GOLD PRICE CLOSED DOWN $3.75TO $2324.75
SILVER PRICE DOWN $0.05 TO $27.27
Gold ACCESS CLOSED $2314,65
Silver ACCESS CLOSED: $27,16
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:$66,390 DOWN 270 DOLLARS.
Bitcoin: afternoon price: $63,959 DOWN 3709 dollars
Platinum price closing DOWN $5.85TO $908,80
Palladium price; DOWN $19.55 AT $1006,05
END
SHANGHAI GOLD PREMIUM 38 DOLLARS/COMEX GOLD
SHANGHAI GOLD…
SHANGHAI GOLD (USD) FUTURES – QUOTES
Last Updated 24 Apr 2024 10:28:15 AM CT.
Market data is delayed by at least 10 minutes.
…from the CME….
“As of Monday, April 1, 2024, CME Group settlement data is no longer accessible through ftp.cmegroup.com and has a delayed publication time of 12:00 a.m. CT on all cmegroup.com web pages. Learn about alternate ways to access the data in our FAQ.”
Now I retrieve the data after 1 am
I will now provide gold in Canadian dollars, British pounds and Euros
4: 15 PM ACCESS
*CANADIAN GOLD: $3171.69 DOWN 2.43CDN dollars per oz( * NEW ALL TIME HIGH 3,301.52 CDN DOLLARS PER OZ//APRIL 16 2024)
*BRITISH GOLD: 1857,18DOWN 8.10 pounds per oz// *(NEW ALL TIME HIGH//CLOSING///1933.24 BRITISH POUNDS/OZ) APRIL 19/2024
*EURO GOLD: 2163.50 DOWN 713uros per oz //* (ALL TIME CLOSING HIGH: 2248.89 EUROS PER OZ//APRIL 16.2024)
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END
EXCHANGE: COMEX
XCHANGE: COMEX
CONTRACT: APRIL 2024 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,327.700000000 USD
INTENT DATE: 04/23/2024 DELIVERY DATE: 04/25/2024
FIRM ORG FIRM NAME ISSUED STOPPED
132 C SG AMERICAS 14
435 H SCOTIA CAPITAL 7
657 C MORGAN STANLEY 5
737 C ADVANTAGE 2 1
905 C ADM 3
991 H CME 14
TOTAL: 23 23
JPMORGAN STOPPED (RECEIVED) 0/23 CONTRACTS
FOR APRIL/2024
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 23 NOTICES FOR 2300 OZ or 0.0715 TONNES
total notices so far: 16,236contracts for 1,623600 Oz (50.500 tonnes)
FOR APRIL:
SILVER NOTICES: 8NOTICE(S) FILED FOR 40,000 OZ/
total number of notices filed so far this month : 1634 for 8,170,000 oz
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END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD DOWN $3.75
INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD/ :
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLD
/ /INVENTORY RESTS AT 833.63 TONNES
INVENTORY RESTS AT 833,63TONNES
SLV//
WITH NO SILVER AROUND AND SILVER UP $0.11 AT THE SLV//
HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 11.904 MILLION OZ INTO THE SLV/
// INVENTORY INCREASES T0 428.280 MILLION OZ/
INVESTORS ARE SWITCHING SLV TO SPROTT’S PSLV.
CLOSING INVENTORY: 428.280MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A MEGA HUMONGOUS SIZED 1606 CONTRACTS TO 175,740 AND STILL RAPIDLY CLOSING IN ON THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, DESPITE THE RAID AND THIS HUMONGOUS SIZED GAIN IN COMEX OI WAS ACCOMPLISHED WITH OUR SMALL GAIN OF $0,11 IN SILVER PRICING AT THE COMEX ON TUESDAY. WE HAD ZERO LONG LIQUIDATION AT THE COMEX SESSION WITH AGAIN PANICKING SHORT COVERING BY OUR SPECS WITH THE HUGE PRICE LOSS IN PRICE. WE HAD A HUGE SIZED 1417 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: 1417 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 SUNUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY $0.11, AND WERE UNSUCCESSFUL IN KNOCKING ANY SILVER LONGS AS WE HAD A GIGANTIC SIZED GAIN OF 2406 CONTRACTS ON OUR TWO EXCHANGES WITH THE GAIN IN PRICE OF $0.11
WE MUST HAVE HAD:
A HUGE SIZED 800 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 NIL OZ QUEUE JUMP //NEW STANDING REMAINS AT 8.225 MILLION OZ//
//NEW STANDING FOR SILVER IS THUS 8.225 MILLION OZ
WE HAD:
/ HUGE SIZED COMEX OI GAIN/ HUGE SIZED EFP ISSUANCE/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1417 CONTRACTS)/
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL -REMOVED A STRONG 1121 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 18 DAYS, total 27,612 contracts: OR 138,06 MILLION OZ (1534 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 138.06 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: 138.06 MILLION OZ (THIS MONTH WILL PROBABLY BE A WHOPPER OF ISSUANCE OF EFPS)
RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1606 CONTRACTS WITH OUR GAIN IN PRICE OF SILVER PRICING AT THE COMEX//TUESDAY.,. THE CME NOTIFIED US THAT WE HAD A HUMONGOUS EFP ISSUANCE CONTRACTS: 800 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’ 0 OZ QUEUE JUMP
//NEW TOTAL STANDING REMAINS AT 8.225 MILLION OZ
WE HAVE A MEGA GIGANTIC SIZED GAIN OF 2406 OI CONTRACTS ON THE TWO EXCHANGES WITH THE GAIN IN PRICE. THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE SIZED 1417 CONTRACTS,//HUGE FRONT END OF THE TAS CONTRACTS WERE LIQUIDATED DURING THE TUESDAY COMEX SESSION/// WITH MAJOR SHORT COVERING FROM OUR SPEC SHORTS
THE NEW TAS ISSUANCE TUESDAY NIGHT (875 WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE//PROBABLY TODAY., .
WE HAD 8 NOTICE(S) FILED TODAY FOR 40,000 OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED 1312 OI CONTRACTS TO 516,249 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 2022 CONTRACTS
WE HAD A FAIR SIZED INCREASE IN COMEX OI (1312 CONTRACTS) DESPITE OUR $4.60 LOSS IN PRICE//TUESSDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER TO WHACK GOLD’S PRICE. 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 TINY QUEUE JUMP OF 90OZ.(0.0279TONNES)
NEW STANDING 50.650 TONNES// ALL OF THIS HAPPENED WITH OUR $4.60 LOSS IN PRICE WITH RESPECT TO TUESDAY’S TRADING. WE HAD A STRONG SIZED GAIN OF 5469 OI CONTRACTS (23,30 PAPER TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONGSIZED 4157 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 516,249
IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5469 CONTRACTS WITH 1312 CONTRACTS INCREASED AT THE COMEX// AND A STRONG SIZED 4157 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 5469 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A FAIR SIZED 1118 CONTRACTS,
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4157 CONTRACTS) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI (1312 //TOTAL GAIN FOR OUR THE TWO EXCHANGES: 5469 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 TINY 0.0279TONNES QUEUE JUMP
//NEW STANDING 50.650TONNES.
/ 3) ZERO LONG LIQUIDATION DESPITE THE LOSS IN PRICE.
// 4) FAIR SIZED COMEX OPEN INTEREST LOSS/ 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///6: STRONG T.A.S. ISSUANCE: 4157 CONTRACTS/ 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: 71,627 CONTRACTS OR 7,162,700 OZ OR 222.79TONNES IN 188TRADING DAY(S) AND THUS AVERAGING: 3968 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 18TRADING DAY(S) IN TONNES 209.86TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2022, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 222.79 DIVIDED BY 3550 x 100% TONNES = 6.28% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL
AUGUST: 180.81 TONNES FINAL
SEPT. 193.16 TONNES FINAL
OCT: 177.57 TONNES FINAL ( MUCH SMALLER THAN LAST MONTH)
NOV. 223.98 TONNES//FINAL ( MUCH LARGER THAN PREVIOUS MONTHS//comex running out of physical)
DEC: 185.59 tonnes // FINAL
TOTAL: 2,847,25 TONNES/2022
JAN 2023: 228.49 TONNES FINAL//HUGE AMOUNT OF EFP’S ISSUED THIS MONTH!!
FEB: 151.61 TONNES/FINAL
MARCH: 280.09 TONNES/INITIAL (ANOTHER STRONG MONTH FOR EFP ISSUANCE)
APRIL: 197.42 TONNES
MAY: 236.67 TONNES (A VERY STRONG ISSUANCE FOR THIS MONTH)
JUNE: 172.667 TONNES (WEAKER ISSUANCE THIS MONTH)
JULY: 151.69 TONNES (WEAKER THAN LAST MONTH)
AUGUST: 195.28 TONNES (A STRONGER MONTH)//FINAL
SEPT: 254.709 TONNES (WILL BE LARGER THAN LAST MONTH AND A STRONG MONTH)
OCT. 248.09 TONNES. LIKE SILVER, THIS MONTH IS GOING TO BE A STRONG E.F.P. ISSUANCE.
NOV. 239.16 TONNES//WILL BE STRONG THIS MONTH,
DEC. 213.704 TONNES. A STRONG MONTH//
TOTAL FOR YEAR 2023: 2,569.57 TONNES VS 2578 TONNES LAST YEAR
JAN ’24: 291.76 TONNES (WILL BE MUCH GREATER THAN LAST MONTH.//3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL)
FEB’24: 201.947 TONNES
MARCH 2024: 352.21 TONNES//2ND HIGHEST EVER RECORDED EFP ISSUANCE.
APRIL: 222.79 TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
SPREADING OPERATIONS
(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS
SPREADING LIQUIDATION HAS NOW COMMENCED AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF GOLD
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF FEB., FOR GOLD: AND MARCH FOR SILVER
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (APRIL), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER ROSE BY A MEGA-HUGE SIZED 1606 CONTRACTS OI TO 175,740 AND CLOSER TO THE COMEX HIGH RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 6 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 800 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 800 and ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 800 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 1312CONTRACTS AND ADD TO THE 800 E.FP. ISSUED
WE OBTAIN A MEGA HUMONGOUS SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2406 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 12.030 MILLION OZ
OCCURRED WITH OUR $0.11 GAIN IN PRICE …..
END
OUTLINE FOR TODAY’S COMMENTARY
1a/COMEX GOLD AND SILVER REPORT
(report Harvey)
b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES
(Peter Schiff)
c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens
ii a) Chris Powell of GATA provides to us very important physical commentaries
b. Other gold/silver commentaries
c. Commodity commentaries//
d)/CRYPTOCURRENCIES/BITCOIN ETC
2.ASIAN AFFAIRS//
WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 22.84 PTS OR 0.76% //Hang Seng CLOSED UP 372.34PTS OR 2.21% / Nikkei CLOSED UP 907.92 PTS OR 2.42% //Australia’s all ordinaries CLOSED DOWN 0.43%///Chinese yuan (ONSHORE) closed DOWN 7.2460//OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2678/Oil UP TO 82.72dollars per barrel for WTI and BRENT UP AT 87.92 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
A)NORTH KOREA/SOUTH KOREA
outline
b) REPORT ON JAPAN/
OUTLINE
3 CHINA
OUTLINE
4/EUROPEAN AFFAIRS
OUTLINE
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE
6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE
7. OIL ISSUES
OUTLINE
8 EMERGING MARKET ISSUES
9. USA
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR SIZED 1312CONTRACTS TO 516,249 DESPITE OUR LOSS IN PRICE OF $4.60 WITH RESPECT TO TUESDAY TRADING. WE HAD CONSIDERABLE A.S. LIQUIDATION AS WELL AS SHORTS, DESPERATELY TRYING TO GET OUT OF THEIR NAKED SHORTS.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE 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 A STRONG 4157 EFP CONTRACTS WERE ISSUED: : JUNE 4157 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4157 CONTRACTS
ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 7491 CONTRACTS IN THAT 4157 LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A FAIR SIZED GAIN OF 1312 COMEX CONTRACTS..AND THIS STRONG GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR LOSS IN PRICE OF $4.60 TUESDAY COMEX. AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS DURING MID MONTH IN THE DELIVERY CYCLE), THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR TUESDAY NIGHT WAS A STRONG SIZED 4157 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 (50.650 TONNES) ( ACTIVE MONTH)
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 24 MONTHS OF 2021-2023:
DEC 2021: 112.217 TONNES
NOV. 8.074 TONNES
OCT. 57.707 TONNES
SEPT: 11.9160 TONNES
AUGUST: 80.489 TONNES
JULY: 7.2814 TONNES
JUNE: 72.289 TONNES
MAY 5.77 TONNES
APRIL 95.331 TONNES
MARCH 30.205 TONNES
FEB ’21. 113.424 TONNES
JAN ’21: 6.500 TONNES.
TOTAL YEAR 2021 (JAN- DEC): 601.213 TONNES
YEAR 2022:
JANUARY 2022 17.79 TONNES
FEB 2022: 59.023 TONNES
MARCH: 36.678 TONNES
APRIL: 85.340 TONNES FINAL.
MAY: 20.11 TONNES FINAL
JUNE: 74.933 TONNES FINAL
JULY 29.987 TONNES FINAL
AUGUST:104.979 TONNES//FINAL
SEPT. 38.1158 TONNES
OCT: 77.390 TONNES/ FINAL
NOV 27.110 TONNES/FINAL
Dec. 64.000 tonnes
(TOTAL YEAR 656.076 TONNES)
2023:
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 50.650TONNES
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $4.60 //// BUT WERE UNSUCCESSFUL IN KNOCKING ANY SPECULATOR LONGS AS WE HAD A STRONG SIZED GAIN OF 7491 TOTAL CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE 0F $4.60
WE HAD A STRONGT.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 23.31 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 SMALL QUEUE.JUMP OF 900 OZ (0.003TONNES)//NEW STANDING; 50.650TONNES
NEW STANDING: 50.650ONNES
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $4.60
WE HAD REMOVED 2022 CONTRACTS TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)
NET GAIN ON THE TWO EXCHANGES 5469 CONTRACTS OR 546,900 OZ (17.01TONNES)
confirmed volume TUESDAY 286,813 contracts//STRONG
//speculators have left the gold arena
APRIL 24/ INITIAL APRIL GOLD
/ /// THE APRIL 2024 GOLD CONTRACT
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | oz NIL . |
| Deposit to the Dealer Inventory in oz | nil oz |
| Deposits to the Customer Inventory, in oz | 4.999.770 oz HSBC |
| No of oz served (contracts) today | 23 notice(s) 2300 OZ 0.0715TONNES |
| No of oz to be served (notices) | 53 contracts 5300 OZ 0.1648ONNES |
| Total monthly oz gold served (contracts) so far this month | 16,236notices 1,623,600 oz 50.500 TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month | x |
0 dealer deposits:
total dealer deposits: nil oz
total customer withdrawals: 0
DEPOSITS:
i) Into HSBC: 4999.770 oz
we had total deposit of 4999.770 oz
Adjustments: 1
adjustment: 9645.300 oz customer to dealer jpmorgan 300 kilobars
CALCULATIONS FOR THE AMOUNT OF GOLD STANDING FOR APRIL.
For the front month of APRIL we have an oi of 76 contracts having LOST 24 contracts. We had 33 contracts served on TUESDAY, so we GAINED 9 contracts or an additional 900 oz (0.02799 tonnes) will stand at the comex
MAY LOST 26 CONTRACTS TO STAND AT 2133
JUNE INREASED ITS OI BY 8 CONTRACTS UP TO 408,979 CONTRACTS.
We had 33 contracts filed for today representing 3300 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 0 notices were issued from their client or customer account. The total of all issuance by all participants equate to 23 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for the APRIL. /2024. contract month, we take the total number of notices filed so far for the month (16,236 x 100 oz ), to which we add the difference between the open interest for the front month of APRIL. (76 CONTRACTS) minus the number of notices served upon today (23x 100 oz per contract( equals 1,628,1000 OZ OR 50.637 TONNES.
thus the INITIAL standings for gold for the APRIL. contract month: No of notices filed so far (16,234) x 100 oz + (76 {OI for the front month} minus the number of notices served upon today (23 x 100 oz which equals 1,628400 oz (50.650TONNES)
TOTAL COMEX GOLD STANDING FOR APRIL: 50.650 TONNES WHICH IS HUGE FOR THIS ACTIVE DELIVERY MONTH IN THE CALENDAR.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
COMEX GOLD INVENTORIES/CLASSIFICATION
NEW PLEDGED GOLD:
241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES
204,937.290 PLEDGED MANFRA 3.08 TONNES
83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes
265,999.054, oz JPM No 2
1,152,376.639 oz pledged Brinks/
Manfra: 33,758.550 oz
Delaware: 193.721 oz
International Delaware:: 11,188.542 oz
total pledged gold: 1,609,457.923 50.060tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD: 17,596,433.593 OZ
TOTAL REGISTERED GOLD 7,530,700.966(234.236 tonnes).
TOTAL OF ALL ELIGIBLE GOLD: 10,659,721.627OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 5,921,243 oz (REG GOLD- PLEDGED GOLD) 184.175 tonnes/dropping like a stone
END
SILVER/COMEX
APRIL 24
INITIAL
//2024// THE APRIL 2024 SILVER CONTRACT//INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 00oz . |
| Deposits to the Dealer Inventory | nil OZ |
| Deposits to the Customer Inventory | 1198,906.120 Brinks HSBC |
| No of oz served today (contracts) | 8 CONTRACT(S) (40,000 OZ) |
| No of oz to be served (notices) | 11 contracts (55,000 oz) |
| Total monthly oz silver served (contracts) | 1634 Contracts (8,170,000oz) |
| 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 Brinks 598,923.390 oz
ii) Into HSBC 598,982.780 oz
total customer deposits 1,198,906.120oz
JPMorgan has a total silver weight: 130.170 million oz/293.974million or 44.52%
adjustment: 0
Comex withdrawals: 0
i
total withdrawal nil oz
TOTAL REGISTERED SILVER: 47.196MILLION OZ//.TOTAL REG + ELIGIBLE. 293.974million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR DECEMBER:
silver open interest data:
FRONT MONTH OF APRIL /2023 OI: 11 CONTRACTS HAVING LOST 0 CONTRACT(S).
WE HAD 0CONTRACTSSERVED ON TUESDAY, SO WE GAINED 0 CONTRACTS OR ADDITIONAL NIL OZ WILL STAND AT THE COMEX
.
MAY SAW A LOSS OF 7952 CONTRACTS DOWNTO 44,523
JUNE SAW A GAIN OF 10 CONTRACTS RISING TO 698
JULY SAW A GAIN OF 9135 CONTRACTS UP TO 106,759
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 8 for 40,000 oz
CONFIRMED volume; ON MONDAY 153,364 /HUGE
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 1634x 5,000 oz = 8,170,000 oz
to which we add the difference between the open interest for the front month of APRIL (11 and the number of notices served upon today 8x (5000 oz) equals the number of ounces standing.
Thus the standings for silver for the APRIL/2024 contract month: 1634(notices served so far) x 5000 oz + OI for the front month of APRIL. (11)number of notices served upon today (8)x 500 oz of silver standing for the APRIL contract month equates to 8.225 MILLION OZ.
New total standing: 8.225 million oz.
There are 47.196 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 234WITH GOLD DOWN $4.60 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD / A DEPOSIT OF 1.72 TONNES OF GOLD INTO THE GLDINVENTORY RISES AT 833,63 TONNES
APRIL 19 WITH GOLD UP $15.00 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE DEPOSIT OF 4.32 TONNES OF GOLD INTO THE GLD/ INVENTORY RISES AT 831.91 TONNES
APRIL 18 WITH GOLD UP $11.30 TODAY; HUGE CHANGES IN GOLD INVENTORY AT THE GLD //A MASSIVE WITHDRAWAL OF 2.59 TONNES OF GOLD INTO THE GLD/ INVENTORY FALLS AT 827.59 TONNES
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 TONN
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
GLD INVENTORY: 833,63 TONNES,
Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them
APRIL 24/WITH SILVER DOWN $.05 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE DEPOSIT OF 11.904MILLION OF SILVER INTO THE SLV// :SLV INVENTORY RESTS AT 428.280 MILLION OZ
APRIL 23/WITH SILVER UP $0.11TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV / :SLV INVENTORY RESTS AT 416.376 MILLION OZ
APRIL 22/WITH SILVER DOWN $1.51 TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 2.194 MILLION OF SILVER FROM THE SLV// :SLV INVENTORY RESTS AT 416.376 MILLION OZ
APRIL 19/WITH SILVER UP 42 CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 3.657 MILLION OF SILVER FROM THE SLV// :SLV INVENTORY RESTS AT 418.570 MILLION OZ
APRIL 18/WITH SILVER DOWN $.04TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV A MASSIVE WITHDRAWAL OF 3.977 MILLION OF SILVER FROM THE SLV// :SLV INVENTORY RESTS AT 422.227 MILLION OZ
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
CLOSING INVENTORY 416.376MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
PETER SCHIFF/SCHIFFGOLD/MIKE MAHARRAY
END
2.Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens/…
END
3. CHRIS POWELL//GATA DISPATCHES
CPM Group’s Jeff Christian battles straw men to distract from the big issues of gold
Submitted by admin on Tue, 2024-04-23 22:04 Section: Daily Dispatches
10:22p ET Tuesday, April 23, 2024
Dear Friend of GATA and Gold:
Jeffrey Christian, managing director of metals consultancy CPM Group, today spent 16 minutes on YouTube raising and knocking down some straw men to give his viewers the misleading impression that there is nothing to be doubted about the U.S. government’s involvement with the gold market.
Christian challenged long-made but usually anonymous assertions that the U.S. gold reserve at Fort Knox, Kentucky, is gone or missing in large part. He notes that there are official audits asserting that all the gold is where it should be. Those who cast doubt on the integrity of the audits, Christian says, are “scum.”
But contrary to Christian’s suggestion, the big question about U.S. gold reserve is not the narrow one of whether there’s still metal at Fort Knox but whether the U.S. government has foreign gold obligations and whether these obligations are so large that U.S. gold reserves at Fort Knox and elsewhere are potentially impaired by multiple claims of ownership.
In this respect the curiosity of a more candid and honest analyst might be piqued by the recent refusal of the Federal Reserve to answer even for a member of Congress whether foreign nations have been repatriating their gold that nominally has been vaulted at the Federal Reserve Bank of New York:
The amount of foreign gold vaulted at the New York Fed used to be reported publicly by the Fed at various intervals. Why is it apparently a top secret matter now? Christian doesn’t seem to mind.
A more candid and honest analyst also might wonder aloud why the U.S. Commodity Futures Trading Commission repeatedly has refused to answer, even for a member of Congress, whether the commission has jurisdiction over manipulative trading in gold and other commodities undertaken by or at the behest of the U.S. government, or whether surreptitious futures market manipulation is considered legal when the government arranges it:
https://www.gata.org/node/23054
A more candid and honest analyst also might inquire publicly about the uses of the Central Bank Incentive Program run by the Chicago Mercantile Exchange, operator of all the major futures markets in the United States:
The program extends volume trading discounts to governments and central banks for their surreptitious trading in all CME futures contracts. A more candid and honest analyst might wonder whether the program would exist if it is never used. He also might wonder exactly how it is being used.
A more candid and honest analyst might be openly suspicious of the gold swaps long reported on a monthly basis by the Bank for International Settlements, transactions that confirm surreptitious intervention in the gold market by central banks, the operators of the BIS:
https://www.gata.org/node/23064
These transactions might strike a more candid and honest analyst as suspicious insofar as the BIS refuses to explain them — their objectives and participants.
A more candid and honest analyst might pursue the proclaimation by a top BIS official, speaking to an assembly of dozens of central bank representatives and academics in 2005, that a primary purpose of central bank cooperation is “to influence asset prices — especially gold and foreign exchange — in circumstances where this might be thought useful”:
https://www.gata.org/node/4279
A more candid and honest analyst might ask: What are those circumstances? Do they endure? Or are the gold and currency markets now all calm, sweetness, and light, as Christian seems to want people to think?
Christian implies that all doubts about U.S. government involvement in the gold market are resolved by the Fort Knox audits he cites. But true or false, the audits say nothing about the big issues of government intervention in gold. For Christian the audits are just convenient instruments of distraction with which he may ingratiate himself with CPM Group’s central bank clients.
Christian’s battle with the straw men can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
END
Silver Bullion TV reviews the success of the Sound Money Defense League
Submitted by admin on Tue, 2024-04-23 22:43 Section: Daily Dispatches
10:42p ET Tuesday, April 23, 2024
Dear Friend of GATA and Gold:
Interviewed this week by Patrick Vierra of Silver Bullion TV in Singapore, Money Metals Exchange CEO Stefan Gleason explains the work of the Sound Money Defense League in the United States. The league lately has assisted passage of legislation in 45 of the 50 states to exempt monetary metals coin and bullion from sales taxes.
The league also has been encouraging states to hold some of their cash reserves in monetary metal to hedge their exposure to the U.S. dollar.
The interview is 40 minutes long and can be viewed at YouTube here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
4. OTHER MAJOR GOLD COMMENTARIES/PODCASTS
China is grabbing gold hand over first!
(zerohedge)
Chinese Have “Grabbed Gold By The Throat” As Capital Flight Accelerates
WEDNESDAY, APR 24, 2024 – 11:05 AM
“Chinese speculators have really grabbed gold by the throat…”
That is how John Reade, chief market strategist at the World Gold Council, describes the scramble in the communist nation among investors looking to move money anywhere but in the yuan or Chinese assets.
As evidenced by soaring Chinese FX outflows, the recent surges in ‘alternate currencies’ such as bitcoin and gold strongly suggest where the Chinese are seeking safety.
Of course, worsening geopolitical tensions, unprecedented fiscal profligacy by the Biden administration that shows no signs of slowing, and a Fed that seemed willing to support that spending with rate-cuts that were wholly un-necessary based on the ‘data’ they are so ‘dependent’ on (prompting fears of a policy error) are all factors driving precious metals higher, but, as Bloomberg reports, juicing the rally is unrelenting Chinese demand, as retail shoppers, fund investors, futures traders and even the central bank look to bullion as a store of value in uncertain times.
China and India have typically vied over the title of world’s biggest buyer. But that shifted last year as Chinese consumption of jewelry, bars and coins swelled to record levels. China’s gold jewelry demand rose 10% while India’s fell 6%. Chinese bar and coin investments, meanwhile, surged 28%.
And there’s still room for demand to grow, said Philip Klapwijk, managing director of Hong Kong-based consultant Precious Metals Insights Ltd. Amid limited investment options in China, the protracted crisis in its property sector, volatile stock markets and a weakening yuan are all driving money to assets that are perceived to be safer.
“The weight of money available under these circumstances for an asset like gold – and actually for new buyers to come in – is pretty considerable,” he said.
“There isn’t much alternative in China. With exchange controls and capital controls, you can’t just look at other markets to put your money into.”
But, there is another side to the Chinese demand for gold – speculators.
Long gold positions held by futures traders on the Shanghai Futures Exchange (SHFE) climbed to 295,233 contracts, equivalent to 295 tonnes of gold.
That marks a rise of almost 50 per cent since late September before geopolitical tensions flared up in the Middle East.
A record bullish position of 324,857 contracts was hit earlier this month, according to Bloomberg data going back to 2015.
While the scale of gold’s rally has surprised many analysts, The FT points out that some point to activity on SHFE and the Shanghai Gold Exchange – where trading volumes on a key contract have doubled in March and April relative to last year – as a big driver of the rally, as Chinese investors aim to diversify from their crisis-ridden property sector and sagging stock market…
Additionally, Bloomberg reports that although China mines more gold than any other country, it still needs to import a lot and the quantities are getting larger.
In the last two years, overseas purchases totaled over 2,800 tons — more than all of the metal that backs exchange-traded funds around the world, or about a third of the stockpiles held by the US Federal Reserve.
Even so, the pace of shipments has accelerated lately. Imports surged in the run-up to China’s Lunar New Year, a peak season for gifts, and over the first three months of the year are 34% higher than they were in 2023.
And finally, as evidence of Chinese demand (or the scale of the capital flight), the premium being paid for the precious metal over western prices is soaring…
Of course, China’s authorities, which can be quite hostile to market speculation and extremely hostile to capital flight, have warned, via their state media mouthpieces, that investors should be cautious in chasing the rally in gold.
But, this is made all the more ironic given the fact that it is the Chinese central bank that is among the most prolific buyer of bullion in recent months…
Do as we say, not as we do… or maybe investors should ask ‘what does Beijing know?’
https://kinesis.money/live-from-the-vault
end
5 a. IMPORTANT COMMENTARIES ON COMMODITIES/COCOA
Cocoa Drops Most Since April 2009, Some Losses Recovered In Muti-Day Volatility Rollercoaster
Cocoa futures in London on Tuesday plunged the most since April 2009, tumbling as much as 8.1%, while prices slid as much as 7.7% in New York. Prices recovered some losses on Wednesday morning. It appears the downdraft was caused by fast-money traders taking profits after a record high of $12,250 per ton was recorded in New York on Friday.
Cocoa prices faded record highs as “opportunistic fast traders” exit positions to take profits after bearish signals flashed in recent sessions, Tristan Fletcher, chief executive officer at ChAI, a platform that uses AI to analyze commodity markets, told Bloomberg.
Last week’s catalyst for record-high prices came after data about grindings—where cocoa transforms into butter and powder used in candy—showed that demand destruction has not materialized despite soaring prices.
Here’s the cocoa grindings data from last week that served as fuel for bulls (via Barchart):
Cocoa also has support on signs that global cocoa demand remains resilient despite record-high prices. Last Thursday, the National Confectioners Association reported that North American Q1 cocoa grindings rose +9.3% q/q and +3.7 % y/y to 113,683 MT. Also, last Thursday, the Cocoa Association of Asia reported that Q1 Asia cocoa grindings rose +5.1% q/q, although they fell -0.2% y/y to 221,530 MT. In addition, the European Cocoa Association reported that Q1 European cocoa grindings rose +4.7% q/q, although they fell -2.2% y/y to 367,287 MT.
Paul Joules, an analyst at Rabobank, wrote in a note that grindings figures are “an indication that for now demand is holding up despite current pricing,” adding that “demand destruction will come, but clearly it’s taking longer to filter into grind data than the market was anticipating.”
Famed commodity trader Pierre Andurand told Bloomberg via an emailed interview, “We will finish the year with the lowest stocks-to-grinding ratio ever, and potentially run out of inventories late in the year.” He added that cocoa prices “could break $20,000 later this year” based on the thesis of worsening drought and disease ravaging the world’s largest cocoa farms in West Africa.
Paul Torres, a London-based trading and agricultural consultant, said, “I do not foresee prices falling significantly,” adding that prices could range between $8,000 to $10,000.
Torres noted: “There could be just some easing of the frenetic moves we’ve seen.”
Meanwhile, analysts from JPMorgan recently told clients that cocoa prices in New York could come down to around $6,000 a ton in the medium term, while Citi analysts said a bear market could begin in early 2025.
There is some good news for cocoa supply: Bloomberg quoted Marijn Moesbergen, sourcing lead at Cargill, at the World Cocoa Conference in Brussels on Wednesday as saying cocoa production is expected to bounce back next year as the El Nino effect won’t be in play.
“The current prices are maybe a bit overshooting. The question indeed is what will be the new equilibrium between this supply issues versus what will be the demand impact going forward,” adding, “That question will be answered in the coming period.”
The combination of a worsening global supply deficit plus bullish grindings data might only suggest prices have to head higher.
5 B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT
END
6.CRYPTOCURRENCY//DIGITAL CURRENCY// COMMENTARIES/
END
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN 7.2460
OFFSHORE YUAN: UP TO 7.2678
SHANGHAI CLOSED UP 22.84PTS OR 0.76%
HANG SENG CLOSED UP 372.34 PTS OR 2.21%
2. Nikkei closed UP 907.92 OR 2.21%
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX UP TO 105.71 EURO RFALL TO 1.0686 D0WN16 BASIS PTS
3b Japan 10 YR bond yield: RISES TO. +.887Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 154.93 JAPANESE YEN NOW FALLING AS WELL AS LONG TERM 10 YR. YIELDS RISING //EVENTUALLY THIS WILL BREAK THE JAPANESE CENTRAL BANK
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN:DOWN/ OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR Brent this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UPTO +2.5590*/Italian 10 Yr bond yield UP to 3.886SPAIN 10 YR BOND YIELD UP TO 3.333
3i Greek 10 year bond yield UP TO 3.484
3j Gold at $2315.60silver at: 27.12 1 am est) SILVER NEXT RESISTANCE LEVEL AT $34.40//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 0 AND 67 /100 roubles/dollar; ROUBLE AT 92.46/
3m oil into the 82dollar handle for WTI and 86 handle for Brent/
3n Higher foreign deposits moving out of China// huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/
JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 154.93/ 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 0.887% 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 0.9145as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9774well 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: 4.649UP 5BASIS PTS…
USA 30 YR BOND YIELD: 4.767 UP 4 BASIS PTS/
USA 2 YR BOND YIELD: 4.952 UP 35BASIS PTS
USA DOLLAR VS TURKISH LIRA: 32.52…(TURKEY SET TO BLOW UP FINANCIALLY)
GREAT BRITAIN/10 YEAR YIELD: UP 11 BASIS PTS AT 4.3569
end
2.a Overnight: Newsquawk and Zero hedge
Futures Rise For Third Day As Tesla, Texas Instruments Surge Boosts Tech Stocks
WEDNESDAY, APR 24, 2024 – 08:13 AM
Equity futures rose for the third day in a row – last week’s brutal drubbing a distant memory – with tech outperforming as Tesla soars premarket after Elon Musk vowed to launch less-expensive vehicles as soon as late this year while Texas Instruments jumped 7% after it forecast revenue above the average analyst estimate. The tech rally has kept stocks afloat after disappointing earnings in the European banking and luxury sectors. Technology shares stood out in the US, with contracts on the Nasdaq 100 rising 0.6% compared with a 0.3% gain for S&P 500 futures. Bond yields are 1-3bps higher, helping to boost the USD. Commodities are lower though base metals are positive. The macro data focus is on Durable/Cap Goods with META headlining today’s earnings releases. Keep an eye on macro read throughs from F, HAS, NSC, ODFL, SYF, WHR earnings, among others.
In premarket trading, Tesla soared 12% with analysts saying first-quarter results were not as bad as feared. The electric-vehicle maker is accelerating the launch of less-expensive cars in a bid to revive cooling demand. TXN jumped 7.3% following earnings while META +2.1% (which reports after the close), NVDA +1.8%, with the balance of Mag7 are all higher. Copper mining giant FCX is also +1.5% pre-mkt, and may point to investors looking at the broadening AI trade again.
TikTok to Fight Back as US Pushes for App’s Sale or Ban
https://imasdk.googleapis.com/js/core/bridge3.636.0_en.html#goog_879480185
- Enphase Energy shares drop 7.9% after the solar-equipment manufacturer reported first-quarter adjusted earnings per share and revenue that missed expectations. Additionally, the company issued a second-quarter revenue forecast that disappointed.
- MSCI shares rise 2.2% after the investment support company was upgraded to buy from hold by Deutsche Bank.
- Semiconductor stocks gain after Texas Instruments forecast revenue for the current quarter above the average analyst estimate, signaling a possible pickup in demand for industrial and auto components. Texas Instruments (TXN US) +7.0%, Luminar Technologies (LAZR US) +4.1%, ON Semiconductor (ON US) +5.1%, ARM Holdings (ARM US) +4.0%, Super Micro Computer (SMCI US) +3.3%, Analog Devices (ADI US) +3.2%, Wolfspeed (WOLF US) +2.8%
- Sirius XM (SIRI US) shares climb 3.8% after Citi raised its recommendation on the stock to neutral from sell.
- Travere Therapeutics (TVTX US) shares rise 6.8% after the biopharmaceutical company said the European Commission has granted conditional marketing authorization for Filspari (sparsentan) for the treatment of IgA nephropathy.
- VinFast (VFS US) shares trade 4.1% higher after the EV manufacturer signed agreements with 12 US dealers, bringing its total number of dealers in the US to 18.
- Visa (V US) shares rise 2.8% after the credit card company reported first quarter earnings that beat estimates, surprising analysts.
Overnight, the Senate passed a long-delayed $95 billion emergency aid package for Ukraine and other allies, clearing the way for resumed arms shipments to Kyiv within days. It also voted to ban TikTok’s ownership by Chinese parent Bytedance. Looking ahead, Meta Platforms is due to report after the bell.
After a strong performance by US tech giants on Tuesday, attention will be on Meta as the next of the so-called Magnificent Seven group of companies to report. International Business Machines Corp. and Boeing Co. are also due to release results.
“There are high hopes for big US tech,” said Alexandre Hezez, chief investment officer at Paris-based asset manager Group Richelieu. “Inflation and valuation levels don’t seem to be a concern at the moment.”
European stocks edged higher, with the Stoxx Europe 600 rising 0.2% as a surge in the shares of ASM International NV was offset by declines for Lloyds Banking Group Plc. Luxury names dropped as Kering SA tumbled after warning that profit will plunge on slowing sales at Gucci, its biggest brand. Here are the biggest movers Wednesday:
- ASM International soars as much as 14% the most since July 2022 after the chip-equipment maker reported stronger-than-expected quarterly order intake, boosted by demand from chipmakers aiming for next-generation gate-all-around transistors and high bandwidth memory
- Kone rises as much as 5.5% after reporting first-quarter results that largely met expectations and reassured investors with specified revenue and margin targets, according to an Alphavalue analyst
- Ipsen advance rise as much as 3.7% to the highest in almost six months, after the French drugmaker reported sales for the first quarter that beat the average analyst estimate
- Kering slumps as much as 10% to a six-year low after the luxury goods maker warned that first-half recurring operating income would decline 40% to 45% in an update that analysts said was worse than expected
- Air Liquide shares fell as much as 1.9% after the French industrial gas group reported revenue for the first quarter that missed expectations in terms of organic growth
- Volvo Car falls as much as 8.8%, the most in five months, after the Swedish carmaker reported first quarter results which missed analyst estimates. DNB expects some consensus downgrades
- Eurofins Scientific declines as much as 6.2% after disappointing with a first quarter miss in revenue and softer unadjusted organic growth, according to Jefferies analysts
- DSV slides as much as 5.7% to the lowest since October as its adjusted net income missed expectations for the first quarter
- Croda shares fell as much as 4.7%, reversing earlier gains, as traders tried to make sense of the chemicals group’s first-quarter sales
- Orange slips as much as 2.7% after the French telecom operator’s results showed pressure in its home market, with the firm continuing to lose broadband customers while more mobile customers chose not to renew contracts
- Allfunds shares fall as much as 11% after the firm abandoned discussions over a potential sale of the European fund distribution platform, Bloomberg News reported
In FX, the Bloomberg Dollar Spot Index rose 0.1% while the Australian dollar tops the G-10 FX pile, rising 0.3% versus the greenback after inflation topped estimates. Elsewhere, the yen remained a whisker away from the key 155 level to the dollar, with a former top Japanese foreign exchange official warning the country is on the brink of currency intervention.
In rates, treasuries were cheaper across the curve amid bigger losses in bunds and gilts after German 10-year auction and strong business sentiment gauge. Selloff began during Asia session when Australia’s bond market slumped on hot inflation data, its 3-year yield jumping as much as 19bps. US yields are cheaper by 3bp to 4bp across the curve with 10-year around 4.64%. Bunds and gilts lag by additional 1.5bp and 2.5bp in the sector. Australia’s 10-year closed almost 14bp cheaper on the day, its 2-year more than 18bp. Treasury coupon auctions resume at 1pm New York time with $70b 5-year notes, following strong 2-year note sale Tuesday. WI 5-year yield at around 4.655% is ~42bp cheaper than last month’s, which stopped through by 1bp in a solid sale. The week’s auction cycle concludes Thursday with $44b 7-year note sale
In commodities, oil prices decline, with WTI falling 0.5% to trade near $83. Spot gold falls 0.3%. Iron ore rises to a seven-week high.
Bitcoin was flat and sits just above USD 66k, whilst Ethereum posted incremental gains and above USD 3.2k.
Looking at today’s calendar, US economic data slate includes March durable goods order at 8:30am. There are no speeches from Fed members who entered quiet period ahead of May 1 policy announcement.
Market Snapshot
- S&P 500 futures up 0.2% to 5,116.75
- STOXX Europe 600 up 0.2% to 508.58
- MXAP up 1.7% to 173.35
- MXAPJ up 1.7% to 533.79
- Nikkei up 2.4% to 38,460.08
- Topix up 1.7% to 2,710.73
- Hang Seng Index up 2.2% to 17,201.27
- Shanghai Composite up 0.8% to 3,044.82
- Sensex up 0.3% to 73,996.06
- Australia S&P/ASX 200 little changed at 7,683.00
- Kospi up 2.0% to 2,675.75
- German 10Y yield little changed at 2.53%
- Euro down 0.2% to $1.0683
- Brent Futures down 0.4% to $88.08/bbl
- Brent Futures down 0.4% to $88.08/bbl
- Gold spot down 0.2% to $2,318.21
- US Dollar Index up 0.20% to 105.88
Top Overnight News
- China’s central bank has again reiterated its cautious approach to monetary easing, reinforcing views that it’s unlikely to deliver a big liquidity boost via bond trading. WSJ
- The United States has preliminarily discussed sanctions on some Chinese banks but does not yet have a plan to implement such measures, a U.S. official told Reuters on Tuesday, as Washington seeks ways to curb Beijing’s support for Russia. RTRS
- Australian CPI remained strong in the latest quarter, illustrating the challenge the country’s central bank faces in bringing inflation back to target and adding uncertainty around the timing of interest-rate cuts. CPI rose by 3.6% in the March quarter from a year earlier, meaning the annual inflation rate is now more than half of its peak at the end of 2022. Still, CPI rose by 1.0% on a quarterly basis, accelerating from the 0.6% increase recorded for the three months through December. WSJ
- Indonesia surprises markets with a rate hike (most assumed policy would stay unchanged) as the central bank looks to bolster the tumbling rupiah. WSJ
- UBS Chairman Colm Kelleher said the bank is “seriously concerned” about proposed Swiss capital reforms. “Additional capital is the wrong remedy,” he told the AGM. BBG
- US crude inventories fell by 3.23 million barrels last week, API data is said to show. That would be the first drop in five weeks if confirmed by the EIA. Stockpiles at Cushing, as well as gasoline supplies declined. BBG
- The long-delayed $95 billion emergency aid package for Ukraine and other besieged allies passed the Senate. It included tacked-on legislation requiring TikTok’s Chinese owners to divest or face a US ban. Joe Biden plans to sign the bill today — beginning a 270-day countdown for Bytedance and a hefty legal fight. BBG
- Trump won the Pennsylvania primary, but Haley still captured the support of more than 155K voters despite being out of the race for more than a month, underscoring the existing rift within the GOP. NYT
- Tesla +12% premarket as investors cheered its pledge to speed up the launch of more affordable models to as soon as this year, even as profit and sales missed. Big Tech focus now turns to Meta’s earnings, due after the bell. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks gained as the region took impetus from the rally on Wall St where soft PMI data spurred a dovish reaction across asset classes. ASX 200 was led by gold miners after several quarterly production updates but with the advances in the index capped by firmer-than-expected CPI data. Nikkei 225 outperformed its peers and rose above the 38,000 level amid tech strength. Hang Seng and Shanghai Comp. conformed to the broad upbeat sentiment seen across the region amid tech strength in Hong Kong as SenseTime shares surged over 30% following the unveiling of its latest AI model. However, gains in the mainland were capped after the US Senate passed the Ukraine, Israel and Taiwan aid package which includes the threat to ban TikTok in the US.
Top Asian News
- EU opened a probe into China’s procurement of medical devices, according to Bloomberg.
- BoJ is to discuss the impact of the yen’s rapid slide at this week’s policy meeting and a further rate hike is seen as unlikely on Friday as the Bank keeps a close eye on inflation, according to Nikkei. BoJ is closely watching core inflation as it weighs the timing of additional hikes and rather than rushing further tweaks, the BoJ aims to carefully monitor moves by smaller businesses to raise pay and pass along increased costs to customers. Furthermore, a BoJ source said they want to confirm that the cycle between wage and price growth is strengthening and many at the BoJ believe that the weak Yen is not currently adding to inflation, while the increase in long-term interest rates is helping to keep the yen from weakening further.
- Indonesian Lending Facility Rate (Apr) 7.0% vs. Exp. 6.75% (Prev. 6.75%); Deposit Facility Rate (Apr) 5.5% vs. Exp. 5.25% (Prev. 5.25%); 7-Day Reverse Repo (Apr) 6.25% vs. Exp. 6.0% (Prev. 6.0%).
- SK Hynix (000660 KS) announces investment in new DRAM chip production base in South Korea; will invest KRW 20tln
European bourses, Stoxx 600 (+0.2%) are mostly firmer; price action today has been contained within tight ranges, although bourses remained at session highs throughout the morning. European sectors are mixed; Tech is the clear outperformer, following significant post-earnings strength in ASM International (+10.5%). Basic Resources benefits from broader strength in base metals prices. Banks are found towards the bottom of the pile, after Lloyds (-0.9%) reported softer NII metrics. US Equity Futures (ES +0.2%, NQ +0.6%, RTY -0.2%) are mixed, with clear outperformance in the NQ, whilst the RTY lags. The former benefits from Tech-led gains, after Texas Instruments (+7%) reported strong results. Additionally, Tesla (+10.5%) benefits pre-market, despite missing on top and bottom lines, as traders focus on plans for affordable models.
Top European News
- ECB’s Nagel said June rate cut is not necessarily followed by a series of rate cuts; not fully convinced that inflation will actually return to target in a timely sustained manner, services inflation remains high, driven by continued strong wage growth.
- ECB’s Cipollone “Innovation, integration and independence: taking the Single Euro Payments Area to the next level”; text release not on monetary policy.
FX
- Dollar is showing mixed performance vs. peers but higher on an index basis following yesterday’s PMI-induced losses. Currently towards the upper end of today’s 105.59-88 range, and still yet to test its 10DMA at 105.96.
- EUR is a touch softer vs. the USD and back below the 1.07 mark after diverging PMI metrics yesterday helped prop up the pair. ECB speakers continue to talk up a June cut and as such attention is turning towards what happens beyond that meeting. Notable Opex for the pair: 1.0600-10 (1.5BLN), 1.0650 (1.06BLN), 1.0685-90 (426M), 1.0700-10 (3.07BLN), 1.0715-25 (1.3BLN), 1.0730 (260M), 1.0750 (230M).
- GBP is on the backfoot after a session of hefty gains yesterday thanks to PMI data and comments from BoE’s Pill. Cable managed to top yesterday’s best and print a peak at 1.2464 before trimming gains.
- Another day, another multi-decade high for the JPY with 154.96 the peak thus far. As the pair moves ever-closer to 155, focus is firmly placed on intervention watch. However, comments from a Japanese lawmaker earlier suggested that 160 could be the new “line in the sand” for officials.
- Antipodeans are underpinned by the risk environment and with outperformance in AUD due to firmer-than-expected inflation data. AUD/USD is back above the 0.65 mark with the pair topping out around its 200DMA at 0.6528.
- PBoC set USD/CNY mid-point at 7.1048 vs exp. 7.2336 (prev. 7.1059).
Fixed Income
- USTs pulling back after yesterday’s PMI-induced gains which sent the 10yr benchmark to a 108.08 peak. Today’s calendar sees US durables, however, greater focus may fall on the USD 70bln 5yr note auction given the well-received 2yr offering yesterday.
- Bunds are following suit to the selling pressure in global peers with traders also mindful of better-than-expected German IFO data. Bunds remains at session lows with focus on a potential test of the 130.52 YTD trough.
- Gilts remain pressured in an extension of yesterday’s Pill-induced price action which saw traders re-evaluate the dovish price action prompted by Ramsden last Friday. The 96.40 low today is the lowest since 17th April with 96.01 thereafter.
- Orders for UK 4.375% 2054 Gilt exceed GBP 75bln (prev. GBP 57bln); price guidance 1.75bps (prev. 1.75-2bps), via bookrunner
Commodities
- Crude was initially propped up, benefiting from the post-US PMI Dollar weakness; though the complex has since succumbed to selling pressure amid the recent resurgence in the Dollar. Brent June currently holds around USD 88/bbl.
- Subdued trade across precious metals with spot gold and silver on a marginally softer footing, in fitting with the modest gains in the USD. XAU/USD sits in a tight range within USD 2,315.84-2,331.37/oz.
- Base metals are firmer across the board despite the stronger Dollar, but amidst a positive risk tone across global markets, with Chinese markets showcasing a strong performance underpinned by its tech and property sectors.
- China Coal Industry Group said cement industry capacity utilisation down to 50% (prev. 80% Y/Y), negatively impacting coal demand. Current domestic coal price of around CNH 800/metric ton seem as price floor for this year.
Geopolitics
- US Senate voted (79-18) to pass the USD 95bln bill with aid for Ukraine, Israel and Taiwan which also includes the threat to ban TikTok, while US President Biden said he will sign it into law on Wednesday.
- China’s Taiwan Affairs Office said it resolutely opposes the inclusion of Taiwan-related content in the relevant bill of the US Congress, while it urged the US to fulfill its commitment not to support ‘Taiwan independence’ with concrete actions and stop arming Taiwan in any way.
- North Korean leader Kim’s sister said North Korea will continue to build overwhelming military power to protect sovereignty and that the regional security environment is spiralling into turmoil because of US military manoeuvres, according to KCNA.
- Ambrey is aware of an incident Southwest of Aden, Yemen; “Yemeni sources: Houthis launch a ballistic missile towards the sea from in central Yemen”, according to Sky News Arabia; details light.
US Event Calendar
- 07:00: April MBA Mortgage Applications, prior 3.3%
- 08:30: March Durable Goods Orders, est. 2.5%, prior 1.3%
- 08:30: March Durables-Less Transportation, est. 0.2%, prior 0.3%
- 08:30: March Cap Goods Ship Nondef Ex Air, est. 0.2%, prior -0.6%
- 08:30: March Cap Goods Orders Nondef Ex Air, est. 0.2%, prior 0.7%
DB’s Jim Reid concludes the overnight wrap
A very big happy 50th birthday to DB’s logo for tomorrow. It came into being on April 25th 1974. The slanting line within a box is at exactly 53 degrees which ahead of my own 50th in less than 2 months time is about the same angle as my back as I get out of bed every morning.
Markets went up at a similar angle yesterday, meaning that the S&P 500 (+1.20%) has now posted its strongest 2-day performance since February. Several factors helped to drive this, but perhaps the most important was actually the disappointing flash PMIs in the US, which added to hopes that rate cuts would still happen this year. That supported a rally in US Treasuries as well, with the 10yr yield (-0.9bps) falling back for a third consecutive day.
That rally yesterday was led by the M agnificent 7 (+1.96%), and after the close, we then received results from Tesla . These saw a headline miss on revenue ($21.3bn vs $22.3bn expected) and earnings estimates for Q1, with the company noting that “vehicle volume growth rate may be notably lower” in 2024 than in 2023. However, investors made a more upbeat take on the company’s strategy going forward, with a focus on “accelerating” the rollout of new cheaper models. This sent Tesla shares as much as +13% higher in after-market trading, so a sizeable degree of relief after the -42% decline the stock has seen so far this year up to the close (+1.80% yesterday). US equity futures are trading +0.36% higher for the S&P 500 and +0.72% for NASDAQ overnight on the back of this. I did a CoTD yesterday here showing that at its peak 2.5 years ago Tesla was worth the same amount as the next 12 largest global auto companies. It’s still the largest but was “only” around $83bn larger than Toyota in second place at the close yesterday. So it’s come back to the pack. It’s been a heavily shorted stock of late so the rebound in after hours probably also has something to do with that.
Earnings season will continue apace today, as we’ll hear from Meta after the US close later. Before the Tesla results, the weakness in the US PMIs helped to set the tone, with Treasury yields seeing a sharp intraday decline after they came out. In terms of the details, the composite PMI was down to 50.9 in April (vs. 52.0 expected), which is the lowest in 4 months. And there wasn’t much relief from the subcomponents, as new orders were down to a 7-month low of 48.4, whilst the employment index fell to 48.0, which is its lowest since May 2020 at the height of the pandemic. In sectoral terms, services fell to a 5-month low of 50.9 (vs. 52.0 expected), and manufacturing was at a 4-month low of 49.9 (vs. 52.0 expected).
The release led investors to dial up their expectations for Fed rate cuts this year, and the chance of a cut by the July meeting moved up from 46% to 52% by the close. In turn, that sparked a rally for US Treasuries, with the 2yr yield down by -3.9bps on the day to 4.93%, having been as high as 4.998% at its intraday peak. 2yr yields had troughed shortly after a solid 2yr auction that saw $69bn of notes issued at 4.898%, -0.6bps below the pre-sale yield. Further out the curve, the 10yr yield (-0.9bps) fell back marginally to 4.60%, having been just shy of 4.65% before the US PMIs. With rates moving lower, the broad dollar index (-0.38%) saw its weakest day in nearly three weeks. This morning in Asia, yields on the 10yr USTs (+1.7bps) have edged back higher to 4.617% as we go to print.
The rates rally helped to spur a fresh advance for equities, with the S&P 500 closing up +1.20%. That was its best performance in two months, and it was aided by a strong performance for the Magnificent 7 (+1.96%). In addition, the advance was a broad-based one, and the small-cap Russell 2000 (+1.79%) had its best performance so far this month. Meanwhile in Europe, the STOXX 600 (+1.09%) also saw a sharp rise, and the UK’s FTSE 100 (+0.26%) edged up to a fresh record high.
Whilst European equities were advancing, and US rates rallying, it was a different story for European sovereign bonds, as the flash PMIs showed a further improvement in April. In particular, the Euro Area composite PMI hit an 11-month high of 51.4 (vs. 50.7 expected), and the services PMI was up to 52.9 (vs. 51.8 expected). The only notable weak spot was in manufacturing, where the Euro Area PMI hit a 4-month low of 45.6 (vs. 46.5 expected). And here in the UK, the composite PMI was up to 54.0 (vs. 52.6).
With that in mind, yields on 10yr bunds (+1.7bps), OATs (+1.6bps) and gilts (+3.6bps) all moved higher on the day. The move was particularly pronounced for gilts, as we also heard from BoE Chief Economist Pill, who struck a somewhat hawkish tone on the prospect of rate cuts. He said in a speech that “there are greater risks associated with easing too early should inflation persist rather than easing too late should inflation abate”. Along with the upside surprise in the PMIs, that led investors to dial back the chances of a cut by the June meeting, which came down from 64% the previous day to 48% by the close. However, at the ECB, there was a continued convergence on the idea of a June cut with market pricing for June “only” down just a touch from 87% to 85% after the decent composite PMI. Bundesbank President Nagel, once of the more hawkish voices, said that “ If the favourable inflation outlook from March is confirmed in the June forecast and the incoming data supports this forecast, we can consider lowering interest rates.”
Shifting perceptions over risks in the Middle East led to a volatile day for oil prices. Brent crude fell from $87 to $86/bbl early on in the US session, but was up to $88.42 by the close (+1.63%) amid lingering uncertainty over new US sanctions against Iran as well as reports that American Petroleum Institute data showed a decline in US crude inventories last week. Easing geopolitical fears also saw gold fall to below $2300/oz intra-day for the first time in over two weeks, but it was virtually unchanged by the close (+0.02% to $2,330/oz).
In Asia markets are rallying hard this morning with the Nikkei (+2.07%) sharply higher and leading gains across the region with the KOSPI (+1.91%) and the Hang Seng (+1.53%) also climbing. China stocks are lagging with the Shanghai Composite (+0.31%) seeing softer gains.
Early morning data showed that Australia’s consumer price inflation slowed less than expected in the first quarter, advancing +3.6% (v/s +3.5% expected), slowing from the +4.1% annual pace in the previous quarter, thus frustrating hopes for any interest rate cuts for the next several months. The important trimmed mean, rose +1.0% in the first quarter, again above forecasts of a +0.8% gain. The annual pace slowed to 4%, from 4.2% but still too high for comfort for the RBA. Following the data release, the Aussie jumped +0.7% to $0.6530 versus the dollar before settling at $0.6517, while yields on the 2yr (+16.7bps) and 10yr government bonds (+11.5bps) moved higher to trade at 4.06% and 4.38% respectively.
Staying with data but wrapping up the rest of the US action from yesterday, we also had US new home sales for March. They hit an annualised rate of 693k (vs. 668k expected), which is their highest level in 6 months. Separately, the Richmond Fed’s manufacturing index rose to -7 in April (vs. -8 expected).
To the day ahead now, and data releases include the Ifo’s business climate indicator from Germany for April, and in the US there’s the preliminary reading of durable goods orders and core capital goods orders for March. From central banks, we’ll hear from the ECB’s de Cos, Nagel, Villeroy, Cipollone and Schnabel. Finally, today’s earnings releases include Meta, IBM, AT&T, Boeing and Ford.
2 B) NOW NEWSQUAWK (EUROPE/REPORT)
NQ outperforms, benefiting from gains in TSLA, USD firmer & AUD bid post-CPI, Bonds at lows – Newsquawk US Market Open
WEDNESDAY, APR 24, 2024 – 05:43 AM
- European bourses are mostly firmer; NQ outperforms, propped up by gains in Tech names – TSLA +10.5% pre-market, TXN +7.3%
- Dollar is firmer, AUD benefits from the risk tone and on hotter Aussie CPI, USD/JPY printed a high of 154.96
- USTs are pressured, giving back some of the PMI-induced gains; Bunds follow suit and eye YTD lows
- Crude and XAU are subdued by Dollar strength, base metals remain resilient
- Looking ahead, US Durable Goods, Canadian Retail Sales, BoC Minutes, Comments from ECB’s Cipollone & Schnabel, Supply from the US, Earnings from Vinci, Carrefour, Boeing, Boston Scientific, Meta, Chipotle, AT&T, Thermo Fisher Scientific, IBM, Norfolk Southern & Ford
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EUROPEAN TRADE
EQUITIES
- European bourses, Stoxx 600 (+0.2%) are mostly firmer; price action today has been contained within tight ranges, although bourses remained at session highs throughout the morning.
- European sectors are mixed; Tech is the clear outperformer, following significant post-earnings strength in ASM International (+10.5%). Basic Resources benefits from broader strength in base metals prices. Banks are found towards the bottom of the pile, after Lloyds (-0.9%) reported softer NII metrics.
- US Equity Futures (ES +0.2%, NQ +0.6%, RTY -0.2%) are mixed, with clear outperformance in the NQ, whilst the RTY lags. The former benefits from Tech-led gains, after Texas Instruments (+7%) reported strong results. Additionally, Tesla (+10.5%) benefits pre-market, despite missing on top and bottom lines, as traders focus on plans for affordable models.
- Click here and here for the sessions European pre-market equity newsflow.
- Click here for more details.
FX
- Dollar is showing mixed performance vs. peers but higher on an index basis following yesterday’s PMI-induced losses. Currently towards the upper end of today’s 105.59-88 range, and still yet to test its 10DMA at 105.96.
- EUR is a touch softer vs. the USD and back below the 1.07 mark after diverging PMI metrics yesterday helped prop up the pair. ECB speakers continue to talk up a June cut and as such attention is turning towards what happens beyond that meeting. Notable Opex for the pair: 1.0600-10 (1.5BLN), 1.0650 (1.06BLN), 1.0685-90 (426M), 1.0700-10 (3.07BLN), 1.0715-25 (1.3BLN), 1.0730 (260M), 1.0750 (230M).
- GBP is on the backfoot after a session of hefty gains yesterday thanks to PMI data and comments from BoE’s Pill. Cable managed to top yesterday’s best and print a peak at 1.2464 before trimming gains.
- Another day, another multi-decade high for the JPY with 154.96 the peak thus far. As the pair moves ever-closer to 155, focus is firmly placed on intervention watch. However, comments from a Japanese lawmaker earlier suggested that 160 could be the new “line in the sand” for officials.
- Antipodeans are underpinned by the risk environment and with outperformance in AUD due to firmer-than-expected inflation data. AUD/USD is back above the 0.65 mark with the pair topping out around its 200DMA at 0.6528.
- PBoC set USD/CNY mid-point at 7.1048 vs exp. 7.2336 (prev. 7.1059).
- Click here for more details.
- Click here for NY Option Expiry details.
FIXED INCOME
- USTs pulling back after yesterday’s PMI-induced gains which sent the 10yr benchmark to a 108.08 peak. Today’s calendar sees US durables, however, greater focus may fall on the USD 70bln 5yr note auction given the well-received 2yr offering yesterday.
- Bunds are following suit to the selling pressure in global peers with traders also mindful of better-than-expected German IFO data. Bunds remains at session lows with focus on a potential test of the 130.52 YTD trough.
- Gilts remain pressured in an extension of yesterday’s Pill-induced price action which saw traders re-evaluate the dovish price action prompted by Ramsden last Friday. The 96.40 low today is the lowest since 17th April with 96.01 thereafter.
- Orders for UK 4.375% 2054 Gilt exceed GBP 75bln (prev. GBP 57bln); price guidance 1.75bps (prev. 1.75-2bps), via bookrunner
- Click here for more details.
COMMODITIES
- Crude was initially propped up, benefiting from the post-US PMI Dollar weakness; though the complex has since succumbed to selling pressure amid the recent resurgence in the Dollar. Brent June currently holds around USD 88/bbl.
- Subdued trade across precious metals with spot gold and silver on a marginally softer footing, in fitting with the modest gains in the USD. XAU/USD sits in a tight range within USD 2,315.84-2,331.37/oz.
- Base metals are firmer across the board despite the stronger Dollar, but amidst a positive risk tone across global markets, with Chinese markets showcasing a strong performance underpinned by its tech and property sectors.
- China Coal Industry Group said cement industry capacity utilisation down to 50% (prev. 80% Y/Y), negatively impacting coal demand. Current domestic coal price of around CNH 800/metric ton seem as price floor for this year.
- Click here for more details.
NOTABLE EUROPEAN HEADLINES
- ECB’s Nagel said June rate cut is not necessarily followed by a series of rate cuts; not fully convinced that inflation will actually return to target in a timely sustained manner, services inflation remains high, driven by continued strong wage growth.
- ECB’s Cipollone “Innovation, integration and independence: taking the Single Euro Payments Area to the next level”; text release not on monetary policy.
DATA RECAP
- German Ifo Curr Conditions New (Apr) 88.9 vs. Exp. 88.7 (Prev. 88.1); Ifo Expectations New (Apr) 89.9 vs. Exp. 88.7 (Prev. 87.5, Rev. 87.7); Ifo Business Climate New (Apr) 89.4 vs. Exp. 88.8 (Prev. 87.8, Rev. 87.9); German ifo Institute President is more optimistic about the German economy in Q2; manufacturing companies lacking orders but positive consumption, via Bloomberg
NOTABLE US HEADLINES
EARNINGS
GEOPOLITICS
- US Senate voted (79-18) to pass the USD 95bln bill with aid for Ukraine, Israel and Taiwan which also includes the threat to ban TikTok, while US President Biden said he will sign it into law on Wednesday.
- China’s Taiwan Affairs Office said it resolutely opposes the inclusion of Taiwan-related content in the relevant bill of the US Congress, while it urged the US to fulfill its commitment not to support ‘Taiwan independence’ with concrete actions and stop arming Taiwan in any way.
- North Korean leader Kim’s sister said North Korea will continue to build overwhelming military power to protect sovereignty and that the regional security environment is spiralling into turmoil because of US military manoeuvres, according to KCNA.
- Ambrey is aware of an incident Southwest of Aden, Yemen; “Yemeni sources: Houthis launch a ballistic missile towards the sea from in central Yemen”, according to Sky News Arabia; details light.
CRYPTO
- Bitcoin was flat and sits just above USD 66k, whilst Ethereum posted incremental gains and above USD 3.2k.
APAC TRADE
- APAC stocks gained as the region took impetus from the rally on Wall St where soft PMI data spurred a dovish reaction across asset classes.
- ASX 200 was led by gold miners after several quarterly production updates but with the advances in the index capped by firmer-than-expected CPI data.
- Nikkei 225 outperformed its peers and rose above the 38,000 level amid tech strength.
- Hang Seng and Shanghai Comp. conformed to the broad upbeat sentiment seen across the region amid tech strength in Hong Kong as SenseTime shares surged over 30% following the unveiling of its latest AI model. However, gains in the mainland were capped after the US Senate passed the Ukraine, Israel and Taiwan aid package which includes the threat to ban TikTok in the US.
NOTABLE ASIA-PAC HEADLINES
- EU opened a probe into China’s procurement of medical devices, according to Bloomberg.
- BoJ is to discuss the impact of the yen’s rapid slide at this week’s policy meeting and a further rate hike is seen as unlikely on Friday as the Bank keeps a close eye on inflation, according to Nikkei. BoJ is closely watching core inflation as it weighs the timing of additional hikes and rather than rushing further tweaks, the BoJ aims to carefully monitor moves by smaller businesses to raise pay and pass along increased costs to customers. Furthermore, a BoJ source said they want to confirm that the cycle between wage and price growth is strengthening and many at the BoJ believe that the weak Yen is not currently adding to inflation, while the increase in long-term interest rates is helping to keep the yen from weakening further.
- Indonesian Lending Facility Rate (Apr) 7.0% vs. Exp. 6.75% (Prev. 6.75%); Deposit Facility Rate (Apr) 5.5% vs. Exp. 5.25% (Prev. 5.25%); 7-Day Reverse Repo (Apr) 6.25% vs. Exp. 6.0% (Prev. 6.0%).
- SK Hynix (000660 KS) announces investment in new DRAM chip production base in South Korea; will invest KRW 20tln
APAC DATA RECAP
- Australian CPI QQ (Q1) 1.0% vs. Exp. 0.8% (Prev. 0.6%); CPI YY (Q1) 3.6% vs. Exp. 3.5% (Prev. 4.1%); Weighted CPI YY (Mar) 3.5% vs. Exp. 3.4% (Prev. 3.4%)
- Japanese Services PPI (Mar) 2.30% (Prev. 2.10%)
3C ASIA AFFAIRS/
\WEDNESDAY MORNING/TUESDAY NIGHT
SHANGHAI CLOSED UP 22.84 PTS OR 0.76% //Hang Seng CLOSED UP 372.34PTS OR 2.21% / Nikkei CLOSED UP 907.92 PTS OR 2.42% //Australia’s all ordinaries CLOSED DOWN 0.43%///Chinese yuan (ONSHORE) closed DOWN 7.2460//OFFSHORE CHINESE YUAN CLOSED DOWN TO 7.2678/Oil UP TO 82.72dollars per barrel for WTI and BRENT UP AT 87.92 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
2 d./NORTH KOREA/ SOUTH KOREA/
NORTH KOREA/SOUTH KOREA
END
2e) JAPAN
JAPAN
3 CHINA
CHINA/
Chinese FX Outflows Soar, Priming The Next Bitcoin Surge
TUESDAY, APR 23, 2024 – 11:25 PM
Last October, when we pointed out that China’s FX outflows had just hit a whopping $75BN – the single biggest monthly outflow since the 2015 currency devaluation – we concluded that the “unfavorable interest rate spread between China and the US will “likely imply persistent depreciation and outflow pressures in coming months”, or in other words, September’s biggest FX outflow in years is just the beginning, and very soon – in addition to geopolitics and central banks – the world will also be freaking out about the capital flight out of China… not to mention where all those billions in Chinese savings are going and which digital currency the Chinese are using to launder said outflows.”
We wrote that on October 20 when Bitcoin was trading just under $30,000, a level it had been for much of 2023. And, just as we correctly predicted at the time…
Clockwork: every time China FX outflows surge, bitcoin erupts. From last Friday: China Capital Flight Panic Erupts
China Capital Flight Panic Erupts: FX Outflows Hit $75 Billion, Highest Since 2015 Devaluation
… following this surge in Chinese FX outflows, bitcoin – traditionally China’s preferred means to circumvent Beijing’s great capital firewall since gold is, how should one put it, a bit more obvious when crossing borders – promptly exploded more than 100% higher in the next 4 months.
And while conventional wisdom is that this surge in the price of the digital currency was largely due to the January launch of Bitcoin ETFs, what many missed was a Reuters story in January which confirmed our thesis from back in 2015, according to which much more than ETFs, and much more than rapidly shifting sentiment or frankly any day-to-day newsflow, it is China’s massive wall of inert capital that has been the biggest driver of bitcoin moves, and never more so than during periods of FX and capital outflows which usually precede some form of capital controls.
We bring all this up because six months after our first correct prediction that China’s spike in FX outflows would send bitcoin surging, it’s time to do it again.
One wouldn’t know if, however, if one merely looked at the official Chinese FX reserve data published by the PBOC, here nothing sticks out. In fact, at $3.246 trillion, reported Chinese reserves are now near the highest level in past four years, and monthly flows are very much stable as shown in the chart below.
The problem, of course, is that as we have explained previously China’s officially reported reserves are woefully (and perhaps purposefully) inaccurate of the bigger picture.
Instead if one uses our preferred gauge of FX flows, one which looks at i) onshore outright spot transactions; ii) freshly entered and canceled forward transactions, and iii) the SAFE dataset on “cross-border RMB flows, we find that China’s net outflows were $39bn in March, up from $11bn in February and the fastest pace of outflows since the September spike in FX outflows which we duly noted half a year ago.
How did we get this number? The portfolio investment channel showed net outflows in March. The Stock Connect channel showed net outflows of US$8bn vs. US$5bn inflows in February, and inflows to the bond market slowed in March (US$6bn, vs. US$11bn in February)…
… primarily on record net selling of central government bonds.
Finally, the current account channel showed also net outflows in March, mainly as services trade related outflows picked up.
At the time when FX outflows were re-acclererating, the broad USD strengthened further in March, and USD/CNY spot drifted higher, as one would expect when there is capital flight... Oh, and Bitcoin hit a record high above $70K.
And while Chinese policymakers are still keen on maintaining FX stability – the countercyclical factors in the daily CNY fixing remained deeply negative and front-end CNH liquidity tightened notably in recent weeks – the reality is that with China desperate to boost its exports at a time when its great mercantilist competitor, Japan, has hammered the yen to the lowest level in 3 decades, it is only a matter of time before the currency devaluation advocates win, as they did in 2015.
We hope that we don’t have to remind readers that the first big trigger for bitcoin’s unprecedented eruption higher starting in 2015 was – you guessed it – China’s August 2015 FX devaluation.
So don’t be surprised if in the next 6 months Bitcoin doubles again, and the move has nothing to do with ETF inflows, the halving, or frankly anything else taking place in the US… and instead is entirely driven by China’s massive wall of money which at last check was almost 3x bigger than the US.
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
END
EUROPE//LUXURY GOODS
Trouble ahead for luxury goods!
Kering Tumbles On Profit Warning As Gucci Revamp Stumbles
WEDNESDAY, APR 24, 2024 – 09:40 AM
Gucci owner Kering SA’s problems in mainland China are only mounting as the French luxury giant issued a profit warning. As a result, shares of the company in Paris plunged to a six-year low.
Lackluster Chinese demand for the luxury goods maker, which includes the Gucci, Balenciaga, Bottega Veneta, Yves Saint Laurent, Creed, and Alexander McQueen brands, sparked turmoil in Paris trading on Wednesday. Shares were down as much as 10%, tumbling to lows not seen since October 2017.
Kering said its sales in the first quarter dropped 11%, citing “tough market conditions” in its Asia-Pacific unit, particularly in China, one of the world’s largest luxury goods markets.
- Group first-quarter revenue: €4,504 million, down 11% as reported and down 10% on a comparable basis
“Kering’s performance worsened considerably in the first quarter. While we had anticipated a challenging start to the year, sluggish market conditions, notably in China, and the strategic repositioning of certain of our Houses, starting with Gucci, exacerbated downward pressures on our topline,” Francois-Henri Pinault, chairman and chief executive officer of Kering, wrote in a statement.
Pinault continued, “In view of this revenue decline, together with our firm determination to continue investing selectively in the long-term appeal and distinctiveness of our brands, we now expect to deliver sharply lower operating profit in the first half of this year. All of us are working tirelessly to see Kering through the current challenges and rebuild a solid platform for enduring growth.”
Here’s a snapshot of the first quarter earnings (courtesy of Bloomberg):
- Comparable revenue -10%, estimate -10.2% (Bloomberg Consensus)
- Gucci revenue on a comparable basis -18%, estimate -19.4%
- Yves Saint Laurent revenue on a comparable basis -6%, estimate -6.75%
- Bottega Veneta revenue on a comparable basis +2%, estimate -0.05%
- Other Houses revenue on a comparable basis -6%, estimate -4.23%
- Eyewear & corporate revenue on a comparable basis +9%, estimate +18.1%
- Revenue EU4.50 billion, -11% y/y, estimate EU4.47 billion
- Gucci revenue EU2.08 billion, -21% y/y, estimate EU2.05 billion
- Yves Saint Laurent revenue EU740 million, -8.2% y/y, estimate EU737.1 million
- Bottega Veneta revenue EU388 million, -1.8% y/y, estimate EU381.5 million
- Other Houses revenue EU824 million, -7.4% y/y, estimate EU834.4 million
- Eyewear & corporate revenue EU536 million, +24% y/y, estimate EU517 million
In the financial outlook, Kering warned that, considering “deterioration revenue trends,” the company now expects “a decline of 40 to 45% in first-half 2024 recurring operating income compared to the first half of 2023.”
In February, Pinault stated, “Our priority is to get Gucci back on track,” adding that this “won’t happen overnight.”
Kering has scrambled to turn the sinking ship around, as Gucci accounts for half the group’s sales.
Here’s what Wall Street analysts are saying about Kering’s profit warning amid fears the revamp of Gucci is faltering (list courtesy of Bloomberg):
Deutsche Bank (buy, PT cut to €460 from €540)
- Kering has followed up its surprise first-quarter revenue pre- release with a bigger-than-expected flow-through into first-half Ebit guidance, analyst Adam Cochrane says
- There are “limited green shoots” with regards to Gucci at this stage, and will have to wait until the third or even fourth quarter to see if the Sabato proportion of the collection hit 30-40%
RBC Capital Markets (outperform, PT cut to €430 from €440)
- While Gucci’s margin cut is “optically bad,” it was well- anticipated and largely in the price, analyst Piral Dadhania says
- Performance is currently challenged, with no improvement in second-quarter trading, but the market will likely focus on sequential revenue growth improvement driven by new product introductions
Bryan Garnier (neutral, PT cut to €350 from €405)
- Kering was even worse than expected, says analyst Loic Morvan, even amid marginal signs of improvement at the top and bottom- line in the second half
Jefferies (hold, PT cut to €360 from €370)
- Kering’s update confirmed Ebit under pressure in the first half, with Gucci’s recovery expected to be only gradual over this year, writes analyst James Grzinic
- Analyst is encouraged that the group is seeking external partners for real estate holdings, but triangulating Gucci’s renaissance remains a “challenging affair”
Morgan Stanley (equal-weight, PT cut to €365 from €405)
- Management’s tone was cautious on the call regarding the sales and profit trajectory for the remainder of the year, analyst Edouard Aubin writes
- The warning is more a function of incremental operating deleverage rather than proactive investments behind the brands
Citi (buy, PT €470)
- Citi analyst Thomas Chauvet says that Gucci’s design transition and new brand aesthetics might be slower-than- expected in driving brand heat and store traffic
- The greatest source of uncertainty this year is the shape of demand in subsequent quarters, and its impact on profitability
Bloomberg Intelligence
- Gucci’s rebuild is dragging toward 2025, analyst Deborah Aitken says, adding that overhaul efforts are taking longer, while Kering’s second-biggest brand YSL is also weaker, which requires deeper investment
- Sabato de Sarno’s collection will take until the third quarter for fuller own-retail store visibility, pushing the resumption of growth to 2025
This all plays into the slowdown of the global luxury market, reflected in the MSCI Inc. index of global luxury stocks, finding three lower highs since peaking during the Covid mania of late 2021.
Another ominous sign is the flashing red from the watch market just days ago.
Swiss Watch Exports Crash In China & Hong Kong
Swiss Watch Exports Crash In China & Hong Kong
The underperformance of luxury results from shoppers who are pulling back on spending, especially in Asia, as the Chinese economic recovery has yet to impress anyone.
end
5. RUSSIA AND MIDDLE EASTERN AFFAIRS.
ISRAEL//GAZA
IDF preparing to start Rafah operation ‘very soon’ after mass evacuation of the city – report
The IDF announced on Wednesday morning that it recruited two reserve brigades to continue the defense and attack mission in the Gaza Strip under the command of Division 99.
By JERUSALEM POST STAFFAPRIL 24, 2024 07:55Updated: APRIL 24, 2024 12:
The IDF is preparing to begin the ground operation in Rafah “very soon,” beginning with a massive evacuation of over a million Palestinians, Kan 11 reported Tuesday evening, citing two American officials.
Palestinians will reportedly be required to evacuate in the next four to five weeks to tent complexes that international aid organizations have set up.
The plan for the Rafah operation has been presented to American officials as well as other agencies in the region, KAN noted. According to the plan, the operation will move forward in stages, based on a regional division of the Gazan city into defined areas.
END.
ISRAEL/HEZBOLLAH/SYRIA/IRAN
Iran cuts Syria presence after strikes blamed on Israel – Hezbollah official
By AFP
In this photo released by the official Syrian state news agency SANA, emergency service workers clear the rubble at a destroyed building allegedly struck by Israeli jets in Damascus, Syria, Monday, April 1, 2024. (SANA via AP)
Iran has reduced its military footprint in Syria after a succession of strikes blamed on Israel, a source close to Iran-backed Hezbollah says.
Iran has provided military support to Syrian government forces through more than a decade of civil war, but a series of strikes targeting its commanders in recent months has prompted a reshaping of its presence, the sources tell AFP.
“Iran withdrew its forces from southern Syria,” including both Quneitra and Daraa provinces, which abut the Israeli-held Golan Heights, the source close to Hezbollah says.
But it still maintains a presence in other parts of the country, the source adds.
Recent months have seen a series of strikes on Iranian targets in Syria, widely blamed on Israel, culminating in an April 1 strike that leveled a building at the Iranian consulate compound in Damascus and killed seven Revolutionary Guards, two of them generals.
That strike prompted Iran to launch a first-ever direct missile and drone attack against Israel on April 13-14 that sent regional tensions spiraling.
END
ISRAEL/HEZBOLLAH/LEBANON
Hezbollah Launches Deepest Attack Into Israel Since War’s Start, On Passover
TUESDAY, APR 23, 2024 – 06:45 PM
Hezbollah on Tuesday conducted its deepest strikes into Israeli territory since the start of the war, launching drones at Israeli military bases on the outskirts of the Israeli city of Acre.
Israel’s military said none of its facilities were hit, and videos circulating online appear to show Israeli anti-air systems intercepting at least one drone which was flying low over the Mediterranean, just off the coast where Acre is located.
Iran Failed in Attack Against Israel: US’s Kirby
https://imasdk.googleapis.com/js/core/bridge3.636.0_en.html#goog_1103706370
The IDF subsequently confirmed it intercepted two “areal targets” off Israel’s northern coast. Thus far in the conflict, Hezbollah’s daily rocket and drone attacks have tended to stay within within a few kilometers inside Israel.
However, Tuesday’s attack seems to be sending a message that escalation could be imminent:
A security source told Arab News that the attack was “a sensitive targeting.” The area struck is more than 15 km from the border with Lebanon.
“This targeting took place in broad daylight while the Israelis were celebrating the Jewish Passover,” the source said.
Hezbollah said it launched the drones “in response to Israeli aggression against the Lebanese town of Aadloun and the assassination of a (Hezbollah) cadre there.”
While the IDF denied that there were any direct hits on military bases, Lebanese source Al-Mayadeen reported that the headquarters of the army’s Golani Brigade was struck with drones.
The below video shows an IDF intercept of a Hezbollah drone…
https://www.zerohedge.com/geopolitical/hezbollah-launches-deepest-attack-israel-wars-start-passover
This was based on a Hezbollah statement claiming that the air attack “targeted the headquarters of the Golani Brigade and the headquarters of Egoz Unit 621 in the Sharaga barracks, north of the occupied city of Akka (Acre), and the drones hit their targets accurately.”
Last week a major war between Iran and Israel was narrowly avoided after each side launched ‘limited’ strikes against the other. But tensions remain high and it could be that Iran’s proxies, such as Hezbollah and Yemen’s Houthis, could be set to escalate, especially as the IDF has Rafah set in its sites.
Interestingly, a fresh report in The New York Times says that Israeli leaders had actually planned a much bigger attack on Iran, but ditched the larger strike option at the last minute due to White House diplomatic intervention:
Israel reportedly abandoned plans for a much more extensive counterstrike on the Islamic Republic after concerted diplomatic pressure from the United States and other foreign allies and because the brunt of an Iranian assault on Israel soil had been thwarted, according to three senior Israeli officials:
Israeli leaders originally discussed bombarding several military targets across Iran last week, including near Tehran, the Iranian capital, in retaliation for the Iranian strike on April 13, said the officials, who spoke on the condition of anonymity to describe the sensitive discussions.
Such a broad and damaging attack would have been far harder for Iran to overlook, increasing the chances of a forceful Iranian counterattack that could have brought the Middle East to the brink of a major regional conflict.
In the end — after President Biden, along with the British and German foreign ministers, urged Prime Minister Benjamin Netanyahu to prevent a wider war — Israel opted for a more limited strike on Friday that avoided significant damage, diminishing the likelihood of an escalation, at least for now.
Another angle showing a drone intercepted near Acre:
According to a note via Rabobank, Mohamed El-Erian underlines a markets/NatSec disconnect over Mid-East events. Markets say “de-escalation”, because the oil price has gone down. National security figures worry; and those saying recent attacks were telegraphed might note reports of White House panic when Iran launched missiles, and Israel planning a larger military strike at first. We have calm now, but neither side will pass on the opportunity to weaken the other; the enmity is not over.
end
ISRAEL HEZBOLLAH
Gallant: IDF has ‘eliminated’ half of Hezbollah’s south Lebanon commanders, remainder are in hiding
Defense Minister Yoav Gallant holds an assessment with the chief of the IDF Northern Command in Safed, Maj. Gen. Ori Gordin, and other top officers, April 24, 2024. (Ariel Hermoni/Defense Ministry)
Defense Minister Yoav Gallant says half of Hezbollah’s commanders in southern Lebanon have been killed by the Israeli military.
The remarks are made following a visit to the IDF Northern Command in Safed, where Gallant held an assessment with the chief of the command, Maj. Gen. Ori Gordin, and other top officers.
“Half of the Hezbollah commanders in south Lebanon have been eliminated… and the other half hide and abandon south Lebanon to IDF operations,” Gallant says.
He says Israel’s main goal in the north is to return the tens of thousands of displaced Israelis to their homes, amid Hezbollah’s daily attacks.
“We are dealing with a number of alternatives in order to establish this matter, and the coming period will be decisive in this regard,” Gallant says.
END
ISRAEL/HAMAS
Hamas chief Sinwar exited tunnels, met with terrorists aboveground – report
The Hostage and Missing Families Forum said they’d found that the reports about Sinwar’s exit from the tunnels were “reliable.”
By JERUSALEM POST STAFFAPRIL 24, 2024 15:19Updated: APRIL 24, 2024 16:33
Hamas’s chief in Gaza, Yahya Sinwar, exited the terrorist movement’s tunnels and met with the movement’s forces aboveground recently, a senior source in Hamas told Al-Araby Al-Jadeed on Wednesday.
Sinwar “recently inspected areas that witnessed clashes between the resistance and the occupation army, and met some of the movement’s fighters on the ground and not in the tunnels,” said the source.
The source claimed that Sinwar is “not isolated from reality” where he’s hiding, adding that “talk that Sinwar is isolated in the tunnels is nothing but a claim on the part of Netanyahu and his agencies to cover up his failure to achieve the goals declared to the Israeli street and to his allies.”Top ArticlesRead More
Hamas chief Sinwar exited tunnels, met with terrorists aboveground
The Hamas source also denied reports that Hamas had changed its demands to only being willing to release 20 hostages instead of the 40 originally discussed in the first phase of any agreement. The source stated that while it’s not possible to “accurately determine the number of living hostages,” it is “certain” that the number is higher than the number being cited in some media reports.
The source claimed that Hamas has about 30 IDF and Shin Bet officers and that these hostages are being kept in “highly secured places, far from the hands of the occupation, and it is impossible to reach them under any circumstances.”
Hostage families say they’ve found claims Sinwar emerged from tunnels are ‘reliable’
The Hostage and Missing Families Forum announced in response to the report that intelligence sources had found that the report that Sinwar emerged from the tunnels under Gaza was “reliable.”
“The picture of Sinwar in the streets of Gaza, while the hostages languish in basements, is the picture of Israeli failure,” The Hostage and Missing Families Forum said.
Former Shin Bet officer downplays reports Sinwar exited tunnels
Micah Kobi, a former senior Shin Bet officer who interrogated Sinwar back when Sinwar was still in prison in Israel, told Maariv that “theoretically, there is a possibility that Sinwar is taking advantage of the IDF’s shuffling and the withdrawal of most of the forces from the Strip, for his freer movement while commanding his fighters.”
“Hamas’ discourse in the media, and especially the report on Sinwar’s exit from the tunnels, is nothing more than media spin,” insisted Kobi. “They now know that the highest probability is that the IDF will enter Rafah, and therefore, through false information, they are trying to confuse us and divert us from our main goals there.”
“Always before a military or political move, every time Israel declares a military intention, Hamas tries to cloud our view. Their media ‘spins’ are well known; this is Hamas’ culture of lies that wants us to act contrary to our common sense. In the end, the research elements in the army know which statements should be given importance – and which statements are false,” added the former Shin Bet officer.
Kobi also denied the Hamas source’s claims about the number of hostages who are IDF and Shin Bet officers, saying that they are “not at all accurate and incorrect.”
END
Lebanese media report more than a dozen Israeli strikes in south Lebanon
Lebanese media report more than a dozen Israeli strikes carried out in the Ayta ash-Shab and Ramyeh areas.
IRAN/
Tehran sentences popular rapper to death for backing protests – Iranian reports
By AFPToday, 4:56 pm
File: Protestors hold portraits of jailed Iranian rapper Toomaj Salehi (C) and Mohsen Shekari (Bottom-R), a protestor who was executed in Iran in December 2022, during a rally in Lyon on January 8, 2023 against the Iranian regime. (Ean-Philippe Ksiazek/AFP)
An Iranian court has sentenced to death a popular rapper jailed for more than a year and a half for supporting nationwide protests sparked by Mahsa Amini’s death, according to local media reports.
“Branch 1 of Isfahan Revolutionary Court… sentenced Toomaj Salehi to death on the charge of corruption on Earth,” the singer’s lawyer Amir Raisian says, as quoted by the reformist Shargh newspaper.
end
FRANCE/
Jewish French woman allegedly raped, kidnapped to ‘avenge Palestine’
A 32-year-old in France faces charges of religiously-motivated death threats and narcotics use, alongside allegations of rape.
By JERUSALEM POST STAFFAPRIL 23, 2024 22:20Updated: APRIL 24, 2024 03:52
A Jewish French woman was allegedly raped, kidnapped, and threatened with murder by a man in Gennevilliers who reportedly sought revenge for Palestinians, French media reported on Tuesday night.
The 32-year-old was charged on Tuesday with religiously-motivated death threats and use of narcotics, according to Le Parisien. BFMTV said that the rape allegation is still being investigated, but the prosecution did believe a kidnapping charge was warranted.
The woman, who according to French media met the man through a dating application in 2023, told police that she had been raped and said to her mother that she was being held by the man at his apartment against her will.
Suspect sent texts to victim’s mother, ex boyfriend
The suspect, according to Le Parisien, sent text messages to the victim’s mother and ex-boyfriend, telling the former partner that he wanted to “avenge Palestine.”
“Good luck, you will never find your daughter again, you will never see her again, I will prostitute your daughter,” the suspect allegedly texted the victim’s mother according to Le Parisien.
The suspect, BFMTV reported, acknowledged the texts but said that they were just provocations. He was released with a judicial order on contact with the woman.
The reports of the alleged crimes were met with outrage by politicians and activists.
Hauts-de-Seine MP Elsa Faucillon said that the reported incident in her constituency was an antisemitic act and offered solidarity with the woman.
Hauts-de-Seine senator Pierre Ouzoulias said that the incident provided new proof that “antisemitism is a terrible poison.”
National Rally Parliamentary leader Marine Le Pen blamed far-left politicians for the failure to address the climate of antisemitism since October 7.
“I provide all my support to the victim and to our Jewish compatriots,” said Le Pen.
The Interministerial Delegation for the Fight against Racism, Antisemitism, and anti-LGBT Hatred said on social media that “antisemitism, particularly under the guise of anti-Zionism, is everyone’s business in our Republic and that it must be fought tirelessly.”
Collectif Nous Vivrons said that the importation of the Israel-Hamas war into France could only create such events, and disinformation and agitation put a target on the back of French Jews.
end
RUSSIA/UKRAINE/
6.Global Issues//COVID ISSUES
COVID ISSUES/VACCINE ISSUES//DRUG ISSUES
GLOBAL ISSUES//GLOBAL SALES
end
MARK CRISPIN MILLER
END
DR PAUL ALEXANDER
LIONESS OF JUDAH MINISTRY reminds us about Dr Phil Febo: ‘Moderna and Pfizer Never Had the ‘Isolated’ Virus in Their Lab, They Used the Sequence Sent From China yet Chinese CDC Admits They Never
isolated the Virus. Do you understand the MADNESS? Kary Mullis about PCR test; excellent writing as usual, please support LIONESS
| DR. PAUL ALEXANDERAPR 23 |
‘
M0derna and Pfizer Waccines are still recommended?! Reminder, Dr Phil Febo: Moderna and Pfizer never had the ‘isolated’ wirus in their lab, they used the sequence sent from China… My telegram channel: t.me/LeylaRostami1
Chinese CDC Admits They Never Isolated the Virus
PCR Test
CDC 2019-Novel Coronavirus (2019-nCoV) Real-Time RT-PCR Diagnostic Panel Page 38: “Detection of viral RNA may not indicate the presence of infectious virus or that 2019-nCoV is the causative agent for clinical symptoms; This test cannot rule out diseases caused by other bacterial or viral pathogens.”
Kary Mullis about PCR test
Kary Mullis was the inventor of The PCR Test. He mysteriously died the summer before the “Pandemic” was released
Kari Mulis: Explains The PCR Test (bitchute.com)
A Pandemic of Deceit
Exposing The Darkness
Exposing The Darkness is a reader-supported publication. To support my work, please consider becoming a paid subscriber. FOI Request – HTH-2021-13906…
SLAY NEWS
| The latest reports from Slay News |
| WEF Calls for ’24-Hour Monitoring’ of the PublicThe World Economic Forum (WEF) is pushing for the “24-hour monitoring” of the general public using “biometric sensors—on, or even inside their bodies.”READ MORE |
| Texas Panhandle Drinking Water System Hacked by Russian Cyber AttackersRussian government-linked hackers have hijacked Texas Panhandle towns’ drinking water systems, according to reports.READ MORE |
| ‘Club Rat’ Director Eva Evans Dies Suddenly at 29Eva Evans, the 29-year-old director of the Prime Video series “Club Rat,” has died suddenly, according to her family.READ MORE |
| NYU Calls for NYPD to Regain Control of Escalating Anti-Israel Protests on CampusNew York University has requested support from NYC police as anti-Israel protests on campus have spiraled out of control. Like similar protests on campuses across the country, the leftist demonstrations have been descending into violence and anti-Semitism. After an anti-Israel protest escalated at NYU on Monday, the college required New York City police to bring the crowds under control. The …READ MORE |
| Judge Unseals Documents on FBI’s Trump Raid, Probe into Classified DocsU.S. District Judge Aileen Cannon has just unsealed documents related to the FBI’s investigation into President Donald Trump which resulted in a raid on his Mar-a-Lago home in Florida.READ MORE |
| Republican Congressman Predicts Speaker Johnson Would Survive Removal VoteA Republican congressman has predicted that House Speaker Mike Johnson (R-LA) will overcome backlash from within his party and “survive” a motion to kick him out of his leadership role.READ MORE |
| Chaos Erupts as Climate Protesters Storm Murkowski Speech, Bodies Sent Flying off StageA group of leftist climate protesters stormed the stage during a speech by Republican Sen. Lisa Murkowski (R-AK), causing chaos to erupt.READ MORE |
| Biden: Israel Has ‘Ironclad’ Right to Exist as Independent StateDemocrat President Joe Biden has said that Israel has an “ironclad” right to exist as an independent state, a departure from his recent attempts to pressure Israel into a “ceasefire” with Hamas.READ MORE |
| China Battles Intense Flood Threat as Landslides Hit Guangdong ProvinceSouthern China is currently battling with severe landslides and floods following unprecedented torrential rains, according to reports.READ MORE |
| Billionaire Robert Kraft Pulls Funding from Columbia University over ‘Virulent Hate’ from Pro-Hamas Protesters on CampusMulti-billionaire Robert Kraft has announced that he is pulling his donations from his alma mater Columbia University over the ongoing pro-Hamas protests on campus.READ MORE |
| MSNBC Legal Analyst Warns of ‘Mistrial’ in Trump’s ‘Hush Money’ CaseAn MSNBC legal analyst has warned viewers that there’s a possibility that the “hush money” case brought by Manhattan District Attorney Alvin Bragg against President Donald Trump will end in a mistrial.READ MORE |
| RFK Jr Blasted Voter ID Laws as ‘Racially Rancid’ in Resurfaced Comments: ‘A Scam to Steal Your Vote’Resurfaced comments made by Robert F. Kennedy Jr. show the independent presidential candidate blasted voter ID laws as “racially rancid” and a “scam to steal your vote.”READ MORE |
| Top Obama Advisor Arrested after ‘Indecent Images of Children’ FoundA senior advisor in former President Barack Obama’s administration has been arrested in the UK after he was caught with “indecent images of children.”READ MORE |
EVOL NEWS
| LATEST NEWS: |
NEWS ADDICT
| LATEST REPORTS FOR NEWS JUNKIESWHO Whistleblower: Pandemic Was a Hoax to Usher In Digital IDA top official from the World Health Organization (WHO) has just blown the whistle on the pandemic in an explosive new testimony.READ THE FULL REPORTBiden Planning to Declare ‘Climate Emergency’ to Rig 2024 ElectionsPresident Joe Biden is reportedly planning to declare a “climate emergency” to enforce lockdowns and other restrictions to “fight global warming” in the run-up to the elections in November.READ THE FULL REPORTINTERNAL ATTACK ON AMERICA: Massive Fire at Washington Cold Storage FacilityA devastating fire at Lineage Logistics, a cold storage facility, has sparked widespread fear and forced evacuations in parts of Finley, Washington.READ THE FULL REPORTNBC Hosts Visibly STUNNED After Biden Gets The Bad NewsSteve Kornacki from NBC and Kristen Welker, the host of Meet the Press, have both reacted to a recent poll that highlights potential challenges for President Biden in the upcoming 2024 election.READ THE FULL REPORTAmericans FURIOUS Over Obama’s Passover MessageFormer President Barack Obama utilized a Passover communication on Monday to incorporate Palestinians into the Jewish festival, urging individuals to empathize with those enduring in “Israel and Gaza,” and to stand in unity with individuals of diverse faiths.READ THE FULL REPORTVIEW MORE NEWS |
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
7.OIL PRICES/GAS PRICES/OIL ISSUES
end
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES//
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: 1.0689 DOWN .0016
USA/ YEN 154.93 UP 0.185 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//
GBP/USA 1.2437 DOWN .0017
USA/CAN DOLLAR: 1.3686 UP .0025(CDN DOLLAR DOWN 25 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 22.84 PTS OR 0.76%
Hang Seng CLOSED UP 372,34 PTS OR 2.21%
AUSTRALIA CLOSED DOWN 0.43%
// EUROPEAN BOURSE: ALL MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 372,34PTS OR 2.21%
/SHANGHAI CLOSED UP 22.84TS OR 0.76%
AUSTRALIA BOURSE CLOSED DOWN 0.43%
(Nikkei (Japan) CLOSED UP 907.92PTS OR 2.42%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 2313.60
silver:$27.08
USA dollar index early WEDNESDAY morning: 105.71 UP 20 BASIS POINTS FROM TUESDAY’s CLOSE.
WEDNEESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing WEDNESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.233% UP 12 in basis point(s) yield
JAPANESE BOND YIELD: +0.889% UP 0 AND 2/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.384 UP 12 in basis points yield
ITALIAN 10 YR BOND YIELD 3.946 UP 13 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.5914 UP 14 BASIS PTS
END
IMPORTANT CURRENCY CLOSES FOR WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.0698 DOWN 0.0004 or 4 basis points
USA/Japan: 154.98 UP .235 OR YEN IS DOWN 24 BASIS PTS
Great Britain/USA 1.2443 DOWN .0010 OR 10 BASIS POINTS //
Canadian dollar DOWN .0045 OR 45 BASIS pts to 1.3706
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan, CNY: closed UP ON SHORE CLOSED DOWN AT 7.2460
THE USA/YUAN OFFSHORE: (YUAN CLOSED (DOWN)…. (7.2717)
TURKISH LIRA: 32.52 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//ON DEATH WATCH
the 10 yr Japanese bond yield at +0.889…
Your closing 10 yr US bond yield UP 7 in basis points from TUESDAY at 4.664% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic
USA 30 yr bond yield 4.791 UP 7 in basis points /12.00 PM
USA 2 YR BOND YIELD: 4.944 UP 4 BASIS PTS.
GOLD AT 11;30 AM 2322,00
SILVER AT 11;30: 27.22
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 DOWN 4.43PTS OR 0.06
German Dax : CLOSED DOWN 13.92PTS OR 0.17%
Paris CAC CLOSED DOWN 48,95PTS OR 0.27%
Spain IBEX CLOSED DOWN 47.60 PTS OR 0.43%
Italian MIB: CLOSED DOWN 93.63PTS OR 0.27%
WTI Oil price 82.89 12: EST/
Brent Oil: 88.25 12:00 EST
USA /RUSSIAN ROUBLE /// AT: 92,16 ROUBLE UP 0 AND 16/100
GERMAN 10 YR BOND YIELD; +2.5915 UP 14 BASIS PTS.
UK 10 YR YIELD: 4.3795 UP 12 BASIS POINTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0697 DOWN.0005 OR 5BASIS POINTS
British Pound: 1.2459 DOWN.0026 or 26 basis pts
BRITISH 10 YR GILT BOND YIELD: 4.3730 UP 43BASIS PTS//
JAPAN 10 YR YIELD: .889
USA dollar vs Japanese Yen: 155,32 UP0 .573/YEN DOWN 57 BASIS PTS//
USA dollar vs Canadian dollar: 1.3701UP.0009CDN dollar DOWN9 BASIS PTS
West Texas intermediate oil: 82.90
Brent OIL: 88.01
USA 10 yr bond yield UP 15BASIS pts to 4.645%
USA 30 yr bond yield UP 15BASIS PTS to 4.776%
USA 2 YR BOND: UP 3 PTS AT 4.931
USA dollar index: 105.82 UP 15 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 32.56(GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 92,25UP 0 AND 88/100 roubles
GOLD 2,317.80 3:30 PM
SILVER: 27,2113:30 PM
DOW JONES INDUSTRIAL AVERAGE: DOWN 42,77PTS OR 0.21%
NASDAQ UP 55.33 PTS OR 0.32%
VOLATILITY INDEX: 15.98UP 0.29PTS OR 1.85%
GLD: $214.64OWN 0.19 OR 0.03%
SLV/ $24.90DOWN 0.09 OR 0.36%
end
USA AFFAIRS
TODAY’S TRADING IN GRAPH FORM
Yen Dumped, Yield-Curve Pumped, Bonds & Bitcoin Slump
WEDNESDAY, APR 24, 2024 – 04:00 PM
Quiet macro day with Durable Goods Orders looking like a beat – but only because of sizable downward revisions – as orders and shipments are actually down on a YoY basis.
Source: Bloomberg
But stocks were messy with an opening bid immediately squelched and post-EU-close ramp faded into the US close. Small Caps were the day’s laggard as Nasdaq outperformed while The Dow and S&P desperately tried to get green…
Nasdaq and The Dow got back above their 100DMAs while Small Caps cannot hold above theirs…
Goldman’s Chris Hussey pointed out that, despite an uptick in rates today (yields on 10-year Treasuries are up 6bp to 4.66%), yield sensitive sectors like Tech, Utilities, and Real Estate are outperforming.
On the flip side, Industrials are lagging on the back of particularly weak earnings in Transports.
Source: Bloomberg
And stepping even further back, 9 of the 10 worst-performing stocks in the S&P 500 today reported results after the close yesterday, or before the open this morning — highlighting how earnings are driving stocks amidst a macro vacuum (at least for today).
Volumes were muted today once again, according to Goldman’s trading desk, as they noted once again that hedge funds were slightly better to buy (buying Indust., Info Tech, Disc.), Long-Onlys slight for sale (selling Mats, Disc.,).
TSLA had a big day – its best since Jan 2022 – after earnings last night (that reaffirmed its strategy wasn’t too crazy)…
The basket of MAG7 stocks ended unchanged after a strong open thanks to TSLA’s gains as traders await META’s earnings after the bell…
Source: Bloomberg
Treasury yields were higher across the board today (with the long-end underperforming) as the following two-day chart shows, the 10Y & 30Y yields are back above pre-PMI levels from yesterday while 2Y is at the lows from yesterday…
Source: Bloomberg
The yield curve (2s30s) steepened dramatically once again, now up 14bps in two days, back to one-month highs (still inverted)…
Source: Bloomberg
The dollar ended modestly higher on the day, pulling back during the US session from overnight gains…
Source: Bloomberg
Yen was slammed (again) as traders continue to call The BoJ’s interventionist bluff…
Source: Bloomberg
…as JPY is now well below the last intervention threshold (back at its lowest in 34 years)…
Source: Bloomberg
Bitcoin took another kicking today, tumbling back to a $63,000 handle…
Source: Bloomberg
…once again driven by extreme selling pressure from the perpetual futures market…
Amid all the excitement today, gold ended unchanged and traded in a narrow range…
Source: Bloomberg
Crude prices slipped back from yesterday’s surge despite a big crude draw…
Source: Bloomberg
Finally, Goldman’s Dominic Wilson and Kamkshya Trivedi highlight how geopolitical tensions and stickier than expected US inflation prints have transitioned markets to trading more of a ‘policy shock’ than a ‘growth upgrade’…
…a development that is making directional trades trickie.
END
MORNING TRADING/
AFTERNOON TRADING/
II USA DATA
Durable Goods Orders Suffers Biggest YoY Decline Since COVID Lockdowns
WEDNESDAY, APR 24, 2024 – 08:40 AM
The roller-coaster ride that is ‘Durable Goods New Orders’ continues this morning after the last six months of so have seen monthly swings higher and lower with no trend discernible whatsoever (especially noteworthy given yesterday’s slump into contraction for the Manufacturing PMI) amid the on-again-off-again turmoils of Boeing’s orders.
Preliminary March data showed a slightly better than expected 2.6% MoM rise (2.5% exp) in the headline orders print. However, thanks to the downward revisions, Durable goods orders are now down 2.2% YoY… the biggest YoY drop since the COVID lockdowns…
Source: Bloomberg
This is the 8th downward revision of durable goods orders in the last year…
Source: Bloomberg
Under the hood, defense and non-defense capital goods orders rose with non-defense aircraft orders surging over 30% MoM…
Source: Bloomberg
But… it looks like the AI bubble just burst as Computer & related Products orders plunged 3.9% MoM – the biggest drop since COVID lockdowns…
Source: Bloomberg
Finally, and more problematically, core capital goods shipments – a figure that is used to help calculate equipment investment in the government’s gross domestic product report – saw only a small 0.2% MoM rise, which left core shipments down 1.2% YoY – the biggest YoY drop since the COVID lockdowns…
Source: Bloomberg
More ‘bad’ news to BTFD?
TUCKER CARLSON…
END
III USA ECONOMIC COMMENTARIES
Senates Passes $95 Billion Aid Bill For Ukraine, Israel And Taiwan, Forces Sale Of TikTok
TUESDAY, APR 23, 2024 – 11:45 PM
The republicans do what they always do best: fold like cheap lawn chairs.
Moments ago, in a 79-18 vote, the Democrat-controlled Senate passed a long-delayed $95.3 billion foreign-aid package sending $60.8 billion in ammunition and military equipment to Ukrainian soldiers, as well as billions of soon-to-be-embezzled dollars to the offshore real estate agents of Ukraine’s corrupt oligarchs while also fortifying Israel’s missile defense systems with $26.4 billion, and leaving $8 billion for Taiwan as if that will do anything to stop a Chinese invasion. Oh, and speaking of Chinese invasions, the Senate also just forced the sale of the China-owned TikTok in the U.S.
TikTok Divest-or-Ban Bill Expected to Become US Law
ng.
https://imasdk.googleapis.com/js/core/bridge3.636.0_en.html#goog_1281362387
There will be, of course, no change to the invasion at the southern US border because here too Republicans keep folding like cheap lawn chairs to the Democrat ploy to flood the US with illegal aliens who will get free shit for life if only they keep voting for the blue team.
The bill had broad support in the Senate, with backing from almost all Democrats and a majority of Republicans. Several Republicans who had opposed an earlier iteration of the package, which came after a failed push to attach it to a border-policy overhaul, switched their vote to support Tuesday’s bill. The breakdown of the votes is as follows:
GOP NO VOTES:
- Barrasso
- Blackburn
- Braun
- Budd
- Cruz
- Hagerty
- Hawley
- Johnson
- Lee
- Lummis
- Marshall
- Rubio
- Scott (FL)
- Schmitt
- Vance
DEM NO VOTES:
- Merkley
- Sanders
- Welch
The vote brought to a close months of pointless sound and fury, and endless debate over Ukraine, that allegedly split the Republican Party, with rank-and-file members openly rebelling against their leaders, who succeeded in outdemocrating the democrats.
iden, McConnell, Schumer, Johnson, and major media players are taking a victory lap over pushing through an additional $61 billion in funding from struggling taxpayers as year 3 of the Ukraine proxy war begins. They want to own this and absolutely should be forced to own this.
·
89.3K Views
The theatrical “fight” also called into question both how far the US would go to defend Ukraine, now in the third year of trying to repel Russia’s invasion, as well as America’s leadership role in the world, once the latest rescue funding is exhausted in a few months, which it will be, with the Ukraine having made zero progress in its war with Russia.
The measure passed the House on Saturday and now goes to President Biden’s desk. Biden, who has been pushing for a big foreign-aid package since the fall, said he would quickly sign the measure into law Wednesday.
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Conversation
As broken down below, the measure contains money for Ukraine, Israel and Taiwan, as well as humanitarian aid for Gaza—largely matching an earlier Senate bill—plus additions made by the House, such as sanctions on Russia and Iran and the TikTok provision. Leaders in the GOP-controlled House also changed roughly $9.5 billion in economic aid to Ukraine into forgivable loans rather than grants, to make it more politically palatable to Republicans, as if Ukraine will ever repay anything.
Senate Majority Leader Chuck Schumer (D., N.Y.) credited the White House as well as Republicans who backed Ukraine for advancing the measure, noting that House Speaker Mike Johnson (R., La.) put his political future on the line when he moved forward with the package.
“In a resounding bipartisan vote, the relentless work of six long months has paid off,” Schumer said on the senate floor. In a statement, Biden thanked lawmakers of both parties, saying they answered “history’s call at this critical inflection point” by sending a message to allies and foes about American power.
And just like that the deeply embedded deep state operative formerly known as the House speaker has become the media’s darling overnight:
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All it takes to get the media to change from mocking and reviling you to slobbering you with praise is to do what they want. It only takes $100B and the betrayal of your voters’ policy goals, but what are those silly things compared to praise from the media!
Quote
Christopher Cadelago
@ccadelago
·
17h
“This is a country saved by unexpected people.” How Mike Johnson went from pandering to Donald Trump to managing him — and from challenging the Democrats to working with them. https://politico.com/news/magazine/2024/04/23/mike-johnson-ukraine-shift-00153825…
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Of course, while superficially the bill says “aid to Ukraine” where the majority of the money is really going is to the US military industrial complex. As the WSJ reports, the proposal has roughly $60 billion for Ukraine, most of which would flow to the U.S. defense industry for additional weapons such as ammunition and rocket launchers. The new aid comes on top of the more than $100 billion spent on the Defense Industry Kyiv since Russia invaded in February 2022.
And while most muppets in the House and Senate are clearly in the pocket of the military-industrial complex and the deep state, a few holdouts remains.
Sen. Eric Schmitt (R., Mo.), who voted against the measure, called the support for Ukraine to defend its borders “an insult to the American people” while the U.S. struggles with an influx of migrants at its own border with Mexico.
Sen. Ted Cruz (R., Texas) called his opposition to the proposal’s advancement “one of the toughest votes I’ve cast during my years in the Senate,” saying he couldn’t overcome his concern that humanitarian aid would end up in the hands of terrorists, among other worries.
Others were more “malleable” in their ideological beliefs.
Sen. Markwayne Mullin (R., Okla.), who switched from voting against the Senate’s aid package in February to supporting the revised version on Tuesday, said that the politics were complicated. “Our approach this time was to make sure that the politics are set, meaning that President Trump was on board, it’s something that could be passable, it’s something that could be explained,” he said.
Sen. James Lankford (R., Okla.), who also switched his vote, said he didn’t want to “punish Israel and Ukraine” over the lack of border provisions. Lankford had led a failed bipartisan effort to find a compromise on immigration, which was shot down by Republicans earlier this year as not tough enough.
Asked why some Senate Republicans were slow to support aid for Kyiv, 3000-year-old Senate mummy Mitch McConnell cited the “demonization of Ukraine” by conservative political commentator Tucker Carlson. “He had an enormous audience, which convinced a lot of rank and file Republicans that maybe this was a mistake,” McConnell said in a press conference. Carlson declined to comment.
Mummified Mitch also laid blame on former President Donald Trump, Democrats and the border crisis for the amount of time it took to get most Republican lawmakers to acquiesce in continuing to fund the Ukrainian war effort.
“I think the former president had sort of mixed views on it,” he said of Trump’s position on Ukraine aid. “We all felt that the border was a complete disaster, myself included,” McConnell continued, noting that the attempt earlier this year to attach border security provisions to Ukraine funding required senators to “deal with Democrats … and then a number of our members thought it wasn’t good enough.”
“And then our nominee for president didn’t seem to want us to do anything at all,” McConnell said. “That took months to work our way through it.”
Last but not least, the bill also starts the clock on TikTok’s Chinese-controlled owner ByteDance to find a new owner for the video app in the U.S. within a year, or risk a shutdown. But the matter is expected to be decided by the federal courts which means that it will quietly die on some bench in the corrupt US legal system. A court dispute would likely require judges to weigh the national security objectives of the ban against the First Amendment rights of TikTok and its users.
END
IIIB USA COMMENTARIES RE ISRAEL/HAMAS WAR/ and PERVASIVE ANTISEMITISM/WOKISM…
Are The Mass Pro-Palestine Protests On College Campuses Just One Big Virtue Signal?
TUESDAY, APR 23, 2024 – 10:25 PM
Submitted by Brandon Smith via Alt-Market.us,
As a general rule, rebels without a cause will eventually latch onto the nearest cause of opportunity. It really doesn’t matter what it is, for activists with ample time on their hands and plenty of trust fund money these protests fill the void and make them feel like they have meaning.
Such is the case with the political left and their infatuation with Gaza (or any movement rooted in Islam). It’s been noted by many commentators that the relationship between Islamic fundamentalists and the far-left is a bizarre one. After all, almost every element of Sharia Law is completely antithetical to the proclaimed values of progressives including equal rights for women, equal rights for gays and the leftist penchant for atheism. All of these beliefs might get a person executed in a host of Muslim governed countries, but for some reason the leftist mob wants in on the Islamic bandwagon. UnmuteAdvanced SettingsFullscreenPauseRewind 10 SecondsUp Next
https://imasdk.googleapis.com/js/core/bridge3.636.0_en.html#goog_1496913695
Whatever your opinion is on the war or the governments involved it’s clear that it has nothing to do with woke activists in the western world. The war is simply a vehicle which they hope they can hijack and attach their own agendas to. Primarily, progressives view Israel as a symbol of western “colonialism” and in their minds anything colonial must be destroyed. Their concerns for Palestinians are peripheral, if their concerns exist at all. This is about visibility and a chance to create chaos.
If you believe in “karma” then you might suggest that the Israelis have been setting themselves up for this reaction for a long time. Israeli tied propaganda organizations like the Anti-Defamation League (ADL) have been fomenting leftist insanity for decades and defending every aspect of the social justice religion. They helped create a golem that they can’t control and now it’s turning on them.
Of course, it’s not the Israeli government that’s suffering any real consequences; rather, it’s conservatives abroad as well as Jewish students attending western universities. After many years of the ADL crying wolf (racism and antisemitism) over secret Nazis that didn’t really exist, now they finally have something legitimate to complain about.
Woke protesters marched out in tandem within multiple universities across the US in a relatively well coordinated disruption action. New York University, Columbia, Yale and Berkeley were all involved but much of the media focus was on NYU and Columbia. Activists linked arms and allegedly blocked Jewish students from entering campus facilities. The atmosphere has become so volatile that Jewish religious leaders are calling on students to leave such institutions for their own safety.
The NYPD has responded with a blitz on the protests. Encampments have been torn down and mass arrests have ensued. Police could not immediately share how many people had been arrested or issued with summonses because the situation was ongoing. Faculty members were among those arrested, an NYPD spokesperson told CNN.
These developments have some interesting implications for the US going forward. In particular, polls show that Joe Biden is gradually losing favor among young voters because of his continued military and monetary support of Israel. His most rabid base is turning on him, which means the November election is looking better and better for Donald Trump.
That said, there is the continuing problem of fabricated rationales. Just as the death of George Floyd was shamelessly exploited by the left and Democrats as a radicalization moment, Gaza is also being used erroneously as a foil for increasingly aggressive mobilizations of people that, frankly, just want a reason to burn stuff. It’s likely that as the conflict continues to escalate western countries will see larger and more violent protests in major cities.
Does anyone in the Middle East care what a bunch of college kids in the US have to say about Gaza? No, why would they? Can the US government influence the developing war for the better? Maybe, but they aren’t going to. But stopping the war is not necessarily the goal of US based activists.
Donald Trump has loudly voiced his own political support for Israel on a number of occasions so a change in White House leadership probably won’t lead to the economic or strategic isolation of Israel. Unless the war ends soon, which is improbable now that Iran is involved, we may be seeing nationwide protests and riots yet again. Different excuse, same results.
* * *
The views expressed above do not necessarily represent those of ZeroHedge.
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iiiC USA COVID //VACCINE ISSUES
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FREIGHT ISSUES/USA
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VICTOR DAVIS HANSON
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SWAMP STORIES
Watch: Migrants Gone Wild On Streets of Midtown Manhattan
WEDNESDAY, APR 24, 2024 – 02:05 PM
A pack of illegal aliens viciously fought each other with sticks, belts, and whatever they could get their hands on outside a migrant hotel in Midtown Manhattan.
Footage of the fight was uploaded on X on Sunday. The scenes show parts of Manhattan transformed into what appears to be third-world-esque as law and order lapses under a city controlled by rogue Democrats.
The Row is one of many hotels and shelters converted to house illegal aliens in NYC from the open southern border. About 200,000 migrants have flooded the city since early 2022. There are as many as 64,000 in these shelters.
“Must be such joy to live in that NYC cesspool. Between the crime, looting, murders, sucker punching – and now the feral illegal aliens…..just lovely,” one X user said, referring to the video.
Morgana Le Faye *Patriot *America 1st*
Another X user said, “Wait until they stop housing & feeding them. That’s when the chaos will begin.”
Remember this one week ago?
The migrant crisis has become a major topic in the upcoming presidential elections. Law-abiding Americans are angered by Democrats and the Biden administration for facilitating ‘civilizational suicide’ by allowing open southern borders that have flooded the nation with ten million unvetted migrants.
Elon Musk has voiced concerns about the migrant invasion, warning it’s threatening the very existence of the country.
h
This is Joe Biden’s America.
KING REPORT
| he King Report April 24, 2024 Issue 7228 | Independent View of the News |
| UPS reported EPS of 1.43; 1.30 was consensus. The results show a 35% y/y tumble in earnings and a 5.3% y/y revenue decline. Because UPS had an EPS ‘beat’, the stock soared as much as 2.5%. March New Home Sales 693k, 668k expected; Feb revised to 637k from 662k April S&P Global US Mfg PMI 49.9, 52 expected, prior 51.9; Services 50.9, 52 expected, 51.7 prior; Composite 50.9, 52 expected, 52.1 prior “Further pace may be lost in the coming months, as April saw inflows of new business fall for the first time in six months and firms’ future output expectations slipped to a five-month low amid heightened concern about the outlook,” added Chris Williamson, chief business economist at S&P Global Market Intelligence. “[…] Notably, the drivers of inflation have changed. Manufacturing has now registered the steeper rate of price increases in three of the past four months, with factory cost pressures intensifying in April amid higher raw material and fuel prices, contrasting with the wage-related services-led price pressures seen throughout much of 2023.”…https://www.sharecast.com/news/international-economic/us-economic-activity-slows-in-april-pmis-show–16645541.html What’s worse than Stagflation? An inflationary recession! It’s a hallmark of socialist systems! CNBC’s @carlquintanilla: PANTHEON: S&P services PMI employment index “plunged to 47.3, from 51.5 in March, and now is well below its average in the 2010s .. It signals a clear risk of an outright drop in private services payrolls, excluding the retail, wholesale, healthcare, utility and temporary help sub-sectors .. its current weakness should be taken seriously …” (If so, how could Mar NFP be +303k?) https://twitter.com/carlquintanilla/status/1782781658808144072 Car Sales Are Speeding Up, But Dealers Still Have Too Much Inventory – Kelly Blue BookCar dealerships started March with 2.74 million new cars in stock. They ended it with 2.77 million, despite brisk sales. Car sales always pick up in spring as tax return season begins. But this year, it wasn’t enough to offset high production at some factories… Car dealers measure their stock in days of inventory – how long it would take them to empty the lot at today’s sales pace if they didn’t acquire more. Traditional industry practice tells them to aim for 60. The average dealership today has 72. That means discounts on many new cars. The price of the average new car fell to nearly a 2-year low last month, at $47,218. Incentives made up 6.6% of that price – more than double the discounts common a year ago… https://www.kbb.com/car-news/car-sales-are-speeding-up-but-dealers-still-have-too-much-inventory/ ‘Magnificent Seven’ Roar Hours Away from Earnings – BBG 11:05 ET (TSLA +3.7% at 12:30 ET)Tesla halts seven-day rout with results coming later Tuesday… Treasury 10-year yields declined two basis points to 4.59%. Traders also weighed mixed economic data, with US business activity cooling down and a gauge of new home sales coming in hot… (The NY Fang+ Index was +2.4% at 14:25 ET.) We relentlessly harp that the earnings season rally is largely the product of traders, hedge funds, and money managers pouring into Mag 7, Fangs, and related trading sardines for expected great results. The rally ends when, or near, Apple, the last reporting Mag 7, posts its results. 2-year note auction results: 4.898% vs 4.904% WI ESMs traded mostly lower, but sideways, from early Nikkei trading until they broke higher at 3 ET. After hitting a peak of 5066.2 at 7:11 ET, ESMs retreated to 5051.50 at 8:17 ET. It was time to get long for the NYSE opening pump & dump. ESMs soared to 5105.50 at 10:58 ET; the dump was easily absorbed by buying for Mag 7 results. After a modest retreat, ESMs plodded to a high of 5112.75 at 14:42 ET. After an 11-handle retreat ended at 15:04 ET, ESMs rallied 7 handles and then fell 7 handles into the close. Positive aspects of previous sessionMag 7 soared on pattern buying, which led trading sardines & the general stock market higherBonds rallied moderately early Negative aspects of previous sessionGasoline and oil rallied sharplyUSMs hit a high of 115 5/32 at 13:01 ET (after 2-yr results) but declined to 114 17/32 by 15:40 ET Ambiguous aspects of previous sessionWhat happens after Fang results are reported? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5058.21Previous session S&P 500 Index High/Low: 5076.12; 5027.96 Facebook has ‘interfered’ with US elections 39 times since 2008: studyFacebook censorship ‘always seems to target the same side of the political spectrum,’ Brent Bozell sayshttps://www.foxnews.com/media/facebook-interfered-us-elections-39-times-since-2008-study After the close, Tesla reported EPS of .45 (.52 exp.); revenue of $21.3B ($22.2B consensus); operating income of $1.17B ($1.53B exp.). TSLA said it would accelerate its rollout of more affordable models. Despite ugly results, TSLA soared to 163.95 (+13.3%) because TSLA short interest is at a 3-year high. Today – Traders will continue to be jiggy for stocks because the Fang reporting season has arrived. Nothing else matters now – barring the appearance of some monstrously negative fundamental. The painful short squeeze in Tesla could induce spirited short covering in other Fangs. ESMs are +13.50; USMs are -3/32; and Gold is -7.0 at 20:56 ET. Expected earnings: HUM 6.04, T .53, ODFL 1.34, HLT 1.42, NSC 2.55, BA -1.72, HAS .27, GD 2.91, BIIB 3.43, OTIS .87, F .42, ORLY 9.26, IBM 1.59, META 4.32, UHS 3.14, TER .33 Expected economic data: Mar Durable Goods 2.5% m/m, Ex-Trans 0.2%, Nondef Ex-Air 0.2%, Shipments 0.2% S&P Index 50-day MA: 5119; 100-day MA: 4945; 150-day MA: 4746; 200-day MA: 4680DJIA 50-day MA: 38,804; 100-day MA: 38,137; 150-day MA: 36,730, 200-day MA: 36,260(Green is positive slope; Red is negative slope) S&P 500 Index (5070.54 close) – BBG trading model Trender and MACD for key time framesMonthly: Trender and MACD are positive – a close below 4638.30 triggers a sell signalWeekly: Trender and MACD are negative – a close above 5304.99 triggers a sell signalDaily: Trender and MACD are negative – a close above 5126.43 triggers a buy signalHourly: Trender and MACD are positive – a close below 5027.42 triggers a sell signal @RNCResearch: BIDEN: “How many times does [Trump] have to prove we can’t be trusted!?” https://twitter.com/RNCResearch/status/1782850764446081132 @KarluskaP: I don’t know what’s worse, mumbles or the crowd that giggles. @RNCResearch: Biden, reading directly from his pre-written notes: “I got involved, when I was a kid in electoral politics, out of the civil rights movement!” https://twitter.com/RNCResearch/status/1782856554368131483 BIDEN (1987): “I was not an activist … I was not out marching. I was not down in Selma. I was not anywhere else!” BIDEN: “I used to drive an 18-wheeler.” (Biden has literally never driven an 18-wheeler.) https://twitter.com/RNCResearch/status/1782874430638596443 Unsealed Court Docs Reveal Biden DOJ Colluded with National Archives to Target Trump, Jack Smith Tried to Conceal – What’s more, Special Counsel Jack Smith sought to conceal this – telling Judge Eileen Cannon in February that Trump’s counsel isn’t entitled to discovery on documents between the White House and NARA… One email from NARA’s general counsel to the national archivist discussed drafting a letter to U.S. Attorney General Merrick Garland concerning “missing Trump records.” Subsequent emails revealed coordination between NARA and the Biden White House counsel’s office regarding the handling of these records…https://www.zerohedge.com/political/fking-clown-show-unsealed-court-docs-reveal-biden-doj-colluded-national-archives-target Op-ed in NYT by Boston U law professor: I Thought the Bragg Case Against Trump Was a Legal Embarrassment. Now I Think It’s a Historic Mistake. After listening to Monday’s opening statement by prosecutors, I still think the Manhattan D.A. has made a historic mistake. Their vague allegation about “a criminal scheme to corrupt the 2016 presidential election” has me more concerned than ever about their unprecedented use of state law and their persistent avoidance of specifying an election crime or a valid theory of fraud… Both the misdemeanor and felony charges require that the defendant made the false record with “intent to defraud.” A year ago, I wondered how entirely internal business records (the daily ledger, pay stubs and invoices) could be the basis of any fraud if they are not shared with anyone outside the business… As a reality check, it is legal for a candidate to pay for a nondisclosure agreement… This case is still an embarrassment of prosecutorial ethics and apparent selective prosecution…https://www.nytimes.com/2024/04/23/opinion/bragg-trump-trial.html @EpochTimes: Democrats Want Donald Trump ‘Killed,’ Alan Dershowitz Warns – Mr. Dershowitz said that (Dem Rep) Mr. Thompson’s legislation (end Secret Service for DJT if convicted) is “ridiculous” and “means they want him killed because he’s obviously a target.” Inside the Off-the-Record Calls Held by Anti-Trump Legal PunditsSome of the country’s most prominent legal commentators are holding off-the-record sessions to hash out the latest twists and turns in Donald Trump’s legal saga. The group’s gathering was not a one-time event, but in fact an installment in an exclusive weekly digital salon, whose existence has not been previously reported, for prominent legal analysts and progressive and conservative anti-Trump lawyers and pundits. Every Friday, they meet on Zoom to hash out the latest twists and turns in the Trump legal saga — and intellectually stress-test the arguments facing Trump on his journey through the American legal system… The group’s host is Norman Eisen, a senior Obama administration official, longtime Trump critic and CNN legal analyst, who has been convening the group since 2022 as Trump’s legal woes ramped up. Eisen was also a key member of the team of lawyers assembled by House Democrats to handle Trump’s first impeachment… https://www.politico.com/news/magazine/2024/04/23/anti-trump-legal-pundits-calls-00153300 Hemingway: Biden Says There Are Good People on Both Sides of Oct. 7 Terrorismhttps://thefederalist.com/videos/hemingway-biden-says-there-are-good-people-on-both-sides-of-october-7/ President Biden Has His ‘Very Fine People on Both Sides’ Moment“I condemn antisemitic protests and that’s why I set up a program to deal with that,” Biden responded (more on why that’s a lie here). “I also condemn those who don’t understand what’s going on with the Palestinians,” the president added… What exactly is he talking about? The entirely unnecessary addition made Biden’s answer his very own “fine people on both sides” moment… Readers will likely remember the baseless smear of former President Donald Trump, who we were told “blamed the violence on ‘both sides'” — according to PBS — after the 2017 “Unite the Right” rally in Charlottesville, Virginia, saw one counter-protestor killed and 19 others injured…https://townhall.com/tipsheet/spencerbrown/2024/04/22/biden-has-his-both-sides-moment-n2638128 GOP House #3 official @EliseStefanik: Hamas is a terrorist organization. Israel is our most precious ally. There is no moral equivalence, Joe. Rep. Burlison calls for investigation into funding behind antisemitic protests on college campuseshttps://justthenews.com/videos/rep-burlison-calls-investigation-funding-behind-antisemitic-protests-college-campuses GOP lawmakers demand Biden admin prosecute ‘pro-terrorist mobs,’ hold schools accountableGOP lawmakers call for revoking visas of non-citizens participating in ‘promoting terrorism’https://www.foxnews.com/politics/gop-lawmakers-demand-biden-admin-prosecute-pro-terrorist-mobs-hold-schools-accountable Anti-Israel protesters carry flares to march on NYPD HQ after over 150 arrested at NYUhttps://nypost.com/2024/04/23/us-news/protesters-with-flares-march-on-nypd-hq-as-over-150-arrested-at-nyu/ 12 Columbia University students who were disciplined for anti-Israel protest had suspensions rescinded, lawyer says – The university suspected that the March 24 teach-in titled “Resistance 101” spotlighted a member of the Popular Front for the Liberation of Palestine, which is a US-designated terrorist organization, the Spectator reported… https://nypost.com/2024/04/23/us-news/12-columbia-university-students-who-were-disciplined-for-anti-israel-protest-had-suspension-rescinded-lawyer-says/ @charliekirk11: Speaker Mike Johnson defended shredding the 4th Amendment and passing FISA warrantless surveillance after a top-secret briefing with the NSA, CIA, FBI, DNI and DOJ. Well, @RepThomasMassie was in the same SCIF as Speaker Johnson, and he’s fed up with the lying. Massie says there was NOT ONE EXAMPLE spying on Americans without a warrant was able to prevent terrorism. It’s all a scam. Shame on Republicans who fall for it.https://twitter.com/charliekirk11/status/1782495660631310424 NYC Man Convicted Over Gunsmithing Hobby After Judge (Abena Darkeh) Says 2nd Amendment ‘Doesn’t Exist in This Courtroom’ (Dem arrogance and unlawfulness is regularly unchecked!)https://redstate.com/jeffc/2024/04/22/brooklyn-man-convicted-over-gun-hobby-by-biased-ny-court-could-be-facing-harsh-sentence-n2173162 Chicago Teachers Union lauds failing community school, wants 180 moreThe Chicago Teachers Union hosted a press conference to begin contract negotiations at one of the sustainable community schools it wants to replicate 180 times. The Ellen H. Richards Career Academy has zero students proficient in reading or math…https://www.illinoispolicy.org/chicago-teachers-union-lauds-failing-community-school-wants-180-more/ Which Major City Will Completely Collapse First – Los Angeles, Chicago Or New York City?Rampant theft, out of control violence, endless migration, predatory gangs, and the worst drug crisis in the entire history of our nation have combined to create a “perfect storm” of social decay that is unlike anything that any of us have ever seen before… We really are in the early stages of a full-blown societal “collapse”, and things just keep getting worse with each passing day…h | |
GREG HUNTER
SEE YOU THURSDAY
harveyorganblog.com 
