GOLD PRICE CLOSED UP $25.30 TO $2354.80
SILVER PRICE UP $0.23 TO $28.16
Gold ACCESS CLOSED $2373.30.
Silver ACCESS CLOSED: $28.46
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:$70.530 UP 1663 DOLLARS.
Bitcoin: afternoon price: $70,336 up 1468 dollars
Platinum price closing UP $13.05 TO $978.50
Palladium price; DOWN $9.35 AT $1041.65
END
SHANGHAI GOLD PREMIUM 35 DOLLARS/COMEX GOLD
SHANGHAI GOLD……
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 11 Apr 2024 09:02:46 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: $3247.00 UP 54.00 CDN dollars per oz( * NEW ALL TIME HIGH 3,247.00 CDN DOLLARS PER OZ//APRIL 11 2024)
*BRITISH GOLD: 1889,90 UP 30..10 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1889.90 BRITISH POUNDS/OZ) APRIL 11/2024
*EURO GOLD: 2212.60 UP 46.20 euros per oz //* (ALL TIME CLOSING HIGH: 2212.60 EUROS PER OZ//APRIL 11.2024)
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END
EXCHANGE: COMEX
ACCESS MARKET
EXCHANGE: COMEX
CONTRACT: APRIL 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,329.600000000 USD
INTENT DATE: 04/10/2024 DELIVERY DATE: 04/12/2024
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SEC 146
435 H SCOTIA CAPITAL 103
523 H INTERACTIVE BRO 3
661 C JP MORGAN 50
686 C STONEX FINANCIA 2
690 C ABN AMRO 8 8
737 C ADVANTAGE 5
905 C ADM 2 1
991 H CME 12
TOTAL: 170 170
MONTH TO DATE: 13,679
JPMORGAN STOPPED (RECEIVED) 0/170 CONTRACTS
FOR APRIL/2024
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 170 NOTICES FOR 17,000 OZ or 0.5287 TONNES
total notices so far: 13,679 contracts for 1,367,900 Oz (42.547 tonnes)
FOR APRIL:
SILVER NOTICES: 159 NOTICE(S) FILED FOR 759,000 OZ/
total number of notices filed so far this month : 731 for 3, 655,000 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 UP $25.30
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.25 TONNES OF GOLD INTO THE GLD/
/ /INVENTORY RESTS AT 828.,46 TONNES
INVENTORY RESTS AT 828.46 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP 23 CENTS AT THE SLV// (THIS MAKES LOTS OF SENSE!)
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE WITHDRAWAL OF 3.931 MILLION OZ
// INVENTORY FALLS TO 437.998 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 437.998 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUMONGOUS SIZED 675 CONTRACTS TO 175,072 AND RAPIDLY CLOSING IN ON THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR TINY GAIN IN PRICE OF $.04 IN SILVER PRICING AT THE COMEX ON WEDNESDAY. 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 5674 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 WEDNESDAY NIGHT: 5674 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 IN THE PAST YEAR 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 $0.04), AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A HUMONGOUS SIZED GAIN OF 1400 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.04.
WE MUST HAVE HAD:
A HUGE SIZED 725 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 20,000 OZ QUEUE JUMP //NEW STANDING 3.715 MILLION OZ//
//NEW STANDING FOR SILVER IS THUS 3.715 MILLION OZ
WE HAD:
/ HUMONGOUS SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/ VI) MEGA HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 5674 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A WHOPPING 629 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 9 days, total 15,028 contracts: OR 75.140 MILLION OZ (1669 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: 75.140 MILLION OZ (THIS MONTH WILL PROBABLY BE A WHOPPER OF ISSUANCE OF EFPS)
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 675 CONTRACTS DESPITE OUR TINY GAIN IN PRICE OF SILVER PRICING AT THE COMEX//WEDNESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS EFP ISSUANCE CONTRACTS: 5674 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’ 20,000 OZ QUEUE JUMP
//NEW TOTAL STANDING RISES TO 3.715 MILLION OZ
WE HAVE A HUMONGOUS GAIN OF 1400 OI CONTRACTS ON THE TWO EXCHANGES DESPITE THE TINY GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A MEGA HUMONGOUS SIZED 5674 CONTRACTS, THE 3RD HIGHEST EVER ISSUED//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE WEDNESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE WEDNESDAY NIGHT (5674) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 159 NOTICE(S) FILED TODAY FOR 795,000 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 SMALL SIZED 387 CONTRACTS TO 505,601 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 30 CONTRACTS
WE HAD A SMALL SIZED INCREASE IN COMEX OI (417 CONTRACTS) DESPITE OUR $14.60 LOSS IN PRICE//WEDNESDAY. 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 HUGE QUEUE JUMP OF 15,800 OZ.(0.49144 TONNES)
NEW STANDING 43.598 TONNES// ALL OF THIS HAPPENED WITH OUR $14.60 LOSS IN PRICE WITH RESPECT TO WEDNESDAY’S TRADING. WE HAD A GOOD SIZED GAIN OF 3857 OI CONTRACTS (11.999 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3470 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 505,601
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3857 CONTRACTS WITH 387 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 3470 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 3857 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A HUGE SIZED 6644 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3470 CONTRACTS) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI (387) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 3511 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 0.49144 TONNES QUEUE JUMP
//NEW STANDING 43.598 TONNES.
/ 3) ZERO LONG LIQUIDATION DESPITE THE LOSS IN PRICE.
// 4) SMALL SIZED COMEX OPEN INTEREST GAIN/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: HUGE 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: 34,944 CONTRACTS OR 3,494,400 OZ OR 108.6905 TONNES IN 9 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 9 TRADING DAY(S) IN TONNES 108.6905 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 108.6905/3550 x 100% TONNES 3.07% 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: 108.6905 TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A HUGE SIZED 675 CONTRACTS OI TO 175,072 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 725 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 725 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 725 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 675 CONTRACTS AND ADD TO THE 725 E.FP. ISSUED
WE OBTAIN A HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1400 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 7.00 MILLION OZ
OCCURRED DESPITE OUR TINY $0.04 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//
THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED UP 6.91 PTS OR .23% //Hang Seng CLOSED DOWN 44.14 PTS OR 0.21% / Nikkei CLOSED DOWN 139.18 PTS OR 0.35% //Australia’s all ordinaries CLOSED DOWN 0.44%///Chinese yuan (ONSHORE) closed UP 7.2371 //OFFSHORE CHINESE YUAN CLOSED UP TO 7.2510 /Oil UP TO 85.72 dollars per barrel for WTI and BRENT UP AT 89.97/ Stocks in Europe OPENED ALL RED// 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 SMALL 387 CONTRACTS TO 505,601 WITH OUR STRONG LOSS IN PRICE OF $14.60 WITH RESPECT TO WEDNESDAY 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 3470 EFP CONTRACTS WERE ISSUED: : JUNE 3470 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 3470 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A GOOD SIZED TOTAL OF 3857 CONTRACTS IN THAT 3470 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A SMALL SIZED GAIN OF 387 COMEX CONTRACTS..AND THIS GOOD GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $14.60 WEDNESDAY 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 WEDNESDAY NIGHT WAS A VERY STRONG SIZED 6644 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 (43.598 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: 43.598 TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $14.60 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A GOOD SIZED GAIN OF 3857 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE 0F $14.60.
WE HAD A HUGE T.A.S. LIQUIDATION ON THE FRONT END OF WEDNESDAY’S TRADING ALONG. THE T.A.S. ISSUED ON WEDNESDAY 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 11.99 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 15,800 OZ (0.49144 TONNES)//NEW STANDING; 43.107 TONNES
NEW STANDING: 43.598 TONNES
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $11.35
WE HAD REMOVED 30 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 3857 CONTRACTS OR 385,700 (11.99 TONNES)
final gold volumes/yesterday 320,429 EXCELLENT
//speculators have left the gold arena
APRIL 11/ 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 | 170 notice(s) 17,000 OZ 0.5287 TONNES |
| No of oz to be served (notices) | 338 contracts 33800oz 1.0513 TONNES |
| Total monthly oz gold served (contracts) so far this month | 13,679 notices 1,367,900 oz 42.547 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 508 contracts having GAINED 67 contracts. We had 91 contracts served on WEDNESDAY, so we GAINED 158 contracts or an additional 15,800 oz (0.49144 tonnes) will stand at the comex
MAY GAINED 89 CONTRACTS TO STAND AT 1,817
JUNE DECREASED ITS OI BY 1902 CONTRACTS DOWN TO 422,231 CONTRACTS.
We had 170 contracts filed for today representing 17,000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer account and 50 notices were issued from their client or customer account. The total of all issuance by all participants equate to 170 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 (13,679 x 100 oz ), to which we add the difference between the open interest for the front month of APRIL. (508 CONTRACTS) minus the number of notices served upon today 170 x 100 oz per contract equals 1,401,700 OZ OR 43.598 TONNES.
thus the INITIAL standings for gold for the APRIL. contract month: No of notices filed so far (13,679) x 100 oz + (508) {OI for the front month} minus the number of notices served upon today (170) x 100 oz which equals 1,401700 oz (43.598 TONNES)
TOTAL COMEX GOLD STANDING FOR APRIL: 43.598 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: 1,606,827.208 49.97 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: 5,924,252 oz (REG GOLD- PLEDGED GOLD) 184.26 tonnes/dropping like a stone
END
SILVER/COMEX
APRIL 11
INITIAL
//2024// THE APRIL 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 173,469.568 oz Brinks hsbc . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 1,130,163.800oz hsbc |
| No of oz served today (contracts) | 159 CONTRACT(S) (795,000 OZ) |
| No of oz to be served (notices) | 12 contracts (60,000 oz) |
| Total monthly oz silver served (contracts) | 731 Contracts (3,655,000 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 HSBC 1,130,163.800 oz
total customer deposits 1130,163.800 oz
JPMorgan has a total silver weight: 129.806 million oz/290.933 million or 44.82%
adjustment: 0
Comex withdrawals: 2
i) Out of Brinks 92,840.961
ii) Out of HSBC: 80,627.609 oz
total withdrawal: 173,469.570 oz
adjustment: 0
TOTAL REGISTERED SILVER: 46.766MILLION OZ//.TOTAL REG + ELIGIBLE. 290.933million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF APRIL /2023 OI: 171 CONTRACTS HAVING LOST 57 CONTRACT(S).
WE HAD 61 CONTRACTS SERVED ON WEDNESDAY, SO WE GAINED 4 CONTRACTS OR ADDITIONAL 20,000 OZ WILL STAND AT THE COMEX UNDERGOING A QUEUE JUMP
MAY SAW A LOSS OF 6321 CONTRACTS DOWN TO 95,935
JUNE SAW A GAIN OF 105 CONTRACTS RISING TO 445
JULY SAW A GAIN OF 6123 CONTRACTS UP TO 57,388
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 159 for 795,000 oz
Comex volume: confirmed yesterday 186,897 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 731 x 5,000 oz = 3,655,000 oz
to which we add the difference between the open interest for the front month of APRIL (171) and the number of notices served upon today 159x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the APRIL/2024 contract month: 731 (notices served so far) x 5000 oz + OI for the front month of APRIL. (171) – number of notices served upon today (159 )x 500 oz of silver standing for the APRIL contract month equates to 3.715 MILLION OZ.
New total standing: 3.715 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 11 WITH GOLD UP $25.30 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A WITHDRAWAL OF 0.25 TONNES OF GOLD INTO THE GLD/ INVENTORY FALLSS AT 828.46 TONNES
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: 828.46 TONNES
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
APRIL 11/WITH SILVER UP $0.23 TODAY: STRANGE INDEED! HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 3.931 MILLION OZ :SLV INVENTORY RESTS AT 437.998 MILLION OZ
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 437,998 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/…
Von Greyerz: Gold & Silver Are Entering Their Exponential Phase
THURSDAY, APR 11, 2024 – 06:30 AM
Authored by Egon von Greyerz via VonGreyerz.gold,
“The desire of gold is not for gold. It is for the means of freedom and benefit.”
– Ralph Waldo Emerson
Gold is now in a hurry and silver even more so.
The price moves in the coming months and year are likely to be spectacular. The combination of technical and fundamental factors can easily drive gold well above $3,000 and silver to new highs above $50.
Forecasting gold is a mug’s game, as I have often stated.
But that is in the short term.
In the medium to long term, forecasting the Gold price is a cinch.
How can I be so certain?
Well, since the history of gold and money began, gold has always increased in value measured against fiat money.
Voltaire gave us the formula in 1729 when he said:
PAPER MONEY EVENTUALLY RETURNS TO ITS INTRINSIC VALUE – ZER0
So why has no investor or layman ever heeded the simple fact that –
ALL CURRENCIES HAVE WITHOUT FAIL GONE TO ZERO.
What most people, including experienced investors, don’t understand is that gold doesn’t increase in value.
Gold just maintains stable purchasing power. A Roman toga 2000 years ago cost 1 ounce of gold and a tailored suit today also costs 1 ounce of gold.
So it is really totally wrong to talk about gold going up when it is the unit we measure gold in that goes down. Just as all fiat money has done
Just take gold measured in US dollars. As the illustration below shows, the value of the dollar since 1971 has crashed, measured in real terms which is gold.
As the picture shows, 1 ounce of gold cost $35 in 1971. Today 53 years later 1 ounce of gold costs $2,300. So has gold increased in value 66x since 1971?
No of course not, it is the dollar which has declined in value and purchasing power by 98.5% since 1971.
So what will gold be worth in the next 5 years? That is of course the wrong question.
Instead we must ask how much will the dollar and all currencies decline in real terms in the next few years?
Gold and silver have not increased in line with money supply or inflation and are severely undervalued.
Just look at gold adjusted for US CPI (Consumer Price Index) in the graph below.
So if we inflation adjust the gold price, the 1980 high at $850 would today be $3,590.
But if we adjust the gold price for REAL inflation based on Shadow Government Statistics calculation, the gold price equivalent of the $850 high would today be $29,200.
In the 1980s the inflation calculation was adjusted, by the US government, to artificially improve/reduce official inflation figures.
And if we adjust the silver price for US CPI, the 1980 silver high of $50 would today be $166.
Adjusted for REAL inflation, the $50 high silver in 1980 would today be $1,350.
GOLD – LONG SIDEWAYS MOVES FOLLOWED BY EXPLOSIONS
Gold makes powerful moves and then goes sideways for long periods. After the gold explosion from $35 in 1971 to $850 in 1980, gold spent 20 years correcting until 2000.
That was the time that we decided that gold was now ready for the next run at the same time as risk in stock markets, debt and derivatives was starting to look dangerous.
So in 2002 we made major investments into physical gold at $300 for investors and for ourselves. At the time I recommended up to 50% of financial assets into gold based on wealth preservation principles and also the fact that gold at the time was unloved and oversold and thus represented excellent value.
WE HAVE LIFTOFF!
As gold went through $2,100 in early March, I declared “GOLD – WE HAVE LIFTOFF!”
Since then gold has moved up another $200 but that is the mere beginning of a secular move.
After the move from $300 in 2002 to $1920 in 2011 gold had a long correction again between 2013 and 2016. The break of the first Maginot Line (see chart) was predictable (article Feb 2019). Then in March 2023 it was clear that the second Maginot Line would break and we were seeing the beginning of the demise of the financial system as four US banks and Credit Suisse collapsed within a mater of days.
I discussed this in my March 2023 article “THIS IS IT! THE FINANCIAL SYSTEM IS TERMINALLY BROKEN”
HOLDING GOLD REQUIRES PATIENCE
The message I want to convey with the two graphs above is that gold investing requires patience and obviously timing of the entry points. But in the long term investors will be extravagantly rewarded and at the same time hold the best insurance against a rotten system that money can buy.
Gold has consolidated under $2,000 since August 2020. The recent breakout is extremely important and not the end of a move.
No, this is the beginning of a move that will reach heights that today are unfathomable.
I am in no way intending to be sensational, but just trying to explain that fundamental and technical factors are now pointing to a secular bull market in gold and silver.
Also, normal measures of overbought will not be valid. Gold and silver will in the coming months be overbought for long periods of time.
But don’t forget that there will also be vicious corrections, especially in silver which is not for widows and orphans.
I want to emphasise again that our intention to invest heavily in gold and much less heavily in silver (much more volatile), was primarily for long term wealth preservation reasons. That reason is more valid than ever today.
THE EVERYTHING COLLAPSE WILL COME
Since we have been expecting the “Everything Bubble” to turn into the “Everything Collapse” (see my article April 2023), all the bubble assets like stocks, bonds and property are likely to decline substantially in real terms which means measured in gold.
I willingly admit that I have been premature in predicting the Everything Bubble to collapse in nominal terms. But in real terms almost all major asset classes have underperformed gold since 2000 including stocks.
It is only the illusion of growth and prosperity based on worthless money creation that keeps this circus travelling on. But the circus acts will soon run out of tricks as the world discovers that this is only a mirage which has totally deluded us.
If we take stocks as an example, gold has outperformed the Dow and S&P since 2,000.
Hers is what I wrote 2 weeks ago:
The world’s best kept investment secret is GOLD.
- Gold has gone up 7.5X this century
- Gold Compound annual return since 2000 is 9.2%
- Dow Jones Compound annual return since 2000 is 7.7% incl. reinvested dividends
- So why are only 0.6% of global financial assets in gold?
- The simple answer is that most investors don’t understand gold because governments suppress the virtues of gold.
See my article on this subject
Stocks are now in position where we could have a major decline/collapse at any time.
WOLVES IN SHEEP’S CLOTHING
So back to the circus. The leaders of the Western World, whether we take the US, UK, Canada, Germany, France etc are mere clowns trying to fool their people with fake costumes (wolf in sheep’s clothing) and fake acts whether it is:
Money printing, debts, vaccines, climate, war, migration, more lies, propaganda, moral and ethical decadence to mention but a few of the problems that are leading us to the collapse of the Western World.
Real clowns would probably do a better job than current leaders. They would at least entertain us instead of bringing the misery that a majority of people are currently experiencing.
Yes, I am aware that there is a small elite that is benefiting dramatically from the shameful mismanagement of the world economy whilst the majority suffers badly from inept leadership around the world.
So how will this end? In my view, as I have outlined in many articles, it can only end one way which is a total collapse of the financial system as well as of the political system.
Will we first have hyperinflation and then a deflationary implosion or will it go straight to the implosion. Will there be a global war. Well, the US and most Western leaders are doing their utmost to start a World War against the will of the people. There is absolutely no attempt to find a peaceful solution.
Instead it is more weapons and more money to escalate the war as well as pushing as many countries as possible into NATO. Both Biden and Stoltenberg (NATO leader) also want Ukraine – a warring nation – into NATO.
And with today’s sophisticated and dangerous weapons, no one can win a war.
Obviously, China, Russia, North Korea and Iran would win a war with boots on the ground at a cost of 100s of millions of lives. But modern wars are won in the air. And with around 15,000 nuclear warheads, the world can be destroyed many times over in a few minutes.
The world has never had a global economic and political crisis of this magnitude with so many destructive weapons, both financial (debt, derivatives) and military.
So to forecast the outcome is clearly impossible. One can only hope that people power will prevail and that incompetent leaders will be pushed out.
Otherwise there is little us ordinary people can do.
Wealth preservation in the form of physical gold, owned directly and in a safe jurisdiction (countries like the US, Canada or EU are not safe politically) is clearly the best insurance investors can buy.
Also we must assist family and friends in the difficult times ahead and make that circle the kernel of our lives (if it isn’t already).
And remember that most of the wonderful things in life are free like nature, music, books etc.
END
3. CHRIS POWELL//GATA
Pam and Russ Martens: NY Fed will not say whether 5-count felon JPM holds $2.4 trillion of its securities
Submitted by admin on Wed, 2024-04-10 11:10 Section: Daily Dispatches
By Pam and Russ Martens
Wall Street on Parade
Wednesday, April 10, 2024
As the financial crisis of 2008 was ravaging century-old financial institutions on Wall Street and collapsing the U.S. economy, the central bank of the United States, the Federal Reserve, launched an effort to restore market liquidity by becoming the buyer of the toxic sludge flooding Wall Street in the form of mortgage-backed securities.
On November 25, 2008, in delicately-parsed language, the Fed announced it planned to buy $500 billion of MBS that was backed by government-sponsored enterprises Fannie Mae, Freddie Mac, and Ginnie Mae.
That was the first of what would become quantitative easing to infinity at the Fed.
The Fed’s MBS holdings have grown from the planned $500 billion to $2.4 trillion as of last Wednesday. …
… For the remainder of the report:
END
Brien Lundin: Gold stands fast
Submitted by admin on Wed, 2024-04-10 16:49 Section: Daily Dispatches
By Brien Lundin, Editor
Gold Newsletter / Golden Opportunities
Metairie, Louisiana
Wednesday, April 10, 2024
It’s another crazy day in crazy times.
Today’s Consumer Price Index beat expectations to the upside, with the headline number for March coming in at a 3.5% annual rate compared to February’s 3.2%.
The market reaction was violent: Stocks dove while the Dollar Index and Treasury yields leaped higher.
It today’s Bizarro world, where higher inflation is viewed as bearish for gold (because it encourages hawkish Fed policy), you couldn’t imagine a stiffer headwind for the yellow metal.
So it wasn’t surprising to see it immediately dive over $20 after the release of the CPI data.
What was surprising, at least for the mainstream talking heads in the media, was how gold quickly ate back those losses, even trading briefly in the green. Silver, which has been on a red-hot streak in recent days, essentially duplicated gold’s performance today.
As I write, both have been pushed back down, but I certainly wouldn’t be surprised to see both metals bounce back higher.
The reason? Because the factors driving this bull run in gold are different — and more powerful — than anything we’ve seen before. And the buyers are concerned with other issues than U.S. inflation and Fed policy. …
… For the remainder of the analysis:
END
Interesting!!
Shanghai Futures Exchange sets trading limits on gold, copper futures as prices rally
Submitted by admin on Thu, 2024-04-11 08:32 Section: Daily Dispatches
From Reuters
via the Times of India, Mumbai
Wednesday, April 10, 2024
The Shanghai Futures Exchange (SHFE) will impose trading limits on its gold and copper contracts, it said on Wednesday, following sharp price rallies by both metals.
The exchange set the maximum intraday position opening volumes of gold at 2,800 lots and copper at 2,000 lots. The change will start from April 12.
The most-traded SHFE gold contract hit a fresh record of 560.88 yuan ($77.55) per gram today, up 16% from the beginning of the year.
The record followed a global price uptrend amid a favourable mix of emerging inflationary risks and geopolitical tensions which have underpinned the safe-haven metal. …
… For the remainder of the report:
* END
North Carolina was center of gold money in early United States
Submitted by admin on Thu, 2024-04-11 08:40 Section: Daily Dispatches
By Joshua D. Glawson
The Carolina Journal, Raleigh
Wednesday, April 10, 2024
North Carolina is known for many wonderful things — being “First in Flight,” Carolina barbecue, the Biltmore Estate (the largest private residence in the United States), being the home of NASCAR, and much more.
But did you know North Carolina has a strong history of gold and sound money?
Here are three fun facts about North Carolina and our history of gold and sound money. …
North Carolina was home to the first gold rush in North America, which was kicked off with the discovery of a 17-pound gold nugget in Cabarrus County in 1799. This treasure of a find was discovered by 12-year-old Conrad Reed while he was fishing in his family’s creek. …
… For the remainder of the report:
* * *
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS/
5 a. IMPORTANT COMMENTARIES ON COMMODITIES/COCOA
Cocoa Prices Hit New Record High As Talks In Ghana Suggest Delayed Deliveries Of Bean
BY TYLER DURDEN
THURSDAY, APR 11, 2024 – 03:00 PM
Cocoa futures jumped to a record high in New York on Thursday morning as traders confronted new supply problems in Ghana, the world’s second-largest cocoa producer.
Bloomberg reports that the Ghana Cocoa Board, the regulator, is speaking with major commodity traders about delaying the delivery of 150,000 to 250,000 tons of cocoa until the next growing season due to dwindling bean supplies. The traders are demanding massive discounts for the possible delay.
Talk of a delay was enough to push cocoa futures in New York to a new intraday record high of $10,771 per ton around 0510 ET. Prices have surged above the $10k mark as the world faces another year of supply deficits.
However, as prices march higher, Bloomberg’s Javier Blas pointed out, “Liquidity in cocoa markets is quickly evaporating. The number of outstanding contracts (open interest) in New York and London combined has tumbled 40% since mid-January. NY open interest is at a 12-year low.”
Liquidity in cocoa markets is quickly evaporating. The number of outstanding contracts (open interest) in New York and London combined has tumbled 40% since mid-January. NY open interest is at a 12-year low. #cocoa #chocflation
·
95.2K Views
Cocoa harvests have plunged into a deficit for the third year because of poor harvests across the West African nations of Ghana, the Ivory Coast, Cameroon, and Nigeria. Bloomberg said, “Between October and February, cocoa shipments from the Ivory Coast were 32% lower than the same time the year before.” The deficit has pressured traders, processors, and chocolate makers to secure supplies.
A new Hightower Report said, “West African near-term supply remains very tight at the start of the mid-crop harvest, and that has provided underlying support to the cocoa market.”
Still, on Wednesday, Barry Callebaut AG, which supplies some of the biggest candy companies, told investors it’s “well covered” with cocoa supplies.
However, Kemofina AG, a Swiss cocoa supplier, was sued by US commodity broker R.J. O’Brien & Associates LLC, claiming the company failed to provide enough collateral to cover losses on bearish bets.
According to a complaint filed on Wednesday in Chicago federal court, R.J. O’Brien liquidated the Swiss firm’s bearish bets in the cocoa market. Closing out the position left Kemofina with a debit of $2.89 million, and the broker claims the Swiss company refuses to pay it.
Last week, Bloomberg said oil trader Pierre Andurand forecasted cocoa futures “could break $20,000 later this year.”
The bad news for consumers is the costs for US chocolate producers are hyperinflation.
Soaring chocolate prices could only mean elites on private jets and mega yachts will only be able to afford the delicacy. Perhaps Bill Gates and other billionaires keen on resetting the global food supply chain will push fake chocolate cricket bars for the poors.
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 THURSDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN 7.2371
OFFSHORE YUAN: DOWN TO 7.2510
SHANGHAI CLOSED UP 6.91 PTS OR .23%
HANG SENG CLOSED DOWN 44.14 PTS OR 0.20%
2. Nikkei closed DOWN 139.18 OR 0.35%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX DOWN TO 105.04 EURO FALLS TO 1.0732 DOWN 9 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.865Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 153.04/JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN/ OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil DOWN for WTI and DOWN FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.4430***/Italian 10 Yr bond yield UP to 3.810* /SPAIN 10 YR BOND YIELD UP TO 3.258…**
3i Greek 10 year bond yield UP TO 3.364
3j Gold at $2337.90 silver at: 27.96 1 am est) SILVER NEXT RESISTANCE LEVEL AT $28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 20 /100 roubles/dollar; ROUBLE AT 93.64//
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 153.04// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.865% 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 0.9124 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9793 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: 4.552 DOWN 1 BASIS PTS…
USA 30 YR BOND YIELD: 4.642 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.967 DOWN 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.26…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 8 BASIS PTS AT 4.2330
end
2.a Overnight: Newsquawk and Zero hedge
Futures Slide As “Punched In The Face” Market Eyes Surging Yields Ahead Of ECB, PPI
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THURSDAY, APR 11, 2024 – 08:26 AM
Futures are weaker signaling further losses on Wall Street as stubborn inflation forces investors to reduce their expectations for Federal Reserve interest-rate cuts; tech stocks are underperforming following the significant surge in Treasuries yields which has continued today. As of 8:00am ET, S&P futures are down 0.5% and back to yesterday’s post-CPI session lows while Nasdaq futures are down 0.4%. Pre-mkt, Mag7 names are mixed, and small-caps set to underperform as yields move higher. Europe’s Stoxx 600 index also retreated, with most sectors in the red, as did Asian stocks. Treasury yields ticked higher again after the previous day’s surge, with the rate on the 10-year at 4.57%. Bonds in Europe dropped as traders trimmed their wagers on easing, with attention focused on the ECB’s policy announcement later; the USD is flat following its 1% surge yesterday, the strongest move since Mar 2023. Commodities are flattish with outperformance in base metals and crude. Today’s macro focus is on PPI and the ECB.
A sharp reset to rate-cut expectations sparked tumult in markets this week. When the year started, investors were looking forward to six Fed rate reductions totaling 1.5% percentage points over 2024. Now, they are pricing just two, with the first pushed out to beyond the summer. 10Y Treasury yields surged the most since August 2022 in the wake of yesterday’s inflation reading.
“If memory serves, this is the seventh time during this cycle that the market got the pivot wrong,” said Win Thin, managing director and global head of markets strategy at Brown Brothers Harriman & Co. “The market will try again despite being punched in the face repeatedly. Eighth time’s the charm?”
As noted in our preview earlier, the ECB is forecast to keep borrowing costs on hold at a record high for a fifth meeting Thursday, but is widely predicted to signal that easing will start in June, as inflation moves closer to its 2% target. Beyond that, the outlook for price pressures and the economy remains uncertain.
“June is really the moment for the ECB to start the cutting cycle,” Evelyn Herrmann, economist for Bank of America Securities Europe, said on Bloomberg Television. “They probably have a rather shallow cutting cycle in mind.” The ECB is dealing with different factors to the Fed, with more pronounced disinflation and economic weakness in the region, she said.
Traders now anticipate just under three quarter-point cuts from the ECB this year, compared to earlier this week when there was a 50% chance of a fourth reduction. While a first move in June is still the base case, it’s no longer fully priced. It’s a similar story in the UK, where money markets now price fewer than two quarter-point cuts by the Bank of England in 2024 for the first time since October. Policymaker Megan Greene said UK rate cuts should still be a way off, according to an article in the Financial Times on Thursday.
There’s more US data for traders to pore over today as they contemplate the Fed’s next move, with initial jobless claims figures and an update on producer-price inflation due.
European stocks edge lower as losses in telecommunication and travel shares outweigh gains in energy and utilities.
Earlier int he session, Asian equities also dropped, as disappointing Chinese consumer prices added to concerns about persistent deflationary pressure, while higher-than-expected US inflation suggests the Federal Reserve may keep interest rates higher for longer. The MSCI Asia Pacific Index fell as much as 0.8%, dropping for a second day, with markets including Hong Kong, Taiwan and Australia in the red.
- Hang Seng and Shanghai Comp. were mixed with underperformance in Hong Kong amid notable weakness in developers and tech stocks, while the mainland bucked the trend as softer-than-expected Chinese CPI and persistent producer price deflation kept the door open for future support measures.
- Nikkei 225 declined at the open but retained the 39,000 level with downside cushioned by currency weakness.
- ASX 200 was led lower by underperformance in the rate-sensitive real estate and tech sectors amid higher yields.
In FX, the Bloomberg dollar index edged higher, adding to Wednesday’s advance to the highest this year. The yen steadied after weakening to levels not seen since 1990 against the greenback in the prior session. The depreciation has sparked fresh speculation Japanese authorities might step into the market to support the currency. The USD/JPY is little changed around 153 with traders on intervention watch after more warnings from Japanese government officials. The Norwegian krone is the best performer among the G-10 currencies, rising 0.4% versus the greenback.
In rates, treasury yields ticked higher again after the previous day’s surge, with the rate on the 10-year at 4.57%. Bonds in Europe dropped as traders trimmed their wagers on easing, with attention focused on the ECB’s policy announcement later. At front end, 2-year yields are ~1bp lower on the day after rising 23bp Wednesday. Treasury 10-year yields are higher at 4.56% after eking out a new YTD high at 4.568%; 2s10s, 5s30s spreads are ~1.5bp steeper on the day. Swaps market prices in around 40bp of Fed rate cuts for the year and 11bp of easing for the July policy meeting, or 44% odds of a 25bp move. US session includes weekly jobless claims and PPI data along with 30-year bond reopening. Coupon auction cycle concludes with $22b 30-year bond reopening; Wednesday’s 10-year was poorly received, with 3.1bp tail. WI 30-year yield at ~4.640% is ~30bp cheaper than last month’s, which stopped through by around 2.1bp.
European government bonds fall as traders pare bets on how fast and far the European Central Bank and Bank of England will cut interest rates this year. At one stage, money markets were pricing in less than 75bps of easing by the ECB in 2024 and less than 50bps from the BOE. Gilts are leading the drop, with UK 10-year yields rising 6bps to 4.20%. German 10-year yields rise 2bps ahead of the ECB policy decision later on Thursday.
In commodities, oil held the first gain in three sessions as traders watched for a potential attack on Israel by Iran or its proxies, which could spark a significant escalation of hostilities in the Middle East. WTI traded near $86.40. Spot gold is little changed.
Bitcoin holds incrementally above USD 70k, whilst Ethereum (+2.2%) firmly sits above USD 3.5k.
Looking at today’s calendar, the US economic data slate includes March PPI and initial jobless claims (8:30am). Fed speakers scheduled for the session include Williams (8:45am), Barkin (10am), Collins (12pm) and Bostic (1:30pm)
Market Snapshot
S&P 500 futures little changed at 5,204.50
Gold spot down 0.1% to $2,332.69
US Dollar Index little changed at 105.15
Top overnight news
- China’s CPI cools by more than anticipated in Mar (coming in at +0.1% vs. +0.7% in Feb and vs. the Street +0.4%) while PPI deflation dipped to -2.8% (inline w/the Street and 10bp worse than -2.7% in Feb). BBG
- China ramped up yuan support with a record fixing relative to estimates, as dollar strength kept the currency close to a policy no-go area. After four months of relative stability, danger signals are appearing that may add to downward pressure — including stalling inflation. BBG
- Temasek plans to invest as much as $18 billion across Europe over the next five years as it eyes rich family businesses. BBG
- Huawei Technologies is building a massive semiconductor equipment research and development center in Shanghai as the Chinese tech titan continues to beef up its chip supply chain to counter a U.S. crackdown. Nikkei
- Ukraine said a Russian missile barrage destroyed the Kyiv region’s largest power plant. The attack set Trypilska, owned by state-run electricity and heat producer Centrenergo, ablaze, a person familiar said. BBG
- Fed cuts are now a matter of “if”, not just “when”, following several months of hot economic data according to Nick Timiraos (the risk is that inflation becomes “stuck” around 3%). WSJ
- The DOJ opened an extended antitrust probe into Nippon Steel’s bid for US Steel, people familiar said. The investigation is focusing on the Japanese firm’s ownership of a steel mill in Alabama, a JV with ArcelorMittal. BBG
- A new rise in US inflation is undermining Joe Biden’s re-election message, threatening the president’s effort to defend his economic record in a crucial phase of the campaign against Donald Trump. FT
- Amazon must pay $525 million to software firm Kove for infringing three patents covering distributed cloud storage technology. BBG
- Manhattan apartment rents unexpectedly declined in March after months of increases, though it’s unlikely to be a sign of a softening market. New leases were signed at a median of $4,100, down 1.8% from a year earlier, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the first time in four months that rents fell on an annual basis and an unusual twist at the tail end of winter, when prices tend to begin climbing toward their traditional summertime peaks. BBG
A more detailed look at global markets courtesy of Newsquawk
Asia Pacific stocks were subdued after hotter-than-expected US CPI data and a further unwinding of Fed rate cut bets reverberated across global markets, although stocks are off their worst levels and participants also digested the latest Chinese inflation figures. ASX 200 was led lower by underperformance in the rate-sensitive real estate and tech sectors amid higher yields. Nikkei 225 declined at the open but retained the 39,000 level with downside cushioned by currency weakness. Hang Seng and Shanghai Comp. were mixed with underperformance in Hong Kong amid notable weakness in developers and tech stocks, while the mainland bucked the trend as softer-than-expected Chinese CPI and persistent producer price deflation kept the door open for future support measures.
Top Asian News
- China MOFCOM official said China lodged solemn representations with the EU on issues such as the investigation of foreign subsidies to China and believes the probes launched by the EU so far are all aimed at Chinese new energy-related enterprises, which will seriously damage the confidence of Chinese enterprises in carrying out investment and trade cooperation.
- Japanese Finance Minister Suzuki reiterated it is important for currencies to move in a stable manner reflecting fundamentals and excessive FX moves undesirable, while he won’t rule out any steps to respond to excessive FX moves and is looking at the background of yen weakening to 152 and 153 against the dollar and not necessarily the levels themselves. Suzuki said ‘no comment’ on the FX level and government response but stated that FX levels are basically determined by markets and that a weak yen has merits and demerits.
- Japan’s top currency diplomat Kanda said recent yen moves are rapid and won’t rule out any steps to respond to disorderly FX moves, while he said they are prepared to take necessary actions whenever possible but wouldn’t comment on whether overnight forex moves are excessive.
- Japan Chief Cabinet Secretary Hayashi said won’t comment on forex levels and currency intervention, but added it is important for currencies to move in a stable manner reflecting fundamentals and that excessive FX volatility is undesirable. Hayashi also stated that he is closely watching FX moves with a high sense of urgency and won’t rule out any steps to respond to excessive FX moves.
- South Korea’s PM and senior officials in the Presidential Office offered to resign, while President Yoon said he humbly accepts the parliament election result and will renew the administration, according to Yonhap. It was separately reported that the leader of South Korea’s ruling party leader resigned following the parliamentary election defeat, according to AFP News Agency.
- Fast Retailing (9983 JT) Q2 (JPY) Operating Income 110.4bln (exp. 118.1bln), Net 88bln (exp. 79bln). FY Guidance: Net 320bln (prev. guided 310bln), Dividend 350/shr (prev. guided 330/shr).
- REUTERS POLL: Chinese 2024 GDP growth seen at 4.6% (prev. 4.6% in Jan poll), 2025 growth seen at 4.4%; Q1 GDP at 4.6%, Q2 5.0% Y/Y, 2024 CPI seen at 0.7% (prev. 1.0% in Jan poll), 2025 CPI at 1.6%. PBoC seen cutting banks’ RRR by 25bps in Q3 2024.
- Morgan Stanley upgrades China’s 2024 real GGDP target to 4.8% from 4.2%
- China’s Foreign Ministry decided to take countermeasures again two US enterprises over arms sales to Taiwan, according to Reuters; Measures taken on general atomic aeronautical systems and General Dynamics land systems (GD), effective April 11th
European bourses, Stoxx600 (U/C), initially traded with little direction, though have succumbed to marginal selling pressure, in tandem with similar price action seen in the US. European sectors are mixed. Energy and Basic Resources take the top spots, lifted by broader strength in underlying commodity prices. Travel & Leisure is found at the foot of the pile. US Equity Futures (ES U/C, NQ U/C, RTY -0.2%) are entirely in the red, with slight underperformance in the economy-linked RTY, post-CPI and ahead of PPI.
Top European News
- BoE’s Greene wrote in the FT that markets must stop comparing the UK and the US, as well as noted that inflation persistence is a greater threat for the former than the latter and that rate cuts are a way off. Greene noted that markets now expect the BoE will cut rates earlier and by more than the Fed this year and that UK services inflation remains much higher than in the US, while she added that higher inflation expectations have translated to higher pay growth, by metrics now between 6%-7% in the UK.
FX
- DXY is a touch lower but holding above the 105.00 mark post-CPI print; a dovish ECB today could open up a test of 106 for the index.
- EUR is flat vs. the USD after a tumultuous session yesterday which sent the pair to a low of 1.0728. Price action for the pair will likely be more swayed by the EUR side of the equation due to the ECB. A dovish release could see a test of 1.07 to the downside with the YTD trough at 1.0694.
- GBP is benefitting in today’s trade alongside other risk-sensitive currencies but well beneath yesterday’s 1.27+ peak.
- JPY is flat vs. the USD but that will be of little consolation to officials in Tokyo after the pair ripped through 152 yesterday, topping out at 153.28. Jawboning overnight has proved futile and as such, intervention speculation is rife.
- Antipodeans are both firmer vs. the USD after a bruising session yesterday. AUD/USD still has some way to go before paring yesterday’s heavy losses with interim resistance coming via the 50 and 200DMAs.
- PBoC set USD/CNY mid-point at 7.0968 vs exp. 7.2622 (prev. 7.0959).
Fixed Income
- USTs are contained following Wednesday’s significant US CPI-induced sell-off. Today’s 108-05 base is half a tick below Wednesday’s trough, support limited below and attention still firmly on yields as a return to near 5.0% re-enters the conversation.
- Bunds are under pressure as markets begin to pare ECB rate expectations in the wake of the hot US CPI. Bunds down to 131.41 and the 10yr yield to 2.47% bringing 2.50% into view. The ECB at 13:15 BST / 08:15 ET will dictate price action for today.
- Gilts are pressured and underperforming as the benchmark catches up to the poor US 10yr and FOMC Minutes. Additional weakness may have also been sparked by hawkish commentary from BoE’s Greene, who said rate cuts should “still be a way off”.
- Italy sells EUR 8.25bln vs exp. EUR 7.0-8.25bln 2.95% 2027, 3.50% 2031 & 4.15% 2039 BTPs.
- Japan sells JPY 815bln 20yr JGBs; b/c 3.05x (prev. 3.01), average yield 1.630% (prev. 1.559%).
Commodities
- Crude holds near recent highs though price action has been contained throughout the European morning; Brent June trades within a 90.35-90.80/bbl parameter. Ahead, the OPEC MOMR will be released today (timing TBC), but this is unlikely to move crude markets.
- Precious metals are mixed following yesterday’s slump triggered by the hot US CPI data; XAU sits at the bottom of a USD 2,330.65-2,346.95/oz range.
- Base metals are mixed with the breadth of the market narrow. The sub-forecast Chinese inflation figures overnight did little to affect base western metal prices.
Geopolitics: Middle East
- US Secretary of State Blinken made it clear in a call with Israeli Defence Minister Gallant that the US will stand with Israel against any threats by Iran and its proxies, while they discussed efforts to release all hostages through an immediate ceasefire agreement in Gaza and Blinken reiterated that incidents such as the targeting World Central Kitchen workers must not be repeated.
- US senior general is to visit Israel to coordinate on Iran attack threat with CENTCOM commander Gen. Kurilla expected to meet senior Israeli Defence Force officials and Defense Minister Gallant, according to Axios. Israeli officials said they are preparing for a possible, unprecedented direct attack against Israel from Iranian soil using ballistic missiles, drones and cruise missiles against Israeli targets, while Israel would retaliate with its own direct attack against Iran in such a scenario.
- Saudi Arabia, Qatar, UAE and Iraq’s Foreign Ministers spoke by phone last night with the Iranian Foreign Minister to discuss regional tensions, according to Axios’s Ravid. The officials contacted the Iranian Foreign Minister after conversations with US President Biden’s senior Middle East adviser McGurk who asked them to convey a message to Iran that Iran must refrain from escalation with Israel which could also thwart efforts to reach a ceasefire in Gaza.
- “Israeli Finance Minister: Rafah and Deir al-Balah and Nuseirat must be entered starting today”, according to Al Arabiya; “The army is preparing to deepen operations in Rafah”.
Geopolitics: Other
- Explosions were heard in Ukraine’s Kharkiv with the city being attacked by Russian missiles.
- US bipartisan bill reportedly seeks USD 2.5bln for Philippines defence in the face of Chinese pressure.
- North Korean leader Kim said now is the time to be prepared for war more than ever before, according to KCNA.
US Event Calendar
- 08:30: April Initial Jobless Claims, est. 215,000, prior 221,000
- 08:30: March Continuing Claims, est. 1.8m, prior 1.79m
- 08:30: March PPI Final Demand MoM, est. 0.3%, prior 0.6%
- 08:30: March PPI Final Demand YoY, est. 2.2%, prior 1.6%
- 08:30: March PPI Ex Food and Energy MoM, est. 0.2%, prior 0.3%
- 08:30: March PPI Ex Food and Energy YoY, est. 2.3%, prior 2.0%
Central Bank Speakers
- 08:45: Fed’s Williams Gives Keynote Remarks
- 10:00: Fed’s Barkin Takes Audience Questions
- 12:00: Fed’s Collins Speaks at Economic Club of New York
- 13:30: Fed’s Bostic Participates in Moderated Conversation
DB’s Henry Allen concludes the overnight wrap
Markets saw an aggressive selloff yesterday, as another upside surprise in US inflation meant bonds and equities both slumped. That included the biggest daily rise in the 10yr Treasury yield (+18.2bps) since September 2022, while futures priced out a full 25bp rate cut from the Fed by year-end. The main takeaway from the report was a +0.4% monthly print for core CPI in March, contrary to expectations for a slowdown to +0.3%. But the bigger picture is that this is now the third consecutive month that core CPI has been at +0.4%. So it’s getting increasingly difficult to dismiss this as just a temporary bump, and the major concern is that inflation is ending up sticky above the Fed’s target. Indeed, there are increasing echoes of late 2021, when it became apparent that the initial spike in inflation was proving persistent, which in turn laid the groundwork for much more hawkish policy from the Fed. That’s been clear today as well, with investors pushing out the likely timing of rate cuts until later in the year, and pricing in a more hawkish policy stance ahead.
In terms of the details of the report, headline CPI came in at a monthly +0.4% (vs. +0.3% expected), pushing up the year-on-year rate to a 6-month high of +3.5%. Similarly for core CPI, the monthly print was at +0.4% (vs. +0.3% expected), with the year-on-year unchanged at +3.8%. While core goods prices were down (-0.15%), core services (+0.52%) saw fresh persistence. And even though some outliers contributed to this – notably a +2.6% monthly rise in motor vehicle insurance – the Cleveland Fed’s trimmed mean measure (which excludes the biggest outliers) still came in at a strong +0.3%. Keep an eye out for today’s PPI print as well, which will give further details on inputs for March core PCE inflation, as the PCE numbers are what the Fed officially target. But as far as the CPI signal is concerned, the components that feed into core PCE have shown no improvement since the start of the year. Indeed, the trend over recent months has become increasingly concerning, with 3-month core CPI now running at an annualised rate of +4.5%.
This upside inflation surprise has led to a big reassessment about the chance of rate cuts this year, with investors questioning if the Fed can still cut if inflation remains this persistent. In response, yesterday saw futures slash the odds of a rate cut by the June meeting from 60% to just 21%, and July cut pricing falling to around 50%, having been almost fully priced the day before. That pattern was clear over a longer time horizon as well, with a full 25bp cut priced out by the December meeting (down from 66bps to just 41bps). In a report (link here) at the end of last week, our US economists noted that if firmer inflation data prevent the Fed from cutting rates in June or July, the FOMC may then find it difficult to ease rates meaningfully this year, not least as base effects will begin to push up the year-over-year inflation rate in the second half of the year.
We did hear from a couple of Fed officials after the CPI print, who both expressed a degree of concern. Chicago Fed president Goolsbee (non-voter) said that “these first three months of this year, they’re definitely worse” and that “we’re getting to the point where there’s going to be more trade-offs than there were last year”. Meanwhile, Richmond Fed president Barkin (voter) noted that “we’re making a lot of progress but we need to be humble about how easy it is to get there”.
Given all these developments, US Treasuries saw a massive selloff, with the 10yr yield (+18.2bps) moving up to 4.54%. That takes it up to its highest level since mid-November, and is now some way above the 3.88% level it began this year. Yields spiked by c. 15bps following the CPI print and continued to drift slightly higher, with a weak 10yr auction also weighing on Treasuries. This saw bonds issued 3.1bps above the pre-sale yield at 4.56% with the highest primary dealer takedown since November 2022. Meanwhile at the front end, the 2 yr yield (+23.0bps) saw its biggest rise in over a year, moving up to 4.97%, so very close to the 5% mark again. At the same time, there was a sharp rise in real yields, and the 10yr real yield (+14.5bps) was up to 2.14%. Amid the rates repricing, the broad dollar index (+1.05%) posted its strongest day since the regional banking stress last March, and rose to its highest level in almost five months.
The US rates repricing transmitted globally, and investors moved to push back the probability of rate cuts from other central banks. In particular, the likelihood of an ECB cut by June fell back to 82%, down from 91% the previous day. Likewise at the Bank of England, it fell from 74% to 56%, for the Bank of Canada it fell from 78% to 53%, and for the Reserve Bank of Australia it went from 25% to 21%. So it’s clear that investors think that central banks elsewhere are likely to be more cautious as well, and sovereign bond yields saw a noticeable increase more broadly, albeit more muted than the US. For instance in Europe, yields on 10yr bunds (+6.4bps), OATs (+6.4bps), BTPs (+5.4bps) and gilts (+11.7bps) all moved higher. And overnight, the Bank of England’s Greene said in an FT article that UK rate cuts “should still be a way off”.
With inflation not going away, US equities slumped and the S&P 500 fell -0.95%. That also means the index is negative on a 4-week basis again, which just shows how the incredibly fast rally from November to March has stalled. The equity losses were broad, with the equal weighted version of the S&P 500 (-1.64%) seeing its worst day in nearly two months, and there was a particularly noticeable divergence between small-caps and mega-caps. For instance, the small-cap Russell 2000 (-2.52%) saw a very sharp move lower, whereas the Magnificent 7 only fell -0.19%. Meanwhile in Europe, there was a stronger performance that saw the STOXX 600 up +0.15%, but that was still beneath its intraday high, when it had been up +0.75%.
Looking forward, central banks will be in the spotlight again today, as the ECB are making their latest policy decision. It’s widely expected they’ll leave interest rates unchanged. But investors will be focused on the prospect of a cut at the subsequent meeting in June, which has been strongly hinted at by ECB commentary and which market pricing still considers likely, even with the US inflation report yesterday. In their preview (link here), our European economists think the ECB needs more data over the next couple of months to underpin its confidence in price stability, but see a June cut as the clear working assumption, barring a significant shock. In a separate report last week, they argued that while there are limits to how much ECB policy can diverge from the Fed over time, there is nothing to stop the ECB from cutting first or setting its own pace of cuts early on in the easing cycle.
Ahead of the ECB, the Bank of Canada announced their own policy decision yesterday, where they left their policy rate on hold at 5%. That was in line with expectations, and Governor Macklem said afterwards that “The further decline we’ve seen in core inflation is very recent. We need to be assured this is not just a temporary dip.” Yields on 10yr Canadian government debt were up +14.0bps on the day, although the bulk of that increase followed the reaction to the US CPI report, in line with the global move higher in yields.
In other central bank news, yesterday brought the minutes of the March FOMC meeting. These were largely overshadowed by the CPI report but included discussions on the future slowing of QT, saying that “The vast majority of participants […] judged it would be prudent to begin slowing the pace of runoff fairly soon”. It also said that “participants generally favored reducing the monthly pace of runoff by roughly half from the recent overall pace”, and FOMC members favoured reducing the monthly cap on the Treasury runoff, while seeing little need to adjust the (currently non-binding) cap on the runoff of MBS.
Whilst CPI was the main focus in markets yesterday, the other important news was that Brent crude oil prices rose back above $90/bbl yesterday (+1.19% to $90.48/bbl). That followed a Bloomberg report saying that the US believes missile or drone strikes on Israel by Iran or its proxies were imminent, which added to fears about a potential escalation in the Middle East.
Overnight, the bond selloff has continued after the US CPI, with a sharp rise in the 10yr yield in Japan (+8.4bps), Australia (+13.5bps) and New Zealand (+13.0bps). However, we also got the news that Chinese CPI fell to +0.1% in March on a year-on-year basis, beneath the +0.4% reading expected, and down from +0.7% in February. For equities in Asia, the tone has been more mixed, with losses for the Nikkei (-0.41%) and the Hang Seng (-0.76%), alongside gains for the Shanghai Comp (+0.37%), the CSI 300 (+0.03%) and the KOSPI (+0.08%). Looking forward, US equity futures are currently flat, with those on the S&P 500 currently down just -0.01%.
To the day ahead now, and the main highlight will be the ECB’s policy decision, along with President Lagarde’s subsequent press conference. Other central bank speakers include the Fed’s Williams, Barkin, Collins and Bostic, along with the BoE’s Greene. In terms of data, US releases include the PPI reading for March and the weekly initial jobless claims, and elsewhere we’ll get Italy’s industrial production for February.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Equities lower, USD/JPY on a 153 handle & Bunds dip ahead of the ECB; US IJC/PPI due – Newsquawk US Market Open
THURSDAY, APR 11, 2024 – 05:54 AM
- Equities are mostly lower, continuing the sell-off seen in the prior session; the RTY underperforms
- Dollar is flat and firmly above 105, USD/JPY back on a 153 handle
- USTs contained at post-CPI lows whilst Bunds dip lower ahead of the ECB
- Crude is incrementally firmer, XAU rangebound and base metals little changed despite softer Chinese inflation figures
- Looking ahead, US IJC & PPI, ECB Policy Announcement & Lagarde Conference, Comments from Fed’s Williams, Collins, Bostic & Barkin, Supply from the US
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LOOKING AHEAD
- US IJC & PPI, ECB Policy Announcement & Lagarde Conference, Comments from Fed’s Williams, Collins, Bostic & Barkin, Supply from the US.
- Click here for the Newsquawk Week Ahead.
EUROPEAN TRADE
EQUITIES
- European bourses, Stoxx600 (U/C), initially traded with little direction, though have succumbed to marginal selling pressure, in tandem with similar price action seen in the US.
- European sectors are mixed. Energy and Basic Resources take the top spots, lifted by broader strength in underlying commodity prices. Travel & Leisure is found at the foot of the pile.
- US Equity Futures (ES U/C, NQ U/C, RTY -0.2%) are entirely in the red, with slight underperformance in the economy-linked RTY, post-CPI and ahead of PPI.
- Click here and here for the sessions European pre-market equity newsflow, including earnings.
- Click here for more details.
FX
- DXY is a touch lower but holding above the 105.00 mark post-CPI print; a dovish ECB today could open up a test of 106 for the index.
- EUR is flat vs. the USD after a tumultuous session yesterday which sent the pair to a low of 1.0728. Price action for the pair will likely be more swayed by the EUR side of the equation due to the ECB. A dovish release could see a test of 1.07 to the downside with the YTD trough at 1.0694.
- GBP is benefitting in today’s trade alongside other risk-sensitive currencies but well beneath yesterday’s 1.27+ peak.
- JPY is flat vs. the USD but that will be of little consolation to officials in Tokyo after the pair ripped through 152 yesterday, topping out at 153.28. Jawboning overnight has proved futile and as such, intervention speculation is rife.
- Antipodeans are both firmer vs. the USD after a bruising session yesterday. AUD/USD still has some way to go before paring yesterday’s heavy losses with interim resistance coming via the 50 and 200DMAs.
- PBoC set USD/CNY mid-point at 7.0968 vs exp. 7.2622 (prev. 7.0959).
- Click here for more details.
- Click here for today’s option expiries for the NY cut.
FIXED INCOME
- USTs are contained following Wednesday’s significant US CPI-induced sell-off. Today’s 108-05 base is half a tick below Wednesday’s trough, support limited below and attention still firmly on yields as a return to near 5.0% re-enters the conversation.
- Bunds are under pressure as markets begin to pare ECB rate expectations in the wake of the hot US CPI. Bunds down to 131.41 and the 10yr yield to 2.47% bringing 2.50% into view. The ECB at 13:15 BST / 08:15 ET will dictate price action for today.
- Gilts are pressured and underperforming as the benchmark catches up to the poor US 10yr and FOMC Minutes. Additional weakness may have also been sparked by hawkish commentary from BoE’s Greene, who said rate cuts should “still be a way off”.
- Italy sells EUR 8.25bln vs exp. EUR 7.0-8.25bln 2.95% 2027, 3.50% 2031 & 4.15% 2039 BTPs.
- Japan sells JPY 815bln 20yr JGBs; b/c 3.05x (prev. 3.01), average yield 1.630% (prev. 1.559%).
- Click here for more details.
COMMODITIES
- Crude holds near recent highs though price action has been contained throughout the European morning; Brent June trades within a 90.35-90.80/bbl parameter. Ahead, the OPEC MOMR will be released today (timing TBC), but this is unlikely to move crude markets.
- Precious metals are mixed following yesterday’s slump triggered by the hot US CPI data; XAU sits at the bottom of a USD 2,330.65-2,346.95/oz range.
- Base metals are mixed with the breadth of the market narrow. The sub-forecast Chinese inflation figures overnight did little to affect base western metal prices.
- Click here for more details.
NOTABLE HEADLINES
- BoE’s Greene wrote in the FT that markets must stop comparing the UK and the US, as well as noted that inflation persistence is a greater threat for the former than the latter and that rate cuts are a way off. Greene noted that markets now expect the BoE will cut rates earlier and by more than the Fed this year and that UK services inflation remains much higher than in the US, while she added that higher inflation expectations have translated to higher pay growth, by metrics now between 6%-7% in the UK.
DATA RECAP
- Italian Industrial Output YY WDA (Feb) -3.1% (Prev. -3.4%); Industrial Output MM SA (Feb) 0.1% vs. Exp. 0.5% (Prev. -1.2%)
- UK RICS House Price Balance (Mar) -4 vs. Exp. -6 (Prev. -10); RICS Housing Survey (Mar) -4.0 vs. Exp. -6.0 (Prev. -10.0, Rev. -10)
- Norwegian GDP Month Mainland (Feb) -0.2% vs. Exp. 0.1% (Prev. 0.4%)
- Swedish Reg Unemployment Rate (Mar) 6.7% (Prev. 6.8%); Money Market CPIF Inflation 1-Year (Apr) 2.0% (Prev. 2.0%); Money Mkt CPIF Inflation 5-Years (Apr) 2.0% (Prev. 2.0%)
- Hungarian CPI YY 3.6% vs. Exp. 3.6% (Prev. 3.7%)
NOTABLE US HEADLINES
- UBS Global Wealth Management now expects the Fed to start cutting rates in September (prev. June); expects the Fed to cut rates twice by 25bps each this year.
- Apple (AAPL) warned users in India and 91 other countries of potential “mercenary spyware attack” aimed at compromising iPhones, the Economic Times reported. These attacks were deemed rare and highly sophisticated.
- Costco (COST) boosts quarterly dividend to USD 1.16/shr (prev. 1.02). March net sales USD 23.48bln (9.4% Y/Y); net sales for the first 31 weeks were USD 146.64bln (+6.4% Y/Y) percent from $137.77 billion last year. US comps (ex gasoline prices and FX) +7.4%.
GEOPOLITICS
MIDDLE EAST
- US Secretary of State Blinken made it clear in a call with Israeli Defence Minister Gallant that the US will stand with Israel against any threats by Iran and its proxies, while they discussed efforts to release all hostages through an immediate ceasefire agreement in Gaza and Blinken reiterated that incidents such as the targeting World Central Kitchen workers must not be repeated.
- US senior general is to visit Israel to coordinate on Iran attack threat with CENTCOM commander Gen. Kurilla expected to meet senior Israeli Defence Force officials and Defense Minister Gallant, according to Axios. Israeli officials said they are preparing for a possible, unprecedented direct attack against Israel from Iranian soil using ballistic missiles, drones and cruise missiles against Israeli targets, while Israel would retaliate with its own direct attack against Iran in such a scenario.
- Saudi Arabia, Qatar, UAE and Iraq’s Foreign Ministers spoke by phone last night with the Iranian Foreign Minister to discuss regional tensions, according to Axios’s Ravid. The officials contacted the Iranian Foreign Minister after conversations with US President Biden’s senior Middle East adviser McGurk who asked them to convey a message to Iran that Iran must refrain from escalation with Israel which could also thwart efforts to reach a ceasefire in Gaza.
- “Israeli Finance Minister: Rafah and Deir al-Balah and Nuseirat must be entered starting today”, according to Al Arabiya; “The army is preparing to deepen operations in Rafah”.
OTHER
- Explosions were heard in Ukraine’s Kharkiv with the city being attacked by Russian missiles.
- US bipartisan bill reportedly seeks USD 2.5bln for Philippines defence in the face of Chinese pressure.
- North Korean leader Kim said now is the time to be prepared for war more than ever before, according to KCNA.
CRYPTO
- Bitcoin holds incrementally above USD 70k, whilst Ethereum (+2.2%) firmly sits above USD 3.5k.
APAC TRADE
- APAC stocks were subdued after hotter-than-expected US CPI data and a further unwinding of Fed rate cut bets reverberated across global markets, although stocks are off their worst levels and participants also digested the latest Chinese inflation figures.
- ASX 200 was led lower by underperformance in the rate-sensitive real estate and tech sectors amid higher yields.
- Nikkei 225 declined at the open but retained the 39,000 level with downside cushioned by currency weakness.
- Hang Seng and Shanghai Comp. were mixed with underperformance in Hong Kong amid notable weakness in developers and tech stocks, while the mainland bucked the trend as softer-than-expected Chinese CPI and persistent producer price deflation kept the door open for future support measures.
NOTABLE ASIA-PAC HEADLINES
- China MOFCOM official said China lodged solemn representations with the EU on issues such as the investigation of foreign subsidies to China and believes the probes launched by the EU so far are all aimed at Chinese new energy-related enterprises, which will seriously damage the confidence of Chinese enterprises in carrying out investment and trade cooperation.
- Japanese Finance Minister Suzuki reiterated it is important for currencies to move in a stable manner reflecting fundamentals and excessive FX moves undesirable, while he won’t rule out any steps to respond to excessive FX moves and is looking at the background of yen weakening to 152 and 153 against the dollar and not necessarily the levels themselves. Suzuki said ‘no comment’ on the FX level and government response but stated that FX levels are basically determined by markets and that a weak yen has merits and demerits.
- Japan’s top currency diplomat Kanda said recent yen moves are rapid and won’t rule out any steps to respond to disorderly FX moves, while he said they are prepared to take necessary actions whenever possible but wouldn’t comment on whether overnight forex moves are excessive.
- Japan Chief Cabinet Secretary Hayashi said won’t comment on forex levels and currency intervention, but added it is important for currencies to move in a stable manner reflecting fundamentals and that excessive FX volatility is undesirable. Hayashi also stated that he is closely watching FX moves with a high sense of urgency and won’t rule out any steps to respond to excessive FX moves.
- South Korea’s PM and senior officials in the Presidential Office offered to resign, while President Yoon said he humbly accepts the parliament election result and will renew the administration, according to Yonhap. It was separately reported that the leader of South Korea’s ruling party leader resigned following the parliamentary election defeat, according to AFP News Agency.
- Fast Retailing (9983 JT) Q2 (JPY) Operating Income 110.4bln (exp. 118.1bln), Net 88bln (exp. 79bln). FY Guidance: Net 320bln (prev. guided 310bln), Dividend 350/shr (prev. guided 330/shr).
- REUTERS POLL: Chinese 2024 GDP growth seen at 4.6% (prev. 4.6% in Jan poll), 2025 growth seen at 4.4%; Q1 GDP at 4.6%, Q2 5.0% Y/Y, 2024 CPI seen at 0.7% (prev. 1.0% in Jan poll), 2025 CPI at 1.6%. PBoC seen cutting banks’ RRR by 25bps in Q3 2024.
- Morgan Stanley upgrades China’s 2024 real GGDP target to 4.8% from 4.2%
- China’s Foreign Ministry decided to take countermeasures again two US enterprises over arms sales to Taiwan, according to Reuters; Measures taken on general atomic aeronautical systems and General Dynamics land systems (GD), effective April 11th
DATA RECAP
- Chinese CPI MM (Mar) -1.0% vs. Exp. -0.5% (Prev. 1.0%); YY (Mar) 0.1% vs. Exp. 0.4% (Prev. 0.7%)
- Chinese PPI YY (Mar) -2.8% vs. Exp. -2.8% (Prev. -2.7%)
3C ASIA AFFAIRS/
THURSDAY MORNING/WEDNESDAY NIGHT
SHANGHAI CLOSED UP 6.91 PTS OR .23% //Hang Seng CLOSED DOWN 44.14 PTS OR 0.21% / Nikkei CLOSED DOWN 139.18 PTS OR 0.35% //Australia’s all ordinaries CLOSED DOWN 0.44%///Chinese yuan (ONSHORE) closed UP 7.2371 //OFFSHORE CHINESE YUAN CLOSED UP TO 7.2510 /Oil UP TO 85.72 dollars per barrel for WTI and BRENT UP AT 89.97/ Stocks in Europe OPENED ALL RED// 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/
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
EUROPEAN PARLIAMENT
European Parliament Approves Controversial Migration Pact; Furious Nationalists Vow To Bring It Down After EU Elections
THURSDAY, APR 11, 2024 – 03:30 AM
Authored by Thomas Brooke via ReMix News,
The European Parliament has approved the controversial EU Asylum and Migration Pact, which will see countries forced to accept their fair share of new arrivals into the bloc or pay a fine for every migrant they reject.
The new asylum and migration package was passed largely with votes from lawmakers affiliated with the European People’s Party, the Socialists and Democrats (S&D), and Renew Europe, with MEPs being urged to swallow their criticisms of the scheme and vote for the compromise legislation.
“History made,” tweeted European Parliament President Roberta Metsola as she praised what she described as a “robust legislative framework on how to deal with migration and asylum,” noting it had been “10 years in the making” but the EU had kept its word.
Some MEPs on both the left and the center-right revealed they voted through the pact despite its many flaws.
“The new legislation is not perfect but we can only make migration manageable and humane with one European solution,” said Hilde Vautmans, foreign affairs coordinator for Renew Europe.
Nationalist politicians across Europe expressed their anger at the passing of the pact, which they claim cedes sovereignty to an ever-centralized European Union.
“The Migration Pact organizes the tutelage and control of nations, the legal impunity of NGOs complicit with smugglers,” tweeted Marine Le Pen of France’s National Rally.
She further vowed to “put an end to the accelerated pursuit of policies to encourage and organize mass immigration,” on June 9 at the EU elections in which her party is expected to win the most French seats.
Le Pacte des migrations organise la mise sous tutelle et sous contrôle des nations, l’impunité juridique des ONG complices des passeurs. Le 9 juin, nous mettrons fin à la poursuite accélérée des politiques d’incitation et d’organisation de l’immigration massive.
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In the parliamentary debate that preceded the vote, Le Pen’s party leader Jordan Bardella confirmed that those within the Identity and Democracy (ID) parliamentary group would be voting down the legislation.
“Countries will be forced to welcome thousands of migrants into their towns and villages or pay dearly to be spared!” Bardella told the chamber, warning that Brussels wants to redistribute new arrivals while nationalist politicians want to “send them back.”
After the vote, Bardella took to social media to denounce the “terrible European Migration Pact” that seeks to “impose the distribution of migrants in our municipalities under penalty of financial sanctions.”
Voting was briefly suspended on Wednesday evening due to a protest from inside the chamber from left-wing activists who urged those of their political persuasion to vote down the bill on humanitarian grounds.
“This Pact kills, vote ‘No!’” they chanted from the observation rooms as they threw paper airplanes down into the auditorium.
BREAKING: “This Pact kills, vote ‘No!'” Protesters disrupt the European Parliament chamber during a voting session on the Asylum and Migration Pact, throwing paper airplanes down on lawmakers and demanding the bill be rejected.
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The Hungarian government reiterated its opposition to the pact following the vote with spokesperson Zoltan Kovacs citing Foreign Minister Péter Szijjártó who “declared that regardless of any migration pact adopted by the European Parliament, Hungary will maintain its legal and physical border barriers and will not allow illegal immigrants entry, opposing the pro-war and pro-migration stance of Brussels’ leadership.”
The majority of lawmakers who passed through the pact were lukewarm on its contents but considered it to be a compromise to end the status quo existing in a Europe plagued by illegal immigration. The argument on the left is that it goes too far in targeting illegal migrants, while those on the right consider it to be yet another sovereignty grab that will do little to solve the crisis.
END
Euro continues to decline after ECB holds rates at its high but hints at cuts to come
(zerohedge)
Euro Extends Decline After ECB Holds Rates At Highs, Hints At Cuts To Come
THURSDAY, APR 11, 2024 – 08:27 AM
After yesterday’s US CPI print – and the dramatic adjustment to market expectations of Fed policy action (timing and extent) – this morning’s ECB was expected to be a nothing-burger with all eyes out for any confirmation that June is ‘go-time’ for Lagarde to cut (albeit a rare occurrence without a concomitant Fed cut) – which she will likely push her to stress the ECB’s independence from The Fed.
Indeed, as expected, The ECB held rates at record highs for a fifth straight meeting.
The ECB added a new opening line to the statement:
“The Governing Council’s future decisions will ensure that its policy rates will stay sufficiently restrictive for as long as necessary...”
And it appears The ECB is laying the groundwork for a rate-cut sooner than later…
“If the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction.”
One notable change in the statement, from this…
“The Governing Council’s future decisions will ensure that policy rates will be set at sufficiently restrictive levels for as long as necessary.”
…to this…
“The Governing Council’s future decisions will ensure that its policy rates will stay sufficiently restrictive for as long as necessary.”
Suggesting something is about to change.
Finally, The ECB reports that most measures of underlying inflation are easing.
Wage growth is moderating and firms are absorbing parts of these costs in their profits.
But, it says, domestic price pressures continue to be strong.
In short, the ECB remains data-dependent and isn’t committing to anything but if the progress of inflation and other factors has progressed sufficiently by June’s forecasts than reducing the level of policy restriction “would be appropriate”.
Not much movement in the bond space but the euro extended losses modestly on the ECB news…
Source: Bloomberg
As The FT notes, some eurozone policymakers, as in the UK, may want to avoid cutting rates much more aggressively than their counterparts in the US, partly out of fear of weakening their currencies and so further stoking inflation. But Peter Schaffrik, a strategist at RBC Capital Markets, said:
“The ECB has nailed its colours to the mast and shifting the guidance at this stage when actual inflation numbers are currently not far away from their own forecasts seems difficult to imagine.”
Now, we wait to see what Christine Lagarde says in the presser. You can bet someone a warm beer that she raises the fact that the ECB is independent of The Fed (when everyone knows, she is ultimately beholden to what Powell says and does)…
Read the full statement below:
The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed the Governing Council’s previous assessment of the medium-term inflation outlook. Inflation has continued to fall, led by lower food and goods price inflation. Most measures of underlying inflation are easing, wage growth is gradually moderating, and firms are absorbing part of the rise in labour costs in their profits. Financing conditions remain restrictive and the past interest rate increases continue to weigh on demand, which is helping to push down inflation. But domestic price pressures are strong and are keeping services price inflation high.
The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It considers that the key ECB interest rates are at levels that are making a substantial contribution to the ongoing disinflation process. The Governing Council’s future decisions will ensure that its policy rates will stay sufficiently restrictive for as long as necessary. If the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction. In any event, the Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction, and it is not pre-committing to a particular rate path.
Key ECB interest rates
The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.50%, 4.75% and 4.00% respectively.
Asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)
The APP portfolio is declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.
The Governing Council intends to continue to reinvest, in full, the principal payments from maturing securities purchased under the PEPP during the first half of 2024. Over the second half of the year, it intends to reduce the PEPP portfolio by €7.5 billion per month on average. The Governing Council intends to discontinue reinvestments under the PEPP at the end of 2024.
The Governing Council will continue applying flexibility in reinvesting redemptions coming due in the PEPP portfolio, with a view to countering risks to the monetary policy transmission mechanism related to the pandemic.
Refinancing operations
As banks are repaying the amounts borrowed under the targeted longer-term refinancing operations, the Governing Council will regularly assess how targeted lending operations and their ongoing repayment are contributing to its monetary policy stance.
***
The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation returns to its 2% target over the medium term and to preserve the smooth functioning of monetary policy transmission. Moreover, the Transmission Protection Instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the Governing Council to more effectively deliver on its price stability mandate.
The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today.
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL HAMAS/RAFAH
Israel Air Force strikes targets in Rafah
By JERUSALEM POST STAFFAPRIL 10, 2024 23:17
The Israel Air Force struck various targets across the Rafah area in the Gaza Strip on Wednesday evening, Israeli media reported.
This is a developing story.
END
/ISRAEL /HAMAS/AID
(Times of Israel)
US envoy says maritime corridor will bring in 100 more trucks daily, admits Hamas has stolen aid
By JACOB MAGID
In addition to an insufficient number of trucks, there has also been a decrease in the number of aid organizations willing to distribute aid throughout Gaza following last week’s deadly IDF strike on a World Central Kitchen convoy. US Envoy David Satterfield says the WCK and the United Arab Emirates are conditioning their return to Gaza on Israel showing “in a concrete, demonstrable fashion that lessons have been learned, not just from the WCK tragedy, but from the period of time before that” when the US alleges roughly 200 aid workers were killed amid its repeated calls for Israel to improve its deconfliction mechanisms.
Israel established a new deconfliction hub between the IDF and aid groups days after the WCK strike, but international organizations are ostensibly looking for improvements to be demonstrated over a long period of time in addition to better assurances from Israel that aid workers will be protected.
The US is also working to have a maritime corridor up and running in the coming weeks, which will be able to bring in at least 100 trucks a day, Satterfield says. We’re going to get well over 500 trucks a day of commercial and humanitarian assistance. But we’ll still have to be able to distribute it efficiently.”
Asked whether Hamas has been siphoning off the aid coming into Gaza, Satterfield says the vast majority of assistance being distributed by the UN has reached civilians. He acknowledges that some of the aid may have reached Hamas. However, “Gaza’s population of 2.2 million are not… starving today because the bulk of the assistance delivered has gone to them, not to Hamas; and that’s the fundamental fact.”
Satterfield goes on to hail the Israeli Coordinator of Government Activities in the Territories for the work that the quasi-military body has done in facilitating aid into Gaza. “We could not do what we have been able to and could not have achieved the progress that we’ve seen without the engagement of COGAT… They took this on because they had to, and they have done an exceptional job under extremely challenging and difficult circumstances.”
The praise indicates that Washington’s frustration with Israel regarding aid is directed at Prime Minister Benjamin Netanyahu and the country’s political leadership.
END
ISRAEL/LEBANON/HEZBOLLAH
Rocket fired at Kiryat Shmona as UN peacekeepers on Lebanon border fear escalation
IDF says it intercepted missile heading for northern border town; Lebanese man accused of funneling Iranian cash to Hamas found dead; UNIFIL urges diplomatic solution
By EMANUEL FABIAN FOLLOW
and AGENCIESToday, 4:48 pm
Illustrative: An Iron dome anti-missile system near the border with Lebanon, in northern Israel, April 7, 2023. (Ayal Margolin/Flash90)
The Israel Defense Forces said Wednesday it had intercepted a rocket fired from Lebanon at the northern border city of Kiryat Shmona, as United Nations peacekeepers stationed along border warned that the ongoing violence between Israel and terror group Hezbollah could dangerously escalate.
The incoming missile was shot down by the Iron Dome air defense system, the IDF said.
Sirens sounded in Kiryat Shmona and nearby communities, though there were no reports of damage or injuries.
The head of the UN peacekeeping force in Lebanon expressed worries that hostilities on the border with Israel will continue to spiral out of control, calling for a diplomatic solution to the conflict.
“The danger of escalation is real,” Aroldo Lazaro said in a statement posted by UNIFIL. “There is no military solution to the current confrontation and violence; a political and diplomatic solution is the only way forward.”
The statement did not mention Hezbollah’s violations of UN Resolution 1701, which requires that the group’s armed wing not be allowed to operate in southern Lebanon.
Illustrative: A UNIFIL patrol at the site of an overnight Israeli strike in the southern Lebanese village of Kafra, on February 29, 2024. (Mahmoud Zayyat/AFP)
Israel has threatened to go to war to force the Iran-backed terror group away from the border if it does not retreat in line with that resolution and continues to threaten northern communities, from where some 70,000 people were evacuated to avoid the fighting.
Since October 8, Hezbollah-led forces have attacked Israeli communities and military posts along the border on a daily basis with rockets, drones, anti-tank missiles, and other means, with the group saying it is doing so to support Gaza amid the war there. Hezbollah is an Iranian proxy in Lebanon and Palestinian terror groups Hamas and Palestinian Islamic Jihad are backed by Iran.
The IDF has regularly responded with strikes in Lebanon.
The war in Gaza erupted with Hamas’s October 7 massacre, which saw some 3,000 terrorists burst across the border into southern Israel by land, air, and sea, killing some 1,200 people and seizing 253 hostages.
Vowing to destroy Hamas, Israel launched a wide-scale military campaign in Gaza to destroy Hamas and free the hostages, of whom 129 remain in captivity, some no longer alive.
As the clashes in the north continued, a Lebanese man under US sanctions for allegedly funneling money from Iran to Hamas was killed just outside Beirut, a security source told AFP.
The body of Mohammad Sarur was found Tuesday in a villa in the mountain town of Beit Mery, the source said, requesting anonymity as they were not authorized to speak to the media.
He had been struck by more than five bullets and was found in possession of an undisclosed sum of money that the killers did not touch, the source added.
#BREAKING: Mohammad Sarur, who was sanctioned by the U.S. government in 2019 for transferring tens of millions of dollars from #IRGCterrorists to #Hamas‘ Izz-Al-Din Al-Qassam Brigades, was found dead in Beit Mery today. He also liaised with #Hezbollah. It appears Nili continues its work. Sarur likely provided financing for Hamas’ October 7 massacre, as Sarur was in charge of all money transfers from the IRGC’s Quds Force to Hamas’ military wing.
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The security source confirmed to AFP that Sarur worked for financial institutions belonging to Hezbollah.
In August 2019, the US Treasury announced sanctions against several people including Sarur, accusing them of funneling “tens of millions of dollars” from the foreign operations arm of Iran’s Revolutionary Guards through Hezbollah in Lebanon “to Hamas for terrorist attacks originating from the Gaza Strip.”
The Treasury said Sarur “served as a middleman” between the Guards’ Quds Force and Hamas “and worked with Hezbollah operatives to ensure funds were provided” to Hamas’s armed wing, the Izz-a-Din al-Qassam Brigades.
“As of 2014, Sarur was identified as in charge of all money transfers” between the Quds Force and the Qassam Brigades, the Treasury added.
Some 3,100 rockets, missiles, and drones have been launched from Lebanon at northern Israel since the beginning of the war in Gaza. Another 35 have been fired from Syria, according to the IDF.
Around 4,700 Hezbollah positions have been hit by the IDF, according to the military.
Israeli forces check a building that was hit by a Hezbollah rocket in Kiryat Shmona in northern Israel near the Lebanon border, on March 27, 2024. (Jalaa MAREY / AFP)
So far, the skirmishes on the border have resulted in eight civilian deaths on the Israeli side, as well as the deaths of 10 IDF soldiers and reservists. There have also been several attacks from Syria, without any injuries.
Hezbollah has named 273 members who have been killed by Israel during the ongoing skirmishes, mostly in Lebanon but some also in Syria. In Lebanon, another 53 operatives from other terror groups, a Lebanese soldier, and at least 60 civilians, three of whom were journalists, have been killed.
Tensions in the region have been high since an alleged Israeli strike in Damascus last week killed seven Islamic Revolutionary Guard Corps members, among them a senior Quds Force commander, Brigadier General Mohammad Reza Zahedi. Iran has vowed revenge.
The Iran-backed Hezbollah has said it supports Iran’s right to “punish” Israel, and in televised remarks on Friday, its leader, Hassan Nasrallah, said a response was coming.
END
ISRAEL//IRAN/USA
US Could Launch Joint Retaliatory Strikes With Israel If It Is Attacked By Iran: Official
WEDNESDAY, APR 10, 2024 – 03:55 PM
Update(1550ET): Upping the ante, a US official has told Al Jazeera that the Pentagon could intervene militarily if there is an Iranian attack launched against Israel.
According to a translation from Al Jazeera Arabic, the US source said, “We do not rule out launching joint retaliatory strikes with Israel if it is attacked by Iran or its agents.”
There was no further elaboration, or an indicator whether a US joint response with Israel would include offensive strikes against Iran, or if this would just be defensive, for example – anti air measures. However, Axios has the following details which appears to confirm the Al Jazeera reporting:
The senior U.S. military commander in charge of the Middle East is expected to go to Israel Thursday to coordinate around a possible attack on Israel by Iran and its proxies, two Israeli officials said.
…The commander of the U.S. military central command (CENTCOM) Gen. Erik Kurilla is expected to meet senior Israeli Defense Forces (IDF) officials and Israeli defense minister Yoav Gallant.
Yesterday, Israeli officials threatened that Iranian nuclear sites could be targeted, in one of the biggest strike threats to date. The region is on edge awaiting an ‘imminent’ response by Iran following the April 1st deadly attack on Iran’s embassy in Damascus. US intelligence has said it believes a revenge attack from Tehran is coming soon.
* * *
And just like that what was already a terrible day for doves and those hoping disinflation would finally arrive – not to mention Biden and the Fed – got much worse when moments ago oil spiked by over $1 per barrel with WTI jumping above $86 and Brent over $90…
… after a Bloomberg report that the US sees a missile strike on Israel by Iran and proxies as “imminent” to wit:
The US and its allies believe major missile or drone strikes by Iran or its proxies against military and government targets in Israel are imminent, in what would mark a significant widening of the six-month-old conflict, according to people familiar with the intelligence.
The potential assault, possibly using high-precision missiles, may happen in the coming days, the people said, requesting anonymity to discuss confidential matters. It is seen as more a matter of when, not if, one of the people said, based on assessments from US and Israeli intelligence.
Iran has threatened to hit Israel in retaliation for an attack on a diplomatic compound in the Syrian capital of Damascus last week that killed senior Iranian military officials. Israel has not explicitly acknowledged it was behind that attack, though it has traditionally followed a policy of ambiguity on operations in Syria, Lebanon and elsewhere.
* * *
US and Western intelligence indicates an attack from Iran and its proxies may not necessarily come from Israel’s north, where Tehran’s ally Hezbollah in Lebanon is located, the people said.
US and Western intelligence indicates an attack from Iran and its proxies may not necessarily come from Israel’s north, where Tehran’s ally Hezbollah in Lebanon is located, the people said. Israeli officials are in agreement with the allied view. They’ve also publicly threatened Iran that if it hits Israeli soil, Israel will hit Iranian soil.
Earlier on Wednesday Iran’s Supreme Leader Ayatollah Ali Khamenei repeated a vow to retaliate against Israel for the Damascus strike, which he said was tantamount to an attack on Iranian territory.
And while the Bloomberg report said nothing we haven’t already reported, perhaps it was the urgency of the headline or the market’s hypersensitivity to anything that can push inflation even higher, that sparked the powerful reaction. Ironically, the news hit just moments after we correctly predicted that the idiotic Biden puppetmasters are about to push the world into yet another catastrophic war.
Boeing drops below price where Biden needs to launch another undeclared war
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The good news: Boeing stock is a buy here.
END
//ISRAEL//HAMAS/CENTRAL GAZA
IDF says it launched a ‘targeted operation’ against Hamas in Gaza’s Nuseirat
The IDF says it launched a “targeted operation” against Hamas in the central Gaza Strip overnight, on the outskirts of Nuseirat, an area where ground troops have not yet operated during the ongoing war.
Before troops of the 162nd Division’s 401st Armored Brigade, Nahal Infantry Brigade, and other units maneuvered into the area, the Israeli Air Force and 215th Artillery Regiment carried out strikes against dozens of Hamas targets, including tunnel infrastructure, the IDF says.
The IDF says the operation is being carried out following intelligence indicating “the presence of terror infrastructure and many terrorists in the area.”
Amid operations overnight, the IDF says Nahal troops spotted a gunman coming out of a tunnel and heading toward them. The operative was then struck by a fighter jet, the IDF says.
Meanwhile, troops of the 401st Brigade located several rocket launchers in the area, the IDF says.
Also amid the operation, the Navy carried out strikes along the Strip’s coast in what the IDF says is part of support for the ground troops.
https://www.timesofisrael.com/liveblog-april-11-2024
END
ISRAEL/HAMAS/CENTRAL GAZA
Troops kill Hamas gunmen, destroy sites in ‘pinpoint’ Shejaiya operation, says IDF
IDF troops operate in Gaza City’s Shejaiya neighborhood, in a handout image published April 11, 2024. (IDF)
The IDF says it carried out a pinpoint operation in Gaza City’s Shejaiya neighborhood over the past few days.
During the raid carried out by the Gaza Division’s Northern Brigade, troops killed numerous gunmen and destroyed sites belonging to Hamas, according to the IDF.
One of the sites raided by the troops was a Hamas training base. The IDF says that after the raid, the Hamas outpost was destroyed in an airstrike.
END
ISRAEL/HAMAS
Report: US officials fear most of the hostages held by Hamas could be dead
Photos of Kibbutz Nir Oz hostages placed on chairs and tables during a pre-Passover event in the kibbutz dining hall on April 11, 2024. (Photo by Liron Moldovan/Flash90)
US officials tell the Wall Street Journal that there are fears that most of the Israeli hostages in Hamas captivity could be dead.
The report comes amid talks to secure a hostage release deal and a truce, with some Hamas sources indicating that they are unable to provide 40 living hostages from the elderly, women and female soldiers that Israel is demanding.
It is believed that 129 hostages abducted by Hamas on October 7 remain in Gaza. The IDF has confirmed the deaths of 34 of those still held by Hamas, citing intelligence and findings obtained by troops operating in Gaza.
However, the WSJ report says that “Israeli and American officials estimate privately that the number of deaths could be much higher.”
Some US estimates indicate that most of the hostages are already dead, US officials familiar with the intelligence tell the paper.
They stress, however, that US information on the hostages is limited and depends, in part, on Israeli intelligence.
The report quotes US officials as saying that some were likely killed during Israeli strikes on Gaza, while others have died from health issues, including injuries suffered during their initial capture.
Hamas terrorists took 253 hostages during the October 7 assault in which they also killed some 1,200 people.
A hundred and five hostages were released from Hamas captivity during a weeklong truce in late November, and four hostages were released prior to that. Three hostages have been rescued by troops alive, and the bodies of 12 hostages have also been recovered, including three mistakenly killed by the military.
One more person is listed as missing since October 7, and their fate is still unknown.
Hamas is also holding the bodies of fallen IDF soldiers Oron Shaul and Hadar Goldin since 2014, as well as two Israeli civilians, Avera Mengistu and Hisham al-Sayed, who are both thought to be alive after entering the Strip of their own accord in 2014 and 2015 respectively.
/ISRAEL//IRAN/USA
Now the USA is getting involved?
US not ruling out launching joint response against Iran if it attacks Israel — report
11 April 2024, 12:38 am
The United States will assist in defending Israel if its attacked by Iran or one of its proxies, Al Jazeera reports, citing an American official who says President Joe Biden’s earlier pledge that US support for Israeli security is “ironclad” didn’t come from left field.
The official says that if the attack involves missiles and drones, American forces could help in downing them, and also says the US hasn’t ruled out launching a joint response with Israel if the Jewish state is attacked by Iran or its proxies.
END
IRAN/ISRAEL LATEST UPDATE
Israeli Media Says Iran Postponed Attack ‘At Last Minute’ Due To Threat Of US Intervention
THURSDAY, APR 11, 2024 – 01:29 PM
Update(1329ET): Israeli media sources have claimed that Iran is poised to launch a major attack on Israel, but that the strikes were postponed “at the last minute”.
Israeli news website Ynet reported Thursday that “Tehran decided to either delay the strike or change the nature of its response to Israel’s attack on its consulate in Damascus, likely due to warnings from the administration of United States President Joe Biden. According to more:
The outlet cited Iranian semi-official news agency Mehr as claiming the attack could happen “maybe tonight,” but soon after deleting the video with the assertion.
The last 48 hours has seen Washington raise the possibility that it could intervene militarily in defense of Israel if Iran retaliates for the April 1st Israeli attack on its embassy in Damascus.
Meanwhile, some international airlines, most notably German airline Lufthansa, have paused their flights to Tehran, citing heightened fears of imminent military action in the region. Russia has also taken steps to warn its citizens against travel to the region, particularly Israel, as the region remains at boiling point.
Oil Price underscores that as the waiting game continues, an Iran Strike Threat Hangs Over Inflation-Focused Oil Markets. The industry publication observes, “Oil markets have not visibly responded to the threat hanging over the Middle East, with Brent crude and West Texas Intermediate (WTI) trading down over 1% at 11:00 a.m. ET on Wednesday on inflation concerns that have led to speculation that the Federal Reserve may not implement a June rate cut.”
Israel’s military believes preparation for major attack currently underway…
Iranian officials have signaled they are taking a path of strategic patience but that a significant response is still coming.
* * *
We previously reported that Iran now considers Israel’s embassies and diplomatic sites abroad as essentially fair game in the wake of Israel’s April 1st airstrikes on Iran’s embassy in Damascus, which killed two high-ranking IRGC generals and at least five others.
An analyst from the Middle East Institute, Jason Brodsky, observed last week that “There are reports Iran’s regime may be eyeing hitting an Israel diplomatic compound in a third country via drones & missiles. Israel maintains embassies in Bahrain; UAE; Jordan; Egypt; Azerbaijan; & Turkey. I would keep an eye on Jordan.”
Russia’s Foreign Ministry had underscored in reacting to the Israeli strike on the Iranian consular compound “the inviolability of which is guaranteed by the relevant Vienna Conventions, to be categorically unacceptable.” Indeed it was unprecedented for a nation’s military to intentionally attack another state’s sovereign embassy. Iran is outraged at the UN Security Council’s silence.
Iran on Thursday is making noise over this at the UN Security Council in New York. Iran’s permanent mission to the UN has blasted the council for failing to condemn Israel’s “reprehensible act of aggression” on Iran’s diplomatic premises in Syria. Al Jazeera reports the Iranian ambassador’s fresh statement as follows:
It said in a statement on X that if the perpetrators had been brought to justice, “the imperative for Iran to punish this rogue regime [Israel] might have been obviated.”
Iran’s Supreme Leader Ali Khamenei and other top officials have promised retaliation for the attack on the consulate building that killed members of the Islamic Revolutionary Guard Corps, including two generals.
So Iran is now saying that in light of UN inaction, which has not so much resulted in verbal censure of Israeli actions, it will be ‘forced’ to respond militarily.
All of this could spark a major war in the Middle East, possibly including US military intervention on behalf of Israel as well well, with President Biden having just promised “ironclad support” in defense of Israel. “As I told Prime Minister Netanyahu, our commitment to Israel’s security against these threats from Iran and its proxies is ironclad,” Biden said Wednesday. “Let me say it again — ironclad. We’re going to do all we can to protect Israel’s security.” He explained this is in response to Tehran “threatening to launch a significant attack on Israel.”
IRAN
PREPARES TO STRIKE ISRAEL: According to The Intercept, Iran told the White House that if the US defends Israel against the coming retaliation strike for the Damascus Embassy bombing, then the United States will become a legitimate target White House Middle East Czar Brett McGurk reportedly called on Arab Foreign Ministers to reach out to Tehran to try and de-escalate tensions, resulting in a flurry of phone calls last night with the Iranian Foreign Minister US CENTCOM General Kurilla is being sent to Israel to coordinate on Israel’s response to Iran’s retaliation strike Iran’s Khamenei promised retaliation: “When they attack the consulate, it is as if they have attacked our soil…the evil regime made a mistake and must be punished and it shall be.” US President Joe Biden has promised Israel ‘ironclad support’. As Israel goes about doing whatever it likes in international politics with US weaponry, committing genocide in Gaza and violating the Vienna Convention by bombing diplomatic facilities… Will Biden really be foolish enough to be dragged by Netanyahu into a regional war for Israel, which will kill potentially hundreds of thousands, if not millions, and thus put the final nail in the coffin of the US’ reputation in the global south? The answer may not be with the President, but the arms manufacturers who fund both the Democrats and Republicans, salivating at the prospect of a regional war that will mean more military spending and more profits. https://rumble.com/v4o20kb-gideon-levy-israels-society-has-been-brainwashedempathy-for-palestinians-ha.html…
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Iran appears to be taking its time, waiting patiently while it plans a response. Israel has made very clear that any attack launched from Iranian soil will be met with a stronger response against the territory of the Islamic Republic. There are fresh reports saying Tehran has so far delayed its retaliation due to Washington threats that it will join Israel in hitting back against any strikes.
Below is commentary on what could happen next submitted by Avi Melamed, a former Israeli intelligence official who went on to serve as deputy and then as senior Arab affairs adviser to Jerusalem Mayors Teddy Kollek and Ehud Olmert, operating as a negotiator during the first and second intifadas.
* * *
As the world braces for the Iranian response to the last week’s strike on Quds force commander Brig. Gen. Mohammad Reza Zahedi, it’s likely Tehran is weighing the use of its proxies versus a direct strike. Iran’s proxy warfare strategy is a shield the regime uses to avoid direct retaliation.
This calculated and sophisticated tactic allows Tehran to continue its aggression through intermediaries without facing any consequences. The ongoing assaults orchestrated by Iranian proxies underscore the regime’s influence — and ability — to shape the Middle Eastern geopolitical landscape but come at the cost of navigating local politics and civil strife. Iran’s largest proxy in the region is Hezbollah in Lebanon.
Since the start of Israel’s counteroffensive in Gaza, Hezbollah has launched salvo after salvo of rockets against Israel’s evacuated northern communities. While rhetoric would point to Hezbollah escalating to the point of a full-fledged war on Israel’s northern border, it has yet to target Haifa or significant Israeli infrastructure, a move that would launch a massive war between Israel and Hezbollah, likely triggering a dissolution of Lebanon through a civil war, which Hezbollah would need to allocate resources to fighting in addition to its battles with Israel.
Most recently a senior coordinator for the Hezbollah-rival and Christian-affiliated Lebanese Forces, Pascal Suleiman, was kidnapped in Lebanon and his body was found in Syria. While the official statement is that the attack was prosecuted by “car thieves,” all signs seem to point to Hezbollah involvement.
Syria is the second Achilles heel that Tehran must consider. Any attack by a proxy force could be countered by an Israeli response that threatens or collapses Assad’s regime and with it the Iranian land corridor from Iran to Hezbollah in Lebanon and ultimately to the Mediterranean. Finally, Tehran must consider the potential response that would be triggered by a direct attack on Israel.
On X, Israeli Foreign Minister Israel Katz threatened very clearly today that “If Iran attacks from its own territory, Israel will respond and attack in Iran.” Even with Katz’s statement, there is no guarantee that Israel will continue to dance to the tune of Iran and its proxy model, and any future attack launched by Iran or its proxies could ultimately trigger a direct response against the Iranian homeland.
While the world sits on edge waiting for the inevitable Iranian response, it’s important to note that the regime has thus far acted strategically, that it will respond in order to send a message of strength and restore its deterrence capacity, but that it will do so at the time it calculates will best achieve its successful return of deterrence.”
ISRAEL/INDONESIA
this would be terrific for Israel if it comes to pass!
(Times of Israel)
Indonesia agrees to normalize ties with Israel as part of bid to join OECD — official
Head of economic forum said to broker deal that could see world’s largest Muslim nation establish relationship in exchange for Jerusalem smoothing way into developed countries club
By JOSHUA DAVIDOVICH FOLLOW Today, 9:56 am
People take part in an anti-Israel demonstration in Surabaya, Indonesia, on November 17, 2023. (Juni Kriswanto / AFP)
Indonesia could normalize ties with Israel as part of a deal to smooth the entry of the world’s most populous Muslim nation into a global forum for developed countries, an Israeli official said Thursday.
The official, who spoke on condition of anonymity, confirmed a report in Israeli newspaper Yedioth Ahronoth detailing months of hush-hush talks between Jerusalem, Jakarta, and Organization for Economic Cooperation and Development Secretary-General Mathias Cormann.
Normalization would mark a stunning about-face for Indonesia at a time when anti-Israel sentiment in the Muslim world is running higher than it has in years due to the war in the Gaza Strip.
But establishing ties would also spell an end to Israeli opposition to Indonesia joining the OECD, according to the report.
The OECD began the process of adding Jakarta to the 38-nation forum in February, but Israel had reportedly objected to its accession due to the lack of diplomatic relations. Countries must receive unanimous support to join the bloc, which is dedicated to advancing economic growth via neo-liberal fiscal policies.
Cormann initially secured a promise from Indonesia to shift its critical stance toward Israel, but Foreign Minister Israel Katz balked at pulling Jerusalem’s opposition, saying normalization would be needed, Yedioth reported.
After several weeks of negotiations, Cormann sent a letter to Katz two weeks ago in which he said he had brokered an agreement according to which Indonesia will not be allowed to join the bloc until it has normalized ties, the paper said. The wording of the letter was approved by Indonesia, according to Yedioth.
Foreign Minister Israel Katz in Jerusalem, February 19, 2024. (Chaim Goldberg/Flash90)
The OECD press office did not immediately respond to a request for comment. There was no comment on the report from authorities in Indonesia.
On Tuesday, Israel allowed Indonesia to participate in an airdrop relief mission over Gaza for the first time, a possible signal of burgeoning ties.
Under outgoing Indonesian President Joko Widodo, Indonesia tolerated low-level, quiet contacts with Israel, mainly on trade, but largely shunned open ties with the Jewish state.
Indonesia President Joko Widodo, right, greets Organisation for Economic Co-operation and Development (OECD) Secretary-General Mathias Cormann as he arrives during the G20 Summit in Bali, Indonesia, November 15, 2022. (Mast Irham/Pool Photo via AP)
In March, Widodo’s office denied a report that Jakarta and Jerusalem had intended to normalize relations in October 2023 before the October 7 Hamas attack in Israel and the resulting war caused the plan to be shelved, the Jakarta Post reported.
Moves toward normalization between the countries have been rumored for years, but Indonesia has refused to cement ties until an independent Palestinian state is established and has been a staunch supporter of the Palestinians. The country has a tiny Jewish community.
Anti-Israel protests are common in Indonesia, where support for the Palestinians runs high.
Protesters display posters as they pray during a rally in support of the Palestinians in Gaza, outside the US Embassy in Jakarta, Indonesia, Saturday, March 9, 2024. (Dita Alangkara/AP)
In March last year, the country was stripped of its role as host of the men’s Under-20 World Cup amid massive domestic opposition to the participation of an Israeli soccer team in the tourney.
Even without official ties, direct and indirect Israel-Indonesia trade comes to about $500 million per year, Israel-Asia Center executive director Rebecca Zeffert told The Times of Israel in 2022.
Widodo has repeatedly condemned the violence in Gaza and has urged parties to “stop the escalation, to stop the use of violence, to focus on humanitarian issues, and to solve the root of the problem, namely the Israeli occupation of Palestine.”
In January, Jakarta filed a case against Israel at the International Court of Justice in The Hague. It has also backed South Africa’s genocide accusation at that court over Israel’s war against Hamas in Gaza.
END
ISRAEL/NETHERLANDS
Dutch Christians pick 13 tons of Jaffa oranges to sell at cost in the Netherlands
By CANAAN LIDOR
Dutch Christian volunteers pick oranges in Israel in March 2024. (Christians for Israel)
Pro-Israel Christians pick Jaffa oranges in southern Israel, which their organization then buys from farmers to sell without profit in the Netherlands.
The action in recent weeks in southern Israel lands more than 13 tons of premium oranges bearing the iconic Jaffa brand in the warehouse of the Israel Product Center, which is the commercial arm of the Christians for Israel group, spokesperson Sara van Oordt tells The Times of Israel.
The oranges are preordered and sold out even before their arrival, and stay very briefly at the warehouse of the Israel Products Center inside the three-story headquarters of the Christians for Israel group in Nijkerek near Utrecht. Members and supporters of the group from across the kingdom pick up their Jaffa orders in Nijkerk, van Oordt says.
Each kilogram (2 lbs) costs 2 euros ($2.15), which is significantly cheaper than the standard price of oranges of comparable premium brands at non-discount supermarket chains.
“It’s as Israeli as any product can be, symbolizing Zionism and the establishment of statehood,” van Oordt says.
The 13 tons in Nijkerek are a fraction of what Christians for Israel volunteers picked last month in a concentrated action to support Israeli agriculture, she adds. The fact the Jaffas are sold out “shows many Christians in Israel stand squarely behind Israel, in prayer, in action — and also in enjoying the best Israel has to offer.”
There’s also a Dutch connection, she notes. “Orange is the Netherlands’ national color. It’s only appropriate they are on offer here.”
END
RUSSIA/UKRAINE
Russia Bombards Ukraine With Hypersonic Missiles & Drones, Damaging Power Plants, NatGas Facilities
THURSDAY, APR 11, 2024 – 06:55 AM
Russia launched a major missile and suicide drone offensive on Thursday, bombarding Ukraine’s power grid and underground natural gas storage sites.
Bloomberg reports Russia air-launched six hypersonic Kinzhal missiles that hit critical infrastructure near Kyiv and a region around western Ukraine’s biggest city, Lviv. Ukraine’s air defense system was not able to intercept the hypersonic missiles. However, 18 out of 42 more traditional and slower Russian missiles were downed, and only one of 40 drones.
In a Facebook post, Energy Minister German Galushchenko wrote that power plants near Kyiv, the Kharkiv region in the east, Zaporizhzhia in the south, and Lviv in the west were damaged. Volodymyr Zelenskiy said on Telegram that a power plant was damaged in Odesa.
A person familiar with one of the strikes told Bloomberg that six missiles hit the Trypilska plant south of Kyiv, the largest power plant in the region.
Footage of the destroyed Trypilska plant was posted on X.
Trypilska Thermal Power Plant in the Kyiv region was destroyed! Trypilska Thermal Power Plant with an installed capacity of 1800 MW was the largest energy generating facility in the Kyiv region.
0:03 / 0:12
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Lord Bebo
@MyLordBeboht! Power interruptions in regions: Kiev, Kharkov Odessa. At first “geraniums” drones went into action, which, in addition to identifying current targets among the remaining Ukranian air defense systems, struck…
0:02
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133.5K Views
Russia also targeted two of Ukraine’s underground NatGas sites during the attack, according to a post on Telegram by Naftogaz Ukrainy, the largest national oil and gas company of Ukraine.
The operator of the underground storage site, Ukrtransgaz JSC, wrote on its website that the missile attack damaged the site’s aboveground infrastructure.
While energy traders are bracing for potential strikes on Israel by Iran or its proxies, which could ignite a regional war across the Middle East, Russia’s intensified strikes on Ukraine’s energy infrastructure are likely the reason European NatGas futures are surging on Thursday, up nearly 7%—the highest in two weeks.
Meanwhile, some of the world’s top traders and big banks on Wall Street are eying a possible return of $100 Brent crude.
“The current geopolitical environment continues to provide support to oil prices,” said Warren Patterson, the head of commodities strategy for ING Groep NV in Singapore.
A combination of geopolitical tensions and OPEC+ supply cuts pushes crude prices higher, complicating the Federal Reserve’s pivot as inflation reaccelerates. Higher energy prices could doom President Biden’s election odds come November.
END
ISRAEL HAMAS
END
IRAN/HEZBOLLAH/HAMAS/PROXIES
END
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES\
mRNA COVID jabs caused one in four Saudis to suffer heart issues, “bombshell” study finds
04/09/2024 // Ethan Huff // 4.9K Views
Tags: badhealth, badmedicine, badscience, Big Pharma, biological weapon, chemical violence, covid-19, Dangerous Medicine, health science, heart disease, heart health, mRNA, pharmaceutical fraud, real investigations, research, Saudi Arabia, spike protein, vaccination, vaccine damage, vaccine injury, vaccine wars, vaccines
New research out of Saudi Arabia has found that a shocking 27.11 percent of, or a little more than one in four, people who got “vaccinated” for the Wuhan coronavirus (COVID-19) suffered heart-related complications within a month to more than a year after injection.
Microbiologist and immunologist Muazzam M. Sheriff and colleagues at Ibn Sina National College for Medical Studies and King Faisal General Hospital noted that more than a quarter of COVID jab recipients suffered some kind of cardiac complication after getting the mRNA variety of shot, made by either Pfizer and BioNTech or Moderna.
Nearly 15 percent of mRNA jab recipients reported experiencing heart-related symptoms within one month of injection, while others reported heart problems upwards of a year or more after doing the deed.
TrialSite News is calling Sheriff’s study a “bombshell,” with founder Daniel O’Connor telling The Defender that “the rate of hospitalized cases was certainly notable, especially given the existing cardiac myocarditis and pericarditis signal associated with the vaccines.”
(Related: Dr. Geert Vanden Bossche says that the genocide from Operation Warp Speed has only just begun.)
Destroying the heart
According to Dr. Peter McCullough, nearly 16 percent of all COVID jab recipients who developed cardiovascular symptoms had to be rushed to an intensive care unit (ICU) for treatment – that is how bad their symptoms were.
“More than half of subjects indicated they were influenced by a healthcare professional or government agency to get vaccinated,” McCullough is quoted as saying.
We are building the infrastructure of human freedom and empowering people to be informed, healthy and aware. Learn about our free, downloadable AI tools on nutrition, health and preparedness at this article link. Every purchase at HealthRangerStore.com helps fund our efforts to build and share more tools for empowering humanity with knowledge and abundance.
“Never in recent times has there been such a cardiotoxic vaccine released on the public.”
Concerning the long-term impact of the shots, O’Connor added that many such cases of heart problems are being reported sometimes several years post-injection.
“The surge in cardiac-related incidents in the news over the last year or two doesn’t comfort one either,” he added.
Published in the medical journal Cureus, the new study out of Saudi Arabia looked at 804 participants, 379 of whom are men and 425 of whom are women. All of them received at least one dose of an mRNA shot.
About 40 percent of the participants took just one shot, meaning they did not complete even the initial two-shot series, let alone get any “booster” shots.
Nearly 10 percent of the participants had to receive medical care for their injuries for more than 12 months while 7.11 percent were undergoing some kind of continuous and ongoing treatment at the time of the survey.
Amazingly, only about 20 percent of study participants indicated that they believe their cardiac symptoms were “strongly related” or “somewhat related” to the injections. A full 65 percent were either “neutral,” “somewhat not confident,” or “not confident at all” that the shots were to blame.
Nearly half of the participants have diabetes or hypertension, and about 40 percent are obese. Just over 22 percent reported other sedentary lifestyle-related health issues.
“Despite the bias of recruitment strategy to find patients with cardiovascular side effects from mRNA, these are large percentages requiring hospital and or ICU care,” McCullough further commented.
“More data are needed on these cases including diagnosis, treatment and outcomes such as recurrent hospitalization and death.”
More investigation is needed, the study authors claim, to make any kind of definitive declarations about the matter. This is always what they say to avoid placing direct blame on the shots for anything.
TrialSite News called it “a strong study in regard to methodology, relevance and ethical considerations,” noting that the authors seemed to “downplay the magnitude of the response” despite what “seems like an awfully high rate” of cardiac complications.
Everyone who got jabbed for COVID will eventually regret that decision. Find out more at ChemicalViolence.com.
END
Popular Paper On Ivermectin And COVID-19 Contains False Information
WEDNESDAY, APR 10, 2024 – 07:00 PM
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
A popular study that claims ivermectin has shown no effectiveness against all-cause mortality contains false information but remains uncorrected.
The meta-analysis, published in 2021 by the journal Clinical Infectious Diseases, explores how groups in randomized, controlled trials fared after receiving ivermectin compared to control groups.
Among five trials included for the portion on all-cause mortality, none showed an effect for ivermectin, the authors claimed.
Ivermectin “did not reduce all-cause mortality,” they wrote.
But the claim is wrong. One of the five trials was described as finding ivermectin recipients were more likely to die, but actually found that ivermectin recipients were less likely to die. “The risk base estimation … confirmed that the average mortality obtained in all of ivermectin treated arms was 3.3%, while it was about 18.3% in standard care and placebo arms,” the authors of that paper said.
Dr. Adrian Hernandez, an associate professor at the University of Connecticut’s School of Pharmacy, and other authors of the meta-analysis are aware of the false information. The group released their study as a preprint before the journal published it. The first version included the false information. A corrected version properly portrayed the trial’s results for all-cause mortality in a figure summarizing the results, but still falsely said none of the trials showed a benefit against all-cause mortality.
Dr. Hernandez and Clinical Infectious Diseases did not respond to requests for comment.
The lingering false information is in a paper that has attracted numerous citations in other studies, in the press, and on social media. Altmetric, which tracks engagement, scores it at 5,900. A score of 20 or means a paper is doing “far better than most of its contemporaries,” according to the company.
Morimasa Yagisawa of Kitasato University and other researchers pointed out the issue in a March review of ivermectin trials, saying they were “concerned about the spread of misinformation and/or disinformation” about trial results.
“The articles on systematic reviews and meta-analyses are often erroneous or misleading. This is perhaps because the authors were not involved in the clinical trials or patient care and only searched for and analyzed articles and databases on clinical trial results,” they wrote. The problems are “particularly serious” in the paper for which Dr. Hernandez was the corresponding author, the researchers said.
“Although it was a clear error, the wrong content of the preprint was published as a major article in Clinical Infectious Diseases, the official journal of the Infectious Diseases Society of America, without being changed,” they wrote. “Many comments were made questioning the insight of the reviewers and the Editor-in-Chief for publishing a paper with such inconsistencies, but the paper is still published without correction. Since this is a prestigious journal of a prestigious society, an early corrective action is required.”
“There have been several fraudulent meta-analyses, and this is a striking one,” Dr. Pierre Kory, president and chief officer of the FLCCC Alliance and author of the book The War on Ivermectin, told The Epoch Times in an email.
“In this meta-analysis, they selected only 10 of the 81 controlled trials, 33 of which were randomized, on ivermectin that were available at the time. Eight of the ten they selected involved mild COVID-19. Typically, mild COVID does not lead to death. And here they were looking at death rates and, as expected, saw very few. The inclusion criteria they used were intended to show no effect. And they succeeded. Conflicted researchers have been doing this to hydroxychloroquine and ivermectin since the beginning of the pandemic,” he added.
Issues in other meta-analyses include the improper inclusion of papers that did not describe clinical trial results, Mr. Yagisawa and his co-authors said.
They noted that a number of trials have found ivermectin recipients were better off. That includes trials cited by the U.S. Food and Drug Administration (FDA) in its position that ivermectin is not effective against COVID-19.
The FDA recently settled a lawsuit over that position, agreeing to take down several web pages and social media posts.
END
a must view
Dr Martin is one smart cookie
special thanks to Neil A. for sending this to us:
\
Dr Martin discusses the shots from a patent perspective. Very articulate https://open.substack.com/pub/makismd/p/video-the-great-setup-drdavid-martin?r=1csvbq&utm_campaign=post&utm_medium=web
Neil
GLOBAL ISSUES//GLOBAL SALES
end
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, April 2-April 8, 2024
Musicians: US (3), Brazil, Argentina, UK, Germany, Norway, Finland, Czechia, Slovakia, Russia; actors: US (2), UK, Nigeria, Turkey, Iran, India, Russia; nurses: US, Canada, Brazil, Italy, Turkey; more
| MARK CRISPIN MILLERAPR 10 |
United States:
United States:
https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-dba
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.
Canada:
https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-009
Mexico:
Mexico, the Dominican Republic, Jamaica, Brazil, Paraguay, Chile and Argentina:
https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-f3c
Argentina:
United Kingdom and Ireland:
https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-b2d
Czechia:
France, Belgium, Holland, Germany, Norway, Finland, Denmark, Belarus, Czechia, Slovakia and Spain:
https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-a35
Spain:
Italy:
https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-871
Algeria, Burkino Faso, Ghana, Nigeria, Mauritius, Turkey, Azerbaijan, Iran, Ukraine and Russia:
https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-0bf
Ukraine:
India, Sri Lanka, Singapore, China, Philippines, Malaysia, Australia and New Zealand:
https://open.substack.com/pub/markcrispinmiller/p/in-memory-of-those-who-died-suddenly-382
Australia:
DR PAUL ALEXANDER
Finsterer’s recent published case: “Myocarditis, Coagulopathy, and Small Fibre, Sensory, and Multiple Cranial Nerve Neuropathy Complicating BNT162b2 Pfizer BioNTech Vaccination” shows us the danger of
the mRNA vaccine, chronic myopericarditis, coagulopathy, GBS with predominant dysautonomia, and impaired immune competence, and that diagnosis of PACVS can be delayed for months.’
| DR. PAUL ALEXANDERAPR 11 |
‘Case shows that SARS-CoV-2 vaccination can be complicated by PACVS manifesting as chronic myopericarditis, coagulopathy, GBS with predominant dysautonomia, and impaired immune competence, and that diagnosis of PACVS can be delayed for months.’
‘SARS-CoV-2 vaccinations can lead to complications, including post-acute COVID-19 vaccination syndrome (PACVS)…
The patient is a 51-year-old woman with chronic myopericarditis, coagulopathy due to factor-VIII increase and protein-S deficiency, GBS, and a number of other ocular, dermatological, immunological, and central nervous system abnormalities related to the second dose of the (Pfizer) BNT172b2 vaccine
SLAY NEWS
| The latest reports from Slay News |
| Official Data: 16 Times More Deaths Among Vaxxed PopulationOfficial government data has highlighted the shocking disparity of deaths among people vaccinated with Covid mRNA shots when compared to the unvaxxed population.READ MORE |
| WEF Demands Governments Censor ‘Negativity’The World Economic Forum (WEF) is calling on global governments to crack down on citizens expressing “negativity” online.READ MORE |
| Biden’s New State Department ‘Diversity’ Chief: America Is a ‘Failed Historical Model’Democrat President Joe Biden’s new State Department “diversity” chief has blasted the United States as a “failed historical model” and accused the American people of perpetuating “deeply rooted patriarchy and colonialism and racism and otherism.”READ MORE |
| Top Australian News Anchor Drops Dead at 44 after Mysterious ‘Medical Episode’Popular Australian news anchor Nathan Templeton has tragically died suddenly after suffering a mysterious “medical episode” while walking his dog.READ MORE |
| Faith Groups Blast Biden’s Plan to Control Their Employment DecisionsSeveral faith groups are pushing back against a new plan from Democrat President Joe Biden’s administration that seeks to dictate who they can and can’t employ.READ MORE |
| DOJ Ramping Up Jan 6 Arrests Ahead of November Elections, Report RevealsDemocrat President Joe Biden’s weaponized Department of Justice (DOJ) is ramping up politically motivated arrests related to the protests at the U.S. Capitol on January 6, 2021, according to a new report.READ MORE |
| Federal Judge Rejects Biden Admin’s Plea to Drop Legal Case for Release of Russia Probe DocumentsA federal judge has rejected pleas from Democrat President Joe Biden’s administration to drop a legal case seeking to release documents related to the Russia Hoax probe.READ MORE |
| Suspect Arrested for Torching Bernie Sanders’ OfficeA man has been arrested for attempting to burn down Sen. Bernie Sanders’ (I-VT) Vermont office while staffers were working inside, according to Burlington police. READ MORE |
| West Virginia Blocks BlackRock, Goldman Sachs, Several Others from State Contracts over ESG PushOfficials in West Virginia have banned several globalist financial institutions from consideration for state contacts over their involvement in “environmental, social, and governance” (ESG) initiatives.READ MORE |
| AOC Says She’s ‘One of the Few That Doesn’t’ Benefit from Biden’s Student Debt HandoutDemocrat Rep. Alexandria Ocasio-Cortez (D-NY) has revealed that she won’t benefit from President Joe Biden’s taxpayer-funded student debt handout.READ MORE |
| GOP Bill Raises Federal Minimum for Child Abusers to Include Death Penalty: ‘You Can’t Rehabilitate a Predator’Republican Rep. Anna Paulina Luna (R-FL) has just dropped the hammer on child abusers with a new bill that seeks to raise the federal minimum punishments for convicted predators.READ MORE |
| North Face Sponsors Overnight Transgender Camp for Children to Cross-Dress, ‘Explore’ Adult ThemesThe North Face is facing a widespread backlash after it emerged that the outdoor clothing brand is sponsoring an overnight transgender camp for children.READ MORE |
| New York Appeals Court Rejects Trump’s Request to Delay ‘Hush Money’ TrialA New York appeals court judge has rejected President Donald Trump’s request to delay the trial for his politically motivated “hush money” case.READ MORE |
EVOL NEWS
| West Virginia Blocks BlackRock, Goldman Sachs, Several Others from State Contracts over ESG Push – EVOLREAD MORE… |
| LATEST NEWS: |
| LATEST NEWS: |
NEWS ADDICT
| Molecular Geneticist: mRNA Shots Were ‘Designed’ to ‘Destroy Humanity’A world-renowned molecular geneticist has blown the whistle to warn the public that Covid mRNA vaccines were “designed” by globalist elites to “destroy humanity.”READ THE FULL REPORT |
| Biden Admin Hid Covid Vax Sudden Deaths from Public, Documents ShowExplosive newly unsealed documents have revealed that President Joe Biden’s administration has been hiding the deadly side effects of Covid mRNA vaccines from the American people.READ THE FULL REPORT |
| DOJ Releases ‘Breathtaking’ Report Detailing Rampant Covid Fraud During PandemicThe Department of Justice on Tuesday released a stunning report on the breathtaking scale of Covid-19 fraud perpetrated during the nearly three-years-long pandemic.READ THE FULL REPORT |
| Arizona Attorney General Says She Won’t Enforce State Supreme Court Ruling Banning AbortionDemocratic Attorney General Kristin Mayes of Arizona announced on Tuesday that she would not enforce a ruling from her state’s supreme court upholding an 1864 law that bans most abortions. On Tuesday, the Arizona Supreme Court ruled that a law criminalizing abortions, except in cases where necessary to save the mother’s life, may be enforced following the U.S. Supreme Court’s ruling in Dobbs v. Jackson …READ THE FULL REPORT |
| GOP Senators Pressured Speaker Johnson to Delay Delivery of Mayorkas Impeachment ArticlesRepublican senators convinced House Speaker Mike Johnson, a representative from Louisiana, to postpone sending two impeachment articles against Homeland Security Secretary Alejandro Mayorkas. They expressed worries that Senate Democrats might move to swiftly dismiss the articles once a trial commences in the Senate. “To ensure the Senate has adequate time to perform its constitutional duty, the House will transmit the …READ THE FULL REPORT |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
OIL PRICES/GAS PRICES/OIL ISSUES
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
CANADA
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS THURSDAY MORNING 7;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0732 DOWN .0009
USA/ YEN 153.04 UP .087 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2539 UP .0004
USA/CAN DOLLAR: 1.3685 DOWN .0004 (CDN DOLLAR UP 4 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 6.91 PTS OR .23%
Hang Seng CLOSED DOWN 44.14 PTS OR 0.20%
AUSTRALIA CLOSED DOWN .44%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 44.14 PTS OR 0.21%
/SHANGHAI CLOSED DOWN 6.91 PTS OR .23%
AUSTRALIA BOURSE CLOSED DOWN 0.44%
(Nikkei (Japan) CLOSED DOWN 139..18 PTS OR 0.35%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2336.85
silver:$27.94
USA dollar index early THURSDAY morning: 105.04 UP 1 BASIS POINTS FROM WEDNESDAY’s CLOSE.
THURSDAY MORNING NUMBERS ENDS
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And now your closing THURSDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.110% UP 2 in basis point(s) yield
JAPANESE BOND YIELD: +0.861% UP 7 AND 6//100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.303 UP 7 in basis points yield
ITALIAN 10 YR BOND YIELD 3.859 UP 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.4765 UP 4 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 1.0713 DOWN 0.0028 or 28 basis points
USA/Japan: 153.25 UP .301 OR YEN IS DOWN 30 BASIS PTS
Great Britain/USA 1.2527 DOWN .0009 OR 9 BASIS POINTS //
Canadian dollar DOWN .0025 OR 25 BASIS pts to 1.3713
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The USA/Yuan, CNY: closed ON SHORE CLOSED DOWN AT 7.2369
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2602)
TURKISH LIRA: 32.30 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.861…
Your closing 10 yr US bond yield UP 3 in basis points from WEDNESDAY at 4.585% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.673 UP 4 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.959 DOWN 1 BASIS PTS.
GOLD AT 11;30 AM 2337.00
SILVER AT 11;30: 27.85
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: THURSDAY CLOSING TIME 12:00 PM//
London: CLOSED DOWN 37.41 PTS OR 0.47%
German Dax : CLOSED DOWN 142.82 PTS OR 0.74%
Paris CAC CLOSED DOWN 21.64 PTS OR 0.27%
Spain IBEX CLOSED DOWN 129 PTS OR 1.66%
Italian MIB: CLOSED DOWN 325.69PTS OR 0.96%
WTI Oil price 85.40 12: EST/
Brent Oil: 89.90 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 93.26 ROUBLE UP 0 AND 17/100
GERMAN 10 YR BOND YIELD; +2.4765 UP 4 BASIS PTS.
UK 10 YR YIELD: 4.2620 UP 8 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.07290 DOWN.0012 OR 12 BASIS POINTS
British Pound: 1.2597 UP .0021 or 21 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.236 UP 3 BASIS PTS//
JAPAN 10 YR YIELD: .848
USA dollar vs Japanese Yen: 153. 21 UP 0.259//YEN down 26 BASIS PTS//
USA dollar vs Canadian dollar: 1.3679 UP .00001 CDN dollar DOWN 1
basis pts)
West Texas intermediate oil: 85.38
Brent OIL: 90.19
USA 10 yr bond yield UP 1 BASIS pts to 4.572%
USA 30 yr bond yield UP 2 BASIS PTS to 4.652%
USA 2 YR BOND: DOWN 3 PTS AT 4.936%
USA dollar index: 105.05 UP 2 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.31 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 93,27 DOWN 0 AND 17/100 roubles
GOLD 2,364,60 3:30 PM
SILVER: 28.34 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 2.43 PTS OR 0.01%
NASDAQ UP 296.33 PTS OR 1.65%
VOLATILITY INDEX: 14.97 DOWN 0.81 PTS OR 5.13%
GLD: $219.80 UP 4.19 OR 1/94%
SLV/ $26.01 UP .56 OR 2.20%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Stocks Surge, Goldgasms To Record High After “Adjusted” PPI Sparks Buying Frenzy
THURSDAY, APR 11, 2024 – 03:59 PM
What started off as another ugly day with stocks tumbling and yields surging following yesterday’s VaR-shock inducing CPI print, quickly reversed after the market – in its infinite stupidity – took what was a hot PPI print (core PPI came in at 2.4% vs Exp. 2.2% and up from 2.0%) but which the Biden BLS massaged just enough to make it appear that headline PPI actually missed (coming at 2.1% vs exp 2.2%), on what we earlier showed was blatant (and literal) gaslighting, with the entire miss the result of seasonal adjustments to gasoline prices which “dropped” by 3.6% even though they actually rose 6.3% to the highest price in 6 months.
And while anyone with half a brain could quickly see through the PPI bezzle, that clearly did not apply to the algos, such as this one…
… who instead ramped spoos and even though a few of them realized just how stupid the initial move had been and dumped the early kneejerk ramp, the remainder – even dumber – went with the flow and shortly after the cash open, stocks went on one of their trademark diagonal ramps higher…
… or maybe it wasn’t the algos, but rather 0DTE mean-reversion momos, who took advantage of the reversal in the first post-PPI kneejerk move and ramped momentum up in a one-way all day trade, via both 0DTE and total option delta, which was enough to drag the broader market higher.
The meltup was facilitated by low volumes (top of book liquidity dropped to $8.8MM, down 33% from the 5DMA), with Mega cap Tech (+115bps), 12M Winners (+107bps), and AI related names (+84bps) all at the top of the screens today, vs 12M Losers (-64bps) & Rate-sensitives Fins (-51bps) in the red.
One consequence of today’s meltup is that stonks which had until recently been left for dead, like AAPL, enjoyed their best day in almost a year: indeed, AAPL’s 4% gain at session highs, was the best intraday performance in over a year…
… and while traditionally AAPL had been used a “carry-trade” funder for other Mag 7 longs, today that was not the case, with NVDA also surging more than 3%, following a similar gain yesterday…
.. as the AI revolution leader came dangerously close to tripping both the 50DMA (at $818) yesterday, and the critical rising support line.
It wasn’t just the Mag7s that saw a flood of buying: investors also rushed for what has become the darling trade in recent weeks, gold, which surged to a fresh all time high above $2,370.
And while many have said it’s only a matter of time before gold restraces most of its recent gains, Pepperstone’s Michael Brown points out that – just like with Bitcoin – there is “still no real spike in news/headline coverage as seen during previous rallies in recent times.” Translation: the move can go on for longer until the euphoria finally sets in.
Taking a step back, the market heatmap was a familiar one: overall momentum names exploded higher once again in a desperate attempt to recapture the fading glory of January and February…
… while mega tech quietly breaks out to a new 2024 high vs unprofitable tech, while the HF VIP names less the most shorted names are barely up on the year.
… while the classical cyclical sectors – energy, banks, healthcare – lagged once again.
A closer look at some sector level highlights:
- Consumer: KVUE: Big move (-4%) on a sell initiation. Feedback from most is story is clearly not perfect, with some organic sales whiffs since coming public, which has kept many on the sidelines, but pushback to an outright sell rating given the valuation/level. Goldman’s desk is very active in this one.
- TMT: SEMIS ACTIVE- MRVL -2% in focus amidst AI event…traded 1mm+ 2-ways yesterday. other Semis flow + px action mixed w/ MRVL event ongoing. Still seeing demand in QUALITY cohort although magnitude is less than yesterday… Seeing buy tix early in GOOG/L & AMZN
- RV: ALPN the focus today. A quick turnaround from a rumored deal yesterday to a definitive situation overnight with Vertex acquiring the business in a nearly $5bn transaction (67% premium; ~4.8x 2023 consensus sales). The transaction is expected to trade fairly tight to deal terms.
It is possible that one catalyst behind today’s meltup is to avoid what could be a cascade lower: as Goldman writes in its mid-day market recap, “CTA trigger levels continue to be back in focus.. short term = 5130, med term = 4862, long term = 4607. Over the next 1 month, CTA’s are large sellers of a down tape ($201.5B).” Naturally, the best way to prevent CTAs from selling is to prevent stocks from dropping the first place…
In this context, we found this stat from Goldman Prime interesting: Yesterday’s notional short selling in Macro Products was the largest in over 3 years. ETF shorts increased +4.3%, the largest 1-day increase since Feb ’23. Translation: we were this close to the bottom falling off from below the market.
Yet one place where there was little buying interest is arguably the most important asset for the market: 10Y yields rose as high as 4.59 and continue to trade in the redzone. Any breakout here and the next stop is 4.75%,
Some more stats from Goldman’s trading desk (full analysis available to pro subs):
- Volumes tracking -7% vs the 20dma with macro volumes higher for the second day in a row, capturing 32% of the overall tape.
- The floor is skewed -3% better for sale, with HF’s leading the way (-5.8% net sellers). HF’s are selling HC and Consumer Discretionary names, + interesting to note their ETF’s short ratio continues to be very elevated, at 75%. HF’s are buying Info Tech.
- LO’s are also skewed -2% better for sale, led by Supply in HC, Info Tech, and Macro Products. They are buyers of Consumer Discretionary but overall notional across the group is very light.
And with today’s pandemonium in the books, we now await the official start of earnings season tomorrow when the big banks report Q1 results.
END
MORNING TRADING/
AFTERNOON TRADING/
II USA DATA
Very troublesome as PPI is a forerunner of future inflation.
(zerohedge)
Producer Prices Rose At Fastest Pace In A Year In March, As BLS Claims Energy Prices Tumbled
THURSDAY, APR 11, 2024 – 08:40 AM
Tl;dr: If you thouhft today’s PPI was dovish and are buying stocks because of that, well… there’s this…
We got to the bottom of today’s dovish PPI: according to the BLS, you paid 3.6% less for gas even though you actually paid 6.3% more. Yes, gasoline prices are “seasonally adjusted”
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* * *
After yesterday’s CPI-surge, PPI followed along, with headline producer prices rising 0.2% MoM (+0.3% MoM exp), pushing the YoY PPI to +2.1% (+2.2% exp) from +1.6% – the highest since April 2023…
Source: Bloomberg
Core CPI rose 2.4% YoY (hotter than the expected 2.3%) – the third hotter-than-expected core PPI print in a row…
Under the hood, Services prices rose while goods prices declined MoM.
Final demand services: The index for final demand services moved up 0.3 percent in March, the third consecutive rise. Leading the broad-based March increase, prices for final demand services less trade, transportation, and warehousing advanced 0.2 percent. The indexes for final demand trade services and for final demand transportation and warehousing services moved up 0.3 percent and 0.8 percent, respectively. (Trade indexes measure changes in margins received by wholesalers and retailers.)
Product detail: A major factor in the March increase in prices for final demand services was the index for securities brokerage, dealing, investment advice, and related services, which rose 3.1 percent. The indexes for professional and commercial equipment wholesaling; airline passenger services; investment banking; deposit services (partial); and computer hardware, software, and supplies retailing also moved higher. Conversely, prices for traveler accommodation services decreased 3.8 percent. The indexes for automobiles retailing (partial) and for machinery and equipment parts and supplies wholesaling also fell.
Final demand goods: Prices for final demand goods decreased 0.1 percent in March after rising 1.2 percent in February. The decline is attributable to the index for final demand energy, which moved down 1.6 percent. In contrast, prices for final demand foods and for final demand goods less foods and energy advanced 0.8 percent and 0.1 percent, respectively.
Product detail: Leading the March decline in the index for final demand goods, prices for gasoline decreased 3.6 percent. The indexes for chicken eggs, carbon steel scrap, jet fuel, and fresh fruits and melons also fell. Conversely, prices for processed poultry jumped 10.7 percent. The indexes for fresh and dry vegetables, residential electric power, and motor vehicles also moved higher.
One thing that stands out as rather odd is the 1.6% MoM decline in Energy costs in the month… as prices soared for crude and gasoline?
Leading the March decline in the index for final demand goods, prices for gasoline decreased 3.6 percent…
And blame the markets for why the print was hot:
A major factor in the March increase in prices for final demand services was the index for securities brokerage, dealing, investment advice, and related services, which rose 3.1 percent.
And on a YoY basis, Services costs are accelerating…
Pressure continues to build in the inflation pipeline too…
While some may cling with grim hope to the ‘cooler than expected’ headline PPI print, core PPI is hot, damn hot, and headline PPI is rising. Not at all what The Fed, or Biden, wants to see – no matter how hard they spin it.
END
“Literally Gas Lighting”: The Hilarious Reason For Today’s PPI Miss: Seasonally Adjusted Gas Prices
THURSDAY, APR 11, 2024 – 09:52 AM
There was something glaringly odd in today’s PPI print.
But first, some background: as we detailed in our PPI post-mortem earlier, one day after CPI came in red hot, today’s PPI unexpectedly missed expectations on the headline level, coming in at 2.1%, which despite being the hottest since April 2023..
… was below the 2.2% estimate. The miss – the smallest possible – proved to be so important to the market starved for any dovish news, that algos instantly ignored the fact that core CPI came in at 2.4%, hotter than the 2.3% expected.
Which bring us to the “odd” part.
Looking at the core number (excluding food and energy), we find that according to the BLS, the only reason PPI was even positive in March is because of services, where the biggest source of upside was the “index for securities brokerage, dealing, investment advice, and related services, which rose 3.1 percent.” In other words, everyone was rushing to open a brokerage account so they can trade Jeo Boden or some other shitcoin.
But what about what really increased in March, which as we have shown previously, was gas prices which rose just over 6% based on, well, how much the average gas price rose across the US in March!
Here things get hilarious, because according to the BLS in March, while PPI Services rose by 0.3%, prices for final demand goods was actually negative, dropping by 0.1% MoM.
And then, reading a little further into the BLS press release we find this surprise: “the decline is attributable to the index for final demand energy, which moved down 1.6 percent.”
Which then brings us to the absolute punchline, because in the very next sentence, Biden’s Bureau of Gaslighting Services writes that “leading the March decline in the index for final demand goods, prices for gasoline decreased 3.6 percent.”
Hold on a second, didn’t we just show that gas prices – actual, real gas prices, which everyone across the country has to pay – rose by 6% in March?
Yes we did, but what we didn’t anticipate is the amount of BS Biden’s henchmen are willing to shove down our throats. And indeed, to understand how gasoline could possibly drop by 3.6% in a month where it rose over 6% we have to look at the category description, where we find the little trick beloved by propaganda ministries everywhere: “seasonally adjusted.”
That’s right, as shown in the chart below, according to the BLS, the seasonally-adjusted gas price in March magically dropped by 3.6% even though the unadjusted, as in real, gas price rose by 6.3%, exactly what the AAA also reported in its daily summary of what gas prices across the US truly are.
Now, for those wondering “did I pay 3.6% less or 6.3% more for gas in March“, we have the answer and unfortunately it is the one that leaves less money in your pocket (it always is). But for the BLS, the seasonal adjustment in this one category which actually soared, meant all the difference in the world because – you see – if Biden’s propaganda ministers had used the real gas price, PPI would have been 0.4% higher and risen 2.4% YoY, both blowing away estimates, sending stocks tumbling, and making it impossible to manipulate the OER and shelter inflation data in next month’s CPI to come up with a big miss (the current plan).
And that, ladies and gentlemen, is literally “gas-lighting.“
Finally, for those asking if you can pay seasonally adjusted taxes (lower of course) using your seasonally adjusted checking account balance (higher of course), we suggest you try it. Just make sure you first have a good plan how to survive Bubba’s nightly foreplay for all the years you will spend in prison right after.
end
Jobless claims retreat again to 211,000 in another sign of labor-market strength
New unemployment filings are extremely low
The numbers: The number of Americans who applied for unemployment benefits last week fell to a five-week low of 211,000 in yet another sign of the remarkable strength of the U.S. labor market.New unemployment filings declined by 11,000 from 222,000 in the prior week, according to government figures.Jobless claims have hovered between 194,000 to 225,000 this year, a remarkably low level that reflects a robust labor market and strong economy.Economists polled by the Wall Street Journal had forecast new claims to total 217,000 in the seven days ending April 6, based on seasonally adjusted figures.Big picture: The labor market was supposed to cool off by now as higher interest rates depressed the economy and reduced the demand for labor.It hasn’t happened. The economy has continued to expand at an above-average speed. And the U.S. is still adding lots of new jobs each month.Market reaction: The Dow Jones Industrial Average DJIA and S&P 500 SPX were set to open lower in Thursday trading.Stocks sank on Wednesday after a third hot inflation reading in a row suggested the Federal Reserve might not cut interest rates anytime soon.
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
US Deficit Tops $1.1 Trillion For First Six Months Of Fiscal 2024 As Spending Hits 2024 High
WEDNESDAY, APR 10, 2024 – 08:40 PM
It’s oddly fitting that in a time when the interest on US debt just hit a record $1.1 trillion, that the US deficit for just the first six months of fiscal 2024 is also $1.1 trillion.
According to the latest Treasury Monthly Statement, in March the US deficit hit $236 billion, some $40 billion more than the $196 billion expected, if below February’s $296 billion…
… which was the result of $332 billion in govt tax receipts – translating into $4.580 trillion in LTM tax receipts, and which was down 5% compared to a year ago…
… offset by the now traditional ridiculous monthly outlays, which in March amounted to $568 billion, up from $567 billion in February and the highest monthly spending total in calendar 2024, which translated into a 6 month moving spending average (for smoothing purposes) of $542 billion. Take a wild guess what will happen to the chart below during and after the next recession.
This, incidentally, is a reminder that the US does not have a tax collection problem – it has a spending problem, and no amount of tax changes will fix it; in fact all higher taxes will do is force more billionaires to move to Dubai where they pay zero taxes.
Putting the YTD deficit in context, in the first six months of fiscal 2024, the US deficit hit $1.065 trillion, just shy of the $1.1 trillion reached last year, which was the 2nd highest on record and only the post-covid 2021 was worse. Annualized, we expect total deficit to hit $2.2 trillion in fiscal 2024, a year when the US is supposedly “growing” at a nice, brisk ~2.5% pace. One can only imagine what the GDP growth would be if the US wasn’t set to have a wartime/crisis deficit…
… and we can’t even imagine what US deficit will be after the next recession/depression.
Meanwhile, as reported previously, total US interest continues to explode, and after surpassing total annual defense spending about a year ago, just the interest on US debt will soon become the single largest government outlay as it surpasses social security by the end of 2024, when according to BofA’s Michael Hartnett it hits $1.6 trillion…
… and surpasses Social Security spending as the single largest spending category in the US government.
54% Of Americans Think Biden’s Open Borders Aimed At Creating Permanent Democrat Majority: Rasmussen
WEDNESDAY, APR 10, 2024 – 10:00 PM
A new poll from Rasmussen finds that 54% of likely voters believe Joe Biden to be “encouraging” illegal aliens to enter the United States in order to “create a permanent majority” for the Democrats, the National Pulse reports.
According to the poll, 43% “strongly agree” that the border crisis is being facilitated for political advantage, while 14% “somewhat agree.” 29% “strongly disagree,” while 8% “somewhat disagree.”
Hispanic voters, despite having leaned Democrat in every general and midterm election since 1980, are actually more likely to believe Biden is exploiting illegal immigration than any other ethnic group. Forty-eight percent strongly agree this is what the Democrat leader is doing, and 20 percent somewhat agree for a combined 68 percent. This compares to 17 percent who strongly disagree and seven percent who somewhat disagree.
A combined 54 percent of white voters agree Biden is trying to create a permanent majority, and a plurality of 47 percent of black voters agree. –National Pulse
Meanwhile 36% of self-identified moderates believe Biden is trying to create a permanent majority, as do 36% of Democrats.
In February, Homeland Security Secretary Alejandro Mayorkas claimed that the Biden administration doesn’t bear responsibility for the border crisis, despite, among other things:
- Terminating the National Emergency at the Southwest border
- Revoking a Trump-era Executive Order that was designed to ensure there was meaningful enforcement of U.S. immigration laws.
- Issuing an executive order protecting DACA recipients
- Unveiling the U.S. Citizenship Act, which would provide amnesty to millions of illegal aliens in the U.S., demonstrating intent to reward illegal border crossers with a path to citizenship.
- Announcing a 100-day moratorium on deportations and immigration enforcement, effectively providing amnesty to criminal and other removable aliens
(It’s a really long list…)
And since Biden was sworn in as president in January 2021, there have been at least 10 million illegals who have entered the United States, while the government deals with a backlog of more than 3 million asylum cases in US courts.
“Do you bear responsibility for what is happening at the border?” MAYORKAS: “We don’t bear responsibility”
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We’re sure Congressional Republicans will have all sort of nice things to say about immigration when we get to the amnesty phase of the operation.
END
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
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end
iiiC USA COVID //VACCINE ISSUES
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FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
END
SWAMP STORIES
Jim Jordan Investigating Renewed DOJ, FBI Contacts With Big Tech, Amid Concerns Of Censorship Pressure
Authored by Ryan Morgan via The Epoch Times (emphasis ours),
House Judiciary Committee Chairman Jim Jordan (R-Ohio) sent a series of letters on Tuesday, seeking to stay current on the FBI and U.S. Justice Department officials’ efforts to communicate with and potentially sway the behavior of major technology companies like Google and Facebook.
The FBI and DOJ have come under past scrutiny for their outreach to major technology firms amid concerns these federal officials are pressuring or inducing social media platforms and search engines to censor or disrupt the spread of certain political views online. These concerns formed the basis for an ongoing federal lawsuit, originally filed as Missouri v. Biden, alleging officials within President Joe Biden’s administration had exercised their influence over technology companies to censor disfavored views on topics such as the 2020 election and COVID-19 under the guise of combatting misinformation and protecting against foreign election interference.
In a July 2023 ruling, U.S. District Judge Terry Doughty ruled that the plaintiffs in Missouri v. Biden were “likely to succeed on the merits” of their arguments that Biden administration officials used their government authority to silence opposing political views. Judge Doughty granted an injunction, momentarily blocking several federal agencies from contacting technology platforms in efforts to induce those private firms to censor or suppress content containing constitutionally protected speech.
Judge Doughty’s injunction was upheld at the appellate court level, but the U.S. Supreme Court lifted it last fall while the court considered arguments in the case.
The Supreme Court’s decision to stay the injunction allows federal agencies to resume contact with social media and internet search firms. Mr. Jordan said an FBI spokesperson had informed him on March 20 that the FBI’s Foreign Influence Task Force (FITF) had resumed communicating with major social media and technology companies regarding alleged foreign influence campaigns.
While federal agents are allowed to once again contact technology platforms about the content appearing on their sites and search engines, Mr. Jordan appears intent on keeping tabs on how those contacts play out.
On Tuesday, Mr. Jordan sent letters to Attorney General Merrick Garland and FBI Director Christopher Wray, asking them to turn over records of their contacts with Alphabet (which owns the Google search engine), Meta (which owns Facebook, Instagram, and Threads), X (formerly known as Twitter), Microsoft, Apple, Reddit, and Yahoo, on a continuing basis.
The Republican congressman said the FBI and DOJ should provide records for each interaction with the listed technology companies “but no later than two weeks after each DOJ or FBI meeting with social media and technology companies takes place.”
Mr. Jordan is looking to monitor some of these interactions from both ends. He sent letters to Alphabet CEO Sundar Pichai, Amazon CEO Andy Jassy, Apple CEO Tim Cook, Meta CEO Mark Zuckerberg, and Microsoft CEO Satya Nadella, asking each technology executive to provide records within two weeks of interacting with the FBI.
Mr. Jordan, as the chairman of the House Judiciary Committee, issued subpoenas to the same technology executives last February. In his latest letters, the Republican congressman insisted those subpoenas were open-ended and required the covered technology companies, as well as the DOJ and FBI, to continue providing these records continuously.
NTD News reached out to the FBI and DOJ for comment but both government entities declined to comment on the matter.
NTD News also reached out to Alphabet, Amazon, Apple, Meta, and Microsoft. None of the technology firms responded by press time.
Biden Admin Insists Big Tech Contacts Not ‘Coercive’
The Supreme Court heard oral arguments last month in the ongoing litigation over the Biden administration’s contacts with major technology platforms. The Biden administration has argued in the case, now known as Murthy v. Missouri, that various federal officials contacting technology firms about potential disinformation has a legitimate function of government and has not involved a direct violation of people’s free speech rights.
Arguing the Biden administration’s case, Principal Deputy U.S. Solicitor General Brian Fletcher argued the allegations that the administration unduly influenced technology firms to censor and suppress constitutionally protected speech comes down to the distinction between persuasion and coercion.
Mr. Fletcher said government officials “may not use coercive threats to suppress speech” but were legally safe to continue “informing, persuading, or criticizing private speakers.”
Justice Samuel Alito pushed back on Mr. Fletcher’s line of argument during the March 18 hearing, noting a power imbalance in the interactions as the federal government has the authority to regulate the very same technology firms it was reaching out to with requests for censorship action. Justice Alito noted existing regulatory laws, like Section 230 of the Communications Decency Act and various antitrust laws federal actors might cite to potentially punish disfavored technology firms.
“[The Federal government has] these big clubs available to it and so it’s treating Facebook and these other platforms like their subordinates,” Justice Alito said.
Mr. Fletcher said there at times appeared to be an “unusual” level of intensity and anger directed by government officials at technology firms as they pressed for certain content moderation decisions, but said that anger stemmed from a perception by the government actors that these technology firms were publicly claiming to want to help prevent the spread of misinformation but behind the scenes were “not being transparent about the scope of the problem.”
KING REPORT
| The King Report April 11, 2024 Issue 7219 | Independent View of the News |
| March CPI 0.4% m/m & 3.5% y/y (Highest since Sept, 4th straight month of hotter-than-expected CPI!); 0.3% m/m & 3.4% y/y exp; Core CPI 0.4% m/m & 3.8% y/y; 0.3% m/m & 3.7% y/y exp. https://www.bls.gov/news.release/pdf/cpi.pdf BBG’s @FerroTV: “The 3-month annualized change in supercore inflation is now over 8% and accelerating… The 6-month annualized change is 6%, and the year-over-year change is 5%… We are sticking to our view that the Fed will not cut rates in 2024” – Apollo’s Torsten Slok @stlouisfed: Sticky price CPI (slow-to-change consumer prices) from @AtlantaFed rose 5.0% on an annualized basis in March, following a 4.0% increase in February https://ow.ly/Zccc50RcGKH @KobeissiLetter: While CPI inflation is at 3.5%, inflation is much higher in many basic necessities: 1. Car Insurance Inflation: 22.2% 2. Transportation Inflation: 10.7% 3. Car Repair Inflation: 8.2% 4. Hospital Services Inflation: 7.5% 5. Homeowner Inflation: 5.9% 6. Rent Inflation: 5.7% 7. Electricity Inflation: 5.0% 8. Food Away from Home Inflation: 4.2% Any economists, pundits, or Street barker that was calling for rate cuts over the past month or so ignored obvious and multiple signs of rebounding inflation. Beaucoup Masters of the Universe proclaimed that inflation would fall because rent declines were baked into the system. These economic Mr. Magoos ignored or were ignorant of the fact that the BLS’s ‘rents’ tabulation was greatly at odds with industry data – and would have to eventually account for real-world rent inflation. Just three months ago, soothsayers were forecasting 175bps of rate cuts – despite the CPI trough appearing in June and the major reason for the decline in inflation being Team Obama-Biden’s draining of the SPR. The rate-cut forecasters also ignored industry and consumer surveys that showed persistent inflation angst. Who are you going to believe? Your checkbook or solons? How could any economist, pundit, or Street soothsayer forecast lower inflation with Team Obama-Biden running the highest deficits since WWII and financial conditions are ridiculously easy levels? The historic bond market tumble after Biden’s election correctly forecasted that Team Obama-Biden would institute whacko-left fiscal policies. We mentioned near yearend that we were buying 1-year T-Bills and 2-year notes because Team Obama-Biden, Yellen, and Fed leftists would do everything and anything to get The Big Guy reelected. We wanted to sit out any rate cuts or transitory bond rally because there would be hell to pay in 2025. The usual suspects are still desperately trying to make the case for a few rate cuts later this year. The political window is closing for rate cuts. More importantly, anyone without bias should aver that the evidence is clear that the Fed should be hiking rates, not considering cutting rates. Summers Says CPI Raises Chances That Nex Fed More Is to Hike – BBG 11:41 ET “You have to take seriously the possibility that the next rate move will be upwards rather than downwards,” Summers said on Bloomberg Television’s Wall Street Week… “On current facts, a rate cut in June it seems to me would be a dangerous and egregious error comparable to the errors the Fed was making in the summer of 2021,” said Summers, a Harvard University professor and paid contributor to Bloomberg TV. “We do not need rate cuts right now.”… https://ca.finance.yahoo.com/news/larry-summers-says-cpi-raises-154125038.html BBG’s @lisaabramowicz1: Traders are now pricing in an 18% chance of a June Fed rate cut and fewer than two cuts this year, from a 53% chance of a June move yesterday. The usual suspects proclaimed that the Fed will still cut rates but wait until after summer to do so. WRONG! A rate cut a month or two before the November 2024 Election would be transparently political and election interference – and the Fed knows it. DJT would assail the Fed and accuse officials of fomenting inflation and hurting Americans to get their boy, The Big Guy, reelected. The typical American household would need to spend $445 more a month to purchase the same goods and services as a year ago – per Moody’s… https://unusualwhales.com/news/the-typical-american-household-would-need-to-spend-445-more-a-month-to-purchase-the-same-goods-and-services-as-a-year-ago The Big Guy quickly surfaced to blame corporate greed for inflation. It’s always someone else’s fault! Remember when Dems and the media gloried President Harry S. Truman for posting a placard on the Resolute Desk that read, “The buck stops here?” Biden Remarks on March Consumer Price Index – Prices are still too high for housing and groceries… I have a plan to lower costs for housing-by building and renovating more than 2 million homes – and I’m calling on corporations including grocery retailers to use record profits to reduce prices… https://www.miragenews.com/biden-remarks-on-march-consumer-price-index-1212271/ Biden’s former chief of staff gets heated in leaked audio over White House ignoring inflation Former chief of staff Ron Klain says President Biden’s current 2024 strategy is a ‘fool’s errand’ There is “too much talking about bridges” and not enough about “eggs and milk,” Politico reported… https://www.foxnews.com/politics/bidens-former-chief-staff-gets-heated-leaked-audio-white-house-ignoring-inflation-report BBG’s Chris Antsey: “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.” @zerohedge: Inflation has not fallen in a single month since Biden’s term began (the closest was July 2022 when it was unchanged), which leaves overall prices up over 19% since Bidenomics was unleashed. And prices have never been higher. (Chart) https://twitter.com/zerohedge/status/1778072582257783225 @charliebilello: The Fed keeps saying it wants to get the inflation rate back to 2%, but why is that the end goal? Why not keep monetary policy tight until the 11% additional inflation we’ve had since Jan 2020 above the 2% trendline is erased? The US Inflation Rate has now been above 3% for 36 consecutive months, the longest period of high inflation since the late 1980s/early 1990s. There is no data to suggest the Fed should cut rates in June… Auto insurance rates in the US increased by 22% over the past year. That’s the biggest 1-year spike since 1976. https://twitter.com/charliebilello/status/1778055721352859777 How relentless food inflation is becoming Biden’s major hot potato https://trib.al/ckXOsGD New Jersey Transit Approves 15% Fare Hike to Plug Budget Gap – BBG 11:53 ET @carney: Fed funds futures now implying only a 76% chance of just one cut by the November meeting. @TaviCosta: Forget inflation, the labor market, maybe even politics: The chart below is likely the primary reason prompting the Fed to consider cutting interest rates. Assuming current rates remain steady, the cost of servicing the Federal debt alone will approach 6% of GDP by year end. https://t.co/iYluaBtwIj @zerohedge: FDIC Chief Says US Ready If Big Wall Street Bank Ever Failed: BBG … ready to hand it over to JPMorgan for free while the FDIC keeps all the toxic loans. US 10-year Auction ($39B) Results: 4.56% vs. 4.529% WI (3rd largest ‘tail’ ever); dealers took 24% USMs tumbled to 115 13/32 at 13:11 ET (3 minutes after auction results), -2 18/32 for the day. The US 10-year yield hit 4.56%, breaching what was supposed to be formidable resistance at 4.5%. ESMs traded positive, with one minor dip, but sideways from the Nikkei opening until they soared from 5267.75 at 8:29 ET to 5285 seconds late. At 8:30 ET (official CPI release), ESMs tumbled to 5235.25. Two minutes later (8:32 ET), ESMs hit 5202.50. After a bounce to 5215.50 at 8:33 ET, ESMs intractably fell to a daily low of 5176.50 at 8:42 ET. Conditioned traders bought the plunge; ESMs rallied to 5226.50 at 10:36 ET. Traders then began selling; ESMs fell to 5185.00 at 13:10 ET. Ill-advised manic buying produced a spike to 5216.00 at 13:25 ET. ESMs then sank of this: US SEES MISSILE STRIKE ON ISRAEL BY IRAN, PROXIES AS IMMINENT – BBG 13:30 ET (Oil and gasoline rallied sharply on the news) ESMs fell to 5189.00 at 13:41 ET. But there are beaucoup trapped longs that need to manipulate ESMs and stocks higher. So, ESMs jumped to 5213.25 at 13:57 ET. ESMs then sank 11 handles in less than one minute. The spasm rally was due to traders getting long for the 14:00 ET release of FOMC Minutes. The FOMC Minutes were relegated to the toilet as soon as the March CPI Report appeared. Nevertheless, the usual suspects thought other traders would react positively to a regurgitation of past Fed remarks. The FOMC Minutes from March 20 produced nothing new. ‘Almost all’ Fed officials saw rate cuts later this year. This politically inspired notion is no longer operative. The minutes said the Fed favors reducing its monthly balance sheet runoff by half. At an afternoon press conference with Japanese PM Kishida, The Big Guy said, “Well, I do stand by my prediction that, before year is out, there will be a rate cut.” The Big Guy added that the March CPI Report might delay the rate cut by at least one month. Joey Baby’s irresponsible remarks put the Fed in an even tougher situation. Bloomberg: Biden Predicts Fed Will Cut Rates Despite High Inflation By tradition, the White House typically does not comment on Federal Reserve decisions and the president has previously pledged to respect the bank’s independence. But last month, he said he foresaw the central bank easing rates… (More Biden/Dem/Liberal Privilege/entitlement) ESMs waffled in a tight range until they dipped at 14:52 ET. The decline ended at 15:05 ET as the usual late manipulation began. ESMs jumped 26 handles, to 5215.00 at 15:25 ET. After a drop to 5198.75 at 15:33 ET, a final manipulation pushed ESMs to 5214.50 at 15:57 ET; they hit 5201.25 at 16:00 ET. Trouble at the Fed – An investigation into Federal Reserve governor Lisa D. Cook’s academic record raises questions… Her publication history is remarkably thin for a tenured professor, and her published work largely focuses on race activism rather than on rigorous, quantitative economics. Her nomination to the Fed required Vice President Kamala Harris to cast a tie-breaking vote… Cook appears to have copied language from other scholars without proper quotation and duplicated her own work… https://www.city-journal.org/article/lisa-d-cooks-careless-scholarship Positive aspects of previous session Biased and ignorant Street barkers were exposed The NFL Draft is two weeks away; The Masters Tournament is here! Negative aspects of previous session Bonds and stocks got hammered; Major US equity indices suffered significant technical damage Gasoline rallied moderately while other commodities declined and later soared on Iran news Ambiguous aspects of previous session What will be the consequences for soothsayers’ egregious prognostications? 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]: 5159.26 Previous session S&P 500 Index High/Low: 5178.43; 5138.70 In major policy shift, Biden urges Israel to unilaterally declare 6-8 week ceasefire in Gaza “What I’m calling for is for the Israelis to just call for a ceasefire, allow for the next six, eight weeks, total access to all food and medicine going into the country,” Biden tells the Univision… https://www.timesofisrael.com/liveblog_entry/in-major-policy-shift-biden-calls-for-israel-to-unilaterally-declare-ceasefire-in-gaza/ Hamas says it doesn’t have 40 living hostages required for ceasefire deal (MSM spiked this info) Eight Americans were also kidnapped, but at least two of them have been confirmed dead. https://justthenews.com/world/middle-east/hamas-says-it-doesnt-have-40-living-hostages-required-ceasefire-deal The Big Guy is abandoning the hostages, including US citizens, and asking Israel to surrender and move on so he can procure Arab votes in Michigan. Congress Bribes Itself to Renew Dystopian FISA Sham Reforms That Actually ‘Codify Status Quo’ … no meaningful language to protect privacy rights – except for members of Congress, who gave themselves a carve out which requires the FBI to notify and seek consent from Congress before spying on them… the RISAA essentially codifies surveillance abuses into law… https://www.zerohedge.com/political/sham-reform-congress-bribes-itself-renew-dystopian-fisa-reforms-actually-codify-status US Drones Are Expensive and Error Prone so Ukraine Turns to China The Silicon Valley company Skydio sent hundreds of its best drones to Ukraine to help fight the Russians. Things didn’t go well. Skydio’s drones flew off course and were lost, victims of Russia’s electronic warfare. The company has since gone back to the drawing board to build a new fleet… “The general reputation for every class of U.S. drone in Ukraine is that they don’t work as well as other systems,” Skydio Chief Executive Adam Bry said, calling his own drone “not a very successful platform on the front lines.”… (US drones, like hypersonic missiles, are inferior to China & Russia!) https://mishtalk.com/economics/us-drones-are-expensive-and-error-prone-so-ukraine-turns-to-china/ @BillGertz: The United States is losing the space race as China advances space programs and US commercial space companies battle government bureaucracy, Pentagon space experts say in new report https://t.co/dxOQv2kVg6 ‘Falling Behind’: Navy Criticized for Delays in Shipbuilding, Deployments that May Leave US Behind China https://www.military.com/daily-news/2024/04/10/falling-behind-navy-criticized-delays-shipbuilding-deployments-may-leave-us-behind-china.html Team Obama is getting its wish: the US military is degenerating swiftly, plagued by wokeism and ‘planned obsolescence/decay.’ @JamesOKeefeIII: BREAKING, INSIDE THE FEDERAL RESERVE: Hidden Camera captures Principal Economist @federalreserve talking about Jerome Powell’s legacy as “somebody who held the line against like, Trump.”… Under Powell, the Fed has changed to think about equity issues, like racial issues, think about wealth inequality as part of the mandate, as part of the things we are following. Think about climate change.” Aurel Hizmo, Principal Economist at the Federal Reserve… helps write speeches for Federal Reserve Board Chair Jerome Powell… Hizmo says “Trump is just a crazy person” and conservatives are “dumb” as he describes… a politicized Federal Reserve Board where Powell has promoted ESG issues like climate change and “wants to be remembered in history” “as a savior.” But shhh…don’t tell anyone because Hizmo says: “I’m just really worried that I’m saying stuff that’s classified…It’s all classified.” https://twitter.com/JamesOKeefeIII/status/1778157381907513802 Obama nominated Powell for the Fed Board of Governors in 2011. https://obamawhitehouse.archives.gov/the-press-office/2011/12/27/president-obama-announces-intent-nominate-two-individuals-board-governor Trump Blames… Steven Mnuchin for Recommending Jerome Powell as Fed Chair 11/25/2018 https://www.businessinsider.com/steve-mnuchin-and-trump-relationship-federal-reserve-jamie-dimon-2018-11 WSJ: The Real Estate Nightmare Unfolding in Downtown St. Louis The office district is empty, with boarded up towers, copper thieves and failing retail—even the Panera outlet shut down. The city is desperately trying to reverse the ‘doom loop.’ https://www.wsj.com/real-estate/commercial/doom-loop-st-louis-44505465?mod=hp_lead_pos7 Today – US bonds and stocks suffered severe technical damage yesterday. The delusion of imminent Fed rate cuts suffered a reality check. Nevertheless, many traders, investors, and pundits have invested beaucoup capital and self-esteem in the belief that the Fed will cut rates in coming months. In the coming days, the markets will have to readjust to a new reality about inflation and Fed rate cuts. The usual suspects will fight this adjustment to salvage as much capital and self-esteem as possible. A significant equity decline today will signal the end of the robust rally that began on October 30. If stocks decline in the morning, be alert for buying in the afternoon as conditioned traders get long for the commenced of Q1 earnings results season tomorrow. Big Banks report. Expected economic data: March CPI 0.3% m/m & 2.2% y/y, Core PPI 0.2% m/m & 2.3% y/y; Initial Jobless Claims 215k, Continuing Claims 1.802m (PPI should have only a minor effect.) Fed Speakers: NY Pres Williams 8:45 ET, Richmond Pres Barkin 10 ET, Boston Pres Collins noon ET, Atlanta Pres Bostic 14:30 ET The ¥/$ hit 153.16 on the Nikkei open. FX chief Kanda’s verbal intervention pushed the ¥/$ to 152.81. ESMs hit -15.50 on the breech of 153. ESMs are -6.75 at 8:25 ET; the ¥/$ is 152.86; gold is +4.20. S&P Index 50-day MA: 5100; 100-day MA: 4898; 150-day MA: 4711; 200-day MA: 4651 DJIA 50-day MA: 38,895 100-day MA: 37,880; 150-day MA: 36,526, 200-day MA: 36,081 (Green is positive slope; Red is negative slope) S&P 500 Index (5160.64 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4539.68 triggers a sell signal Weekly: Trender and MACD are positive – a close below 5045.79 triggers a sell signal Daily: Trender and MACD are negative – a close above 5286.34 triggers a buy signal Hourly: Trender and MACD are negative – a close above 5208.03 triggers a buy signal Trump allies defy Speaker Mike Johnson and TANK reauthorization of controversial spy tool… Former president urged GOP to ‘kill’… bill… because program ‘illegally spied’ on his campaign in 2016 https://www.dailymail.co.uk/news/article-13293497/republicans-tank-fisa-donald-trump-reauthorization-spy-tool-campaign-2016-president.html WaPo: Some Jan. 6 rioters win early release, even before key Supreme Court ruling The Supreme Court’s pending review of a key federal charge levied against Jan. 6 defendants — and Donald Trump — is already triggering early releases of some high-profile defendants In December, the Supreme Court agreed to hear a consolidated challenge by three men whose lawyers argue that the law — passed by Congress after the Enron scandal to criminalize document shredding by the collapsed company’s accounting firm — is limited to destroying evidence in governmental investigations. Fourteen of 15 trial judges upheld prosecutors’ use of the law to charge rioters who obstructed Congress’s election certification vote, but one judge in the U.S. District Court in Washington — Trump-appointed Judge Carl J. Nichols, who served in George W. Bush’s Justice Department — disagreed, ruling the law applied only to tampering or destruction of evidence such as records or documents… https://www.washingtonpost.com/dc-md-va/2024/04/10/jan-6-rioters-released-supreme-court/ @julie_kelly2: The spokeswoman for the DC US Attorney’s office just told me via email that Matthew Graves’ office is not investigating any pro-Palestinian/anti-Israel demonstrators who have broken federal laws (per J6 precedent) including parading, disorderly conduct, civil disorder, or obstruction of an official proceeding over the past six month. Any cases (to the extent they exist) are being handled by the local DC AG. (More evidence of the US’s dual justice system!) GOP AGs fume over Justice Department’s plans to ‘intrude’ in states’ elections ‘The DOJ has no authority to dictate to the states in matters that concern their sovereign right to ensure safe, secure, and free elections,’ says a letter to AG Merrick Garland https://www.foxnews.com/politics/gop-ags-fume-over-justice-departments-plans-to-intrude-in-states-elections Biden tells Arizonans ‘elect me, I’m in the 20th century’ in latest brutal gaffe https://trib.al/Umhm4Dh @RNCResearch: BIDEN: “Look, there’s not a fundamental difference in the value set between Irish Catholic neighbors I grew up and Latinos” https://t.co/9UQRRDJcH3 BIDEN: “I hope the legacy is that I kept my word that I said the reason I was running was to … reduce the prospect of war because of Vietnam” (Umpteen reason Biden became a politician!) https://twitter.com/RNCResearch/status/1777904265131897316 Biden does his signature shuffle as he’s led around the White House lawn (Very labored gait) https://twitter.com/RNCResearch/status/1778063966045954158 @Breaking911: Biden reads from his notecard of approved reporters he’s allowed to call on. “Third, next question, who do I call on next? Hang on a sec, I got my list here, hang on…” (at Kishida presser) https://twitter.com/Breaking911/status/1778126836846752250 Biden campaign reveals NEW secret weapon they think can help them beat Trump in 2024: Top aides unveil the ‘force to be reckoned with’ as Joe struggles in the polls President Joe Biden launched a new LGTBQ organizing campaign https://www.dailymail.co.uk/news/article-13293767/biden-campaign-secret-weapon-2024-election-polls.html MSM Fails to Mention ‘Showers With Dad,’ Molestation After Ashley Biden Diary Leaker Jailed https://www.zerohedge.com/political/msm-fails-mention-showers-dad-molestation-after-ashley-biden-diary-leaker-jailed Bipartisan group of NY pols call on Biden to finally address US border ‘war zone’ as city’s migrant crisis rages on https://trib.al/dE0Aw6O Turley: Vanderbilt Students Expelled Over Violent Protest, Including Activist (Jack Petocz) Recognized by the White House – the students were arrested for allegedly assaulting a security guard amid raucous anti-Israel protests inside an Administration building late last month… Petocz’s activism, including opposing the Florida parental rights law, has been widely celebrated in the media including an article that featured him in a January 2022 front story on fighting conservative school boards. President Biden invited him to the White House for a bill signing and took a picture with him in the Oval Office… https://jonathanturley.org/2024/04/09/vanderbilt-students-expelled-over-violent-protest-including-activist-recognized-by-the-white-house/ @NotKennyRogers: The guy on the left has been arrested 8 times so far in 2024 for selling drugs, possessing guns, domestic violence, and grand theft. He’s currently free on bail. The woman on the right sold Ashley Biden’s shower diary. She’s was just sentenced to a month in prison. https://twitter.com/NotKennyRogers/status/1777807273492160822 @AnnCoulter: This is hilarious – Secretary of Transportation Pete Buttigieg dismissed the idea that Washington, DC, is experiencing a rise in crime. Buttigieg (who has a constant security detail): “I can safely walk my dog to the Capitol.” https://t.co/Qf1CmduuJg Ex-Asst US AG@JeffClarkUS: For about a year now, Bill Barr and Karl Rove have been running a purported election integrity outfit called “RITE” (Restoring Integrity and Trust in Elections). I found them attacking Zuckerbucks and promoting Georgia’s “Election Integrity Act of 2021 … designed to address various issues that had arisen in the 2020 elections.” See link below on first page. Of course, when Bill Barr was the Attorney General, he had the opportunity to actually do something far more consequential about election integrity in 2020 instead of just watching that ship go by. Or now by litigating in the name of that cause here or there as funding allows. Instead, Barr did nothing, claiming it was not his role and deliberately undercutting President Trump in a surprise one-on-one AP interview in December 2020… despite the fact that Zuckerbucks could have been shut down by the Tax Division of US DOJ. Amazing. Chutzpah to infinity. If you’re donating to RITE, and paying for Barr’s and Rove’s quasi-retirement years, you really need to think again. https://riteusa.org/wp-content/upl Cancer rates rising in young people due to ‘accelerated aging,’ according to ‘highly troubling’ new study – The researchers also determined that people born after 1965 were 17% more likely to experience accelerated aging than those born in earlier decades. “The principal findings highlight that accelerated aging is increasingly prevalent among successive birth cohorts, potentially serving as a crucial risk factor or mediator for various environmental and lifestyle-related risk factors leading to early-onset cancer,” Tian said in an email to Fox News Digital….“Obesity rates are on the rise, and this is a primary risk factor for aging and age-related diseases,” he said… https://t.co/OwPkwkV8sK Democrat congresswoman suggests black people be exempt from paying taxes as form of reparations https://t.co/GZh0E63G2x Despite high property taxes, Illinois legislators eye increases (Gotta have funds to buy votes!) Thursday in Springfield, the House Revenue and Finance Committee advanced several measures that would allow for increases in property tax levies… https://www.thecentersquare.com/illinois/article_966c9704-f5e9-11ee-ade5-97084bf97236.html Caitlin Clark: Payback is a Really Nice Girl I have not watched the NBA in decades. I stopped watching the NFL when room temperature I.Q. mesomorphs took a knee… Once upon a time, the NFL featured men like Gayle Sayers who in five years dominated the game with over 9,000 yards in rushing. This quiet and very funny man spent a few years at Leo High School trying to develop a computer technology program. I had the pleasure and great honor to spend some time with this legend and his lovely wife. Mr. Sayers commanded the young men of Leo High School to “never spike the football, dance or play the fool in the endzone. Hand the ball to the referee and act like you have done this before and that damn well plan to do it again.”… Caitlin Clark just might be the retro-revolution in Sports. One brilliant writer noted that Caitlin Clark is to sport, as Taylor Swift has been to Pop Music, but with more talent. I wish I had said that… Caitlin Clark reminded me of the many hundreds of young women who compete in amateur sports, but with a tad more grit, grace and gravitas born of thousands of hours in the practice of basketball. She is a joyful genius on the hardwood court. She is Ted Williams, Peggy Fleming, Larry Byrd and Michael Jordan wrapped in a lanky frame with a ponytail… This year the graceless LSU Tigers walked off the court before the playing of the National Anthem, only to have Ms. Clark pump up forty-one points with twelve assists. Payback is a dignified young woman. https://johnkassnews.com/payback-is-a-really-nice-girl/ @TheBabylonBee: NFL Refs Prep for Next Season by Staring at Eclipse https://t.co/OJKCOXauin | |
GREG HUNTER
SEE YOU FRIDAY
harveyorganblog.com 
