APRIL 1/2025/YESTERDAY’S CME REPORT ON GOLD STANDING WAS A HUGE ERROR BY THE CME AND IT HAS BEEN NOW CORRECTED: GOLD CLOSED DOWN $3.55 TO $3114.10/SILVER IS DOWN 36 CENTS TO $$33.62//PLATINUM IS DOWN $9.75 TO $987.20 WHILE PALLADIUM CLOSED DOWN $1.95 TO $986.60//ED STEER GIVES HIS ANALYSIS ON WHAT HAPPENED YESTERDAY WITH THE CME//ISRAEL VS TURKEY UPDATES// ISRAEL VS EGYPT UPDATE//HOUTHIS UPDATES/VACCINE INJURY REPORT/SLAY NEWS ETC//CANADA AND THE TARIFF SITUATION CAUSES LESS TRAVEL TO THE USA////USA DATA RELEASES//SWAMP STORIES FOR YOU TONIGHT//
*CANADIAN GOLD: $4450.46 DOWN 39.40 CDN dollars per oz( * NEW ALL TIME HIGH 4493.62 CDN DOLLARS PER OZ//MARCH 31 2025)
*BRITISH GOLD: 2408.17 DOWN 6.28 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,417.98 BRITISH POUNDS/OZ) MARCH 31/2025
*EURO GOLD: 2,884.26 DOWN 4.20 Euros per oz //* (ALL TIME CLOSING HIGH: 2,888.55 EUROS PER OZ/MARCH 31 //2025)
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END
EXCHANGE: COMEX
JPMORGAN stopped 13,023/34,805 contracts
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 34,865 NOTICES FOR 3,486,600 OZ 108.444 TONNES
total notices so far: 37989 contracts for 3,798,900 OR 118.161 tonnes)
FOR APRIL
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SILVER NOTICES: 149 NOTICE(S) FILED FOR 0.745 MILLION OZ/
total number of notices filed so far this month : 996 CONTRACTS (NOTICES) for 4.980 million oz
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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 $3.55 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 933,38 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $.36 AT THE SLV: NO CHANGES IN SILVER INVENTORY AT THE SLV: //
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 448.332 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A HUGE3519 CONTRACTS TO 170,975 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR LOSS OF $0,28 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING. WE HAD A HUGE SIZED LOSS OF 3069 TOTAL CONTRACTS ALL DUE TO CME COLOSSAL ERROR IN REPORTING ON OUR TWO EXCHANGES.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS PLUS SOME MONTH END SPREADER LIQUIDATION ON MONDAY COMEX TRADING AS THEY DESPERATELY TRIED TO CONTAIN SILVER’S PRICE RISE FOR THE PAST 4 WEEKS (WHERE RAIDS ARE CALLED UPON AGAIN AND AGAIN TRYING TO STOP THE RISE IN SILVER’S PRICE TO ABOVE $34.40 AND TO QUELL ADDITIONAL DERIVATIVE LOSSES TO OUR BANKERS’ MASSIVE TOTALS). THEY SUCCEEDED SLIGHTLY ON MONDAY WITH SILVER’S LOSS IN PRICE AS THE PRICE FELL BELOW THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE. WE HAD A HUGE T.A.S. LIQUIDATION AND FINALIZATION OF MONTH END SPREADER LIQUIDATION MONDAY. BUT THIS WAS COUPLED WITH A STRONG T.A.S. ISSUANCE OF 847 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING OVER THE 34.40 DOLLAR MARK. THUS OUR RAIDS ON OUR PRECIOUS METALS WILL CONTINUE UNTIL SILVER BREAKS $34.40. WE HAVE A HUGE CONTANGO IN SILVER SPOT VS FRONT FEB OF AROUND $0.99 AND A LEASE RATE OF 7.3%. WE HAD A STRONG 450 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 8477 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TUESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A HUMONGOUS SIZED 3069 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION/MONTH END SPREADER LIQUIDATION THROUGHOUT MONDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR A HUGE PORTION IN THE NUMBERS OF OI ON OUR TWO EXCHANGES. HOWEVER STRANGELY THE CME NOTIFIED US THAT WE HAD ANOTHER OF THOSE CRAZY EXCHANGE FOR RISK CONTRACTS ISSUED TO TUESDAY AT 400 CONTRACTS FOR 2.0 MILLION OZ. THIS WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
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. THE HIGHER ISSUANCE OF T.A.S. IS NOW USED TO TEMPER OUR SILVER/GOLD PRICE RISE OR INITIATE A RAID AS WHAT HAPPENED SEVERAL TIMES LAST MONTH AND AGAIN WITH THIS WEEK’S TRADING ON SILVER AND NOW TODAY TRYING TO KEEP THE SILVER PRICE BELOW $34.40 . THE KEY PRICE TO WATCH IS $34.40. IF IT BREAKS THAT PRICE, THEN WE HEAD FOR $50.00 SILVER.
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 MONDAY NIGHT/TUESDAY MORNING: A STRONG 847 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 NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.28 BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A SMALL LOSS IN PRICE AND OUR LOSS IN OPEN INTEREST FROM OUR TWO EXCHANGES OF 3069 CONTRACTS WAD DUE TO A COLLOSAL CME REPORTING ERROR. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS//MONTH END SPREADERS TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS FOR ALL OF OUR OPEN INTEREST LOSSES AS WELL AS THE REPORTING ERROR
WE HAD A 440 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 10.155 MILLION OZ (FIRST DAY NOTICE) TO WHICH WE ADD OUR 2.00 MILLION OZ EX FOR RISK
INITIAL STANDING FOR APRIL STANDS AT 12.155 MILLION OZ
WE HAD:
/ MEGA HUGE COMEX OI LOSS+// A STRONG SIZED EFP ISSUANCE (450 CONTRACTS)/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 847 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 519 CONTRACTS.
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS MAR. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF APRIL
TOTAL CONTRACTS for 1 DAYS, total 450 contracts: OR 2.25 MILLION OZ (450 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 2,25 MILLION OZ
LAST 24 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 111.035 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: 161.770 MILLION OZ (THIS MONTH WILL BE A WHOPPER OF ISSUANCE OF EFPS//3RD HIGHEST EVER RECORDED FOR A MONTH)
MAY: 135.995 MILLION OZ //WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
JUNE 110.575 MILLION OZ ( WILL BE ANOTHER STRONG MONTH ISSUANCE)
JULY: 108.870 MILLION OZ (WILL BE A STRONG ISSUANCE MONTH/ A TOUCH OVER 100 MILLION OZ/)
AUGUST; 99.740 MILLION OZ//THIS MONTH WILL BE STRONG FOR ISSUANCE BUT LESS THAN JULY.
SEPT: 112.415 MILLION OZ//WILL BE A HUGE MONTH FOR EXCHANGE FOR PHYSICAL ISSUANCE
OCT; 97.485 MILLION OZ (WILL BE SMALLER ISSUANCE THIS MONTH )
NOV. 115.970 MILLION OZ ( HUGE THIS MONTH)
DEC: 132.54 MILLION OZ (THIS MONTH WILL BE A HUMDINGER FOR ISSUANCE BUT ISSUANCE SLOWED DRAMATICALLY THESE PAST FIVE DAYS/// WILL NOT EXCEED MARCH 2022 RECORD OF 209 MILLION OZ
YEAR 2024 TOTAL: 1363.84 MILLION OR 1.363 BILLION OZ
JANUARY 2025: 67.230 MILLION OZ///(THIS MONTH’S ISSUANCE OF EXCHANGE FOR PHYSICAL WILL BE SMALL)
FEB. 58.260 MILLION OZ//EXCHANGE FOR PHYSICAL ISSUANCE/FINAL
MARCH: 67.020 MILLION OZ///QUITE SMALL AND BECOMING SMALLER EACH AND EVERY MONTH.
APRIL
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RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3,519 CONTRACTS WITH OUR LOSS IN PRICE OF 28 CENTS IN SILVER PRICING AT THE COMEX// MONDAY.,. THE CME NOTIFIED US THAT WE HAD A STRONG 450 CONTRACT EFP ISSUANCE CONTRACTS: 450 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 10.155 MILLION OZ ON FIRST DAY NOTICE, PLUS OUR NEW 2.00 MILLION EX FOR RISK
NEW STANDING APRIL: 12.155 MILLION OZ
WE HAVE 1). A MEGA HUMONGOUS SIZED LOSS OF 3069 OI CONTRACTS ON THE TWO EXCHANGES DESPITE OUR LOSS IN PRICE// 2.THE TOTAL OF TAS INITIATED CONTRACTS TODAY: A HUGE 847 CONTRACTS TRYING DESPERATELY TO CONTAIN SILVER’S PRICE RISE,//CONSIDERABLE FRONT END OF THE TAS CONTRACTS/MONTH END SPREADERS WERE LIQUIDATED DURING THE MONDAY COMEX SESSION. HOWEVER THEY STILL NEED THESE ISSUANCES FOR REPLENISHMENT FOR FUTURE TRADING //3. ZERO NET LONG SPECULATORS WERE BURNED ON MONDAY DESPITE OUR LOSS IN PRICE. ALSO 4. SOME OF OUR LONGS EXERCISED THEIR CONTRACTS AND TENDERED FOR PHYSICAL SILVER MUCH TO THE ANGER OF OUR BANKERS. SILVER IS NOT BASEL III COMPLIANT SO THE BANKERS CAN TAKE THEIR TIME WITH THE DELIVERY OF SILVER.
THE NEW TAS ISSUANCE MONDAY NIGHT (847 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.
WE HAD 149 NOTICE(S) FILED TODAY FOR 0.745 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST FELL BY A VERY HUGE SIZED 69,052 OI CONTRACTS TO 505,722 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.)
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 856 CONTRACTS CONTRACTS//.
WE HAD A MEGA HUMONGOUS SIZED DECREASE IN COMEX OI (69,052 CONTRACTS) ALL DUE TO A COLLOSAL CME REPORTING ERROR. THIS OCCURRED WITH OUR HUGE STRONG GAIN OF $36.70 IN PRICE MONDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR APRIL AT 166.964 TONNES (CME CORRECTED) TO WHICH WE ADD FOR APRIL ITS INITIAL 700 CONTRACT EXCHANGE FOR RISK FOR 70,000 OZ OR 2.177 TONNES. THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 169.141 TONNES.
/NEW STANDING FOR APRIL; 166.964 TONNES + 2.177 TONNES EX FOR RISK = 169.141 TONNES
/ ALL OF THIS HAPPENED WITH OUR $36.70 GAIN IN PRICE WITH RESPECT TO MONDAY’S COMEX ///. WE HAD AN ATMOSPHERIC SIZED LOSS OF 67,860 OI CONTRACTS (210.905 PAPER TONNES) ON OUR TWO EXCHANGES, WITH MANY LONGS, REMAINING AT THE END OF THE DAY, TENDERING FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE, MUCH TO THE ANGER AND HORROR EXHIBITED BY OUR MAJOR BANKER, THE FEDERAL RESERVE BANK OF NEW YORK. THE HORROR INTENSIFIED ONCE LONDON STARTED TO TRADE LAST WEEK, AND THROUGHOUT THE WEEK WITH MAJOR TENDERING FOR PHYSICAL VIA THE EXCHANGE FOR PHYSICAL ROUTE! THE RESULT: A MASSIVE AMOUNT OF GOLD STANDING FOR DELIVERY FOR THE MARCH CONTRACT MONTH AND NOW FOR OUR FRONT MONTH OF APRIL. CENTRAL BANKERS ARE NOW WAITING PATIENTLY FOR THEIR DELIVERY OF GOLD VIA SLOW MOVING SHIPS.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A FAIR SIZED 1185 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 506,628
IN ESSENCE WE HAVE A MEGA HUMONGOUS SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 67,860 CONTRACTS WITH 69,052 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1185 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 67,860 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A GOOD SIZED AND CRIMINAL 1645 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1185 CONTRACTS) ACCOMPANYING THE A MEGA HUGE SIZED DECREASE IN COMEX OI OF 68,196 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 69,052 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 166.964 TONNES FOLLOWED BY TODAY’S INITIAL 2.177 TONNES OF EX. FOR RISK//THUS INITIAL AMOUNT OF GOLD STANDING IN THIS VERY ACTIVE DELIVERY MONTH OF APRIL IS 169.141 TONNES.
//NEW STANDING APRIL: 166.964 TONNES + 2.177 TONNES EX FOR RISK = 169.141 TONNES
.
/ 3) HUGE T.A.S. LIQUIDATION + MONTH END SPREADERS TRYING TO LOWER GOLD’S PRICE FRIDAY WITH ZERO SUCCESS IN REMOVING NET SPECULATOR LONGS, AS WE HAD 1) $36.70 COMEX PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD AN ATMOSPHERIC LOSS OF 69,052 CONTRACTS ON OUR TWO EXCHANGES (ALL DUE TO COLLOSAL CME REPORTING ERROR ) ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN APRIL.
4) VERY STRONG SIZED COMEX OPEN INTEREST DECREASE 5) FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///GOOD T.A.S. ISSUANCE: 1645 T.A.S.CONTRACTS//
HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2023-2025 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: 1185 CONTRACTS OR 118,500 OZ OR 3.685 TONNES IN 1 TRADING DAY(S) AND THUS AVERAGING: 1185 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN1 TRADING DAY(S) IN TONNES 3.685 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 3.685 TONNES DIVIDED BY 3550 x 100% TONNES = 0.1030% OF GLOBAL ANNUAL PRODUCTION
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/SECOND HIGHEST ON RECORD
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
2024 AND 2025:
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: 267.05TONNES (WILL BE AN EXTREMELY STRONG MONTH BUT LESS THAN MARCH 2024)
MAY; 316.606 TONNES (WILL BE ANOTHER STRONG MONTH// 3RD HIGHEST RECORDED EFP ISSUANCE )// NOTICE THE HUGE INCREASES IN EX FOR PHYSICAL THESE PAST FEW MONTHS. THESE CONTRACTS ARE CIRCLED BACK FROM LONDON WHEREBY METAL IS REMOVED FROM THE COMEX.
JUNE 175.11 tonnes HEADING FOR A WEAKER MONTH AND MUCH LESS THAN THE THREE PREVIOUS MONTHS
JULY: 351. 65 TONNES (3RD HIGHEST EVER RECORDED EXCHANGE FOR PHYSICAL AND THE HIGHEST EVER RECORDED POST BASEL III)
AUGUST: 274.79 TONNES//THIS MONTH WILL NO DOUBT BE A STRONG ISSUANCE OF EFP’S BUT MUCH LESS THAN LAST MONTH.
SEPT: 335 .104 TONNES//IF THIS CONTINUES WE WILL HAVE A HUMDINGER OF AN EFP ISSUANCE. WE WILL PROBABLY END JUST SHORT OF THE 3RD HIGHEST ISSUANCE EVER RECORDED.
OCT. 277.71 TONNES (THIS WILL BE A GOOD ISSUANCE THIS MONTH)
NOV: 393.875 TONNES ( A HUGE MONTH////NOW SURPASSED THE PREVIOUS 3RD AND 2ND HIGHEST EVER RECORDED EX FOR PHYSICAL ISSUANCE TO BECOME THE 2ND HIGHEST EVER RECORDED
DEC 360.03 TONNES THIRD HIGHEST EVER RECORDED FOR EFP ISSUANCE
TOTAL 2024 YEAR. 3,597.846 TONNES
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 3.685 TONNES
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 (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
The crooks also use the spread in the TAS account (trade at settlement). They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle of the front delivery month cycle. They unload the sell side of the equation, two months down the road. The crooks violate position limits as the OCC refuse to hear our complaints.
First, here is an outline of what will be discussed tonight:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 3519 CONTRACTS OI TO 174,494 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 450 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 450 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 450 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI LOSS OF 3519 CONTRACTS AND ADD TO THE 450 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 3069 CONTRACTS
THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES TOTALS 12.70 MILLION OZ
OCCURRED DESPITE OUR $0.28 LOSS IN PRICE. ALL OF THE LOSS IN OI WAS DUE TO COLLOSAL ERROR IN CME REPORTING FINAL NUMBERS YESTERDAY.
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 TUESDAY MORNING//MONDAY NIGHT
SHANGHAI CLOSED UP 12.69 PTS OR 0.38%
//Hang Seng CLOSED UP 87.26 PTS OR .38%
// Nikkei CLOSED UP 6.92 OR 0.02 %//Australia’s all ordinaries CLOSED DOWN 1.74%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2697 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2831/ Oil UP TO 71.41 dollars per barrel for WTI and BRENT UP TO 74.76 Stocks in Europe OPENED ALL MOSTLY RED.
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A MEGA HUGE SIZED69,052 CONTRACTS TO 505,772 WITH OUR HUGE GAIN IN PRICE OF $36.70 WITH RESPECT TO MONDAY’S TRADING/. WE LOST ZERO NET LONGS WITH THAT PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1185 ).
THE CME ANNOUNCED MONDAY NIGHT,A ZERO EXCHANGE FOR RISK CONTRACTS FOR NIL OZ OR 0 TONNES THUS ITS INITIAL ISSUANCE FOR THE FRONT MONTH OF APRIL STANDS AT 2.177 TONNES OF GOLD
THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.
IN FEBRUARY: WE HAD FIVE EXCHANGE FOR RISKS IN GOLD, TOTALLING 18.4527 TONNES!.
THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:
THE BANK OF ENGLAND
THE FEDERAL RESERVE BANK OF NEW YORK
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.
DETAILS ON APRIL COMEX MONTH
IN TOTAL WE HAD A MEGA HUGE SIZED LOSS ON OUR TWO EXCHANGES OF 69,052 CONTRACTS WITH OUR HUGE GAIN IN PRICE. OBVIOUSLY THE HUGE GAIN IN OI YESTERDAY WAS A COLOSSAL ERROR. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON MONDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH OF MARCH CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY FRIDAY INCLUDING WITH OUR STRONG T.A.S. ISSUANCES AND HUGE T.A.S. LIQUIDATION// THROUGHOUT THE WEEK. THEY ISSUED MONDAY NIGHT A GOOD SIZED 1645 CONTRACTS. THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS IS WHY WE ARE HAVING A LOWER COMEX OPEN INTEREST GAINS AND LOSSES IN OI BUT THIS IS COUPLED WITH MEGA HUGE AMOUNTS OF GOLD STANDING FOR DELIVERY TO CONFUSE THE ISSUE!!!!! AND THIS WAS SURELY ON DISPLAY WITH FIRST DAY NOTICE TOTALS.
THE FED IS THE OTHER MAJOR SHORT OF AROUND 22+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES ONCE THE BRICS BEGIN THEIR INITIATIVE AND ABANDON THE US DOLLAR. THIS WAS SCHEDULED TO HAPPEN LATE OCT 2024/(AS OUTLINED IN OUR GOLD PHYSICAL COMMENTARIES//VIEW ANDREW MAGUIRE LATEST LIVE FROM VAULT PODCAST FRIDAY’S 197 , 199, 2001, , 203 , ,205 , 207 209 AND 211 212 213,215 AND FRIDAY’S 216 AS HE TACKLES THIS IMPORTANT TOPIC). THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT AS TRUMP CAME INTO OFFICE MONDAY NOON JAN 20. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF IT FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS.
OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.
THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING TODAY’S FIRST DAY NOTICE OF GOLD TONNAGE STANDING.
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF APRIL .… THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A FAIR SIZED 1185 EFP CONTRACTS WERE ISSUED: : /APRIL 1185 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 1185 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.
ON A NET BASIS IN OPEN INTEREST WE “LOST” THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A MEGA HUGE SIZED TOTAL OF 69,052 CONTRACTS IN THAT 1185 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A HUMONGOUS LOSS OF 69,052 COMEX CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE GAIN IN PRICE OF $36.70 FOR MONDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED ABOVE. MUCH+ OF THE TOTAL GAIN IN OUR TWO EXCHANGES WAS DUE TO THE LIQUIDATION OF T.A.S. CONTRACTS.(GOVERNMENT) AND MONTH END SPREADERS!
T.A.S. ISSUANCE
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT/TUESDAY MORNING WAS A GOOD SIZED 1645 CONTRACTS, AS AGAIN, ALL OF THE TRADING AND SUPPLY OF CONTRACTS HAVE BEEN ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK). AS PER THEIR MEGA 5 DAY ISSUANCE OF T.A.S OVER 4 WEEKS AGO AND AGAIN LAST WEEK,, THE FED HAS BEEN EXPERIMENTING WITH EINSTEIN’S DEFINITION OF INSANITY….TRYING TO DO THE SAME THING OVER AND OVER AGAIN HOPING FOR A DIFFERENT RESULT. HIS DEFINITION STILL STANDS.. THE CROOKS ACCOMPLISHED LITTLE AS FEW LEFT OUR GOLD METAL ARENA. DURING OPTIONS EXPIRY WEEK, A HUGE RAID WAS ORDERED BY THE FED WITH END OF THE MONTH TRADING ( FEB 25 THROUGH FEB 28) AS THE GOLD PRICE GOT HAMMERED A BIT WITH ONLY THE PAPER PRICE OF GOLD LOWERING! . AND NOW ,FOR MARCH, WE HAD+ ANOTHER 5 DAY MEGA ISSUANCE BUT CORRESPONDING MEGA RAIDS FAILED TO MATERIALIZE. I WOULD LIKE TO POINT OUT THAT LAST WEDNESDAY MARCH 17, THE 38,393 T.A.S. CONTRACT ISSUANCE WAS THE HIGHEST ON RECORD!
THE RAIDS ON OPTIONS EXPIRY DOES TWO IMPORTANT THINGS FOR OUR CROOKS:
STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH AND APRIL.
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) 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 ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSUANCES. AND THEN, FOR THE FIRST TIME IN COMEX HISTORY WE WITNESSED THREE CONSECUTIVE MONTHS OF MEGA HUGE 30,000 + T.A.S CONTRACT ISSUANCES: JANUARY, FEB AND MARCH
STANDING FOR GOLD APRIL
// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: APRIL (169.141 TONNES//.CME CORRECTED) WHICH IS HUGE FOR OUR ACTIVE APRIL DELIVERY MONTH / FEB HAD THE HIGHEST STANDING FOR GOLD EVER RECORDED FOR ANY MONTHAT 256.607 TONNES
AND NOW LAST 4 MONTHS OF 2025″:
YEAR 2025:
JAN 2025: 113.30 TONNES
FEB: 2025: 256.607 TONNES (WHICH INCLUDES 18.4567 TONNES OF EX FOR RISK)
MARCH:
STANDING FOR GOLD : 60.33 TONNES + 7.6179 TONNES EX FOR RISK = 67.9479 TONNES WHICH IS EXTREMELY HIGH FOR A NON DELIVERY MONTH.
APRIL:
STANDING FOR GOLD: 166.964 TONNES + 2.177 TONNES EX FOR RISK = 169.141 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
2025
January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES
FEBRUARY:/NEW STANDING ADVANCES TO 238.153TONNES +18.4527 EX FOR RISK
= 256.607 TONNES. THIS IS THE HIGHEST EVER MONTH FOR GOLD STANDING IN COMEX HISTORY
MARCH: 67.9479 TONNES (INCLUDES 7.6179 TONNES EX FOR RISK)
APRIL: 169.141 TONNES (INCLUDES 2.177 TONNES EX FOR RISK)
COMEX GOLD TRADING/APRIL CONTRACT MONTH
THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY $36.70/)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A MEGA HUMONGOUS SIZED LOSS IN OUR TWO EXCHANGES AA DUE TO CME ERROR. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION MONDAY AS WELL AS FINALIZATION OF MONTH END SPREADER LIQUIDATION/ AS THEY WERE TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE $3,000 AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING AND THEY FAILED MISERABLY AS GOLD IS NOW WELL ABOVE THE $3,000 THRESHOLD AT 3132 PLUS.
LAST NIGHT/TUESDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER AND THUS THE REASON FOR THE HUGE LEASE RATE AT 10% (SCARCITY OF GOLD) THIS PAST MONTH.
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH MARCH/APRIL TRADING
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY:
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN A FEW NIGHTS AGO,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WILL BE ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH
EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND IS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.
MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK:
TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
NOW APRIL, ISSUES ITS FIRST EXCHANGE FOR RISK:
TOTAL ISSUANCE FOR EXCHANGE FOR RIS ON FIRST DAY NOTICE OF 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD. APRIL ISSUANCE MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK. THESE DELIVERIES WILL BE ADDED TO OUR NORMAL DELIVERY CYCLE. WE HAD 0 NOTICES FOR EXCHANGE FOR RISK FILED FOR TUESDAY.
STANDING NOW FOR APRIL:
APRIL: 166.964 TONNES +(2.177 EX FOR RISK// MARCH 31 FOR APRIL DELIVERY MONTH =169.141 TONNES OF THE GOLD. THIS IS THE 2ND HIGHEST AMOUNT OF DELIVERY GOLD WHICH FOLLOWS THE HIGHEST EVER ON AN ACTIVE MONTH GOLD DELIVERY BEING FEB 2025 AT 256.607 TONNES..
ANALYSIS APRIL DELIVERY MONTH FIRST DAY NOTICE;
WE HAVE LOST A MEGA HUMONGOUS SIZED TOTAL OF 208.432 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR APRIL (166.964TONNES) ON FIRST DAY NOTICE FOLLOWED BY OUR INITIAL EXCHANGE FOR RISK ISSUANCE TO THE BANK OF ENGLAND FOR 700 CONTRACTS OR 70,000 OZ (2.177 TONNES). THIS TOTAL IS NOW ADDED TO OUR NORMAL DELIVERY OF XXXXX TONNES AND THUS INITIAL STANDING FOR GOLD FOR APRIL IS 169.141 TONNES, THE 2ND HIGHEST EVER RECORDED!
ALL OF THIS WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $36.70
WE HAD 856 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET LOSS ON THE TWO EXCHANGES 67,860 CONTRACTS OR 6,786,000 0Z (210.905 TONNES)
i) Brinks customer acct 95,102.657 oz (2958 kilobars) ii) Brinks enhanced: 95,196.15 oz or 238 London good delivery bars/400 oz each.
total weight; 190,298.800 oz or 5.804 tonnes
Deposit to the Dealer Inventory in oz
2 ENTRIES i) Into ASAHI dealer 128,571.849 oz (3999 KILOBARS) ii) Into LOOMIS dealer 12,828.249 oz 399 kilobars)
TOTAL WEIGHT: 141.400.098 oz or 4.398 tonnes
Deposits to the Customer Inventory, in oz
we have 5 customer entries
we have 5 customer deposits
i) into Brinks 32,151.000 oz 1000 kilobars ii) Into JPMorgan: 96,453.000 3,000 kilobars iii) Into Loomis: 32.151 oz (1 kilobar) iv) Into Malca: 192,906.000 oz (6,000 kilobars) v) Into Manfra: 32,151.000 oz (1000 kilobars)
total weight; 353,693.151 oz (11.000 tonnes)
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No of oz served (contracts) today
3,124 notice(s) 3,124,000 OZ 118.161 TONNES
No of oz to be served (notices)
15,690 contracts 1,569,000 OZ 48.802 TONNES
Total monthly oz gold served (contracts) so far this month
3,798,900 notices 3,486,500 oz 118.161 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
dealer deposits:
dealer deposits: 2
2 ENTRIES i) Into ASAHI dealer 128,571.849 oz (3999 KILOBARS) ii) Into LOOMIS dealer 12,828.249 oz 399 kilobars)
TOTAL WEIGHT: 141.400.098 oz or 4.398 tonnes
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deposits customer
we have 5 customer deposits
we have 5 customer deposits
i) into Brinks 32,151.000 oz 1000 kilobars ii) Into JPMorgan: 96,453.000 3,000 kilobars
iii) Into Loomis: 32.151 oz (1 kilobar)
iv) Into Malca: 192,906.000 oz (6,000 kilobars)
v) Into Manfra: 32,151.000 oz (1000 kilobars)
total weight; 353,693.151 oz (11.000 tonnes)
total dealer and customer weight; 15.398 tonnes
total weight dealer and customer; 12.5543 tonnes
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withdrawals: 2
2 entries
i) Brinks customer acct 95,102.657 oz (2958 kilobars) ii) Brinks enhanced: 95,196.15 oz or 238 London good delivery bars/400 oz each.
total weight; 190,298.800 oz or 5.804 tonnes
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adjustments: customer to dealer: 3 entries
i) Brinks: 160,781,151 oz
ii) JPMorgan 187,601.085 oz
iii) Manfra; 66,938.382 oz
total weight adjusted 415,326.618 oz or 12.917 tonnes
AMOUNT OF GOLD STANDING FOR APRIL
THE FRONT MONTH OF APRIL HAD A LOSS OF 87,848 CONTRACTS TO STAND AT 18,814.
BECAUSE OF THE CME ERROR IN FINAL REPORTING, I AM CALCULATING THAT THE INITIAL AMOUNT OF GOLD STANDING IS AS FOLLOWS:
18,814 CONTRACTS (OPEN INTEREST FOR APRIL) – 3124 (OI FOR APRIL TODAY)= 15,690 CONTRACTS
(FOR 48.802 TONNES). I THEN TAKE THE TOTAL ISSUANCE FOR APRIL AT 37,989 CONTRACTS AND ADD THE 15,690 CONTRACTS WHICH NOW TOTALS 53,679 CONTRACTS FOR 5,367,900 OZ OR 166.964 TONNES. I WILL NOW STATE THAT THIS IS THE INITIAL AMOUNT OF GOLD STANDING FOR APRIL
THEN WE MUST ADD OUR INITIAL ISSUANCE OF EXCHANGE FOR RISK OF 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES
THUS, OUR INITIAL GOLD STANDING FOR APRIL IS 166.964 + 2.177 TONNES = 169.141 TONNES
MAY GAINED 192 CONTRACTS UP TO 3834.
JUNE GAINED A STRONG 14,198 CONTRACTS AND JUNE WILL NO DOUBT BE A WHOPPER OF A DELIVERY MONTH IF THERE IS GOLD TO BE DELIVERED UPON.
We had 3124 contracts filed for today representing 312,400 oz
This is a huge major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 24 notices issued from their client or customer account. The total of all issuance by all participants equate to 3,124 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1330 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for APRIL /2025. contract month, we take the total number of notices filed so far for the month (37,989 X 100 oz ) to which we add the difference between the open interest for the front month of APRIL (18,814 CONTRACTS) minus the number of notices served upon today (3124 x 100 oz per contract) equals 5,367,900 OZ OR 166.964 TONNES
to which we add our initial exchange for risk of 70,000 oz (2.177 tonnes) = 169.141 tonnes
thus the INITIAL standings for gold for the APRIL contract month: No of notices filed so far (37,989 x 100 oz +we add the difference for front month of APRIL (XXXX OI} minus the number of notices served upon today (3124 x 100 oz) which equals 5,3679,000 OZ OR 166.964 TONNES + 2.177 tonnes ex for risk = 169.141 tonnes
TOTAL COMEX GOLD STANDING FOR APRIL.: 169.141 TONNES WHICH IS HUGE FOR THIS ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL IS FOLLOWING SUIT..
JPMorgan has a total silver weight: 192.773million oz/478,455oz million or 40.16%
TOTAL REGISTERED SILVER: 154.588 MILLION OZ//.TOTAL REG + ELIGIBLE. 478.458Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL
silver open interest data:
FRONT MONTH OF APRIL /2025 OI: 1184 OPEN INTEREST CONTRACTS FOR A LOSS OF 2319 CONTRACTS. THE CME ADMITS ITS COLOSSAL ERROR IN REPORTING YESTERDAY’S INITIAL AMOUNT OF SILVER WILLING TO STAND. SO I WILL CORRECT IT THE BEST I CAN:
I WILL TAKE THE OPEN INTEREST IN SILVER STANDING TODAY AT 1184 CONTRACTS AND SUBTRACT OUT TODAY’S FILING OF NOTICES AT 149 CONTRACTS. THAT GIVES ME 1035 NOTICES THAT HAVE YET TO BE SERVED UPON. I THEN TAKE THE TOTAL NO. OF NOTICES SERVED ALREADY AT 996 CONTRACTS AND THAT GIVES US 2031 CONTRACTS OR 10.155 MILLION OZ OF SILVER STANDING.
THEN I MUST ADD OUR NEW ISSUANCE OF 2.0 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL STANDING 12.155 MILLION OZ//
MAY SAW A LOSS OF 2368 CONTRACTS DOWN TO 123,769 CONTRACTS
JUNE SAW A GAIN OF 49 CONTRACTS UP TO 1323 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 149 or 0.745 MILLION oz
CONFIRMED volume; ON MONDAY 73,661 huge//
AND NOW APRIL DELIVERIES:
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 996 X5,000 oz = 4.980 MILLION oz
to which we add the difference between the open interest for the front month of APRIL (1184) AND the number of notices served upon today (149 )x (5000 oz)
Thus the standings for silver for the APRIL 2025 contract month: (996) Notices served so far) x 5000 oz + OI for the front month of APRIL(1184) minus number of notices served upon today (149)x 5000 oz equals silver standing for the APRIL contract month equating to 10.155 MILLION OZ
New total standing: 10.155 million oz which is huge for this NON active delivery month of APRIL.
We must also keep in mind that there is considerable silver standing in London coming from our longs in New York that underwent EFP transfers.
There are 154.588million 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.
Now that we have surpassed $28.40 the next big line in the sand for silver is $34.76. After that the moon
0 the next big line in the sand for silver is $34.76. After that the moon
END
BOTH GLD AND SLV ARE MASSIVE FRAUDS!
GLD AND SLV INVENTORY LEVELS/
APRIL1 WITH GOLD DOWN $3.55 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.44 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 933.38 TONNES
MARCH 31 WITH GOLD UP $31.60 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.29 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 931.94 TONNES
MARCH 28 WITH GOLD UP $31.60 TODAY// SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 929.65 TONNES
MARCH 27 WITH GOLD UP $31.60 TODAY// SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF .29 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 929.65 TONNES
MARCH 26 WITH GOLD UP $31.60 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 929.36 TONNES
MARCH 25 WITH GOLD UP $13.90 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.44 TONNES OF GOLD FROM THE GLD/ ///INVENTORY RESTS AT 929.07 TONNES
MARCH 24 WITH GOLD DOWN $6.10 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 20.08 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 930.51 TONNES
MARCH 21 WITH GOLD DOWN $20.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 1.15 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 910.43 TONNES
MARCH 20 WITH GOLD UP $3.05 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 2.01 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 909.28 TONNES
MARCH 19 WITH GOLD UP $0.45 TODAY// NO CHANGES IN GOLD AT THE GLD: ///INVENTORY RESTS AT 907.27 TONNES
MARCH 18 WITH GOLD UP $34.05 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.86 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 907.27 TONNE
MARCH 17 WITH GOLD UP $34.05 TODAY// SMALL CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.64 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 906.41 TONNES
MARCH 14 WITH GOLD UP $9.75 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MONSTER DEPOSIT OF 7.17 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 905.81 TONNES
MARCH 13 WITH GOLD UP $42.85 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.44 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 898.64 TONNES
MARCH 12 WITH GOLD UP $22.10 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 3.90 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 895.20 TONNES
MARCH 11 WITH GOLD UP $21.20 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.45 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 891.30 TONNES
MARCH 10 WITH GOLD DOWN $12.45 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 4.30 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 894.317 TONNES
MARCH 7 WITH GOLD DOWN $12.00 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.72 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 898.64 TONNES
MARCH 6 WITH GOLD UP $2.10 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.44 TONNES TONNES OUT OF THE GLD ///INVENTORY RESTS AT 900.30 TONNES
MARCH 5 WITH GOLD UP $6.75 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 0.87 TONNES INTO THE GLD ///INVENTORY RESTS AT 901.80 TONNES
MARCH 4 WITH GOLD UP $19.05 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 3.45 TONNES INTO THE GLD ///INVENTORY RESTS AT 900.93 TONNES
MARCH 3 WITH GOLD UP $50.70 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 1.72 TONNES INTO THE GLD ///INVENTORY RESTS AT 904.38 TONNES
FEB 28 WITH GOLD DOWN $44.70 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 1.72 TONNES INTO THE GLD ///INVENTORY RESTS AT 904.38 TONNES
FEB 26 WITH GOLD DOWN $40,85 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 3.45 TONNES INTO THE GLD ///INVENTORY RESTS AT 907.83 TONNES
FEB 25 WITH GOLD DOWN $40,85 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 3.45 TONNES INTO THE GLD ///INVENTORY RESTS AT 907.83 TONNES
FEB 24 WITH GOLD UP 7,65 TODAY HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE DEPOSIT OF 20.66 TONNES FROM THE GLD ///INVENTORY RESTS AT 904.38TONNES
FEB 21 WITH GOLD DOWN $1.35 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 5.77ONNES FROM THE GLD ///INVENTORY RESTS AT 883.72TONNES
FEB 20 WITH GOLD DOWN $10.40 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 8.51TONNES FROM THE GLD ///INVENTORY RESTS AT 877,95TONNES
FEB 19/ WITH GOLD DOWN $10.40 TODAY HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 6.38TONNES FROM THE GLD ///INVENTORY RESTS AT 869.44TONNES
FEB 18/ WITH GOLD UP $43.00 TODAY HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.14TONNES FROM THE GLD ///INVENTORY RESTS AT 863.06TONNES
GLD INVENTORY: 933.38 TONNES, TONIGHTS TOTAL
SILVER
APRIL1 WITH SILVER DOWN $0.36 /NO CHANGES IN SILVER INVENTORY AT THE SLV: / //INVENTORY AT SLV RESTS AT 448.332 MILLION
MARCH 31 WITH SILVER DOWN $0.28 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A STRONG DEPOSIT OF 0.91000 MILLION OZ INTO THE SLV//// //INVENTORY AT SLV RESTS AT 448.332 MILLION
MARCH 28 WITH SILVER DOWN $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A STRONG WITHDRAWAL OF 1.092 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 447.422 MILLION
MARCH 27 WITH SILVER UP $.60 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A MASSIVE WITHDRAWAL OF 6.369 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 448.514 MILLION
MARCH 26 WITH SILVER DOWN $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV” A MASSIVE WITHDRAWAL OF 6.369 MILLION OZ FROM THE SLV//// //INVENTORY AT SLV RESTS AT 448.514 MILLION
MARCH 25 WITH SILVER UP $0.63 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 13.649 MILLION OZ INTO THE SLV// //INVENTORY AT SLV RESTS AT 454.883 MILLION
MARCH 24 WITH SILVER UP $0.04 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.728 MILLION OZ FROM THE SLV// //INVENTORY AT SLV RESTS AT 441.234 MILLION
MARCH 21 WITH SILVER DOWN $0.45 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.092 MILLION OZ FROM THE SLV// //INVENTORY AT SLV RESTS AT 442.962 MILLION
MARCH 20 WITH SILVER DOWN $0.15 /NO CHANGES IN SILVER INVENTORY AT THE SLV //INVENTORY AT SLV RESTS AT 444.054 MILLION
MARCH 19 WITH SILVER DOWN $0.45 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.219 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 444.054 MILLION
MARCH 18 WITH SILVER UP $0.21 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.823 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 444.373 MILLION
MARCH 17 WITH SILVER UP $0.03 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.096 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 439.550 MILLION
MARCH 14 WITH SILVER UP $0.04 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.910 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 435.454 MILLION
MARCH 13 WITH SILVER UP $0.46 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.774 MILLION OZ OUT OF THE THE SLV. //INVENTORY AT SLV RESTS AT 434.544 MILLION
MARCH 12 WITH SILVER UP $0.57 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.032 MILLION OZ OUT OF THE THE SLV. //INVENTORY AT SLV RESTS AT 435.318 MILLION
MARCH 11 WITH SILVER UP $0.60 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.816 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 436.410 MILLION
MARCH 10 WITH SILVER DOWN 25 CENTS/HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.276 MILLION OZ INTO THE THE SLV. //INVENTORY AT SLV RESTS AT 435.591 MILLION
MARCH 7 WITH SILVER DOWN 40 CENTS/HUGL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.184 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 434.317 MILLION
MARCH 6 WITH SILVER UP 16 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.455 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 436.046 MILLION
MARCH 5 WITH SILVER UP 82 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.172 MILLION OZ OUT OF THE SLV. //INVENTORY AT SLV RESTS AT 436.501 MILLION OZ
MARCH 4 WITH SILVER UP 9 CENTS//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.82 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 436.673 MILLION OZ
MARCH 3 WITH SILVER UP $0.78//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.819 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 438.493 MILLION OZ
FEB 28 WITH SILVER DOWN 0.56//SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.819 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 438.493 MILLION OZ
FEB 26 WITH SILVER DOWN $0.90//HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6,245 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 441.4061MILLION OZ
FEB 25 WITH SILVER DOWN $0.90//HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6,245 MILLION OZ INTO THE SLV. //INVENTORY AT SLV RESTS AT 441.4061MILLION OZ
FEB 24WITH SILVER DOWN $0.15//NO CHANGES IN SILVER INVENTORY AT THE SLV. //INVENTORY AT SLV RESTS AT 435.171MILLION OZ
FEB 21WITH SILVER DOWN $0.40//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 0.456MILLION OZ/. //INVENTORY AT SLV RESTS AT 435,171MILLION OZ
FEB 20WITH SILVER UP $0.29//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 1.547 MILLION OZ/. //INVENTORY AT SLV RESTS AT 435,171MILLION OZ
FEB 19WITH SILVER DOWN $0.16//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : HUGE CHANGES AT THE SLV A WITHDRAWAL OF 2.276 MILLION OZ/. //INVENTORY AT SLV RESTS AT 436.717MILLION OZ
FEB 18WITH SILVER UP $.56//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : NO CHANGES AT THE SLX/. //INVENTORY AT SLV RESTS AT 438.994MILLION OZ
FEB 14WITH SILVER UP $.01//HUGE CHANGES IN SILVER INVENTORY AT THE SLV : A DEPOSIT OF 1.593 MILLION OZ INTO THE SLV./. //INVENTORY AT SLV RESTS AT 437.401 MILLION OZ
CLOSING INVENTORY 448.332 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
2. Egon Von Greyerz et al
3. C Powell and Gata dispatches
Ed Steer: A huge reporting error at CME Group’s Comex
Submitted by admin on Tue, 2025-04-01 12:27 Section: Daily Dispatches
Excerpted from Ed Steer’s Gold and Silver Digest Tuesday, April 1, 2025
I checked Friday’s final total open interest numbers on the Comex, and the change from the preliminary report in gold was absolutely incomprehensible, as it rose from +13,558 contracts up to a mind-blowing +62,187 contracts. That was the result of gold open interest in April blowing out by +45,420 Comex contracts, and June open interest by +16,556 contracts.
… Dispatch continues below …
That number would also be net of the record gold deliveries on first day notice. Whether that’s an error remains to be seen, but I’ve never seen anything like it before, and I await developments.
The final change in total silver contracts rose by a decent amount, from +780 contracts up to 1,997 contracts — and, like gold, this number was wrong as well.
But the preliminary report that came out at 1:30 a.m. ET this morning for the Monday trading session took all of that away, plus a bunch more, as it showed that gold open interest in April fell by 87,848 Comex contracts, leaving 18,814 still around, minus the 3,124 contracts out for delivery on Wednesday. …
Friday’s daily delivery report showed that 34,865 contracts were actually posted for delivery today, so that means that 87,848 minus 34,865 equals 52,983 Comex gold contracts vanished from the April delivery month.
Silver open interest in April cratered by 2,319 Comex contracts, leaving 1,184 contracts still open, minus the 149 contracts that are out for delivery on Wednesday. …
Friday’s daily delivery deport showed that 847 silver contracts were actually posted for delivery today, so that means that 1,184 minus 847 equals 337 more silver contracts were added to April deliveries yesterday, which is preposterous, since only 97 April silver contracts were traded yesterday.
Total gold open interest on Monday cratered by a net 68,196 Comex contracts, and total silver open interest by 3,000 contracts.
So there was a screw-up of biblical proportions in the CME Group’s open interest numbers for both silver and gold on Friday, something I’ve not seen before. Let’s hope this is the end of it.
* * *
4. ANDREW MAGUIRE INTERVIEWING PETER GRANDICH
CHRIS POWELL, Secretary/Treasurer Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:COMMODITY//COPPER
6 CRYPTOCURRENCY NEWS
ASIA TRADING TUESDAY MORNING MONDAY NIGHT
SHANGHAI CLOSED UP 12.69 PTS OR 0.38%
//Hang Seng CLOSED UP 87.26 PTS OR .38%
// Nikkei CLOSED UP 6.92 OR 0.02 %//Australia’s all ordinaries CLOSED DOWN 1.74%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2697 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2831/ Oil UP TO 71.41 dollars per barrel for WTI and BRENT UP TO 74.76 Stocks in Europe OPENED ALL MOSTLY RED.
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN AT 7.2697
OFFSHORE YUAN: DOWN TO 7.2831
SHANGHAI CLOSED CLOSED UP 12.69 PTS OR 0.38%
HANG SENG CLOSED CLOSED UP 87.26 PTS OR 0.38%
2. Nikkei closed UP 6.92 PTS OR 0.02%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX UP TO 103.96// EURO RISES TO 1.0823 UP 5 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: RISES TO. +1.481//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 149.18…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: 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 DOWN TO +2.6610/Italian 10 Yr bond yield DOWN to 3.773 SPAIN 10 YR BOND YIELD DOWN TO 3.293
3i Greek 10 year bond yield DOWN TO 3.467
3j Gold at $3130.00 Silver at: 33.81 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 5 /100 roubles/dollar; ROUBLE AT 84.84
3m oil into the 71 dollar handle for WTI and 74 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 149.18// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.481 % STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE IS NOW UNWINDING.
30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this 0.8824 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9518 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.158 DOWN 9 BASIS PTS…
USA 30 YR BOND YIELD: 4.523 DOWN 9 BASIS PTS/
USA 2 YR BOND YIELD: 3.848 DOWN 4 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 37.93…
10 YR UK BOND YIELD: 4.6620 DOWN 4 PTS
10 YR CANADA BOND YIELD: 2.931 DOWN 4 BASIS PTS
5 YR CANADA BOND YIELD: 2.575 DOWN 8 PTS.
2a New York OPENING REPORT
Futures Slide After WaPo Report Trump Seeks 20% Tariffs On Most Imports
Tuesday, Apr 01, 2025 – 08:26 AM
US equity futures fell abruptly just around 6am ET, reversing earlier gains and unable to benefit from the positive risk tone in European trade, hinting at another very volatile session on Wall Street, as tomorrow’s tariffs “liberation day” loomed over markets. Gold extended its winning streak, rising to another record high. As of 8:00am ET, S&P futures were down 0.5%, reversing an earlier gain of 0.2%, after the Washington Post reported a White House proposal to impose tariffs of around 20% on most imports. Nasdaq futures slid 0.6% as Tesla rose modestly but other Mag 7 stocks were in the red. European and Asian markets both rose. Bond yields slid 4bps, pushing the 10Y yield to 4.16% while the USD traded higher on the back of Euro weakness. Commodities are mostly flat this morning with base metals declining (copper -0.9%). Overnight, headlines were largely light, with geopolitical tension and trade policy remaining uncertain. Trump seems to dial back his criticism on Putin, per BBG article (here). We will get the Final March ISM-Mfg this morning: consensus expects the Index to print 49.5 survey vs. 50.3 prior; we also get the latest JOLTS report.
In US premarket trading, Tesla rose while fellow Magnificent Seven stocks edge lower (Tesla +3.1%, Nvidia +0.6%, Alphabet +0.5%, Meta +0.2%, Amazon +0.3%, Microsoft +0.2%, Apple -1%). Johnson & Johnson slid 3.5% in premarket trading after a judge rejected its third attempt to use bankruptcy of one of its units to end baby powder cancer claims. Delta Airlines Inc. and Southwest Airlines Co. fell after Jefferies analysts cut their ratings on concern about consumer spending. Here are some other notable premarket movers:
Newsmax shares jump 11%, putting the conservative media outlet’s stock on track to extend gains after it jumped 735% in its debut Monday.
Live Nation slip 1.5% after President Donald Trump said he will sign an executive order aimed at tackling ticket scalping, saying that it is a “big step” in dealing with an issue that “bothers” a lot of artists
Microvast shares surge 26% after the lithium-ion battery maker reported 2024 revenue that beat its guidance thanks to growing demand for its technology.
Gorilla Technology shares drop 6.4% after the analytics technology firm reported full-year results and reiterated its revenue forecast for 2025.
Intel slid after new CEO Lip-Bu Tan said the chipmaker will spin off assets that aren’t central to its mission and create new products including custom semiconductors to try to better align itself with customers
President Donald Trump will announce his reciprocal tariff plan at 3 p.m. on Wednesday at an event in the White House Rose Garden, but the extent of his levies remain unclear. There’s also confusion around whether the US president will take a lenient or harder tack, making investors wary of risky stock bets.
“Investors are grappling with what could be announced this week,” said Laura Cooper, global investment strategist at Nuveen. “The range of outcomes is so wide that traders are struggling with how to price in that potential outcome.”
Futures were hit shortly after 6am after the WaPo reported that White House aides have drafted a proposal to impose tariffs of around 20% on most imports to the United States. In a hitpiece that appears intended to spark panic and restart the selloff, the authors write that “if implemented, the plan is likely to send shock waves through the stock market and global economy. Assuming that permanent tariffs took effect in the current quarter and triggered robust retaliation by U.S. trading partners, the economy would almost immediately tumble into a recession that would last for more than a year, sending the jobless rate above 7 percent, according to Mark Zandi, chief economist for Moody’s, who described the results as a worst-case scenario.”
Trump has touted his April 2 announcement as a “Liberation Day,” heralding the start of a more protectionist policy meant as retribution against trading partners he has long accused of “ripping off” the US. He has already placed levies on Canada, Mexico and China — the US’s three largest trading partners — as well as automobiles, steel and aluminum. Import taxes on copper could come within several weeks. He has also threatened duties on pharmaceutical, semiconductor and lumber imports.
Many fear Trump’s announcement will mark the start of lengthy and fractious negotiations with trade partners, pressuring the economy and keeping market volatility elevated. On Tuesday, European Commission President Ursula von der Leyen said the bloc is prepared to retaliate if reciprocal tariffs are imposed.
“We could get another period of potential negotiations which is just going to prolong this uncertainty and underpin further choppy price action,” Nuveen’s Cooper said.
As tariffs loom, US carmakers are lobbying the administration to exclude certain low-cost car components, Bloomberg reported. The EU said it will use a broad range of options to retaliate. An analysis by Bloomberg Economics found that a maximalist approach could add up to 28 percentage points to the average US tariff rate — resulting in a hit of 4% to US GDP.
Strategists at Citigroup said that a surge in short flows pushed net positioning for the Nasdaq back to neutral ahead of tariff announcements. Barclays strategists, meanwhile, said that hedge funds and CTAs turned short US equities and long Treasuries last month, likely improving the risk-reward outlook into April 2.
Chip stocks could be in focus after Commerce chief Lutnick signaled he could withhold promised Chips Act grants as he pushes companies in line for subsidies to expand their US projects.
Europe’s Stoxx 600 rose 1.2% and is on course to snap a four-day losing streak as concerns regarding imminent US trade tariffs appear to have subsided. All 20 sectors are in the green, with auto, industrial and technology names leading gains. Goldman Sachs strategists cited a weaker growth outlook as a reason to cut their forecast for Europe’s Stoxx 600, following a similar move from the US team. The team led by Sharon Bell trimmed the 12-month target on the index to 570 points from 580. Here are the biggest movers Tuesday:
Europe’s biggest pharmaceutical companies advance, making healthcare the best performing Stoxx 600 subgroup, after JPMorgan analysts say potential US tariffs are expected to have a “manageable impact” on the sector
Gubra shares jump as much as 19% after the Danish drugmaker said interim phase 1 results for its obesity treatment candidate GUBamy were “positive.” Shares trim some gains to rise 12% at 10.27am CET
Greencore Group shares rise as much as 11% after the food producer said better-than-expected profit conversion means its FY25 adjusted operating profit will be ahead of current consensus. Analysts at Jefferies said the positive update
Enav shares jump after results met estimates and the air navigation services firm said it sees an annual revenue growth of 4.3% by 2029; Banca Akros’ Francesco Sala says the results were in line with estimates
UK supermarket stocks fall as a Kantar report adds to concern over increasing competitive pressures across the industry. Separately, BNPP Exane cuts earnings estimates for Tesco and Sainsbury, while downgrading the latter
Genmab falls as much as 5.4% after Bernstein cut its rating on the biotechnology company to underperform, saying the share price is far from fully discounting the loss of exclusivity for its Darzalex blood cancer treatment
Zealand Pharma shares drop as much as 6.3%, worst performer in the Stoxx 600 Health Care Index, after smaller Danish drug developer Gubra said interim early-stage results for its experimental obesity treatment were positive
Travis Perkins shares fall as much as 13% to their lowest since June 2009 after the wholesaler said there was uncertainty regarding recovery in UK construction activity and challenging market conditions have continued
Interroll shares drop as much as 2.6% after Kepler Cheuvreux cut the recommendation on the Swiss industrial equipment firm to reduce from hold, citing limited near-term catalysts and high valuation
Earlier in the session, Asian equities also rose, poised to snap a three-day selloff as traders reassessed positions ahead of the planned imposition of more US tariffs. The MSCI Asia Pacific Index advanced as much as 1.1%, led by gains in Taiwan, South Korea and Hong Kong. TSMC, Tencent and Samsung Electronics were among the biggest boosts. Traders remained on edge, however, with 30-day volatility on the gauge trading around the highest level since October. Most key Asian benchmarks were in the green on Tuesday. India was an exception, with tech heavyweights sliding on concern that slower growth in the US may hurt spending by their clients. Markets in Indonesia, Malaysia and the Philippines were shut for holidays.
The rebound doesn’t signal “much about the overall market’s direction in next 6 to 12 months,” said Homin Lee, senior macro strategist at Lombard Odier Singapore. “It will still be important to get the details of Trump’s announcements tomorrow given the significant – and potentially market-negative – complexities implied in the tariff framework Trump appears to be considering.”
In FX, the Bloomberg Dollar Spot Index is little changed. The Aussie dollar pared gains seen after the RBA stood pat on rates with a slight hawkish tinge to the statement. The Swedish krona takes top spot with a 0.5% gain.
In rates, treasuries continue to benefit from haven demand, with futures reaching session highs after the Washington Post reported a White House proposal to impose tariffs of around 20% on most imports. Additional support comes from steeper gains for bunds after euro-area inflation eased further toward the European Central Bank’s 2% target, and declines for S&P 500 futures. US yields are 2bp-4bp richer across maturities with gains led by intermediates, flattening 2s10s spread by around 2bp; 10-year is on session lows around 4.165% with bunds and gilts outperforming by 3bp and 2.5bp in the sector. European government bonds are broadly higher with UK and German 10-year borrowing costs falling 6 bps each. Traders have added to their ECB and BOE interest-rate cut bets, although there was little reaction to euro-area CPI data – the headline matched forecasts while the core rate slowed slightly more than expected. US session includes March US manufacturing PMIs from S&P Global and ISM.
In commodities, spot gold adds $10 to $3,133 having notched another record high earlier near $3,150. WTI is steady near $71.50 a barrel. Bitcoin rises over 2% to above $84,000.
Today’s US economic calendar includes March final S&P Global US manufacturing PMI (9:45am), February construction spending, JOLTS job openings and March ISM manufacturing (10am) and Dallas Fed services activity (10:30am). ed speaker slate includes Richmond Fed’s Barkin discussing monetary policy and the economic outlook (9am).
Market Snapshot
S&P 500 mini -0.5%
Nasdaq 100 mini -0.4%
Russell 2000 mini +0.1%
Stoxx Europe 600 +1.2%, DAX +1.5%, CAC 40 +0.9%
10-year Treasury yield -3 basis points at 4.18%
VIX +0.1 points at 22.39
Bloomberg Dollar Index little changed at 1274.63
euro little changed at $1.0806
WTI crude -0.3% at $71.23/barrel
Top Overnight News
The US plans to extend the 2017 tax cuts, making them permanent and adding Trump’s campaign promises like eliminating taxes on tips, overtime pay and Social Security, Treasury Secretary Scott Bessent told Fox News. BBG
Howard Lutnick may withhold Chips Act grants to push companies to expand their US projects, people familiar said. Lutnick aims to generate tens of billions of dollars in additional investment commitments without increasing the size of federal grants. Donald Trump created a new office to manage the Chips Act’s funds and speed up some investments in the US. BBG
President Trump signed an executive order establishing the United States Investment Accelerator which establishes an office within the Department of Commerce meant to facilitate and accelerate investments above USD 1bln in the US, while the White House said the Investment Accelerator is to administer the CHIPS program office.
Trump signed an executive order aimed at protecting fans from ‘exploitative ticket scalping’ and reforming the US live entertainment ticketing industry, according to Reuters.
Republicans could be poised to deal a symbolic blow to President Donald Trump’s trade policy, with several GOP senators indicating they planned to join Democrats in a Tuesday vote to block blanket tariffs on Canada (although the bill will probably never become law). Politico
President Trump said that he had settled on a plan for his latest batch of tariffs expected this week but didn’t reveal what he had decided, after his economic team struggled to coalesce around a remade U.S. trade strategy. He wants to both raise revenue with tariffs and use them as leverage to get other nations to lower their own duties, or make other policy changes.
Boeing (BA) slows the production of 737 Max to 31 craft per month (current 38) to keep from derailing the assembly line, via Air Current; further slowing wing production.
Eurozone CPI for Mar comes in a bit cooler than anticipated on a core basis (+2.4% vs. the Street +2.4% and down from +2.6% in Feb) while headline was inline at +2.2% (down from +2.3% in Feb). BBG
The European Union said it will use a broad range of options to retaliate against the US if President Donald Trump follows through on his threat to impose so-called reciprocal tariffs on the bloc this week. “We do not necessarily want to retaliate,” European Commission President Ursula von der Leyen said on Tuesday. “If necessary we have a strong plan to retaliate and will use it.” BBG
China’s factory activity expanded at its fastest pace in four months in March, buoyed by stronger demand and robust export orders, a private-sector survey showed on Tuesday. The Caixin/S&P Global manufacturing PMI climbed to 51.2 in March from 50.8 in the previous month, surpassing analyst expectations of 51.1. The 50-mark separates growth from contraction. RTRS
China has kicked off large-scale military and coastguard exercises around Taiwan, the latest round in Beijing’s escalating campaign to assert its claims of sovereignty and suppress the island nation’s efforts to preserve its de facto independence. The drills on Tuesday came as Taiwan’s President Lai Ching-te seeks to improve military and civilian preparedness for a potential Chinese attach and strengthen society to defend against espionage and other infiltration from China, which last month he called a “hostile foreign force.” FT
China, Japan and South Korea agreed to jointly respond to U.S. tariffs, a social media account affiliated with Chinese state media said on Monday, an assertion Seoul called “somewhat exaggerated”, while Tokyo said there was no such discussion. The state media comments came after the three countries held their first economic dialogue in five years on Sunday, seeking to facilitate regional trade as the Asian export powers brace against U.S. President Donald Trump’s tariffs. RTRS
Tariffs/Trade
US President Trump said we will see tariff details maybe Tuesday night or on Wednesday which are going to be nice in comparison to other countries and in some cases, they may be substantially lower. Trump also stated that many countries have been looting the US and they will stop that on April 2nd, as well as noted there will be investments worth USD 5tln in the US. Furthermore, he stated that TikTok is not tied to a larger tariff deal but could be.
US Treasury Secretary Bessent said President Trump will announce reciprocal tariffs at 15:00EDT/20:00BST on Wednesday.
US automakers seek to exclude low-value car parts from tariffs, according to Bloomberg.
US State Department said Secretary of State Rubio spoke to his Mexican counterpart regarding the US automobile industry, while Rubio thanked Mexico for efforts to reduce illegal immigration and continuing to accept deportation flights.
China’s Foreign Minister Wang Yi said higher US tariffs on Chinese goods are unreasonable and harm global markets.
UK Trade Secretary Reynolds says, “we are hopeful that Trump’s tariffs will be reversed within weeks, or months”; adds, “It appears tomorrow there’ll be no country in the world exempt from the initial announcements”, via BBC Breakfast.
EU Commission President von der Leyen says the bloc has the power to push back against US tariffs; all instruments are on the table for countermeasures; EU is open to negotiations on trade. Says EU needs to take down the remaining barriers in the single market. Adds, EU has a strong plan to retaliate if necessary and will use it.
UK PM Starmer says discussions on an economic deal with the US are “well advanced”.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks traded mostly higher as markets recovered from the recent sell-off and with sentiment helped by data releases although gains were capped as tariff uncertainty persists heading into April 2nd ‘Liberation Day’ reciprocal tariffs. ASX 200 advanced with broad gains seen across sectors, while there was a muted reaction to the RBA rate decision in which the central bank maintained the Cash Rate at 4.10% as unanimously forecast and provided little clues for future policy. Nikkei 225 rallied at the open after data showed a decline in the Unemployment Rate and a mostly better-than-expected Tankan survey although the index then pulled back and gradually reversed the gains after failing to sustain a brief reclaim of the 36,000 level. Hang Seng and Shanghai Comp were underpinned after stronger-than-expected Chinese Caixin Manufacturing PMI data.
Top Asian News
Some Chinese banks have reportedly started raising interest rates amid growing bad consumer loans, weeks after cutting rates, according to Reuters sources; the move is expected to weigh on Beijing’s efforts to stimulate the economy
RBA kept the Cash Rate unchanged at 4.10%, as expected, while it stated the outlook remains uncertain, underlying inflation is moderating and sustainably returning inflation to target is the priority. RBA noted that monetary policy is well placed to respond to international developments if they were to have material implications for Australian activity and inflation, and noted that the board’s assessment is that monetary policy remains restrictive. Furthermore, it stated the continued decline in underlying inflation is welcome, but there are nevertheless risks on both sides and the board is cautious about the outlook, while the board needs to be confident that this progress will continue so that inflation returns to the midpoint of the target band on a sustainable basis.
RBA Governor Bullock said in the post-meeting press conference there is a chance of more strength in the economy than seems and the board will continue to look at the data, while she said the board did not discuss a rate cut and holding rates was a consensus decision. Bullock also stated they have to be careful not to get ahead of themselves on policy and that the board has not made up its mind on a May move, while she said they are not endorsing the market path on future rate cuts. Furthermore, she said the board did not open the door to a May rate cut and there is more economic data to come, as well as updated forecasts for the May meeting.
RBNZ said the Board is in the process of preparing a recommendation for the appointment of a Governor for six months and will be sending it to the minister soon, while it continues business as usual with Deputy Governor Christian Hawkesby as acting Governor and CEO until such time the minister makes an appointment.
European bourses (STOXX 600 +0.9%) are entirely in the green, as the region recovers from the prior day’s hefty losses. Indices have gradually climbed higher as the morning progressed. European sectors hold a strong positive bias, but with no clear outperformer and with gains fairly broad based given the risk tone. Healthcare leads the pack today, lifted by strength in AstraZeneca (+1.5%) after it reported positive trial results for its cholesterol drug, which has boosted hopes of another blockbuster drug. Consumer Products is a little higher today, with clothing brands benefiting in tandem with post-earning strength in PVH (+15.8% pre-market) which beat Q4 analyst expectations.
Top European News
BoE’s Greene says slack is opening up in the UK labour market, happy with central forecast for inflation, disinflation continues to be underway. There is a risk that productivity growth recovery does not happen as the BoE assumes. Rising UK public inflation expectations are concerning, “I think they remain anchored”. Dollar’s role as a reserve currency could be undermined by the current uncertainty.
ECB’s Rehn says if the data verifies the baseline, the right reaction in monetary policy should be to cut in April, via Politico
ECB’s Cipollone says “Digitalisation is driving economic progress and transforming the way we make retail payments”.
FX
DXY is currently slightly softer but with FX markets broadly in a holding pattern in the run up to Wednesday’s “Liberation Day”. Ahead of which, US President Trump is said to be still deciding which plan he will take for reciprocal tariffs and has been presented with “multiple” tariff plans, according to administration sources cited by FBN’s Lawrence. Today’s US data docket includes JOLTS and ISM Manufacturing.
EUR is trivially firmer vs. the USD following an indecisive session yesterday whereby markets digested softer-than-expected German inflation data and ECB sources. On the latter, Bloomberg reported that several ECB officials are still wavering on whether to cut interest rates next month.
USD/JPY has failed to sustain a move above the 150 mark as markets digested mostly better-than-expected data via the latest unemployment and Tankan metrics. USD/JPY has delved as low as 149.51 but is some way off Monday’s trough at 148.69.
GBP is flat vs. the USD with fresh macro drivers for the UK on the light side aside from non-incremental comments from BoE’s Greene that slack is opening up in the UK labour market and disinflation is continuing. Elsewhere, UK PM Starmer noted that discussions on an economic deal with the US are “well advanced”. Cable is currently holding above the 1.29 mark and within yesterday’s 1.2885-1.2972 bounds.
Antipodeans are steady vs. the USD with little sustained follow-through from the RBA rate decision. As expected, the RBA held the Cash Rate at 4.1% as unanimously forecast and provided little clues for future policy. In the follow-up press conference, Governor Bullock noted the board did not discuss a rate cut – which did help to lift the Aussie slightly.
PBoC set USD/CNY mid-point at 7.1775 vs exp. 7.2606 (Prev. 7.1782).
Fixed Income
USTs are firmer, and while the move is significant on the session, USTs are yet to surpass the top-end of yesterday’s 111-04 to 111-22+ band. Overall, the narrative remains much the same as markets countdown to “Liberation Day” and await any possible announcements/details on the eve of it. Ahead of that, traders will await US ISM Manufacturing PMI and JOLTS data.
A similar narrative to USTs with Bunds firmer and at a 129.42 peak but shy of Monday’s 129.59 best. If that is surpassed, resistance features at 130.00 before 130.93 from mid-January. The bid this morning in EGBs, and fixed generally, comes as the market is seemingly, for now at least, more concerned with the growth implications than the inflation implications of the looming US measures. Tariffs/trade aside, the morning has seen modest downward revisions to March’s Manufacturing PMIs – though this move was not sustained. And on the inflation front, EZ HICP printed in-line on the headline and cooler than expected for the core and super-core Y/Y. Additionally, the Services Y/Y figure moderated to 3.4% (prev. 3.7%) – despite the cooler figures, a hawkish move was seen.
Gilts are bid but, unlike its peers above, has managed to eclipse Monday’s 92.10 high to a 92.45 peak for the week. A level which encounters resistance from earlier in the month at 92.46, 92.48 and 92.56. Newsflow has unsurprisingly been focused on tariffs, with reports indicating that the UK-US trade deal has broad agreement and is ready to be signed once a few details are ironed out. Commentary from BoE’s Greene has had little impact on UK-paper.
A choppy session for the crude complex this morning. Price action was initially downward, giving back some of the prior day’s upside, but recent CPC pipeline related newsflow has sparked a paring of this pressure and lifted the benchmarks marginally into the green . Reuters reported that Kazakhstan will have to start reducing oil production within days as CPC pipeline reduces intake. WTI May resides in a USD 71.27-71.75/bbl range while Brent June sits in a current USD 74.58-75.02/bbl parameter.
Mixed trade across precious metals with spot gold continuing to hold near record highs, whilst spot silver is subdued and spot palladium coat-tails the gains across the Auto sector this morning. Spot gold currently resides in a USD 3,120.12-3,149.09/oz range.
Mostly firmer trade across base metals, with the complex buoyed by the better-than-expected Chinese Caixin Manufacturing PMI data overnight which bodes well for the demand side of the equation. 3M LME copper currently trades in a narrow USD 9,712.40-9,794.00/t range.
Kazakhstan will have to start reducing oil production within days as CPC pipeline reduces intake, according to Reuters citing multiple sources; CPC repairs will take more than a month, according to a singular source.
Russian oil product exports from Black Sea Port of Tuapse planned at 0.864mln tons in April (prev. scheduled 0.798mln tons in March).
Norway’s Gassco sees higher gas deliveries Y/Y this summer due to less maintenance.
Geopolitics: Middle East
Israeli military said it attacked a Hezbollah target in Beirut’s southern suburbs.
Iran complained to the UN about reckless and belligerent remarks by US President Trump and said the remarks are a flagrant violation of international law and core principles of the UN Charter, according to a letter seen by Reuters. Iran said it is deeply regrettable and concerning that the US wields military power as its primary tool of coercion to advance political and geopolitical objectives, while it warned it will respond swiftly and decisively to any act of aggression or attack by the US or Israel against its sovereignty, territorial integrity or national interests.
Geopolitics: Ukraine
Ukraine’s Foreign Minister says one round of consultations with the US has taken place on the new draft of the minerals deal, the process continues, the text entails strong presence of American business in Ukraine, which contributes to security.
US President Trump said he wants to see Russian President Putin make a deal and wants to make sure Putin follows through, while Trump added he doesn’t want to do secondary tariffs but noted secondary tariffs are something that he would do if Putin doesn’t do the job.
Russia Defence Ministry says Ukraine continues its attacks on Russia’s energy infrastructure, via Interfax; Ukraine attacked Russia’s energy infrastructure twice in the last 24hrs.
Geopolitics: China
Chinese military conducted joint army, navy and rocket force exercises around Taiwan, while it stated that sinister moves of Taiwan separatists will cause disaster for themselves and called Taiwan President Lai a parasite in a video related to the drill.
Taiwan senior officials noted that more than 10 Chinese military ships approached close to Taiwan’s 24 nautical mile contiguous zone on Tuesday morning and Taiwan dispatched its own warships to respond, while Taiwan’s presidential official strongly condemned China’s military drills and said China is widely recognised by the international community as a troublemaker.
De facto US embassy in Taiwan said it is closely monitoring China’s military activity near Taiwan and that China has shown that it is not a responsible actor and has no problem putting the region’s security and prosperity at risk. It also stated the US will continue to support Taiwan in the face of China’s military, economic, informational, and diplomatic pressure campaign.
Geopolitics: Other
US President Trump responded that there is communication when asked about North Korea and commented that he will probably do something on North Korea.
US Secretary of State Rubio said the US is taking steps to impose visa restrictions on Chinese officials substantially involved in policies related to access for foreigners to Tibetan areas.
US Event Calendar
9:45 am: Mar F S&P Global U.S. Manufacturing PMI, est. 49.85, prior 49.8
10:00 am: Feb Construction Spending MoM, est. 0.3%, prior -0.16%
10:00 am: Feb JOLTS Job Openings, est. 7655k, prior 7740k
10:00 am: Mar ISM Manufacturing, est. 49.5, prior 50.3
10:00 am: Mar ISM Prices Paid, est. 64.6, prior 62.4
DB’s Jim Reid concludes the overnight wrap
Happy April Fools’ Day. I could make up a wild story here but it might be boring relative to realities these days. Having said that, 15 years ago today I went on a first date with my wife. I think she now thinks that there has been a decade and a half long April Fools’ joke at her expense. So thoughts are with her this morning.
For US markets Q1 seemed like a bad joke as the rest of the world left it behind in equity terms. Henry will soon be releasing our regular performance review, running through how different assets fared over the quarter just gone. It’s fair to say it was a historic period for markets, as the combination of US tariffs, the European fiscal shift, and DeepSeek’s AI model led to a huge reappraisal about the near-term outlook. Indeed, the S&P 500 has just posted its worst month in two years. However, European equities did very well by comparison, with the DAX up +11.32% YTD thanks to the fiscal impulse. And given the general risk-off tone and stagflationary fears, gold put in its best quarterly performance since 1986. See the full review in your inboxes shortly.
Some of those Q1 trends did reverse yesterday amid a jittery quarter-end session as investors await the US reciprocal tariffs announcement tomorrow. The S&P 500 recovered from -1.65% down shortly after the open, when it was briefly back in correction territory, to close +0.55% higher, while the STOXX 600 (-1.51%) fell to a two-month low. On the US side there must have been some quarter end flows that made a difference, especially as US equity futures are back down nearly half a percent this morning.
The losses for the STOXX 600 means that it has now unwound over half of its YTD gains, having risen +5.18% since the start of the year, though it is still way ahead of the S&P 500’s -4.59% decline. And even as US equities outperformed, the gains for the S&P were led by defensive sectors with consumer staples (+1.63%) leading the way. By contrast, the Magnificent 7 (-0.41%) moved lower, while the VIX (+0.62pts) rose for a fourth consecutive session, reaching a two-week high of 22.28. And over in Japan, yesterday saw the Nikkei fall -4.05%, marking its biggest daily decline since September. This morning it’s given up most of its attempts to rally back and is only just above flat.
In terms of the upcoming tariff announcement, we still don’t know which countries they’ll be imposed on and what rate. It’s fair to say that the administration might not have the final plan ready as yet. Yesterday, White House Press Secretary Leavitt said a planned Rose Garden announcement would feature “country-based” tariffs, with further sectoral duties to come later, while last night Treasury Secretary Bessent said on Fox News that Trump will announce the reciprocal tariffs at 3pm EST on Wednesday. Bessent also said that he was working with Republicans in Congress to deliver Trump’s fiscal campaign promises, including “No tax on tips, no tax on Social Security, no tax on overtime”.
A big concern for investors is that the US tariffs will be met by retaliatory moves, which in turn could lead to a further round of escalation as the US seek to respond. So that’s meant inflation expectations have continued to rise, with the 1yr US inflation swap (+13.3bps) yesterday hitting another two-year high of 3.25%. Other traditional inflation hedges have done well on the back of that, with gold prices (+1.24%) moving up to another record high of $3,124/oz. And matters weren’t helped yesterday by a fresh rise in oil prices, with Brent crude (+1.51%) moving up to a one-month high of $74.74/bbl. So collectively, that’s served to exacerbate existing concerns about inflationary pressures.
Those losses cascaded across global markets, and mounting fears of a US downturn led to a fresh decline in Treasury yields. For instance, the 2yr yield (-2.8bps) fell back to 3.89%, whilst the 10yr yield (-4.3bps) fell to 4.21% with a further -1.15bps fall in Asia so far. That came as investors dialled up the likelihood of Fed rate cuts over the rest of the year, with the amount priced in by the December meeting up +2.7bps on the day to 76bps. Those declines in yields would have been even greater were it not for the move up in inflation expectations, as the 2yr real yield (-4.5bps) hit a two-and-a-half year low of 0.60%.
Over in Europe, sovereign bonds had initially rallied as well, but those moves were pared back after Bloomberg reported that ECB officials were questioning whether they should cut rates again at the next meeting. They’ve already delivered 150bps of easing since last June, but inflation is still lingering slightly above target, and the article said that policymakers were thinking about a pause given the uncertainty over tariffs and higher military spending. There was no sourcing in the article so its not clear it was anything other than observing the facts as they stand. Regardless of this, yields on 10yr bunds (+1.0bps), OATs (+2.1bps) and BTPs (+1.9bps) had all moved slightly higher. An April cut by the ECB was 73% priced by the close, having been at nearly 90% early in the session but falling as low as 65% after the Bloomberg story broke.
Earlier in the day, we also had the latest inflation data from Germany, where the EU-harmonised print surprised on the downside at +2.3% (vs. +2.4% expected). That followed last week’s releases showing downside surprises in France and Spain, so those collectively pointed on the downside. However, the Italian reading yesterday was stronger than expected, moving up to +2.1% (vs. +1.8% expected), so that pointed in the other direction. We’ll get the Euro Area-wide numbers today, so that’ll be an important input for the ECB’s next decision in just over two weeks’ time.
Staying on Europe, there was significant political news out of France, as the National Rally’s Marine Le Pen was given a five-year election ban after being convicted of embezzling EU funds. That means she wouldn’t be able to run in the next presidential election in 2027, but Le Pen’s lawyer said that she’ll appeal the verdict. Later in the evening, Le Pen criticised the ruling as a “political decision”, saying she would fight for the right to run for President.
Asian equities are recovering this morning after Wall Street’s overnight gains but performance is mixed. Across the region, the KOSPI (+1.89%) is leading gains with the Hang Seng (+1.06%) also trading notably higher. Elsewhere, the Nikkei’s (+0.20%) recovery is disappointing after yesterdays -4.05% rout where it hit a six-month low. The S&P/ASX 200 (+0.92%) is also trading higher after the RBA decided to leave rates unchanged while Chinese equities are edging higher with the CSI (+0.29%) and the Shanghai Composite (+0.59%) both trading in the green as China’s factory activity beat forecasts (more below). S&P 500 (-0.40%) and NASDAQ 100 (-0.45%) futures are moving back lower.
As was widely expected, the RBA left the Official Cash Rate (OCR) unchanged at 4.1% at the conclusion of the April monetary policy meeting this morning. In an accompanying statement the central bank sounded cautious about the outlook and reiterated that returning inflation sustainably to target remains the highest priority, thus failing to give clarity on when the next rate cut might arrive. Attention now turns to the next two-day meeting on 19-20 May, where markets expect a second cut after February’s 25bps cut, which was the first reduction since late 2020.
Coming back to China, manufacturing activity grew more than expected to a four-month high as the Caixin manufacturing PMI hit 51.2 in March (v/s 50.6 expected) due to a sustained rise in new orders. It follows the prior month’s reading of 50.8. The Caixin data comes after the official PMI over the weekend, which showed the manufacturing sector grew a bit more than expected in March.
To the day ahead now, and US data releases include the ISM manufacturing for March, and the JOLTS report for February. Elsewhere, we’ll get the global manufacturing PMIs for April, the Euro Area flash CPI print for March, and the Euro Area unemployment rate for February. Central bank speakers include ECB President Lagarde, and the ECB’s Vujcic, Cipollone and Lane, along with the Fed’s Barkin and the BoE’s Greene. And in the political sphere, there are two special elections taking place for the US House of Representatives in Florida.
2b European opening
US equity futures lower whilst DXY is flat, reports suggest that White House aides have drafted a proposal to impose tariffs of around 20% – Newsquawk US Market Open
Tuesday, Apr 01, 2025 – 05:50 AM
US Treasury Secretary Bessent said President Trump will announce reciprocal tariffs at 15:00EDT/20:00BST on Wednesday.
US President Trump says maybe Tuesday night or Wednesday you will see tariff details and we are going to be nice in comparison to other countries, adds in some cases maybe substantially lower.
European bourses gain and reside near session highs whilst US futures trade modestly on either side of the unchanged mark.
USD slightly lower but with price action fairly contained ahead of “Liberation Day”, EUR little moved by EZ HICP.
Bonds bid into April 2nd but USTs and Bunds remain around/shy of Monday’s peaks.
Choppy trade for the crude complex, but base metals largely supported by Chinese Manufacturing PMI.
Looking ahead, highlights include US ISM Manufacturing PMI & JOLTS, US Completion of the Trade Policy Review, Speakers including Fed’s Barkin, ECB’s Lagarde & Lane.
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TARIFFS/TRADE
US President Trump said we will see tariff details maybe Tuesday night or on Wednesday which are going to be nice in comparison to other countries and in some cases, they may be substantially lower. Trump also stated that many countries have been looting the US and they will stop that on April 2nd, as well as noted there will be investments worth USD 5tln in the US. Furthermore, he stated that TikTok is not tied to a larger tariff deal but could be.
US Treasury Secretary Bessent said President Trump will announce reciprocal tariffs at 15:00EDT/20:00BST on Wednesday.
US automakers seek to exclude low-value car parts from tariffs, according to Bloomberg.
US State Department said Secretary of State Rubio spoke to his Mexican counterpart regarding the US automobile industry, while Rubio thanked Mexico for efforts to reduce illegal immigration and continuing to accept deportation flights.
China’s Foreign Minister Wang Yi said higher US tariffs on Chinese goods are unreasonable and harm global markets.
UK Trade Secretary Reynolds says, “we are hopeful that Trump’s tariffs will be reversed within weeks, or months”; adds, “It appears tomorrow there’ll be no country in the world exempt from the initial announcements”, via BBC Breakfast.
EU Commission President von der Leyen says the bloc has the power to push back against US tariffs; all instruments are on the table for countermeasures; EU is open to negotiations on trade. Says EU needs to take down the remaining barriers in the single market. Adds, EU has a strong plan to retaliate if necessary and will use it.
UK PM Starmer says discussions on an economic deal with the US are “well advanced”.
EUROPEAN TRADE
EQUITIES
European bourses (STOXX 600 +0.9%) are entirely in the green, as the region recovers from the prior day’s hefty losses. Indices have gradually climbed higher as the morning progressed.
European sectors hold a strong positive bias, but with no clear outperformer and with gains fairly broad based given the risk tone. Healthcare leads the pack today, lifted by strength in AstraZeneca (+1.5%) after it reported positive trial results for its cholesterol drug, which has boosted hopes of another blockbuster drug. Consumer Products is a little higher today, with clothing brands benefiting in tandem with post-earning strength in PVH (+15.8% pre-market) which beat Q4 analyst expectations.
US equity futures (ES -0.2%, NQ U/C, RTY -0.2%) are mixed and trade modestly on either side of the unchanged mark, unable to materially benefit from the positive risk tone in European trade. Traders remain focused on any trade-related updates, and with key US data by way of JOLTS and ISM Manufacturing also due.
DXY is currently slightly softer but with FX markets broadly in a holding pattern in the run up to Wednesday’s “Liberation Day”. Ahead of which, US President Trump is said to be still deciding which plan he will take for reciprocal tariffs and has been presented with “multiple” tariff plans, according to administration sources cited by FBN’s Lawrence. Today’s US data docket includes JOLTS and ISM Manufacturing.
EUR is trivially firmer vs. the USD following an indecisive session yesterday whereby markets digested softer-than-expected German inflation data and ECB sources. On the latter, Bloomberg reported that several ECB officials are still wavering on whether to cut interest rates next month.
USD/JPY has failed to sustain a move above the 150 mark as markets digested mostly better-than-expected data via the latest unemployment and Tankan metrics. USD/JPY has delved as low as 149.51 but is some way off Monday’s trough at 148.69.
GBP is flat vs. the USD with fresh macro drivers for the UK on the light side aside from non-incremental comments from BoE’s Greene that slack is opening up in the UK labour market and disinflation is continuing. Elsewhere, UK PM Starmer noted that discussions on an economic deal with the US are “well advanced“. Cable is currently holding above the 1.29 mark and within yesterday’s 1.2885-1.2972 bounds.
Antipodeans are steady vs. the USD with little sustained follow-through from the RBA rate decision. As expected, the RBA held the Cash Rate at 4.1% as unanimously forecast and provided little clues for future policy. In the follow-up press conference, Governor Bullock noted the board did not discuss a rate cut – which did help to lift the Aussie slightly.
PBoC set USD/CNY mid-point at 7.1775 vs exp. 7.2606 (Prev. 7.1782).
USTs are firmer, and while the move is significant on the session, USTs are yet to surpass the top-end of yesterday’s 111-04 to 111-22+ band. Overall, the narrative remains much the same as markets countdown to “Liberation Day” and await any possible announcements/details on the eve of it. Ahead of that, traders will await US ISM Manufacturing PMI and JOLTS data.
A similar narrative to USTs with Bunds firmer and at a 129.42 peak but shy of Monday’s 129.59 best. If that is surpassed, resistance features at 130.00 before 130.93 from mid-January. The bid this morning in EGBs, and fixed generally, comes as the market is seemingly, for now at least, more concerned with the growth implications than the inflation implications of the looming US measures. Tariffs/trade aside, the morning has seen modest downward revisions to March’s Manufacturing PMIs – though this move was not sustained. And on the inflation front, EZ HICP printed in-line on the headline and cooler than expected for the core and super-core Y/Y. Additionally, the Services Y/Y figure moderated to 3.4% (prev. 3.7%) – despite the cooler figures, a hawkish move was seen.
Gilts are bid but, unlike its peers above, has managed to eclipse Monday’s 92.10 high to a 92.45 peak for the week. A level which encounters resistance from earlier in the month at 92.46, 92.48 and 92.56. Newsflow has unsurprisingly been focused on tariffs, with reports indicating that the UK-US trade deal has broad agreement and is ready to be signed once a few details are ironed out. Commentary from BoE’s Greene has had little impact on UK-paper.
A choppy session for the crude complex this morning. Price action was initially downward, giving back some of the prior day’s upside, but recent CPC pipeline related newsflow has sparked a paring of this pressure and lifted the benchmarks marginally into the green . Reuters reported that Kazakhstan will have to start reducing oil production within days as CPC pipeline reduces intake. WTI May resides in a USD 71.27-71.75/bbl range while Brent June sits in a current USD 74.58-75.02/bbl parameter.
Mixed trade across precious metals with spot gold continuing to hold near record highs, whilst spot silver is subdued and spot palladium coat-tails the gains across the Auto sector this morning. Spot gold currently resides in a USD 3,120.12-3,149.09/oz range.
Mostly firmer trade across base metals, with the complex buoyed by the better-than-expected Chinese Caixin Manufacturing PMI data overnight which bodes well for the demand side of the equation. 3M LME copper currently trades in a narrow USD 9,712.40-9,794.00/t range.
Kazakhstan will have to start reducing oil production within days as CPC pipeline reduces intake, according to Reuters citing multiple sources; CPC repairs will take more than a month, according to a singular source.
Russian oil product exports from Black Sea Port of Tuapse planned at 0.864mln tons in April (prev. scheduled 0.798mln tons in March).
Norway’s Gassco sees higher gas deliveries Y/Y this summer due to less maintenance.
Swiss Manufacturing PMI (Mar) 48.9 vs. Exp. 50.5 (Prev. 49.6)
Italian HCOB Manufacturing PMI (Mar) 46.6 vs. Exp. 48 (Prev. 47.4)
French HCOB Manufacturing PMI (Mar) 48.5 vs. Exp. 48.9 (Prev. 48.9)
German HCOB Manufacturing PMI (Mar) 48.3 vs. Exp. 48.3 (Prev. 48.3)
Swedish PMI Manufacturing Sect (Mar) 53.6 (Prev. 53.5)
NOTABLE EUROPEAN HEADLINES
BoE’s Greene says slack is opening up in the UK labour market, happy with central forecast for inflation, disinflation continues to be underway. There is a risk that productivity growth recovery does not happen as the BoE assumes. Rising UK public inflation expectations are concerning, “I think they remain anchored”. Dollar’s role as a reserve currency could be undermined by the current uncertainty.
ECB’s Rehn says if the data verifies the baseline, the right reaction in monetary policy should be to cut in April, via Politico
ECB’s Cipollone says “Digitalisation is driving economic progress and transforming the way we make retail payments”.
NOTABLE US HEADLINES
US President Trump signed an executive order establishing the United States Investment Accelerator which establishes an office within the Department of Commerce meant to facilitate and accelerate investments above USD 1bln in the US, while the White House said the Investment Accelerator is to administer the CHIPS program office.
US President Trump signed an executive order aimed at protecting fans from ‘exploitative ticket scalping’ and reforming the US live entertainment ticketing industry, according to Reuters.
US chip grants are reportedly in limbo as Commerce Secretary Lutnick pushes for more investment and signalled he could scrap past awards, according to Bloomberg.
Boeing (BA) slows the production of 737 Max to 31 craft per month (current 38) to keep from derailing the assembly line, via Air Current; further slowing wing production.
GEOPOLITICS
MIDDLE EAST
Israeli military said it attacked a Hezbollah target in Beirut’s southern suburbs.
Iran complained to the UN about reckless and belligerent remarks by US President Trump and said the remarks are a flagrant violation of international law and core principles of the UN Charter, according to a letter seen by Reuters. Iran said it is deeply regrettable and concerning that the US wields military power as its primary tool of coercion to advance political and geopolitical objectives, while it warned it will respond swiftly and decisively to any act of aggression or attack by the US or Israel against its sovereignty, territorial integrity or national interests.
RUSSIA-UKRAINE
Ukraine’s Foreign Minister says one round of consultations with the US has taken place on the new draft of the minerals deal, the process continues, the text entails strong presence of American business in Ukraine, which contributes to security.
US President Trump said he wants to see Russian President Putin make a deal and wants to make sure Putin follows through, while Trump added he doesn’t want to do secondary tariffs but noted secondary tariffs are something that he would do if Putin doesn’t do the job.
Russia Defence Ministry says Ukraine continues its attacks on Russia’s energy infrastructure, via Interfax; Ukraine attacked Russia’s energy infrastructure twice in the last 24hrs.
CHINA-TAIWAN
Chinese military conducted joint army, navy and rocket force exercises around Taiwan, while it stated that sinister moves of Taiwan separatists will cause disaster for themselves and called Taiwan President Lai a parasite in a video related to the drill.
Taiwan senior officials noted that more than 10 Chinese military ships approached close to Taiwan’s 24 nautical mile contiguous zone on Tuesday morning and Taiwan dispatched its own warships to respond, while Taiwan’s presidential official strongly condemned China’s military drills and said China is widely recognised by the international community as a troublemaker.
De facto US embassy in Taiwan said it is closely monitoring China’s military activity near Taiwan and that China has shown that it is not a responsible actor and has no problem putting the region’s security and prosperity at risk. It also stated the US will continue to support Taiwan in the face of China’s military, economic, informational, and diplomatic pressure campaign.
OTHER
US President Trump responded that there is communication when asked about North Korea and commented that he will probably do something on North Korea.
US Secretary of State Rubio said the US is taking steps to impose visa restrictions on Chinese officials substantially involved in policies related to access for foreigners to Tibetan areas.
CRYPTO
Bitcoin is a little firmer and sits just above USD 84k; Ethereum gains to a slightly larger magnitude and holds just shy of USD 1.9k.
APAC TRADE
APAC stocks traded mostly higher as markets recovered from the recent sell-off and with sentiment helped by data releases although gains were capped as tariff uncertainty persists heading into April 2nd ‘Liberation Day’ reciprocal tariffs.
ASX 200 advanced with broad gains seen across sectors, while there was a muted reaction to the RBA rate decision in which the central bank maintained the Cash Rate at 4.10% as unanimously forecast and provided little clues for future policy.
Nikkei 225 rallied at the open after data showed a decline in the Unemployment Rate and a mostly better-than-expected Tankan survey although the index then pulled back and gradually reversed the gains after failing to sustain a brief reclaim of the 36,000 level.
Hang Seng and Shanghai Comp were underpinned after stronger-than-expected Chinese Caixin Manufacturing PMI data.
NOTABLE ASIA-PAC HEADLINES
Some Chinese banks have reportedly started raising interest rates amid growing bad consumer loans, weeks after cutting rates, according to Reuters sources; the move is expected to weigh on Beijing’s efforts to stimulate the economy
RBA kept the Cash Rate unchanged at 4.10%, as expected, while it stated the outlook remains uncertain, underlying inflation is moderating and sustainably returning inflation to target is the priority. RBA noted that monetary policy is well placed to respond to international developments if they were to have material implications for Australian activity and inflation, and noted that the board’s assessment is that monetary policy remains restrictive. Furthermore, it stated the continued decline in underlying inflation is welcome, but there are nevertheless risks on both sides and the board is cautious about the outlook, while the board needs to be confident that this progress will continue so that inflation returns to the midpoint of the target band on a sustainable basis.
RBA Governor Bullock said in the post-meeting press conference there is a chance of more strength in the economy than seems and the board will continue to look at the data, while she said the board did not discuss a rate cut and holding rates was a consensus decision. Bullock also stated they have to be careful not to get ahead of themselves on policy and that the board has not made up its mind on a May move, while she said they are not endorsing the market path on future rate cuts. Furthermore, she said the board did not open the door to a May rate cut and there is more economic data to come, as well as updated forecasts for the May meeting.
RBNZ said the Board is in the process of preparing a recommendation for the appointment of a Governor for six months and will be sending it to the minister soon, while it continues business as usual with Deputy Governor Christian Hawkesby as acting Governor and CEO until such time the minister makes an appointment.
DATA RECAP
Chinese Caixin Manufacturing PMI Final (Mar) 51.2 vs. Exp. 51.1 (Prev. 50.8)
Japanese Tankan Large Manufacturing Index (Q1) 12.0 vs. Exp. 12.0 (Prev. 14.0)
Japanese Tankan Large Manufacturing Outlook (Q1) 12.0 vs. Exp. 9.0 (Prev. 13.0)
Japanese Tankan Large Non-Manufacturing Index (Q1) 35.0 vs. Exp. 33.0 (Prev. 33.0)
Japanese Tankan Large Non-Manufacturing Outlook (Q1) 28.0 vs. Exp. 29.0 (Prev. 28.0)
Japanese Tankan Large All Industry Capex Estimate (Q1) 3.1% vs. Exp. 2.9% (Prev. 11.3%)
Japanese Unemployment Rate (Feb) 2.4% vs. Exp. 2.5% (Prev. 2.5%)
2 c Asian opening
APAC stocks mostly higher after Monday’s sell off and strong data; RBA maintains cash rate at 4.10%, with little clues for future policy – Newsquawk Europe Market Open
Tuesday, Apr 01, 2025 – 01:22 AM
US President Trump said we will see tariff details maybe Tuesday night or on Wednesday which are going to be nice in comparison to other countries and in some cases, they may be substantially lower.
US President Trump is said to be still deciding which plan he will take for reciprocal tariffs and has been presented with “multiple” tariff plans, according to administration sources cited by FBN’s Lawrence
US Treasury Secretary Bessent said President Trump will announce reciprocal tariffs at 15:00EDT/20:00BST on Wednesday.
APAC stocks traded mostly higher as markets recovered from the recent sell-off and with sentiment helped by data releases although gains were capped as tariff uncertainty persists heading into April 2nd ‘Liberation Day’ reciprocal tariffs.
RBA maintained the Cash Rate at 4.10% as unanimously forecast and provided little clues for future policy.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with losses of 1.6% on Monday.
Looking ahead, highlights include EZ HICP (Flash), Unemployment, US ISM Manufacturing PMI & JOLTS, US Completion of the Trade Policy Review, Speakers including Fed’s Barkin, BoE’s Greene, ECB’s Lagarde Lane & Cipollone, Supply from Germany.
2. Listen to this report in the market open podcast (available on Apple and Spotify)
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US TRADE
EQUITIES
US stocks were mixed with risk sentiment choppy to start the week in which US equity futures were initially hit and T-notes supported following reports over the weekend that President Trump is pushing senior advisors to go big on tariffs, while a turnaround was seen after the Chicago PMI data topped all analysts’ forecasts and with month/quarter-end also at play.
As such, T-notes then retreated from highs and equities rebounded from lows, while oil prices rallied as participants digested recent threats by US President Trump to bomb Iran if they do not make a nuclear deal and to impose secondary tariffs on Russian oil over the war in Ukraine.
SPX +0.55% at at 5,612, NDX -0.02% at 19,278, DJI +1.00% at 42,002, RUT -0.56% at 2,012.
US President Trump said we will see tariff details maybe Tuesday night or on Wednesday which are going to be nice in comparison to other countries and in some cases, they may be substantially lower. Trump also stated that many countries have been looting the US and they will stop that on April 2nd, as well as noted there will be investments worth USD 5tln in the US. Furthermore, he stated that TikTok is not tied to a larger tariff deal but could be.
US President Trump is said to be still deciding which plan he will take for reciprocal tariffs and has been presented with “multiple” tariff plans, according to administration sources cited by FBN’s Lawrence, while sources said Trump will likely not make the decision on which plan until right before April 2nd or on that morning.
US Treasury Secretary Bessent said President Trump will announce reciprocal tariffs at 15:00EDT/20:00BST on Wednesday.
White House Press Secretary Leavitt said Trump’s tariffs will end unfair trade practices and the rest of the world will feel what the US public has felt, while she added that Trump tariffs will ensure reciprocity and that Trump is also focused on continuing tax cuts, according to Fox News. Furthermore, she stated there will be a Rose Garden event on Wednesday for the Trump tariff plan and that Trump is committed to sectoral tariffs, while the White House spokesperson said no exemptions at this time when asked about tariff exemptions for farmers and any country that has treated the US unfairly should expect to receive a tariff.
US automakers seek to exclude low-value car parts from tariffs, according to Bloomberg.
US State Department said Secretary of State Rubio spoke to his Mexican counterpart regarding the US automobile industry, while Rubio thanked Mexico for efforts to reduce illegal immigration and continuing to accept deportation flights.
China’s Foreign Minister Wang Yi said higher US tariffs on Chinese goods are unreasonable and harm global markets.
NOTABLE HEADLINES
Fed’s Williams (voter) said it is early days in figuring out the impact of tariffs and there is still a lot of uncertainty about tariffs, while he added the details matter and will need to watch the data to measure the impact of tariffs. Williams also stated the full impact of tariffs can play out over a long horizon and that tariffs will impact prices.
Fed’s Barkin (2027 voter) said it’s going to take a while before we get clarity on the tariff impact, while he added to cut rates you need confidence in inflation and the higher the inflation numbers, the less likely you’ll see that, according to a CNBC interview. Barkin stated that suppliers are emboldened and they will have to pass on higher prices, while consumers noted they are tired of paying higher prices. Furthermore, Barkin said he is not convinced higher prices won’t be passed on, or that there won’t be inflation and stated data right now is okay but there is a risk on the employment side.
US President Trump signed an executive order establishing the United States Investment Accelerator which establishes an office within the Department of Commerce meant to facilitate and accelerate investments above USD 1bln in the US, while the White House said the Investment Accelerator is to administer the CHIPS program office.
US President Trump signed an executive order aimed at protecting fans from ‘exploitative ticket scalping’ and reforming the US live entertainment ticketing industry, according to Reuters.
White House considers executive order to fast-track permitting for deep-sea mining in international waters, according to Reuters sources.
US chip grants are reportedly in limbo as Commerce Secretary Lutnick pushes for more investment and signalled he could scrap past awards, according to Bloomberg.
APAC TRADE
EQUITIES
APAC stocks traded mostly higher as markets recovered from the recent sell-off and with sentiment helped by data releases although gains were capped as tariff uncertainty persists heading into April 2nd ‘Liberation Day’ reciprocal tariffs.
ASX 200 advanced with broad gains seen across sectors, while there was a muted reaction to the RBA rate decision in which the central bank maintained the Cash Rate at 4.10% as unanimously forecast and provided little clues for future policy.
Nikkei 225 rallied at the open after data showed a decline in the Unemployment Rate and a mostly better-than-expected Tankan survey although the index then pulled back and gradually reversed the gains after failing to sustain a brief reclaim of the 36,000 level.
Hang Seng and Shanghai Comp were underpinned after stronger-than-expected Chinese Caixin Manufacturing PMI data.
US equity futures pulled back overnight following yesterday’s intraday resurgence and as participants await incoming US tariffs.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.4% after the cash market closed with losses of 1.6% on Monday.
FX
DXY traded rangebound as participants braced for the ‘Liberation Day’ tariff announcement mid-week with President Trump noting that we could get tariff details maybe on Tuesday night or on Wednesday. Participants also look ahead to ISM and JOLTS data.
EUR/USD just about remained afloat after recovering from a brief dip beneath the 1.0800 level but with upside capped as the bloc faces incoming US reciprocal tariffs and with several ECB speakers scheduled later today.
GBP/USD clawed back some of the prior day’s losses after rebounding from a brief dip beneath the 1.2900 handle, while there was little fresh catalyst for the UK to spur price action.
USD/JPY steadily pulled back after failing to sustain the 150.00 level and as participants digested mostly better-than-expected data.
Antipodeans were rangebound for most of the session although AUD/USD was mildly supported following RBA Governor Bullock’s post-meeting press conference where she noted the board did not discuss a rate cut.
PBoC set USD/CNY mid-point at 7.1775 vs exp. 7.2606 (Prev. 7.1782).
FIXED INCOME
10yr UST futures rebounded from the prior day’s trough after sliding in the aftermath of strong Chicago PMI data and as Wall St sentiment improved, while there are few fresh drivers overnight ahead of upcoming data releases and ‘Liberation Day’ reciprocal tariffs.
Bund futures remained contained after the recent slip beneath the 129.00 level with demand not helped by looming supply including the Schatz and Bund issuances scheduled for today and tomorrow, respectively.
10yr JGB futures were lacklustre following the prior day’s selling pressure in global counterparts and after the latest data releases from Japan including a lower Unemployment Rate and the mostly better-than-expected BoJ Tankan survey.
COMMODITIES
Crude futures took a breather after rallying yesterday owing to recent threats by President Trump aimed at Russian oil and Iran, while there were also reports of an Israeli airstrike on a Hezbollah in the southern suburbs of Beirut.
Spot gold extended on record highs with demand for the precious metal facilitated by tariff uncertainty.
Copper futures nursed some of yesterday’s losses with prices helped by encouraging Chinese PMI data and as stock markets regained composure following the recent sell-off.
CRYPTO
Bitcoin gained overnight amid the mostly positive risk sentiment and briefly returned to above the USD 83,000 level.
NOTABLE ASIA-PAC HEADLINES
RBA kept the Cash Rate unchanged at 4.10%, as expected, while it stated the outlook remains uncertain, underlying inflation is moderating and sustainably returning inflation to target is the priority. RBA noted that monetary policy is well placed to respond to international developments if they were to have material implications for Australian activity and inflation, and noted that the board’s assessment is that monetary policy remains restrictive. Furthermore, it stated the continued decline in underlying inflation is welcome, but there are nevertheless risks on both sides and the board is cautious about the outlook, while the board needs to be confident that this progress will continue so that inflation returns to the midpoint of the target band on a sustainable basis.
RBA Governor Bullock said in the post-meeting press conference there is a chance of more strength in the economy than seems and the board will continue to look at the data, while she said the board did not discuss a rate cut and holding rates was a consensus decision. Bullock also stated they have to be careful not to get ahead of themselves on policy and that the board has not made up its mind on a May move, while she said they are not endorsing the market path on future rate cuts. Furthermore, she said the board did not open the door to a May rate cut and there is more economic data to come, as well as updated forecasts for the May meeting.
RBNZ said the Board is in the process of preparing a recommendation for the appointment of a Governor for six months and will be sending it to the minister soon, while it continues business as usual with Deputy Governor Christian Hawkesby as acting Governor and CEO until such time the minister makes an appointment.
DATA RECAP
Chinese Caixin Manufacturing PMI Final (Mar) 51.2 vs. Exp. 51.1 (Prev. 50.8)
Japanese Tankan Large Manufacturing Index (Q1) 12.0 vs. Exp. 12.0 (Prev. 14.0)
Japanese Tankan Large Manufacturing Outlook (Q1) 12.0 vs. Exp. 9.0 (Prev. 13.0)
Japanese Tankan Large Non-Manufacturing Index (Q1) 35.0 vs. Exp. 33.0 (Prev. 33.0)
Japanese Tankan Large Non-Manufacturing Outlook (Q1) 28.0 vs. Exp. 29.0 (Prev. 28.0)
Japanese Tankan Large All Industry Capex Estimate (Q1) 3.1% vs. Exp. 2.9% (Prev. 11.3%)
Japanese Unemployment Rate (Feb) 2.4% vs. Exp. 2.5% (Prev. 2.5%)
GEOPOLITICS
MIDDLE EAST
Israel is to reoccupy 25% of Gaza to press Hamas to release hostages, according to Axios.
Israeli military said it attacked a Hezbollah target in Beirut’s southern suburbs.
Israeli security source said Egypt’s military build-up in the Sinai Peninsula is a potential violation of the peace agreement and stated that “Egypt has deployed forces beyond the permitted quota, expanded port facilities, and extended runways at the airport”.
IRGC seized two foreign tankers carrying over three million litres of smuggled diesel fuel, according to state media.
Iran complained to the UN about reckless and belligerent remarks by US President Trump and said the remarks are a flagrant violation of international law and core principles of the UN Charter, according to a letter seen by Reuters. Iran said it is deeply regrettable and concerning that the US wields military power as its primary tool of coercion to advance political and geopolitical objectives, while it warned it will respond swiftly and decisively to any act of aggression or attack by the US or Israel against its sovereignty, territorial integrity or national interests.
US President Trump said the Iran-backed Houthi terrorists have been decimated by the relentless strikes over the past two weeks and attacks will continue until they are no longer a threat to freedom of navigation. Trump added that “The choice for the Houthis is clear: Stop shooting at U.S. ships, and we will stop shooting at you. Otherwise, we have only just begun, and the real pain is yet to come, for both the Houthis and their sponsors in Iran”.
Houthi media reported US aggression on Kamaran Island in Hodeidah, Yemen with two raids, according to a translated Al Jazeera post on X.
RUSSIA-UKRAINE
US President Trump said he wants to see Russian President Putin make a deal and wants to make sure Putin follows through, while Trump added he doesn’t want to do secondary tariffs but noted secondary tariffs are something that he would do if Putin doesn’t do the job.
CHINA-TAIWAN
Chinese military conducted joint army, navy and rocket force exercises around Taiwan, while it stated that sinister moves of Taiwan separatists will cause disaster for themselves and called Taiwan President Lai a parasite in a video related to the drill.
Taiwan senior officials noted that more than 10 Chinese military ships approached close to Taiwan’s 24 nautical mile contiguous zone on Tuesday morning and Taiwan dispatched its own warships to respond, while Taiwan’s presidential official strongly condemned China’s military drills and said China is widely recognised by the international community as a troublemaker.
De facto US embassy in Taiwan said it is closely monitoring China’s military activity near Taiwan and that China has shown that it is not a responsible actor and has no problem putting the region’s security and prosperity at risk. It also stated the US will continue to support Taiwan in the face of China’s military, economic, informational, and diplomatic pressure campaign.
OTHER
US President Trump responded that there is communication when asked about North Korea and commented that he will probably do something on North Korea.
US Secretary of State Rubio said the US is taking steps to impose visa restrictions on Chinese officials substantially involved in policies related to access for foreigners to Tibetan areas.
US sanctioned six Chinese and Hong Kong officials over actions to erode Hong Kong’s autonomy.
LATAM
Brazil’s Finance Minister Haddad said the EU-Mercosur agreement offers little advantage for Mercosur and its value is mostly political.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
END
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
DENMARK/GREENLAND/UKRAINE
Denmark Squandered Defenses Arming Ukraine, With Little Left To Defend Greenland
Tuesday, Apr 01, 2025 – 04:15 AM
Denmark has taken pride in being among the top four military donors to Ukraine over the past more than three years of war. The tiny Scandinavian country has consistently touted its huge financial contribution to the fight against Russia.
“The information from NATO underlines that military support for Ukraine is an absolute priority for the government. In my view, this is a clear expression of Denmark’s support for Ukraine as long as it is needed. And it is a support that we in Denmark can be proud of,” Danish Defense Minister Troels Lund Poulsen recently said.
But now Denmark has found itself embroiled in the unusual Greenland controversy, which escalated when President Trump said he hasrefused to take “military force off the table” in discussions on a potential US acquisition of Greenland.
Trump talking annexation of what is still a territory of Denmark – which itself is a NATO ally of the United States – is deeply awkward to say the least.
“Many accusations and many allegations have been made. And of course we are open to criticism,” Danish Foreign Minister Lars Løkke Rasmussen said in the wake of Vice President JD Vance’s provocative visit to Greenland. “But let me be completely honest: we do not appreciate the tone in which it is being delivered. This is not how you speak to your close allies. And I still consider Denmark and the United States to be close allies.”
Russian sources are now highlighting the fact that Denmark has “gambled its security away to arm another country 1,000 km away” amid the ongoing spat over Greenland’s fate with the US.
For example Sputnik has pointed out that “While it has a population of just 6 millino and a $428 billion GDP, Denmark has consistently led the Western alliance in the proxy war against Russia in Ukraine, with its arms deliveries the FOURTH LARGEST after the US, Germany and the UK, totaling $8.2 billion, and non-military aid adding up to $1.15 billion.”
The Russian state media outlet featured the following list:
Denmark has cleared out its arms caches of up to 100% of certain weapons to arm Kiev, including:
19 F-16s (over 60% of Denmark’s fleet)
All 19 (100%) of its CAESAR howitzers
At least 30 of 195 Leopard 1A5 and 14 of 107 of Leopard 2A4 tanks
Over 50 of 125 M113 APCs
500 Stinger MANPADs, 2,700 LAW anti-tank weapons
Harpoon coastal defense systems, Marder IFVs, engineering equipment, radars, drones, small arms, and soldiers’ gear, from uniforms to field hospitals, living containers and first aid.
The publication then concludes, “Who knew that blowing your defense capabilities on a proxy war against Russia could come with serious risks?”
Danish support for Ukraine broken down by year, via the Ministry of Foreign Affairs of Denmark:
Indeed, in this ongoing major diplomatic spat with the Trump administration, which also involves disagreement over who can provide and sustain better Arctic defense, Denmark now has less military muscle to back up its claims to being able to properly secure Arctic regions like Greenland.
END
UK
GET A LOAD OF THIS!
British Council Institutes Harsher Criminal Sentencing, But Only For White Men
Tuesday, Apr 01, 2025 – 02:45 AM
The Sentencing Council of England And Wales, a non-departmental public body (faceless bureaucracy) which determines the guidelines for court punishments of convicted offenders, has recently made controversial changes and ignited a firestorm among the native British populace.
The council has announced that special exceptions in sentencing will be made for ethnic minority offenders (the majority of violent crime in Britain) and religious minority offenders, as well as female offenders. In other words, everyone except white males will enjoy reduced sentencing, creating a two tier justice system that targets white men for harsher treatment.
Conservative shadow justice minister Robert Jenrick has called the guidance “two-tier justice” and “blatant bias” against Christians and straight white men, as he said it would make “a custodial sentence less likely for those from an ethnic minority, cultural minority, and/or faith minority community”.
Prime Minister Keir Starmer and Justice Secretary Shabana Mahmood claim they oppose the policy change and will take action to pass legislation against it. However, such a process could take many months and both Starmer and Mahmood have expressed favoritism for migrants and Muslim groups in the past. Their “opposition” could be purely theatrical and few Brits believe that they will actually make an effort to block the Sentencing Council’s two-tier system.
"White men are going to be treated a lot tougher by judges from Tuesday, compared to other groups.”
The legal development arrives on the heels of multiple government programs enforcing mass censorship of the British public. Keir Starmer has expressed consistent hostility toward native Brits who oppose open immigration policies. Numerous citizens have been fined and arrested for posting critical opinions on social media. Some have been arrested simply for displaying British flags in the sight of migrants. Others have been arrested for complaining online about local government officials.
UNBELIEVABLE.
6 British police officers arrested this dad in front of his children and threw him in a cell because he critisized the school leadership.
The country has been spiraling into far-left authoritarianism and there doesn’t seem to be a viable counter movement to correct the problem. Mass immigration has been the most divisive crux, with rising violent crime over the past decade and cultural replacement becoming a legitimate concern. Some areas of Britain including London are essentially unrecognizable compared to a decade ago.
The use of unfair sentencing standards for white offenders is another clear attempt to silence native British citizens that speak out against the ongoing woke multicultural takeover of the country. It is also an attempt to normalize far-left ideological prejudice against white people within the judicial system. This was always the intended end game of the woke movement.
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
TURKEY/SYRIA
Possibility of Turkey establishing military base in Syria is a ‘potential threat’
This comes amid the growing cooperation between Ahmed al-Sharaa’s regime in Syria and the government of Turkish President Erdogan.
By AMICHAI STEINAPRIL 1, 2025 07:34Updated: APRIL 1, 2025 08:05
Turkish President Recep Tayyip Erdogan (R) and Syrian President Ahmad al-Sharaa (L) shake hands as they hold a joint press conference after their meeting at Presidential Complex in Ankara, Turkiye on February 4, 2025.(photo credit: Mehmet Ali Ozcan/Anadolu via Getty Images)
“If a Turkish air base is established in Syria, it would undermine Israel’s freedom of operation,” an Israeli security source told reporters on Monday, adding, “This is a potential threat that we oppose.”
Israel’s concern that the Syrian government might allow Turkey to establish military bases within the country comes amid the growing cooperation between Ahmed al-Sharaa’s regime in Syria and the government of Turkish President Erdogan.
In recent weeks, Israel’s political-security leadership has held several discussions regarding concerns of deeper Turkish involvement within Syria itself, including the possibility that the Erdogan government would establish military bases there. In the years before the fall of Assad’s regime, Turkey and Erdogan supported and assisted the rebels led by al-Sharaa.
Since October 7, President Erdogan has extensively criticized Israel, including its decision to seize buffer zones within Syria. Over the weekend, Erdogan stated, “May Allah bring destruction and ruin upon Zionist Israel.”
The general concern in Israel is that al-Sharaa, the Syrian leader, will try to undermine Israel’s freedom of operation in the country.
“We targeted the military T4 base recently to send a message that we will not allow harm to our air freedom of operation,” said the security source.
The base, located deep within Syria, was attacked at the end of March. During the strike, weapons and strategic capabilities at the military airbases were destroyed.
Regarding the Syrian leader himself and whether he is someone with whom dialogue could be established, the security source clarified: “He is a classic Islamist. He has both short-term and long-term goals. His long-term goals have not changed; he is our enemy. He is working to lift sanctions on Syria, and Erdogan is also mediating in this regard. Without the removal of sanctions, he will meet the same fate as Assad.”
Israel has recently observed a military buildup by Egypt in the Sinai Peninsula, according to a security source who spoke with reporters on Monday.
“Egypt has deployed forces beyond the permitted quota, expanded port facilities, and extended runways at airports,” the source said. The source added that these actions violate the peace agreement between the two nations.
Regarding the entry of Egyptian forces beyond the permitted quota, security officials emphasized that “such actions are reversible – it is not a problem to pull tanks back.”
‘Israel will not tolerate Egyptian violations,’ security source says
The security source emphasized that Israel is committed to maintaining the peace agreement and will not alter its deployment along the border. However, the source also added, “Israel will not accept the situation and will not tolerate violations from Cairo.”
Israel is currently in discussions with both Cairo and Washington on the matter. The source said, “Washington is responsible for upholding the peace agreement and must ensure it is implemented as written.”
Waving national colorful flag of Israel and national flag of Egypt (credit: SHUTTERSTOCK)
So far, Israel has refrained from commenting on Egypt’s military buildup, aside from a few rare statements. In February, Israel’s Ambassador to the US Yechiel Leiter stated that Egypt’s military buildup in Sinai is “intolerable.” The ambassador added, “For a long time, this issue was pushed aside, but it is continuing. This will be a topic we are going to put on the table – very soon and very firmly.”
IDF says it targeted Hezbollah operative posing ‘immediate threat’ in Beirut strike
Khamenei adviser says Iran will have ‘no choice’ but to acquire nuclear weapon if attacked * Trump: David Friedman, 30 others expressed interest in UN envoy post * Israeli students still stranded in Turkey
The IDF and Shin Bet conducted a strike in the Dahiyeh area of Beirut to kill a Hezbollah terrorist who has been assisting Hamas, the military announced early Tuesday morning.
The terrorist posed a “real and immediate threat,” according to the IDF.
HOUTHIS
Houthi Ballistic Missile Launches On Israel Now Daily, Despite US Operation
Monday, Mar 31, 2025 – 08:30 PM
US aerial assaults on Yemen have been coming daily for two weeks now, but so have Houthi ballistic missile launches on Israel. Particularly the past week has seen constant direct launches on Israel.
Sunday has seen the eighth Houthi ballistic missile attack on Israel since March 18. This fresh launch, targeting central Israel, was reportedly intercepted by Israeli air defenses.
The Israel Defense Forces indicated the missile aimed at Israel was actually intercepted before crossing the country’s borders, as was the case with some prior missiles over the past days.
At least one woman was injured while trying to get to a bomb shelter, as alert sirens went off across central and southern Israel.
The Houthis have vowed to keep up their launces on Israel and warships in the Red Sea, after resuming the attacks in the wake of the Israel-Hamas ceasefire collapsing.
Houthi spokesman Yahya Saree in a Sunday statement said more attacks had been launched on the US aircraft carrier currently patrolling the Red Sea.
He said the group has “clashed with the USS Harry S. Truman three times in the preceding 24 hours, using missiles, drones, and naval forces.”
Saree pledged that Ansarallah forces will keep “supporting the oppressed Palestinian people until the aggression against Gaza is stopped.”
The Pentagon and US Central Command have largely kept silent on the details of these purported attacks on the carrier and US warships.
In prior instances the US has said such attacks didn’t even come close to hitting any US naval assets. However, CENTCOM has not provided daily updates, only tending to emphasize the ongoing US strikes on targets inside Yemen.
The White House has hailed the ongoing Yemen operations as successful, yet this is dubious given the Houthis have not relented in their own drone and missile launches, but have instead stepped up these attacks. There seems to be no clearly defined end-game, which is typically the case every time Washington gets bogged down in the Middle East.
END
US says it killed top Houthi missile expert, but questions linger
White House has said that US strikes in Yemen earlier this month killed the Houthi top missile expert, but the US military has so far declined to confirm the death.
By REUTERSAPRIL 1, 2025 01:5
Missiles are fired into the sky for an alleged operation against Yemen’s Houthis at an unidentified location in this screengrab taken from a handout video released on March 18, 2025.(photo credit: US CENTCOM via X/Handout via REUTERS)
The White House has said that US strikes in Yemen earlier this month killed the Houthi top missile expert, but the US military has so far declined to confirm the death, and the identity of the Houthi commander in question is unclear.
National Security Advisor Mike Waltz, in public remarks to CBS News the weekend after the March 15 strikes, said the first wave killed “their head missileer.”
Waltz also touted the killing in a secret text chat, disclosed publicly by The Atlantic last week, saying: “The first target – their top missile guy – we had positive ID of him walking into his girlfriend’s building and it’s now collapsed.”Top ArticlesRead More
US officials, speaking on condition of anonymity, have told Reuters that they were unaware of any independent US military confirmation that such a person had been killed.
It is unusual for the Pentagon to not confirm a White House announcement about a military operation. Typically, the military publicly reveals details about high-value targets within days of a successful mission.
Smoke rises from a fire following an Israeli air strike in Hodeidah, Yemen in this handout photo released on July 20, 2024. (credit: HOUTHI MEDIA CENTRE/Handout via REUTERS)
Asked for confirmation that the Houthi top missile expert was killed in a US strike, the White House referred Reuters to the US military. The US military declined repeated requests, made over a week, to confirm the killing or to provide the name of the individual killed.
Houthi representatives could not immediately be reached for comment during the Muslim Eid al-Fitr holiday.
According to the Foundation for Defense of Democracies, a Washington-based think tank, Abdul Khaliq Badruddin Al-Houthi is the “de-facto commander of the Strategic Missile Forces.”
Mohammed Albasha, whose Basha Report risk advisory firm researches open-source information about Yemen, has tallied Houthi reports of more than 40 Houthi fighters killed in action in air strikes in March.
Nobody as senior as Abdul Khaliq Badruddin Al-Houthi has been identified yet, he said, nor is he aware of any death announced on Houthi television of a person whose profile would be a match for the individual mentioned by Waltz.
Still, the Houthis don’t always identify their dead right away, and leaders of the missile forces are considered “secret,” he cautioned.
Michael Knights, a fellow at the Washington Institute for Near East Policy, said whomever Waltz referred to would be an Iranian-trained missile specialist “doing the hands-on control of this system.”
“If they think that they got that guy, they probably got that guy,” Knights said.
No mention of missile expert in public remarks
US Air Force Lieutenant General Alexus Grynkewich, director for operations at the Joint Staff, did not mention a missileer in his public remarks about the strikes on March 17. However, he said an aerial drone facility “was struck, with several key leaders.”
In a post on Truth Social on Monday, US President Donald Trump said the Houthis had been “decimated” by the US strikes.
“Many of their Leaders are no longer with us,” he wrote, without giving further details.
The strikes, the biggest US military operation in the Middle East since Trump took office in January, are meant to force the Iran-aligned Houthis to renounce attacks on shipping in the Red Sea, including against US warships.
The group has carried out over 100 attacks on shipping since Israel’s war with Hamas began in late 2023, saying they are acting in solidarity with Gaza’s Palestinians.
The attacks have disrupted global commerce and set the US military off on a costly campaign to intercept missiles.
Under the leadership of Abdul Malik al-Houthi, the Houthi militia numbers in the tens of thousands and has acquired a sophisticated arsenal of drones and ballistic missiles.
Houthi leaders have said they will escalate attacks in response to the US campaign.
Knights said the US strikes are far more intense than those carried out under President Joe Biden’s administration. Still, he questioned whether a group that endured years of war against a coalition led by Saudi Arabia would submit.
“They are very pain tolerant, so they’re the worst people to try and publicly coerce,” Knights said.
“We’re probably pursuing something unattainable in trying to actually make the Houthis be submissive.”
SYRIA
IRAN
Russia vs Ukraine
GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
The World Health Organization (WHO) has admitted that so-called “monkeypox” is actually a side effect of Covid mRNA “vaccines.”
The United Nations “health” buried the admission on the WHO’s VigiAccess website.
The website contains a database that lists all known side effects of all drugs and vaccines that have been approved for public use.
Under “potential side effects” for the Pfizer BioNTech COVID-19 vaccine, the WHO lists “monkeypox,” “smallpox,” and “cow pox” among hundreds of other disorders.
They are listed under “infections and infestations” that emerge as “side effects” of the Pfizer mRNA vaccine.
The World Health Organization (WHO) has admitted that so-called “monkeypox” is actually a side effect of Covid mRNA “vaccines.”
The United Nations “health” buried the admission on the WHO’s VigiAccess website.
The website contains a database that lists all known side effects of all drugs and vaccines that have been approved for public use.
Under “potential side effects” for the Pfizer BioNTech COVID-19 vaccine, the WHO lists “monkeypox,” “smallpox,” and “cow pox” among hundreds of other disorders.
They are listed under “infections and infestations” that emerge as “side effects” of the Pfizer mRNA vaccine.
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
April Fools
Tuesday, Apr 01, 2025 – 09:40 AM
By Michael Every of Rabobank
April Fools
Spot the April Fools’ Day jokes among the following recent headlines:
The Daily Mail says Trump could technically be President for a further two terms using a loophole Eisenhower considered, running as Vice President to a presidential candidate who resigns after they are sworn into office: then Trump alluded to that possibility.
The Financial Times’ chief foreign affairs commentator Gideon Rachman therefore recommends Americans “embrace and push forward” AOC and Bernie Saunders as a defence against a slide into authoritarianism, a-la “Russia, Turkey, and India.”
The Washington Post says a Department of Defence memo declares China the strategic focus, along with preventing the capture of Taiwan: Russia, Iran, North Korea, and terrorism are all secondary. Further, the US must now guarantee control over the Panama Canal and ensure a military presence in the “near abroad” –a Russian term– of Greenland and Panama, the former of which Trump refuses to rule out the use of military force to obtain.
Worse, the memo says the US cannot fight on two fronts, so Europe must fight Russia itself. That’s as Moscow signed up another 160,000 conscripts, saying they won’t be sent to Ukraine, and Europe only did the latter; and Germany’s intel service reports Russia is most likely preparing for a “large-scale conventional war” with NATO by the end of the decade.
British Steel shut down its Scunthorpe plant after 150 years just as the UK aims to rearm. The government says it had “productive negotiations” with the US on an “economic prosperity deal” –not “co-prosperity”?– as reports say London will buy F-35 fighter jets rather than Eurofighters; yet the UK was also just told “no free trade without free speech” by the US.
Finland’s President dropped in to play golf at Mar-a-Lago and emerged with a deal, Trump saying: “President Stubb and I look forward to strengthening the partnership between the US and Finland. That includes the purchase and development of a large number of badly needed icebreakers for the US.”
Then again, the leading 2027 French presidential candidate, the National Rally’s Le Pen, has just been banned from running for office for five years and sentenced to four years for embezzlement. The same accusation had already circled the French Prime Minister, who wasn’t charged, and Le Pen called it a political attack and appealed, as populists, including Trump, rally round her. Moreover, El Pais reports the EU is considering using their Anti-Coercion Instrument on the US as a response to tariffs, which would be economically escalatory – and geopolitically naïve.
Slovakia’s populist Prime Minister Fico claims European Commission President Von der Leyen called him “a complete idiot” for half an hour in a phone call over his attempt to negotiate lower tariffs with the US directly.
Trump is “p***ed off” at Russia’s Putin and may put 25-50% secondary tariffs on Russian oil if he doesn’t play ball on Ukraine peace, as with/double Venezuela. The implications for the oil market are enormous – Brent is just shy of $75, which is surely not what ‘no Russian oil’ implies(?)
An IDF source says a clash with Iran is “inevitable”, and some muse on the same vis Israel-Turkey. Iran’s president rejected direct negotiations with the US, to which Trump replied: “If they don’t make a deal, there will be bombing – and it will be bombing the likes of which they have never seen before.” Iran then warned it will strike the Diego Garcia base if the US uses it to attack it –quite the logistical feat!- as a new airstrip appeared next to the Bab-el-Mandeb maritime chokepoint – a likely UAE contribution.
Trump’s first foreign visit as president will, again, be to Saudi in May, showing big changes may loom. That’s as Israel steels its border with Jordan and, with the unconditional backing of the US, demanded Egypt dismantle its growing military presence in the Sinai Peninsula. Moreover, as Israel’s PM Netanyahu was called out of one of his now-regular court corruption trial sessions for a police interview after two of his aides were arrested for receiving funds from Qatar.
US Secretary of Defence Hegseth just ramped up arms and promises to the Philippines and Japan, and claimed the latter shares a “warrior ethos”. Then China, Japan, and South Korea pledged deepened regional trade relations and, said Chinese media, a joint response to US tariffs, as well as an attempt to denuclearise North Korea.
China passed a law saying if it’s sanctioned by another state, it can legally expropriate that country’s firms’ IP or assets, just as it stressed how open to global businesses it is again.
Canada’s caretaker PM Carney proposed pivoting from “because markets” on housing to post-WW2 state interventionism. There’s a lot of that about, and markets clearly don’t like it.
The EU is reportedly exploring a weaker 2040 climate goal, keeping a 90% emissions-cutting target but changing how countries calculate their progress – either less now, more later; or letting other countries do it for them and buying carbon credits.
The US Trade Representative released a 397-page report detailing other economies’ non-tariff barriers ahead of tomorrow’s ‘Liberation Day’, which cover just about everything imaginable. That’s as The Wall Street Journal says, ‘The Era of Cheap Stuff Was Already Ending. Now Comes the Tariff Threat,’ and Bloomberg adds Trump tariffs “pose a generational challenge to Asian economies built around exports to the US and low trade barriers.”
Yet an FT op-ed yesterday argued ‘Globalisation will triumph over Donald Trump’, quoting those saying even if the US stops buying everything from everyone, within a year, 70 of its trading partners would have redirected all their exports to others, and within five years, 115 would have. To whom? Priced and cleared in which currency? And, if so, why are worrying about tariffs at all?
The market continues to ponder ‘dedollarisation’: in which case nobody is net exporting to the US or has future access to enough dollars to repay their outstanding Eurodollar debts, let alone import bills priced in it, so the global financial system crumbles – and I don’t mean a ‘correction’.
As @balajis puts it: “No reindustrialisation without dedollarisation. But dedollarisation means imperial collapse. On the other hand, so does deindustrialisation! This is the fundamental paradox.” It has been for some time if you looked at the world with the right lenses, and they also show everything is now about US Grand Macro Strategy, not macrostrategy, to try to square the above circle by whatever means necessary: if lines on maps can move, so will lines on screens.
As two Fed speakers (Williams and Barkin) just said they don’t know where monetary policy needs to be ahead, and that the risk is of higher inflation ahead from tariffs despite matching uncertainty, @daniel_mcdowell puts it: “We’re living through a natural experiment. Can economic and monetary orders built atop particular political orders survive when the latter are dismantled? Markets may very well be grossly underestimating the kind of economic changes heading our way if we continue on this course.”
So, how many April Fools were there today? None. Unless you aren’t looking at any of the above news – then there’s at least one.
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
Toothless EU Re-Export Ban On Russian LNG Kicks In
The EU’s ban on re-exporting Russian LNG is now officially in effect. It essentially halts ship-to-ship transfers at EU ports meant for third-country buyers and the optics are attractive–it’s another cut into Moscow’s energy revenue stream. Whether that translates into pain for Russia is another story.
The re-export ban, passed back in June 2024, only targets Russian LNG cargoes passing through EU ports en route to Asia and other markets. These trans-shipments made up a paltry 2.7 million tons last year—under 10% of Russia’s 34.7 million-ton LNG export total.
Gas analysts say much of that could be redirected to European buyers, who continue to quietly increase their own purchases from Russia despite loud political promises.
In fact, EU imports of Russian natural gas rose 18% in 2024, according to Reuters who cited Ember, and February 2025 data shows no signs of slowing – averaging 74.3 million cubic meters per day, up 11% from the month before.
So while the EU wants to “wean off” Russian gas by 2027, for now, the addiction is alive and well.
The real twist is logistical.
Icebreaker vessels from Novatek’s Yamal LNG can’t access Arctic terminals during the November–June freeze, so they offload at EU terminals like Zeebrugge and Montoir for re-export. About 47 such transfers occurred in 2024, according to ICIS, mostly under long-term contracts with players like Shell, TotalEnergies, and Gunvor.
The new ban forces Moscow to get creative, likely leaning more on Murmansk, Kaliningrad, or even Mediterranean alternatives. It won’t strangle Russian LNG, but it will raise costs and complicate things for Novatek and its partners—perhaps a death by a thousand logistical cuts.
The EU gets a symbolic win, Russia loses a convenient logistics channel, but the gas will keep flowing.
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/
CANADA/USA
Canadians Leaf USA Out Of Travel Plans To Protest Trump
Tuesday, Apr 01, 2025 – 06:55 AM
Pissed off Canadians are skipping trips to the United States over President Donald Trump’s trade policies and ‘disrespect’ – after Trump’s repeated calls to annex the northern neighbor as America’s 51st state, CNBC reports.
When reached by the outlet for comment, a White House spokesperson said that “everybody wants to come to President Trump’s America,” adding that Canadians “will no longer have to endure the inconveniences of international travel when Canada becomes our 51st state,” while “Europeans are eager to enjoy the Golden Age of America if they so choose to.”
The boycott on travel comes amid a $50 billion travel deficit in the United States – just weeks after former Canadian PM Justin Trudeau encouraged Canadians to “choose Canada,” and suggested “changing your summer vacation plans to stay here in Canada and explore the many national and provincial parks, historical sites and tourist destinations our great country has to offer.”
According to the US Travel Association, there is “a question of America’s welcomeness, a slowing U.S. economy and recent safety concerns.
“These challenges are real and demand decisive action,” they continued, adding that it is “actively working with the White House and Congress to advance policies that drive economic expansion and keep the U.S. competitive on the global stage.”
Worldwide Trend
Meanwhile, it’s more than just Canada, as Statista reports. According to Ceylan Yeğinsu of the New York Times, travelers around the world are being put off by the Trump administration’s recent actions, including its new policies and rhetoric. Where the research firm Tourism Economics had initially predicted international travel to the U.S. to grow by 9 percent this year, it recently downgraded its forecast to a 5 percent contraction.
Some Europeans are among those rethinking their trips to the United States in protest against Trump. According to National Travel and Tourism Office data, there was an 8.5 percent decrease in the number of German travelers arriving to the U.S. between February 2025 and February 2024, a 5.6 percent decline in French travelers and a 3.9 percent decline among other countries in Western Europe. The United Kingdom and Italy show a different trend, however, with a 6.9 percent and 0.1 percent increase, respectively, between February 2024 and 2025.
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.0786 DOWN 32 BASIS POINTS
USA/ YEN 149.18 DOWN 0.763 NOW TARGETS INTEREST RATE AT 1.00% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN OCT 2024/Bank of Japan raises rates by .15% to 1.15..UEDA ENDS HIKING RATES AND NOW CARRY TRADES RE INVENTS ITSELF//
GBP/USA 1.2900 DOWN 0.0018 OR 18 BASIS PTS
USA/CAN DOLLAR: 1.4396 UP 0.0006 (CDN DOLLAR DOWN 6 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 12.69 PTS OR 0.38%
Hang Seng CLOSED UP 87.26 PTS OR .38%
AUSTRALIA CLOSED UP 0.92%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 87.26 PTS OR .38%
/SHANGHAI CLOSED UP 12.69 PTS OR 0.38%
AUSTRALIA BOURSE CLOSED UP 0.92%
(Nikkei (Japan) CLOSED UP 6.92 PTS OR 0.02%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3132.80
silver:$33.89
USA dollar index early TUESDAY morning: 103.96 UP 8 BASIS POINTS FROM FRIDAY’s CLOSE.
JOLTs Job Openings Drop Despite Odd Jump In Federal Openings; Hires Hit 5 Month High
Tuesday, Apr 01, 2025 – 10:41 AM
One month after we got a “goldilocks” JOLTS report which showed an unexpected increase in job openings, hires and quits, moments ago the BLS reported that the US labor market reverted to its deteriorating trendline in February when the US had 7.568 million job openings, a drop from the 7.762 million in January (revised from 7.740 million), down 877,000 from a year ago, and below the 7.655 million estimate.
According to the BLS, the most notable monthly change was the drop in job openings decreased in finance and insurance (-80K), although as shown in the table below, there were also sizable declines in job openings in trade/transportation/utilities (down 163K), in Private education/health (down 33K) and leisure and hospitality (down 61K). These were partially offset by a 134K increase in professional/business service job openings.
Yet, as always, there is a reason to doubt this particular set of numbers – just as there was reason to doubt every set of numbers from Biden – because according to the February JOLTS report, the number of Federal Government job openings was essentially flat both sequentially and YoY.
In the context of the broader jobs report, in February the number of job openings was 516K more than the number of unemployed workers (which the BLS reported was 7.052 million), down from 913K the previous month, and one of the lowest differentials since the covid crash.
Still, as noted previously, until this number turns negative, the US labor market is not demand constrained, and a recession has never started in a period when there were more job openings than unemployed workers.
Said otherwise, in January the number of job openings to unemployed rose modestly to 1.1, the highest since last May if on the low end of the pre-covid range in 2018-2019.
While the job openings data was a drop, miss and reversal of last month’s surprise increase, what softened the blow is that the number of hires unexpectedly rose to 5.396 million from 5.371 million, the highest since last October, and hardly screaming collapse in the labor market. Meanwhile, after surging in January, the number of workers quitting their jobs – a sign of confidence in finding a better paying job elsewhere – dropped slightly to 3.195 million from 3.256 million.
How to make sense of this modest drop in the labor market?
It’s possible that after surprising the market last month when we saw one of the a sizable increase in the number of job openings, Trump got the tap on the shoulder that the US market should probably continue shrinking slowly but surely, if his plan is to (still) blame Biden for any imminent recession, and so he sent a memo to the BLS to make sure that the numbers aren’t in freefall, but dropping more gradually.
Then again, with markets now focused almost exclusively on the global trade wars which they are convinced (at least for now) will be far more negative for the US than anyone else, no amount of pig lipstick on hard data will offset the fact that the global trade war has become the Elephant Bear in the china shop, and until there is some clarity on that front expect most if not all rallies continue to be sold.
END
This is a hard data report so pay attention to the sinking PMI’s
(zerohedge)
Manufacturing PMIs Sink Despite Surge In ‘Hard’ Data; Prices Paid Spike To 3-Year-Highs
by Tyler Durden
Tuesday, Apr 01, 2025 – 10:07 AM
While hard data continues to improve, ‘soft’ data hit a new six-month low yesterday as more regional Fed surveys signaled trouble ahead (because of tariffs)…
Source: Bloomberg
And so all eyes are on the premier ‘soft’ data today as Manufacturing PMIs drop their final print for March.
The S&P Global Manufacturing PMI improved intra-month, rising from a flash print of 49.8 (contraction) to a final print of 50.2 (expansion), but that was still well down from February’s 52.7.
The ISM Manufacturing PMI weakened notably from 50.3 to 49.0 (below the 49.5 expectation) – the lowest since November.
Source: Bloomberg
Under the hood it was even more messy…
…with Prices Paid soaring to its highest since June 2022 and New Orders & Employment tumbling…
Source: Bloomberg
Inventories surged as manufacturers front-run the ‘Liberation Day’ headlines…
“The strong start to the year for US manufacturers has faltered in March. A combination of improved optimism surrounding the new administration and the need to front-run tariffs had buoyed the goods-producing sector in the first two months of the year, but cracks are now starting to appear. Production fell for the first time in three months in March, and order books are becoming increasingly depleted.
Trump-based optimism is fading?
“While business confidence about the outlook remains relatively elevated by standards seen over the past three years, this is based on companies hoping that the nearterm disruption caused by tariffs and other policies will be superseded as longer-term benefits from the policies of the new administration accrue. However, March has seen more producers question this belief. Business optimism about the year ahead has deteriorated further from January’s near threeyear high, and has dropped sharply over the past two months, causing firms to stop raising payroll counts for the first time since October.
And of course, it’s all about tariff terror…
“A key concern among manufacturers is the degree to which heightened uncertainty resulting from government policy changes, notably in relation to tariffs, causes customers to cancel or delay spending, and the extent to which costs are rising and supply chains deteriorating in this environment.
Tariffs were the most cited cause of factory input costs rising in March, and at a rate not seen since mid-2022 during the pandemic-related supply shock. Supply chains are also suffering to a degree not seen since October 2022 as delivery delays become more widespread.
“Data in the coming months will provide important insights into how the inflationary aspects of policies such as tariffs balance out against any benefits to US producers.”
So, both Services PMIs are in expansion (above 50) and Manufacturing is mixed (50.2 vs 49.0) – take your pick on ‘recession’ talk.
USA ECONOMIC NEWS
Sen. Chuck Grassley Introduces ‘Judicial Relief Clarification Act’ To Rein In Activist Judges
Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) introduced a proposal Monday to rein in judicial injunctions like the ones currently hampering President Donald Trump’s popular MAGA agenda.
The Judicial Relief Clarification Act of 2025 (JRCA) would “limit federal court orders to parties directly before the court, ending the practice of universal injunctions,” according to a Judiciary Committee Majority press release. The bill also aims to clarify the constitutional role of the judicial branch.
According to a Judiciary Committee fact sheet, the JRCA:
1. Forbids federal courts from issuing sweeping relief against the government to persons not before the court—ending the practice of universal injunctions and diminishing the incentive to forum shop for a sympathetic judge. 2. Requires parties seeking universal relief against the government to use the class action process to show that class-wide relief is proper. 3. Makes temporary restraining orders (TROs) immediately appealable, strengthening appellate review. 4. Amends the Administrative Procedure Act (APA) and Declaratory Judgment Act to clarify that courts may only issue relief under those statutes to parties before the court.
Sen. Grassley will hold a hearing Wednesday to discuss his “legislative solutions to the bipartisan problem of universal injunctions.”
The proposal comes after a slew of district court rulings and orders blocked multiple key Trump administration objectives, including efforts to end birthright citizenship, terminate federal grants, end DEI initiatives and use a wartime law to deport criminal illegal immigrants.
President Trump has railed against the rulings, accusing the judges of usurping his executive authorities.
In an oped in the Wall Street Journal over the weekend, Grassley wrote: “these nationwide injunctions have become a favorite tool for those seeking to obstruct Mr. Trump’s agenda.”
More than two-thirds of all universal injunctions issued over the past 25 years were levied against the first Trump administration. In the past two months alone, judges have issued at least 15 universal injunctions against the administration—surpassing the 14 President Biden faced throughout his four-year term.
“These decisions also place undue stress on the judicial system by inserting political calculation into the selection of the judges and the resolution of disputes,” the senator wrote.
Grassley pointed out that this judicial overreach has occurred amid an NBC poll showing that “more registered voters believe our country is on the right track than at any other point in the past two decades.”
“For a number of years, but particularly in the last few months, we’ve increasingly seen sweeping orders from individual district judges that dictate national policy,” he said in a statement, Monday.
“Our Founders saw an important role for the judiciary, but the Constitution limits judges to exercising power over ‘cases’ or ‘controversies.’ Judges are not policymakers, and allowing them to assume this role is very dangerous,” Grassley said. “The Judicial Relief Clarification Act clarifies the scope of judicial power and resolves illegitimate judicial infringement upon the executive branch. It’s a commonsense bill that’s needed to provide long-term constitutional clarity and curb district courts’ growing tendency to overstep by issuing sweeping, nationwide orders.”
The bill is cosponsored by Sens. John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Bill Cassidy (R-La.), John Cornyn (R-Texas), Kevin Cramer (R-N.D.), Ted Cruz (R-Texas), Steve Daines (R-Mont.), Lindsey Graham (R-S.C.), Bill Hagerty (R-Tenn.), Jim Justice (R-W.Va.), John Kennedy (R-La.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Ashley Moody (R-Fla.), Bernie Moreno (R-Ohio), Eric Schmitt (R-Mo.) Thom Tillis (R-N.C.) and Tommy Tuberville (R-Ala.).
END
Going Bust: Hooters To Re-Jiggle After Filing Chapter 11 Bankruptcy In Founder-Led Buyout
Monday, Mar 31, 2025 – 07:25 PM
Update (1925ET): Well that didn’t take long…
After months of speculation, Hooters has finally filed for chapter 11 bankruptcy – with a plan to bounce back that includes selling all of its company-owned restaurants to a franchise group backed by its original founders, while lenders will provide additional funds throughout the reorganization proceedings as it seeks to address its $376 million in debt.
The move comes after the chain failed to recover from the pandemic – doing $867 million in US sales in 2023 – just 1% more than the previous year, according to market research from Technomic reported by the WSJ.
The privately-owned company, which shares a private equity owner with recently-bankrupt TGI Fridays, intends to sell all corporate-owned locations to a buyer group comprised of two existing Hooters franchisees, who operate 30 high-performing Hooters locations in the U.S., mainly in Florida and Illinois.
The company currently directly owns and operates 151 locations, with another 154 operated by franchisees – mostly in the USA.
With Hooters on the verge of bankruptcy, the legendary restaurant where you can eat mediocre food and check out tits (and pay in cash so your wife doesn’t find out) is getting rid of Bikini Nights and skimpy outfits, and hopes that an improvement in the food will stave off doom.
Neil Kiefer, CEO of parent company HMC Hospitality Group, told Bloomberg he’s calling the ‘family friendly’ changes “re-Hooterization.”
“You go to some parts of the country and people say, ‘Oh, I could never go to Hooters, my wife would kill me,” said Kiefer. “That’s depressing to us. We want to change that.”
According to the report, Hooters also plans to use fresher ingredients in the kitchen and provide faster service.
The move comes after the chain has closed several locations across the country – with 40 shuttered last year, and the remaining 300 on the line. At its peak in 2008, there were 400 locations.
In 2021, the chain unveiled a new uniform featuring “wedgie” micro shorts – which resembled bikini bottoms, and which some waitresses called “porn.”
According to industry analyst Aaron Allen, “For a business to be successful and sustainable, it helps to appeal to more than just men.”
* * *
END
VICTOR DAVIS HANSON
USA/ANTISEMITISM//HAMAS// REPORT
KINGNEWS
The King Report April 1, 2025 Issue 7462
Independent View of the News
Todays is April Fool’s Day. Unfortunately, daily events and news appear to be risible pranks.
US stocks declined sharply on Monday morning, upsetting the designs of those that wanted to markup stocks to boost horrid Q1 performance.
The DJIA and DJTA declined moderately during early NYSE trading while Fangs and tech got eviscerated. USHs rallied ¾ of point; gold was up over $32.00 to another new all-time high.
During the 2nd hour of NYSE trading, the DJTA and the DJIA turned positive. Bonds rescinded about half of their gains.
ESMs opened sharply lower on Sunday night and then traded in wide range until they broke lower near 4:54 ET. After hitting 5552.00 at 7:32 ET, ESMs jumped to 5577.00 near 9:00 ET on conditioned trader buying. Alas, sellers appeared; ESM tumbled to a daily low of 5533.75 at 9:45 ET.
Someone then manipulated ESMs to 5581.25 at 10:09 ET. After a drop to 5559.50 at 10:27 ET, ESM plodded higher and hit 5606.75 at 112:53 ET. After a retreat to 5584.50 at 12:11 ET, ESMs surged to 5672.75 at 15:43 ET – a 139.00 rally! ESMs fell to 5641.50 at 16:00 ET.
There was an urgent and desperate need to manipulate stuff higher because for most traders and investors, Q1 performance was horrid. This is supposedly illegal! Think of the billions in fees that were procured by the massive and blatant manipulation!
Positive aspects of previous session Desperately needed, but illegal, manipulation to boost Q1 performance appeared.
Negative aspects of previous session Fangs and tech stocks got hammered and closed negative despite the massive upward manipulation! Physical gold hit a new high of 3127.92. Gasoline and oil rallied sharply. Nasdaq tumbled 8.3% in Q1, its worst quarter since Q2 2022.
Ambiguous aspects of previous session How many billions of dollars in fees did the blatant manipulation procure?
First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5576.05 Previous session S&P 500 Index High/Low: 5627.56; 5488.73
Elon Musk looking into how some members of Congress have become ‘strangely wealthy’ https://trib.al/qCLSA0s
@RapidResponse47: @POTUS: “Zelensky, by the way, I see he’s trying to back out of the rare earth deal — and if he does that, he’s got some problems.” “He was never going to be a member of NATO … If he’s looking to renegotiate the deal, he’s got big problems.”https://x.com/RapidResponse47/status/1906513840780526080
A French court convicted frontrunner and French right leader Marine Le Pen of embezzlement and barred her from running in the 2027 French Election. She was sentenced to two years in prison; two more years were suspended. The court gave her a 5-year election ban. Incredulously, the court convicted her and her National Rally party of diverting millions of euros in EU funds to her domestic agenda..
@MikeBenzCyber: They took out the opposition. Marine Le Pen, who is currently leading in opinion polls for the 2027 election in France, has been sentenced to 4 years in prison and banned from running in the next election. Marine Le Pen in France, Bolsonaro in Brazil, Imran Khan in Pakistan, Matteo Salvini in Italy, Donald Trump in America, Calin Georgescu in Romania. The criminal prosecution of every populist challenger is a dagger in the heart of the credibility of democracy.
@elonmusk: When the radical left can’t win via democratic vote, they abuse the legal system to jail their opponents. This is their standard playbook throughout the world.
@alx: Italian Deputy PM Matteo Salvini on France: “What is happening against Marine Le Pen is a declaration of war from Brussels.”
Today – The usual suspects will play for the start of April and Q2 upward bias, emboldened by yesterday’s massive, but illegal, upward manipulation. However, DJT’s tariffs are due to implement tomorrow. Barring news, today could be a ‘range day’ as astute traders wait and watch.
ESMs are -22.50 and NQMs are -93.50 at 20:23 ET. Traders & manipulators are trying to exit.
Expected economic data: March S&P Global US Mfg. PMI 49.8; Feb Construction Spending 0.3% m/m; March ISM Mfg. 49.5, Prices Paid 64.5; Feb JOLTS Job Openings 7.68m, Quits Level 3.186m; March Wards Total Vehicle Sales 16.0m; Richmond Fed Pres Barkin 9:00 ET
S&P Index 50-day MA: 5894; 100-day MA: 5928; 150-day MA: 5853; 200-day MA: 5760 DJIA 50-day MA: 43,366; 100-day MA: 43,435; 150-day MA: 42,936; 200-day MA: 42,146 (Green is positive slope; Red is negative slope)
S&P 500 Index (5611.85 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 5447.29 triggers a sell signal Weekly: Trender and MACD are negative – a close above 5916.58 triggers a buy signal Daily: Trender and MACD are positive – a close below 5570.80 triggers a sell signal Hourly: Trender is negative; MACD is positive – a close above 5632.13 triggers a buy signal
@nataliegwinters: Tesla protest organizer Indivisible deleted a webpage promising $200 reimbursements for anti-Trump/Musk protestors. The form to request money is still up. https://x.com/nataliegwinters/status/1906690415656304950
FBI’s years long stonewalling on 2017 congressional softball shooting is over: Patel The FBI under Andrew McCabe labeled the 2017 congressional baseball game shooting “suicide by cop” rather than domestic terrorism. Left-wing activist James Hodgkinson specifically targeted Republicans for murder, but the FBI under Chris Wray reversed that decision years later, but stonewalled disclosure. Now, Kash Patel is promising transparency… https://justthenews.com/government/security/kash-patel-says-fbis-yearslong-stonewalling-2017-congressional-baseball
Jeffrey Epstein Victim Says She’s In Renal Failure, Has ‘Four Days To Live’
by Tyler Durden
Monday, Mar 31, 2025 – 04:40 PM
Jeffrey Epstein victim Virginia Giuffre, 41, says she’s got ‘days to live’ – writing on Instagram that she’s in renal failure as a result of injuries sustained after a collision with a bus.
“This year has been the worst start to a new year, but I won’t bore anyone with the details but I think it important to note that when a school bus driver comes at you driving 110km as we were slowing for a turn that no matter what your car is made of it might as well be a tin can,” she wrote on Sunday.
“I’ve gone into kidney renal failure, they’ve given me four days to live, transferring me to a specialist hospital in urology. I’m ready to go, just not until I see my babies one last time, but you know what they say about wishes.”
Her father, Sky Roberts, responded to her post: “Virginia my daughter, I love you and praying for you to get the correct treatment to live a long and healthy life. If there is anything in this world I can do to help you, please let me know. My spirit with you now and holding your hand.”
According to Sky, a retired engineer living in Floriday, Virginia is “suffering.”
Giuffre’s representative, Dini von Meuffling, “Virginia has been in a serious accident and is receiving medical care in the hospital. She greatly appreciates the support and well wishes people are sending.”
As one of the most prominent Epstein victims, Giuffre has been speaking out for years about her sexual abuse at the hands of Epstein and friends. In 2021, she filed a civil lawsuit in New York against Prince Andrew, who she accused of rape. She also said that Epstein’s ‘madam’ Ghislaine Maxwell had trafficked her to London to have sex with Andrew when she was 17. She agreed to an out-of-court settlement with Andrew in 2022 – which is believed to be in the millions of dollars, while Andrew – who’s denied all allegations, has been forced to step down from royal duties (since the rest of the royal family totally aren’t longstanding uncaught pedophiles).
Maxwell is currently serving a 20-year sentence for sex trafficking following her 2021 conviction. Following the settlement, Giuffre retreated from public life and moved to Perth, Australia with her husband Robert and their three children – though recent reports suggest that she and her husband have become estranged.
END
US Deports 17 Accused Terrorist Gang Members To El Salvador, Rubio Says
U.S. officials transferred 17 accused Tren de Aragua and MS-13 terrorist gang members to El Salvador on Sunday evening, U.S. Secretary of State Marco Rubio confirmed on Monday morning.
Both gangs were designated by the Department of State as foreign terrorist organizations in February, as the Trump administration attempts to target illegal immigrants with criminal records.
Describing it as a “successful counter-terrorism operation,” Rubio said the U.S. military transferred 17 individuals from Tren de Aragua, a Venezuelan-based gang, and MS-13, a Salvadoran gang, to the Central American country. U.S. officials worked alongside Salvadoran authorities to assist in the deportations, he added.
“These criminals will no longer terrorize our communities and citizens,” Rubio said.
“Once again, we extend our gratitude to … the government of El Salvador for their unparalleled partnership in making our countries safe against transnational crime and terrorism.”
Salvadoran President Nayib Bukele confirmed the U.S. action on social media platform X, writing that all those who were deported from the United States “are confirmed murderers and high-profile offenders, including six child rapists.”
In the social media post, Bukele included a video of what appears to be U.S. military officials handing over the individuals to Salvadoran custody before their heads were shaved and they were transferred to a prison.
U.S. Transfers 17 Dangerous Criminals to El Salvador Prison in Joint Operation
In a coordinated effort between U.S. and Salvadoran authorities, 17 high-profile criminals linked to the Tren de Aragua and MS-13 gangs have been transferred to a prison in El Salvador.
— Breaking News of the Day (@Breakingne66541) March 31, 2025
The Trump administration is currently challenging a federal judge’s order to prevent U.S. officials from using the Alien Enemies Act of 1798 to implement deportations of alleged members of both gangs.
Earlier in March, U.S. District Judge James Boasberg blocked the administration from using the law to implement the deportations and later sought details about why a deportation flight wasn’t turned around.
Last week, a U.S. appeals court declined to block Boasberg’s order that blocked the deportation of Venezuelan illegal immigrants to El Salvador, prompting the government to petition the U.S. Supreme Court to intervene.
“Here, the district court’s orders have rebuffed the President’s judgments as to how to protect the Nation against foreign terrorist organizations and risk debilitating effects for delicate foreign negotiations,” Acting Solicitor General Sarah Harris wrote in the court filing to the high court.
In the legal spat, attorneys from the American Civil Liberties Union initially filed their lawsuit on behalf of five Venezuelan illegal immigrants who were being held in Texas, hours after Trump invoked the Alien Enemies Act.
Aside from the appeals, the Trump administration has invoked a “state secrets privilege” and indicated it would not give Boasberg any additional information about the deportations. Meanwhile, President Donald Trump and some Republicans have called for Boasberg to be impeached and removed.
In a statement responding to those calls, Supreme Court Chief Justice John Roberts said earlier this month that he believes “impeachment is not an appropriate response to disagreement concerning a judicial decision.”
Trump has made mass deportations and imposing stricter border controls a priority under his second term. In the early days of his administration, the president signed a number of executive orders and issued directives relating to the border and the removal of illegal immigrants, including ending the Biden-era CPB One app, declaring a national emergency at the southern U.S. border, and ending birthright citizenship for children of illegal immigrant parents.
harveyorganblog.com 
