in Europe OPENED ALL GREEN// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
3 CHINA
CHINA/USA/BRAZIL
China Ditches US Farmers For Brazilian Ones In Protest Of Land Ownership Rules
WEDNESDAY, APR 10, 2024 – 07:45 AM
In September 2023, we highlighted that Brazil, one of the BRICS nations, had overtaken the United States in becoming the world’s top corn exporter. The sudden shift of China buying Brazilian corn over the US lacked a clear motive at the time. However, now, a new Bloomberg report reveals the shift appears to be “partly in retaliation” against a wave of legislation aimed at stopping Chinese citizens and companies from owning US farmland.
US Agriculture Secretary Tom Vilsack suggested that China is purchasing Brazilian corn and soybeans mostly in retaliation against Republicans in red states that have enacted or are considering laws barring foreign ownership of farmland.
Vilsack pointed out a recent conversation with his counterpart in China, who mentioned a situation in which the Arkansas government forced seed company Syngenta AG, controlled by China’s Sinochem Holdings Corp., to dispose of 160 acres of farmland in the state.
Republican governor Sarah Huckabee Sanders signed into law the legislation banning foreigners from owning Arkansas farmland. The US ag official said this was part of the constant “ripping” of China that prompted Beijing to ditch US farm goods for ones in South America.
“We had a trade deficit of $6 billion in the first quarter of this fiscal year; China’s purchases are $6 billion less than they were a year ago,” Vilsack said in an interview on Tuesday, adding, “Why would that be? Is it just Brazil, or was there a reason why the Chinese ag minister asked me about Syngenta?”
Vilsack warned that the conservation with the Chinese ag minister is a major “signal” for American farmers.
He pointed out that US farmers need to “diversify away from over-reliance on China” on ag exports and focus on other countries in Asia, Africa, and Latin America.
China’s retaliation against the US will only grow as more than two-thirds of states – primarily Republican-controlled – enacted or are considering laws limiting or barring foreign land ownership.
China is “an enemy,” South Dakota Gov. Kristi Noem, a Republican and Trump supporter, recently said.
“They are buying up our entire food supply chain and when America can’t feed itself and we rely on another country to feed us it becomes a national security issue,” Noem recently said. Last month, the governor signed into law a bill that bars China and five other countries from purchasing farmland in the state.
While China shops in South America and Bidenomics has been a failure for blue-collar America as inflation remains elevated, recent US Department of Agriculture forecasts show US farmers are poised for another year of financial misery. They are estimated to face the largest income drop since 2006 this year.
Whatever happened to China following the various phases of the trade agreement under Trump and meeting certain quotas on purchasing US farm goods?
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY
Migrant Crime Explodes Higher In Germany In 2023, Violent Crime Hits Record Levels
WEDNESDAY, APR 10, 2024 – 02:00 AM
Authored by John Cody via ReMix News,
The number of foreign suspects soared to around 923,000 last year, representing a massive 18 percent increase in just one year nationwide, according to crime statistics from the German Interior Ministry released on Tuesday.
However, the even more shocking number may have to do with violent crimes, which soared to record levels in 2023.
The data from the interior ministry shows that 41 percent of all crime suspects are foreigners, with 2.246 million people in the country suspected of a crime in 2023, which is 7.3 percent more than in 2022, reports Die Welt,
Overall, foreigners only represent 15 percent of the population.
‘Completely lost contact with the population’
The shocking numbers have hit Germany like a thunderclap and could have a number of political implications.
The head of the German Police Union, Rainer Wendt, slammed Federal Interior Minister Nancy Faeser (SPD) after the drastic rise in foreign crime was revealed.
“The Federal Minister of the Interior is becoming more and more like ‘Nancy in Wonderland’ when she is astonished to discover that Germany has become more violent,” Wendt told Bild.
He argued that one would only be surprised with this outcome “if one has completely lost contact with the population.”
Faeser, for her part, has labeled “right-wing extremism” the biggest threat to the country, all while allowing violent crime and rape to explode under her tenure, especially from foreign criminals.
The government is now racing to naturalize millions of foreigners in order to ensure that they are not counted under “foreign” crime but are instead counted as “Germans,” as German crime statistics list anyone who commits a crime as “German” regardless of their migration background as long as they have a German passport.
Record cases of violent crimes
Critics like to claim that much of the “foreign crime” actually consists of immigration law violations. However, this is not the case. For one, these figures do not include violation of immigration law, which were excluded from the data. When one examines the data, foreigners are vastly overrepresented is in serious crime, especially violent crimes.
In fact, half of all violent crimes in Germany were committed by foreigners.
In 2023, the authorities registered around 214,000 violent crimes, an increase of 8.6 percent, and several records were broken in this area. There was a record number of cases involving dangerous and grievous bodily harm, reaching 154,000 cases, a 6.8 percent increase. At the same time, “intentional simple assault” rose to an all-time high of 434,000 cases, jumping 7.4 percent.
Robberies soared higher by 17 percent to 44,857, which is also considered a violent crime.
Crime soared in other categories as well. For example, residential burglary rose to 77,819 cases, up 18.9 percent, car theft (29,985, up 17.5 percent), shoplifting (426,096, up 23.6 percent) and pickpocketing (109,314, up 11 percent).
A total of around 5.94 million crimes were registered in 2023.
The numbers don’t give the full picture
To truly understand this rise in foreign crime, it must also be understood that many of the “German” suspects actually have a migration background and are not ethnic Germans. That is because the statistics count any foreigner who obtains German citizenship as simply “German.”
Second- or third-generation migrants who commit crimes are also simply listed as “German” in the crime statistics.
This is unlike Denmark, for instance, which tracks suspects with a migration background, giving a much clearer picture.
END
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL HAMAS/
Israel purchases 40,000 tents for Rafah evacuation, invasion
Israel and the US have been debating whether the evacuation of the Palestinian civilians from Rafah would take one or four months.
By YONAH JEREMY BOBAPRIL 9, 2024 14:40Updated: APRIL 9, 2024 21:42
The Defense Ministry has purchased 40,000 tents to better enable the evacuation and prepare for an invitation of Rafah in the relatively near future.
Although the ministry acknowledged to the Jerusalem Post that 40,000 tents would not be enough for all 1.4 million Palestinian civilians currently in Rafah, it is still considered a significant step forward.There was no official announcement. The leak of the purchase could also be a nod to the US, being transparent about the process to prepare for the evacuation in advance after months in which Washington complained that Israel’s preparations for evacuating civilians were both too secretive, and insufficient.
In addition, leaking it could be a serious attempt to signal to Hamas that Israel means business about invading Rafah – if there is no hostage deal in the near future.
Israel and the US have been debating whether the evacuation of the Palestinians from Rafah would take one to four months.
The IDF is hopeful that significant numbers of civilians self-evacuate and will return to Khan Yunis following its withdrawal from that area on Sunday, which might also decrease the number of tents needed.
Evacuating them up to Khan Yunis
To date, the IDF’s plan for evacuating civilians from Rafah included moving them back to Khan Yunis, to Muwasi on the coast near Rafah, and to central Gaza.But an additional twist has been that Israel’s plans were focused on moving the civilians out of Rafah, whereas Washington wanted Israel to also ensure there would be tents, food, and medical field centers ready to absorb them in the areas they were being moved to.The military announced Tuesday morning that the air force assassinated Hatam al-Amri, a leading Hamas figure in central Gaza, who has also been involved in firing rockets at Israel.Further, the IDF continued some small cleaning-up operations against rank-and-file Hamas terrorists in central Gaza.The IDF provided no updates about what Palestinians were doing in Khan Yunis from which it withdrew.In the North, the IDF identified one rocket launch from Syria fired toward the area of Yonatan in the Golan Heights and returned fire, striking the source of the launch on Monday night, the IDF announced on Tuesday.No injuries or casualties were reported in the attack.The recent launches come amid heightened tensions in Israel’s north.Iran has vowed to avenge the death of the senior commander in the Quds Force of the Iranian Revolutionary Guards Corps (IRGC), Mohammed Reza Zahedi, who was killed in an alleged Israeli airstrike in Syria earlier in April.
Jerusalem Post Staff contributed to this report.
END
/ISRAEL /HAMAS
Hamas said refusing Israeli demand for release of 40 living hostages in truce deal
Today, 4:26 am
Families of Israelis held hostage by Hamas terrorists in the Gaza Strip and their supporters call for a deal to release the captives, outside the Prime Minister’s Office in Jerusalem, April 9, 2024. (Chaim Goldberg/Flash90)
Israel has told Hamas that it must release 40 living hostages as part of a proposed truce agreement, Israeli television networks report.
According to the reports, Hamas has claimed it in order to do so, it would have to release male Israeli troops, as the terror group isn’t in possession of 40 living elderly, women and female soldiers. Hamas however is refusing to free any male soldiers it captured on October 7 and wants to release fewer than 40 hostages, the Kan public broadcaster says, while describing the issue as the biggest obstacle in the ongoing negotiations.
The broadcaster also says Israel is demanding the 40 hostages be freed during the first stage of the proposed weeks-long ceasefire deal, and quotes an Israeli official insisting Hamas does in fact have 40 captives who meet the criteria for release.
Channel 12 news, which has a similar report, cites a senior diplomatic official who accuses Hamas chief in Gaza Yahha Sinwar “of constantly dragging his feet and opposing an agreement.”
END
ISRAEL/SYRIA
Israel says it hit Syrian army post being used by Hezbollah
The IDF says it carried out a strike against a Syrian Army position in southern Syria, near Israel’s border, which was identified as being used by Lebanon’s Hezbollah.
The IDF says it has intelligence indicating Hezbollah operatives used the Syrian Army site.
“The IDF holds the Syrian regime accountable for all activities which take place within its territory and will not allow for any attempted actions which could lead to the entrenchment of Hezbollah on the Syrian front,” the military says in a statement.
Meanwhile, strikes were also carried out against Hezbollah observation posts and other infrastructure in southern Lebanon in the past few hours, the IDF says.
Areas near Dhayra and Tayr Harfa in southern Lebanon were also shelled with artillery to “remove threats,” according to the military.
END
ISRAEL//HAMAS/JORDAN
Jordan Believes Hamas Behind Huge Gaza Protests Which Seek To Sever Ties With Israel
TUESDAY, APR 09, 2024 – 09:40 PM
Jordanian authorities have clamped down on participants in the daily protests against the Israeli war on Gaza, amid accusations that Hamas has a role in igniting them. Thousands have been protesting daily in Ramadan in front of the Israeli embassy in the capital, Amman, demanding its closure and an end to normalization with Israel in response to its atrocities in Gaza.
The protests continued even though the embassy has no diplomatic mission, following the departure of Israel’s ambassador in October and Jordan’s recalling of its ambassador in protest of the Israeli war on Gaza. Jordanian authorities have been caught off guard by the size of the Ramadan protests, which average between 6,000 to 10,000 participants.
Columnists and former officials have attacked Hamas leaders, especially Khaled Meshaal, accusing the movement and the Muslim Brotherhood of trying to create chaos in Jordan. Former information minister Samih al-Maaytah accused the Hamas movement abroad of collaborating with the Muslim Brotherhood in Jordan to advance Hamas’s political agendas.
“Hamas abroad is trying to pressure Jordan to restore relations with the movement,” he said, citing a speech on March 26 in Amman by Meshaal, the head of Hamas abroad, calling on millions to take to the streets.
“Hamas wants to send a message that it can influence and lead the Jordanian street, which is also convenient for the Iranians who have not been able to exercise any political influence in Jordan,” Maaytah told MEE.
Jordanian government spokesperson Muhannad Moubaydeen said on Tuesday that the government did not mind the demonstrations, but was concerned about the chants, which it views as pro-Hamas.
“Jordanian security is charged with protecting the demonstrators and ensuring their safety, but the problem is those who harm national security and come out with unacceptable chants,” he said in a press conference. The Muslim Brotherhood in Jordan has rejected these accusations.
According to Murad al-Adayleh, the Secretary-General of the Islamic Action Front, a party affiliated with the Muslim Brotherhood, “there are no special party interests in these protests, which represent all sectors of Jordanian society that support the Palestinian resistance”.
“The Jordanian people’s relationship with the Palestinian issue is different from any Arab people because it is geographically and demographically related to Palestine,” Adayleh told MEE. “We paid sacrifices and sacrifices from our children for the sake of Palestine, so it is natural for us to see these sit-ins in all cities.”
Adayleh said the accusations of Hamas’s role in the protests seek to discredit the protest movement, which has so far been the largest in the Arab world. “There are attempts to demonize the Jordanian movement because it has begun to influence the Arab street and has galvanized protests in other Arab countries,” he said.
In Amman, Jordan, large crowds persist in their protest outside the Israeli embassy on Friday. Hundreds voiced opposition to Jordan’s normalisation with Israel through chants and demonstrations, calling on Jordan to cut all ties with Israel.
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15.7K Views
Jordan was the second Arab country after Egypt to normalise relations with Israel in 1994, in a peace treaty that remains deeply unpopular in the country. Jordanians have also denounced the kingdom’s import of Israeli gas as “treasonous”.
Hundreds detained
Jordanian security services have detained hundreds of political activists from different parties since the beginning of the 7 October war. Lawyer and former judge Louay Obeidat said that more than 1,500 activists have been prosecuted for their protest activities.
Many of them have been released, but dozens remain in administrative detention, while seven are considered to have been forcibly disappeared. Among the detainees was trade union activist Maysara Malas, who has been in administrative detention, held without charge for the past four months in connection with the protests.
Malas’s family said that 20 members of the General Intelligence raided his house in al-Rashid suburb at dawn on 4 January to arrest him. During the raid, the officers asked all family members to turn off their phones, searched the house and Malas’s car, and confiscated documents, electronic devices and surveillance camera tapes, the family said in a statement.
After an hour-and-a-half-long search of their house, Malas was handcuffed and detained without any charge. He remains in detention at the General Intelligence Department, and his lawyer has been prevented from visiting him, according to the family.
The National Alliance for Rights and Freedoms, a group of human rights activists, said that the Jordanian authorities pursued a huge number of activists in connection with the sit-in near the Israeli embassy.
END
//ISRAEL//HAMAS
Where’s the pressure on Hamas, Qatar? – editorial
The behavior of the terror group is one of an organization that believes it is in the driving seat.
By JPOST EDITORIALAPRIL 10, 2024 05:58
Hamas continued its habit of foot-dragging on Tuesday by claiming that the ceasefire proposal that it received from Israel via Qatari and Egyptian mediators, did not meet its demands or those of any Palestinian factions.
In a statement, Hamas said, “The movement (Hamas) is interested in reaching an agreement that puts an end to the aggression on our people. Despite that, the Israeli position remains intransigent and it didn’t meet any of the demands of our people and our resistance.”
However, it said it would review the proposal further and respond to it.
Hamas wants any agreement to secure an end to the Israeli military offensive, a withdrawal of Israeli forces from Gaza, and to allow displaced people to return to their homes.
Israel and Hamas sent teams to Egypt on Sunday for yet another round of talks that included Qatari and Egyptian mediators as well as CIA Director William Burns.
Burns’ presence underlined rising pressure from Israel’s main ally the US for a deal that would free Israeli hostages held in Gaza and get aid to Palestinian civilians.
Strain on Israel-American relations
Israel’s relationship with its closest friend has been under severe strain six months into the war, and there is growing American frustration over IDF actions in Gaza, even as it continues to support Israel’s right to defend itself. US National Security Advisor John Kirby said on Sunday that the “frustration” was at the core of US President Joe Biden’s message to Prime Minister Benjamin Netanyahu in their phone call last week, as Netanyahu took steps to soothe tensions between Jerusalem and Washington.
But all the pressure from the US, and the international community seems to be aimed at Israel. Why? Where is the international pressure on Hamas, who brought this war on their own people after October 7?
How can Hamas, whose own unsubstantiated figures allege that at least 33,000 Palestinians have been killed and over 75,000 have been wounded since Israel began its retaliation, be allowed to put their people through such misery while the world continues to pile pressure on Israel? Where are the pro-Palestinian demonstrators, who have been banging their drums about Israeli genocide since October 7 on the streets of the world? Why are they not standing there demanding that Hamas accept a ceasefire deal?
The behavior of the terror group is one of an organization that believes it is in the driving seat. It is not. Israel’s current preoccupation with a ceasefire has been to secure the release of the living hostages and the return of the bodies of those who have been killed in captivity.
Hostages aside, Hamas has absolutely no bargaining power.
Why has the US not increased pressure on the Qataris, who openly host Hamas leaders, and have funded the terror group for years with millions of dollars a month?
Other world leaders have also continued to call for a ceasefire. On Monday, Jordan’s King Abdullah II, French President Emmanuel Macron, and Egyptian President Abdel Fattah el-Sisi published on opinion piece in The Washington Post and Le Monde, stating that “Only a two-state solution will bring peace to the Middle East.”
“It is the only credible path to guaranteeing peace and security for all and ensuring that neither the Palestinians nor the Israelis ever have to relive the horrors that have befallen them since the October 7 attacks,” the statement continued. “The establishment of an independent, sovereign Palestinian state on the basis of the two-state solution, in accordance with international law and relevant UNSC resolutions, to live side by side in peace and security with Israel, is the only way to achieve true peace.”
Op-eds are an interesting way for world leaders to get their message across. Why are the three, especially Sisi – whose own nation has strengthened its border with Gaza to prevent terrorists fleeing – and King Abdullah, who has enough problems at home with Palestinian factions, not piling the pressure on Hamas or the Qataris instead of writing opinion pieces?
The world needs to remember which side is holding hostages in captivity, which side crossed an international border on October 7 and massacred over 1,000 people, and which side is dragging its feet every time there are ceasefire talks.
END
/ISRAEL//IRAN
Israel threatens direct strike on Iran if Tehran attacks from own soil
Katz says Israel will attack Iran directly if retaliation to consulate attack originates there
An Iranian attack on Israel from its own soil, rather than via proxy groups, would invite an Israeli retaliation in kind, Foreign Minister Israel Katz threatens on X.
“If Iran attacks from its own territory, Israel will respond and attack in Iran,” Katz tweets in Hebrew and Persian, tagging Iranian Supreme Leader Ali Khamenei.
The threat comes moments after Khamenei tells a crowd in Tehran that “the evil regime made a mistake and must be punished and it shall be,” referring to an April 1 attack on Iran’s consulate in Damascus allegedly carried out by Israel
END
Iran supreme leader says Israel ‘must be punished’ for consulate strike
Iranian worshippers perform Eid al-Fitr prayer marking the end of the Muslims holy fasting month of Ramadan, in Tehran, Iran, Wednesday, April 10, 2024. (AP/Vahid Salemi)
Iran’s Supreme Leader Ali Khamenei says Tehran will retaliate for Israel’s alleged bombing of a consulate building in Damascus earlier this month.
“Israel must be punished and it shall be punished” for the attack, Khamenei says in a sermon following Eid al-Fitr prayers at Tehran’s Grand Mosque, where a large crowd has gathered to mark the end of Ramadan.
Seven officials from Iran’s Islamic Revolutionary Guards Corps were killed in the April 1 strike, including two of its top figures in Syria.
Iran has repeatedly vowed that it will retaliate, setting Israel on edge, though responses thus far have only been verbal.
Khamenei says Israel’s war on Hamas in Gaza “embittered” Muslims during Ramadan, accusing Israel of killing 30,000 innocents in Gaza.
The Hamas-run Gaza health ministry says more than 33,000 people in the Strip have been killed in the fighting so far, a figure that cannot be independently verified and includes both fighters and civilians. Israel says it has killed more than 13,000 Hamas or affiliated gunmen in battle.
END
ISRAEL/IRAN
How Will Tehran Respond To Israel? Could Iranian Stealth Drones Target Critical Oil Infrastructure?
TUESDAY, APR 09, 2024 – 11:20 PM
Iran’s foreign minister said on Monday that Washington military leaders gave Israel the “green light” to conduct a missile strike on its consulate building complex in Damascus last week that killed several of its top military officials, including two generals.
Hossein Amirabdollahian said, “Our response to the Zionist regime and its punishment is certain.” He continued that “conveying the message of our country to the United States as a full-fledged support of the Zionist regime and direct response for its crimes and actions.”
Addressing those warnings, in the US, National Security Council Strategic Communicators Coordinator John Kirby stated at a press conference on Monday that he couldn’t touch on the specific intelligence matters but pointed out that “the Israeli government could count on the United States’ support for any self-defense needs against threats directly by Iran to Israel, threats that Iran has made public.”
As a possible military response by Tehran nears, Kirby also warned US troops across the Middle East, especially in Iraq and Syria, face mounting threats from drone and missile attacks.
The question on everyone’s mind in the intel community is how Iran will respond. Tehran has many options, but which will it use?
A Bloomberg report on Monday titled “Iran’s Better, Stealthier Drones Are Remaking Global Warfare” reminded us how Iran’s mastery of low-tech drone warfare poses a significant threat to US military bases and oil infrastructure in the Middle East.
Earlier this year, three American troops were killed, and more than three dozen were injured by an Iranian-designed kamikaze drone at the Tower 22 US military base in Jordan.
“The last two years have been a period of hyper-acceleration of new tactics and techniques for Iran’s employment of drones,” Matthew McInnis, a Pentagon intelligence officer, told Bloomberg.
In February, Iran’s Aerospace Force Commander Brig. Gen. Amir Ali Hajizadeh announced that Tehran-made stealth drones could target any moving vessel and critical infrastructure at great ranges.
Hajizadeh claimed that Iran is one of the world’s leading powers in defense, including drone and missile technologies.
“We have now reached a point where the terrorist military of the United States openly admits that it is not seeking a conflict with the Islamic Republic because it is unable to resist the Iranian defense prowess,” he said.
Iran’s drones are becoming stealthier, and that has the US intel community up at night. Bloomberg pointed out, “The one that hit Tower 22 in January penetrated US defenses by shadowing an American drone that was landing there.”
A spokesman for the US Department of Defense recently said Iran’s procurement, development, and proliferation of drones are “an increasing threat to international peace and security.” They noted that Defense Secretary Lloyd Austin set up a panel of senior leaders last month to figure out “this urgent operational challenge.”
Iran’s stealth drone technology has likely advanced significantly since Yemen’s Houthi rebels, backed by Tehran, launched a complex drone swarm attack on the world’s largest oil processing facility in Saudi Arabia in 2019.
The question, again, is how Tehran will respond to Israel/the US. There are mounting concerns Iran or Iran-backed proxy groups could use suicide stealth drones against critical oil infrastructure, such as the Abqaiq oil processing facility in Saudi Arabia. Brent crude would immediately spike over the $100 a barrel mark if that facility was hit. And it would be viewed as an indirect attack on the US, as we penned in a note titled “The Weaponization Of Crude Could Trigger The Next Financial Shock.”
Iran has stealth drone technology, and we’re sure they’re not just looking at pretty drones in a giant underground warehouse. They will use it. The question the intel community has is how Tehran will respond to Israel.
Tick, tock, tick, tock…
END
ISRAEL/WEST BANK
IDF arrests terror suspects in West Bank raid, destroys Hamas rocket launchers
IDF arrests nine wanted individuals in West Bank night operation
IDF, Shin Bet, and Border Police arrest nine suspects in a West Bank operation and confiscate combat gear. Over 3,700 arrests have been made in the West Bank since the beginning of the war.
By JERUSALEM POST STAFFAPRIL 10, 2024 14:04
The IDF, Shin Bet, and Border Police arrested nine wanted individuals in the West Bank during a Tuesday overnight operation, the IDF announced on Wednesday.
During the operation in Kalandiya, in the Binyamin Division, soldiers arrested three wanted individuals and seized two rifles and three handguns.
In the Tulkarm area, in the Menashe Division and Samaria Division area, soldiers arrested an additional six wanted individuals and interrogated more suspects.
In Idna, in the Judea Division, forces located and confiscated combat equipment that was found in the area, and in Hebron, terror funds were also confiscated.
Security forces arrest suspects
“The arrested suspects and the confiscated combat equipment were transferred for further handling by security forces; our forces did not suffer casualties,” the IDF Spokesperson Unit reported.
So far, since the beginning of the conflict, about 3,700 wanted individuals have been arrested throughout the West Bank, with about 1,600 of them affiliated with the Hamas terror organization.
END
ISRAEL/NORTHERN GAZA
Israel Air Force destroys Hamas launchers that fired rockets at Kibbutz Kfar Aza
Additional launches were detected toward IDF soldiers in the Shejaiya area of the northern Gaza Strip. No soldiers were reported injured, and the launchers were destroyed.
By JERUSALEM POST STAFFAPRIL 10, 2024 10:34Updated: APRIL 10, 2024 14:1
https://www.jpost.com/israel-hamas-war/article-796290
Israeli Air Force fighter jets conducted retaliatory strikes on rocket launchers in the Gaza Strip after launches were fired near Kibbutz Kfar aza, The IDF announced on Wednesday.
The launch was identified from Jabalyia toward Kibbutz Kfar Aza on Tuesday, which was intercepted by the IDF Aerial Defense Array. In response, an IAF fighter jet struck the compound and launcher from which the rocket was fired.
Meanwhile, the Nahal Brigade continued operations in the central Gaza Strip and has killed numerous terrorists over the past day. In one instance, the Nahal soldiers killed a terrorist cell that was approaching the soldiers’ location, according to the announcement.
A Nahal Brigade-led division (162nd) continues to operate in the Netzarim Corridor that separates the northern and southern Gaza Strip, conducting targeted operations on terrorist infrastructure in the area.
IDF ground and air troops destroy additional launchers
In addition, a number of launches were identified toward IDF troops operating in the area of Shejaiya in the northern Gaza Strip. In response, an IAF fighter jet located and destroyed the launcher.
Furthermore, an IAF aircraft also struck a Hamas terrorist cell that posed a threat to IDF troops operating in the Shejaiya area.
Over the past day, IAF fighter jets and aircraft struck dozens of additional terror targets in the Gaza Strip, including military sites, launchers, tunnel shafts, and infrastructure, the IDF added.
Furthermore, the soldiers eliminated terrorists in encounters and proactive ambushes with the cooperation of Nahal Brigade’s Fire Control Center. In addition, the soldiers located and destroyed an anti-tank missile launch post, a mortar launch post that was used to fire toward Israel, a tunnel shaft, and terrorist structures that Hamas used against the soldiers.
In one incident, the Brigade’s Fire Control Center detected a terrorist who conducted a rocket and mortar attack on the soldiers. In a short time, the soldiers acted, and the terrorist was eliminated by an aircraft.
END
ISRAEL HAMAS
Hamas unable to locate 40 Israeli hostages for first stage of hostage deal – report
By JERUSALEM POST STAFFAPRIL 10, 2024 16:31
Hamas is currently “unable to locate 40 hostages detained in the Gaza Strip” needed for the first stage of a hostage deal, an Israeli official with knowledge of the talks told CNN on Wednesday
END
Hamas Can’t Locate 40 Israeli Hostages Needed For 1st Round Of Ceasefire
WEDNESDAY, APR 10, 2024 – 01:25 PM
Lebanese and Israeli sources are reporting that Hamas is open to releasing hostages as part of deal that would see IDF troops gradually retreat from the Gaza Strip, instead of its prior demand of full troop withdrawal as a precondition to letting the hostages go free.
But any potential forward progress has been stymied by a significant complication revealed by Hamas to negotiators on Wednesday. The group is unable to identify and locate some 40 Israeli hostages which would be needed to complete the first phase of the ceasefire deal.
A security source told CNN, “The inability – or unwillingness – of Hamas to tell Israel which hostages would be released, alive, is a major obstacle.”
This possibly confirms prior reporting by the Israeli newspaper Haaretz, which in March said that Israeli officials believe only 60 to 70 Israeli hostages in Gaza are still alive.
“According to the IDF, a total of 134 hostages and bodies are being held in Gaza,” Haaretz wrote Thursday. “Thirty-six of the people were confirmed by the army as killed – some on October 7, when their bodies were taken into the Strip. Of the 98 living hostages, 10 are foreigners (eight Thais, one Nepalese national, and one man with Mexican and French citizenship).”
The 40 ‘missing’ hostages currently being discussed by negotiators may or may not be deceased, and it could be more of an issue of locating where they are being held. The past many months of grinding war has likely served to isolate the cells which are holding them separately, as CNN details:
The majority of the almost 100 hostages who remain alive are believed to be male IDF soldiers or men of military reserve age. Hamas is expected to try to use to them in later phases to try to negotiate more significant concessions, including more high-level prisoners and a permanent end to the war.
The more than 250 hostages captured or killed on October 7 are believed to have been spread out among different members and factions of Hamas, as well as other militant groups, gangs and even held by families.
So there may be this significant wartime logistical hurdle to overcome before the first phase of any potential hostage deal can even be implemented.
A working draft deal mediated by Qatar is said to stipulate as a first phase the release of 40 living hostages made up of women, the elderly, and the sick. This would happen during an initial six-week pause in the fighting. But at this point, per CNN sources, since Hamas is “unable to reach 40 in the proposed categories, Israel has pushed for Hamas fill out the initial release with younger male hostages, including soldiers.”
There’s a possibility that some of the hostages could have been killed by Israeli’s relentless bombing campaign which has decimated entire neighborhoods. A horrifically tragic incident last December saw three Israeli hostages shot dead by Israeli forces who mistook them for Palestinian militants.
Israeli leadership under Netanyahu has been accused by the hostages’ families of prioritizing the military operation to defeat Hamas far and above hostage recovery.
END
Three sons of Hamas leader Haniyeh killed in Israeli airstrike, Hamas media say
By REUTERSAPRIL 10, 2024 17:34
Three sons of Hamas leader leader Ismail Haniyeh were killed in an Israeli airstrike on Gaza, Hamas-affiliated news agency Shehab said on Wednesday.
Three sons of Hamas leader Haniyeh killed in Israeli airstrike
The Iranian-aligned Lebanese outlet al-Mayadeen reported, citing Palestinian sources, that the strike had also killed several of Haniyeh’s grandchildren.
By JERUSALEM POST STAFFAPRIL 10, 2024 17:34Updated: APRIL 10, 2024 18:04
Three sons of Hamas leader leader Ismail Haniyeh were killed in an Israeli airstrike on Gaza, Hamas-affiliated news agency Shehab said on Wednesday.
The Iranian-aligned Lebanese outlet al-Mayadeen reported, citing Palestinian sources, that the strike had also killed several of Haniyeh’s grandchildren, and that they had been killed in a vehicle in the Al-Shati refugee camp in Gaza City.
Israeli media reported that Haniyeh had later confirmed that three of his sons and three of his grandchildren had been killed in the strike.Top Articles
Three sons of Hamas leader Haniyeh killed in Israeli airstrike
“All of Gaza’s citizens paid a price with the blood of their children, including me,” he was cited as saying.
That area has been under IDF control for several months. Israel last week withdrew its forces from southern Gaza, and has not yet launched a promised operation in the city of Rafah, believed to be Hamas’s last stronghold in the strip.
Haniyeh, the chairman of Hamas’s Political Bureau, lives in Qatar, alongside other members of Hamas’s political leadership.
The group’s leader inside of Gaza is Yahya Sinwar, who is believed to be hiding in southern Gaza, surrounded by Israeli hostages.
More than a dozen other relatives reported killed during war
An airstrike in October reportedly killed 14 other members of Haniyeh’s family, including his brother and nephew; his granddaughter Roaa Haniyeh was also reportedly killed by the IDF, as was his oldest grandson, Jamal. In February, Palestinian sources reported that Haniyeh’s son, Hazem Haniyeh, had also been killed.
END
IRAN/HEZBOLLAH/HAMAS/PROXIES
Senior Hezbollah money changer found shot to death near Beirut
The security source identified the victim as Mohammad Surur who worked in currency exchanges and money transfers, including between Iran-backed terror groups opposed to Israel.
By REUTERSAPRIL 10, 2024 18:28
A Lebanese man sanctioned for allegedly funneling millions of dollars to Hamas was found dead in a mountain town outside Beirut, a security source told Reuters on Wednesday.
The security source identified the victim as Mohammad Surur and said he hailed from a northeastern town near the Syrian border and worked in currency exchanges and money transfers, including between Iran-backed terror groups opposed to Israel.
He was found dead in a house in the town of Beit Meri on Tuesday, with several gunshot wounds to his legs, the Lebanese security source said.
That, along with a large of sum money found on the body, led Lebanon’s security forces to conclude that Surur had been subject to a violent interrogation, not attempted theft, the source added.
Surur was sanctioned in 2019 by the US Treasury, which said he had transferred “tens of millions of dollars per year” between the Iranian Revolutionary Guards’ external branch, the Quds Force, and Hamas’s armed wing the Qassam Brigades.
He would have been 57 at the time of his death, according to biographical details published by the Treasury.
The Treasury said in 2019 that Surur was also linked to Lebanon’s Hezbollah, an ally of Hamas. Surur has been seen at public events hosted by Hezbollah in Lebanon but did not appear to have a formal or senior role directly within the terror group, a source familiar with Hezbollah’s operations told Reuters.
Hezbollah has been exchanging fire across Lebanon’s southern border with Israel in parallel with the Gaza war.
In a press conference, Surur’s family pressed for a full investigation into the circumstances around his death but did not accuse any particular individual, group or government.
His death comes just days after the killing of a local official in an anti-Hezbollah faction, which has stoked fears of an outbreak of political and sectarian violence.
Lebanon is already suffering a nearly five-year-old financial collapse that has turned much of the economy into a cash-based one, worrying observers who say money laundering could grow.
In March, a top US Treasury representative visited Lebanon to press officials to halt financial transfers to Hamas. A source at Lebanon’s central bank told Reuters that Lebanon had denied such transfers were taking place.
END
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES
15 US Agencies Knew Wuhan Lab Was “Trying To Create A Coronavirus Like COVID-19”: Rand Paul
TUESDAY, APR 09, 2024 – 08:00 PM
While a massive body of evidence exists on the origins of COVID-19, Senator Rand Paul (R-KY) is conducting his own investigation into the matter.
In a Tuesday op-ed, Paul writes that government officials from 15 federal agencies “knew in 2018 that the Wuhan Institute of Virology was trying to create a coronavirus like COVID-19.”
These officials knew that the Chinese lab was proposing to create a COVID 19-like virus and not one of these officials revealed this scheme to the public. In fact, 15 agencies with knowledge of this project have continuously refused to release any information concerning this alarming and dangerous research.
Government officials representing at least 15 federal agencies were briefed on a project proposed by Peter Daszak’s EcoHealth Alliance and the Wuhan Institute of Virology. -Rand Paul
Paul is talking about the DEFUSE project, which was revealed after DRASTIC Research uncovered documents showing that DARPA had been presented with a proposal for EcoHealth to perform gain-of-function research on bat coronavirus.
New documents released by Drastic Research show Peter Daszak and the EcoHealth Alliance had applied for funds that would allow them to further modify coronavirus spike proteins and find potential furin cleavage sites. Rep. Gallagher explains why that’s so important.
And according to Rand Paul, officials from 15 agencies knew about this. While the project was never funded (DARPA called it too dangerous) – Paul writes: “This project, the DEFUSE project, proposed to insert a furin cleavage site into a coronavirus to create a novel chimeric virus that would have been shockingly similar to the COVID-19 virus.“
And what does this mean?
It means that at least 15 federal agencies knew from the beginning of the pandemic that EcoHealth Alliance and the Wuhan Institute of Virology were seeking federal funding in 2018 to create a virus genetically very similar if not identical to COVID-19.
Disturbingly, not one of these 15 agencies spoke up to warn us that the Wuhan Institute of Virology had been pitching this research. Not one of these agencies warned anyone that this Chinese lab had already put together plans to create such a virus.
Peter Daszak concealed this proposal. University of North Carolina scientist Ralph Baric, a named collaborator on the DEFUSE project, failed to reveal that the Wuhan Institute of Virology had already proposed to create a virus similar to COVID-19.
And now we know that 15 agencies heard the proposal and when each agency discovered that COVID-19 was strangely similar to DEFUSE’s proposed virus creation, not one agency head stepped forward to warn the public that the virus might be man-made and therefore already adapted to transmit freely among humans. -Rand Paul
Paul further writes that Fauci’s NIAID was not only briefed on the DEFUSE proposal, his “Rocky Mountain Lab” was named as a partner in it along with the Wuhan Institute of Virology.
Newly obtained documents confirm yet again Fauci lied about COVID. Fauci’s NIH lab was a partner with Wuhan on a proposal to engineer a highly transmissible coronavirus in 2018. But he wasn’t alone, 15 government agencies knew about it and said nothing. Americans deserve answers. https://foxnews.com/opinion/great-covid-cover-up-shocking-truth-about-wuhan-15-federal-agencies…
·
1.9M Views
Meanwhile, researcher Ian Lipkin, one of the authors of the “proximal origins” coverup paper, was also part of the DEFUSE plan – which he never revealed publicly.
“Did NIAID warn us? Did Anthony Fauci warn us? No! All lips remained sealed,” writes Paul.
END
GLOBAL ISSUES//GLOBAL SALES
end
MARK CRISPIN MILLER
Sunbathing for ONE DAY increases risk of fatal heart attack. Drinking just ONE Diet Coke per day now linked to deadly heart disease. Nigerians now dying of heart attacks from watching too much soccer.
“Golf is linked to increased risk of developing Lou Gehrig’s disease (ALS)”; “Cause of long Covid has finally been identified: low iron levels”; India sees NO link between the “vax” & heart attacks.
| MARK CRISPIN MILLERAPR 10 |
Millions are “dying suddenly” all around the world; and yet, according to “our free press,” all those dying are not dying of what’s really killing them. Indeed, none of them are dying of what’s really killing them, since they’re all dying (suddenly) of something else.
UNITED STATES
Sunbathing for just ONE DAY may increase your risk of heart disease – and stop the body fighting infections, study suggests
March 19, 2024
It is no secret that sizzling in the sun for long periods is bad for your health. As well as the headaches and risk of heatstroke, sunbathing dramatically increases the chance of skin cancer, with 70 percent of cases of the disease linked to sun exposure. But now, researchers have added two further serious harms to the list: heart disease and a wrecked immune system. Scientists from the University of Louisville in Kentucky found that just a day in a hot outdoor environment may raise tell-tale signs of inflammation in the body by at least 10 percent. Some of these signs – the release of inflammatory compounds that lead to a spiral of internal damage – are explicitly linked to the build-up of plaque in the arteries, leading to heart disease. Researchers from the University of Louisville in Kentucky studied 624 adults, who had their blood taken during the summer months between May 2018 and September 2019. The study also showed a six percent drop in crucial immune system cells called B-cells, which help the body fight viruses and germs.
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.
Golf is linked to increased risk of developing Lou Gehrig’s disease (ALS)
March 13 2024
Recent research has uncovered a potential connection between playing golf and other outdoor activities and an increased risk of developing Amyotrophic Lateral Sclerosis (ALS), also known as Lou Gehrig’s disease, a progressive neurodegenerative disease. This study from Michigan Medicine emphasizes the need for further investigation into how hobbies and leisure activities may contribute to ALS risk, with an eye towards prevention and early detection. The study surveyed 400 individuals diagnosed with ALS and nearly 300 without the condition, focusing on their hobbies and activities outside of work. Notably, it was found that golfing, gardening or yard work, woodworking, and hunting were associated with a higher risk of ALS, particularly among men. For women, the study did not find a significant association between any recreational activity and ALS risk, which researchers attribute to the smaller number of female participants.
Nanoplastics linked to an increase in heart attacks and strokes – study
March 10, 2024
A new study says that people with nanoplastics inside their bodies are 4.5 times more likely to suffer from a heart attack, stroke or die of other health related concerns over the next three years than people without them, scientists say. The study was published in The New England Journal of Medicine, and explained how micro- and nanoplastics (NMPs) are “emerging” as a potential risk factor when assessing cardiovascular disease. It is the first time that such a connection has been made.
We can all relax now:
Cause of long COVID has finally been identified
March 9, 2024
Ever feel like you just can’t shake off that lingering fatigue even after recovering from COVID? You’re not alone. Millions of people experience long COVID, a frustrating collection of symp
BRAZIL
Rising incidence of heart disease and ignorance draws attention
February 6, 2024
Brazil faces significant challenges regarding heart health. In the country, the cases of heart attacks recorded per month have more than doubled in the last 15 years. Data from the activities report of the Padre Albino Foundation indicate…an increase of 24% in hospitalizations compared to 2022. At the Padre Albino Hospital, the total number of visits related to cardiovascular problems in the emergency room increased by 48% from 2022 to 2023. Dr. Sinhorini says that inadequate life routine added to genetic factors, smoking and lack of control of diabetes, cholesterol and blood pressure generates a high risk scenario that needs to be fought.
Drinking just one Diet Coke a day linked with deadly heart condition
March 5, 2024
An amount of Diet Coke which many people would have assumed was normal and “healthy” to consume has been linked with a deadly heart disease. While many opt for diet sodas instead of the full-fat options, for a number of health reasons, it seems as though it may not necessarily be safe if you consume too much. A new study suggests that seven or more cans of diet pop per week could raise the risk of long-term heart issues among those tested.
More Millennials and Gen Xers are dying from colorectal cancer. Obesity and alcohol consumption are fueling the trend
January 30, 2024
Obesity and alcohol consumption are fueling bowel cancer’s rising death toll among young adults, according to newly published research in a leading cancer journal. The study, published Sunday in the Annals of Oncology, marks the first time bowel cancer deaths among young people — millennials and Gen Xers ages 25-49 — are predicted to rise in some European countries, and confirms a trend researchers first noted in 2021. The greatest European increase will be seen in the U.K., where such deaths are predicted to rise by 39% and 26% in women and men, respectively, this year when compared to 2018. That’s according to Dr. Carlo La Vecchia, professor of medical statistics and epidemiology at the University of Milan, Italy, and lead author on the paper. Being overweight or obese—and related health conditions like hyperglycemia and diabetes—are the primary factors responsible, La Vecchia said in a news release on the study.
Aside from obesity, sedentary lifestyle, and heavy alcohol use, other potential drivers proposed by researchers include:
- Smoking
- Low fiber, high-fat diet
- Diets high in processed meats
- Conditions like inflammatory bowel disease
- Genetics
GERMANY
Because of drugs? Heart problems more than doubled among young Berliners
March 29, 2024
Cardiovascular diseases: the most common cause of death in Germany. In 2022, 12,218 Berliners died from it. Alarming: The Berlin fire brigade has to help young people more and more often because of heart problems. A total of 52,182 operations related to heart problems were carried out in the capital last year. It is worrying that from 2020 to 2023, the stakes skyrocketed, especially among children and young adults. In 2020, for example, there were 82 assignments for 1 to 10-year-olds. in 2023 there were already 232. An increase of 182.93 percent! For 11- to 20-year-olds, the numbers increased by 57.02 percent: from 784 (2020) to 1231 (2023). The accumulation of cases among 21- to 30-year-olds is also worrying: in 2020 there were 2349 fire brigade missions, in 2023 already 3816 – 62.45 percent more.
The politician Brousek stated: “The sharp increase in the number of jobs is due to significant external stress factors among young people.“ He believes the drug and club scene plays a central role. A reduction of the risks and thus of the fire brigade operations is only possible through strict and restrictive drug policy. Psychologist Franziska Klemm believed many students are under pressure to catch up on what has been missed in the pandemic. But: Corona is not the only problem. Interpersonal conflicts as well as bullying at school and in social networks are an additional burden.
NIGERIA
Sunday’s AFCON Final: How Not to Die While Watching
February 10, 2024
The Lagos State Ministry of Health has advised residents to familiarise themselves with medical facilities around football viewing centres as the final lap of the 2023 African Cup of Nations (AFCON) holds between Nigeria and Ivory Coast tomorrow. Akin Abayomi, the Lagos State Commissioner for Health, listed this among five other essential health tips Nigerians could observe to stay alive while the match lasts. This advisory is coming after three Nigerians died while watching the AFCON semi-final match between Nigeria and South Africa on Wednesday.
The advisory reads:
“Residents are advised to prioritize their health and well-being while enjoying football matches or any other intense activities,” the statement, signed by the commissioner and posted on X, read in part:
Know Your Limits: Understand your physical limitations and consult with a healthcare professional if you have any underlying health conditions before engaging in activities that could potentially exacerbate them.
Stay Hydrated and Nourished
Take Regular Breaks
Maintain Good Posture
Stay Calm and Relaxed
Be Prepared for Emergencies
“We also urge viewing centres to ensure that venues where football matches are watched have adequate medical facilities and trained personnel on hand to respond swiftly in case of emergencies. This can make a significant difference in outcomes. If you experience any unusual symptoms or discomfort, don’t hesitate to seek medical attention promptly.”
FIJ had reported that Cairo Ojougboh, a former member of the House of Representatives who represented the Ika Federal Constituency of Delta State, died while watching the semi-final last Wednesday.
INDIA
No link between vax, heart attack: Minister
February 6, 2024
Asserting that there were no side effects of the vaccine, Patel told the Gujarat assembly during a discussion in the question hour that more than 250 crore doses of the vaccine have been given to the people of the country, and fears that youth are prone to heart attacks because of the vaccine are “not correct and without substance.” [Indeed, such “attacks” are “not without substance.]
Gandhinagar – State health minister Rushikesh Patel said on Monday that the fear that youth have become prone to heart attacks owing to the side effects of the Covid-19 vaccine is unfounded. Asserting that there were no side effects of the vaccine, Patel told the Gujarat assembly during a discussion in the question hour that more than 250 crore [10 million] doses of the vaccine have been given to the people of the country, and fears that youth are prone to heart attacks because of the vaccine are “not correct and without substance.”
DR PAUL ALEXANDER
Women being physically assaulted in New York City by men who just run up and punch them in the face; police trying to address, my take…women, get large knives and guns & shoot the men or stab them
in the face…repeatedly…do a couple and you will see how many happen still
| DR. PAUL ALEXANDERAPR 10 |
SLAY NEWS
| he latest reports from Slay NewsCDC Admits Huge Wave of Deadly Covid Vax InjuriesThe U.S. Centers for Disease Control and Prevention (CDC) has quietly published a new report admitting to hundreds of thousands of cases of previously undisclosed injuries caused by Covid mRNA shots.READ MORE‘Scam’ Claims That Humans’ ‘Carbon Emissions’ Cause ‘Global Warming’ Are a ‘Hoax,’ Experts WarnExperts are warning that claims suggesting “global warming” is caused by humans’ so-called “carbon emissions” are simply a “hoax.”READ MORELegal Expert Calls for Fani Willis to Face Gag Order in Trump CaseA legal expert has argued that Fulton County District Attorney Fani Willis should be issued with a gag order to prevent the Democrat prosecutor from speaking about her politically motivated case against President Donald Trump in Georgia.READ MORELori Lightfoot Hired to Investigate ‘Worst Mayor in America’ Tiffany HenyardResidents in Dolton, Illinois have voted to hire former Chicago Mayor Lori Lightfoot to investigate allegations of corruption in the village.READ MOREFetterman Speaks Out against Squatters Rights, Declares ‘I Am Not Woke’Democrat Sen. John Fetterman (D-PA) has continued to push back against the radical Left wing of his party by declaring that he is “not woke.”READ MOREObama Advisor David Axelrod Slams Biden for Boasting about Economy: ‘Drives Me Crazy’One of Barack Obama’s closest allies has openly blasted Democrat President Joe Biden for repeatedly boasting about his economy while Americans struggle under his so-called “Bidenomics” policies.READ MOREBrazilian Judge Launches Criminal Probe into Elon MuskA top Brazilian judge has launched a criminal investigation into X boss Elon Musk.READ MORETrump Supporter Attacked with Sledgehammer in New JerseyA well-known supporter of President Donald Trump has been hospitalized after being brutally attacked with a sledgehammer in New Jersey.READ MOREVideo Shows Man Shoot Father’s Killer in CourtroomA shocking video has emerged that shows the moment a revenge-seeking son shoots his father’s alleged killer in the middle of a courtroom.READ MOREMassive Container Ship Loses Control Near New York’s Verrazzano-Narrows BridgeAnother massive container ship has lost control, this time near the Verrazzano-Narrows Bridge in New York.READ MORENational College Athletics Organization Bans Transgenders from Women’s SportsThe official athletics association for colleges and universities in North America has just banned transgender athletes from competing in women’s sports events.READ MORETrump Says It Would Be a ‘Great Honor’ to Be Jailed for Speaking Truth about Judge MerchanPresident Donald Trump has responded to the growing concern that he could be jailed for defying the “gag order” imposed on him by a radical Biden-supporting judge.READ MORETrump: Biden ‘Soiled’ Himself in the Oval OfficePresident Donald Trump has explained why he may need to make some changes to the Oval Office when he returns to the White House.READ MORE |
EVOL NEWS
| LATEST NEWS: |
NEWS ADDICT
| Bill Gates Demands ‘Digital ID’ for ‘Every Human on Earth’Billionaire Bill Gates has joined forces with the globalist United Nations (UN) to launch a new effort to ensure that “every human on Earth” can be tracked and monitored with a “digital ID.”READ THE FULL REPORT |
| UK Government Vows to Close All Airports & Ban Meat Consumption by 2029 to Meet ‘Net Zero’The government in the United Kingdom has published an official report outlining plans to close all airports and ban the general public from consuming meat by 2029 in order to meet globalist goals for tackling “climate change.”READ THE FULL REPORT |
| Trump Sues New York Judge Who Slapped Him with Gag OrderPresident Donald Trump is suing the Biden-voting New York judge who hit him with a limited ‘gag order’ during his election campaign in regards to the ‘hush money’ case.READ THE FULL REPORT |
| Trump Seeks Review of Judge’s Decision Not To Dismiss Georgia Case Based On First AmendmentTrump and his co-defendants are seeking to review a judge’s decision not to dismiss their Georgia racketeering case based on the First Amendment.READ THE FULL REPORT |
| Fani Willis Threatened with Civil Rights Lawsuit Over Her ‘Racist’ Comments Against Trump DefendantsA co-defendant in President Donald Trump’s Georgia election case said Monday he would be taking legal action against Fulton County District Attorney Fani Willis, citing alleged racism.READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
OIL PRICES/GAS PRICES/OIL ISSUES
Pump-Prices Continue To Surge, Gasoline Inventories See Small Build
WEDNESDAY, APR 10, 2024 – 10:38 AM
Crude prices slid back to unchanged this morning – from some overnight gains – after a hotter than expected CPI print took demand-seducing rate-cuts off the table.
However, as Bloomberg reports, oil is still up 19% this year as OPEC+ cuts supply and geopolitical tensions across the Middle East create strong tailwinds. The market is bracing for Iran’s response to a suspected Israeli attack on its consulate in Syria last week, and top traders have been striking an increasingly bullish tone in recent days.
API reported a sizable crude build and another gasoline draw – all eyes will be on the official data for any confirmation.
API
- Crude +3.03mm (+800k exp)
- Cushing +124k
- Gasoline -609k (-1.4mm exp)
- Distillates +120k (-600k exp)
DOE
- Crude +5.84mm (+800k exp)
- Cushing -170k
- Gasoline +715k (-1.4mm exp)
- Distillates +1.66mm (-600k exp)
Bigger than expected crude build surprised traders but a build in gasoline stocks was probably the most notable aspect of the report…
Source: Bloomberg
The Biden admin added 595k barrels to the SPR last week…
Source: Bloomberg
US gasoline stockpiles, which have plunged to the lowest levels this year, though they remain above the same period last year.
Source: Bloomberg
US Crude production was flat at 131.mm b/d, near record highs…
Source: Bloomberg
WTI was hovering around $85.25 ahead of the official data, dipped on the data then rallied higher…
Meanwhile, pump-prices continue to rise, as we expected, tracking wholesale gasoline prices higher…
Source: Bloomberg
…and if you think this morning’s CPI was hot, with the highest pump-prices in six-months, just wait for next month…
Source: Bloomberg
Not at all what President Biden wanted to see, but we are sure it’s all ‘mom and pop’ retail gas station owners’ greed that is driving this!!!
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
Bank of Canada Keeps Rates Unchanged, Needs More Evidence Of Slowing Inflation Before Cuts
WEDNESDAY, APR 10, 2024 – 10:28 AM
The BoC keeps rates unchanged for a sixth consecutive meeting even as officials signaled they’re getting closer to rate cuts but – like the Fed – need more evidence of slowing inflation. The Canadian central bank left the benchmark overnight rate unchanged at 5% on Wednesday, a move which was expected by markets and by economists in a Bloomberg survey.
In the updated forecast, the central bank revises 2024 CPI forecast down to 2.2% from 2.4% while the 2025 CPI forecast was unchanged at 2.1%. Meanwhile, 2024 GDP was revised higher to 2.1% from 1.6%, but 2025 CPI is revised down to 2.2% from 2.7%.
“We are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained,” BoC Governor Macklem said in the prepared text of his opening statement.
Officials said that data since January boosted their confidence that price pressures are gradually slowing, even as they expect economic growth to increase. Still, Macklem called further declines in core inflation “very recent,” adding that the bank wants to “be assured this is not just a temporary dip.” In the months ahead, the BoC will be closely watching the evolution of core inflation. He says he remains focused on the balance between demand and supply in the economy, inflation expectations, wage growth and corporate pricing behavior as indicators of where inflation is headed.
Overall, the communications confirm that officials’ discussions have turned to debating when interest rate cuts can begin this year, but that the decision hinges on how inflation evolves in the coming months.
Economists expect the BOC will be in a position to cut at the bank’s next meeting, on June 5. Traders in overnight swaps place over two-thirds odds of a 25 basis point cut at that meeting. July is fully priced, with traders seeing some chance of two cuts by that time.
Similar to the Fed, BOC officials also raised their estimate for the neutral rate by 25 basis points to a range of 2.25 to 3.25%; suddenly gradual increases in inflation targets are all the rage across “developed” central banks.
Canada’s progress on inflation is starting to diverge from the US, which saw upside surprises to price pressures in January and February.
As Bloomberg notes, last month, members of the bank’s six-person governing council said they expect to be able to start cutting rates in 2024 as long as the economy and inflation evolve roughly in line with their forecasts. But there was little consensus about when or how officials would know it was time to start easing.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 7;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0861 UP .0007
USA/ YEN 151.84 UP .067 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2694 UP .0017
USA/CAN DOLLAR: 1.3563 DOWN .0011 (CDN DOLLAR UP 11 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED DOWN 21,20 PTS OR .70%
Hang Seng CLOSED UP 311.10 PTS OR 1.95%
AUSTRALIA CLOSED UP .35%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 311,10 PTS OR 1.85%
/SHANGHAI CLOSED DOWN 21.20 PTS OR .70%
AUSTRALIA BOURSE CLOSED UP 0.35%
(Nikkei (Japan) CLOSED DOWN 191.36 PTS OR 0.48%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2347,65
silver:$28.06
USA dollar index early WEDNESDAY morning: 103.85 DOWN 8 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.093% UP 5 in basis point(s) yield
JAPANESE BOND YIELD: +0.798% UP 1 AND 6//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.237 UP 5 in basis points yield
ITALIAN 10 YR BOND YIELD 3.767 UP 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4310 UP 5 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0754 DOWN 0.01050 or 105 basis points
USA/Japan: 152.77 UP 0.989 OR YEN IS DOWN 99 BASIS PTS
Great Britain/USA 1.2567 DOWN .0114 OR 114 BASIS POINTS //
Canadian dollar DOWN .0099 OR 99 BASIS pts to 1.3674
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed ON SHORE CLOSED DOWN AT 7.2343
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2550)
TURKISH LIRA: 32.30 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.798…
Your closing 10 yr US bond yield UP 14 in basis points from TUESDAY at 4.504% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.579 UP 9 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.933 UP 19 BASIS PTS.
GOLD AT 11;30 AM 2346.50
SILVER AT 11;30: 28.39
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: TUESDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 26.42 PTS OR 0.33%
German Dax : CLOSED UP 20.61 PTS OR 0.11%
Paris CAC CLOSED DOWN 3,79 PTS OR 0.05%
Spain IBEX CLOSED DOWN 41,00 PTS OR 0.38%
Italian MIB: CLOSED UP 93,34PTS OR 0.3
8%
WTI Oil price 85.11 12: EST/
Brent Oil: 89.39 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 93.47 ROUBLE DOWN 0 AND 47/100
GERMAN 10 YR BOND YIELD; +2.4310 UP 6 BASIS PTS
UK 10 YR YIELD: 4.1780 UP 5 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0744 DOWN.01144 OR 144 BASIS POINTS
British Pound: 1.2541 DOWN .0136 or 136 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.176 up 12 BASIS PTS//
JAPAN 10 YR YIELD: .789
USA dollar vs Japanese Yen: 153. 09 up 1.038//YEN down 104 BASIS PTS//
USA dollar vs Canadian dollar: 1.3679 UP .01067 CDN dollar DOWN167
basis pts)
West Texas intermediate oil: 8623
Brent OIL: 90.41
USA 10 yr bond yield up 19 BASIS pts to 4.5489%
USA 30 yr bond yield DOWN 12 BASIS PTS to 4.623%
USA 2 YR BOND: up 22 PTS AT 4.969%
USA dollar index: 104.96 UP 103 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.31 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 93,43 DOWN 0 AND 43/100 roubles
GOLD 2333.60 3:30 PM
SILVER: 27.88 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: down 422.16 PTS OR 1.09%
NASDAQ down 70.65 PTS OR 0.39%
VOLATILITY INDEX: 158.25 UP 0.25 PTS OR 0,87%
GLD: $215.61 down 2.06 OR 0.95%
SLV/ $25.45 down .27 OR 1.05%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
‘All Bets Are Off’ – Market-Mayhem After Consumer Prices Crush Dovish-Dreams
BY TYLER DURDEN
WEDNESDAY, APR 10, 2024 – 04:00 PM
Borrowing a phrase from one of our favorite movies “all bets are off” after this morning’s hot-hot-hot CPI print
The fourth hotter-than-expected core inflation report in a row got investors reevaluating expectations around the Fed’s first rate cut…
Source: Bloomberg
Goldman’s Diana Asatryan noted that their Research group pushed its first rate cut forecast to July from June, expecting two cuts this year.
The market is now pricing in just 38bps (1.5 rate-cuts) in 2024…
Source: Bloomberg
But do not worry, President Biden promised a rate-cut:
And that all sparked a massive surge in TSY yields with the short-end/belly underperforming (2Y +22bps, 30Y +13bps)…
Source: Bloomberg
The 2Y Yield got within a tick of 5.00% today for the first time since mid-Nov…
Source: Bloomberg
The 10Y Yield was double-buggered as a really ugly auction added another leg to the sell-off…
Source: Bloomberg
Today was the biggest yield jump for the 10Y since Sept 2022, 2Y’s biggest absolute jump since March 2023.
Source: Bloomberg
The 5Y TSY Yield broke higher than the 30Y yield today (inverted) for the first time since September…
Source: Bloomberg
Inflation expectations surged to a new cycle high (its highest since June 2022)…
Source: Bloomberg
Small Caps (as you’d expect, most sensitive to rates) were the day’s biggest laggards (-3.25%) with the rest of the majors down together around 1-1.5%…
Real Estate stocks suffered the most today (smashed over 4% lower with homebuilders worst day since Oct) as only Energy stocks managed gains…
Source: Bloomberg
And as also makes sense – ‘most shorted’ stocks (heavily weighted to small caps) – was clubbed like a baby seal…
Source: Bloomberg
Small Caps (IWM) closed below their 50DMA for the first time since November…
Source: Bloomberg
Interestingly, the MAG7 basket of stocks was practically unchanged on the day as the early puke was bid back…
Source: Bloomberg
…with NVDA seemingly the new ‘safety’ trade as TSYs were dumped…
The dollar soared on the (less dovish and maybe hawkish) CPI print to its highest close since Nov 2023…
Source: Bloomberg
The Bank of Japan has a real problem now as USDJPY surged up to 153 – a fresh 34-year-low for the yen against the dollar and below the level at which the BoJ last intervened…
Source: Bloomberg
Gold prices fell on the day – amid dollar gains – but we do note that the initial puke in precious metals was quickly bid back up before fading later…
Source: Bloomberg
Oil prices bucked the trend today thanks to a spike in geopolitical tensions. The initial dump on CPI was worsened by a bigger than expected crude draw but then Iran-Israel missile headlines sent prices soaring back above $86 (WTI)…
Source: Bloomberg
And that won’t help gas prices…
Source: Bloomberg
Finally, this gaping wide crocodile’s mouth is getting ready to snap shut again…
Source: Bloomberg
When will rates matter again?
And don’t forget, its that time of the month/year again…
Will the tax on ‘gains’ from last year spook sellers more this year as rate-cuts are wiped off the table?
END
MORNING TRADING/CPI
Surveying The Post-CPI Market Carnage…
WEDNESDAY, APR 10, 2024 – 09:02 AM
The odds of a June Fed rate-cut have been eviscerated by this morning’s narrative-crushing CPI prints with the market now pricing a less-than-1-in-5 chance of a cut…
Source: Bloomberg
Morgan Stanley economist Ellen Zentner is the first sellside to warn her June rate-cut call is in jeopardy.
“The upside surprise in core CPI is moving the inflation data further away from the convincing evidence the Fed needs to start cutting in June. Dependent on the PPI data tomorrow, this print tilts the Fed toward a later start to the cutting cycle than our current forecast for June.”
This guy got proper-fucked…
Someone today placed a record size trade in SOFR futures one day before CPI…baller move
Expectations for 2024 rate-cuts collapsed – now less than two cuts priced in…
Source: Bloomberg
All of which sent stocks reeling lower…
With the S&P at almost one-month lows…
The dollar spiked…
Gold dropped…
…as did crypto…
And bond yields exploded higher (2Y +19bps!)…
2Y Yield is closing in on 5.00% once again…
The yield curve dramatically bear-flattened to its most inverted since Dec 2023…
Now, we just await the spin on how this is actually not so bad and rate-cuts are still somehow on the table… hey we have to get Biden re-elected somehow, right!!
end
“Obviously, This Is Very Bad News For Biden”: Wall Street Reacts To Today’s Red Hot Inflation Print
WEDNESDAY, APR 10, 2024 – 09:36 AM
Coming into today’s CPI number, which followed three previous red-hot inflation prints, we said that it’s time for a “miss” (the first of 2024) not because the data demands it – on the contrary, prices continue to rise at a frightening pace – but because a dovish CPI print today would be the last opportunity for the Fed to set a timetable for a rate cut calendar ahead of November’s election.
Well, you can wave goodbye to all that, because we just got the 4th consecutive “inflation beat” in a row…
… with supercore inflation coming in blazing hot…
… thanks to a boiling inflation print which saw every single CPI metric coming in hotter than expected – was a shock, not because it reflected reality, but because it effectively sealed Biden’s fate because as Bloomberg’s Chris Antsey writes, “obviously, this is very bad news for Joe Biden… we’re approaching the point where high inflation is bound to still be in voters’ minds when they head to the polls, regardless of how the price figures come in over summer.”
With that in mind, here is a snapshot of kneejerk reactions by various other Wall Street economists and strategists to today’s print courtesy of Bloomberg.
Morgan Stanley economist Ellen Zentner is the first sellside to warn her June rate-cut call is in jeopardy:
“The upside surprise in core CPI is moving the inflation data further away from the convincing evidence the Fed needs to start cutting in June. Dependent on the PPI data tomorrow, this print tilts the Fed toward a later start to the cutting cycle than our current forecast for June.”
Brian Coulton, chief economist at Fitch:
“The so-called ‘Super-core’ CPI measure – services excluding rents – jumped from 3.9% y/y in February to 4.8% in March. This latter metric is heading the wrong way and quite quickly at that.”
David Kelly, Chief Global Strategist at JPMorgan asset management:
“I wish the Federal Reserve would pay more attention to what they do to financial markets with their manipulation of interest rates and not worry too much about what they are doing to the economy. Last decade, we mispriced housing terribly and now a large chunk of younger Americans can’t buy a house.”
Anna Wong, Bloomberg economist:
“March is a month where the CPI enters a seasonal window that’s favorable for disinflation. The fact that core CPI remained the same in March as February — even if it maps to about 0.3% in core PCE inflation terms – is not a good development. This report, more than February’s, is likely to feed Fed concern that progress on disinflation is stalling — even though the core print for the two months was the same.”
Marvin Loh, State Street economist:
“While the rent component shows a strong disinflationary trend, the more important owner’s occupied component is stubbornly unchanged and well above what is needed to get towards a stable 2% level.”
Ira Jersey, Bloomberg rates strategist:
“The 3-month annualized core CPI climbing to 4.5% is going to keep early Fed-cut calls muted coming up. 50 bps of cuts in 2024 currently being priced may not occur until later in the year. The yield curve flattening isn’t surprising as we continue to price out early and deep cuts.”
* * *
“The timing of 2024 rate-cut expectations are front of mind for market participants, with linear markets pricing just below even odds of a first cut in July. Still, the stickiness of ‘supercore’ inflation, now north of 8% on a 3-month annualized basis, may continue to put upward pressure on expectations of the Fed’s terminal floor.”* * *
“A retest of 4.51% is nearly assured with the higher-than-expected CPI. If that doesn’t hold, 4.7% is the next stopping spot for the 10-year yield.”
Seema Shah, economist at Principal Asset Management:
“Today’s print sealed the fate for the June FOMC meeting with a hike now very unlikely. In fact, even if inflation were to cool next month to a more comfortable reading, there is likely sufficient caution within the Fed now to mean that a July cut may also be a stretch, by which point the US election will begin to heavily intrude with Fed decision making.”
Priya Misra, JPM rates strategist:
”This was a pivotal report for the market since the last 2 reports were a little high (0.4% mom) and the Fed viewed those readings as a ‘bump in the road’ rather than a change in the trend towards inflation moderation.Rates have risen in the last few weeks as cuts have been priced out but there is more room to go. I also think risk assets will be sensitive to rates if the 10y moves above 4.5%. So far risk assets could ignore the high inflation prints since the Fed was dismissing it. But I think that changes now… Most of the strength in the core explained by firmer motor vehicle insurance costs and medical care — both of these do not feed into the core PCE deflator in the same way. So incoming Fedspeak will be very important”
Lindsay Rosner, head of multi-sector fixed income investing at Goldman Asset Management:
“To be clear, this number did not eclipse the Fed’s confidence; it did, however, cast a shadow on it. When it comes to spread risk, one hotter CPI print does not derail the bigger story which is the economy is strong, defaults remain benign, and the technicals continue to cast sunshine on spreads maintaining this range.”
Erik Norland, chief economist at the CME Group:
“Given the recent trend in fuel prices, there’s a risk that headline inflation readings on a year-on-year basis surpass 4%. The narrative up to now has been danger of sticky 3% but few are talking about a reacceleration to the 4s.
Florian Ielpo at Lombard Odier Asset Management:
“If the Fed remains committed to its ‘one cut in June’ stance, real interest rates could remain stable while inflation compensation may increase. This would be supportive for equities, as real financing conditions would not tighten further, and profit margins could benefit from higher-than-expected inflation.”
Torsten Slok of Apollo Global
“Easy financial conditions continue to provide a significant tailwind to growth and inflation. As a result, the Fed is not done fighting inflation and rates will stay higher for longer.”
It’s about to get even worse: recall today we have a $39 billion 10-year auction which is already being dubbed “sloppy” and a definitive break of 4.5% could easily extend if underwriting dealers are left holding the bag. As it stands, the 10yr has popped above the 4.5% parapet. Ian Lyngen at BMO Capital Markets says:
“We expect the setup to the auction will break 4.50% in 10-year yields with ease.”
And George Goncalves, head of US macro strategy at MUFG, adds:
“Price action tells you two things – positioning wasn’t as concentrated or in line with the mini rally we had heading into the number over the last 24hrs and at same time very little in auction setup either.. . Bottomline if no dip buyers show up this morning, and we keep drifting, the risk is a 4.5% this afternoon.”
* * *
The bottom line, as Bloomberg’s Sebatian Boyd writes is the following:
“today’s CPI print adds to the evidence that US monetary policy just isn’t as restrictive as the Federal Reserve thinks it is, and that interest rates will therefore need to stay higher for longer. There are lots of reasons that might be: The great resignation during the pandemic may well have heightened productivity in the US economy as people found new jobs where they’re a better fit. Higher government spending would also push up the neutral rate of interest. But every time we get a hot indicator, the case builds that it has happened and that conventional measures of neutral interest rates are too low. If that is the case, the upshot is higher yields and a flatter curve, because not only would the Fed be able to cut by less than expected in the short term, but yields will need to be higher in the long term too.”
Finally, we conclude where we started, and echoing what we said in our CPI preview, namely that the BLS had Biden’s fate in its hands, it appears the bureaucrats just voted for Trump. Here is BBG’s Chris Antsey:
Obviously, this is very bad news for Joe Biden. It’s still only April, and we’ll have another half-a-year’s worth of inflation reports before the election. But we’re approaching the point where high inflation is bound to still be in voters’ minds when they head to the polls, regardless of how the price figures come in over summer.
To underscore how calamitous today’s data is for Biden, here also is BBG’s Enda Curran:
Let’s be clear — today’s data has both economic and political implications. The economics are straight forward: It looks unlikely that the Fed will be cutting rates near term (barring a shock). The political implications are less clear but no less meaningful: Poll after poll has found that voters are grumpy on the economy and news that it could be a while yet before the inflation story is over won’t brighten their mood.
And with Biden’s goose now thoroughly cooked, the next question is how long before somebody raises the possibility of a rate hike.
AFTERNOON TRADING/
Yields Soar After Catastrophic 10Y Auction Shocks With 3rd Biggest Tail On Record
WEDNESDAY, APR 10, 2024 – 01:20 PM
Earlier today we said that while the CPI report would be the day’s main highlight, the real shocker should inflation come in hot, would be today’s 10Y treasury auction. And when the Treasury sold $39 billion in a 9-Year 11-Month reopening moments ago, all hell broke loose.
Stopping at a high yield of 4.560%, this was not only almost 40bps higher than last month’s 4.166% and the highest since October, it also tailed the 4.529% When Issued by a whopping 3.1bps, a surge compared to last month’s tail of just 0.9bps, but also the highest tail since the 3.7bps in Dec 2022 and also the third largest tail on record!
But wait, there’s more: the Bid to Cover in today’s auction tumbled to just 2.336, down from 2.512 in March and the lowest since Dec 2022; it was also well below the recent average of 2.49.
The internals were even uglier, with foreign buyers tumbling from an already low 64.3% to 61.8% the lowest since Oct 23 and far below the six-auction average of 65.9; and with Directs also sliding to just 14.2%, the lowest since Nov 21, Dealers ended up stepping up bigly and taking down a whopping 24.0%, the highest since November 22.
The market reaction was instantaneous and brutal with 10Y yields, already trading at session and 2024 highs, spiking by 6 bps to another day high of 4.56%, and fast approaching a level where not only stocks will tumble but the entire economy collapses as it grinds to a halt, similar to where Biden’s approval rating will be in the very near future.
II USA DATA
Consumer Prices Print Hotter Than Expected, Led By Surge In Energy & Shelter Costs
WEDNESDAY, APR 10, 2024 – 08:36 AM
Tl;dr: Newsquawk sums up today’s CPI print…
After increasing MoM for the last five months, headline CPI was expected to slow modestly in March (from +0.4% MoM to +0.3% MoM), but obviously still rising. However, it did not, rising a hotter than expected 0.4% MoM (equal highest since August 2023) and pushing it up 3.5% YoY…
Source: Bloomberg
Energy and Services dominated the rise on a YoY basis (with the former flipping from YoY deflation)…
Source: Bloomberg
Core CPI also rose more than expected (+0.4% MoM) pushing the YoY move up 3.8% (hotter than the 3.7% exp)…
Source: Bloomberg
Within the core index, goods costs continue to deflate on a YoY basis but services are re-acclerating…
Source: Bloomberg
Under the hood, the surge was led by Energy & Shelter costs…
Highlights:
- The index for shelter rose in March, as did the index for gasoline. Combined, these two indexes contributed over half of the monthly increase in the index for all items.
- The energy index rose 1.1 percent over the month. The food index rose 0.1 percent in March.
- The food at home index was unchanged, while the food away from home index rose 0.3 percent over the month
- The index for all items less food and energy rose 0.4 percent in March, as it did in each of the 2 preceding months.
- Indexes which increased in March include shelter, motor vehicle insurance, medical care, apparel, and personal care.
- The indexes for used cars and trucks, recreation, and new vehicles were among those that decreased over the month.
Food:
- The food index increased 0.1 percent in March, while the food at home index was unchanged. Both indexes were unchanged in February.
- Three of the six major grocery store food group indexes decreased over the month while the remaining three had price advances.
- The index for other food at home decreased 0.5 percent in March, led by a 5.0-percent decline in the index for butter.
- The cereals and bakery products index decreased 0.9 percent over the month, the largest 1-month seasonally adjusted decrease ever reported in that series, which dates to 1989.
Energy:
- The energy index rose 1.1 percent in March, after increasing 2.3 percent in February.
- The gasoline index increased 1.7 percent in March. (Before seasonal adjustment, gasoline prices rose 6.4 percent in March.)
- The index for electricity rose 0.9 percent in March, while the index for natural gas was unchanged over the month. The fuel oil index decreased 1.3 percent in March.
All items ex food and energy, MoM:
- The index for all items less food and energy rose 0.4% in March, as it did the previous 2 months. The shelter index increased 0.4 percent in March and was the largest factor in the monthly increase in the index for all items less food and energy.
- The index for rent rose 0.4 percent over the month, as did the index for owners’ equivalent rent. The lodging away from home index increased 0.1 percent in March, as it did in February.
- The motor vehicle insurance index rose 2.6 percent in March, following a 0.9-percent increase in February.
- The index for apparel increased 0.7 percent over the month.
- The medical care index rose 0.5 percent in March after being unchanged in February.
- The index for hospital services rose 1.0 percent over the month and the index for physicians’ services increased 0.1 percent.
- The prescription drugs index rose 0.3 percent in March.
- The index for used cars and trucks fell 1.1 percent in March, following a 0.5-percent increase in February.
- Over the month, the recreation index fell 0.1 percent over the month, the new vehicles index decreased 0.2 percent, and the airline fares index declined 0.4 percent.
All items ex food and energy, YoY
- The index for all items less food and energy rose 3.8 percent over the past 12 months.
- Other indexes with notable increases over the last year include motor vehicle insurance (+22.2 percent), medical care (+2.2 percent), recreation (+1.8 percent), and personal care (+4.2 percent
The shelter index increased 5.7 percent over the last year, accounting for over sixty percent of the total 12-month increase in the all items less food and energy index.
- March Shelter CPI 5.65% YoY (vs 5.74% in February) and up 0.58% MoM, vs 0.51% in Feb
- March Rent CPI 5.68% YoY (vs 5.77% in February) and up 0.37% MoM vs 0.41% in Feb
And one step deeper – the so-called SuperCore: Core CPI Services Ex-Shelter index – soared 0.7% MoM up to 5.0% YoY – the hottest since April 2023…
Source: Bloomberg
Worse still, every sub-components in SuperCore rose on a MoM and YoY basis…
Source: Bloomberg
Finally, we note that consumer prices have not fallen in a single month since President Biden’s term began (July 2022 was the closest with ‘unchanged’), which leaves overall prices up over 19% since Bidenomics was unleashed. And prices have never been more expensive…
Source: Bloomberg
That is an average of 5.6% per annum (more than triple the 1.9% average per annum rise in price during President Trump’s term).
So, about that shrinkflation – did companies only ‘get greedy’ when Biden took office?
Are we going to see a replay on the ’70s?
Source: Bloomberg
Not at all what the doves (and the Biden administration) were hoping to see…
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
Moscow Accuses Hunter Biden-Linked Company Burisma Of Financing Terror Attacks
TUESDAY, APR 09, 2024 – 07:20 PM
Russia says it has uncovered more damning evidence connecting the US and NATO to recent terror and assassination campaigns in Russia, including making connections to the March 22 Crocus City Hall terror attack which resulted in over 140 Russians dead and hundreds more wounded and injured.
Russia’s Investigative Committee, which is the country’s top investigative body, announced Tuesday that it has launched a criminal probe into senior US and Western officials who are believed to be “financing terrorism”.
The formal statement claims that an ongoing investigation has “established” that money from commercial organizations tied to NATO were used to “eliminate prominent political and public figures” inside and outside Russia, as well as to “inflict economic damage” against the country. Lately there’s also been a spate of devastating cross-border attacks on refineries, ports, and oil facilities.
Another major event and probe which is high on the Kremlin’s agenda is the August 20, 2022 assassination of Darya Dugina outside of Moscow, in a car bombing which authorities believe was likely intended to kill her father, Alexander Dugin, prominent philosopher and pundit who is seen as a close ally of President Putin. There’s also the assassination of famous pro-Kremlin military blogger Vladlen Tatarsky, killed in an April 2023 cafe bombing in St. Petersburg..
While it is nothing new that Russian officials would raise suspicions that such targeted attacks had covert NATO support, whether directly or indirectly, what is new – and a bit surprising – is that the name Burisma Holdings appears in the fresh statement of the Russian Investigative Committee.
This name is of course very familiar and notorious in the West, as AFP and Moscow Times report Tuesday:
The top law enforcement body named the Ukrainian energy company Burisma Holdings as one of the implicated organizations. U.S. President Joe Biden’s son Hunter Biden served as a member of Burisma’s board of directors between 2014 and 2019.
His role has fueled Republican accusations against the Biden family over claimed corruption and culminated in an ongoing impeachment probe in U.S. Congress. Hunter Biden has denied any wrongdoing, and a former FBI informant was arrested in February on suspicion of fabricating accusations against the president’s family.
The Russian investigative body described that it is still examining “sources and movement of several million U.S. dollars and the involvement of specific persons from government officials and public commercial organizations of Western countries.”
It said further it is seeking to expose “links of the direct perpetrators of terrorist acts with their foreign curators, organizations and sponsors” — however without naming specific countries or specific terror attack or assassinations (other than identifying Burisma).
Just like with US media over the past several years, Burisma has been featured prominently in Russian state media reporting. Below is the precise section from Tuesday’s official statement naming Burisma (according to machine translation):
It has been established that funds received through commercial organizations, in particular, the oil and gas company Burisma Holdings, operating in Ukraine, have been used in recent years to carry out terrorist acts in the Russian Federation, as well as beyond its borders in order to eliminate prominent political and public figures and causing economic damage. —Russian Investigative Committee
This marks a first over the course of the more than two year long Russia-Ukraine war. Recently, Ukraine has stepped up its cross-border drone and missile attack on Russian soil. Moscow has all along complained that these attacks are sophisticated and long-range enough (with long-range attacks especially wreaking havoc on Russian oil facilities) that they must have CIA or Western intelligence help.
Conservative media was abuzz Tuesday after a familiar name resurfaced, this time over alleged links to terror financing…
Trump was effectively impeached because he wanted to look into Joe & Hunter Biden’s connections to Burisma.
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Kim Dotcom
@KimDotcom
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Wild times: Russian Investigation Committee found that Ukrainian gas company Burisma funded the terror attack in Moscow. The same company that hired Hunter Biden and paid Joe Biden to get the prosecutor fired who was investigating them? Biden corruption is back in the spotlight.
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33.8K Views
It appears that the Kremlin is now not just pointing the finger at Western governments, but at commercial entities within Ukraine which have long established Western business ties. It seems the theory is that companies like Burisma are continuing to play a ‘middle man’ role in term of ‘terror financing’ for attacks on Russian soil.
Washington has repeatedly rejected Russian allegations that the US is involved in these attacks. Yet as we’ve recently detailed, more and more US mainstream media reporting has of late been offering surprising clarity on the CIA’s role in assisting Ukraine with mounting high-risk cross border attacks on Russian soil of late.
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Over 500,000 Democratic Voters Have Cast Primary Protest Votes Against Biden
TUESDAY, APR 09, 2024 – 06:40 PM
There are clear indicators that large swathes of prior Biden voters don’t intend to vote for him this next time around versus Trump. The latest example is that the “uncommitted” campaign is gaining steam, having garnered the support of more than a half-million Democrat voters.
The initiative organized by dissident Democrats outraged over President Biden’s handling of the Israel-Gaza war has sent a powerful shot across the bow of his presidential campaign, and the movement didn’t even exist at the start of the 2024 primary season. Yet The Nation says that so far in total 530,502 people have voted “uncommitted” or “uninstructed” where it’s available on the ballot.
The initiative was first implemented in the key swing state of Michigan, resulting in over 100,000 people there registering their vote as “uncommitted”. The state has a huge Arab and Muslim demographic.
The Nation has documented that the movement is spreading fast, and it should be a huge worry for Biden campaign strategists:
The campaign has won enough votes to secure Democratic National Convention delegates from Minnesota (14), Hawaii (7), Michigan (2), and, according to local news reports, Washington (2). And notable levels of support for the effort in must-win battleground states such as Wisconsin signal that the president’s campaign cannot neglect the fact that a substantial portion of the base that must be mobilized this fall is crying out for the United States to back an immediate, permanent cease-fire in Gaza, where Israel’s assault has cost more than 33,000 lives.
According to more from AntiWar.com, which has been closely following the movement:
Last week, 48,091 votes were cast for “uninstructed” in the Wisconsin primary. The turnout far exceeded organizers’ expectations, as their goal was to secure 20,682, the margin of victory for Biden in Wisconsin for the 2020 election.
The opposition to Biden was strongest in the area of Wisconsin where University of Wisconsin–Madison students reside, historically a Democratic stronghold. In that area, 30% of voters cast ballots for “uncommitted,” something Rep. Mark Pocan (D-WI) called “a big, f**king deal.”
Meanwhile, there’s also been an intensifying divide among Democrats over whether to halt defense aid to Israel, a debate which only intensified in the wake of the Israel Defense Forces (IDF) attack on the World Central Kitchen convoy in Gaza, which left seven international workers dead, including an American.
Vote Uncommitted EVERYWHERE. This President is clearly not getting the message.
This increased fragmentation of Biden’s base has been on display in recent days too, given former House Speaker Nancy Pelosi – still very influential among Dems – has publicly come out against Biden’s policy to continue arming Israel. The issue is entering the heart of the Democratic establishment, threatening unity.
Axios reported that she “signed onto a call by progressive members of Congress for the U.S. to stop transferring weapons to Israel over a strike that killed seven aid workers in Gaza.”
END
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
end
end
iiiC USA COVID //VACCINE ISSUES
END
FREIGHT ISSUES/USA
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VICTOR DAVIS HANSON
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SWAMP STORIES
Scandal Rocks Biden’s Labor Dept For Lying About Sharing Non-Public Inflation Data With Secret Group Of Wall Street “Super Users”
TUESDAY, APR 09, 2024 – 06:00 PM
A little over a month ago, a scandal erupted among the (relatively small( group of economists who keep a close eye on the monthly inflation data reported by the Biden Department of Labor, when they learned that there is an even smaller, and much more exclusive group of economists called “super users” who get preferential treatment from the BLS, including wink-wink-nudge-nudge explanations of where the data may diverge from expectations. That was the case for the January CPI when as Bloomberg first reported, the BLS sent an email to a group of data “super users”, which “explained suggested a surge in a measure of rental inflation — which left analysts puzzled — was caused by an adjustment to how subcomponents of the index are weighted”:
Once it became public knowledge that there was a super secret group of preferential “accounts” receiving economic data, immediately following the Bloomberg report, a recipient of the email said that BLS Statistics “tried to retract it and that they were told to disregard its contents.” Almost as if they were trying to hide it after the fact.
In retrospect, it appears the BLS really did have something to hide, because in a follow up from both the NYT and Bloomberg, we now learn that an economist from the Bureau of Labor Statistics was corresponding on data related the monthly CPI print with major firms like JPMorgan and BlackRock, in what Bloomberg said “raised questions about equitable access to economic information.”
Extending on the report from February, records requested by Bloomberg revealed that the unnamed BLS economist answered numerous inquiries about details within the CPI in recent months, mostly related to computations in key categories within shelter as well as used cars, according to
The back and forth between the financial firms and the economist “who has been with the BLS for many years” was first reported by the New York Times; as discussed previously, the government bureaucrat sent several emails to a broader group, which he called “my super users” in one of the emails obtained by Bloomberg. The BLS previously lied when it said it doesn’t maintain a list of “super users.”
In mid-February, one user asked if they could be added to the “super user email list,” to which the BLS economist replied minutes later, “Yes I can add you to the list.” The move was an attempt by the lowly paid government worker to curry favor with his much better paid peers on the sell- and buyside so that he could, one day, trade the preferential data access for a cushier job in some hedge fund or Wall Street firm.
As Bloomberg details, while the recipients’ names were redacted from the request, email signature details or disclosures from their employers were visible in some of the provided records. And in addition to BlackRock and JPMorgan, other banks, hedge funds and research firms — Brevan Howard, Millennium Capital Partners LLP, Citadel, Moore Capital Management, High Frequency Economics, Nomura Securities International and BNP Paribas — appeared in the exchanges and declined to comment. Pharo Management and Wolfe Research also came up in the emails but didn’t provide comment.
Understandably, economists – at least those who were not important enough to be on the “super user” list – have been clamoring to find out more about these “super users” are after the BLS staffer addressed an email to those people in February, suggesting that a change to the weights of underlying data within a key measure of rental inflation was behind its surge in January’s CPI. As we reported at the time, the BLS told recipients to disregard its contents, and subsequently tried to clear the confusion with a notice on its website. The agency also said that the email was “a mistake.”
But, as noted above, we now know that this was merely the latest lie by a Biden agency; and so this latest revelation “is likely to prompt a deeper look at the dissemination of economic information that has implications for how major assets trade as well as Federal Reserve policy.”
The BLS encourages people to ask questions and makes its staff available to engage with the public, but they strive to create equal access to information for everyone, said Emily Liddel, associate commissioner for publications and special studies at the BLS. Clearly, granting access only to Wall Street giants is not quite the equitable treatment the agency’s woke DEI staffers envisioned.
“Obviously this has been an embarrassment for the agency,” Liddel said. “The public puts a lot of trust in us to be fair, and our data providers put a lot of trust in us for the data to be secure. It’s our goal to repair that trust.”
And while the BLS economist often pointed users to relevant links on the agency’s website, at least one case, he shared information that wasn’t publicly available at the time, related to the calculation for the used cars index within the CPI.
Liddel said it is “still under review” whether the employee shared other nonpublic information, and that the issues appear to be isolated to this one staffer. He is not answering incoming user questions at this time, she said.
While it remains unclear who the economist is, the NYT reported that emails obtained through a Freedom of Information Act request show that the agency — or at least the economist who sent the original email, a longtime but relatively low-ranking employee — was in regular communication with data users in the finance industry, apparently including analysts at major hedge funds. And they suggest that there was a list of super users, contrary to the agency’s denials.
At the time, the Bureau of Labor Statistics said the email had been an isolated “mistake” and denied that it maintained a list of users who received special access to information.
And while there is no evidence (yet) that the employee provided early access to coming statistical releases or directly shared other data that wasn’t available to the public, in several instances, the employee did engage in extended, one-on-one email exchanges with data users about how the inflation figures are put together. Such details, though highly technical, can be of significant interest to forecasters, who compete to predict inflation figures to hundredths of a percentage point. Those estimates, in turn, are used by investors making bets on the huge batches of securities that are tied to inflation or interest rates.
Analysts regularly interact with government economists to make sure that they understand the data, but “when such access can move markets, the process for that access needs to be transparent,” said Jeff Hauser, executive director of the Revolving Door Project in Washington. “This stuff is so valuable, and then someone just emails it out.”
In at least one case, emails to super users appear to have shared methodological details that were not yet public. On Jan. 31, the employee sent an email to his super users describing coming changes to the way the agency calculates used car prices, at the time a crucial issue for inflation watchers. The email included a three-page document providing detailed answers to questions about the change, and a spreadsheet showing how they would affect calculations.
“Thank you all for your very difficult, challenging and thoughtful questions,” the email said. “It is your questions that help us flesh out all the potential problems.”
The Bureau of Labor Statistics had announced the change in a news release in early January, but did not publish details about it on its website until mid-February, two weeks after the email from the employee.
It isn’t clear when the employee began providing information to super users, or whether he was the only economist at the agency to do so. Several of his emails were also sent to an internal Bureau of Labor Statistics email alias, suggesting that he did not believe his actions to be inappropriate… or he was simply an idiot.
The super users issue came to light in February, when the employee emailed the group saying that he had identified a technical change that explained an unexpected divergence between rental and homeownership costs in a recent data release. “All of you searching for the source of the divergence have found it,” he wrote.
About an hour and a half after that email went out, a follow-up told recipients to disregard it. In a subsequent online presentation, Bureau of Labor Statistics economists presented evidence that the change identified in the employee’s email was not, in fact, the source of the divergence.
END
Biden will never learn; 7 more states sue to block the student loan forgiveness initiative
(zerohedge)
7 More States Sue To Block ‘Most Generous Ever’ Student Loan Program
WEDNESDAY, APR 10, 2024 – 07:20 AM
Authored by Bill Pan via The Epoch Times (emphasis ours),
President Joe Biden faces a fresh lawsuit from a seven-state coalition challenging his “most generous ever” federal student loan repayment plan, under which millions of borrowers would have a monthly bill of $0.
In their complaint, filed on April 8 at a federal court in Missouri, the states argued that what the Biden administration calls the SAVE plan is another unlawful attempt to force Americans who incurred no college debt to shoulder the bill for those who did.
“Just last year, the [U.S.] Supreme Court struck down an attempt by the President to force teachers, truckers, and farmers to pay for the student loan debt of other Americans—to the enormous tune of $430 billion,” the complaint stated, noting that the high court’s 6-3 majority explicitly ruled that the president should not bypass Congress to implement a decision with such profound impact on the country’s economy.
“Undeterred, the President is at it again, even bragging that ’the Supreme Court blocked it. They blocked it. But that didn’t stop me,’” it added.
The lawsuit was spearheaded by Missouri, along with Arkansas, Florida, Georgia, North Dakota, Ohio, and Oklahoma. It comes just weeks after Kansas and 10 other Republican-led states filed a separate challenge to the same plan.
“With the stroke of his pen, Joe Biden is attempting to saddle working Missourians with a half trillion dollars in college debt,” Missouri Attorney General Andrew Bailey, a Republican, said in a statement on April 9.
“The United States Constitution makes clear that the President lacks the authority to unilaterally ‘cancel’ student loan debt for millions of Americans without express permission from Congress.”
Citing an estimate by the Wharton School at the University of Pennsylvania, Mr. Bailey said the SAVE plan would cost Americans $475 billion over 10 years—$45 billion more than the initial student loan cancellation plan the Supreme Court shot down last June.
Specifically, according to the elite business school, about $200 billion of that cost will come from payment reduction for the $1.64 trillion in loans already outstanding in 2023. The remaining $275 billion comes from reduced payments for about $1.03 trillion in new loans that will be extended over the next 10 years.
“We estimate a take-up rate for future loans of 70 percent, implying that about $645 billion in future loans will be subsidized,” Wharton researchers said. “About 6.57 percent of future borrowers, or 4.98 percent of total predicted loan volume, will never have to make any payments under SAVE.”
According to the latest update from the U.S. Department of Education, SAVE has enrolled over 7.7 million people since it launched last August.
Like the existing income-driven repayment (IDR) option it replaces, SAVE can provide an affordable monthly payment based on income and family size before the eventual discharge of the remaining balance. Its current enrollees include 4.5 million people whose monthly bill was lowered to zero dollars, in addition to about 150,000 borrowers who had their entire debt wiped out.
Under SAVE, those who borrowed $12,000 or less only need to make payments for 10 years before becoming eligible for the final forgiveness, or an additional year for every $1,000 borrowed above $12,000.
In other words, anyone who took out $21,000 or less in undergraduate loans can have their debt erased on a shorter timeline than the standard 20 years.
With the end of his first term now in sight, President Biden has not fulfilled the 2020 campaign promise to cancel up to $20,000 in student loan debt for every borrower.
In his April 8 trip to Wisconsin, one of the battleground states that could play a pivotal role in his likely November rematch with former President Donald Trump, President Biden touted his effort so far to deliver that promise, which he said would be “life-changing” for more than 30 million borrowers.
“Too many Americans, especially young people, are saddled with unsustainable debts in exchange for a college degree,” he said.
“The ability for working and middle-class folks to repay their student loans has become so burdensome [that] a lot can’t repay for even decades after being in school.”
Republicans, meanwhile, denounced the Biden administration’s actions as a scheme to save dwindling support among young voters.
“Biden wants to use your tax dollars to buy votes because more and more young people are supporting President Trump,” Michael Whatley, chair of the Republican National Committee, said.
KING REPORT
| The King Report April 10, 2024 Issue 7218 | Independent View of the News |
| “Risk off” hit the markets early on Tuesday. Nvidia was -4.6% at 10:55 ET. Intel just released new AI hardware to compete with NvidiaThe company says its Gaudi 3 accelerator will deliver 50% faster AI training and 30% faster inferencing compared to Nvidia’s H100 chip https://qz.com/intel-ai-hardware-gaudi-3-accelerator-nvidia-1851391888 Small business optimism hits 11-year low as inflation fears won’t go away The NFIB’s business optimism survey showed a reading of 88.5, down nearly a point from February and the lowest since December 2012. A quarter of all respondents cited inflation, and in particular higher input and labor costs, as their most pressing issue… https://t.co/3MNRd1Pzp9 JPMorgan says U.S. ‘not out of the woods’ on inflation, stay overweight commodities https://t.co/DzuBXLn8cK Americans Still Seeing Food Inflation at Restaurants, USDA SaysUS inflation for food consumed at home has started to level off, but prices are still going up at American restaurants, according to US Agriculture Secretary Tom Vilsack…https://www.bnnbloomberg.ca/americans-still-seeing-food-inflation-at-restaurants-usda-says-1.2056961 CBO: Monthly Budget Review: March 2024 April 8, 2024The federal budget deficit totaled $1.1 trillion in the first half of fiscal year 2024, CBO estimates—$37 billion less than the deficit recorded during the same period last fiscal year. https://www.cbo.gov/publication/60115# @jameslavish: And yet, just over a month ago, the same CBO released their report projecting a $1.5T deficit for the entire year. At this rate, the deficit will be $2.2T, a 47% overshoot and even higher than the projected deficit in 2031. https://t.co/hbVpYlluY4 Team Obama-Biden’s wanton fiscal spending, to get The Big Guy reelected, will foment inflation for quite a while. ESMs traded sideways and mostly positive from the Nikkei opening until they dipped at 6:32 ET. After hitting a daily low of 5246.00 at 6:39 ET, ESMs persistently rallied until they hit a daily high of 5274.25 at the 9:30 ET NYSE opening. Traders were eager to dump stuff; ESMs cascaded to a daily low of 5208.25 at 10:49 ET. After a rebound to 5242.25 at 12:12 ET, ESMs did a slow rollover into a down channel that persisted until a blatant manipulation began at 15:10 ET that forced ESMs 34-handles higher in 22 minutes. ESMs then sank 16 handles in 10 minutes. A final manipulation pushed ESMs 30 handles higher by 16:03 ET. US 3-year auction ($58B) results: 4.548% vs 4.528% WI USMs traded flat to lower during early Nikkei trading. They spurted higher at 21:51 ET and steadily rallied, even with a disappointing 3-year auction, until they hit a peak of 118 3/32 (+31/32) at 12:54 ET. The apparent defensive asset allocation (sell stocks/buy bonds) created demand for US debt. USMs formed a double top at 13:43 ET and then traded sideways in a tight coil until then hit a new daily high of 118 5/32 at the NYSE close. California McDonald’s franchisee mulls reducing hours, lifting prices to offset $20 minimum wage https://trib.al/JzEX887 Positive aspects of previous sessionGasoline and Oil declined modestlyThe late manipulation appeared Negative aspects of previous sessionRisk off in early trading felled stocks and boosted bondsGold rallied moderately Ambiguous aspects of previous sessionWas the last hour surge a manipulation or was there a leak about the March CPI? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5198.50Previous session S&P 500 Index High/Low: 5224,81; 5160.78 @academic_la (on Monday): Tragic news: According to Yaron Avraham on Channel 12 Israel news, Hamas has told the mediators that it does not have 40 hostages in the humanitarian category that are still alive. That is a category of women, children, the elderly, and the sick. The number that they say is alive, which is significantly lower, has not been made public. This, of course, is a serious obstacle for the ceasefire talks that seem to be progressing. (This has not been reported elsewhere.) Netanyahu declares ‘there is a date’ for Rafah invasion as Hamas claims ‘no ability’ to free 40 hostages– Israeli Prime Minister Benjamin Netanyahu affirmed Monday that he plans to forge ahead with a long-anticipated and controversial military operation in the Gaza Strip city of Rafah — as Hamas reportedly claimed there are fewer than 40 women, elderly and ailing hostages for whom it can account… https://nypost.com/2024/04/08/us-news/netanyahu-declares-there-is-a-date-for-rafah-invasion-as-hamas-claims-no-ability-to-free-40-hostages/ If the reporters are correct that many Hamas hostages are dead, Team Obama-Biden should suffer a huge political hit. But we all know, the regime media will stooge for Team Obama-Biden. ‘They’ ignored the reports about Hamas being unable to deliver dozens of hostages. White House says Hamas ceasefire response ‘less than encouraging’ so far – AFP Netanyahu warns that ‘no force in the world’ will stop Rafah incursion https://trib.al/Z9gaJDC Anti-Israel agitators shut down Senate cafeteria, around 50 arrested (Won’t get the Jan 6 treatment)Dozens arrested after incident inside Dirksen Senate Office Buildinghttps://www.foxnews.com/politics/anti-israel-agitators-shut-down-senate-cafeteria-arrested NASA pics capture mysterious ‘surfboard’ orbiting the moon: ‘Exquisite timing’ https://t.co/W4fe2d2slG The Great COVID Cover-up: Shocking truth about Wuhan and 15 federal agencies: Sen. Rand PaulShame on all the federal employees who covered up these facts about COVID-19 My investigation has recently discovered government officials from 15 federal agencies knew in 2018 that the Wuhan Institute of Virology was trying to create a coronavirus like COVID-19… It means that at least 15 federal agencies knew from the beginning of the pandemic that EcoHealth Alliance and the Wuhan Institute of Virology were seeking federal funding in 2018 to create a virus genetically very similar if not identical to COVID-19… Dr. Anthony Fauci’s National Institute of Allergy and Infectious Diseases (NIAID) was not only briefed on Wuhan’s desire to create this virus, NIAID was actually listed as a participant in the initial DEFUSE pitch… We only know of this DEFUSE proposal because a whistleblower, one brave Marine, Lt. Col. Joseph Murphy, came forward with the truth… https://www.foxnews.com/opinion/great-covid-cover-up-shocking-truth-about-wuhan-15-federal-agencies FDA Finally Takes Down Ivermectin Posts After SettlementSocial media posts urging people not to take ivermectin as a treatment for COVID-19 have been taken down by the U.S. Food and Drug Administration (FDA)…https://www.zerohedge.com/political/fda-finally-takes-down-ivermectin-posts-after-settlement Remember, if there is a viable treatment for a disease, there can be NO Emergency Use Authorization for a vaccine. This was the scam. People should be in jail!The Biden Administration Just Admitted It Has Massively Undercounted Ukraine AidWith added information from the OMB, Vance and company estimate the current total of aid to Ukraine amounts to at least $125 billion—$14 billion over what the OMB had previously claimed…https://www.theamericanconservative.com/exclusive-the-biden-administration-just-admitted-it-has-massively-undercounted-ukraine-aid/ @zerohedge: Charlie McElligott (Nomura) on the move in gold: “Fiscal Dominance” is no longer conspiracy theory but an ugly “policy fact,” with Fed Chair Powell advocating to lower Rates while Treasury borrowing in the front-end explodes, as both US society and Politicians in both parties have “zero tolerance for pain,” meaning no willingness to raise taxes OR cut spending because “if it feels good, do more. Accordingly, there is an element of “policy error” in the gold move as well, especially now too that Crude Oil is also trying to “percolate” off of ME Geopol risks and little ability to “turn on” supply in the case of a surprise “shock” to the market, with potential to reignite inflation forwards” @htsfhickey: The pattern continues – gold up sharply in Asia overnight (as physical gold buying soars) and then attempts in NY to take it back down. Gold futures open interest fell yesterday by 5K contracts to 504K. That’s 36K fewer open contracts than about mo. ago (March 13), yet gold is nearly $200 higher today. 504K contracts is only 4.6% higher than at gold’s bottom in May 2019 (gold around $1270) & just 3.8% higher than at gold’s March 2021 double-bottom ($1680). Gold’s at $2350, $288 higher than at the start of 2024, yet the West has dumped 51 tons from the GLD YTD. At some point Western traders/ investors will be (forced?) to stop fighting this massive gold bull mkt and maybe even begin to participatehttps://twitter.com/htsfhickey/status/1777674867153748029 Today – An unexpected March CPI Report should have a disproportionate effect. If the report is benign, there will be an initial rally. However, umpteen Fed officials have proclaimed for the past few months that the Fed should NOT overreact to the two ‘hot’ CPI reports from January and February. Ergo, the Fed cannot react to one benign inflation report. Furthermore, a benign March CPI Report will be viewed suspiciously because energy and food inflation has been soaring. On the other hand, a higher-than-expected March CPI Report will kill the chance of a June rate cut and probably a July rate cut. More importantly, the window for a rate cut could slam closed because a rate cut within four months or so of a general election will be views as blatant election interference. Was the 48-handle ESM explosion from 15:10 ET to 16:03 ET manipulation, or was the March CPI Report leaked to someone? Bond Trader Places Largest-Ever Bet on Fed Rate Cuts in 2024 Ahead of March Inflation ReportA significant transaction involving 75,000 December 2024 SOFR futures contracts through a block trade occurred shortly after 9 a.m. New York time on Tuesday, according to Bloomberg… The value of these futures could significantly increase if the March consumer price index data due Wednesday morning indicates lower-than-anticipated inflation… https://markets.businessinsider.com/news/etf/bond-trader-places-largest-ever-bet-on-fed-rate-cuts-in-2024-ahead-of-march-inflation-report-1033234892 Scandal Rocks Biden’s Labor Dept for Lying About Sharing Non-Public Inflation Data with Secret Group of Wall Street “Super Users” – An economist from the Bureau of Labor Statistics was corresponding on data related the monthly CPI print with major firms like JPMorgan and BlackRock, in what Bloomberg said “raised questions about equitable access to economic information.”… And while the BLS economist often pointed users to relevant links on the agency’s website, at least one case, he shared information that wasn’t publicly available at the time, related to the calculation for the used cars index within the CPI… And while there is no evidence (yet) that the employee provided early access to coming statistical releases or directly shared other data that wasn’t available to the public, in several instances, the employee did engage in extended, one-on-one email exchanges with data users about how the inflation figures are put together… (Ya think this is the only instance of info leaking out?)https://www.zerohedge.com/markets/scandal-rocks-bidens-labor-dept-lying-about-sharing-non-public-inflation-data-secret-group Expected economic data: March CPI 0,3% m/m & 3.4% y/y, Core 0.3% m/m & 3.7% y/y; Feb Wholesale Trade Sales 0.8% m/m, Inventories 0.5% m/m; Mar Budget -$195.0B; FOMC Minutes (3/20) 14:00 ET Fed Speakers: Gov. Bowman 8:45 ET, Chicago Pres Goolsbee & Richmond Pres Barkin 12:45 ET ESUs are +2.25; NQHs are +12.50; USHs are +1/32; June Gold is -+10.60 at 20:18 ET. S&P Index 50-day MA: 5095; 100-day MA: 4891; 150-day MA: 4706; 200-day MA: 4647DJIA 50-day MA: 38,892 100-day MA: 37,844; 150-day MA: 36,500, 200-day MA: 36,057(Green is positive slope; Red is negative slope) S&P 500 Index (5209.91 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 5299.10 triggers a buy signalHourly: Trender is negative; MACD is positive – a close above 5221.62 triggers a buy signal Axios: Biden’s advantage over Trump among all Latinos has fallen from 29 points after Biden’s first year in office (53-24) to just 9 points (41-32), amid frustrations over inflation and crime…https://www.axios.com/2024/04/09/biden-approval-drops-democrat-popularity-rises-latino-voters Joe Biden’s Former Stenographer Publishes Book on Why He Should be in Prison“When I worked for him, I thought Joe was harmless — egotistical, buffoonish, and unpresidential, but harmless,” he said. “Now I think of him as an evil criminal who should be impeached and imprisoned.” McCormick served as Biden’s stenographer when he was vice president from 2011 to 2017, transcribing every speech and interview. He said he personally witnessed Biden negotiate the Burisma kickback scheme — U.S. funding to Ukrainian energy, primarily Burisma, in exchange for putting Hunter Biden on Burisma’s board of directors — on a trip to Poland in 2014… McCormick reported his findings to the FBI — showing how firmly he believed crimes were committed; considering if he was wrong, he could be prosecuted. But no one has ever asked him to give sworn testimony, not even Republican members of Congress, although they spoke with him… McCormick was kicked off Twitter in 2021 for posting a photo of Biden, Obama and a few others with the caption, “Every single person in this photo knew Joe Biden was shaking down Ukraine through his sleazy son Hunter. Every. Single. One.” He’s back on X in the Elon Musk era… One of the chapters in the book goes over Biden’s ties to the cartels…https://townhall.com/columnists/rachelalexander/2024/04/08/joe-bidens-former-stenographer-publishes-book-on-why-he-should-be-in-prison-n2637527 WSJ Editorial Board: Biden’s Latest Lawless Student Loan Forgiveness (To buy votes)He wants to write off hundreds of billions in student debt before the courts can stop him. “President Biden will use every tool available to cancel student loan debt for as many borrowers as possible,” White House press secretary Karine Jean-Pierre declared. Education Secretary Miguel Cardona added: “When the Supreme Court struck down the President’s boldest student debt relief plan, within hours, we said, ‘We won’t be deterred.’” That’s for sure… Mr. Biden’s new loan forgiveness is still illegal. The High Court stressed that student loan forgiveness is a major question that requires clear authorization from Congress. But Mr. Biden seems to believe he can jam the courts by automatically forgiving debt before a judge has time to stop him… Mr. Biden is setting an awful precedent that Donald Trump will no doubt exploit…https://www.wsj.com/articles/joe-biden-student-loan-forgiveness-karine-jean-pierre-supreme-court-7e74383f?st=dh0iv52v6nvjior @RNCResearch: BIDEN: “You know what the average [semiconductor manufacturing] salary is? $110K/year — and you don’t need a college degree!” He’s lying. Workers with only a high school education can expect to earn around $40K/year, according to the Semiconductor Industry Association. https://t.co/P8uiWmGIK7 (When a congenital liar operates with cognitive degeneration…) NPR editor says network ‘turned a blind eye’ to Hunter Biden laptop story because ‘it could help Trump’ https://trib.al/n2rMdGa NPR editor found registered Democrats outnumbered Republicans 87 to zero in newsroomEditor Uri Berliner ‘eagerly’ voted against Trump, but criticized NPR’s lack of viewpoint diversityhttps://www.foxnews.com/media/npr-editor-found-registered-democrats-outnumbered-republicans-87-zero-newsroom @RepAndyBiggsAZ: In 2018, Rep. Mike Johnson voted for a warrant requirement. Just last summer, he voted to pass the Fourth Amendment is Not for Sale Act out of the Judiciary Committee. Now, he opposes both. Still think the DC Cartel isn’t real? “We Cannot Cope”: Police Scotland Deluged with Politicized Hate Crime ReportsEntirely as predicted, Police Scotland has been deluged with vexatious and politically-driven ‘hate crime’ reports, with one top official complaining “we cannot cope.”… Under the new legislation, anyone deemed to have been verbally ‘abusive’, in person or online, to a transgender person, including “insulting” them could be hit with a prison sentence of up to seven years. That instantly led to a flood of bad faith reports, including from conservatives making a mockery of the system and from deranged left-wing activists trying to punish their ideological adversaries…https://modernity.news/2024/04/08/we-cannot-cope-police-scotland-deluged-with-politicized-hate-crime-reports/ The Assassination of President John F. Kennedy: The Final Analysis: Forensic Analysis of the JFK Autopsy X-Rays Proves Two Headshots from the Right Front and One from the Rear In this decisive analysis of the JFK assassination, medical expert Dr. David W. Mantik and New York Times bestselling author Jerome R. Corsi definitively validate the observations of the physicians at Parkland Hospital, who recognized immediately that the wound in JFK’s throat and the massive, avulsed blow-out in the back of his head both involved frontal shots. What distinguishes this book from the myriad of books written on the JFK assassination is that Dr. Mantik’s optical density measurements of the JFK skull X-rays in the National Archives leave no doubt the X-rays were altered to disguise evidence of the two frontal shots. With over four decades of experience reading X-rays, Dr. Mantik has examined the JFK assassination materials more than anyone else. (Amazon synopsis) (Dem) Rep. Sheila Jackson Lee tells students the moon is a ‘planet made up mostly of gases’ https://trib.al/mYZaOxn @MorningAnswer: Rep. Sheila Jackson Lee (Dumbass-TX) believes that the Constitution is 400 years old & that we’ve planted a flag on Mars. Houston, TX must be SUPER proud to have @JacksonLeeTX18 as their representative in Congress. Migrant duo viciously attacks cop who tried to arrest them, 4 others, for shoplifting at NYC Target: cops https://trib.al/eY6zaZs Berkeley-educated engineer gets probation after being caught on camera trying to poison co-worker https://trib.al/2PCZelk NYC Latin Kings member arrested 9 times this year but keeps getting cut loose due to bail reform: sources https://trib.al/eV4bIfy Florida mom who stole, sold Ashley Biden diary sentenced to month in prison, ordered to pay $20Khttps://nypost.com/2024/04/09/us-news/florida-mom-who-stole-sold-ashley-biden-diary-sentenced-to-month-in-prison/ Is The Great Illusion in Ruins? – Victor David HansonIn 2021, Joe Biden was elected… Democrats eventually captured, for a time, both the House and Senate, ensuring the most left-wing government in modern American history. Americans were then set to witness a great experiment. For the first time in their lives, a truly radical socialist program would supposedly fundamentally transform… America… The handlers of a nearly non compos mentis Biden had ushered all his 2020 primary rivals out of the primary races in unison. But in exchange for their exits that ensured Biden the nomination, the left took over his general campaign—in which Biden was virtually relegated to his basement—and then set his agenda. Who was running things? The mysterious architects of White House ideology included, inter alia, the omnipresent, now-Washington-DC-dwelling Obamas,… the fossilized tribunes of the black and Latino congressional caucuses, the DEI firebrand Squad, and the neo-socialist scold Elizabeth Warren… America was to be reset financially, economically, socially, culturally, militarily, and politically. The nation would be arbitrarily divided into oppressors and oppressed—with one caveat: hyper-rich, left-wing white architects had to be exempt from the damage inflicted on those they targeted. Now, as we enter the fourth year of the great experiment, America is $35 trillion in debt, borrowing $1 trillion every 100 days. Home mortgages are at 7 percent. Key prices for food, insurance, rent, and fuels are 30-40 percent higher than when Biden entered office. The nation has been humiliated and emasculated abroad. Racial relations are the worst in a half-century. The military is in virtual receivership. Biden is polling about 40 percent approval and is behind in key swing states in most of the 2024 polls… Biden’s foreign policy is also in ruins… The release of violent criminals and an uptick in property crimes, murders and assault follow a similar script. The Biden administration outsourced criminal justice to defund the police/critical legal theorists at the federal, state, and local levels. No bail arrests led to violent offenders released the next day. Thousands were let go from jails and prisons… The common denominator for these disasters is the embrace of left-wing “theory.”… https://victorhanson.com/is-the-great-illusion-in-ruins/ | |
GREG HUNTER IINTERVIEWING BO POLNY
Greatest Time in History Starts Now – Bo Polny
By Greg Hunter On April 9, 2024 In NewsNo Comments
By Greg Hunter’s USAWatchdog.com
Biblical cycle timing expert, geopolitical and financial analyst Bo Polny predicted last year to “expect the US dollar to go lower and gold, silver and Bitcoin to trend higher, much higher in 2024.” At the beginning of March, Polny stuck by his prediction, and we hit new record highs on Bitcoin and gold. Silver is now more than $28 an ounce and headed much higher. Also, Polny said, “This is why even at $60,000 (per unit), it is still a deal. Bitcoin is going six digits.” Bitcoin is up about $10,000 (per unit) in the last 30 days alone, but this is not what Polny is most excited about. Polny says, “All four horseman have to be riding during Revelation. So, we are about to witness the third seal, the financial collapse. People will say, oh my gosh, God is going to destroy the dollar. Your bank account is going to close, and, yes, you will lose money. You know that people worship money. When you lose money and go to zero on your bank account, one of two things are going to happen: You are going to curse God, or you are going to find God. We are stepping into the greatest harvest in human history. The greatest harvest starts on or about Pentecost 2024 (May 18-19). We step into the greatest time point the world has ever seen. This starts Pentecost onward, and it’s going to be signs, miracles and wonders. These are Biblical times and not political times. Stop watching the news and go read the Bible.”
Polny says some of the biggest acts of God happen in the Passover through Pentecost time period. From the days of the first Passover and parting of the Red Sea, to the Crucifixion and Ascension of Christ (Pentecost), this is a time Polny says historically when God has intervened and done wonderous acts. Polny says the math is pointing for history to repeat. Polny explains, “Every calculation is mathematical perfection because God is perfect. All these math calculations are perfect using Daniel’s cycles of time and other calculations to show you what’s happening. We don’t know what day Christ returns, but you can calculate into the future we are getting a massive heads up. I don’t know the day God is going to strike . . . but we know with calculations we are at a critical time point. This Passover and this Pentecost is going to be mind blowing, earth shaking.”
In closing, Polny says, “This is all playing out in God’s perfect time. . . . Expect shaking because the church is asleep. . . . We are going to see physical shaking of the earth, like what happened at Passover with the death of Jesus. We are getting to a time called “Fullness of Time.” It’s written in the Bible, and it’s when God moves because a time cycle ends. . . . If God does not intervene upon this world, nothing is going to change. We need God the Creator to show up and show the creation, the Fallen Angels, who is in charge. . . .When God shows up, everything changes no matter what evil has planned.”
There is much more in the 1-hour in-depth interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Biblical cycle expert and financial analyst Bo Polny, author of the new book called “Revelation: The Good News,” for 4.9.24.
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After the Interview:
SEE YOU THURSDAY
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