APRIL 17//BLOG/GOLD CLOSED DOWN $17.60 TO $2372.40//SILVER CLOSED UP 10 CENTS TO $28.36//PLATINUM CLOSED DOWN $17.70 TO $945.10 WHILE PALLADIUM CLOSED UP $12.15 TO $1028.95//GOLD COMMENTARY TODAY FROM ALASDAIR MACLEOD AND PETER SCHIFF//BIDEN CALLS FOR A TRIPLING OF CHINA STEEL TARIFFS WHICH WILL ANGER CHINA GREATLY/ISRAEL VS HAMAS/ISRAEL VS HEZBOLLAH UPDATES//ISRAEL VS IRAN UPDATES//COVID UPDATES//RAND PAUL SHOCKING DISCOVERY//VACCINE INJURIES//DR PAUL ALEXANDER//SLAY NEWS ETC/SWAMP STORIES FOR YOU TONIGHT///
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:$62,977 UP 76 DOLLARS.
Bitcoin: afternoon price: $61,133 DOWN 1765 dollars
Platinum price closing DOWN $17.70 TO $945.10
Palladium price; UP $12.15 AT $1028.95
END
SHANGHAI GOLD PREMIUM 48 DOLLARS/COMEX GOLD
SHANGHAI GOLD…
SHANGHAI GOLD (USD) FUTURES – QUOTES
AUTO-REFRESH IS OFF
Last Updated 17 Apr 2024 05:46:46 AM CT.
Market data is delayed by at least 10 minutes.
MONTH
CHART
LAST
CHANGE
PRIOR SETTLE
OPEN
HIGH
LOW
VOLUME
UPDATED
APR 2024 SGUJ4
–
–
2431.6
–
–
–
0
21:30:01 CT 16 Apr 2024
MAY 2024 SGUK4
–
–
2431.5
–
–
–
0
21:30:01 CT 16 Apr 2024
JUN 2024 SGUM4
2437.3
-8.3 (-0.34%)
2445.6
2439.8
2439.9
2424.7
618
01:58:24 CT 17 Apr 2024
JUL 2024 SGUN4
–
–
0.0
–
–
–
0
21:30:01 CT 16 Apr 2024
AUG 2024 SGUQ4
–
–
2459.9
–
–
–
0
21:30:01 CT 16 Apr 2024
OCT 2024 SGUV4
2460.9
-11.6 (-0.47%)
2472.5
2463.5
2463.5
2460.8
36
22:48:11 CT 16 Apr 2024
DEC 2024 SGUZ4
–
–
2473.1
–
–
–
0
21:30:01 CT 16 Apr 2024
FEB 2025 SGUG5
–
–
2473.7
–
–
–
0
21:30:01 CT 16 Apr 2024
APR 2025 SGUJ5
–
–
0.0
–
–
–
0
21:30:01 CT 16 Apr 2024
…
…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: $3267.60 DOWN 31.00 CDN dollars per oz( * NEW ALL TIME HIGH 3,301.52 CDN DOLLARS PER OZ//APRIL 16 2024)
*BRITISH GOLD: 1905,15 DOWN 16.00 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1921.50 BRITISH POUNDS/OZ) APRIL 16/2024
*EURO GOLD: 2223.45 DOWN 24.60 euros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
DONATE
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
072 C GOLDMAN 25 363 H WELLS FARGO SEC 30 624 C BOFA SECURITIES 15 624 H BOFA SECURITIES 65 661 C JP MORGAN 260 1 905 C ADM 1 991 H CME 203
TOTAL: 300 300 MONTH TO DATE: 15,983
JPMORGAN STOPPED (RECEIVED) 3/1436 CONTRACTS
FOR APRIL/2024
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 300 NOTICES FOR 30000 OZ or 0.9331 TONNES
total notices so far: 15,983 contracts for 1,598,300 Oz (49.713 tonnes)
FOR APRIL:
SILVER NOTICES: 42 NOTICE(S) FILED FOR 210,000 OZ/
total number of notices filed so far this month : 1582 for 7,910,000 oz
XXXXXXXXXXXXXXXXXX
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $17.70
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A HUGE DEPOSIT OF 1.73 TONNES OF GOLD INTO THE GLD/
/ /INVENTORY RESTS AT 830.18 TONNES
INVENTORY RESTS AT 830.18 TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP 10 CENTS AT THE SLV// (THIS MAKES LOTS OF SENSE!)
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF .868 MILLION OZ FROM THE SLV/
// INVENTORY REMAINS AT 426.204 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 426.204 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A STRONG SIZED 821 CONTRACTS TO 175,784 BUT STILL RAPIDLY CLOSING IN ON THE RECORD HIGH OI OF 244,710, SET FEB 25/2020 AND THIS STRONG SIZED LOSS IN COMEX OI WAS ACCOMPLISHED WITH OUR LOSS IN PRICE OF $.46 IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN PANICKING SHORT COVERING BY OUR SPECS WITH THE SMALL PRICE GAIN. WE HAD A GIGANTIC SIZED 1145 T.A.S ISSUANCE AND THESE WILL BE USED FOR MANIPULATION LATER THIS MONTH/AS WELL AS TODAY. PLEASE NOTE THAT THE CROOKS NEED A HIGHER SILVER/GOLD T.A.S. TO CARRY ON THEIR CROOKED MANIPULATION ON A DAILY BASIS BUT DEMAND IS JUST TOO HIGH FOR THEM.
CRAIG HEMKE HAS POINTED OUT THAT THE CROOKS USE THE MID MONTH FOR MANIPULATION AS THEY SELL THEIR BUY SIDE OF THE CALENDAR SPREAD FIRST AND THEN KEEP THE SELL SIDE TO LIQUIDATE AT A LATER DATE. THUS WE HAVE TWO VEHICLES THE CROOKS USE FOR MANIPULATION AND BOTH ARE SPREADERS: 1) AT MONTH’S END/SPREADERS COMEX AND 2/ TAS SPREADERS, MID MONTH. TOTAL TAS ISSUED ON TUESDAY NIGHT: 1145 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 SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.46), BUT WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A SMALL SIZED LOSS OF 393 CONTRACTS ON OUR TWO EXCHANGES WITH THE FALL IN PRICE OF $0.46. ALL OF THE LOSS WAS DUE TO SPREADER (TAS LIQUIDATION)
WE MUST HAVE HAD:
A HUGE SIZED 850 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 150,000 OZ E.F.P. JUMP TO LONDON //NEW STANDING 8.155 MILLION OZ//
//NEW STANDING FOR SILVER IS THUS 8.155 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI LOSS/ HUGE SIZED EFP ISSUANCE/ VI) HUMONGOUS SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1145 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A STRONG 370 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 13 days, total 18,698 contracts: OR 93.490 MILLION OZ (1438 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 93.490 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: 93.490 MILLION OZ (THIS MONTH WILL PROBABLY BE A WHOPPER OF ISSUANCE OF EFPS)
RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 821 CONTRACTS WITH OUR LOSSIN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS EFP ISSUANCE CONTRACTS: 850 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’ 150,000 OZ E.F.P. JUMP TO LONDON WHERE THESE GUYS TRIED TO GET IMMEDIATE DELIVERY OVER THERE.
//NEW TOTAL STANDING RISES TO 8.155 MILLION OZ
WE HAVE A TINY SIZED GAIN OF 29 OI CONTRACTS ON THE TWO EXCHANGES WITH THE LOSS IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUMONGOUS SIZED 1145 CONTRACTS,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE MONDAY NIGHT (1145) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 42 NOTICE(S) FILED TODAY FOR 210,000 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 STRONG SIZED 4043 OI CONTRACTS TO 517,193 AND FURTHER FROM 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 1558 CONTRACTS
WE HAD A STRONG SIZED INCREASE IN COMEX OI (4043 CONTRACTS) WITH OUR $23.90 GAIN IN PRICE//TUESDAY. THE BANKERS WERE FORCED TO SUPPLY THE NECESSARY SHORT PAPER TO CONTAIN GOLD’S RISE. WE ALSO HAD A RATHER LARGE INITIAL STANDING IN GOLD TONNAGE FOR APRIL. AT 44.8615 TONNES ON FIRST DAY NOTICE FOLLOWED BY TODAY’S MEGA HUGE QUEUE JUMP OF 129,600 OZ.(4.0311 TONNES)
NEW STANDING 50.018 TONNES// ALL OF THIS HAPPENED WITH OUR $23.90 GAIN IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF OI CONTRACTS (25.686 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 2657CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 517,193
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6700 CONTRACTS WITH 4063 CONTRACTS INCREASED AT THE COMEX// AND A GOOD SIZED 2657 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 6700 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1681 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2657 CONTRACTS) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI (4043) //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 6700 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 HUGE 4.0311 TONNES QUEUE JUMP
//NEW STANDING 50.018 TONNES.
/ 3) ZERO LONG LIQUIDATION WITH THE GAIN IN PRICE.
// 4) STRONG SIZED COMEX OPEN INTEREST GAIN/ 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: FAIR T.A.S. ISSUANCE: 1681CONTRACTS/ HUGE SHORT COVERING BY OUR WRONG FOOTED SPECS WITH THE FED’S CONTINUAL RAID ON THE COMEX GOLD.
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: 51,268 CONTRACTS OR 5,126,800OZ OR 159.465 TONNES IN 13TRADING DAY(S) AND THUS AVERAGING: 3943 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 13TRADING DAY(S) IN TONNES 159.465 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 159.465/3550 x 100% TONNES 4.50% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 159.465 TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER FELL BY A HUGE SIZED 821 CONTRACTS OI TO 175,784 AND FURTHER FROM THE COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 850 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 850 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 850 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 451 CONTRACTS AND ADD TO THE 850 E.FP. ISSUED
WE OBTAIN A TINY SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 29CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTAL 0.145 MILLION OZ
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 64.31 PTS OR 2.14% //Hang Seng CLOSED UP 2.81 PTS OR 0.02% / Nikkei CLOSED DOWN 509.40 PTS OR 1.32% //Australia’s all ordinaries CLOSED DOWN 0.02%///Chinese yuan (ONSHORE) closed UP 7.2388//OFFSHORE CHINESE YUAN CLOSED UP TO 7.2550 /Oil DOWN TO 84.82 dollars per barrel for WTI and BRENT UP AT 89.43/ Stocks in Europe OPENED ALL GREEN
// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG 4043 CONTRACTS TO 517,193 WITH OUR HUGE GAIN IN PRICE OF $23.90 WITH RESPECT TO TUESDAY TRADING. WE HAD FAIR T.A.S. LIQUIDATION AS WELL AS SHORTS ARE DESPERATELY TRYING TO GET OUT OF THEIR NAKED SHORTS.THE VOLUME ON THE COMEX YESTERDAY WAS ESTIMATED AT A VERY STRONG 307,967.
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 2657 EFP CONTRACTS WERE ISSUED: : JUNE 2657 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 2657CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 6700 CONTRACTS IN THAT 2657 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A STRONG GAIN OF 4043 COMEX CONTRACTS..AND THIS STRONG GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE ADVANCE IN PRICE OF $23.90 TUESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT WAS A FAIR SIZED 1681 CONTRACTS. WE HAD 0 EX FOR RISK ISSUANCE. MOST OF THE TRADING AND SUPPLY OF CONTRACTS ON TUESDAY WAS ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK)
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 (49.928 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
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: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 45.427 TONNES
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE $23.90 //// AND WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A VERY STRONG SIZED SIZED GAIN OF 6700 TOTAL CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE 0F $23.90.
WE HAD A FAIR T.A.S. LIQUIDATION ON THE FRONT END OF TUESDAY’S TRADING ALONG. THE T.A.S. ISSUED ON TUESDAY NIGHT, WILL BE “PUT INTO THE BANK” TO BE USED AT A LATER DATE AT THE COLLUSIVE CHOOSING OF OUR BANKERS.
WE HAVE GAINED A TOTAL OI OF 20.84 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 MAMMOTH QUEUE JUMP OF 129,600 OZ (4.0311 TONNES)//NEW STANDING; 50.018 TONNES
NEW STANDING: 50.018 TONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $23.90
WE HAD REMOVED 1558 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 6700 CONTRACTS OR 670,000 (20.84 TONNES)
Total monthly oz gold served (contracts) so far this month
15,983 notices 1,569,300 oz 49.713 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
x
0 dealer deposits:
total dealer deposits: nil oz
total customer withdrawals: 1
i) Out of Brinks: 32.15 oz
one kilobar
total customer withdrawal: 32.15 oz
we had total deposit 1 oz
i) Into HSBC 15,506.780 oz
Adjustments: 1
i) out of brinks: dealer to customer: 675.171 oz
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR APRIL.
For the front month of APRIL we have an oi of 398 contracts having LOST 1406 contracts. We had 1436 contracts served on TUESDAY, so we GAINED 30 contracts or an additional 3000 oz (0.09345 tonnes) will stand at the comex.
MAY GAINED 1 CONTRACTS TO STAND AT 1819
JUNE INCREASED ITS OI BY 3502 CONTRACTS DOWN TO 417,395 CONTRACTS.
We had 300 contracts filed for today representing 30,000 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 260 notices were issued from their client or customer account. The total of all issuance by all participants equate to 300 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1 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 (15,983 x 100 oz ), to which we add the difference between the open interest for the front month of APRIL. (398 CONTRACTS) minus the number of notices served upon today 300 x 100 oz per contract equals 1,608,100 OZ OR 50.018 TONNES.
thus the INITIAL standings for gold for the APRIL. contract month: No of notices filed so far (15,983) x 100 oz + (398) {OI for the front month} minus the number of notices served upon today (300) x 100 oz which equals 1,608,100 oz (50.018 TONNES)
TOTAL COMEX GOLD STANDING FOR APRIL: 50.018 TONNES WHICH IS HUGE FOR THIS ACTIVE DELIVERY MONTH IN THE CALENDAR.
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,586,130.145 OZ
TOTAL REGISTERED GOLD 7,530,700.966 (234.237 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,055,429.179 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,902,020 oz (REG GOLD- PLEDGED GOLD) 183.57 tonnes/dropping like a stone
END
SILVER/COMEX
APRIL 17
INITIAL
//2024// THE APRIL 2024 SILVER CONTRACT//INITIAL
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
0 oz
.
Deposits to the Dealer Inventory
nil OZ
Deposits to the Customer Inventory
1026,397.966 oz Asahi Manfra
No of oz served today (contracts)
42 CONTRACT(S) (210,000 OZ)
No of oz to be served (notices)
121 contracts (605,000 oz)
Total monthly oz silver served (contracts)
1582 Contracts (7,910,000 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 2 deposits customer account:
i) Into Asahi: 608,008.200 oz
ii) Into Manfra: 418,339.766 oz
total customer deposits 1,026,397.966 oz
JPMorgan has a total silver weight: 130.383 million oz/292.055 million or 44.86%
adjustment: 0
Comex withdrawals: 0
TOTAL REGISTERED SILVER: 46.863MILLION OZ//.TOTAL REG + ELIGIBLE. 292.055million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF APRIL /2023 OI: 91 CONTRACTS HAVING LOST 131 CONTRACT(S).
WE HAD 101 CONTRACTS SERVED ON TUESDAY, SO WE LOST A STRONG 30 CONTRACTS OR ADDITIONAL 150,000 OZ WILL NOT STAND AT THE COMEX AS THEY UNDERWENT AN E.F.P JUMP TO LONDON IN ORDER TO TAKE DELIVERY OVER ON THAT SIDE OF THE POND.
MAY SAW A LOSS OF 5178 CONTRACTS DOWN TO 78,889
JUNE SAW A LOSS OF 55 CONTRACTS FALLING TO 623
JULY SAW A GAIN OF 4684 CONTRACTS UP TO 74,062
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 42 for 210,000 oz
ESTIMATED VOLUME FOR WEDNESDAY: AN ASTRONOMICAL 123,628 CONTRACTS
confirmed Tuesday volume; 128,628
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 1582 x 5,000 oz = 7,910,000 oz
to which we add the difference between the open interest for the front month of APRIL (91) and the number of notices served upon today 42x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the APRIL/2024 contract month: 1582 (notices served so far) x 5000 oz + OI for the front month of APRIL. (91) – number of notices served upon today (42 )x 500 oz of silver standing for the APRIL contract month equates to 8.155 MILLION OZ.
New total standing: 8.155 million oz.
There are 46.863 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 17 WITH GOLD DOWN $17.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE DEPOSIT OF 1,73 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 830;18 TONNES
APRIL 16 WITH GOLD UP $23.10 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE DEPOSIT OF 1,73 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 828.45 TONNES
APRIL 15 WITH GOLD UP $9.30 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE WITHDRAWAL OF 4.03 TONNES OF GOLD INTO THE GLD/ INVENTORY FALLS AT 826.72 TONNES
APRIL 12 WITH GOLD UP $2.80 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD/ INVENTORY RISESS AT 830.75 TONNES
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: 830.18 TONNES,
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
APRIL 17/WITH SILVER UP $0.10 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF .868 MILLION OF SILVER FROM THE SLV// :SLV INVENTORY RESTS AT 426/204 MILLION OZ
APRIL 16/WITH SILVER DOWN $0.46 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF NON EXISTENT SILVER// :SLV INVENTORY RESTS AT 427.072 MILLION OZ
APRIL 15/WITH SILVER UP $0.46 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV :SLV INVENTORY RESTS AT 433.929 MILLION OZ
APRIL 12/WITH SILVER UP $0.10 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 4.069 MILLION OZ FROM THE SLV :SLV INVENTORY RESTS AT 433.929 MILLION OZ
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
Peter’s back in Puerto Rico this week for his podcast after another week of record gold prices. In this episode, he discusses media coverage of inflation, this week’s CPI report, and Bitcoin’s weakening price relative to gold.
Peter starts by recapping this week’s price action and movements in the dollar’s strength. The dollar is currently performing better than other foreign currencies, but that doesn’t mean it’s doing well:
“The dollar index was up today, but that doesn’t mean the dollar was up. Gold tells you the dollar was down. What the rising dollar index tells you in an environment of a rising gold price is that the dollar is losing value. It’s just losing less value than the euro— or losing its value more slowly than the euro or the pound or the yen. That’s what’s happening. I mean, if I’m going backwards at 10 miles an hour and there’s a car next to me going backwards at 20 miles an hour, relative to that car, I’m going forwards. But I’m not. I’m actually going backwards. I’m just going backwards more slowly than the other car.”
The financial press is either completely oblivious to the reasons gold is surging or they’re choosing to provide political cover to policymakers responsible for inflating the dollar:
“Like I said with the canary and the coal mine, instead of recognizing, ‘Gee, gold’s going up because of inflation,’ they’re making up other reasons for why gold’s going up. Like the Canary died of a heart attack. ‘Gold’s going up because of geopolitical risk.’ They don’t want to admit that gold’s going up because of inflation, because the Fed is making a mistake, because these rate cuts are wrong, because they should be hiking rates. So they [the press] do this whole segment on inflation, and they don’t even mention gold.”
With persistent evidence of inflation, the media is at least starting to question the narrative that we need more interest rate cuts:
“They’re now starting to say, ‘Hmm, maybe we’re not going to get any cuts.’ They’re not saying that we’re going to get hikes. … They are starting to question the validity of the cuts, but nobody is questioning the reality of the fact that they should never have stopped hiking— that that’s what the rising gold price is signaling, that interest rates are too low and that they need to go up. Not just in the US, they need to go up everywhere. … Everybody has to raise rates sharply. I’m not talking about ‘mamby-pamby’ quarter point rate hikes. We need 200 basis point hikes.”
Gold’s and silver’s bullish streaks bode well for the metals, but not for Bitcoin and other cryptocurrencies:
“The price of Bitcoin is down to about 18.6 ounces of gold. The high was 27 two and a half years ago. So we’re getting deeper into bear market territory. None of these Bitcoiners want to acknowledge this. Despite all the hype, ETFs, all this big rally, Bitcoin never made a new high in real money. And it may not.”
Wednesday’s CPI came in hot again, with a 0.4 percent increase from last month. Year-over-year inflation is now at 3.5%, which is not close to the Fed’s 2% target:
“If you were objective and just looking at the CPI, you would say, ‘Oh, we better hike rates. Inflation is going up, not down.’ But they’re still saying, ‘No, no, no, we’re expecting to cut rates.’ Why? Based on what would you expect to cut rates? Certainly not based on the data. The data doesn’t support a rate cut.”
Between increasing institutional demand for gold and strong evidence of future inflation, the fate of the dollar does not look good:
“Imagine how much stronger [gold’s] going to be when the dollar is going down, and it will go down. And if anything, the rising gold price is what will cause the dollar to go down, because at some point when gold gets high enough, there will be a stampede into gold by foreign central banks, by the public, by hedge funds, pension funds, and endowments. And where are they going to get the money to buy all that gold? They’re going to use dollars. So the dollar is going to get killed. It has no chance against gold.”
The next few months will be critical for the American and global economies. If the Fed continues its inflationary policy, it will spell disaster and worsen the coming crisis.
END
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/…
Submitted by admin on Tue, 2024-04-16 15:39 Section: Daily Dispatches
From Reuters Tuesday, April 16, 2024
HANOI, Vietnam — Vietnam’s parliament has asked the government to investigate gold trading firms for possible market manipulation amid soaring domestic prices, state media reported today.
The price for gold bars in the Southeast Asian country has risen around 15% this year and hit a record high 85 million dong ($3,401.36) per tael on Friday.
A tael is equivalent to 37.5 grams or 1.21 troy ounces, and domestic prices for a tael are approximately $1,000 more than current global prices.
“The National Assembly Standing Committee requested the government to direct relevant agencies to focus on inspecting and examining gold trading enterprises to clarify if there are market manipulation acts,” state-run Vietnam News Agency reported.
Vietnam’s central bank has said it would increase supplies of gold bars by resuming auctions suspended more than a decade ago, as part of its effort to stabilise the market. …
Ambrose Evans-Pritchard: Gold is sniffing out monetary and geopolitical dystopia
Submitted by admin on Tue, 2024-04-16 20:10 Section: Daily Dispatches
By Ambrose Evans-Pritchard The Telegraph, London Tuesday, April 16, 2024
A powerful force is stalking the world’s gold market. It is operating in the shadows.
None of the normal footprints are visible on the London bullion market or the Chicago Mercantile. Retail goldbugs have not been buyers: ETF gold funds have been shrinking since December. The crowd is piling into the Bitcoin scam instead.
Yet gold has smashed through a four-year barrier around $2,000 an ounce, rising in parabolic fashion since mid-February, and hitting an all-time high of $2,431 on April 11. Is somebody preparing for an escalation of the shadow Third World War
“It is not a Western institution behind this. It is a massive player with very deep pockets. I have never seen this kind of buying before,” said Ross Norman, a veteran gold trader and now chief executive of Metals Daily.
Gold has been ratcheting up fresh records against the headwinds of a strong dollar, a 70-point jump in 10-year U.S. Treasury yields, and hawkish talk from the Federal Reserve. This mix would normally spell trouble for gold.
Whoever it is — or they are — seems insensitive to cost. Central banks do not behave like this. “They buy on the London benchmark and they don’t chase the price,” said Mr. Norman. This rally is happening off books in the OTC market. …
Police to announce arrests in Toronto airport gold heist
Submitted by admin on Tue, 2024-04-16 21:05 Section: Daily Dispatches
By Joanna Lavoie CTV, Toronto Tuesday, April 16, 2024
Police say that arrests have been made in connection with a gold heist at Toronto Pearson International Airport one year ago.
The heist happened on April 17, 2023, and involved the theft of a “high-value container” from a holding cargo facility after it was taken off an Air Canada plane.
Police have released few details about the circumstances surrounding the theft beyond that.
But a lawsuit filed by Brink’s against Air Canada does shed some light on what is alleged to have happened.
In its statement of claim, Brink’s said that an unidentified individual gained access to Air Canada’s cargo warehouse after presenting phoney paperwork approximately 40 minutes after the plane carrying the goods landed. …
We now know why the gold price has soared. It is a combination of a few but growing band of foreign sellers of the dollar and a sharp decline in paper gold liquidity. And here’s why.
To understand gold’s apparent performance requires a short refresher in price theory. In a transaction, two parties can agree on one thing, and that’s the medium of exchange. This is termed the objective value. The seller of a product prefers the medium of exchange to the product, and the buyer prefers the product. The degree of their relative desires is reflected in the price of the product measured by the medium of exchange, which reflects subjective values. If these subjective values coincide, then a transaction occurs.
In the case of gold and a fiat currency, by convention we assume the objective value is in the currency, and gold’s value is the subjective. But gold is internationally agreed money confirmed in almost everyone’s law, and the currency is simply the highest form of national credit, whose value is variable. Therefore, we have it the wrong way round: gold is the objective value and currency the subjective.
This is why gold standards are always expressed as a weight of gold being exchangeable for a unit of currency. We describe it the other way round (i.e. $35 per ounce) for convenience’s sake. But technically it is incorrect.
Now that we have established that gold is the objective value, and dollars the subjective, it follows that it is the dollar falling in value, and not gold rising. Coincidently, this is how increasing numbers of foreign dealers and investors see the relationship. For better or worse thy have their own currencies and dollar balances may be held for good reason, but many of them are held for less good reasons or pure speculation.
In the current economic climate, it is becoming obvious to growing numbers of foreign holders of dollars that the US Government is in a debt trap, interest rates will have to rise to fund its debt, and higher interest rates threaten to crash the economy and the entire banking system.
They are not necessarily selling dollars, perhaps because they have weaker currencies to sell. But they are not buying either.
Even fewer are actually selling dollars for gold. We might note that the People’s Bank of China is buying gold. It is not — it’s selling dollars. And it’s gradually dawning on other central banks, sovereign wealth funds and the family offices of ultra-high net worth individuals (of which there is a growing number in Asia) that they should sell dollars as well. And at the margin, like the PBOC they are selling them for gold.
The amounts need not be substantial to drive down the value of dollars and dollar based credit, such as US Treasuries. It’s just that there are very few foreign buyers of dollars prepared to part with gold, real money in exchange for credit of dubious value.
Domestic US buyers of dollars for gold are also few. True, gold ETFs in America and Europe have been liquidating, but that’s almost certainly slowing. The bullion banks are short of gold and long of dollars and they dare not buy dollars with gold which they don’t possess.
Incidentally, the London forward market, which used to be up to ten times the size of Comex has contracted substantially. According to a slide presented by Ruth Crowell, CEO of the LBMA at the Denver Gold Forum in Zurich last week, current daily LBMA volume at about $90bn is only about one and a half times that of Comex. The slide from her presentation is below.
This is a huge surprise, indicating that there has been a major decline in liquidity in London’s forward market. So where are the buyers of dollars prepared to part with real money (gold)?
They simply don’t exist.
I shall go into the implications in a subsequent posting.
5 a. IMPORTANT COMMENTARIES ON COMMODITIES/
(Bloomberg)
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGSWEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED UP 7.2388
OFFSHORE YUAN: UP TO 7.2550
SHANGHAI CLOSED UP 64.31 PTS OR 2.14%
HANG SENG CLOSED UP 2.87 PTS OR 0.02%
2. Nikkei closed DOWN 509.40 OR 1.32%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 105.99 EURO RISES TO 1.0641 UP 20 BASIS PTS
3b Japan 10 YR bond yield: RISRS TO. +.873Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.62/JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN:UP/ OFFSHORE: UP
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil 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 +2.4935***/Italian 10 Yr bond yield UP to 3.896* /SPAIN 10 YR BOND YIELD UP TO 3.328…**
3i Greek 10 year bond yield UP TO 3.4935
3j Gold at $2386.90 silver at: 28.57 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 15 /100 roubles/dollar; ROUBLE AT 94.28//
3m oil into the 84 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 154.62// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.873% 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 0.9103 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9692 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: 4.659 UP 0 BASIS PTS…
USA 30 YR BOND YIELD: 4.766 UP 1 BASIS PTS/
USA 2 YR BOND YIELD: 4.969 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.53…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 3 BASIS PTS AT 4.360
end
2.a Overnight: Newsquawk and Zero hedge
Futures Rebound After 3 Day Rout As Rates Drop From 2024 Highs
WEDNESDAY, APR 17, 2024 – 08:11 AM
US equity futures and European markets are higher, reversing several days of losses after positive earnings from some of Europe’s biggest companies lifted the mood as markets were roiled by a more hawkish outlook for interest rates. Futures on the S&P 500 rose by 0.4% reversing three days of losses that saw the S&P drop by 2.9% to close Tuesday near a two-month low. Nasdaq 100 contracts edged higher, while consumer products and services led an advance of 0.7% in the Stoxx Europe 600. Treasury yields retreated from a 2024 peak helping small-caps outperform pre-market, and a gauge of the dollar snapped five days of gains that took it to a five-month high after Powell said it would likely take longer to have confidence that inflation is headed toward the central bank’s target. Commodities are mixed with metals stronger and oil weaker even as tensions in the Middle East persisted, while Israel weighs a response to Iran’s weekend attack. Macro data is light today with Beige Book, TIC (keep an eye on CB sales), and mortgage apps (which rose 3.3% after rising 0.1% last week).
In premarket trading, all seven Mag7 names are higher; semis are seeing some weakness following ASML’s earnings release (misses on orders/revs and beat on EPS; stock -4%). United Airlines shares rose 5.4% after the carrier’s second-quarter adjusted earnings per share forecast beat consensus estimates. Additionally, the company reported first-quarter operating revenue that came ahead of expectations. Here are some other notable movers:
Alcoa shares advance 3.5% after Bloomberg reported that President Joe Biden will propose higher tariffs on Chinese steel and aluminum during a visit to Pittsburgh, Pennsylvania. Shares in steel producers United States Steel Corp. and Cleveland-Cliffs also rise after the news.
JB Hunt shares fall 6.0% after the transportation company posted first-quarter earnings and revenue that fell short of expectations.
Omnicom shares gain 2.6%. The company is now “on a trend of stable-to-improving” organic growth, Wells Fargo says in note as lifts its recommendation on the advertising and marketing company to overweight from equal-weight.
Urban Outfitters shares drop 4.5% after the clothing retailer was downgraded to underperform from hold at Jefferies, which said it had “some concern” on the near-term positioning of the company due to data showing slowing foot traffic.
Stocks have come under pressure this week as traders recalibrated bets on the timing and extent of Federal Reserve interest rate cuts. Corporate earnings will now have to do the heavy lifting for any rally, according to strategist at Barclays Plc and Bank Julius Baer who recommend buying the dips in anticipation of an economic recovery that could boost profits.
“We would actually advise to use such an opportunity to gradually increase exposure to cyclicals in the anticipation of the new economic cycle starting to unfold in second half of this year,” said Leonardo Pellandini, equity strategist at Bank Julius Baer. He likes shares of companies tied to the business cycle, those poised to gain from growth and inflation.
With earnings season about to go into high gear as tech giants report next week, market-implied expectations for Fed rate cuts have collapsed as tensions in the Mideast fan inflation expectations and a resilient US economy defies calls for easier policy. After starting the year by pricing in as many as six rate cuts, traders are now betting on two or less. Fed Chair Jerome Powell said Tuesday it would likely take longer to have confidence that inflation is headed toward the central bank’s target.
Meanwhile, tensions in the Middle East continue to simmer. Israel is weighing a response to what was the first attack on the Jewish state from Iranian soil. Saudi Arabia and the United Arab Emirates called for maximum “self-restraint” to spare the region “from the dangers of war and its dire consequences,” in an unusually frank joint statement Wednesday.
European stocks rose: the Stoxx 600 is up 0.5%, led by consumer product shares after reassuring updates from LVMH and Adidas. Technology stocks underperform as ASML falls 4% after new orders fell short of expectations. Among individual movers, Sportswear maker Adidas AG climbed more than 6% after raising its revenue and profit outlook, while LVMH led luxury stocks higher on the back of reassuring results. Rio Tinto Plc rose after saying elevated steel exports by China will continue support demand for the raw material. Volvo AB gained after the Swedish truckmaker reported resilient margins. ASML Holding NV plunged more than 6% after missing estimates for first-quarter orders. Just Eat Takeaway.com NV shares slumped after the company said orders slipped in the first quarter, signaling continued weak demand for food deliveries.
Earlier in the session, Asia’s lagging stock benchmark briefly erased its gain for the year, as worries about higher-for-longer interest rates and geopolitical tensions triggered losses across the region. The MSCI Asia Pacific Index fell as much as 0.4% Wednesday before paring losses, with consumer discretionary and industrials among the biggest drags. The measure was hovering around 169.39, the closing level reached on the last trading day of 2023, after Federal Reserve Chair Jerome Powell signaled policymakers will wait longer than previously anticipated to cut interest rates.
Hong Kong stocks were little changed while mainland China gauges sharply rebounded from Tuesday’s losses that were driven by mixed economic data. Chinese small-caps rose, paring this week’s selloff, as the nation’s top securities regulator sought to ease concern over the potential delisting of firms with weak financial health. Overseas investors have sold more than $2.2 billion worth of equities on a net basis in emerging Asia excluding China in April, according to latest data compiled by Bloomberg. The bulk of the selling happened this week. Other bleak milestones are flashing across the region as the 10-day historical volatility on the MSCI index spikes. The Australian stock benchmark briefly erased its 2024 gains on Tuesday while South Korea’s small-cap gauge remains on the verge of entering a technical correction.
In FX, the Bloomberg Dollar Spot Index fell for the first time in six sessions while European stocks gain after positive earnings from some of the region’s biggest companies. The pound rises 0.4% after UK consumer prices slowed less than expected in March. Only the kiwi is having a better day among the G-10’s, rising 0.5% versus the greenback after data showed home-grown price pressures remained persistent.
In rates, treasury yields are lower by up to 3bp across belly of the curve with 5s30s spread steeper by 2.5bp on the day; 10-year yields trade around 4.645% down by 3bps from the 2024 highs hit yesterday…
… outperforming bunds and gilts by ~2bp, with front-end and belly leading, re-steepening 5s30s spread back toward middle of Tuesday’s range. Core European rates lag, led by front-end gilts after March UK inflation data showed less slowing than expected. US session includes 20-year bond auction but no major economic releases or Fed speakers. Treasury coupon sales resume at 1pm New York time with $13b 20-year bond reopening; a $23b 5-year TIPS new issue sale is ahead Thursday. WI 20-year yield ~4.875% is roughly 33bp cheaper than last month’s, which got a strong reception and stopped 2bp through.
In commodities, European natural gas edged higher for a fifth day. Oil dipped, with Brent crude falling below $90 a barrel and WTI falling 0.7% to trade near $84.70 a barrel as traders wait to see how Israel would respond to Iran’s weekend attack. Spot gold rose 0.4% to around $2,393/oz.
In crypto, Bitcoin is modestly firmer and back above USD 63.5k, Ethereum narrowly holds above USD 3k.
Looking to the day ahead now, and there are plenty of central bank speakers, including ECB President Lagarde, the ECB’s Cipollone, de Cos and Schnabel, BoE Governor Bailey, and the BoE’s Greene and Haskel, along with the Fed’s Mester and Bowman. In addition, the Fed will be releasing their Beige Book. Otherwise, data releases include the UK CPI print for March. Finally in the political sphere, EU leaders will be meeting in Brussels.
Market Snapshot
S&P 500 futures up 0.3% to 5,107.50
STOXX Europe 600 up 0.6% to 501.10
MXAP down 0.2% to 169.51
MXAPJ up 0.4% to 520.15
Nikkei down 1.3% to 37,961.80
Topix down 1.3% to 2,663.15
Hang Seng Index little changed at 16,251.84
Shanghai Composite up 2.1% to 3,071.38
Sensex down 0.6% to 72,943.68
Australia S&P/ASX 200 little changed at 7,605.59
Kospi down 1.0% to 2,584.18
German 10Y yield little changed at 2.48%
Euro up 0.3% to $1.0646
Brent Futures down 0.5% to $89.58/bbl
Gold spot up 0.3% to $2,390.79
US Dollar Index down 0.16% to 106.09
Top Overnight News
Biden during a speech in Pittsburgh today will call for increasing the tariff rate on Chinese steel/aluminum products to 25% (he will reiterate his prior comment about US Steel staying domestically owned and operated) and plans to launch an investigation into China’s shipbuilding industry. BBG
Japan’s largest life insurer, Dai-ichi Life, said it would only start buying 30-year JGBs if yields rise to 2%. BBG
ASML slumped after new orders for its most-advanced chip making machines missed. Total bookings were €3.6 billion, down from a record €9.2 billion in the fourth quarter. Bearish analysts said the results dent optimism over the 2025 outlook, while others pointed to a strong order backlog. BBG
UK CPI cools in Mar, but by less than anticipated, with headline coming in +3.2% (vs. +3.4% in Feb but ahead of the Street’s +3.1%) and core +4.2% (vs. +4.5% in Feb, but ahead of the Street’s +4.1% forecast). RTRS
Israeli leaders on Tuesday were debating how best to respond to Iran’s unprecedented weekend airstrike, officials said, weighing a set of options calibrated to achieve different strategic outcomes: deterring a similar attack in the future, placating their American allies and avoiding all-out war. NYT
The US and EU are preparing fresh sanctions on Iran’s missile and drone program in response to the Islamic republic’s attack on Israel, but the UK and European governments are resisting pressure to designate the elite Revolutionary Guards a terrorist organization. FT
The US will impose new sanctions on Iran targeting the country’s missile and drone program following its weekend attack on Israel that threatened to push the Middle East into a wider conflict. BBG
Morgan Stanley will cut about 50 investment-banking jobs in Asia, including its biggest round of layoffs in China in years. The move will affect 13% of its staffers in APAC, excluding Japan. HSBC is expected to reduce 20 more investment banking roles in the whole region. BBG
US crude stockpiles rose by more than 4 million barrels last week, API data is said to show. That would put the total holdings at their highest in 10 months if confirmed by the EIA today. The gasoline drawdown resumed. BBG
Results from LVMH (MC FP) and Adidas (ADS GY) were release within US hours on Tuesday, in the European morning the stocks are firmer by 4% and 8% respectively.
United Airlines Holdings Inc (UAL) – Q1 2024 (USD): Adj. EPS -0.15 (exp. -0.57), Revenue 12.50bln (exp. 12.45bln). PRASM USD 15.79 (exp. 15.68)Revenue passenger miles 57.43bln (exp. 57.36bln). Available seat miles 71.67bln (exp. 71.19bln). Load factor 80.1% (exp. 80.7%). Co. said the demand environment remained strong. (PR Newswire) Shares rose 5.2% pre-market. +5.3% in pre-market trade
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mixed as the region picked up the pieces from the prior day’s heavy selling but with the recovery limited after the choppy performance stateside amid Fed commentary and geopolitical concerns. ASX 200 eked mild gains albeit with upside capped by a lacklustre mining sector after Rio Tinto’s quarterly production update which showed a decline in iron output and shipments from a year ago. Nikkei 225 was choppy after somewhat mixed trade data and recent speculation of FX intervention. Hang Seng and Shanghai Comp. were varied with the mainland underpinned by supportive measures with China’s Financial Regulator vowing to allocate more credit resources to support manufacturing industry development and will continuously increase the proportion of medium to long-term loans for the sector, while financial institutions in Shanghai are to provide CNY 2tln in funding to support innovative technology companies over the next three years under an initiative backed by the PBoC.
Top Asian News
PBoC said the China and US financial working teams held a meeting and both sides conducted professional, pragmatic, candid and constructive communication on monetary policy and financial stability, as well as financial regulatory cooperation. China’s Finance Ministry said China expressed concern over US economic and trade restrictions against China and made further responses on the issue of production capacity at the economic work group meeting.
Japanese Chief Cabinet Secretary Hayashi says closely watching FX moves, “prepared for full measures”; rapid FX moves undesirable, important for FX to move in a stable manner reflecting fundamentals; no comment on policies related to FX.
China’s CPCA says NEV retail sales +32% Y/Y to 260k between April 1-14th
European bourses, Stoxx600 (+0.4%) are mostly firmer, with the exception of the AEX (-0.2%), hampered by poor ASML (-3.5%) results. Luxury name LVMH (+2.5%) leads the CAC 40 (+1%) higher. Sectors hold a positive tilt; Basic Resources tops the pile, benefiting from broader strength in underlying metals prices, namely iron. Consumer Products is lifted by Luxury bellwether LVMH, as well as post-earnings strength in Adidas (+8.1%). Tech is found at the foot of the pile after the poor ASML metrics. US Equity Futures (ES +0.3%, NQ +0.3%, RTY +0.3%) are modestly firmer and are trading towards session highs. UAL (+4.9%) benefits post-earnings, after reporting solid metrics and noting that demand remained strong.
Top European News
UK Chancellor Hunt raised the possibility of further tax cuts before the next general election as he counts on recent national insurance cuts and prospects of lower interest rates to improve the ruling Conservative party’s fortunes, according to FT.
ECB confirms renumeration ceiling for Euro Area for deposits and adjusts remuneration of other non-monetary policy decisions
FX
USD is losing ground vs. peers but holding above the 106 mark after printing a 106.51 high yesterday; the “hawkish comments” from Chair Powell on Tuesday were unable to provide further sustained support.
EUR is enjoying some reprieve vs. the USD after finding a base just above the 1.06 mark yesterday. No revisions to EZ CPI will have come as a relief but talk from FX strategists continues to favour a potential approach to 1.05.
GBP is firmer vs. both the USD and EUR post-UK inflation metrics which came in slightly firmer-than-expected. As such, BoE rate cut bets have been scaled back with the first fully-priced cut pushed back to Nov. from Sept. Cable has eclipsed yesterday’s 1.2472 peak with attention now on a potential test of 1.25.
JPY is firmer vs. the USD but to a lesser extent than peers. That will be of little consolation to JPY bulls given the recent surge in the pair. Yesterday was defined by a sharp sell-off in the European afternoon; suspected by some to be intervention.
Antipodeans are both top of the leaderboard vs. the USD. NZD is digesting the latest NZ inflation metrics. Headline prints were in-line but some stickiness was seen in underlying data.
PBoC set USD/CNY mid-point at 7.1025 vs exp. 7.2404 (prev. 7.1028)
Fixed Income
USTs are firmer by a handful of ticks as the benchmark lifts slightly from Tuesday’s Fed-induced hawkish action. Currently at a high of 107-25+ from Tuesday’s 107-13+ contract low which was spurred by Fed speak.
Bund price action is directionally in-fitting with USTs and were unreactive to the unrevised Final HICP metrics; impetus today will be from several ECB speakers including Schnabel (Hawk). Bunds at the mid-point of 130.99-131.36 parameters with the contract low just below at 130.97.
Gilts gapped lower by around 11 ticks before slipping further to a 96.01 trough and new contract low below Tuesday’s 96.03 base after hotter-than-expected March CPI numbers. Gilts have since pared and are modestly firmer on the session, holding around 96.37.
UK sells GBP 3.75bln 4.00% 2031 Gilt: b/c 2.97x (prev. 3.0x), average yield 4.218% (prev. 4.085%), tail 1.4bps (prev. 2.2bps)
Germany sells EUR 0.805bln vs exp. EUR 1.0bln 0.00% 2050 & EUR 0.802bln vs exp. 1.0bln 2.50% 2054 Bund
Commodities
A subdued session for crude thus far as markets still await Israel’s response to the Iranian attacks from over the weekend; Brent Jun fell under USD 90/bbl to notch a current USD 89.40-90.17/bbl range.
Precious metals are higher across the board but to varying degrees. Spot silver (+1.2%) outperforms, with spot palladium (+0.5%) firmer and spot gold (+0.1%) just about in the green. XAU rebounded from intraday lows to the top of a USD 2,372-91/oz range.
Base metals are mostly higher, with the rally in iron ore prices overnight offering optimism for the sector. 3M LME copper is now back on a USD 9,500/t handle.
US Energy Inventory Data (bbls): Crude +4.1mln (exp. +1.4mln), Cushing -0.2mln, Gasoline -2.5mln (exp. -0.9mln), Distillate -0.4mln (exp. -0.3mln).
TC Energy (TRP) responded to an incident in Yellowhead County involving NGTL which affected a section of the pipeline that was shut down, while there are no reported injuries.
Russia’s primary oil refining oil capacity has been revised up April to 4.4mln tons; refining capacity is set to fall in May by 39% from April to 2.791mln ton, via Reuters calculations.
US President Biden has directed his administration to work with Mexico to stop Chinese evasion of metals tariffs, according to the White House; calls on trade reps to consider increasing the tariff rate on Chinese steel and aluminium products to 25% (currently averages 7.5%)
Geopolitics: Middle East
Iranian ground forces commander said any action by the Zionist entity against us will be met with greater force than last Saturday’s operation, according to Al Jazeera
White House’s Sullivan said the US will impose new sanctions targeting Iran in the coming days which will include Iran’s missile and drone program, as well as entities supporting the IRGC and its defence ministry, while the US anticipates its allies and partners will soon be following with their own sanctions.
Several Iran-related bills passed the committee stage of the US Senate Tuesday that enhance sanctions on Iran’s leaders and require the President to sanction ships, ports, and refineries carrying or processing Iranian oil, according to Iran International via X.
Iranian Admiral says they are to escort Iranian commercial ships to the Red Sea given the regions tensions, via Tasnim; “We are ready for confrontation at all levels and any mistake from the enemies will be met with a wide attack”, via Al Jazeera. “If Israel makes any strategic mistake, it will receive a strong blow”
Geopolitics: Other
US Defense Secretary Austin spoke with Chinese Defence Minister Dong for the first time in the latest effort to stabilise ties. China’s Defence Minister said China and the US should explore ways to get along with each other and the Taiwan issue is ‘core of China’s core interests’ and must never be hurt, while he added the US side should recognise China’s firm position, as well as respect China’s territorial sovereignty and maritime rights and interests in the South China Sea.
US Event Calendar
07:00: April MBA Mortgage Applications 3.3%, prior 0.1%
14:00: Federal Reserve Releases Beige Book
16:00: Feb. Total Net TIC Flows, prior -$8.8b
Central Bank Events
14:00: Federal Reserve Releases Beige Book
17:30: Fed’s Mester Gives Update on Fed
19:15: Fed’s Bowman Speaks at IIF Global Outlook Forum
DB’s Jim Reid concludes the overnight wrap
Markets have stabilised a bit this morning after losing further ground yesterday, as investors continued to be increasingly sceptical about the chance of rate cuts, especially in the US. That was driven by some hawkish remarks from central bank officials, but risk appetite was also dampened by ongoing fears about a military escalation in the Middle East. That meant it was a pretty tough backdrop for most assets, and the selloff saw yields on 10yr Treasuries (+6.5bps) reach a fresh 5-month high of 4.67%. The S&P 500 (-0.21%) lost ground for a third day running even if futures are up by around the same amount this morning. Meanwhile in Europe, the losses were even bigger, and the STOXX 600 (-1.53%) had its worst performance in 9 months.
Yesterday’s losses gathered pace as the day went on, but a key catalyst were remarks from Fed Vice Chair Jefferson. He said that “ if incoming data suggest that inflation is more persistent than I currently expect it to be, it will be appropriate to hold in place the current restrictive stance of policy for longer. I am fully committed to getting inflation back to 2 percent.” So an explicit acknowledgement that further upside inflation surprises would lead to a longer period of restrictive policy. Later in the day, Fed Chair Powell echoed the risks of a greater delay to rate cuts, saying that the “The recent data have clearly not given us greater confidence and instead indicate that is likely to take longer than expected to achieve that confidence” in the path of inflation and noting that the Fed can keep rates steady “as long as needed”.
Those remarks saw investors price increased chances of higher-for-longer rates, with Fed funds futures now pricing only 40bps of cuts by year-end, the lowest this has been so far in this cycle. 2yr Treasury yields briefly passed 5% intra-day around the time of Powell’s comments, before closing +6.6bps higher on the day at 4.99%. And 10yr yields hit their highest level since early November (+6.5bps to 4.67%). Real rates drove the increase, with 10yr real yields up +8.0bps to 2.25%, but there were also rising market concerns about inflation. For instance, the US 2yr inflation swap (+2.2bps) reached a fresh one-year high of 2.68%, its highest level since the SVB turmoil back in March 2023.
Over in Europe, yesterday also brought some new comments from ECB President Lagarde. She confirmed that the ECB were moving closer towards a rate cut, saying that “If we don’t have a major shock in developments, we are heading towards a moment where we have to moderate the restrictive monetary policy that we have”. But even so, it was clear that the potential for a more hawkish Fed was having an impact on their thoughts, and Lagarde said that the ECB needed to pay attention to changes in exchange rates. Moreover, investors slightly dialled back the chance of a June cut, which fell from 90% the previous day to 87% by the close. Sovereign bonds sold off across the continent, with yields on 10yr bunds (+4.7bps), OATs (+5.3bps) and BTPs (+6.5bps) all experiencing fresh losses. For 10yr bunds, that left them at 2.48%, their highest level since November as well. On Monday DB changed their ECB rate profile from five cuts this year to three, even if the terminal rate remains at 2%, albeit pushed back three quarters to Q1 2026. See the note with the rationale here.
For Europe, a recent complication has been the path of natural gas prices, and yesterday saw futures rise another +6.53% to €33.45/MWh, well off the recent lows of €25.80/MWh on April 3. That’s been driven by growing geopolitical risk, and the move has left prices at their highest levels since early January. In the meantime, oil prices saw some stabilisation, with Brent Crude down a marginal -0.09% to $90.02 yesterday, and trading slightly lower at $89.50/bbl as I type.
For equities, there was growing concern about the prospect of rates staying higher, leading to a fresh selloff on both sides of the Atlantic. In Europe the selloff was particularly sharp, driven by growing concern about energy prices, as well as a catchup to the late US selloff the previous day. Indeed, both the STOXX 600 (-1.53%) and the FTSE 100 (-1.82%) experienced their worst daily performance since July, back when yields were breaching post-GFC highs. In the US, there was a much better performance, and the S&P 500 only fell -0.21%, which was pretty stable after its heavy declines in the previous two sessions. But this was still a rather broad decline, with the equal-weighted version of the S&P 500 down -0.54%. Banks (-1.82%) underperformed within the S&P 500, with Bank of America falling -3.53% after reporting higher charge-offs (despite a slight earnings beat). The NASDAQ (-0.12%) and the Magnificent 7 (-0.32%) saw modest declines.
The negative sentiment also saw US high yield spreads (+6.0bps) widen for the fourth session in a row, the longest such run since January. By contrast, safe haven assets again benefitted, with gold up +1.71% to yet another record high of $2,398/oz while the broad dollar index (+0.05%) eked out another 5-month high.
Markets are stabilising in Asia with small catch-up declines but no additional falls. In fact Chinese stocks are rising on positive regulatory news. The small cap CSI 2000 is up +5.49% after the stock market regulator suggested only around 100 small caps would be delisted on tighter rules that would eliminate those in poor financial health. The number had been expected to be far higher but the regulator has said it will be confined to pure zombie companies. The Shanghai Composite (+1.24%) and the CSI (+0.79%) are rising in sympathy.
Elsewhere the KOSPI (-0.30%), Nikkei (-0.17%) and the Hang Seng (-0.13%) are lower but there is more calm than earlier in the week. The S&P/ASX 200 (+0.19%) is higher.
Early morning data showed that Japan’s exports grew +7.3% y/y in March (v/s +7.0% expected), up from +7.8% increase in the previous month as the slump in the yen provided a tailwind alongside demand in China picking up. Imports fell -4.9% y/y in March, compared with Bloomberg’s estimate of a -5.1% decline as against a +0.5% gain in February. The total merchandise trade surplus stood in line with analysts’ projections in March, coming in at ¥366.5 billion (v/s ¥345.5 billion) as against a revised -¥377.8 billion deficit recorded in February.
Here in the UK, the focus will now be on this morning’s CPI release for March, which is coming out shortly after we go to press. But yesterday we also heard from BoE Governor Bailey, who struck a relatively sanguine tone, noting “strong evidence” of price pressures easing in the UK. Bailey’s remarks came after the European close, where yields on 10yr gilts (+5.8bps) had already hit a 5-month high in the session. At the same time, investors continued to discount the chance of BoE rate cuts this year, with just 43bps now priced by the December meeting, down -9.3bps from the previous day. This came after yesterday’s stronger-than-expected February wage data, which saw regular average weekly earnings growing at +6.0% on a 3-month year-on-year basis (vs. +5.8% expected).
Whilst bonds were selling off globally, the one exception to that pattern came in Canada, where the latest inflation data surprised on the downside. It showed median core CPI fall to +2.8% (vs. +3.0% expected), trim core CPI fall to +3.1% (vs. +3.2% expected), whilst headline was in line with expectations at +2.9%. In turn, investors ratcheted up the chance of a rate cut at the Bank of Canada’s next meeting to 71%, up from 60% the previous day. And yields on 10yr government bonds were down -1.0bps, in contrast to the moves elsewhere.
In terms of yesterday’s other data, US industrial production was in line with expectations, showing +0.4% growth in March. But that came alongside an upward revision of three-tenths to the previous month’s growth. However, housing starts fell to an annualised rate of 1.321m in March (vs. 1.485m expected), the lowest in seven months. Similarly, building permits were down to an annualised rate of 1.458m (vs. 1.510m expected), the lowest in eight months. With all those releases, the Atlanta Fed’s GDPNow model for Q1 is pointing to an annualised growth rate of 2.9%, up a tenth relative to the previous day.
Finally, the IMF released their latest World Economic Outlook yesterday, including growth forecasts for the global economy. They upgraded their global growth forecast for 2024 by a tenth relative to January, and now see growth of +3.2% this year. In particular, there were upgrades for the United States, which moved up six-tenths to +2.7%, although the Euro Area was downgraded a tenth to +0.8%. For 2025, they left their global growth forecast unchanged at +3.2%.
To the day ahead now, and there are plenty of central bank speakers, including ECB President Lagarde, the ECB’s Cipollone, de Cos and Schnabel, BoE Governor Bailey, and the BoE’s Greene and Haskel, along with the Fed’s Mester and Bowman. In addition, the Fed will be releasing their Beige Book. Otherwise, data releases include the UK CPI print for March. Finally in the political sphere, EU leaders will be meeting in Brussels.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
Equities at session highs, Dollar softer & Gilts pare initial post-CPI weakness; Central Bank speak due – Newsquawk US Market Open
WEDNESDAY, APR 17, 2024 – 06:05 AM
Equities are in the green, except for the AEX, which is weighed on by poor ASML results; Luxury bellwether LVMH gains post-earnings
Dollar is lower though still above 106.00, Antipodeans outperform and GBP benefits post-CPI
USTs incrementally firmer, Gilts gapped lower following hotter-than-expected CPI though have pared to near unchanged
Crude is pressured as markets await geopols updates, XAU is firmer, benefiting from recent Dollar weakness
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
EUROPEAN TRADE
EQUITIES
European bourses, Stoxx600 (+0.4%) are mostly firmer, with the exception of the AEX (-0.2%), hampered by poor ASML (-3.5%) results. Luxury name LVMH (+2.5%) leads the CAC 40 (+1%) higher.
Sectors hold a positive tilt; Basic Resources tops the pile, benefiting from broader strength in underlying metals prices, namely iron. Consumer Products is lifted by Luxury bellwether LVMH, as well as post-earnings strength in Adidas (+8.1%). Tech is found at the foot of the pile after the poor ASML metrics.
US Equity Futures (ES +0.3%, NQ +0.3%, RTY +0.3%) are modestly firmer and are trading towards session highs. UAL (+4.9%) benefits post-earnings, after reporting solid metrics and noting that demand remained strong.
Click here and here for the sessions European pre-market equity newsflow, including earnings from: LVMH, ASML & Adidas.
USD is losing ground vs. peers but holding above the 106 mark after printing a 106.51 high yesterday; the “hawkish comments” from Chair Powell on Tuesday were unable to provide further sustained support.
EUR is enjoying some reprieve vs. the USD after finding a base just above the 1.06 mark yesterday. No revisions to EZ CPI will have come as a relief but talk from FX strategists continues to favour a potential approach to 1.05.
GBP is firmer vs. both the USD and EUR post-UK inflation metrics which came in slightly firmer-than-expected. As such, BoE rate cut bets have been scaled back with the first fully-priced cut pushed back to Nov. from Sept. Cable has eclipsed yesterday’s 1.2472 peak with attention now on a potential test of 1.25.
JPY is firmer vs. the USD but to a lesser extent than peers. That will be of little consolation to JPY bulls given the recent surge in the pair. Yesterday was defined by a sharp sell-off in the European afternoon; suspected by some to be intervention.
Antipodeans are both top of the leaderboard vs. the USD. NZD is digesting the latest NZ inflation metrics. Headline prints were in-line but some stickiness was seen in underlying data.
PBoC set USD/CNY mid-point at 7.1025 vs exp. 7.2404 (prev. 7.1028)
USTs are firmer by a handful of ticks as the benchmark lifts slightly from Tuesday’s Fed-induced hawkish action. Currently at a high of 107-25+ from Tuesday’s 107-13+ contract low which was spurred by Fed speak.
Bund price action is directionally in-fitting with USTs and were unreactive to the unrevised Final HICP metrics; impetus today will be from several ECB speakers including Schnabel (Hawk). Bunds at the mid-point of 130.99-131.36 parameters with the contract low just below at 130.97.
Gilts gapped lower by around 11 ticks before slipping further to a 96.01 trough and new contract low below Tuesday’s 96.03 base after hotter-than-expected March CPI numbers. Gilts have since pared and are modestly firmer on the session, holding around 96.37.
UK sells GBP 3.75bln 4.00% 2031 Gilt: b/c 2.97x (prev. 3.0x), average yield 4.218% (prev. 4.085%), tail 1.4bps (prev. 2.2bps)
Germany sells EUR 0.805bln vs exp. EUR 1.0bln 0.00% 2050 & EUR 0.802bln vs exp. 1.0bln 2.50% 2054 Bund
A subdued session for crude thus far as markets still await Israel’s response to the Iranian attacks from over the weekend; Brent Jun fell under USD 90/bbl to notch a current USD 89.40-90.17/bbl range.
Precious metals are higher across the board but to varying degrees. Spot silver (+1.2%) outperforms, with spot palladium (+0.5%) firmer and spot gold (+0.1%) just about in the green. XAU rebounded from intraday lows to the top of a USD 2,372-91/oz range.
Base metals are mostly higher, with the rally in iron ore prices overnight offering optimism for the sector. 3M LME copper is now back on a USD 9,500/t handle.
US Energy Inventory Data (bbls): Crude +4.1mln (exp. +1.4mln), Cushing -0.2mln, Gasoline -2.5mln (exp. -0.9mln), Distillate -0.4mln (exp. -0.3mln).
TC Energy (TRP) responded to an incident in Yellowhead County involving NGTL which affected a section of the pipeline that was shut down, while there are no reported injuries.
Russia’s primary oil refining oil capacity has been revised up April to 4.4mln tons; refining capacity is set to fall in May by 39% from April to 2.791mln ton, via Reuters calculations.
US President Biden has directed his administration to work with Mexico to stop Chinese evasion of metals tariffs, according to the White House; calls on trade reps to consider increasing the tariff rate on Chinese steel and aluminium products to 25% (currently averages 7.5%)
UK Chancellor Hunt raised the possibility of further tax cuts before the next general election as he counts on recent national insurance cuts and prospects of lower interest rates to improve the ruling Conservative party’s fortunes, according to FT.
ECB confirms renumeration ceiling for Euro Area for deposits and adjusts remuneration of other non-monetary policy decisions
DATA RECAP
UK CPI YY (Mar) 3.2% vs. Exp. 3.1% (Prev. 3.4%); All Services 6.0% vs Exp. 5.9% (prev. 6.1%); MM 0.6% vs. Exp. 0.4% (Prev. 0.6%); click here for more detail.
UK Core CPI YY (Mar) 4.2% vs. Exp. 4.1% (Prev. 4.5%); MM (Mar) 0.6% vs. Exp. 0.5% (Prev. 0.6%)
EU HICP Final MM (Mar) 0.8% vs. Exp. 0.8% (Prev. 0.6%); HICP Final YY (Mar) 2.4% vs. Exp. 2.4% (Prev. 2.4%)
EU HICP-X F&E MM (Mar) 0.9% vs. Exp. 0.8% (Prev. 0.6%); HICP-X F,E,A&T Final YY (Mar) 2.9% vs. Exp. 2.9% (Prev. 2.9%); HICP-X F&E Final YY (Mar) 3.1% vs. Exp. 3.1% (Prev. 3.1%); HICP-X F, E, A, T Final MM (Mar) 1.1% vs. Exp. 1.1% (Prev. 1.1%)
South African CPI YY (Mar) 5.3% vs. Exp. 5.4% (Prev. 5.6%); CPI MM (Mar) 0.8% vs. Exp. 0.9% (Prev. 1.0%); Core Inflation YY (Mar) 4.9% vs. Exp. 4.9% (Prev. 5.0%); Core Inflation MM (Mar) 0.7% vs. Exp. 0.8% (Prev. 1.2%)
NOTABLE US HEADLINES
Tesla (TSLA) Shanghai Megapack factory will start construction in May and begin mass production in Q1’25
Results from LVMH (MC FP) and Adidas (ADS GY) were release within US hours on Tuesday, in the European morning the stocks are firmer by 4% and 8% respectively.
United Airlines Holdings Inc (UAL) – Q1 2024 (USD): Adj. EPS -0.15 (exp. -0.57), Revenue 12.50bln (exp. 12.45bln). PRASM USD 15.79 (exp. 15.68)Revenue passenger miles 57.43bln (exp. 57.36bln). Available seat miles 71.67bln (exp. 71.19bln). Load factor 80.1% (exp. 80.7%). Co. said the demand environment remained strong. (PR Newswire) Shares rose 5.2% pre-market. +5.3% in pre-market trade
GEOPOLITICS
MIDDLE EAST
Iranian ground forces commander said any action by the Zionist entity against us will be met with greater force than last Saturday’s operation, according to Al Jazeera
White House’s Sullivan said the US will impose new sanctions targeting Iran in the coming days which will include Iran’s missile and drone program, as well as entities supporting the IRGC and its defence ministry, while the US anticipates its allies and partners will soon be following with their own sanctions.
Several Iran-related bills passed the committee stage of the US Senate Tuesday that enhance sanctions on Iran’s leaders and require the President to sanction ships, ports, and refineries carrying or processing Iranian oil, according to Iran International via X.
Iranian Admiral says they are to escort Iranian commercial ships to the Red Sea given the regions tensions, via Tasnim; “We are ready for confrontation at all levels and any mistake from the enemies will be met with a wide attack”, via Al Jazeera. “If Israel makes any strategic mistake, it will receive a strong blow”
OTHER
US Defense Secretary Austin spoke with Chinese Defence Minister Dong for the first time in the latest effort to stabilise ties. China’s Defence Minister said China and the US should explore ways to get along with each other and the Taiwan issue is ‘core of China’s core interests’ and must never be hurt, while he added the US side should recognise China’s firm position, as well as respect China’s territorial sovereignty and maritime rights and interests in the South China Sea.
CRYPTO
Bitcoin is modestly firmer and back above USD 63.5k, Ethereum narrowly holds above USD 3k.
APAC TRADE
APAC stocks traded mixed as the region picked up the pieces from the prior day’s heavy selling but with the recovery limited after the choppy performance stateside amid Fed commentary and geopolitical concerns.
ASX 200 eked mild gains albeit with upside capped by a lacklustre mining sector after Rio Tinto’s quarterly production update which showed a decline in iron output and shipments from a year ago.
Nikkei 225 was choppy after somewhat mixed trade data and recent speculation of FX intervention.
Hang Seng and Shanghai Comp. were varied with the mainland underpinned by supportive measures with China’s Financial Regulator vowing to allocate more credit resources to support manufacturing industry development and will continuously increase the proportion of medium to long-term loans for the sector, while financial institutions in Shanghai are to provide CNY 2tln in funding to support innovative technology companies over the next three years under an initiative backed by the PBoC.
NOTABLE ASIA-PAC HEADLINES
PBoC said the China and US financial working teams held a meeting and both sides conducted professional, pragmatic, candid and constructive communication on monetary policy and financial stability, as well as financial regulatory cooperation. China’s Finance Ministry said China expressed concern over US economic and trade restrictions against China and made further responses on the issue of production capacity at the economic work group meeting.
Japanese Chief Cabinet Secretary Hayashi says closely watching FX moves, “prepared for full measures”; rapid FX moves undesirable, important for FX to move in a stable manner reflecting fundamentals; no comment on policies related to FX.
China’s CPCA says NEV retail sales +32% Y/Y to 260k between April 1-14th
DATA RECAP
Japanese Trade Balance Total (JPY)(Mar) 366.5B vs. Exp. 299.9B (Prev. -379.4B, Rev. -377.8B)
Japanese Exports YY (Mar) 7.3% vs. Exp. 7.0% (Prev. 7.8%); Imports YY (Mar) -4.9% vs. Exp. -4.7% (Prev. 0.5%)
New Zealand CPI QQ (Q1) 0.6% vs Exp. 0.6% (Prev. 0.5%); YY (Q1) 4.0% vs Exp. 4.0% (Prev. 4.7%)
RBNZ Sectoral Factor Model Inflation Index (Q1) 4.3% (Prev. 4.5%)
3C ASIA AFFAIRS/
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 64.31 PTS OR 2.14% //Hang Seng CLOSED UP 2.81 PTS OR 0.02% / Nikkei CLOSED DOWN 509.40 PTS OR 1.32% //Australia’s all ordinaries CLOSED DOWN 0.02%///Chinese yuan (ONSHORE) closed UP 7.2388//OFFSHORE CHINESE YUAN CLOSED UP TO 7.2550 /Oil DOWN TO 84.82 dollars per barrel for WTI and BRENT UP AT 89.43/ Stocks in Europe OPENED ALL GREEN
// ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
2 d./NORTH KOREA/ SOUTH KOREA/
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
3 CHINA
CHINA/USA
China will not like this!
(zerohedge)
Biden Calls For Tripling Tariffs On Chinese Steel Ahead Of Speech In Swing State Of Pennsylvania
WEDNESDAY, APR 17, 2024 – 07:20 AM
The White House announced on Wednesday morning that President Biden will call for tripling tariffs on Chinese steel and aluminum in a speech later today to steelworkers in Pennsylvania, a key battleground state.
Biden is set to speak with United Steelworkers union members in Pittsburgh. This is part of a multi-day campaign across the swing state to convince unions and residents about more years of failed ‘Bidenomics.’ While Biden campaigns, New York Judge Juan Merchan warned former President Trump he would be arrested if he skipped the trial in his hush-money case in Manhattan.
“President Biden knows that steel is the backbone of the American economy, and a bedrock of our national security. American steel fueled the country’s industrialization and helped build the middle class,” the White House wrote in a press release.
The Financial Times said Biden will ask trade representative Katherine Tai to triple the import tariff on Chinese steel and aluminum from the current 7.5%.
“It is important for us to get ahead of China’s new export surge and their continued pressure on prices that make it hard for American steel companies to compete,” a senior US official told FT, who added that the actions had “nothing to do with elections.”
Anyone with common sense can see these actions were entirely related to elections in the key battleground state.
FT continues:
Tai is nearing completion of a statutory review of the tariffs that former president Donald Trump levied in his trade war against China.
She is also set on Wednesday to unveil a probe into unfair practices in the Chinese shipbuilding industry, following a petition from United Steelworkers.
White House National Economic Adviser Lael Brainard told reporters, “China’s policy-driven overcapacity poses a serious risk to the future of the American steel and aluminum industry,” adding, “Beijing is simply too big to play by its own rules.”
Meanwhile, a senior administration official told NBC News, “If taken, these actions will not increase inflation … and it will protect American jobs and the steel industry.”
Basic economics says that higher tariffs can spark inflation and drive a negative supply shock, raising the prices of inputs to production and thus increasing output prices.
Revisiting the Biden’s Inflation Reduction Act… Has it brought inflation back to Fed Powell’s comfort zone of sub-2 %? The answer is no. Inflation is reaccelerating.
The Pittsburgh announcement is nothing more than a political stunt as Biden attempts to win Pennsylvania and New York courts have tied Trump’s hands so that he can’t campaign in the swing state for now.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
GERMANY
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL/HAMAS/NORTHERN GAZA/RAFAH
IDF tanks go back into Northern Gaza and warplanes hit Rafah
(Jerusalem Post)
Israeli tanks push back into northern Gaza, warplanes hit Rafah — residents
No immediate comment from IDF on latest offensive actions; Palestinians say airstrikes kill several people
A plume of smoke billows during Israeli bombardment at Al-Daraj neighbourhood in Gaza City on April 16, 2024, amid ongoing battles between Israel and Hamas (AFP)
Israeli tanks pushed back into parts of the northern Gaza Strip on Tuesday that they had left weeks ago, medics and residents said, while warplanes conducted air strikes on Rafah in the south of the territory, killing and wounding several people.
Residents reported an internet outage in the areas of Beit Hanoun and Jabaliya in northern Gaza. Tanks advanced into Beit Hanoun and surrounded some schools where displaced families have taken refuge, said the residents and media outlets of the terror group Hamas.
“Occupation soldiers ordered all families inside the schools and the nearby houses where the tanks had advanced to evacuate. The soldiers detained many men,” one resident of northern Gaza told Reuters via a chat app.
There was no immediate comment by the Israeli army. Israel has said Hamas regularly operates from civilian sites and that it will act wherever necessary against the terror group.
Beit Hanoun, home to 60,000 people, was one of the first areas targeted by Israel’s ground offensive in Gaza last October. After urging civilians to evacuate, the vast majority of whom did, Israel’s heavy bombardment turned most of Beit Hanoun, once known as ‘the basket of fruit’ because of its orchards, into a ghost town comprising piles of rubble.
Many families who returned to Beit Hanoun and Jabaliya in recent weeks after Israeli forces withdrew, began moving out again on Tuesday because of the new raid, some residents said.
Palestinians check the rubble of a building after Israeli bombardment at Al-Daraj neighbourhood in Gaza City on April 16, 2024, amid ongoing battles between Israel and Hamas (AFP)
Palestinian health officials said an Israeli strike killed four people and wounded several others in Rafah, where over half of Gaza’s 2.3 million people are sheltering and bracing for a planned Israeli ground offensive into the city, which borders Egypt.
Just before midnight, an Israeli airstrike hit a house in Rafah and killed seven people, including children, and wounded several others, Palestinian health officials said. There was no immediate Israeli comment.
Palestinian health officials and Hamas media said an Israeli airstrike also killed 11 Palestinians, including children, in the Al-Maghazi refugee camp in the central Gaza Strip. The Israeli military did not immediately respond to a request for comment.
“My brothers were sitting by the door, my brother was injured, and his cousin too, and I lost my son, I do not have a house, nor a husband, nor anything anymore,” said Wafaa Issa al-Nouri, whose son Mohammad and husband were killed in the strike.
“He was playing by the door, we didn’t do anything, I swear we didn’t do anything,” she said.
The Hamas-run interior ministry also said an Israeli air strike had hit a police car in the Tuffah district of Gaza City, killing seven Hamas police officers.
This picture taken from Israel’s southern border with the Gaza Strip shows an Israeli tank rolling along the border with the Palestinian territory on April 16, 2024 (Menahem KAHANA / AFP)
After six months of fighting, there is still no sign of any breakthrough in US-backed talks led by Qatar and Egypt to clinch a ceasefire deal in Gaza, as Israel and Hamas stick to their mutually irreconcilable conditions.
The Israeli military said its forces continued to operate in the central Gaza Strip and that they had killed several gunmen who attempted to attack them.
“Furthermore, over the past day, IDF fighter jets and aircraft destroyed a missile launcher along with dozens of terrorist infrastructure, terror tunnels, and military compounds where armed Hamas terrorists were located,” it added.
In the Nuseirat camp in the central Gaza Strip, residents said Israeli planes bombed and destroyed four multi-storey residential buildings on Tuesday.
The IDF says it carried out airstrikes against dozens of targets in the Gaza Strip over the past day, including a rocket launcher, tunnels, buildings where Hamas operatives were gathered, and other infrastructure.
On Monday White House National Security spokesman John Kirby said humanitarian aid getting into the Strip has increased by a large amount in the last few days.
A truck carrying humanitarian aid arrives for processing at the Kerem Shalom border crossing with Gaza on April 15, 2024. (AFP)
“The aid has increased and quite dramatically in just the last few days,” Kirby said in an interview with MSNBC. “That’s important but it has to be sustained.”
More than 2,000 trucks had been able to get in, about 100 in the last 24 hours alone, Kirby said then.
The amount of aid now entering Gaza is disputed, with Israel and Washington saying aid flows have risen but UN agencies saying it is still far below bare minimum levels.
Israel is under international pressure to allow more aid into Gaza, especially northern areas where famine is expected by May, according to the United Nations.
Israel’s military said it had facilitated the entry of 126 trucks into northern Gaza late on Monday from the south.
It also said it was working in collaboration with the World Food Program (WFP) to facilitate the opening of two more bakeries in northern Gaza after the first began operations on Monday with WFP help.
People walk amid the rubble of buildings destroyed during Israeli operations against Hamas in Khan Younis, in the southern Gaza Strip on April 16, 2024 (AFP)
The war in Gaza erupted after Hamas’s October 7 massacre, which saw some 3,000 terrorists burst across the border into Israel by land, air and sea, killing some 1,200 people and seizing 253 hostages, mostly civilians, many amid acts of brutality and sexual assault.
Vowing to destroy Hamas and return the hostages, Israel launched a wide-scale offensive in Gaza that the Hamas-run territory’s health ministry says has killed at least 33,729 Palestinians, mostly women and children. These figures cannot be independently verified, and are believed to include both civilians and Hamas members killed in Gaza, including as a consequence of terror groups’ own rocket misfires. The IDF says it has killed over 13,000 operatives in Gaza, in addition to some 1,000 terrorists inside Israel on October 7.
END
USA/IRAN TUESDAY MORNING
YOU have to watch this;
Watch: Reporter Asks If Biden Should “Beef Up Iran Posture To Be More Than One Word”
Fox News reporter Peter Doocy again exposed the failings of the Biden Administration Monday when he asked White House National Security Communications Advisor John Kirby to explain how Biden can lead effectively when he’s constantly on the beach, whether he regrets unfreezing assets for Iran, and whether he should beef up his posture to more than the word “don’t”.
“Has President Biden considered maybe beefing up the public Iran posture to be more than just one word?” Doocy asked Kirby, who knew instantly what the reporter was referring to.
“You’re referring to, ‘don’t’?” Kirby responded.
“Don’t’ and they did it anyway,” Doocy fired back, adding “So, now what?”
The most alarming thing about this is that it’s his posture on foreign policy in its entirely.
Doocy continued his line of questioning, asking “Now that we know that the Iranians do not listen to President Biden’s public warnings, is there any regret here about unfreezing billions of dollars for Iranian leaders during the President’s administration?”
Kirby incredibly responded “What unfreezing are you talking about?” as if he had no idea what Doocy was referring to, before going on to attempt to circumvent the issue with semantics.
As Charlie Kirk notes, this denial is on its face ridiculous when considering the timeline of facts:
Kirby also had no answer when Doocy asked why Biden had to return to DC from Delaware on Saturday, despite the fact that his handlers are always saying he can “work from anywhere,” as a way of justifying his constant beach vacations.
This all comes on the heels of revelations that Biden green lighted Iran’s attack and told Israel to “take the win,” of managing to shoot down the vast majority of missiles fired at them, without retaliating.
Ex-Mossad Chief Says Hitting Iran’s Nuclear Facilities ‘On The Table’
WEDNESDAY, APR 17, 2024 – 11:20 AM
Several statements were issued by Iranian leaders on Wednesday as they attended a military parade at a base north of Tehran which featured displays of attack drones and ballistic missiles, just days after Iran’s unprecedented Saturday night attack on Israel.
The head of Iran’s military, Maj. Gen. Abdolrahim Mousavi, addressed the army gathering saying, “Currently, we are in a state of readiness to deal with possible evils, and what we displayed throughout the country today was a small part of our capabilities,” as cited in state media.
President Ebrahim Raisi was also present at the same annual military parade. He warned that even the “tiniest invasion” or attack by Israel will result in a “massive and harsh” response.
Shortly after Raisi’s firm warning, an interview was published by Sky News in which a former Israeli Mossad intelligence chief declared that as part of Israel’s retaliation currently being mulled by the Netanyahu government, striking Iranian nuclear facilities “is on the table.”
The former director of the spy agency, named Zohar Palti, described that he has “no doubt” that PM Netanyahu could “attack sensitive facilities” in Iran as some cabinet ministers are urging it.
Palti further said the question of deciding the timing of Israel’s retaliation operation is “still ongoing” and that some officials are urging Netanyahu to attack “as soon as possible.” However, others in Tuesday’s war cabinet meeting argued for getting international backing especially from Western partners.
While Tehran boasts of having “changed the equation in terms of establishing deterrence, The Wall Street Journal aptly describes the current state of things, and the possibility of miscalculation, as follows:
Israel’s military has long followed a clear policy: When enemies strike, hit back so hard they won’t do it again. That deterrence is no longer working.
Iran, after launching a massive missile-and-drone attack on Israel over the weekend, is threatening to strike again if Israel retaliates. Lebanese militia Hezbollah fires at Israeli forces almost every day despite frequent poundings by Israel. And Hamas continues to launch rockets at Israel even after being bludgeoned following its Oct. 7 attacks, which killed 1,200 people, according to Israeli officials.
With no side willing to compromise for fear of showing weakness and all players seeking greater deterrence, the risk of stumbling into a regional war increases.
Meanwhile, the UK, France, and Germany have sent top-ranking diplomats to Israel in order to urge de-escalation of the crisis. The Biden administration is also said to be not be on board with Israel directly striking back on the Islamic Republic. Netanyahu has affirmed ‘we will make our own decisions’ on security.
German Foreign Minister Annalena Baerbock said after closed-door talks with Netanyahu that “Everyone must now act prudently and responsibly.”
“A spiraling escalation would serve no one, not Israel’s security, not the many dozens of hostages still in the hands of Hamas, not the suffering population of Gaza, not the many people in Iran who are themselves suffering under the regime, and not the third countries in the region who simply want to live in peace,” she added.
END
ISRAEL HEZBOLLAH WEDNESDAY MORNING
This is why Israel must have Hezbollah move back from its border
(JerusalemPost0
Hezbollah claims to target IDF base with ‘Burkan’ missile
Hezbollah, backed by Iran, targets IDF in northern Israel. Tensions escalate with attacks on multiple fronts.
Grad rockets used by Hezbollah(photo credit: Alma Research Institute)
The Iranian-backed terror group Hezbollah claimed on April 17 that it targeted the headquarters of the IDF’s 91st division in Biranit in northern Israel, according to a report at the pro-Iranian Al-Mayadeen media. Sirens sounded in the area of Alkosh, Matat, Fassuta, Netua and Hurfeish on April 17 in the morning.
The 91st division is responsible for the Lebanese border. Hezbollah has claimed to target the base of the division in the past and has also targeted IDF northern command in Safed and also targeted an IDF facility on Mount Meron in the past.
Hezbollah appears to be trying to increase tensions in the north. On April 16 it flew two drones into Israeli airspace and carried out other attacks. This follows the large attack Hezbollah carried out to support the Iranian attack on the night of April 13-14 in which Hezbollah fired more than 150 rockets at IDF bases in the Golan.
On April 17 Al-Mayadeen noted that Hezbollah “in solidarity with Gaza and in response to the attacks on Lebanese villages, the Islamic Resistance in Lebanon announces that it has targeted sites belonging to the Israeli occupation on the border with occupied Palestine.” The Burkan missile has a heavy warhead but can only be fired a short distance.
Israel has wanted Hezbollah to be removed from the border area so it can’t fire large missiles like this and also anti-tank missiles which has used since it began attacks on Israel on October 8 to back Hamas. Hezbollah has fired more than 3,200 missiles and rockets at Israel over six months of attacks.
Hezbollah strikes Israel targets
A Hezbollah fighter stands in front of anti-tank artillery at Juroud Arsal, the Syria-Lebanon border, July 29, 2017. (credit: ALI HASHISHO/REUTERS)
Hezbollah claimed, according to Al-Mayadeen, that it also “targeted a new deployment of Israeli occupation army soldiers south of the same barracks, using rocket weapons and artillery shells, twice in two separate operations.” It claimed to target an area called “Ramia.” It was not clear where this is. Also Hezbollah said they targeted an IDF vehicle near Metulla on the northern border.
In the same report, Hezbollah claimed to target an “Iron Dome battery in Kfar Blum.” Hezbollah claims some of its recent attacks are in “response” to Israel targeting Lebanon and also IDF strikes in the Bekaa valley. It was not clear which strikes the report was referring to, but Hezbollah often claims it is “responding” various attacks and it has an “equation” it uses to decide how to respond.
For instance, the report also says “yesterday, the resistance announced that it had targeted the headquarters of the air control unit in Meron, explaining that it was done with missile and artillery weapons.It targeted the headquarters of the 769th Eastern Brigade Command in Kiryat Shmona, and the headquarters of the 146th Division Command in Gaaton, using, in both operations, Katyusha rockets.” The 769th is the eastern brigade of the 91st division. The 146th is an IDF reserve brigade.
At the same time the report says that the Lebanese Shi’ite movement Amal is mourning the death of “Hussein Qassem Karsht, who died as a martyr following an Israeli aggression against the town of Ain Baal, south of Lebanon.” Amal published an image of him on April 16.
The recent Hezbollah claims indicate how it weighs its decision-making and how it poses as a military group targeting military sites. Hezbollah is an Iranian-backed terrorist group, but it wants to pretend it is defending Lebanon and that it is primarily targeting the IDF in its attacks.
In fact it has damaged and destroyed around 800 homes in northern Israel and forced 50,000 people to be evacuated from the border.
end
ISRAEL/HEZBOLLAH/ARAB TOWN
Hezbollah hits an Arab town
18 hurt, 1 critically, as Hezbollah drone hits community center in northern Israel
Footage shows projectile slamming into building in Arab al-Aramshe, in attack Lebanese terror group calls a response to the killing of three of its members a day earlier
By EMANUEL FABIAN FOLLOWToday, 2:56 pmUpdated at 4:16 pm
Eighteen people were wounded as an explosive drone fired from Lebanon struck a community center in the northern border village of Arab al-Aramshe on Wednesday, medics and the military said.
The victims were taken to Galilee Medical Center in Nahariya. which said that one victim was listed in critical condition and two others were seriously wounded. Another four people were listed in moderate condition, while the remaining victims were lightly hurt, the hospital added.
Hezbollah claimed responsibility for the attack, saying it targeted a building used by the Israeli military with guided missiles and explosive-laden drones.
The terror group said the attack was a response to the killing of three of its members, including two commanders, in Israeli strikes in southern Lebanon a day earlier.
The Israel Defense Forces said that several projectiles struck the border community, but did not immediately release information on casualties. According to media reports, a nearby vehicle was also hit in the attack.
Warning sirens did not sound. The IDF was investigating why the alarms were not activated before the strike.
Footage posted to social media showed what appeared to be an explosive-laden drone crashing down on the community center.
Not long after the strike, alarms warning of incoming rockets sounded twice in Arab al-Aramshe.
Following the attack, the IDF said it targeted the launch sites. Fighter jets also struck a building where Hezbollah operatives were gathered, in southern Lebanon’s Ayta ash-Shab, the military added.
Since October 8, Hezbollah has attacked Israeli communities and military posts along the border on a daily basis with rockets, drones, anti-tank missiles and other means, saying it is doing so to support Gaza amid the war there.
Earlier Wednesday, Hezbollah fired several rockets from Lebanon at the Biranit army base. The IDF said no injuries were caused, and troops shelled the launch sites with artillery.
Overnight, Israeli fighter jets struck several Hezbollah targets in southern Lebanon, the IDF said Wednesday morning.
The targets included military compounds and buildings used by Hezbollah in Khiam, Mansouri, Aalma ash-Shab and Yater, according to the military.
Also on Tuesday, the IDF killed two top Hezbollah commanders and a third member of the terror group in airstrikes in southern Lebanon.
Israel has threatened to go to war to force Hezbollah away from the border if it does not retreat and continues to threaten northern communities, from where some 70,000 people were evacuated to avoid the fighting.
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 278 members who have been killed by Israel during the ongoing skirmishes, mostly in Lebanon, but some also in Syria. In Lebanon, another 54 operatives from other terror groups, a Lebanese soldier, and at least 60 civilians have been killed.
end
ISRAEL/HEZBOLLAH
14 IDF soldiers, 4 civilians wounded by Hezbollah drones, missiles
The wounded have been referred to the Galilee Medical Center in Nahariya, Magen David Adom stated.
Smoke rises from a site hit by an airstrike near the town of Ghaziyeh, Lebanon February 19, 2024(photo credit: REUTERS/HASSAN HANKIR)
14 IDF soldiers were wounded on Wednesday by two Hezbollah drones and two anti-tank missiles around a community center in Arab al-Aramshe, a Bedouin village in the northern Galilee.
The village is less than three kilometers from the Lebanese village from which the anti-tank missiles and drones were launched, likely part of why most of the attacks got past Israel’s warning systems as well as its air defense systems, though the IDF was still probing the issue.
Also, the IDF is probing why the building materials for the structures which were hurt did not sufficiently protect those inside.
Regarding the 14 soldiers, six are seriously wounded, two moderately wounded, and six more lightly wounded.
Community center struck in Arab al-Aramshe, April 17, 2024. (credit: Via Maariv)
The community center was hit by an exploding drone, while another drone did not explode, but still caused harm when it fell.
Reports indicate that four civilians were also wounded in multiple waves of attacks. In addition, a vehicle was hit by an anti-tank missile at the scene, and the wounded were brought to the Galilee Medical Center.
Hezbollah claimed responsibility for the attack on Wednesday, saying it launched missiles and drones on an Israeli military facility in Arab al-Aramshe in response to the Israeli killing of Hezbollah members and commanders in Lebanon.
Residents returned to the border community despite evacuation order
The head of the Bedouin village, Adiv Zaev, said that the village was hit by three projectiles, two of which hit the community center, one directly.
Regarding the presence of residents at the border village, he said that after three months of evacuation, none of the residents were given any financial aid, and as a result, most returned to the village.
Tal Baskas, CEO of the Society for Community Centers, said, “Since the settlement was established, the community center has not been operating according to instructions.” He continued, “We have been providing full assistance to residents of communities that have been evacuated, and the activity continues wherever the residents live.”
The IDF said after the attack that it had targeted the sites where the drones and missiles were fired from, as well as a building in Ayta ash Shab where Hezbollah terrorists were spotted.
Overnight on Wednesday, two Hezbollah commanders were killed, among them the commander of the coastal region of the terrorist organization, Ismail Yusef Baz, who is equivalent to the rank of an Israeli brigade commander.
IDF strikes deep in Lebanon after drone attack
The IDF struck a site near Iaat in Lebanon’s Beqaa Valley, near the city of Baalbek, on Wednesday evening, according to Lebanese reports.
ISRAEL/HAMAS/RAFAH
IDF strikes building in Rafah hiding terrorists
(Jerusalem Post)
IDF strikes building in Rafah, seven killed – report
The Israel Air Force attacked a three-story building in Rafah on Tuesday night, killing seven and wounding several others, Israeli media reported early Wednesday morning.
end
IRAN/ISRAEL
Iranians are sick and tired of the Islamic regime and want change
(Times of Israel)
‘Hit them Israel’: Graffiti painted on Iranian buildings voices support for Jerusalem
Today, 6:13 am
Amid the unprecedented direct conflict between Israel and Iran, Hebrew media has reported on some graffiti that has appeared within the Islamic Republic in recent days, following its largescale attack on Israel, which voices support for the Jewish state.
One declares: “Hit them, Israel. Iranians are behind you.”
קצת עידוד מחברים… גרפיטי אחרי המתקפה האיראנית על ישראל ב- 13 באפריל 2024: “הכי בהם ישראל! העם האיראני לצידכם!”
Translate post
·
52 Views
Another says: “Strike Israel, we’ll do the rest on the streets.”
גרפיטי באיראן שהמשטר כנראה פחות יחבב. בהאשטג בפרסית כתוב ״ישראל תרביצי״
Translate post
·
11.1K Views
A third message states: “War is the ace card for governments in crisis.”
And a fourth encourages Israel to bomb Supreme Leader Ayatollah Ali Khamenei’s home.
Graffiti in Iran after Iranian missile and drone attacks against Israel: “War, ace card for governments in crisis”
Quote
FJ
@Natsecjeff
·
16h
Graffiti in Iran after Iranian missile and drone attacks against Israel: “Israel, hit (the Iranian regime). They don’t have the balls to take revenge.” x.com/Natsecjeff/sta…
·
END
RUSSIA/UKRAINE/USA
Zelensky angry that the west has prioritized Israel over Ukraine for ammuniton
(zerohedge)
Zelensky Angry That Israel Prioritized By West, Says Ukraine Running Out Of Missiles To Defend Airspace
WEDNESDAY, APR 17, 2024 – 12:40 PM
On Wednesday Russian missiles slammed into the northern Ukrainian city of Chernihiv, killing at least 17 people and wounding scores more, according to local officials. The attack came during a busy time of the day in a downtown district.
President Volodymyr Zelensky in the wake of the deadly strikes, which involved at least three missiles hitting targets, lashed out at the West for failing to provide more vital anti-air defenses and missiles. “This would not have happened if Ukraine had received enough air defense equipment and if the world’s determination to counter Russian terror was also sufficient,” he stated.
The wording of the statement strongly suggested his view that allies’ determination is not sufficient, despite tens of billions already spent by the West. “Terrorists can destroy lives only when they first manage to intimidate those who are able to stop terror and protect life,” he added.
Later in the day, Ukraine emergency authorities reported that over 60 civilians were injured in the attack, in addition to the at least 17 dead – a casualty toll which could rise.
In prior statements published Tuesday, Zelensky commented on last week’s Russian attack which destroyed the largest power-generating plant in the Kyiv region. He described that his military had run out of missiles to mount an adequate defense.
“There were 11 missiles flying. We destroyed the first seven, and four (remaining) destroyed Trypillia. Why? Because there were zero missiles. We ran out of missiles to defend Trypillia,” he told PBS.
He and his top officials have of late accused the West of turning a “blind eye” at a moment they are simultaneously focusing on Israel’s defense against Iran. Reuters has said there remains the possibility that at this rate Ukraine could run out of effective anti-air measures altogether:
Reuters was not able to independently verify the account. Zelenskiy has earlier warned that Ukraine has already had to make tough choices about what to protect and said his country could run out of defensive missiles entirely if Russian attacks continued apace.
Destroyed in 11 March strike, Trypilska thermal power plant was the biggest energy facility near Kyiv and was built to have a capacity of 1,800 megawatts, more than the pre-war needs of Ukraine’s biggest city. Other stations and imports have filled the gap for now but residents have been urged to save power.
Ukraine has further in observation of the weekend Iran attack on Israel asked why the US won’t also intercept inbound missiles over Ukraine like it did for Israel.
It “looks extremely strange,” Ukrainian presidential adviser Mykhailo Podolyak told NBC News in an interview on Tuesday.
“How does the civilian population of Ukraine or the civilian infrastructure of Ukraine differ from the civilian population of Israel from a humanistic point of view?” he asked bluntly.
Zelensky himself in a Monday night address described, “European skies could have received the same level of protection long ago if Ukraine had received similar full support from its partners in intercepting drones and missiles.”
“We can now see how unity can work,” Zelensky added, while also expressing frustration that the West rushed to directly intervene in Israel’s defense but not Ukraine’s. This big difference of course is that Russia is a known nuclear power, and much more formidable, while Iran is not.
END
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES
JAPAN
Cureus | Increased Age-Adjusted Cancer Mortality After the Third mRNA-Lipid Nanoparticle Vaccine Dose During the COVID-19 Pandemic in Japan | Article
What we have been telling you all along; it was a lab leak and the Chinese under the direction of Fauci et al ,were doing gain of function research.
“We Have 15,000 Samples In Wuhan … Could Do Full Genomes Of 700 CoVs”: Rand Paul Drops COVID Bombshell
WEDNESDAY, APR 17, 2024 – 11:05 AM
Last week Senator Rand Paul(R-KY) wrote in a Tuesday op-ed that officials from15 federal agencies“knew in 2018 that the Wuhan Institute of Virology was trying to create a coronavirus like COVID-19.”
These officials knew that the Chinese lab was proposing to create a COVID 19-like virus and not one of these officials revealed this scheme to the public. In fact, 15 agencies with knowledge of this project have continuously refused to release any information concerning this alarming and dangerous research.
Government officials representing at least 15 federal agencies were briefed on a project proposed by Peter Daszak’s EcoHealth Alliance and the Wuhan Institute of Virology. -Rand Paul
Paul was referring to the DEFUSE project, which was revealed after DRASTIC Research uncovered documents showing that DARPA had been presented with a proposal by EcoHealth Alliance to perform gain-of-function research on bat coronavirus.
New documents released by Drastic Research show Peter Daszak and the EcoHealth Alliance had applied for funds that would allow them to further modify coronavirus spike proteins and find potential furin cleavage sites. Rep. Gallagher explains why that’s so important.
New documents released by Drastic Research show Peter Daszak and the EcoHealth Alliance had applied for funds that would allow them to further modify coronavirus spike proteins and find potential furin cleavage sites.
Now, Paul points to an email between EcoHealth’s Daszak and “Fauci Flunky” David Morens from April 26, 2020 (noted days before by the House Select Subcommittee on the Coronavirus Pandemic), when the lab-leak hypothesis was gaining traction against Fauci – who funded EcoHealth research in Wuhan, and Daszak’s orchestrated denials and the forced “natural origin” narrative. In it, Daszak laments the “real and present danger that we are being targeted by extremists” (for pointing out that they were manipulating bat covid down the street from where a bat covid pandemic broke out), and called Donald Trump “shockingly ignorant.”
He also told David that he would restrict communications “to gmail from now on,” and planned to mount a response to an NIH request which appears to suggest moving out of Wuhan – to which Daszak says “Even that would be a loss – we have 15,000 samples in freezers in Wuhan and could do the full genomes of 700+ Co Vs we’ve identified if we don’t cut this thread.”
Which means Daszak, funded by Fauci, lied when he said “every single one of the SARSr-CoV sequences @EcoHealthNYC discovered in China is already published.”
And Anthony Fauci concealed the ‘700 unknown coronaviruses’ in Wuhan.
Meanwhile, an EcoHealth progress report referenced “two chimeric bat SARS-like CoVs constructed on a WIV-1 backbone.“
samples tell us this, the ONLY real global warming data and not the corrupted bogus math models…and its not that we do not wish to conserve etc., but let us stop the money grab lies e.g. CARBON TAX
Supreme Court Deals HUGE Blow To BLM On Monday, the U.S. Supreme Court made a ruling that permits the progression of a lawsuit against a Black Lives Matter activist, which was filed by a Louisiana police officer injured during an incident in 2016. READ THE FULL REPORT
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
VENEZUALA
US Prepares To Reimpose Venezuela Oil Ban As Biden Seeks Scapegoat To Resume Draining SPR
BY TYLER DURDEN
WEDNESDAY, APR 17, 2024 – 12:00 PM
For much of the past year, we had joked that behind the facade of western Democratic ideals, was a cold hard truth: the price of oil must not be allowed to go up in an election year. This was obvious in Biden’s “kid gloves” treatment of Iran’s regime, it was obvious when the US implemented “sanctions” on Russian oil that were breached within months with zero enforcement, it was also obvious when the US president became best friends with Venezuela’s dictator Nicolas Maduro last October when, in exchange for a few thousands barrels of Venezuela’s oil, the US lifted sanctions on the person that for years was one of western “democracies” biggest enemies.
And so, nearly half a year later after Biden’s shocking detente with Venezuela’s strongman, and having become the butt of all jokes, Bloomberg reports that Joe Biden’s administration intends to reimpose oil sanctions on Venezuela, ending a six-month reprieve, if Nicolas Maduro’s regime does not take steps in the next two days to honor an agreement to allow a fairer vote in elections scheduled for July.
The US plans to allow a Treasury Department license permitting oil and gas production to expire without renewal on Thursday, according to people familiar with the plan, who asked not to be identified without permission to speak publicly, if Venezuela fails to act.
The report goes on to note that the Biden administration has been trying to buy as much time as possible before finalizing the decision in hopes for an unlikely breakthrough that could change its plan, although that has clearly not happened.
Reimposing sanctions would end a brief respite that had foreign oil executives flocking to the South American nation. Renewed sanctions would set back Maduro’s efforts to restart Venezuela’s economy, which requires significant foreign investment to rebuild the country’s decaying oil infrastructure. Sanctioning the nation’s limited production will bear little immediate impact on the global oil market. But over the medium- to long-term, the lack of investment from Chevron Corp. and other outside investors could ultimately see Venezuela’s oil output decline.
Cracking down on the oil flowing from the country also threatens to drive rising US gasoline prices even higher. That poses a threat to Biden, who has struggled to calm voter anxiety over persistently high inflation in the US in an election in which the state of the economy is taking center stage.
But why now? Why would Biden’s handlers lose so much foreign policy credibility over the past 6 months, just to U-turn now and go back to square one? Well, as Bloomberg notes, if the license expires, “US actions would be taken to ease the impact on Americans and the US oil market.”
Actions like what? Well, the same actions Pizza afficionado and White House senior adviser John Podesta said yesterday were on the docket unless oil prices drop, namely draining even more SPR oil.
“The president did it (release oil from SPR) before … and I think he wants to keep the price of gasoline affordable and he will do what he can to make sure that happens,” Podesta said at the BNEF Summit in New York. He stopped short of saying there would be a release from the SPR any time soon.
Of course he did, knowing the political outcry that would follow. But if the White House has a trigger, say an uncooperative Maduro to point the finger to, then an SPR drain is all but guaranteed.
Meanwhile, it was back when oil was $73 when various idiots made fun of us for pointing out that the SPR will never be refilled, aside for the occasional barrel here and there, injected purely for theatrical purposes.
We wonder what these upward-failing hacks will say when in its last days, the Biden admin’s parting gift to the US will be to fully drain the SPR.
END
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO VS USA DOLLAR: 1.0641 UP .0020
USA/ YEN 154.62 DOWN 0.076 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2456 UP .0027
USA/CAN DOLLAR: 1.3805 DOWN .0017 (CDN DOLLAR UP 17 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 64.31 PTS OR 2.14%
Hang Seng CLOSED UP 2.87 PTS OR 0.02%
AUSTRALIA CLOSED DOWN 0.02%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 2.87 PTS OR 0.02%
/SHANGHAI CLOSED UP 64.71 PTS OR 2.14%
AUSTRALIA BOURSE CLOSED DOWN 0.02 %
(Nikkei (Japan) CLOSED DOWN 509.40 PTS OR 1.32%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 2389.10
silver:$28.48
USA dollar index early WEDNESDAY morning: 105.99 DOWN 8 BASIS POINTS FROM TUESDAY’s CLOSE.
The USA/Yuan, CNY: closed ON SHORE CLOSED UP AT 7.2390
THE USA/YUAN OFFSHORE: (YUAN CLOSED (UP)…. (7.2536)
TURKISH LIRA: 32.51 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.877…
Your closing 10 yr US bond yield DOWN 3 in basis points from TUESDAY at 4.627% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.735 DOWN 2 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.956 DOWN 1 BASIS PTS.
GOLD AT 11;30 AM 2390.20
SILVER AT 11;30: 28.62
Your 12:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: WEDNESDAY CLOSING TIME 12:00 PM//
London: CLOSED UP 27.63 PTS OR 0.35%
German Dax : CLOSED UP 3.79 PTS OR 0.02%
Paris CAC CLOSED UP 48.90 PTS OR 0.62%
Spain IBEX CLOSED UP 107.00 PTS OR 1.02%
Italian MIB: CLOSED UP 238.86PTS OR 0.72%
WTI Oil price 84.75 12: EST/
Brent Oil: 90.10 12:00 EST WEST TEXAS: 85.51
USA /RUSSIAN ROUBLE /// AT: 94.18 ROUBLE UP 0 AND 24/100
GERMAN 10 YR BOND YIELD; +2.4705 DOWN 1 BASIS PTS.
UK 10 YR YIELD: 4.325 UP 2 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0671 UP.0050 OR 50 BASIS POINTS
British Pound: 1.2452 UP .0022 or 22 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.2900 DOWN 4 BASIS PTS//
JAPAN 10 YR YIELD: .877
USA dollar vs Japanese Yen: 154. 33 DOWN 0.362//YEN UP 36 BASIS PTS//
USA dollar vs Canadian dollar: 1.3771 DOWN .0048 CDN dollar UP 48
basis pts)
West Texas intermediate oil: 82.71
Brent OIL: 87.31
USA 10 yr bond yield DOWN 8 BASIS pts to 4.584%
USA 30 yr bond yield DOWN 6 BASIS PTS to 4.703%
USA 2 YR BOND: DOWN 3 PTS AT 4.936%
USA dollar index: 105.77 DOWN 30 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.50 (GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 94.27 UP 0 AND 15/100 roubles
GOLD 2,372.45 3:30 PM
SILVER: 28.28 3:30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 45.64 PTS OR 0.12%
NASDAQ DOWN 220.04 PTS OR 1.24%
VOLATILITY INDEX: 18.05 DOWN 0.35 PTS OR 1.90%
GLD: $219.59 DOWN 1.63 OR 0.74%
SLV/ $25.85 UP .05 OR 0.19%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Crude-Crash Saves Stocks From CTA-Slaughter; Bonds Bid But Bitcoin Battered
WEDNESDAY, APR 17, 2024 – 04:00 PM
A volatile day for markets (relatively speaking) with crude and crypto the high- low-lights.
Goldman’s trading desk (Lee Coppersmith) noted that for the first time all year, it feels like the market is starting to question the strong growth narrative on the back of weaker earnings this AM: ASML -8% spilling into all Semis; JBHT a bellwether transport -7.5% and KNX -3.5% cut their forecast; Industrial REITs (GSSIREID) -3.2% on back of a neg print in the space. All of this weighing on the Momo trade (GSPRHIM) -2%.
Stocks were sliding early on after the cash open but at around 1055ET the following headline hit: STRIKING IRAN’S NUCLEAR FACILITIES ‘ON THE TABLE’, SAYS EX-MOSSAD INTELLIGENCE CHIEF – SKY NEWS which took stocks down aggressively.
But that was reversed higher as oil prices plunged…
Source: Bloomberg
Oil was drifting lower early on amid a larger crude stockpile build but then Maduro and SPR headlines hit and the price plummeted to three-week lows…
Who could have seen that coming?
Then around 1440ET stocks went vertical.. because, frankly, no idea at all… and then reversed it just as fast! An almost perfect redux of what we saw yesterday around the same time…
Notably, the driver for that spike was a sudden surge in 0-DTE call-buying…
That did not last long – just like yesterday, and by the close Equities were back near the lows of the day with Nasdaq and Small Caps the biggest laggards. The S&P was down around 0.5% on the day and The Dow was unable to hold unchanged…
The bounce in stocks – thanks to plunging crude prices – rescued stocks critical CTA thresholds that should remain on everyone’s radar: medium term threshold = 4880 (~2.7% below spot). Goldman warns this would trigger >$50bn in SPX supply over 1 month. As a reminder, the short-term CTA sell threshold was 5,135 yesterday.
One more thing before we leave equity-land, VIX ended the day unchanged, while stocks were down quite notably – are we finally seeing some call-unwinds?
Source: Bloomberg
Oddly, gold also started to tumble around the same time as oil plunged…
Source: Bloomberg
Treasuries were very well bid today with a strong 20Y auction further emboldening buyers this afternoon. The belly of the curve outperformed, with 5Y -9bps, 2Y and 30Y -5bps…
Source: Bloomberg
The 2Y Yield thoroughly rejected 5.00% for now…
Source: Bloomberg
While yields tumbled, rate-cut expectations were basically unchanged…
Source: Bloomberg
The dollar dropped for the first time in six days – its biggest drop since March 7th…
Source: Bloomberg
But the big move on the day… was in crypto which puked hard along with stocks, losing its $60k handle briefly before bouncing back a bit…
Source: Bloomberg
Ethereum outperformed bitcoin on the day, erasing most of its big relative puke last Friday/Saturday…
Source: Bloomberg
Finally, as we detailed earlier, the market has seen more Hindenburg Omens than in any year since the peak of the
Source: Bloomberg
‘Probably nothing!’
END
MORNING TRADING/
AFTERNOON TRADING/
II USA DATA
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
total cost of the debt relief: 750 billion dollars which must be added to the USA debt
(zerohedge)
Biden’s New Student Debt Relief Will Add Up To $750 Billion To The Budget Deficit
The Biden Administration recently announced a new plan to cancel student debt for up to 30 million borrowers and released a preliminary rule this morning detailing parts of this plan. The proposal, which is being introduced through the rule making process, would replace the Administration’s initial proposal to cancel between $10,000 and $20,000 per person of debt, which was struck down by the Supreme Court.
Elements of the plan in today’s proposed rule would cost nearly $150 billion, according to the Department of Education. However, this excludes a proposal to allow the Secretary of Education to cancel debt for those facing hardship or likely to default. Including this provision, we estimate the plan could cost $250 billion to $750 billion, depending on how the additional cancellation is designed.
The plan itself has five major components. It would:
Cancel accumulated interest for borrowers with balances higher than what they initially borrowed, capped at $20,000 for those in standard repayment and uncapped but restricted to individuals making less than $120,000 annually or couples making under $240,000 enrolled in an income-driven repayment (IDR) plan.
Automatically cancel loans for borrowers in standard repayment who would be eligible for cancellation had they applied for programs such as Public Service Loan Forgiveness (PSLF) or the new IDR program, Saving on a Valuable Education (SAVE).
Automatically cancel loans for borrowers who have been repaying undergraduate loans for over 20 years or graduate loans for over 25 years.
Cancel debt of those who attended low-financial-value programs, including those that failed accountability measures or were deemed ineligible for federal student aid programs.
Forgive debt of borrowers who are “facing hardships” or are likely to default on their loan payments.
The Department of Education has estimated the first four components of the plan would cost $147 billion over a decade, with half the cost stemming from the cancellation of accumulated interest. This is in line with estimates we are currently producing, though well above estimates of $77 billion from the Penn Wharton Budget Model (PWBM). A huge source of uncertainty is how these provisions would interact with existing IDR programs and how much of the debt would otherwise be cancelled under current policy.
Importantly, today’s rule does not include the Administration’s hardship cancellation plan, which would “authorize the automatic forgiveness of loans for borrowers at a high risk of future default as well as those who show hardship due to other indicators.”
This is by far the most unclear and potentially the most costly part of their proposal, since cancellation could be both wide-ranging and ongoing. We estimate this proposal could cost between $100 billion and $600 billion over a decade. However, there’s a tremendous amount of uncertainty, with design choices possibly resulting in much lower costs than our range – for example, PWBM estimates this provision would only cost $7 billion.
It is unclear how the Administration will define hardship, but they discuss 16 possible criteria such as other consumer debt, age, and health care or housing expenses and also declare hardship could be defined based on “any other indicators of hardship identified by the Secretary.” In assessing default risk, the rule allows cancellation for cancellation for those with an 80 percent likelihood of default, as determined by the Secretary. Importantly, over $150 billion of debt is currently in default (and loans in default generally have around a 70 percent recovery rate). We also estimate that a further 6 million borrowers are over 90 days delinquent on their loans, which is another predictor of a high likelihood of default and would further push up the number. The historically high rates of delinquency appear to be related to challenges around restarting student loan repayments last year.
While the default provision would be limited to the next two years under the most recent draft of the proposal, the hardship component has no time limit and thus opens a new venue for a future administration to cancel large amounts of student loan debt. An analysis by FREOPP argues that it could cover over 70 percent of college students.
In total, our $250 billion to $750 billion estimate for the total cost of the plan would be in line with the cost of the Administration’s $400 billion blanket debt cancellation, which was ruled illegal by the Supreme Court. It would be on top of more than $600 billion of debt cancellation already enacted through unilateral executive action. As we have shown before, these policies would put upward pressure on inflation and interest rates by supporting stronger demand, and much of the benefits would accrue to high-incomeandhighly-educated Americans. In the coming weeks, we will produce further analysis of the Administration’s latest proposal and continue to refine our cost estimates as more data is made available. These analyses will be available at our student debt cancellation resources page.
end
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
The Social Compact with Canadian Jews Is Broken and Needs to be Restored :: Gatestone Institute
After Oct. 7, even before Israel invaded Gaza to root out Hamas, there were hate rallies in Canada. It quickly became obvious that their targets were not Israelis, but Jews everywhere: in workplaces, unions, universities and on the street. What is their goal? To intimidate the Jewish community, in the hope that it will capitulate and that its members will forfeit their identities as Jewish Canadians and perhaps even feel forced to leave. Pictured: Anti-Israel protesters in Montreal, Canada, on November 18, 2023. (Photo by Alexis Aubin/AFP via Getty Images)
There are very few Jews in the world. Not even one per cent of the world’s population is Jewish. Not even 0.1 per cent. In fact, only about 15 million of the world’s population of 8 billion people — less than .02 per cent — are Jewish. Canada has the fourth-largest population of world Jewry at 335,000, less than one per cent of our 39 million population, dramatically smaller than the Muslim population, now approaching two million.
Canada’s Jewish community has always taken pride in this country, contributing mightily in science, medicine, business and all forms of media and culture. It is part of Jewish upbringing to add value to the society in which one lives, which is perhaps why, despite the minuscule numbers, nearly 40 per cent of world chess champions have been Jewish and 22 per cent of Nobel Prize winners.
Perhaps millennia of oppression have driven Jews to succeed in the hope of protecting themselves, through their accomplishments, from persecution. That success has been abetted by learning and study, integral to Jewish culture.
Some societies, such as Canada and the U.S., welcomed their Jewish citizens, at least after the Second World War. Before that, the view of the government of then-Prime Minister William Lyon Mackenzie King in response to Jewish efforts to come to Canada to escape the Holocaust was that “none is too many.” Only 5,000 Jews were admitted between 1933 and 1945. Notably, the MS St. Louis, with more than 900 Jews fleeing Europe aboard, was not permitted to disembark in Halifax in 1939, many of its occupants knowingly, by then, consigned to the concentration camps and death. A shameful episode recently apologized for by our apologizer-in-chief, Prime Minister Justin Trudeau.
Given their small numbers and the omnipresence of antisemitism, the Jewish community is reliant on protection from society: the courts, the legal system, the police and public sentiment itself. That is the social compact under which the community is able to thrive — and give back. For example, my own father, who was honoured along with my mother with the Negev Dinner award for their contributions to the Jewish community of Hamilton, gave even more to non-Jewish charities in that city.
But the social compact is now broken. Supporters of the terrorist group Hamas and their fellow travellers have been permitted to harass members of the Canadian Jewish community, importing their hatreds from the Middle East. This kind of personal hostility has not been reciprocated — Jews have been prominent in the civil rights movement, including fighting Islamophobia when it arises.
First, after Oct. 7, even before Israel invaded Gaza to root out Hamas, there were hate rallies, notably denounced by Ontario Premier Doug Ford and even, initially, by Canada’s Deputy Prime Minister Chrystia Freeland.
These featured the chant “From the River to the Sea, Palestine will be free” — a blatant call for the elimination of Jews from Israel — and sometimes insignia and slogans targeting Jews wherever they may be.
Despite hate speech laws, the police did nothing.
It quickly became obvious that their targets were not Israelis, but Jews everywhere: in workplaces, unions, universities and on the street. The impact: many Jews who used to wear skullcaps, Stars of David or other indicia of Jewish identity have removed them. Even in the privacy of their residences, Jews removed the mezuzahs from their front doors in fear of being attacked. Jewish businesses were spray-painted with antisemitic messaging, some were burned or otherwise vandalized, and ever-present rallies targeted Jewish hospitals, synagogues and, worse, residential neighbourhoods. Again, the police did little — besides prominently bringing the hooligans coffee at their main daily rally in one of the most Jewish residential neighbourhoods of Toronto.
What is their goal? To intimidate the Jewish community, in the hope that it will capitulate and that its members will forfeit their identities as Jewish Canadians and perhaps even feel forced to leave. Jews throughout this country are saying they never expected to see this kind of antisemitism within their lifetime — not in Canada. Notably, much of this intimidation is illegal, criminal conduct, as is masking to avoid detection.
Context is always important. In survey after survey, Canadians and Americans have shown that they support Israel over Hamas, support their Jewish neighbours and understand why Israel had to counterattack after the horrors of Oct. 7.
It is not just Jews who are under attack. Our entire civilization is threatened. The chants a short time ago to “shut down Christmas” and the demonstration preventing Trudeau from meeting the prime minister of Italy at the Art Gallery of Ontario, as well as rallies outside city halls, are deliberately targeting the functioning of society.
In the meantime, our federal government — perhaps cognizant of the larger Muslim population and its strength at the polls — has forfeited its historic position of supporting the Middle East’s only democracy and, with the notable exception of Liberal Party MPs such as Anthony Housefather and Marco Mendicino, supported a New Democratic Party resolution equating Hamas and its Oct. 7 atrocities with democratic Israel’s campaign to permanently eliminate the Hamas threat. After all, if there was a ceasefire now, Hamas would regroup and strengthen, as it has after every previous ceasefire, and would still run Gaza. The Israeli hostages would be stuck in Gaza indefinitely and Hamas would, as it keeps promising, repeat the Oct. 7 attacks a second, third and fourth time until Israel is eradicated. A ceasefire would also ensure that there would never be a Palestinian state, since no Israeli government could risk one resembling Gaza. It would also leave tens of thousands of Israelis as refugees within their own country, unable to return to border communities. It is not as if Hamas will somehow reform its ways: its 1988 charter has two main objectives, killing all Jews and the eradication of Israel.
Our federal government has also reinstated funding for UNRWA, despite indications that some of its employees are members of Hamas. And perhaps most dangerously, the feds now plan to bring in Gazans, despite the Palestinian Centre for Policy and Survey Research poll finding that over 70 per cent of Gazans, even as of last month, support the massacre Hamas committed. What will the impact of that be? More troops for the hate rallies and possibly much worse.
Things are indeed getting worse. It is like employment law. If bad behaviour is permitted, it gets worse.
A telling example occurred last month. The longstanding Hamilton Jewish Film Festival, an apolitical cultural festival like others in Canada’s ethnic communities, was shut down, citing security concerns, by threats of violence. The cinema was bombarded with “safety related emails, phone calls and intimidating social media messages.” Once upon a time, in the Hamilton I knew and grew up in, that would have caused legions of tough Hamiltonians from the steel factories and elsewhere to attend that film festival, lining up in front to protect it from attacks, not timorous acquiescence. Similar pressure led the premier of British Columbia to force the resignation of Jewish cabinet minister Selina Robinson, who subsequently left the party over its capitulation to antisemitic pressure.
Canadian champion cyclist Leah Goldstein was disinvited from her keynote speech at an International Women’s Day event when event organizers gave in to what they called “an extremely vocal group” of anti-Israel agitators. Their strategy is working, and the radical Hamas supporters and woke compatriots will keep coming after Jews in this country.
What should be done?
First, the Canadian Jewish community must be more like Israelis — tougher and prouder in wearing their religion on their sleeves. That means keeping their mezuzahs on their doors, and if it requires neighbourhood watches, customary in Hasidic areas of Montreal for decades, then they should form them.
Second, the political authorities must require the police to end the hate rallies by arresting the miscreants spouting hate speech. They must ensure police are there in force whenever there are going to be attempts to breach the peace.
Third, the antisemites attending these rallies and spewing public hate speech must be identified and employers should fire them for cause if they are in public-facing, client-facing or management positions, as such employees damage their employer’s brand. For my part, I will represent any employer sued by such a miscreant, pro bono.
Fourth, police should charge masked protesters who are screaming out hate speech and their identities should be publicly disclosed.
Fifth, Canadians should make clear to their government that they should support Israel’s attempt to eradicate Hamas terrorism and to their Jewish fellow citizens, that they stand with them during this trauma and that they will not permit the 1930s to be revisited.
Sixth, there should be no easy entry to Canada by residents of Gaza, given their almost unanimous support for Hamas.
Howard Levitt is the senior partner of Levitt Sheikh, Canadian employment and labour lawyers, and Bencher (Director) of the Law Society of Ontario. This article previously appeared in The Financial Post, and is reprinted here with the kind permission of the author.
end
iiiC USA COVID //VACCINE ISSUES
END
FREIGHT ISSUES/USA
END
VICTOR DAVIS HANSON
END
SWAMP STORIES
Biden Refuses To Testify In GOP Impeachment Inquiry
President Joe Biden will not be testifying to U.S. House of Representatives members who are engaged in an impeachment inquiry against him, the White House said on April 15.
Richard Sauber, special counsel to the president, told House Oversight Chairman James Comer (R-Ky.) that the president would not testify in the “partisan charade.”
“Your committee’s purported ‘impeachment inquiry’ has succeeded only in turning up abundant evidence that, in fact, the president has done nothing wrong,” Mr. Sauber said in a letter to Mr. Comer.
“Your insistence on peddling these false and unsupported allegations despite ample evidence to the contrary makes one thing about your investigation abundantly clear: The facts do not matter to you,” he added.
Republicans in their investigation have found that millions of dollars flowed from businesses and individuals, including foreigners, to members of the Biden family while President Biden was vice president.
They’ve also identified payments from Hunter Biden’s business to the president, and from the president’s brother to him, as well as emails between President Biden and an associate of Hunter Biden. Several witnesses, meanwhile, testified that President Biden would get on the phone with Hunter Biden’s associates and that he attended multiple meals with them.
President Biden and the White House have maintained that he was not involved with the business undertaken by his son and brother.
Mr. Comer wrote to the president in March, saying the evidence “wholly contradicts your position.”
“In light of the yawning gap between your public statements and the evidence assembled by the committee, as well as the White House’s obstruction, it is in the best interest of the American people for you to answer questions from members of Congress directly, and I hereby invite you to do so,” Mr. Comer wrote at the time.
“The apple doesn’t fall far from the tree in the Biden family. Like his son, Hunter Biden, President Biden is refusing to testify in public about the Bidens’ corrupt influence peddling,” Mr. Comer said Monday.
“This comes as no surprise since President Biden continues to lie about his relationships with his son’s business partners, even denying they exist when his son said under oath during a deposition that they did,” he said. “It is unfortunate President Biden is unwilling to answer questions before the American people and refuses to answer the very simple, straightforward questions we included in the invitation. Why is it so difficult for the White House to answer those questions? The American people deserve transparency from President Biden, not more lies.”
It’s not clear whether lawmakers are considering subpoenaing the president, and the White House did not respond when asked whether the president would comply with a subpoena.
Mr. Comer and other members have said they want answers to questions, including those about the source of the money for the payment from his brother.
They’re also wondering whether President Biden ever interacted with Hunter Biden’s associates, such as Chinese businessmen Jonathan Li, Ye Jianming, and Henry Zhao.
Lawmakers also want more details about the work done by Eric Schwerin, one of the associates, for President Biden. Mr. Schwerin told lawmakers that he often met with President Biden and provided him with free services, including tax preparation.
Lawmakers have yet to outline the next steps in the inquiry. The November election is looming and, if President Biden loses his re-election bid, he would exit the presidency regardless in January 2025.
Mr. Sauber, the special adviser to the president, is leaving the White House early next month. He was brought on in 2022 to oversee the White House’s response to congressional investigations as Democrats braced to lose their majorities on Capitol Hill that year.
The Associated Press contributed to this report.
KING REPORT
The King Report April 17, 2024 Issue 7223
Independent View of the News
US makes failed bid for Iran to allow ‘symbolic strike’ by Israel – The Cradle Washington used diplomatic backchannels to ask Tehran not to retaliate to an Israeli strike, which would allow Tel Aviv to ‘save face’ following the massive retaliatory attack launched by Iran – Tehran “outright rejected” the proposal, delivered by mediators, and reiterated warnings that any Israeli attack on Iranian soil would be met with a decisive and immediate response. The reply was delivered directly to the Swiss envoy in Tehran by officials from the Islamic Revolutionary Guard Corps (IRGC) and not the foreign ministry. According to The Cradle’s source, the decision for the IRGC to reply directly was meant “to send a strong warning to the US.”…https://thecradle.co/articles/exclusive-us-makes-failed-bid-for-iran-to-allow-symbolic-strike-by-israel
BofA Shares Drop as Charge-Offs ($1.5B, +26% q/q) for Bad Loans Exceed Estimated – BBG
@NBCPolitics: House Speaker Mike Johnson unveiled a plan to advance foreign aid to Israel, Ukraine and Tawain in separate bills and move a fourth piece of legislation wrapping other Republican national security priorities together. https://t.co/8fLDQh1a9W
@seanmdav: After promising he would secure the border before sending billions to foreign nations, Mike Johnson has banned amendments to secure the border and is holding Israel hostage to get more money for Ukraine.
GOP @RepThomasMassie: I just told Mike Johnson in conference that I’m cosponsoring the Motion to Vacate that was introduced by @RepMTG. He should pre-announce his resignation (as Boehner did), so we can pick a new Speaker without ever being without a GOP Speaker.
Dem Rep. (will vote to save Johnson) @JaredEMoskowitz: My position hasn’t changed. Massie wants the world to burn, I won’t stand by and watch. I have a bucket of water.
Fed’s reverse repo facility plummets to lowest level in nearly three years Monday is the deadline for most U.S. tax returns and a key settlement date for Treasury debt auctions, which can influence activity at the reverse repo facility. Scott Skyrm, executive vice president at money market trading firm Curvature Securities, says money is coming out of reverse repos to deal with financing the Treasury’s debt issuance… (Less support of Treasuries!) https://t.co/h4n31GG09g
Israel didn’t attack Iran on Tuesday. So, the usual suspects eagerly bought stocks for the Expiry Manipulation and earnings season rally. Plus, Tuesday was the final trading day for April VIX options. Today is settlement for expiring March options. Therefore, if there is a manipulation into the 14:15 ET VIX Fix, which will be used to settle expiring VIX options, look for a reversal after the scheme.
ESMs vacillated between modest gains and losses from the Nikkei opening until they broke lower at 22:26 ET. ESMs hit a daily low of 5081.25 at 22:36 ET. ESMs rallied until they peaked at 5:08 ET (5103.50). After a slump to 5088.00 at 6:22 ET, ESMs exploded to a daily high of 5120.25 at 7:50 ET. They sank to 5103.25 at 8:30 ET. The usual suspects aggressively bought for the NYSE opening pump and dump. ESMs surged to 5120.00 at 8:42 ET and then sank, effectively creating a double top.
After ESMs tumbled to 5081.50 (effective double bottom), they surged to 5111.25 at 11:54 ET. ESMs then sank to 5092.00 at 12:02 ET but rebounded to 5108.50 at 12:51 ET. ESMs then went inert.
Traders got long on the hope that Powell would issue dovish remarks at his 13:15 ET appearance.
Powell remarks from ‘Fireside Chat’ in DC on Canadian economyRecent data shows lack of further progress on inflationUS Labor Market has been moving into better balanceBroader wage pressures continue to moderate gradually12-month core PCE estimated to be little changed at 2.8%Will likely take longer for confidence on reducing inflation after recent data(The US -year yield jumped past 5%, highest since November, on Powell)Appropriate to let policy take further time to workFirm inflation last quarter has introduced new uncertainty over when and whether the Fed will be able to lower ratesThis inflation isn’t the standard case of overheated demand (It’s Fed largess & fiscal debauchery)If higher inflation persists, the Fed can hold rates as long as needed
ESMs sank to a daily low of 5078.75 at 13:32 ET on Powell’s hawkish comments regarding inflation. ESMs then spurted to 5100.25 at 13:26 ET, 22 handles in 4 minutes, on a report that WH advisor John Podesta, speaking a climate change soiree at Columbia U responded to a question about future SPR releases by stating that the WH will do what is necessary to keep gas prices low. This indicates that Obama-Biden are deeply concerned that Israel-Iran could sent gasoline to the moon, Alice!
ESMs then retreated to 5090.50 at 13:50 ET. It was time for the manipulation for the 14:15 ET VIX Fix. ESMs jumped from 5095.15 at 14:04 ET, when Powell finished his Fireside Chat, to a new daily high of 5123.25 at 14:12 ET on blatant and supposedly illegal manipulation to game the 14:15 ET VIX Fix.
ESMs then plunged to 5097.25 at 14:16 ET, a 26-handle plunge in 4 minutes. Manipulators got too long and then panicked to unload. Yes, Virginia, the US stocks market, daily, is casino of trading schemes, machinations, and manipulations. This is a far cry from a market for capital formation.
After a modest rebound, ESMs sank anew, hitting 5083.25 at 13:21 ET, -40 handles in 9 minutes! The usual suspects then poured into ESMs for the last-hour rally. ESMs surged to 5116.50 at 15:00 ET. After a 12-handle drop, ESMs headed higher. But at 15:28 sellers appeared; ESMs sank to 5093.25 at 15:35 ET. It was time for the late manipulation. After a 13-handle spurt, ESMs were inert; they broke lower at 15:47 ET. ESMs sank to 5088.00 at the NYSE close.
ESM trading during from the US repo market opening at 7 ET until midday was volatile and hectic because markets were thin. Numerous professional traders did not want to play given that at any moment a headline could appear that could shake the markets.
Positive aspects of previous session Expiry Week and Earnings Season upward bias boosted stocks – until Powell happened A manipulation for the VIX Fix produced a manic but short-lived rally
Negative aspects of previous session The DJTA sank 0.92% on JB Hunt’s 35% y/y earnings plunge & 8.8% y/y revenue decline Bonds declined sharply in early US trading; the 2-year breached 5% Powell disabused beaucoup Street denizens of their delusional rate cut fantasies Gasoline rally sharply despite reports of WH vow to manipulate gas prices lower Big Bank results, ex-trading profits & deals, have been mostly disappointing.
Ambiguous aspects of previous session Can the usual suspects generate a Weird Wednesday rally?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5057.03 Previous session S&P 500 Index High/Low: 5079.84; 5039.83
Reports say Hamas claims it can only deliver ‘roughly 20 hostages.’ Are most hostages dead?
@JerryDunleavy: The Biden Admin — after nearly three years of refusing to admit his identity — has confirmed the Abbey Gate bomber was ISIS-K terrorist Abdul Rahman al-Logari, who was freed from a prison at Bagram by the Taliban weeks after U.S. abandoned the base.https://twitter.com/JerryDunleavy/status/1779996005678579870
The House delivered the articles of impeachment against Mayorkas (Border Czar) to the Senate.
Today – The usual suspects played their games and schemes on Tuesday, but Powell and Israel-Iran thwarted their designs. However, today is Weird Wednesday, which is usually the peak intensity of the manipulation to squeeze expiring options; and it’s VIX settlement for expiring April options.
Once again, be alert for unusual activity into and after the 14:15 ET VIX Fix. Tuesday’s hectic activity could continue because the usual suspects will do their deeds while fundamental sellers unload.
ESMs hit +14.50 on Weird Wed. buying at 20:00 ET. ESMs are +7.75 and Gold is -8.20 at 20:22 ET.
Expected earnings: TRV 4.84, ABT .95, USB .87, CSX .45, DFS 2.96; Fed Beige Book 14:00 ET
S&P Index 50-day MA: 5116; 100-day MA: 4921; 150-day MA: 4728; 200-day MA: 4666 DJIA 50-day MA: 38,856; 100-day MA: 38,000; 150-day MA: 36,618, 200-day MA: 36,163 (Green is positive slope; Red is negative slope)
S&P 500 Index (5051.41 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 4638.30 triggers a sell signal Weekly: Trender and MACD are positive – a close below 5039.51 triggers a sell signal Daily: Trender and MACD are negative – a close above 5229.93 triggers a buy signal Hourly: Trender and MACD are negative – a close above 5098.76 triggers a buy signal
Illegals Instructed to Vote Biden for Border NGO to ‘Stay Open’ An advocacy group based in Northeastern Mexico that lobbies U.S. lawmakers has distributed and posted flyers encouraging illegal immigrants to vote for President Joe Biden in the 2024 election, according to The Heritage Foundation’s Oversight Project… U.S. Homeland Security Secretary Alejandro Mayorkas, a Biden appointee who recently was impeached by the House for not enforcing border laws, is a former board member of HIAS… https://www.dailysignal.com/2024/04/15/group-in-mexico-displays-flyers-urging-illegal-aliens-to-vote-for-biden/
Reports say the marchers to NYC Hall claim that they were duped by agitators that told them green cards were being disbursed there.
Dozens of migrants rush past shocked California (Carlsbad) beachgoers after speedboat suddenly washes ashore in wild videohttps://t.co/ymLXq3DQ34
Crime-Ridden San Francisco Seeks to Allow Lawsuits Against Grocery Stores Fleeing the City as Mass Corporate Exodus Continues – Dean Preston, another member of the Board of Supervisors, recently introduced a proposal called the Grocery Protection Act, which would require a closing store to provide the city six months’ notice and try to find a replacement supermarket for the location it’s vacating… https://finance.yahoo.com/news/crime-ridden-san-francisco-seeks-151304061.html
Illegal migrant convicted of child rape arrested after district court (Boston) ignored detainer requesthttps://t.co/euEuv8LVaI
@nicksortor: Judge Merchan decided that a juror who made multiple posts celebrating Biden and about joining a Biden Victory Party CAN in fact be IMPARTIAL in a criminal trial against Trump. Why, you ask? She says she thought she was joining an “essential worker party.” I’m not kidding…
Back in February, when everyone was predicting a Fed rate cut, precious metals expert and financial writer Bill Holter said rates would be going up and not down. Since that call, the 10-Year Treasury is up more than 30 basis points. It closed today at 4.67%. Now, Holter is still calling for higher interest rates that will coincide with higher gold and silver prices. Why? It’s called inflation, and it’s not temporary. Holter explains, “Foreigners are backing away from buying Treasuries. That is the only thing that has kept the doors open, so to speak, is the fact we are able to borrow an unlimited amount of money because we are the world reserve currency. Foreigners backing away from our debt is going to lead the Federal Reserve to be the buyer of last, and then, only resort. So, you will have direct monetization between the Fed and the Treasury. What that will cause is a currency that declines in purchasing power. It will decline in a big way, and it will decline rapidly. So, what I am describing is inflation that turns into hyperinflation.”
But that is not the end of our problems. Holter points out, “I do think it is going to get worse, and that means interest rates will go higher, and that will put on much more pressure. We are at 4.65% on the 10-Year Treasury now. We went from 3.75% to 4.65% (in a short amount of time). We run through 5% on the 10-year Treasury, and everything blows up. . . . The bottom line here is we are at the end game of a fiat currency. Young people have never experienced high inflation. . . . Where we are this time around, Paul Volker (Fed Head in 1979) was able to raise rates to 16% or 17% and crush inflation. He was able to do that because there was not a ton of debt. The U.S. debt back in 1980 was 35% of GDP. Now, it is 125% plus debt to GDP. If you raise rates to 6% to 8%, you will blow up the entire system because much of this debt was put on during the 1% to 3% interest rate time. . . . The inflation is going to push rates higher no matter what the Fed says.”
Gold is hitting one new record high after another. It’s not greed, but fear, and Holter says, “Big money is buying gold because they are looking for protection.” The other wild card is war, and Holter says, “War is a way to keep the system propped up.”
In closing, Holter contends, what you are seeing is not a series of mistakes by incompetent people. Holter says, “This is too stupid for it not to be the plan. . . .This is not a Republican or Democrat thing. We are being steered directly into a brick wall because the globalists can’t take over the world with the US standing. They have to take the US down, and if they take the US down, so will the western financial system fall. If that happens, the globalists can have their way.”
There is much more in the 46-minute interview.
Join Greg Hunter as he goes One-on-One with financial writer and precious metals expert Bill Holter for 4.16.24.
Bill also added that according to his former business partner, Jim Sinclair (who died in October of 2023) said at some point gold will start a rally that you never sell. Holter thinks the rally in gold and silver going on now is the rally Sinclair was talking about years ago.
Bill Holter’s new website is still growing, and it is totally free. It’s called BillHolter.com.
harveyorganblog.com 
