GOLD CLOSED UP $10.00 TO $3,124,10

SILVER CLOSED UP $0.15 TO $33.79

 GOLD ACCESS CLOSED 312705

Silver ACCESS CLOSED: $33.87

Bitcoin morning price:$84,785 DOWN 272 DOLLARS.

Bitcoin: afternoon price: $86,403 up 1046 DOLLARS

Platinum price closing DOWN $11.40 TO $975.80

Palladium price; DOWN $12.00 TO $974.60

END

*CANADIAN GOLD: $4471.26 UP 21.40 CDN dollars per oz( * NEW ALL TIME HIGH 4493.62 CDN DOLLARS PER OZ//MARCH 31 2025)

*BRITISH GOLD: 2406.17 DOWN 2.21 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,417.98 BRITISH POUNDS/OZ) MARCH 31/2025

*EURO GOLD: 2,879.80 DOWN 5.86 Euros per oz //* (ALL TIME CLOSING HIGH: 2,888.55 EUROS PER OZ/MARCH 31 //2025)

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END

EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: APRIL 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,118.900000000 USD
INTENT DATE: 04/01/2025 DELIVERY DATE: 04/03/2025
FIRM ORG FIRM NAME ISSUED STOPPED

---

072 C GOLDMAN 600 8
099 H DB AG 155
118 C MACQUARIE FUT 672
132 C SG AMERICAS 1833 1
285 C NANHUA USA-HK 11
323 C HSBC 78
323 H HSBC 466
332 H STANDARD CHARTE 330
363 C WELLS FARGO SEC 9
363 H WELLS FARGO SEC 127
624 C BOFA SECURITIES 2
624 H BOFA SECURITIES 232
657 C MORGAN STANLEY 115
661 C JP MORGAN 44 1362
661 H JP MORGAN 74
686 C STONEX FINANCIA 19 26
690 C ABN AMRO 345 63
700 C UBS 35
709 C BARCLAYS 103
732 C RBC CAP MARKETS 100
732 H RBC CAP MARKETS 13
737 C ADVANTAGE 2
880 H CITIGROUP 220
905 C ADM 7

---

TOTAL: 3,526 3,526
MONTH TO DATE: 41,515

JPMORGAN stopped 13,023/34,805 contracts

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 3526 NOTICES FOR 352,600 OZ  10.967 TONNES

total notices so far: 41,515 contracts for 4,151,500 OR 129.129 tonnes)

FOR APRIL

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 119 NOTICE(S) FILED FOR 0.595 MILLION OZ/

total number of notices filed so far this month : 1115 CONTRACTS (NOTICES) for 5.575 million oz

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END

GLD/

BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL

THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.

WITH GOLD UP $10.00 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.01 TONNES OF GOLD INTO THE GLD//

INVENTORY RESTS AT 931.37 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $0.15 AT THE SLV: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: ////A WITHDRAWAL OF .364 MILLION OZ FROM THE SLV//

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 447.968 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUGE 778 CONTRACTS TO 170,197 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 WITH OUR LOSS OF $0,36 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING. WE HAD A TINY SIZED LOSS OF 153 TOTAL CONTRACTS.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS 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 TUESDAY 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. BUT THIS WAS COUPLED WITH A STRONG T.A.S. ISSUANCE OF 664 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 $0.73 AND A LEASE RATE OF 7.3%. WE HAD A STRONG 625 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR STRONG 664 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN WEDNESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A TINY SIZED 63 CONTRACTS ON OUR TWO EXCHANGES WITH OUR LOSS IN PRICE. WE HAD CONSIDERABLE TAS LIQUIDATION/ THROUGHOUT TUESDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR ALL OF OUR LOSS IN OI ON OUR TWO EXCHANGES. STRANGELY, ON FIRST DAY NOTICE, THE CME NOTIFIED US THAT WE HAD ANOTHER OF THOSE CRAZY EXCHANGE FOR RISK CONTRACTS ISSUED 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 TUESDAY NIGHT/WEDNESDAY MORNING: A STRONG 664 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  $0.36 BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A SMALL LOSS IN PRICE AND OUR TINY LOSS IN OPEN INTEREST FROM OUR TWO EXCHANGES OF 153 CONTRACTS. (ALL OF THE LOSS IN OI WAS DUE TO SPREADER TAS LIQUIDATION TRYING TO CONTAIN SILVER’S PRICE RISE AND THAT ACCOUNTS FOR ALL OF OUR OPEN INTEREST LOSSES.)

WE HAD A 688 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:

/ HUGE COMEX OI LOSS+// A STRONG SIZED  EFP ISSUANCE (625 CONTRACTS)/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 688 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 90 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 2 DAYS, total 1075 contracts:   OR 5.375 MILLION OZ  (538 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  5.375 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: 5.375 MILLION OZ///

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 774 CONTRACTS WITH OUR LOSS IN PRICE OF 36 CENTS IN SILVER PRICING AT THE COMEX// TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A STRONG 625 CONTRACT EFP ISSUANCE  CONTRACTS: 625 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

THE NEW TAS ISSUANCE TUESDAY NIGHT   (664 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD  119 NOTICE(S) FILED TODAY FOR 0.595 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 STRONG SIZED  7026 OI CONTRACTS  TO 499,022 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 276 CONTRACTS CONTRACTS//.

WE HAD A STRONG SIZED DECREASE  IN COMEX OI (7026 CONTRACTS) . THIS  OCCURRED WITH OUR LOSS OF $3.55  IN PRICE TUESDAY. 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 AND OUR NEW QUEUE JUMP OF 725 CONTRACTS OR 72,500 OZ (2.255 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 169.219 TONNES NORMAL DELIVERY + 2.255 TONNES EX FOR RISK = 171.396 TONNES

/NEW STANDING FOR APRIL; 169.219 TONNES + 2.177 TONNES EX FOR RISK = 171.396 TONNES

/ ALL OF THIS HAPPENED WITH OUR $3.55 LOSS IN PRICE  WITH RESPECT TO TUESDAY’S COMEX ///. WE HAD A STRONG SIZED LOSS OF 4601 OI CONTRACTS (14.311 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. WE HAVE A MASSIVE AMOUNT OF TONNES STANDING FOR GOLD IN APRIL.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 2425 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 498,746

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4601 CONTRACTS  WITH 7026 CONTRACTS DECREASED AT THE COMEX// AND A GOOD SIZED 2425 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 4,601 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A GOOD SIZED AND CRIMINAL 1414 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2425 CONTRACTS) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 7026 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 4601 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 169.219 TONNES FOLLOWED BY A STRONG 2.255 TONNES QUEUE JUMP AND THIS FOLLOWS FIRST DAY NOTICE INITIAL 2.177 TONNES OF EX. FOR RISK//THUS INITIAL AMOUNT OF GOLD STANDING IN THIS VERY ACTIVE DELIVERY MONTH OF APRIL IS 171.396 TONNES.

//NEW STANDING APRIL: 169.219 TONNES + 2.177 TONNES EX FOR RISK = 171.396 TONNES

.

 / 3) HUGE T.A.S. LIQUIDATION + SOME ZERO SUCCESS IN REMOVING NET SPECULATOR LONGS, AS WE HAD 1)  $3.55 COMEX PRICE  LOSS AND WE HAD 2) SOME NET LONG SPECS BEING CLIPPED AS WE HAD A LOSS OF 4601 CONTRACTS ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY 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) STRONG SIZED COMEX OPEN INTEREST DECREASE 5)  GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///GOOD T.A.S.  ISSUANCE: 1414 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: 3610 CONTRACTS OR 361,000 OZ OR 11.22 TONNES IN 2 TRADING DAY(S) AND THUS AVERAGING: 1805 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 2 TRADING DAY(S) IN  TONNES  11.22 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS  11.22 TONNES DIVIDED BY 3550 x 100% TONNES = 0.316% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023

JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)

 FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..

MARCH:.   276.50 TONNES (STRONG AGAIN/

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      247.54 TONNES (FINAL)

JULY:        188.73 TONNES FINAL

AUGUST:   217.89 TONNES FINAL ISSUANCE.

SEPT          142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_

OCT:           141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)

NOV:           312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP

DEC.           175.62 TONNES//FINAL ISSUANCE//

TOTALS: 2,578.08 TONNES/2021

JAN:2022   247.25 TONNES //FINAL

FEB:           196.04 TONNES//FINAL

MARCH/2022:  409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.

APRIL:  169.55 TONNES (FINAL VERY  LOW ISSUANCE MONTH)

MAY:  247.44 TONNES FINAL//

JUNE: 238.13 TONNES  FINAL

JULY: 378.43 TONNES FINAL/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; 11.22 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 778 CONTRACTS OI  TO 170,287 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 625 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

MAY 625 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 625 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 778 CONTRACTS AND ADD TO THE 625 E.FP. ISSUED

WE OBTAIN A TINY SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 193  CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  TOTALS 0.90 MILLION OZ

 OCCURRED WITH OUR  $0.36 LOSS  IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

b, ) Gold/silver trading overnight Europe,//GOLD COMMENTARIES

(Peter Schiff)

c) Commentaries from: Egon von Greyerz///Matthew Piepenburg via GoldSwitzerland.com, Pam and Russ Martens

ii a) Chris Powell of GATA provides to us very important physical commentaries

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS  WEDNESDAY MORNING//TUESDAY  NIGHT

SHANGHAI CLOSED UP 1.69 PTS OR 0.05%

//Hang Seng CLOSED DOWN 4.31 PTS OR .02%

// Nikkei CLOSED UP 101.39 OR 0.28 %//Australia’s all ordinaries CLOSED UP 0.08%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2699 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2756/ Oil DOWN TO 70.94 dollars per barrel for WTI and BRENT DOWN TO 74.27 Stocks in Europe OPENED ALL RED.

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

END

END

ASIA TRADING WEDNESDAY MORNING/TUESDAY  NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

6.Global Issues//COVID ISSUES/VACCINE ISSUES
OUTLINE

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A STRONG SIZED 7026 CONTRACTS TO 498,746 WITH OUR LOSS IN PRICE OF $3.55 WITH RESPECT TO TUESDAY’S TRADING/. WE LOST SOME NET LONGS WITH THAT PRICE FALL FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A GOOD NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (2425 ).

THE CME ANNOUNCED TUESDAY 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:

1. THE BANK OF ENGLAND
2. 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 STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 4601 CONTRACTS WITH OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY 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 TUESDAY NIGHT A GOOD SIZED 1414 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 GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A GOOD SIZED 1414 EFP CONTRACTS WERE ISSUED: :  /APRIL  1414 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1414 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 STRONG SIZED TOTAL OF 4601 CONTRACTS IN THAT 2475 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A LOSS OF 7026 COMEX  CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR LOSS IN PRICE OF $3.55 FOR TUESDAY/ 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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A GOOD SIZED 1414 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:

1. STALLS THE ADVANCE IN PRICE
2. 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 (171.396 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: 169.219 TONNES + 2.177 TONNES EX FOR RISK = 171.396 TONNES

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HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 51 MONTHS OF 2021-2025:

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk =  20.338

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)

SEPT: 15.281 TONNES FINAL

OCT.    35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes

NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK   = 34.9627 TONNES

DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK =  51.707 TONNES

TOTAL 2023 YEAR : 436.546 TONNES

2024

JAN ’24.      22.706 TONNES

FEB. ’24:  66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)

MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES

APRIL: 2024: 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: 171.219 TONNES (INCLUDES 2.177 TONNES EX FOR RISK)

COMEX GOLD TRADING/APRIL CONTRACT MONTH

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $3.55/ /)/AND WERE SOMEWHAT SUCCESSFUL IN KNOCKING OFF SOME APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED LOSS IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION TUESDAY/ 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 3126 PLUS.

LAST NIGHT/WEDNESDAY 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 TUESDAY EVENING/WEDNESDAY 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: 169.219 TONNES +(2.177 EX FOR RISK// MARCH 31 FOR APRIL DELIVERY MONTH =171.396TONNES 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 STRONG SIZED TOTAL OF 13.297 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) AND TODAY’S HUGE 725 CONTRACT QUEUE JUMP FOR 72500 OZ OR 2.255 TONNES. WE MUST NOW ADD OUR 2.177 TONNES EXCHANGE FOR RISK TO OUR NORMAL DELIVERY OF 169.219 TONNES AND THUS INITIAL STANDING FOR GOLD FOR APRIL IS 171.396 TONNES, THE 2ND HIGHEST EVER RECORDED!

ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $3.55

WE HAD 276 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 4601 CONTRACTS OR 460,100 0Z (14.311 TONNES)

confirmed volume TUESDAY 213,871. contracts: fair///

//speculators have left the gold arena

END

APRIL

// THE APRIL 2025 GOLD CONTRACT

APRIL2

INITIAL

Gold	Ounces
Withdrawals from Dealers Inventory in oz	nil
Withdrawals from Customer Inventory in oz	1 entry i) Brinks 64.302 oz (2 kilobars)           .     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
Deposit to the Dealer Inventory in oz	1 ENTRIES i) Into ASAHI dealer 64,334.151 oz (2001 KILOBARS) TOTAL WEIGHT: 64,334.151 oz or 2.001 tonnes
Deposits to the Customer Inventory, in oz	we have 4 customer entries we have 4 customer deposits i) into Brinks enhanced 5919.650 oz or 15 Good London delivery bars of 400.00 oz each. ii) Into JPMorgan enhanced: 159,814.150 oz or 400 London good delivery bars of 400 oz each iii) Into Malca: 67,002.084 ooz ( or 2084 kilobars) iv) Into Manfra: 55,326.606 oz total weight; 288,063.090 oz (8.9599 tonnes) total weight dealer and customer; 10.9609 tonnes xxxxxxxxxxxxxxxxI
No of oz served (contracts) today	3,526 notice(s) 352,600 OZ 10.967 TONNES
No of oz to be served (notices)	12,889 contracts    1,288,900 OZ 40.090 TONNES
Total monthly oz gold served (contracts) so far this month	41,515 notices 4,151,500 oz 129.129 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: 1

1 ENTRIES
i) Into ASAHI dealer 64,334.151 oz (2001 KILOBARS)

TOTAL WEIGHT: 64,334.151 oz or 2.001 tonnes

xxxxxxxxxxxxxxxxxxxxx

deposits customer

we have 4 customer deposits


i) into Brinks enhanced 5919.650 oz or 15 Good London delivery bars of 400.00 oz each.
ii) Into JPMorgan enhanced: 159,814.150 oz or 400 London good delivery bars of 400 oz each
iii) Into Malca: 67,002.084 ooz ( or 2084 kilobars)
iv) Into Manfra: 55,326.606 oz


total weight; 288,063.090 oz (8.9599 tonnes)

total weight dealer and customer; 10.9609 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals: 1

1 entry

i) Brinks 64.302 oz (2 kilobars)

weight in tonnes: .002 tonnes

xxxxxxxxxxxxxxxxxx

AMOUNT OF GOLD STANDING FOR APRIL

THE FRONT MONTH OF APRIL HAD A LOSS OF 2399 CONTRACTS TO STAND AT 16,415. WE HAD 3124 CONTRACTS FILED YESTERDAY. THUS WE GAINED A HUGE 725 CONTRACTS OR 72,500 OZ EXPERIENCED A QUEUE JUMP (2.255 TONNES)

MAY LOST 120 CONTRACTS DOWN TO 3714

JUNE LOST A STRONG 5371 CONTRACTS AND JUNE WILL NO DOUBT BE A WHOPPER OF A DELIVERY MONTH

We had 3526 contracts filed for today representing 352,600 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 44 notices issued from their client or customer account. The total of all issuance by all participants equate to 3,526 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 1362 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 (41,515 X 100 oz ) to which we add the difference between the open interest for the front month of  APRIL (16,415 CONTRACTS)  minus the number of notices served upon today  (3526 x 100 oz per contract) equals  5,440,400 OZ  OR 169.219 TONNES

to which we add our initial exchange for risk of 70,000 oz (2.177 tonnes) = 171.396 tonnes

thus the INITIAL standings for gold for the APRIL contract month:  No of notices filed so far (41,515 x 100 oz +we add the difference for front month of APRIL (16,415 OI} minus the number of notices served upon today (3526 x 100 oz) which equals  5,440,400 OZ OR 169.219 TONNES + 2.177 tonnes ex for risk = 171.396 tonnes

TOTAL COMEX GOLD STANDING FOR APRIL.: 171.396 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..

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 1,968,732.146 oz 61.23 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 44,463,990.912 .oz  

TOTAL REGISTERED GOLD 23,683,606.055 or 736.665 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 20,780.384.757 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 21,714,894oz (REG GOLD- PLEDGED GOLD)= 675.423tonnes //

END

SILVER/COMEX

// THE APRIL 2025  SILVER CONTRACT//INITIAL

APRIL 2

INITIAL

Silver	Ounces
Withdrawals from Dealers Inventory	NIL oz
Withdrawals from Customer Inventory	withdrawals 1 withdrawals 1 Delaware 6162.900 oz total withdrawals 6162.900 oz
Deposits to the Dealer Inventory	0 entries/dealer
Deposits to the Customer Inventory	4 entries i) Into Ashai customer acct: 508,677.600 oz ii) Into CNT 599,176.46 oz iii) Into HSBC 612,286.600 oz iv) Into JPMorgan 1,740,538.900 oz v) Into Loomis: 657,187.390 oz total weight; 4,117,867.200 oz
No of oz served today (contracts)	119 CONTRACT(S)    (0.595 MILLION OZ
No of oz to be served (notices)	916 contracts  (4.580 MILLION oz)
Total monthly oz silver served (contracts)	1115 Contracts  (5.575 million oz)
Total accumulative withdrawal of silver from the Dealers inventory this month	NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month

0 entries/dealer

total dealer deposits 0

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

deposits customer side

4 entries

i) Into Ashai customer acct: 508,677.600 oz
ii) Into CNT 599,176.46 oz
iii) Into HSBC 612,286.600 oz
iv) Into JPMorgan 1,740,538.900 oz
v) Into Loomis: 657,187.390 oz

total weight; 4,117,867.200 ooz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

1 entries

withdrawals 1



Delaware
6162.900 oz

total withdrawals 6162.900 oz

ADJUSTMENTs 2 entries// customer to dealer

i) Delaware 6162.900 oz

ii) Manfra 598,201.880 oz

JPMorgan has a total silver weight: 194.574million oz/482.570oz million  or 40.37%

TOTAL REGISTERED SILVER: 155.187 MILLION OZ//.TOTAL REG + ELIGIBLE. 482.570Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2025 OI: 1035 OPEN INTEREST CONTRACTS FOR A LOSS OF 149 CONTRACTS. WE HAD 149 NOTICES FILED YESTERDAY SO WE NEITHER GAINED NOR LOST ANY SILVER OZ STANDING FOR DELIVERY.

MAY SAW A LOSS OF 2465 CONTRACTS DOWN TO 121,394 CONTRACTS

JUNE SAW A GAIN OF 5 CONTRACTS UP TO 1328 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 119 or 0.595 MILLION oz

CONFIRMED volume; ON TUESDAY 65,851 good//

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 1115 X5,000 oz = 5.575 MILLION oz 

to which we add the difference between the open interest for the front month of APRIL (1035) AND the number of notices served upon today (119 )x (5000 oz)

Thus the  standings for silver for the APRIL 2025 contract month:  (1115) Notices served so far) x 5000 oz + OI for the front month of APRIL(1035) minus number of notices served upon today (119)x 5000 oz equals silver standing for the APRIL contract month equating to 10.155 MILLION OZ . WE MUST NOW ADD OUR 2.0 MILLION OZ EXCHANGE FOR RISK ISSUED ON MONDAY/NEW STANDING 12.155 MILLION OZ

 New total standing:  12.155 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/

APRIL2  WITH GOLD UP $10.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.01 TONNES OF GOLD OUT OF THE GLD. ///INVENTORY RESTS AT 931.37 TONNES

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: 931.37 TONNES, TONIGHTS TOTAL

SILVER

APRIL2 WITH SILVER UP 0.15 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF .364 MILLION OZ FROM THE SLV//: //INVENTORY AT SLV RESTS AT 447.968 MILLION

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 447.968 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

ZERO HEDGE…

and they should be!!

German Politicians Worry About Their Gold In US Vaults

Wednesday, Apr 02, 2025 – 05:45 AM

For decades, the idea that Germany’s gold reserves – some of the largest in the world – might not be safe in the vaults of the New York Federal Reserve would have seemed like the stuff of conspiracy theories. But as the political landscape shifts in Washington – and questions have been raised as to what’s actually in US vaults, some German lawmakers are beginning to wonder aloud: Is their gold still secure?

Germany holds the second-largest hoard of gold on the planet, surpassed only by the United States itself. Roughly 37 percent of that treasure – some 1,236 metric tons, currently valued at around €113 billion – supposedly lies deep beneath the streets of Manhattan, stored with America’s central bank. For decades, the arrangement was seen as a prudent hedge, offering Germany immediate access to dollar liquidity in the event of a crisis.

Now, some in Berlin are rethinking that assumption.

“Of course, the question now arises again,” Marco Wanderwitz, an outgoing lawmaker from the center-right Christian Democratic Union (CDU), told the German tabloid Bild (owned by POLITICO parent company Axel Springer) last week. Wanderwitz has long harbored doubts about the wisdom of keeping such a significant portion of the country’s wealth abroad. In 2012, he made an unsuccessful push to personally inspect the gold, urging the Bundesbank to act more transparently – or bring the bullion home.

Fellow CDU member Markus Ferber, a member of the European Parliament, echoed those sentiments, calling for more rigorous oversight. “Official representatives of the Bundesbank must personally count the bars and document their results,” Ferber told the outlet.

These calls come at a time of deepening skepticism toward the institutions that once underpinned Germany’s postwar confidence. The recent decision to discard the so-called “debt brake,” a long-sacrosanct cap on public borrowing, signaled a willingness to rethink long-standing fiscal orthodoxy. The logic behind storing Germany’s gold in New York, once assumed to be self-evident, is now coming under similar scrutiny.

Adding to the speculation is Elon Musk and DOGE, who have questioned the authenticity of stated U.S. gold holdings – recently calling for a formal audit of America’s reserves.

For the Deutsche Bundesbank, which oversees the management of Germany’s reserves, any suggestion of instability is unwelcome. The central bank has maintained a quiet and resolute stance, rebuffing insinuations of risk.

“We have a trustworthy and reliable partner in the Fed in New York for the storage of our gold holdings,” Bundesbank President Joachim Nagel said at a press conference in February, a line the bank reiterated when asked for comment on Friday. “It does not keep me awake at night. I have complete confidence in our colleagues at the American central bank.”

Famous last words…

In 2013, amid a populist outcry and growing eurozone instability, the ‘completely confident’ Bundesbank repatriated hundreds of tons of gold previously held in Paris – a move that was seen at the time as a symbolic reassertion of sovereignty. The bank argued that, with France and Germany sharing the euro, the strategic rationale for keeping reserves in Paris had faded.

Now, more than half of Germany’s gold sits safely in Frankfurt. Thirteen percent is held in London. But it is the tranche in New York – once a monument to transatlantic trust – that is drawing the most anxious of glances.

*  *  *

One question… GOT GOLD?

end

Michael Lynch: a very important read!

Not a fat finger report error … we just witnessed a savvy massive gold trade

Comex’s reporting on the April gold contract has been a roller coaster. To recap … the preliminary print for March 28 report issued on Friday night showed 55,878 contracts standing for delivery. That was revised upward by 50,784 to 106,662 on the final print early Monday afternoon.

On the prelim and final reports for trading on Monday March 31, 52,983 contracts vanished essentially wiping out the weekend surge.

Where does it stand now? Based on the 18,814 contracts that remain open and the 34,865 contracts already delivered, the number set for delivery is 53,679. That is the second highest in comex history not far behind the 59,296 that stood for delivery on the February contract.

Big month … but I want to know what went down behind the scenes. The sequence of events can lead one to believe that this was a fat finger error in comex reporting. I’m not believing that. I think the reporting captured an ambush on the physical markets.

Over the years on several occasions, I have described how a large player could trade the market in the days before first notice. The first trade is to acquire long positions on the incumbent roll month. The second trade is a long position on the contract with the upcoming delivery. The vulnerability is associated with the fact that a high fraction of those positions roll. That conceals the position that would stand for delivery … large in physical terms, but modest relative to the paper market. In the final days before first notice, other players close positions and the surprise physical demand is revealed. If the physical demand revealed in the last days is high enough, both contracts would see a price increase … an extra bonus to the incumbent month being levered on margin.

It’s possible a player improved upon my procedure and spiked positions over the weekend using off market trades after the preliminary report print and before the final report. Gold’s price strength over the recent days supports the reveal of that surprise demand.

Why did the positions close the following day? I’d suggest the folks running the casino told the perpetrator that his game was over. I believe Warren Buffet once had a similar conversation with the “powers that be”.

The alternative explanation is the fat finger. I don’t buy that. There are only 5 active month contracts per year. On those few occasions the big reveal is the number of contracts standing for delivery. This particular April contract was set to be one of the most important in comex gold history following up the record February contract. You can bet the “A” team was in charge when each of these recent reports were printed. Furthermore, in each case the reports were delayed by hours indicating extra scrutiny

4. ANDREW MAGUIRE INTERVIEWING PETER GRANDICH

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

4. ANDREW MAGUIRE PODCAST

a must view…live from the vault 216

youtube.com/watch?v=7pNluNn187Q&list=PLE1y8hGSqr8ar1gKUdfqFDK5ygLIlrdmz&index=1

5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:COMMODITY//COPPER

6 CRYPTOCURRENCY NEWS

ASIA TRADING WEDNESDAY MORNING TUESDAY  NIGHT

SHANGHAI CLOSED UP 1.69 PTS OR 0.05%

//Hang Seng CLOSED DOWN 4.31 PTS OR .02%

// Nikkei CLOSED UP 101.39 OR 0.28 %//Australia’s all ordinaries CLOSED UP 0.08%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.2699 CHINESE YUAN OFFSHORE CLOSED UP TO 7.2756/ Oil DOWN TO 70.94 dollars per barrel for WTI and BRENT DOWN TO 74.27 Stocks in Europe OPENED ALL RED.

ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN  TRADING

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

END

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1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /WEDNESDAY MORNING.7:30 AM

ONSHORE YUAN:   CLOSED DOWN AT 7.2699

OFFSHORE YUAN: UP TO 7.2756

SHANGHAI CLOSED CLOSED UP 1.69 PTS OR 0.05%

HANG SENG CLOSED CLOSED DOWN 4.31 PTS OR 0.02%

2. Nikkei closed UP 101.39 PTS OR 0.28%

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX DOWN TO  103.79// EURO RISES TO 1.0800 UP 6 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: FALLS TO. +1.457//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 149.32…… 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 DOWN CHINESE ONSHORE YUAN: DOWN OFFSHORE: UP

3f Japan is to buy INFINITE  TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA

Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.

3g Oil DOWN for WTI and DOWN FOR BRENT this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6615/Italian 10 Yr bond yield UP to 3.782 SPAIN 10 YR BOND YIELD UP TO 3.298

3i Greek 10 year bond yield UP TO 3.476

3j Gold at $3121.90 Silver at: 33.91  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 85 /100  roubles/dollar; ROUBLE AT 84.19

3m oil into the 70 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 0.8838 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9545 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: 4.143 DOWN 2 BASIS PTS…

USA 30 YR BOND YIELD: 4.506 DOWN 2 BASIS PTS/

USA 2 YR BOND YIELD:  3.858 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 37.92…

10 YR UK BOND YIELD: 4.6820 DOWN 1 PTS

10 YR CANADA BOND YIELD: 2.930 DOWN 0 BASIS PTS

5 YR CANADA BOND YIELD: 2.573 DOWN 0 PTS.

2a New York OPENING REPORT

Futures Slide As Markets Await “Liberation Day” Details

Wednesday, Apr 02, 2025 – 08:06 AM

Stocks resumed their slide and Treasury yields held near one-month lows with just hours to go before President Trump’s tariffs tariff announcement, amid swirling speculation over the details of the proposed trade action. As of 8:00am, S&P futures traded 0.5% lower; tech underperformed sending Nasdaq futs down 0.7% with Mag 7 all lower with TSLA (-1.0%) and NVDA (-0.6%) being the biggest laggards; Newsmax dropped 25%, pausing a blinding IPO rally that briefly pushed the company above Fox Corp. European and Asian stocks both slumped.  The Dollar sank and the yield on 10-year Treasuries was steady after falling on Tuesday to the lowest since early-March. Commodities are mixed: base metals are lower, while precious metals are mostly higher (silver +1.0%) and gold just shy of its record high. All eyes on the Rose Garden event “Make American Wealthy Again” at 4PM with Trump delivering his announcement on tariffs. On today’s data calendar, we get ADP (exp. 120k) and Factory Orders (0.5%, ex trans 0.4%).

In premarket trading, Tesla is leading losses among the Mag 7 (Alphabet -0.5%, Amazon -0.9%, Apple -0.4%, Microsoft -0.5%, Meta -0.9%, Nvidia -1.6% and Tesla -2.6%). Edgewise Therapeutics (EWTX) tumbles 29% after posting top-line data in its phase 2 study of EDG-7500. Newsmax (NMAX) drops 20% as the conservative media outlet pauses its blinding IPO rally which saw shares surge 2,230% since its debut this week. Here are some other notable premarket movers:

• NCino (NCNO) slides 34% after the software company gave a weaker-than-expected outlook.
• Norwegian Cruise Line (NCLH) slips 2% after registering a direct offering of 2.7m shares, with the offering priced at $19.06 each.
• Truist Financial Corp. (TFC) slips 1% after Raymond James cut the recommendation on the financial services firm ahead of the upcoming earnings, with analyst Michael Rose saying he “would not be surprised to see episodes of reduced financial guidance, leading to negative revisions to EPS estimates during the April reporting season.”
• TTEC Holdings (TTEC) soars 27% as the IT services company said it’s open to discussing CEO Kenneth Tuchman’s offer to buy the remaining shares he and his affiliates don’t already own at $6.85 per share.

Trump is due to reveal his tariff plans in the White House Rose Garden just as US markets close at 4 p.m. Several proposals are said to be under consideration, including a tiered tariff system with a set of flat rates for countries, as well as a more customized reciprocal plan. Bloomberg reports that the size and scope of tariffs have still to be finalized. The White House has said the tariffs would take immediate effect, but that Trump was open to subsequent negotiation. The lack of clarity doesn’t bode well for risk sentiment heading into the event, scheduled for 4pm ET. Central bankers are also expressing caution. Richmond Fed chief Barkin said tariffs could raise both inflation and unemployment in a “cage match” between consumers and businesses. Chicago Fed chief Goolsbee said that if tariffs lead to lower consumer spending, “that would be a bit of a mess.” Sure enough, according to Goldman’s Prime Brokerage, hedge funds reduced exposure to global equities in March, with the most net selling in 12 years.

“There isn’t anywhere to purely hide, because of the huge uncertainty that is in the market at the moment,” said Helen Jewell, chief investment officer of fundamental equities EMEA at BlackRock. Jewell does not expect the confusion to dissipate after Trump’s announcement. “It is very much the opposite,” she said. “It just keeps that risk in the market and it kicks that risk can down the road.”

Meanwhile, China took steps to restrict local companies from investing in the US, Bloomberg reported; that comes a day after the European Commission vowed to retaliate against US tariff moves.

“Perhaps the most important question is whether this announcement will tip the scales toward a global recession,” said Oliver Blackbourn, portfolio manager at Janus Henderson Investors.

A quiet earnings week continues. Uniform maker UniFirst (UNF US) reports premarket and may offer clues on the impact from DOGE job cuts. Tesla 1Q deliveries are also due. Analysts expect Musk’s company to have delivered around 390,000 cars, potentially its worst quarter in a year.

Europe’s Stoxx 600 fell 0.7% ahead of Trump’s tariffs announcement, with healthcare stocks among the biggest losers as mass layoffs at the US Department of Health sowed uncertainty over the outlook for vaccines and gene therapies. Among single stocks, Mercedes-Benz Group AG fell after Bloomberg reported the automaker could withdraw its least expensive cars from the US if tariffs make their sales unfeasible. Here are the biggest movers Wednesday:

• Grifols advances 10% in Madrid trading after El Confidencial reported that Brookfield has restarted contact with the Spanish plasma company on a possible buyout offer after a first attempt failed last year
• The Stoxx 600 Food & Beverage index is the best-performer in Europe this morning, after Berenberg reiniated coverage of the sector; Biggest points-gainers include Diageo (+1.8%), Pernod Ricard (+0.8%), AB InBev (+0.2%) and Heineken (0.4%)
• Bakkavor shares rise as much as 6.9%, hitting their highest level since 2018, after reaching an agreement in principle on a new £1.2 billion offer from fellow London-listed Greencore Group. Analysts welcome the idea
• Svitzer gains as much as 32%, the most since its May 2024 spinoff from Maersk, after the Danish marine services firm received a DKK9 billion ($1.3 billion) takeover offer from AP Moller Holding at DKK285 per share
• Raspberry Pi shares rise as much as 10% after the British PC maker said it expects demand to improve through the year from subdued levels of mid-2024, given inventory levels now “normalized”
• Barco shares rise as much as 9.3%, hitting their highest level since May, after analysts at ING Bank upgraded the visualization specialist, arguing it is a “far more attractive company” now growth is back on
• Friedrich Vorwerk shares rise as much as 4.6% to a record high after Berenberg hiked its price target on the stock to a Street high, citing a long growth runway and double-digit margin growth in the next year
• Chemring shares rise as much as 4.9% after its Roke unit won a UK missile defense contract worth £251m over six years. The contract starts immediately and covers a broad spectrum of missile defense activities
• European healthcare stocks drop on Wednesday and are the worst performing subgroup in the Stoxx 600 Index, as investors await further clarity on potential tariffs
• BNP Paribas and Societe Generale shares both fall about 3% in Paris as Kepler Cheuvreux downgrades its ratings on the French lenders following recent rallies
• Tryg falls as much as 5.6%, the most since January 23, after Citi downgraded the insurance firm to neutral from buy on news that the Danish Competition Council announced a possible review of consumer insurance firms
• Norma shares fall as much as 6.8%, hitting the lowest level since late November, after Quirin Privatbank downgraded the German component maker to sell and set a Street-low price target

Earlier in the session, Asian equities also fell as investor sentiment remained volatile. The MSCI Asia Pacific Index declined 0.1%, reversing from a 0.8% gain in the previous day. Xiaomi, Sony Group and Mitsubishi UFJ Financial weighed the most on the gauge, while Recruit Holdings and Fast Retailing provided the biggest boosts. Performances in the region were mixed, with markets in the Philippines and Malaysia gaining the most, while South Korean shares underperformed. The country’s small-cap index Kosdaq lost 1%. Japan’s benchmark Topix also slid 0.4%. Indonesia’s market was shut for a holiday.

“Investors are very anxious, and markets are waiting with bated breath to see what he will say and do later today,” Vasu Menon, managing director of investment strategy at OCBC, wrote in a note. “The best strategy at this juncture is not to panic, but instead to focus on the medium term and manage risk by keeping a diversified portfolio and time-diversifying fresh investments via dollar cost averaging.”

In FX, the Bloomberg Dollar Spot Index slips 0.1%, down a second day as antipodean currencies outperform, with the kiwi dollar up 0.8% against the greenback. EUR/USD climbs 0.1% to 1.0800; Governing Council member Olli Rehn reiterated that the ECB isn’t pre-committing to any particular path on interest rates. Aussie and kiwi advanced in part on buying from exporters hedging out of US dollars on the premise that reciprocal tariffs will be more centered than harsh, according to Asia-based FX traders. Low engagement from the leveraged community ahead of the announcement remains the main theme in the major currencies, according to traders in Europe and Asia. Traders undecided on what’s next for the G-4 space also seen through price action unfolding lately close to 21-DMAs.

In rates, treasuries extend gains into the early US session, leaving futures near the highs of the day and yields lower by up to 3bp across the belly of the curve, which leads gains on the day. US yields are richer by 1bp to 3bp across the curve, with 5s30s spread sitting near highs of the day and steeper by 1.5bp, unwinding a portion of a sharp two-day flattening move seen so far this week; US 10-year yields trade near lows at around 4.15%, remain inside Tuesday’s range. Bunds are little changed while Gilts underperform as UK 10-year yields climb 2 bps.

In commodities, spot gold rises $17 to $3,130/oz. Bitcoin pared an earlier fall to trade little changed near $85,000. WTI is steady around $71 a barrel.

The US economic calendar includes March ADP employment change (8:15am), February factory orders and durable goods orders (10am). Fed speaker slate includes Kugler at 4:30pm

Market Snapshot

• S&P 500 mini -0.6%, 
• Nasdaq 100 mini -0.8%, 
• Russell 2000 mini -0.6%
• Stoxx Europe 600 -0.7%, 
• DAX -1%, 
• CAC 40 -0.4%
• 10-year Treasury yield little changed at 4.17%
• VIX +0.5 points at 22.27
• Bloomberg Dollar Index little changed at 1272.15, 
• euro little changed at $1.0801
• WTI crude -0.2% at $71.05/barrel

Top Overnight News

• Donald Trump’s team is still finalizing plans for reciprocal tariffs to be unveiled at 4 p.m., people familiar said. Proposals include a tiered system with a set of flat rates for countries and a more customized plan. Scott Bessent told lawmakers the tariffs will start at their highest level and countries can then take steps to bring them down. BBG
• Planned new U.S. tariffs could have a huge impact on world trade, Bank of Japan Governor Kazuo Ueda said on Wednesday, warning of a possible hit to global growth hours before President Donald Trump is set to unveil reciprocal tariffs. RTRS
• A group of 50 Republican and Democratic senators introduced a sanctions package to hit Russia and countries that buy its oil if President Vladimir Putin refuses to engage in good-faith ceasefire negotiations with Ukraine or breaches an eventual agreement: BBG
• Walmart Inc. is continuing to push Chinese suppliers to cut prices by 10% to offset President Donald Trump’s tariffs, even after Beijing officials summoned the US retailer’s executives last month to discuss the issue. BBG
• Democrat wins the Wisconsin judicial race by ~9 points, a solid victory and one that raises a red flag for Republicans. Also, Republicans easily won both Florida special House elections, as expected, although the GOP underperformed the Nov margins of victory, raising potential warning signs for the party. Politico
• Izzy Englander’s Millennium Management and Ken Griffin’s Citadel lost money last quarter even as other hedge funds gained: BBG
• China has taken steps to restrict local companies from investing in the US ahead of new tariffs, people familiar said. Several branches of China’s top economic planning agency have been instructed in recent weeks to hold off on registration and approval for such firms. BBG
• China highlighted US farmers and tech companies as beneficiaries of economic ties in the Communist Party’s official newspaper, an apparent appeal to cool trade tensions ahead of tariffs. BBG
• China held a second day of drills around Taiwan, involving “precision strikes” on simulated targets including ports and energy facilities. BBG
• Israel will broaden its ground operations in Gaza and turn seized land into buffer zones. Meanwhile, the Pentagon is deploying a second carrier to the Middle East as the US continues its strikes against Houthi rebels in Yemen. BBG
• US crude inventories jumped by 6 million barrels last week, the API is said to have reported. That would be the biggest surge in eight weeks if confirmed by the EIA today. Supplies at Cushing climbed for the first time in four weeks. BBG
• A more detailed look at global markets courtesy of Newsquawk

Tariffs/Trade

• USTR reportedly prepares a new tariff option for US President Trump which is “an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option”, according to WSJ.
• US President Trump’s tariff plans are “coming down to the wire” with his team reportedly still finalising the size and scope of the new levies, according to Bloomberg.
• US Treasury Secretary Bessent told lawmakers that Wednesday’s tariffs are a ‘cap’, according to a CNBC reporter cited by Reuters.
• On UK-US tariffs, “Sounds like any hopes of a last-ditch concession from Donald Trump ahead of his tariffs announcement are fading”, according to Times’ Swinford; although a deal could be signed as soon as next week “Keir Starmer is not planning to speak to him today, but there are hopes that the economic deal giving Britain a carve-out can be signed as soon as next week. Sources talking about ‘days or weeks'” “But in truth No 10 doesn’t know what Trump is planning or when concessions could be made. All deeply uncertain this morning”.
• Canada is to avoid counter-tariffs that risk Canadian jobs and price hikes and it won’t impose retaliation tariffs on most US food and other basic necessities, according to the Globe and Mail citing two federal trade advisers.
• Thai Commerce Ministry said Thai semiconductors may face 25% US tariffs and noted that Thai tariffs are 11% higher than US tariffs, while it added Thailand may see an impact of USD 7bln-8bln from US reciprocal tariffs but announced it will increase imports of US goods and plans tariff cuts for US products.
• French Industry Minister reaffirms that Europe will respond to Trump tariffs in a proportionate manner; says Europe must show strength and be less naive

APAC stocks were mostly positive but with the major indices stuck within narrow parameters as participants awaited US President Trump’s ‘Liberation Day’ tariff announcement scheduled later today. ASX 200 eked modest gains as strength in the real estate, tech and consumer discretionary sectors just about atoned for the losses in mining, resources and materials, while Building Approvals data from Australia printed better-than-feared. Nikkei 225 traded indecisively and wiped out most of its early gains as Japanese exporters braced for incoming US tariffs. Hang Seng and Shanghai Comp were mixed amid tariff uncertainty with China among the countries anticipated to announce an immediate retaliation to Trump’s incoming tariffs, while China also awaits details regarding the US review of the ‘Phase One’ deal.

Top Asian News

• Standard Chartered raised its China 2025 GDP growth forecast to 4.8% from 4.5%.
• China’s Commerce Ministry says the anti-dumping investigation into EU brandy has been extended to July 5th (from April 5th).
• US President Trump will consider a final proposal for TikTok on Wednesday and his administration is finalising plans for potential investors that could include Blackstone (BX) and Oracle (ORCL), according to CBS News. It was separately reported that President Trump is expected to meet senior cabinet officials and the Vice President to discuss potential investors for TikTok.
• US Senate Committee reviewing Meta (META) alleged efforts to build censorship tools for China as part of an attempt to gain entry to Chinese markets, according to a letter seen by Reuters.
• Fast Retailing (9983 JT) reports March domestic UNIQLO sales +11.5% Y/Y.

European bourses (STOXX 600 -0.9%) opened lower, despite a mostly positive picture in APAC trade and as traders remain focused on the looming reciprocal tariff announcements on “Liberation Day”. Price action has really only been downwards today, with a more pronounced bout of pressure appearing mid-morning though this has since stabilised a touch. European sectors hold a strong negative bias, in-fitting with the risk tone. Healthcare is the clear underperformer today, but with no clear stock driving the losses; the pressure is seemingly in tandem with the downside seen across US peers in the prior session, and perhaps some fears regarding potential pharmaceutical tariffs.

Top European News

• ECB’s Rehn says the ECB is not committing to any particular path; disinflation is on track, and growth outlook weakened, the bank will maintain complete freedom of action. Trade protectionism is a key risk to the economic outlook.
• ECB’s President Lagarde says inflation is very close to the target but there is still some work to do.
• German banks’ association said Germany’s economy is expected to grow by 0.2% this year and 1.4% next year.

FX

• DXY is flat vs. peers as markets brace for US President Trump’s “Liberation Day” announcement at 21:00BST/16:00EDT. Ahead of which, CNBC reported that Trump is looking at three main options which are, 1) blanket 20% tariffs, 2) a tiered system of three different rates and 3) country-by-country rates; an official noted blanket 20% tariffs was the least likely option. Thereafter, a WSJ article noted that the USTR was preparing a new tariff option for Trump of “an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option”. Note, ahead of the announcement, US Commerce Secretary Lutnick could provide some insight on the matter during an interview on Bloomberg TV at 13:30BST. DXY is currently tucked within Tuesday’s 104.01-36 range.
• EUR is flat vs. the USD and holding just below the 1.08 mark as the Bloc braces for the fallout of the US “Liberation Day”. As it stands, the EU retaliated to the Trump administration’s steel and aluminium levies with countermeasure” on up to EUR 26bln worth of US goods. Commentary via ECB’s Lagarde and Rehn have added little fresh for the Single-currency. Today’s EZ docket is light in terms of data but heavy on speakers with the slate including ECB’s Lagarde, Schnabel, Lane, Holzmann and Escriva.
• JPY is flat vs. the USD after USD/JPY topped out at the 150 mark. Fresh newsflow out of Japan has been on the light side as markets await details of the Trump tariff regime later today. USD/JPY remains caged within Tuesday’s 148.97-150.14 bounds.
• GBP is flat vs. the USD and EUR with incremental macro drivers for the UK on the light side. Of course, the main focus for today’s session will be the severity of the Trump administration’s tariff plans. The Times’ Swinford suggested that “any hopes of a last-ditch concession from Donald Trump ahead of his tariffs announcement are fading”. Cable is currently holding above the 1.29 mark.
• Antipodeans have extended on Tuesday’s upward momentum which was facilitated as risk sentiment improved stateside and with Australian buildings approval data showing a narrower-than-feared contraction. That being said, it is worth noting that the Trump tariff announcement carries a lot of risk for AUD and NZD given that China (both nations largest trading partner) is very much in the crosshairs of the US administration.
• PBoC set USD/CNY mid-point at 7.1793 vs exp. 7.2663 (Prev. 7.1775).

Fixed Income

• USTs are largely in a holding pattern overnight after coming under pressure in the US afternoon/evening on the more favourable tariff reports via CNBC, marked a 111-15 overnight low. More recently, modest upside occurred in the early European morning as the general tone deteriorated a touch. Ahead, markets will await trade updates from Commerce Secretary Lutnick at 08:30 EDT and then President Trump at 16:00 EDT. US data by way of ADP and Factory Orders is also due today, but ultimately may play second fiddle on “Liberation Day”.
• Bunds are a touch firmer, the narrative is much the same as the above, though Bunds picked up slightly more than their US peer as the risk tone deteriorated in the early morning and have moved back into the green. Ahead a German 2035 Bund Auction and then a few ECB speakers are due – but focus will ultimately be on trade updates. Currently at the top-end of a 129.11-45 band, which is entirely within Tuesday’s 128.68-129.60 range.
• Gilts are in-fitting with the above though the bounce seen early doors, which took Bunds into the green as discussed, was only sufficient to cause Gilts to gap higher by five ticks and extend another two to a 92.15 peak. A high point which is shy of Tuesday’s 92.45 best. Tariffs dominate the narrative as we await Trump’s announcement. On the UK-US economic deal the Times’ Swinford reports that hopes of any last minute concessions for the UK are fading with no plans for the leaders to speak today.
• UK sells GBP 1.6bln 1.125% 2035 I/L Gilt : b/c 3.36x (prev. 3.52x) and real yield 1.268% (prev. 1.115%)

Commodities

• Softer trade across the crude complex amid the cautious risk sentiment heading into the “Liberation Day” tariff announcement by US President Trump and after the significant private inventory build. Continued expansion into Gaza by Israel’s army, and punchy rhetoric via President Trump who believes Russian President Putin is stalling has failed to help push up prices. More recently, Axios reported that US President Trump is reportedly seriously considering Iran’s offer of indirect nuclear talks – again failing to spur price action. Brent June trades in a USD 73.95-74.62/bbl parameter.
• Spot gold remains on a firmer footing after rebounding from the prior day’s trough amid uncertainty ahead of the looming US reciprocal tariffs. Spot gold resides in a current USD 3,106.70-3,135.80/oz range.
• Copper futures eke mild gains but with the upside capped amid the mixed and cautious mood on ‘Liberation Day’. Price action has been relatively contained for base metals thus far. 3M LME copper trades in a current USD 9,672.00-9,754.55/t range.
• US Private Energy Inventory Data (bbls): Crude +6.0mln (exp. -2.1mln), Distillate -0.0mln (exp. -1.0mln), Gasoline -1.6mln (exp. -1.7mln), Cushing +2.2mln.
• China’s NDRC is to increase retail gasoline prices by CNY 230/ton and diesel by CNY 220/ton, effective April 3rd.

Geopolitics: Middle East

• US President Trump is reportedly seriously considering Iran’s offer of indirect nuclear talks, while at the same time significantly boosting US forces in the Middle East in case the US opts for military strikes, according to Axios; no decisions made “A US official said Trump doesn’t want to go to war with Iran but needs the military assets to establish deterrence in the negotiations — and to be prepared to act if negotiations fail and things escalate quickly.”
• Israel’s army launched heavy raids on the city of Rafah in the southern Gaza Strip, according to Sky News Arabia.
• Israeli Defence Minister said they are expanding the operation in Gaza to seize large areas that would be added to the security zones of Israel and announced a large-scale evacuation of the Gaza population from fighting areas.
• US Defence Secretary Hegseth ordered additional air assets to strengthen their Middle East military posture.
• US conducted three new airstrikes on Saada in northern Yemen, according to Houthi-affiliated media cited by Al Jazeera.

Geopolitics: Ukraine

• Bipartisan group of 50 Senators introduced a new sanctions measure which includes 500% duties against countries that purchase Russian oil, gas and uranium if Moscow refuses to participate in the peace process in Ukraine.
• Russian Defence Ministry says Ukraine attacked Russian energy facilities twice during the past 24 hours, via Ifax.

Geopolitics: Other

• China’s military conducted exercises in the middle and southern areas of the Taiwan Strait with exercises codenamed ‘Strait Thunder 2025A’, according to Xinhua. Furthermore, China’s Eastern Theatre Command said it carried out long-range live fire shooting drills in waters of East China which involved precision strikes on simulated targets of key ports and energy facilities which achieved the desired effects.

US Event Calendar

• 7:00 am: Mar 28 MBA Mortgage Applications, prior -2%
• 8:15 am: Mar ADP Employment Change, est. 120k, prior 77k
• 10:00 am: Feb Factory Orders, est. 0.5%, prior 1.7%
  • Feb F Durable Goods Orders, est. 0.9%, prior 0.9%
  • Feb F Durables Ex Transportation, est. 0.7%, prior 0.7%
  • Feb F Cap Goods Orders Nondef Ex Air, prior -0.3%
  • Feb F Cap Goods Ship Nondef Ex Air, prior 0.9%

DB’s Jim Reid concludes the overnight wrap

The centre of the universe today will be the White House Rose Garden where we will finally hear about reciprocal tariffs. The announcements are due to take place at 4pm Eastern Time (9pm London), with the White House press secretary saying yesterday that the measures would be effective immediately. We clearly don’t know any of the details, including which countries will be targeted and at what rate, with reporting yesterday suggesting that a final decision was still to be made. The Washington Post reported that White House aides had proposed tariffs of around 20% on most imports. And despite speculation it might just affect 10-15 key trading partners, President Trump said over the weekend that “You’d start with all countries, so let’s see what happens”, which pointed towards a broader focus. Meanwhile, the WSJ reported last night that other options under consideration include a more targeted reciprocal plan as well as an across-the-board tariff on a subset of nations. And, according to Bloomberg, a tiered tariff system option could see countries face levies of either 10% or 20% depending on their barriers on US goods. In related news, Treasury Secretary Scott Bessent yesterday said that the tariffs announced today would be a cap and that countries would be able to bring them down. This hints at there being routes for negotiation in his eyes. A reminder that my AI summary of Bessent and Lutnick’s recent podcast appearances can be found here. These were a fascinating insight into how this administration is thinking about the world.

Back to tariffs, and obviously, the prospect of broad-based tariffs would represent a huge shock to the global trading system, and would have some pretty seismic ramifications for the world economy. Last week, our US economists published a note (link here) where they ran through various possibilities. And significantly, they think that in a worst-case scenario where reciprocal tariffs include the entirety of each country’s VAT, that would see US GDP growth down 100-120bps this year relative to their current forecast of +2.3% (Q4/Q4), with core PCE inflation up 90-120bps. Meanwhile for the EU, our economists have estimated (link here) that a 20% tariff rate on all goods (on top of the 25% auto tariffs announced) would lead to a 0.3-0.6% shock for GDP.

The other big unknown from here is how other countries might retaliate, even though we have a pretty good sense that they’re likely to do so. After all, EU Commission President Ursula von der Leyen said yesterday that “If necessary, we have a strong plan to retaliate and will use it.” Over in Canada, Prime Minister Carney said that “We will not disadvantage Canadian producers and Canadian workers relative to American workers”. Moreover, President Trump has already said that any retaliation could be met by further US tariffs, so a key downside risk from here is that this kicks off an escalatory spiral of higher tariffs.

Ahead of today’s announcement, fears about stagflation in financial markets continued to mount even if markets had a pretty positive day yesterday. The stagflation fears were exacerbated by the latest batch of US data, where the ISM manufacturing print fell back into contractionary territory with a 49.0 print (vs. 49.5 expected). Moreover, the new orders component fell to a 22-month low of 45.2, whilst the prices paid component surged to 69.4, which is the highest it’s been since June 2022. The weaker ISM release saw the Atlanta Fed’s GDPNow Q1 estimate (adjusting for trade in gold) fall to a new low of -1.4%, while the model’s estimate of real private domestic final sales, which are much less distorted by trade volatility, fell to a still positive but weak +0.4%.

The data is continuing to support the narrative of weaker growth and higher inflation, with market-based inflation expectations continuing to rise. The US 1yr inflation swap (+0.6bps) moved higher for a seventh session in a row to another two-year high of 3.25%, though it did retreat after trading +5.0bps intra-day. The reversal during the afternoon session may have reflected emergent reporting that more modest tariff options were still in play, which also helped gold prices (-0.17%) post a modest decline after touching an new record high of $3,149/oz intra-day. As a reminder, gold saw its strongest quarterly performance since 1986 in Q1. This was among the notable highlights from Henry’s Q1 performance review (link here).
For equities, it was another topsy-turvy session, with the S&P 500 recovering from an intraday low of -0.95% to end the day up +0.38%. So a very similar move to Monday. The Magnificent 7 (+1.63%) were the main driver of the rebound, ending a run of 4 consecutive declines, with Tesla (+3.59%) leading the way. Outside of tech, it was a pretty neutral day, with the Dow Jones (-0.03%) and the Russell 2000 (+0.02%) little changed. Meanwhile in Europe, there were even stronger moves, with the STOXX 600 (+1.07%) and the DAX (+1.70%) posting their strongest performances in over two weeks.

Elsewhere, US Treasuries continued to rally as ongoing growth fears helped yields to grind lower. For instance, the 2yr yield (-0.2bps) inched down to 3.88%, its lowest level since October, whilst the 10yr yield (-3.7bps) fell back to 4.17%. The fact investors were fearful about growth was evident from the ongoing decline in real yields, with the 2yr real yield (-1.3bps) down to its lowest since August 2022, at 0.59%.

Over in Europe, sovereign bonds also rallied after the latest Euro Area inflation data was seen as paving the way for more ECB rate cuts. For instance, CPI fell back to +2.2% in March on the flash reading, in line with expectations. And in more dovish news, the core CPI reading fell to +2.4% (vs. +2.5% expected), which is the lowest it’s been since January 2022. So that helped yields to move lower across the continent, with those on 10yr bunds (-5.2bps), OATs (-5.3bps) and BTPs (-7.7bps) all falling.

Asian equity markets are pretty quiet ahead of today’s big announcement. As I check my screens, the Hang Seng (+0.06%), CSI (+0.15%), Shanghai Composite (+0.23%), Nikkei (+0.15%) and the S&P/ASX 200 (+0.10%) are all edging higher. The KOSPI (-0.62%) is bucking the trend but S&P 500 (-0.13%) and NASDAQ 100 (-0.14%) futures are also slightly lower.
Early morning data showed that South Korea’s inflation unexpectedly rose to +2.1% y/y in March (vs +1.9% market consensus) as against a +2.0% increase the previous month, thus complicating the Bank of Korea’s rate cut cycle.

Finally, we got a few other data releases yesterday, including the US JOLTS report for February. That showed job openings were down to 7.568m (vs. 7.658m expected), which meant the ratio of vacancies per unemployed individuals fell to 1.07, the lowest since September. Otherwise, the quits rate remained steady at 2.0%, as did the hires rate at 3.4%. Separately in the Euro Area, the February unemployment rate came in at 6.1% (vs. 6.2% expected), which is the lowest rate since the single currency’s formation. We also got the final manufacturing PMI for March, which was revised down a tenth from the flash reading to 48.6.

To the day ahead now, and data releases from the US include the ADP’s report of private payrolls for March, and factory orders for February. Central bank speakers include the ECB’s Schnabel, Escriva, Holzmann and Lane, along with the Fed’s Kugler.

2b) European Opening report

Cautious risk tone ahead of reciprocal tariff updates on ‘Liberation Day’ – Newsquawk US Market Open

Wednesday, Apr 02, 2025 – 06:05 AM

• US “Liberation Day”: US President Trump to announce reciprocal tariffs at 16:00EDT/21:00BST on Wednesday; US Commerce Secretary Lutnick speaks at 08:30EDT/13:30BST
• USTR has reportedly prepared “an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option”, according to WSJ.
• Stocks move lower as markets await reciprocal tariff updates on “Liberation Day”.
• USD steady, Antipodeans outperform whilst Havens lag a touch.
• Bonds largely in a holding pattern as we await the Rose Garden speech.
• Crude is incrementally lower whilst spot gold prices remain underpinned by haven demand.
• Looking ahead, US ADP & Factory Orders, US Tariff Implementation Date, EU Defence Ministers Meeting, NBP Base Rate, ECB’s Schnabel, Lane & Lagarde, Fed’s Kugler & US President Trump.

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TARIFFS/TRADE

• Click for the full Newsquawk Tariff Analysis post.

US

• USTR reportedly prepares a new tariff option for US President Trump which is “an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option”, according to WSJ.
• US President Trump’s tariff plans are “coming down to the wire” with his team reportedly still finalising the size and scope of the new levies, according to Bloomberg.
• US Treasury Secretary Bessent told lawmakers that Wednesday’s tariffs are a ‘cap’, according to a CNBC reporter cited by Reuters.

OTHER NATIONS

• On UK-US tariffs, “Sounds like any hopes of a last-ditch concession from Donald Trump ahead of his tariffs announcement are fading”, according to Times’ Swinford; although a deal could be signed as soon as next week “Keir Starmer is not planning to speak to him today, but there are hopes that the economic deal giving Britain a carve-out can be signed as soon as next week. Sources talking about ‘days or weeks'” “But in truth No 10 doesn’t know what Trump is planning or when concessions could be made. All deeply uncertain this morning“.
• Canada is to avoid counter-tariffs that risk Canadian jobs and price hikes and it won’t impose retaliation tariffs on most US food and other basic necessities, according to the Globe and Mail citing two federal trade advisers.
• Thai Commerce Ministry said Thai semiconductors may face 25% US tariffs and noted that Thai tariffs are 11% higher than US tariffs, while it added Thailand may see an impact of USD 7bln-8bln from US reciprocal tariffs but announced it will increase imports of US goods and plans tariff cuts for US products.
• French Industry Minister reaffirms that Europe will respond to Trump tariffs in a proportionate manner; says Europe must show strength and be less naive

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 -0.9%) opened lower, despite a mostly positive picture in APAC trade and as traders remain focused on the looming reciprocal tariff announcements on “Liberation Day”. Price action has really only been downwards today, with a more pronounced bout of pressure appearing mid-morning though this has since stabilised a touch.
• European sectors hold a strong negative bias, in-fitting with the risk tone. Healthcare is the clear underperformer today, but with no clear stock driving the losses; the pressure is seemingly in tandem with the downside seen across US peers in the prior session, and perhaps some fears regarding potential pharmaceutical tariffs.
• US equity futures are modestly lower across the board, giving back some of the upside seen in the prior session and as traders brace themselves for the looming trade updates on “Liberation Day”; US President Trump is set to announce reciprocal tariffs at 16:00 EDT / 21:00 BST – Commerce Secretary Lutnick will do the media rounds before this, and is scheduled to appear on Bloomberg TV at 08:30 EDT / 13:30 BST.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• DXY is flat vs. peers as markets brace for US President Trump’s “Liberation Day” announcement at 21:00BST/16:00EDT. Ahead of which, CNBC reported that Trump is looking at three main options which are, 1) blanket 20% tariffs, 2) a tiered system of three different rates and 3) country-by-country rates; an official noted blanket 20% tariffs was the least likely option. Thereafter, a WSJ article noted that the USTR was preparing a new tariff option for Trump of “an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option”. Note, ahead of the announcement, US Commerce Secretary Lutnick could provide some insight on the matter during an interview on Bloomberg TV at 13:30BST. DXY is currently tucked within Tuesday’s 104.01-36 range.
• EUR is flat vs. the USD and holding just below the 1.08 mark as the Bloc braces for the fallout of the US “Liberation Day”. As it stands, the EU retaliated to the Trump administration’s steel and aluminium levies with countermeasure” on up to EUR 26bln worth of US goods. Commentary via ECB’s Lagarde and Rehn have added little fresh for the Single-currency. Today’s EZ docket is light in terms of data but heavy on speakers with the slate including ECB’s Lagarde, Schnabel, Lane, Holzmann and Escriva.
• JPY is flat vs. the USD after USD/JPY topped out at the 150 mark. Fresh newsflow out of Japan has been on the light side as markets await details of the Trump tariff regime later today. USD/JPY remains caged within Tuesday’s 148.97-150.14 bounds.
• GBP is flat vs. the USD and EUR with incremental macro drivers for the UK on the light side. Of course, the main focus for today’s session will be the severity of the Trump administration’s tariff plans. The Times’ Swinford suggested that “any hopes of a last-ditch concession from Donald Trump ahead of his tariffs announcement are fading”. Cable is currently holding above the 1.29 mark.
• Antipodeans have extended on Tuesday’s upward momentum which was facilitated as risk sentiment improved stateside and with Australian buildings approval data showing a narrower-than-feared contraction. That being said, it is worth noting that the Trump tariff announcement carries a lot of risk for AUD and NZD given that China (both nations largest trading partner) is very much in the crosshairs of the US administration.
• PBoC set USD/CNY mid-point at 7.1793 vs exp. 7.2663 (Prev. 7.1775).
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs are largely in a holding pattern overnight after coming under pressure in the US afternoon/evening on the more favourable tariff reports via CNBC, marked a 111-15 overnight low. More recently, modest upside occurred in the early European morning as the general tone deteriorated a touch. Ahead, markets will await trade updates from Commerce Secretary Lutnick at 08:30 EDT and then President Trump at 16:00 EDT. US data by way of ADP and Factory Orders is also due today, but ultimately may play second fiddle on “Liberation Day”.
• Bunds are a touch firmer, the narrative is much the same as the above, though Bunds picked up slightly more than their US peer as the risk tone deteriorated in the early morning and have moved back into the green. Ahead a German 2035 Bund Auction and then a few ECB speakers are due – but focus will ultimately be on trade updates. Currently at the top-end of a 129.11-45 band, which is entirely within Tuesday’s 128.68-129.60 range.
• Gilts are in-fitting with the above though the bounce seen early doors, which took Bunds into the green as discussed, was only sufficient to cause Gilts to gap higher by five ticks and extend another two to a 92.15 peak. A high point which is shy of Tuesday’s 92.45 best. Tariffs dominate the narrative as we await Trump’s announcement. On the UK-US economic deal the Times’ Swinford reports that hopes of any last minute concessions for the UK are fading with no plans for the leaders to speak today.
• UK sells GBP 1.6bln 1.125% 2035 I/L Gilt : b/c 3.36x (prev. 3.52x) and real yield 1.268% (prev. 1.115%)
• Click for a detailed summary

COMMODITIES

• Softer trade across the crude complex amid the cautious risk sentiment heading into the “Liberation Day” tariff announcement by US President Trump and after the significant private inventory build. Continued expansion into Gaza by Israel’s army, and punchy rhetoric via President Trump who believes Russian President Putin is stalling has failed to help push up prices. More recently, Axios reported that US President Trump is reportedly seriously considering Iran’s offer of indirect nuclear talks – again failing to spur price action. Brent June trades in a USD 73.95-74.62/bbl parameter.
• Spot gold remains on a firmer footing after rebounding from the prior day’s trough amid uncertainty ahead of the looming US reciprocal tariffs. Spot gold resides in a current USD 3,106.70-3,135.80/oz range.
• Copper futures eke mild gains but with the upside capped amid the mixed and cautious mood on ‘Liberation Day’. Price action has been relatively contained for base metals thus far. 3M LME copper trades in a current USD 9,672.00-9,754.55/t range.
• US Private Energy Inventory Data (bbls): Crude +6.0mln (exp. -2.1mln), Distillate -0.0mln (exp. -1.0mln), Gasoline -1.6mln (exp. -1.7mln), Cushing +2.2mln.
• China’s NDRC is to increase retail gasoline prices by CNY 230/ton and diesel by CNY 220/ton, effective April 3rd.
• Click for a detailed summary

NOTABLE DATA RECAP

• Germany’s VDMA says February orders +8% Y/Y (domestic +11%, foreign +7%)

NOTABLE EUROPEAN HEADLINES

• ECB’s Rehn says the ECB is not committing to any particular path; disinflation is on track, and growth outlook weakened, the bank will maintain complete freedom of action. Trade protectionism is a key risk to the economic outlook.
• ECB’s President Lagarde says inflation is very close to the target but there is still some work to do.
• German banks’ association said Germany’s economy is expected to grow by 0.2% this year and 1.4% next year.

NOTABLE US HEADLINES

• Fed’s Goolsbee (2025 voter) said hard data on the US economy is still pretty solid and if they can get past this period of uncertainty, the underlying strength of the economy is still there, according to a Fox News interview. Goolsbee said the fear is if tariffs on imports jump out of just imports and move into other costs, or people freak out and change behaviour, while he added the problem of tariffs is that they are a supply shock and noted that confidence is almost cratering.

GEOPOLITICS

MIDDLE EAST

• US President Trump is reportedly seriously considering Iran’s offer of indirect nuclear talks, while at the same time significantly boosting US forces in the Middle East in case the US opts for military strikes, according to Axios; no decisions made “A US official said Trump doesn’t want to go to war with Iran but needs the military assets to establish deterrence in the negotiations — and to be prepared to act if negotiations fail and things escalate quickly.”
• Israel’s army launched heavy raids on the city of Rafah in the southern Gaza Strip, according to Sky News Arabia.
• Israeli Defence Minister said they are expanding the operation in Gaza to seize large areas that would be added to the security zones of Israel and announced a large-scale evacuation of the Gaza population from fighting areas.
• US Defence Secretary Hegseth ordered additional air assets to strengthen their Middle East military posture.
• US conducted three new airstrikes on Saada in northern Yemen, according to Houthi-affiliated media cited by Al Jazeera.

RUSSIA-UKRAINE

• Bipartisan group of 50 Senators introduced a new sanctions measure which includes 500% duties against countries that purchase Russian oil, gas and uranium if Moscow refuses to participate in the peace process in Ukraine.
• Russian Defence Ministry says Ukraine attacked Russian energy facilities twice during the past 24 hours, via Ifax.

OTHER

• China’s military conducted exercises in the middle and southern areas of the Taiwan Strait with exercises codenamed ‘Strait Thunder 2025A’, according to Xinhua. Furthermore, China’s Eastern Theatre Command said it carried out long-range live fire shooting drills in waters of East China which involved precision strikes on simulated targets of key ports and energy facilities which achieved the desired effects.

CRYPTO

• Bitcoin is a little firmer and trades just shy of USD 85k whilst Ethereum moves a little lower.

APAC TRADE

• APAC stocks were mostly positive but with the major indices stuck within narrow parameters as participants awaited US President Trump’s ‘Liberation Day’ tariff announcement scheduled later today.
• ASX 200 eked modest gains as strength in the real estate, tech and consumer discretionary sectors just about atoned for the losses in mining, resources and materials, while Building Approvals data from Australia printed better-than-feared.
• Nikkei 225 traded indecisively and wiped out most of its early gains as Japanese exporters braced for incoming US tariffs.
• Hang Seng and Shanghai Comp were mixed amid tariff uncertainty with China among the countries anticipated to announce an immediate retaliation to Trump’s incoming tariffs, while China also awaits details regarding the US review of the ‘Phase One’ deal.

NOTABLE ASIA-PAC HEADLINES

• Standard Chartered raised its China 2025 GDP growth forecast to 4.8% from 4.5%.
  • China’s Commerce Ministry says the anti-dumping investigation into EU brandy has been extended to July 5th (from April 5th).
  • US President Trump will consider a final proposal for TikTok on Wednesday and his administration is finalising plans for potential investors that could include Blackstone (BX) and Oracle (ORCL), according to CBS News. It was separately reported that President Trump is expected to meet senior cabinet officials and the Vice President to discuss potential investors for TikTok.
  • US Senate Committee reviewing Meta (META) alleged efforts to build censorship tools for China as part of an attempt to gain entry to Chinese markets, according to a letter seen by Reuters.
  • Fast Retailing (9983 JT) reports March domestic UNIQLO sales +11.5% Y/Y.

DATA RECAP

• Australian Building Approvals (Feb) -0.3% vs. Exp. -1.5% (Prev. 6.3%, Rev. 6.9%)

2c) ASIA Opening report

EUR/USD fails to hold above 1.08 & European futures marginally lower into ‘Liberation Day’ – Newsquawk Europe Market Open

Wednesday, Apr 02, 2025 – 01:44 AM

• USTR has reportedly prepared “an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option”, according to WSJ.
• APAC stocks were mostly positive but with the major indices stuck within narrow parameters on ‘Liberation Day’.
• European equity futures indicate a marginally lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market closed with gains of 1.4% on Tuesday.
• USD mixed vs. peers, antipodeans lead, JPY lags, EUR/USD failed to hold above 1.08.
• US President Trump believes Russian President Putin is stalling and the administration is eyeing aggressive sanctions enforcement, according to Fox
• Looking ahead, highlights include US ADP & Factory Orders, US Tariff Implementation Date, EU Defence Ministers Meeting, NBP Base Rate, RBA’s Bullock, ECB’s Schnabel, Lane & Lagarde, Fed’s Kugler & US President Trump, Supply from the UK & Germany.

SNAPSHOT

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US TRADE

EQUITIES

• US stocks were choppy but ultimately finished with a positive bias in which the SPX and NDX gained and the DJIA and RUT closed flat after risk sentiment was boosted by CNBC’s Megan Casella who reported that there are three main tariff options that President Trump is looking at with a blanket 20% tariff the less likely of the options compared with a tiered system of three different rates and a country-by-country approach on rates. As such, the hopes for less aggressive tariffs spurred risk appetite and helped stocks recover from the initial pressure seen from soft data releases including a dismal ISM Manufacturing report and the miss on JOLTS data.
• SPX +0.38% at 5,633, NDX +0.82% at 19,436, DJI -0.03% at 41,990, RUT +0.02% at 2,012.
• Click here for a detailed summary.

TARIFFS/TRADE

• USTR reportedly prepares a new tariff option for US President Trump which is “an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option”, according to WSJ.
• US President Trump’s tariff plans are “coming down to the wire” with his team reportedly still finalising the size and scope of the new levies, according to Bloomberg.
• US Treasury Secretary Bessent told lawmakers that Wednesday’s tariffs are a ‘cap’, according to a CNBC reporter cited by Reuters.
• White House Press Secretary Leavitt said US President Trump was with the trade and tariff team, while she added that car tariffs go into effect on April 3rd and that Trump has made up his mind on tariffs. Leavitt also said reciprocal tariffs will take effect immediately after the announcement and that a few countries have called to discuss tariffs.
• Canadian PM Carney and Mexican President Sheinbaum held a phone call on trade and discussed the importance of building an investment and trading relationship between the two countries, while Carney highlighted a plan to fight “unjustified” trade actions in the call.
• Canada is to avoid counter-tariffs that risk Canadian jobs and price hikes and it won’t impose retaliation tariffs on most US food and other basic necessities, according to the Globe and Mail citing two federal trade advisers.
• Thai Commerce Ministry said Thai semiconductors may face 25% US tariffs and noted that Thai tariffs are 11% higher than US tariffs, while it added Thailand may see an impact of USD 7bln-8bln from US reciprocal tariffs but announced it will increase imports of US goods and plans tariff cuts for US products.

NOTABLE HEADLINES

• Fed’s Goolsbee (2025 voter) said hard data on the US economy is still pretty solid and if they can get past this period of uncertainty, the underlying strength of the economy is still there, according to a Fox News interview. Goolsbee said the fear is if tariffs on imports jump out of just imports and move into other costs, or people freak out and change behaviour, while he added the problem of tariffs is that they are a supply shock and noted that confidence is almost cratering.
• US President Trump commented they are making progress to end the fentanyl crisis and that Senate Republicans must vote to keep the fentanyl national emergency in place.
• US President Trump is planning an executive order that would ease rules that limit weapons exports which could be announced as soon as Tuesday or Wednesday, according to Reuters citing sources.
• Atlanta Fed GDPNow (Q1 25): -3.7% (Prev. -2.8% on March 28th).
• OpenAI’s Altman said can expect new releases from OpenAI to be delayed.

APAC TRADE

EQUITIES

• APAC stocks were mostly positive but with the major indices stuck within narrow parameters as participants awaited US President Trump’s ‘Liberation Day’ tariff announcement scheduled later today.
• ASX 200 eked modest gains as strength in the real estate, tech and consumer discretionary sectors just about atoned for the losses in mining, resources and materials, while Building Approvals data from Australia printed better-than-feared.
• Nikkei 225 traded indecisively and wiped out most of its early gains as Japanese exporters braced for incoming US tariffs.
• Hang Seng and Shanghai Comp were mixed amid tariff uncertainty with China among the countries anticipated to announce an immediate retaliation to Trump’s incoming tariffs, while China also awaits details regarding the US review of the ‘Phase One’ deal.
• US equity futures (ES -0.1%, NQ -0.1%) took a breather after rebounding yesterday on some hopes for less aggressive tariffs.
• European equity futures indicate a marginally lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market closed with gains of 1.4% on Tuesday.

FX

• DXY traded little changed after the prior day’s choppy performance owing to soft data releases and as participants continued to await ‘Liberation Day’ tariffs with President Trump reportedly looking at three main options which are blanket 20% tariffs, a tiered system of three different rates and country-by-country rates although an official noted blanket 20% tariffs was the less likely option, while Canada and Mexico fentanyl tariffs are reportedly expected to be lifted. Furthermore, a separate article noted that the USTR was preparing a new tariff option for Trump of “an across-the-board tariff on a subset of nations that likely would not be as high as the 20% universal tariff option”.
• EUR/USD attempted to nurse some of its recent losses and retested the 1.0800 level to the upside but with the rebound limited as US tariffs loom and with the EU mulling potential responses to US President Trump’s tariffs.
• GBP/USD lingered above the 1.2900 level with price action rangebound amid light pertinent catalysts for the UK.
• USD/JPY continued its gradual recovery from yesterday’s trough and looked to retest the 150.00 level to the upside but with the gains capped amid the flimsy risk sentiment in Japan.
• Antipodeans extended on yesterday’s upward momentum which was facilitated as risk sentiment improved stateside and with Australian buildings approval data showing a narrower-than-feared contraction.
• PBoC set USD/CNY mid-point at 7.1793 vs exp. 7.2663 (Prev. 7.1775).

FIXED INCOME

• 10yr UST futures continued its pullback from yesterday’s peak with the reversal facilitated as risk appetite improved during Wall St trade, while all attention now turns to President Trump’s decision on the level of reciprocal tariffs.
• Bund futures traded rangebound after recent whipsawing and with demand contained ahead of today’s Bund issuance.
• 10yr JGB futures remained afloat amid the tentative mood in Japan as exporters braced for the incoming US tariffs.

COMMODITIES

• Crude futures were rangebound after the prior day’s contained performance as participants awaited US President Trump’s tariff announcement and with the latest private sector inventory data showing a relatively substantial surprise build in headline crude inventories.
• US Private Energy Inventory Data (bbls): Crude +6.0mln (exp. -2.1mln), Distillate -0.0mln (exp. -1.0mln), Gasoline -1.6mln (exp. -1.7mln), Cushing +2.2mln.
• OPEC cut oil output last month by 110k BPD to 27.43mln BPD amid curbs in Nigeria and Iraq, according to a Bloomberg survey.
• Spot gold rebounded from the prior day’s trough amid uncertainty ahead of the looming US reciprocal tariffs.
• Copper futures edged mild gains but with the upside capped amid the mixed and cautious mood in Asia on ‘Liberation Day’.

CRYPTO

• Bitcoin mildly pulled back overnight which saw prices revert to below the USD 85,000 level.

NOTABLE ASIA-PAC HEADLINES

• US President Trump will consider a final proposal for TikTok on Wednesday and his administration is finalising plans for potential investors that could include Blackstone (BX) and Oracle (ORCL), according to CBS News. It was separately reported that President Trump is expected to meet senior cabinet officials and the Vice President to discuss potential investors for TikTok.
• US Senate Committee reviewing Meta (META) alleged efforts to build censorship tools for China as part of an attempt to gain entry to Chinese markets, according to a letter seen by Reuters.

DATA RECAP

• Australian Building Approvals (Feb) -0.3% vs. Exp. -1.5% (Prev. 6.3%, Rev. 6.9%)

GEOPOLITICS

MIDDLE EAST

• Israel’s army launched heavy raids on the city of Rafah in the southern Gaza Strip, according to Sky News Arabia.
• Israeli Defence Minister said they are expanding the operation in Gaza to seize large areas that would be added to the security zones of Israel and announced a large-scale evacuation of the Gaza population from fighting areas.
• US Defence Secretary Hegseth ordered additional air assets to strengthen their Middle East military posture.
• US conducted three new airstrikes on Saada in northern Yemen, according to Houthi-affiliated media cited by Al Jazeera.

RUSSIA-UKRAINE

• US President Trump believes Russian President Putin is stalling and the administration is eyeing aggressive sanctions enforcement including on the Russian ‘shadow fleet’, according to a post on X by Fox News’s Jacqui Heinrich. Furthermore, a source familiar with the discussions said President Trump is frustrated with Putin and believes Russia is “slow-rolling comprehensive ceasefire talks”.
• White House Press Secretary said that US President Trump is frustrated with leaders on both sides of the Ukraine war.
• Bipartisan group of 50 Senators introduced a new sanctions measure which includes 500% duties against countries that purchase Russian oil, gas and uranium if Moscow refuses to participate in the peace process in Ukraine.
• Ukrainian President Zelensky said Ukraine is ready for an unconditional ceasefire and has already demonstrated this, while he will meet on Friday with a small circle of countries ready to contribute to foreign troop contingent in Ukraine and he urged the US to boost sanctions on Russia.

OTHER

• China’s military conducted exercises in the middle and southern areas of the Taiwan Strait with exercises codenamed ‘Strait Thunder 2025A’, according to Xinhua. Furthermore, China’s Eastern Theatre Command said it carried out long-range live fire shooting drills in waters of East China which involved precision strikes on simulated targets of key ports and energy facilities which achieved the desired effects.

EU/UK

NOTABLE HEADLINES

• German banks’ association said Germany’s economy is expected to grow by 0.2% this year and 1.4% next year.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

CHINA/USA

China’s Role In US Fentanyl Crisis Directed By Regime Leadership, Expert Says

Tuesday, Apr 01, 2025 – 08:55 PM

Authored by Terri Wu & Olivia Li via The Epoch Times (emphasis ours),

Tensions have been simmering between the United States and communist China as the two countries escalate tariffs on each other’s imports. Meanwhile, Beijing’s rhetoric has become increasingly confrontational.

In early March, the Chinese Embassy in Washington shared a social media post from its Foreign Ministry, repeating its message: “If war is what the U.S. wants, be it a tariff war, a trade war or any other type of war, we’re ready to fight till the end.”

President Donald Trump has warned that, while the United States does not seek war with China, it is “very well-equipped to handle it.”

Trump has imposed an additional 20 percent tariff on all goods made in China, citing a national emergency on the continued trafficking of fentanyl—a deadly opioid that is 50 to 100 times more potent than morphine—into the United States.

To this day, China remains the primary source of fentanyl precursors, which are shipped to Mexico, where they’re manufactured into the illicit drug. It is then smuggled into the United States mainly via the southern border.

In response to Trump’s added tariff, Beijing imposed an additional 15 percent tariff on U.S. coal and natural gas and an extra 10 percent on agricultural equipment and pickup trucks.

The communist regime has also called the fentanyl epidemic the United States’ “own problem“ and has cast the U.S. tariffs as ”blackmail.”

Yuan Hongbing, a former law professor at Peking University in China who now lives in Australia, said the American opioid epidemic is far from the self-inflicted wound the CCP has suggested it is.

The Chinese regime has played a significant role in America’s fentanyl crisis, and blaming the United States for it has long been Chinese Communist Party (CCP) leader Xi Jinping’s strategy, Yuan told NTD, Epoch Times’ sister media outlet, in a recent episode of the Chinese-language program “Pinnacle View.”

Yuan, who has insider access to senior CCP leaders, said Xi has consistently given internal directives during both Trump’s first and second terms that Beijing must maintain the narrative that the drug crises in both Europe and the United States are not linked to China.

Yuan said the regime has also been directed by Xi to assert that China makes the chemical precursors legally, and that if they are converted into deadly drugs and smuggled into the United States or Europe, it is not China’s responsibility.

The China expert further stated that fentanyl is at the core of Xi’s bid to “take revenge” on the West. He said Xi blames the West for subjecting China to a century of humiliation as a result of the Opium Wars in the mid-19th century. During that time, China had to sign a series of unequal treaties that ceded Chinese territory and opened Chinese ports to foreign control.

“It is precisely due to Xi’s directives that we are now seeing a dramatic increase in both the production of fentanyl precursors in China and the export of these chemicals, fueling the ongoing fentanyl crisis in the United States,” Yuan said.

Fentanyl overdose deaths have become a national crisis, taking more than 200 American lives per day, according to the Drug Enforcement Administration. In 2023 alone, about 75,000 Americans died from fentanyl overdose, a staggering 23-fold increase from 10 years ago.

Today, accidental drug overdoses are the leading cause of death among Americans aged 18 to 45. On a more positive note, the number of opioid-related overdose deaths decreased by more than 20 percent in 2024, according to the Centers for Disease Control and Prevention.

The fentanyl crisis has become a key concern among American voters and has become one of the driving forces behind the dynamics of U.S.–China relations, said China expert Alexander Liao.

He said relations between Beijing and Washington have fundamentally changed. During the Biden administration, the two countries went through a diplomatic “ice age,” when senior-level official communication froze for approximately 10 months in 2022 and 2023. However, Liao believes the confrontation has now escalated to a new level.

“Whether it’s trade or other aspects, the United States and China have basically turned against each other,” Liao told The Epoch Times.

“Little noise but fierce action” is how he categorizes the current state between Beijing and Washington, in contrast to the “big arguments and little action” going on between the United States and Europe.

“The politics play differently between enemies and friends,” he said.

US Makes Perfect Enemy for Chinese Regime

Over the past decade, China saw significant economic growth. Its nominal GDP is now over three-quarters of that of the United States, according to data from the World Bank. When measured by purchasing power, China’s economy surpassed that of the United States in 2016.

Xi rose in the CCP ranks a few years before that and in 2013 took over its leadership.

According to Yuan, Xi’s communist nature drove him to immediately cash in on China’s economic strength to establish a foreign policy program, the Belt and Road Initiative, aimed at expanding communist totalitarianism around the world.

Under the guise of infrastructure development, the $1 trillion geopolitical platform snatches up other countries’ natural resources, including critical minerals for computer chip production, and expands its use of their ports for its own civil and military purposes.

Read the rest here…

END

CHINA/USA

China Restricts Local Firms From Investing In US As Trump’s Reciprocal Tariffs D-Day Arrives

by Tyler Durden

Wednesday, Apr 02, 2025 – 11:20 AM

Hours before President Trump is set to announce reciprocal tariffs—threatening to unleash a global trade war on what he has called “Liberation Day”—the Chinese Communist Party is already preparing a financial counteroffensive. 

Bloomberg cites people familiar with the matter who say Beijing plans to restrict local companies from investing in the United States. This move would give the world’s second-largest economy more economic leverage in trade negotiations as Sino-U.S. tensions deteriorate.

Here’s more from the report:

Several branches of China’s top economic planning agency, the National Development and Reform Commission, have been instructed in recent weeks to hold off on registration and approval for firms that are looking to invest in the U.S., the people said, asking not to be identified discussing sensitive issues.

. . .

There’s no sign that existing commitments by Chinese companies in the U.S. and elsewhere, or China’s purchases and holdings of financial products including U.S. Treasuries, would be affected, the people said. It’s unclear what prompted the NDRC to halt the processing of applications or how long this suspension might last.

The economic decoupling between the U.S. and China continues to accelerate, driven by trade wars and President Trump, who believes, as he said over the weekend to NBC: “The world has been ripping off the United States for the last 40 years and more … and all we’re doing is being fair.”

Trump’s planned reciprocal tariffs and China’s reported move to restrict outbound investment from local companies into the U.S. signals a new phase of superpower decoupling. This decoupling has been happening across multiple areas:

• Technology 
• Capital Flows
• Trade  

Goldman analyst Chloe Garber commented on the BBG report, noting:

BBG reported this morning that China has taken steps to restrict local companies from investing in the U.S. ahead of new tariffs, people familiar said. Several branches of China’s top economic planning agency have been instructed in recent weeks to hold off on registration and approval for such firms. Simply put – there are a lot of unknowns here still and mkts hate the uncertainty.

With just hours to go before Trump’s “Liberation Day” announcement—expected around 4 p.m.—here’s everything you need to know to stay on top of the tariff news cycle (read: here).

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS

IDF and Shin Bet strike Hamas targets in Jabalya

By JERUSALEM POST STAFFAPRIL 2, 2025 13:58

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-848554&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20250402_b740e9754c64b02a14be57b22d17958f8fa3fa69&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

The IDF and the Shin Bet (Israel Security Agency) struck Hamas terrorists operating in Jabalya, a joint statement announced on Wednesday. 

The military and the Shin Bet reported that the terrorists were hiding inside a command center that was a central meeting point for the terrorist organization. 

The joint statement added that Hamas used the center to plan terror attacks against Israeli civilians and IDF troops.

END

ISRAEL/HAMAS

Israel conducts continuous strikes in Gaza – report

By MAARIVAPRIL 2, 2025 03:23

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-848494&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250401_5142cb3ffb8a794e12b22cc7bc22ebb5a8aa1510&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

The Israel Air Force has been conducting extensive strikes through the night in Rafah and Khan Yunis in Southern Gaza, Arab media reported early Wednesday morning.

Additional strikes were reported in Deir al-Balah in central Gaza.

END

ISRAEL HAMAS

PM: IDF seizing ‘2nd Philadelphi’ route, cutting off Rafah from rest of Gaza to squeeze Hamas into freeing hostages

IDF is closing in on controlling 30% of Gaza, defense sources tell ‘Post’

Katz to ‘Post’: No military occupation, but getting closer to large operation if no hostage deal.

By YONAH JEREMY BOBAPRIL 2, 2025 07:18Updated: APRIL 2, 2025 20:11

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-848505&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250402_b740e9754c64b02a14be57b22d17958f8fa3fa69&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

With the IDF’s latest pushes on Wednesday in deep southern Gaza in Rafah and in northern Gaza, it will be close to controlling 30% of Gazan territory, defense sources said.

On Wednesday, IDF Division 36 finally started to take a full hand in the invasion, focusing on northern Rafah.

Its activities added on to other divisions already active in Gaza since mid-March, including Division 252 in northern and central Gaza, and 143 in deep southern Rafah.

The latest IDF maneuvers could eventually cut off Rafah from Khan Yunis on the higher part of southern Gaza.

Despite the expanded areas of operation, defense sources have said they are continuing to avoid operating in areas in which hostages might be held.

Further, defense sources said that even as the growing of the invasion to three divisions, so far, has required some new rounds of reservists callups, the government still will not need to order a very large reservist callup wave unless it engages in a much larger invasion of Gaza.

Defense sources threatened that if Hamas did not agree to a new hostage deal soon, a much larger Gaza invasion could be ordered within a period of days or weeks.

IDF operations in Rafah

However, Defense Minister Israel Katz deflected any questions from The Jerusalem Post suggesting that Israel was moving toward a slow military occupation of Gaza.

Rather, he said that the focus of the operation was still achieving a hostage deal and he did not want to speculate about whether Hamas could or would try to outlast Israel’s latest military assault for several more months.

---

---

Next, defense sources disputed widespread reports that an attempt to order a wider reservist callup would run into potentially around half of the forces refusing in opposition to the government: not continuing the ceasefire with Hamas to get more hostages, undermining the legal establishment, and firing Shin Bet Director Ronen Bar.

In addition, defense sources disputed the idea that the more Gazan territory the IDF tries to hold onto, which requires more stationary forces, the more IDF losses in the field will start to spike.

ISRAEL/HAMAS

A bloody mess in Gaza. How on earth can they rule?

Blood feud: Gaza clan executes Hamas policeman, Gazan reports say

Hamas’s Interior Ministry admitted that the policeman shot and wounded a Gazan while attempting to break up a clash between families.

By OHAD MERLINAPRIL 1, 2025 21:32Updated: APRIL 1, 2025 22:24

Crowds in the central Gaza Strip, February 8, 2025.(photo credit: Ali Hassan/Flash90)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Farticle-848468&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250401_5142cb3ffb8a794e12b22cc7bc22ebb5a8aa1510&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

A member of Hamas’s policing forces was executed earlier today in Deir Al-Balah, central Gaza Strip, after a local clan accused him of murdering one of their kin, reports from Gaza say.

Hamas policeman executed by Gaza clan in Deir Al-Balah after being accused of shooting and killing Abdulrahman Abusamra, a young man who was acquiring flour, according to family.

Social Media is flooded with horrid graphic videos from the execution (I brought only a screenshot). pic.twitter.com/nwg8TnpYqK

— Ohad ✡️ اوهاد ✡️ אהד (@MOhadIsrael) April 1, 2025

Social media was flooded with viral videos depicting the execution of a person claimed to be Ibrahim Shaldan, a member of Hamas’s police force, from a zero range.

The execution was geolocated to have taken place near a known monument at the entrance to the city of Deir Al-Balah, and Shaldan’s ID was photographed and made public. In the graphic video, three different executioners can be seen shooting from a short range while the victim is seen holding a poster.

The affair began earlier today as the local Abusamra clan alleged that members of Hamas’s police forces killed Abdulrahman Abusamra, a young man who was, according to the clan’s account, standing in line to buy flour. The news of his killing spread quickly, and soon, members of his clan claimed to have gotten hold of the perpetrator, executing him from short range and claiming to avenge Abusamra’s blood.

However, it appears that the accounts were more complex than those told by the family. According to other Gazan channels, armed clashes between local clans began earlier today at a shelter in Deir Al-Balah, which apparently led to several deaths during the clashes themselves.

Nevertheless, Hamas has implicitly taken responsibility for the death of Abusamra. Following the execution, Hamas’s Interior Ministry, which oversees the policing forces, issued a public statement claiming that “the police is investigating the crime of the killing of a policeman while he was carrying out a mission to break up a fight, which led to the death of a civilian form his injuries in Deir Al-Balah this noon.

The police will be following up with the event to arrest the perpetrators, stressing that it will take all strong legal measures against the perpetrators of the heinous crime of killing a policeman while on duty.”

Split reactions in Gaza to the murder

Some commenters online expressed their satisfaction with the execution. “After the Abu Samra family’s retribution against the killer, every Hamas member will think a million times before shooting someone from his own people, especially from the large families,” one wrote.

---

---

However, Hamas loyalists quickly turned to political tensions. One commenter named Abu Khaled wrote: “We must do away with the entire Abusamra clan,” while another one named Hameed took a screenshot from the video of the execution, adding: “Anyone who has names of those who appeared in the video of the murder of the Shaheed today, please publish them so that they can be punished.” He also claimed that one of those who appeared in the video was a Fatah member and a former employee of “the traitorous Ramallah Authority.”

Finally, there were those who feared an escalation that would lead to an all-out civil war. One blogger named Muhammad wrote: “Hamas killed a young man from the Abu Samra family without a trial or law, just as it killed dozens before him. The family is big and takes revenge for their son immediately, so they kill the killer. Who is responsible for bringing Gaza to this state?”

This is not the first time in the last week in which Gazan citizens have openly turned against Hamas. Last week, several protests took place in the northern Gaza Strip against Hamas, with protesters openly calling for the removal of the terrorist organization from power. Earlier this week, Hamas was accused of kidnapping, torturing, and murdering Odai Al-Rabei, a 22-year-old Gazan dissident. In both cases, Hamas leaders and loyalists accused those turning against the terrorist organization as “sellouts,” “traitors”, or “Zionists.”

END

HAMAS

Hamas admits 72% of deaths are combat-aged men as it quietly reduces civilian death toll – report

Approximately 72% of fatalities are aged 13-55 and are men – the demographic category aligns with Hamas combatants.

By JERUSALEM POST STAFFAPRIL 2, 2025 18:07Updated: APRIL 2, 2025 18:11

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Fdefense-news%2Farticle-848592&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250402_b740e9754c64b02a14be57b22d17958f8fa3fa69&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Hamas quietly removed the names of thousands of Palestinians it had previously alleged were killed during the Israel-Hamas war, Salo Aizenberg, from the US-based non-profit organisation Honest Reporting told The Telegraph on Wednesday after analyzing Hamas’s March 2025 casualty update.

Hamas has previously claimed that 70% of casualties have been women and children, a claim no longer reflected in their recently updated lists, according to the research. Approximately 72% of fatalities are aged 13-55 and are men – the demographic category aligns with Hamas combatants.

“Hamas’s new March 2025 fatality list quietly drops 3,400 fully ‘identified’ deaths listed in its August and October 2024 reports – including 1,080 children. These ‘deaths’  never happened. The numbers were falsified – again,” Aizenberg asserted.

Taking Hamas figures as fact

A similar report by the Henry Jackson Society in December also concluded that Hamas had inflated the number of casualties in the war.

“We knew there were rafts of errors in their reporting,” report author Andrew Fox said. “There’s a reasonable explanation in that their computer systems went down in November 2023, so it’s been challenging for them to report accurately, but the lists are so unreliable that the world’s media shouldn’t be quoting them as reliable.

“The UN also just takes Hamas’s figures and publishes them with a note stating the figures are unconfirmed.”

Hamas will “have gone through the list, trying to make it as convincing as possible. They’ve been accepting names onto that list with no evidence whatsoever,” Fox explained. “So what I’m guessing they’re trying to do is thin out the names they cannot substantiate at all.”

“Salo’s research would be looking for names that were on previous lists but have now disappeared,” Fox explained. “Hamas releases lists as PDFs, so it’s harder to do comparisons but we transfer names to an Excel sheet to do a mass comparison this way.”

ISRAEL HEZBOLLAH

Large Overnight Israeli Airstrike On Beirut Kills Hezbollah Official & Bystanders 

Tuesday, Apr 01, 2025 – 06:50 PM

Just before 4am local time, while much of the city was sleeping, Beirut was pounded by another large-scale Israeli airstrike, reportedly targeting a Hezbollah official who was among four killed in the attack. A woman was slain in the attack too, according to Lebanese health authorities.

Top floors of a multi-story building were decimated in the strikes on a southern suburb of Beirut. It reportedly killed the following, identified in AFP:

A source close to Hezbollah, requesting anonymity as they were not authorized to brief the media, told AFP the strike killed Hassan Bdair, Hezbollah’s “deputy head for the Palestinian file” who was “at home with his family.”

While Al Mayadeen has described Bdair as a rank and file Hezbollah member, other regional sources have indicated he was a member of Hezbollah’s Unit 3900 as well as the Quds Force of Iran’s Islamic Revolutionary Guard Corps (IRGC).

The Israeli army subsequently said Tuesday that fighter jets “attacked a Hezbollah terrorist in the Dahiye area of ​​Beirut who had recently been directing Hamas operatives and had assisted them in attempting to carry out a serious attack against Israeli civilians in the immediate future.”

“We couldn’t see each other because of all the dust,” one eyewitness who lives across the street from the destroyed building told AFP, describing “a very big explosion,” followed by another.

“Not just one person is targeted — everyone in the country, from young to old has become the target,” another nearby Lebanese resident said.

Lebanese President Joseph Aoun has warned that war is returning to Lebanon and called on Israel to stop these attacks, which he said suggests Israel is seeking escalation.

“The Israeli raid on the southern suburb is a serious warning about the intentions lurking against Lebanon. Israel’s persistence in its aggression requires us to exert more effort to address Lebanon’s friends and rally them in support of our right to full sovereignty over our land … to prevent violations from abroad or infiltrators from within, who provide additional pretext for aggression,” Aoun said. 

Lebanese as well as regional journalists and the populace are outraged given the large airstrikes happened without warning, in the middle of the night and in a highly populated residential area…

As always, Israel claims it was targeting a Hezbollah member—its go-to excuse for war crimes. But once again, it acts in defiance of international law and above all accountability.

The truth: the building hit was a residential home in Hay Madi, a civilian neighborhood in… pic.twitter.com/pC4WMew9mc

— Hala Jaber (@HalaJaber) April 1, 2025

What’s more is that it happened on the Eid al-Fitr Muslim holiday marking the end of the Ramadan fasting period. Days ago rockets were launched on northern Israel from south Lebanon, which resulted in Israeli reprisal strikes. Hezbollah denied it was behind the launches, and the Lebanese government announced arrests of the culprits, in an apparent effort to stave off war.

END

HEZBOLLAH/LEBANON

‘Post’ makes first media visit to IDF positions in Lebanon

Israel Katz told The Jerusalem Post that the destroyed villages prevent Hezbollah and civilians from returning to southern Lebanon for up to five years.

By YONAH JEREMY BOBAPRIL 2, 2025 20:01Updated: APRIL 2, 2025 20:18

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-848607&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250402_b740e9754c64b02a14be57b22d17958f8fa3fa69&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

The Jerusalem Post on Wednesday embedded with IDF forces in the first Israeli media visit to the new IDF positions inside southern Lebanon, specifically the position near Margaliyot.   

In February, the IDF withdrew from southern Lebanon, but erected and maintained five new outposts in Lebanese territory.

During the visit, Defense Minister Israel Katz confirmed to the Post statements by IDF sources that given the extensive destruction of villages in southern Lebanon, it could take three to five years of rebuilding before there is anything for Lebanese civilians to return to.

With many observers concerned that Hezbollah would exploit this mass return of Lebanese civilians to return under the guise of being civilians, the realization of the extent of the destruction of Lebanese villages is expected to delay such a threat.

Lebanese civilians return home

At most, IDF sources said that in some parts of southern Lebanon, 20-30% of Lebanese civilians have returned to their homes over four months after the ceasefire with Israel.

Next, IDF sources said that the Lebanese army has significantly improved its anti-Hezbollah enforcement activities in southern Lebanon.

Sources said that the mechanism in which the IDF reports lower grade Hezbollah violations in southern Lebanon to the US and America reports them to the Lebanese has led to around 500 enforcement actions by the Lebanese.

Such numbers are unprecedented for the Lebanese army versus Hezbollah and a significant improvement from December 2024, when the Lebanese military made little effort against Hezbollah.

At the same time, the fact that the IDF has killed over 120 Hezbollah fighters since the ceasefire and struck Beirut twice this past week shows that Israeli military enforcement in parallel to the Lebanese military will be necessary for some time.

Moreover, Katz said that Israel would need to remain in the five new outpost positions in Lebanese territory for some undefined time period to come.

---

---

The visit to the IDF position near Margaliyot, but inside Lebanon, took around four minutes and was deeper into Lebanese territory than the expected few hundred meters, which defense sources have previously cited.

The position is laid out with the now-destroyed village of Markaba on one side and Houla on the other.

IDF sources said that the post gives the IDF a commanding position near the larger Wadi al Saluki area.

The position had sizable trenches, a fairly large complement of soldiers, and multiple tanks easily visible to the eye – including likely out of sight air support.

Katz also told the Post that the overall IDF success versus Hezbollah did not mean that rocket fire from terror groups in Lebanon would end entirely.

However, he said to the Post that Israel’s assertive responses had changed the equation of attack and counterattack between the sides, especially after the air force attacked in Beirut twice in the last week following small rocket fire from Lebanon, which hit nothing.

SYRIA/TURKEY

this will be very problematic and will force Israel to act.

(zerohedge/Middle east eye//)

Turkey Moves To Take Control Of Strategic Airbase In Central Syria

by Tyler Durden

Wednesday, Apr 02, 2025 – 02:00 AM

Via Middle East Eye

Turkey has begun efforts to take control of Syria’s Tiyas air base, also known as T4, and is preparing to deploy air defence systems there, sources familiar with the matter told Middle East Eye. Construction plans for the site are also reportedly under way.

Ankara and Damascus have been negotiating a defense pact since December, following the ousting of Bashar al-Assad. The agreement would see Turkey provide air cover and military protection for Syria’s new government, which currently lacks a functioning military.

Although Turkish officials had previously downplayed the possibility of a military presence in Syria, describing such plans as premature, negotiations have quietly continued.

While Israel views a Turkish military presence in Syria as a potential threat, Ankara aims to stabilize the country by leveraging its military capabilities and filling the power vacuum left by the withdrawal of Russia and Iran.

Turkey also intends to intensify its fight against the Islamic State (IS) group, a key condition for the United States to consider withdrawing from the region.

A source familiar with the matter told MEE that Turkey has begun moving to take control of the T4 air base, located near Palmyra in central Syria. “A Hisar-type air defense system will be deployed to T4 to provide air cover for the base,” the source said.

“Once the system is in place, the base will be reconstructed and expanded with necessary facilities. Ankara also plans to deploy surveillance and armed drones, including those with extended strike capabilities.”

The source added that the base would help Turkey establish aerial control across the region and support its efforts to combat IS, which still has cells operating in the Syrian desert. 

Ankara eventually aims to establish a layered air defense system in and around the base, which would have short-, medium- and long-range air defense capabilities against a variety of threats, from jets to drones to missiles. 

A second source noted that the presence of Turkish air defense systems and drones would likely deter Israel from launching air strikes in the area. The Turkish defense ministry declined to comment. 

Unnerving Israel

Israel has regularly targeted Syrian military installations since Assad’s government collapsed in December, with a recent surge in operations around T4. Last week, the Israeli air force struck T4 and the Palmyra air base, targeting runways and strategic assets.

An Israeli security source told the media on Monday that any Turkish air base in Syria would undermine Israel’s freedom of operation. “This is a potential threat that we oppose,” the source said.

Tensions between Turkey and Israel have escalated since the start of Israel’s war on Gaza in 2023, ending a brief period of reconciliation between the two countries. The collapse of the Assad government and Turkey’s emergence as a dominant power in Syria have further alarmed Israel, which now sees Ankara as a potentially greater threat in the region than Iran.

“We targeted the T4 military base recently to send a message: we will not allow any threat to our operational freedom in the air,” the Israeli security source told the Jerusalem Post.

The first MEE source also revealed that Ankara is considering the temporary deployment of S-400 air defence systems to T4 or Palmyra to secure the airspace during reconstruction efforts. However, no final decision has been made and Russia would need to give its approval.

Meanwhile, Ankara and Washington have been in talks about lifting the sanctions imposed on Turkey over its purchase of the Russian-made S-400 system, which led to Turkey’s removal from the F-35 fighter jet program in 2019.

Turkey is not building a military presence in Syria to fight ISIS, that’s a lie. They helped bring them over. Last time the two were neighbors, they were saluting each other. https://t.co/CZ593HRmqT

— Bassem (@BBassem7) April 1, 2025

In a phone call last month, US President Donald Trump and his Turkish counterpart Recep Tayyip Erdogan discussed possible ways for Turkey to rejoin the program. Under US law, Turkey must relinquish possession of the S-400 system to be readmitted.

Turkish officials have proposed deactivating the system by disassembling and storing it, or potentially relocating it to a Turkish-controlled base outside of Turkey. However, Israel strongly opposes any move that would allow Ankara access to the F-35, arguing it would erode Israel’s qualitative military edge in the region.

IRAN

very important!!

Trump seriously considering Iran’s offer of indirect nuclear talks

The Trump administration believes direct talks would have a higher chance of success but does not rule out the format proposed by the Iranians.

By WALLA!APRIL 2, 2025 12:01Updated: APRIL 2, 2025 14:30

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The White House is seriously considering Iran’s proposal for indirect nuclear talks, while significantly increasing US forces in the Middle East in case President Donald Trump chooses to conduct military strikes, two senior American officials told Walla on Wednesday.

Over the weekend, Trump received Iran’s official response to the letter he sent to Supreme Leader Ali Khamenei three weeks ago, a senior US official said. While Trump proposed direct negotiations for a new nuclear deal, the Iranians agreed only to indirect talks mediated by the Sultanate of Oman.

The senior US official noted that the Trump administration believes direct talks would have a higher chance of success but does not rule out the format proposed by the Iranians and does not oppose Oman serving as a mediator between the countries, as it has in the past.

Two senior US officials stated that no decision has been made yet and that internal discussions are ongoing. “After the exchange of letters, we are now evaluating the next steps to begin talks and build trust with the Iranians,” one senior official said.

Why is this important?

Trump has repeatedly stated that he prefers to reach a new nuclear deal but warned that without an agreement, “there will be bombing.” 

His timeline is tight: the president has given Iran a two-month deadline to reach a deal, but it remains unclear if or when that clock started ticking.  

At the White House, an internal debate is still ongoing between those who believe an agreement is achievable and those who think negotiations would be a waste of time. The latter are instead pushing for an attack on Iran’s nuclear facilities.  

Meanwhile, the Pentagon continues its massive buildup of forces in the Middle East. If Trump decides that the time has come, he will have a loaded gun ready to fire.  

For now, it remains unclear under what circumstances Trump might abandon diplomacy and order strikes.

In the News

The exchange of threats between Tehran and Washington has escalated since Trump’s statement on Sunday that he would bomb Iran if a nuclear deal is not reached.

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On Monday, Khamenei responded by saying that while he does not believe the US will attack Iran, “it will certainly receive a harsh blow in return” if it does. Iran also filed an official diplomatic protest—delivered via the Swiss Embassy, as the US and Iran do not have diplomatic relations—warning that it would “respond decisively and immediately to any threat.”

“The US has 10 bases and 50,000 troops in the region… if you live in a glass house, you shouldn’t throw stones,” the commander of Iran’s Revolutionary Guard Air Force said earlier this week on Iranian television.

Khamenei’s advisor and former parliament speaker Ali Larijani emphasized that if the US. bombs Iran’s nuclear facilities, Iranian public opinion will pressure the government to change its policy and pursue nuclear weapons.

Trump withdrew from the 2015 nuclear deal, arguing that his “maximum pressure” strategy would force Iran to sign a better agreement. He failed to secure a new deal, as did President Biden. Meanwhile, Iran has dramatically increased its uranium enrichment and is now considered a nuclear threshold state—though Tehran insists it does not seek nuclear weapons. Iran has also stated that it is unwilling to negotiate on non-nuclear matters, such as its missile program, which Trump and his team previously insisted must be on the table.

Presence in the region

On Tuesday, the Pentagon announced it is deploying additional troops and aerial assets to the region, with two aircraft carriers—the Truman and Vinson—to be stationed in the Middle East. Last week, the Pentagon also deployed several B-2 stealth bombers to Diego Garcia, a military base in the Indian Ocean. A senior US official stated that the bombers’ deployment is “not unrelated” to Trump’s deadline for Iran.

B-2 bombers are capable of carrying massive bunker-buster bombs, which would play a key role in any potential military action against Iran’s underground nuclear facilities.

“The US and its partners are prepared to respond to any state or non-state actor seeking to expand or escalate the conflict in the region. If Iran or its proxies threaten American troops or interests, the US will take decisive action to defend itself,” said Pentagon spokesperson Sean Parnell in a statement.

A senior US official emphasized that Trump does not want to go to war with Iran but sees the military buildup as necessary to strengthen deterrence in negotiations—and to be ready to act if diplomacy fails and the situation escalates rapidly.

end

IRAN/USA

Trump Mulls ‘Indirect’ Talks With Iran As 2nd Carrier Group Dispatched To Mideast

Wednesday, Apr 02, 2025 – 02:40 PM

Various international reports have said that the White House is seriously considering Iran’s proposal for indirect nuclear talks, however, on Tuesday the US slapped more sanctions on the Islamic Republic as part of the Trump’s restored ‘maximum pressure’ campaign.

The Treasury Department in this latest move sanctioned several entities based in Iran, the UAE, and China – saying they are involved in “procurement of unmanned aerial vehicle (UAV) components on behalf of Iran-based Qods Aviation Industries (QAI)—a leading manufacturer for Iran’s UAV program.”

At the same time, it has become a central White House talking point that Iran and the Houthis are like hand-in-glove. The administration has been declaring that the over two week bombing mission in Yemen is huge blow to Iran. 

Currently a second US aircraft carrier is en route to the Middle East. This was confirmed Tuesday with an order by Secretary of Defense Pete Hegseth to send the USS Carl Vinson and accompanying warships to the region. There it will join the USS Harry Truman – which has already come under repeat attempts of the Houthis to attack it in the Red Sea region.

The Vinson is traveling to the area from the Asia Pacific. Hegseth has also “ordered the deployment of additional squadrons and other air assets that will further reinforce our defensive air-support capabilities.”

Paris is on Wednesday hosting Iran-related diplomatic talks over finding a way forward. France’s Foreign Ministry has issued a statement saying the window of opportunity for a new nuclear agreement with Iran is “narrow and if a deal cannot be reached then a military confrontation seems to be almost inevitable.”

President Trump has basically laid out a strong, provocative ultimatum: Tehran can either sign a fresh deal or face American bombs.

Iranian Supreme Leader Ayatollah Ali Khamenei has hit back, warning a “strong counterattack” would certainly ensue. Iranian state media has been highlighting that some ten US military bases in the region are in range of Iranian missiles.

Another sign that Trump might be serious about preemptive strikes is that last week the Pentagon dispatched at least five B-2 bombers to the American base at Diego Garcia in the Indian Ocean.

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1905077743353544953&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fgeopolitical%2Ftrump-mulls-indirect-talks-iran-2nd-carrier-group-dispatched-mideast&sessionId=a35c1694558c163918f3fae34ab4c98802076ab6&siteScreenName=zerohedge&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px

This puts the bombers within close striking distance of either Iran or Yemen. Likely any escalation between Tehran and Washington would occur outside Iran, with the US likely to strike at ‘proxies’ first. 

Russia and Iran have meanwhile still been talking about Moscow running point as an outside mediator between Tehran and Washington over its nuclear energy program. The US administration has so far seemed open to this.

ROBERT H:

USA/IRAN

Trump Moves ‘Nuclear Capable’ Bombers to Within Striking Distance of Iran – Global ResearchGlobal Research – Centre for Research on Globalization

This is mind blowing. The risk of war rises and the threat is real.
Not said here is that on April 15th the Russia parliament will ratify the mutual defense treaty with Iran. China has already done this. And it is of note that China has Senior Diplomatic Representation in Moscow yesterday ( check it out). It was for not.
It is true that the first use of nukes is a total loss of creditability on a global stage.
It is also said that Iran has gone beyond nuclear use in weapon systems and possesses Plasma weapons. It is not a dissimilar approach by Russia who has Oreshnik and other missile systems that defy current known science in their ability. Thus rendering the use of nukes mute. And Russia is testing Plasma based defensive weapons against drones. 
For any country of Western origin to use old fashioned nukes today would render it a pariah on a global stage. It is why Putin avoided such use as he saw the plot of the trap.
The question remains whether the US fails to see the trap? Just like the question remains of  what the Chinese have up their sleeve not yet publicly known?
And if the Iranians have what is rumored then Diego Garcia is within strike distance of their Plasma Weapons.

https://www.globalresearch.ca/trump-moves-nuclear-capable-bombers-striking-distance-iran/5883098

SYRIA/IRAQ/KURDS/ISRAEL

Israel may want to protect the Kurds in Iraq and Syria and thus creating the “David Corridor”

(JerusalemPost)

Israel involved in conspiracy to divide parts of Syria, Iraqi militia leader claims

Khazali claims the goal of the ‘David Corridor’ is to “reach the Kurdish lands in Iraq and Syria, considering the ongoing cooperation [between Israel and the Kurds].”

By SETH J. FRANTZMANAPRIL 2, 2025 13:46Updated: APRIL 2, 2025 16:00

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Israel is involved in a conspiracy to divide parts of Syria, according to Qais Khazali, a pro-Iranian militia leader in Iraq. He made his remarks this week in a speech on Eid al-Fitr, the festival ending Ramadan.

Khazali is the leader of Asaib Ahl al-Haq, a powerful pro-Iranian militia in Iraq. He has long threatened Israel. In 2017, he went to Lebanon to view the Israeli border along with Hezbollah operatives.

Iraqi militias have carried out drone attacks against Israel since the October 7 massacre.

It is within this context that Khazali has claimed there now is a conspiracy to divide Syria. Something called the “David Corridor,” a “project aimed at expanding Israeli control to the Euphrates River, involves ‘parts of the Iraqi borders and Iraqi lands,’” he was quoted as saying by Rudaw Media Network, a broadcaster in Iraq’s autonomous Kurdistan Region.

Khazali and his group are also anti-Kurdish, as are other Shi’ite pro-Iranian militias in Iraq. These groups often claim that Kurds are linked to Israel and the US, and they view the Kurdistan Region as an adversary.

The goal of the “David Corridor” is to “reach the Kurdish lands in Iraq and Syria, considering the ongoing cooperation [between Israel and the Kurds],” Khazali said, adding that “the Israeli incursion and occupation of Syrian territory… are primarily aimed at realizing their ambitions to occupy Syrian territory and achieve the greater goal of reaching the Euphrates River.”

His remarks come at a time when Kurdish forces in Syria are expected to integrate into the new government of Ahmed Shara’a. Many Kurds in Syria live in areas run by the US-backed Syrian Democratic Forces.

The SDF includes Kurdish forces under the YPG, or People’s Protection Units. These forces are linked to far-left Kurdish movements, and Turkey has often opposed them, claiming they are part of the Kurdistan Workers Party, or PKK.

This creates a complex situation in which the US is backing the SDF in Syria, but Turkey often attacks the SDF.Now there is hope for change. SDF leader Mazloum Abdi met Shara’a in Damascus in early March and agreed to integrate the SDF with Syrian government forces over the next year.

On Monday, Damascus announced the formation of a new transition government. Shara’a seized power in Damascus on December 8, when the Assad regime crumbled.

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Shara’a, who once led Hayat Tahrir al-Sham, a right-leaning Islamist rebel group, has some people concerned. He has tried to show he is ready to run a new unified Syria, however, saying that includes giving Kurds rights. Kurds were often persecuted under the Assad regime.

The pro-Iranian militias in Iraq, such as Khazali, oppose the new government in Damascus. This is because Iran backed the Assad regime and used Syria to move weapons to Hezbollah. Many militias in Iraq played a role in Syria. They have now lost Syria.

Israel and the Kurds

Israel has said in the past it supports the Kurds, but the Kurdish region of Syria is far from Israel. Israel has also expressed support for the Druze in southern Syria, an area closer to Israel.

The pro-Iran axis in the region sees any outreach by Israel to be part of a conspiracy. These groups also allege that the KRG, or Kurdistan Region of Iraq, is also linked to Israel. During the independence referendum of 2017, when Kurds in the KRG voted for independence, many Israeli flags were flown in Kurdish cities. This is because many Kurds see Israel as a friend or ally.

Khazali and Asaib Ahl al-Haq have been sanctioned by the US Treasury for their role in suppressing protests in Iraq in 2019. Khazali is viewed as a terrorist. He was also once held as a detainee at Camp Cropper in Iraq by the Americans. “He was extensively questioned by US intelligence,” Voice of America reported.

Khazali was released in 2009 and went on to lead Asaib Ahl al-Haq. His group is part of the Popular Mobilization Forces in Iraq, which is made up of about 30 pro-Iranian militias.

These groups have fought ISIS, but they also threaten the US and others. Kataib Hezbollah, a part of the PMF, attacked a US base in Jordan in January 2024, killing three Americans.

HOUTHIS

Iran ‘Incredibly Weakened’ By Over 200 US Strikes On Houthis: White House

Tuesday, Apr 01, 2025 – 11:00 PM

The White House on Tuesday declared that Iran has been “incredibly” weakened as a result of the Pentagon operation against Yemen’s Houthis which was renewed on March 15 by President Trump and his national security cabinet.

Immense controversy has ensued in the wake of ‘Signalgate’ which involved discussions of war planning with Atlantic journalist Jeffrey Goldberg privy to the group chat conversation. 

White House spokesperson Karoline Leavitt said there’s has been over 200 strikes on targets in Yemen. It has long been a US talking point going back to 2015 that the Houthis (Ansarallah movement) has been supplied by the Iranians. Shipments of Iranian weaponry has over the years been intercepted by US naval ships in Gulf area waters.

The group has fired at least eight ballistic missiles on Israel over the past week, but the US is leading the way in anti-Houthi operations.

“There have now been more than 200 successful strikes,” Leavitt said. “Iran is incredibly weakened as a result. They’ve taken out Houthi leaders, critical members who have been launching strikes on naval ships and commercial vessels. This operation will not stop until the freedom of navigation in this region is restored.”

The Houthis haven’t confirmed the deaths of any leaders, nor has the US side acknowledged the repeat attacks on US warships or the carrier USS Truman. 

According to some of the latest:

According to a brief statement broadcast by the Houthi-run al-Masirah TV, five airstrikes at dawn targeted the Jarban area in the Sanhan district southeast of Sanaa, while two others hit the Bani Matar district west of the capital.

The statement further indicated that Saada, a stronghold of the group, was subjected to 15 U.S. airstrikes overnight, but did not disclose specific locations targeted.

Israeli media and The Associated Press have meanwhile said that these last two weeks of strikes on Yemen have been far more devasting than similar aerial assaults under Biden.

According to a report featured in center-left Times of Israel:

A new American airstrike campaign against Yemen’s Houthi rebels appears more intense and more extensive, as the US moves from solely targeting launch sites to firing at ranking personnel as well as dropping bombs in city neighborhoods, an Associated Press review of the operation shows.

The pattern under US President Donald Trump reflects a departure from the Biden administration, which limited its strikes as Arab allies tried to reach a separate peace with the group. It comes after the Iran-backed Houthis threatened to resume attacking “any Israeli vessel” over the country’s refusal to allow aid into the Gaza Strip.

Both sides appear content to keep mum on the extent of ‘success’ of the back-and-forth attacks. But the consensus among war analysts is that if the Houthi threat to Red Sea shipping is to be rooted out, it will take a long, sustained campaign – which we should note has not had formal war authorization from Congress.

“Folks that say, ‘We’ll go in there and take out everyone with the last name Houthi and we’ll win.’ The Houthi leadership has been taken out in history in the past, and they are resilient,” said retired US Navy Vice Adm. Kevin Donegan, per AFP. “They came back and they grew stronger. So this isn’t something that is a one-and-done.”

.@PressSec: "These Houthi strikes have been incredibly successful. Last time I was at this podium, there were more than 100 successful strikes. There have now been over 200 successful strikes — Iran is incredibly weakened as a result of these attacks." pic.twitter.com/FEPyvFH5c8

— Rapid Response 47 (@RapidResponse47) April 1, 2025

As for Iran, it costs little for it to wage proxy war against US Navy ships positioned in the region. In a sense, the Pentagon is in the Iranians’ backyard. Already, the Houthis have claimed to have downed the 16th US MQ-9 Reaper drone as of Tuesday, which hasn’t been acknowledged as yet by the Pentagon. The controversy over the scope of US actions will likely only grow among the American populace.

RUSSIA VS UKRAINE

GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE

IMPORTANT

Alex Berenson on X: “VERY URGENT: New Unreported Truths, about a disturbing finding from German scientists suggesting the mRNA shots are causing a permanent change to a portion of our chromosomes, a change previously linked to cancer and autoimmune diseases https://t.co/CHTFU7De7s” / X

This is reality faced by an uninformed public with consequences.
With the likes of ivermectin, water ionizers, bio feedback, etc. available, people have a real chance at fighting this. And yes, it is a fight! And a fight that is measured by time. Thus time is critical because the timelines of change are in flux and are not aligned because each person is different in makeup and in health. Otherwise we would all be on the same timeline which we are not. And no drugs are not a simple answer as in almost all cases they treat symptoms and not root causes.
The body naturally changes its cellular structure with new cells every 12 months. This means every cell in your body is renewed. Once you accept this reality then each person has a real opportunity to change their current state of well being by listening to their own body. One’s own nature DNA 

 will actually be in conflict with altered chromosomes to restore one to each person’s nature state. This is not new. When an altered change occurs that overwhelms the healthy state by changing chromosomes you get sick and die.
It is a fight between you and your own self and your ability to critically think different. To be balanced enough to see through the fog of deceit and nonsense to chart your own course of life independent of others tell you to seek your own health.
It is a fact that your real cellular age has nothing to do with your biological age. Imagine that fact. We are conditioned to think old long before we accept being old.
It is why we were given free will to think. Sadly too few accept this gift.

https://x.com/AlexBerenson/status/1906763486476026046

MARK CRISPIN MILLER

DR PAUL ALEXANDER

Fwd: From 140,000 illegals per month under Biden entering USA to now 7,000 month, a drop of 95%! Boom! Great move POTUS

FROM 140,000 illegals per month under Biden entering USA to now 7,000 month, a drop of 95%! Boom! Great move POTUS Trump, for this I give you praise for this is working! Keep it up, we want ZERO, ‘0’

However, we have now learnt that Maryland man deported sent to El Salvador in error to the MEGA prison, but the Justice department says CANNOT get him or bring him back? Abrego Garcia

Dr. Paul AlexanderApr 1

READ IN APP

Updated reporting is that Abrego Garcia is/was a MS-13 Mara Salvatrucha satanist brutal gang and had touches with immigration in US. I need to gather some more information, so this is developing, this Maryland story. If he was deported in error and an innocent man, law abiding and has family etc. then he must be brought back but if this guy was a MS-13 member, and committed crimes on US soil, leave him there. But be warned, you have to ensure that innocent people are not caught up in the deportations. I agree that criminal illegals are to be removed, have lost any compassion or openness. No doubt humanity and dignity is important. To be upheld. Yet yes, remove them, criminal illegals.

Fwd: Would Trump use military force to take Canada if tariffs do not work? Is that the plan by Trump world? Is the want…

would Trump use military force to take Canada if tariffs do not work? Is that the plan by Trump world? Is the want of Canadian waters, its natural resources, its riches, the lure of the forbidden, so

great that Trump would use US military force? What is the plan? Military experts say if that happened, it would be disastrous, kill many, both sides, & would be decades long insurgency

Dr. Paul AlexanderApr 1

READ IN APP

Do not forget about NATO that Canada (alike Greenland who could become part of) is part of NATO and would need to be defended if need be. So, it is complex.

I for one never want to see any conflict between USA and Canada. These are 2 special nations. I want POTUS Trump to help solve this seamlessly, amicable. Two nations with a special relationship and must remain spooning. I think the idea, the notion is a joke. Ridiculous. Can’t happen. Yet the rhetoric is heating up, the distance and separation growing, and experts are weighing in. I for one never ever want to see USA and Canada aggress against each other. I sense Trump will do the right thing by both nations.

Alexander News Network (ANN): Trump’s War 2.0 for America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

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What is your view? Can you comment?

American invasion of Canada would spark decades-long insurgency, expert predicts

American invasion of Canada would mean decades of conflict: Expert

“It’s impossible to annex Canada without violence,” said Ahmad, who has advised generals at the Pentagon about counter-insurgency strategies. “No one is born an insurgent or resistance fighter. This is something that happens to people when their mom is killed, or when their kids are unable to get to a hospital. People fight back because they have to.”

‘‘HALIFAX — If U.S. President Donald Trump fails in his stated goal of annexing Canada through economic force, what would happen if he ordered the world’s most powerful military to invade?

Some experts and academics say it’s a notion too preposterous to even contemplate. But Aisha Ahmad isn’t one of them.

“When you look at the power (imbalance) between the U.S. and Canada, an invasion would immediately result in the defeat of the Canadian Armed Forces,” said the University of Toronto political science professor, who last month published an essay on the subject in The Conversation.

“But a conventional military victory is not the end of this story. It’s just the beginning.”

Trump started openly musing about making Canada the 51st state in December, and on Jan. 7 he said the United States might use the military to seize control of Greenland and the Panama Canal. When asked that day if he would use military force to annex Canada, he said: “No, economic force.” The incendiary comments left Canadians wondering just how far Trump would go to achieve such an audacious power grab.

Ahmad, who has studied insurgencies for more than 20 years, says that if the United States were “reckless” enough to invade its northern neighbour, a violent repression of the Canadian population would herald the beginning of a decades-long resistance.

“It’s impossible to annex Canada without violence,” said Ahmad, who has advised generals at the Pentagon about counter-insurgency strategies. “No one is born an insurgent or resistance fighter. This is something that happens to people when their mom is killed, or when their kids are unable to get to a hospital. People fight back because they have to.”

Ahmad said otherwise ordinary citizens would start engaging in mild civil disobedience — cutting wires, diverting funds, thwarting the occupiers in small ways. Others would escalate to sabotage, ambushes and raids, sowing disorder and slowly draining the invading army of its energy and resources. Neighbours would provide the insurgents with safe havens, allowing them to fade back into the population.

“The research on guerrilla wars clearly shows that weaker parties can use unconventional methods to cripple a more powerful enemy over many years,” Ahmad wrote in The Conversation.

“This approach treats waging war as a secret, part-time job that an ordinary person can do …. Trump is delusional if he believes that 40 million Canadians will passively accept conquest.”

If only one per cent of Canada’s population worked to undermine American forces, that would be 400,000 insurgents. That’s about 10 times the number of Taliban fighters who outlasted the American-led coalition during a brutal 20-year war in Afghanistan, Ahmad said. Americans have a poor track record at counter-insurgency, she said, pointing to U.S.-led wars in Iraq, Vietnam and elsewhere.

Howard Coombs, director of the Queen’s Centre for International and Defence Policy in Kingston, Ont., agreed that a successful invasion wouldn’t take long, but he insisted it wouldn’t be particularly violent.

The U.S. military would try to limit the amount of destruction and death to prevent creating a disaffected population, he said. It’s a strategy that showed some success for the American and Canadian militaries during the war in Afghanistan, he added.

“Having a co-operative population or a neutral population is preferable to having a population that would fight you in thousands of small ways,” said Coombs, a graduate of the U.S. Army Command and General Staff College at Fort Leavenworth in Kansas.

“I served with the Americans and I trained with the Americans,” he said. “I spent two years in their system, learning how they fight wars. They don’t need to come in with overwhelming force. I don’t understand why we would think they would.”

Coombs, who retired from full-time duty with the Canadian military in 2003, also challenged the idea that Canadians would be able to mount a prolonged and violent resistance.

“We all like to think in our hearts that we would fight to the bitter end, but I honestly don’t think that would be the case,” he said, adding that the insurgency wouldn’t last long because supplies would quickly run out. “We don’t have a porous border that would allow the shipment of supplies to Canadians …. Is Russia going to ship stuff across Alaska to us? Are we going to get air drops from the U.K.?”

Ahmad argued that Russia and China would be keen to support any conflict that would sap the strength of the world’s most dominant economic and military power. She said the two countries could covertly funnel arms and supplies through proxies. “I have seen this play out in other war theatres, where the sides switch so fast,” Ahmad said.

Meanwhile, American military historian Eliot Cohen said Canadians shouldn’t lose sleep about a U.S. invasion.

“The whole notion is absurd,” said Cohen, a former dean of the Johns Hopkins School of Advanced International Studies in Washington, D.C. “Even this idiotic (U.S.) administration would not dream of doing it.”

Cohen said Trump’s bluster and brow-beating should not be taken seriously. “My advice to my Canadian friends is: Don’t give him the pleasure of getting upset.”

In a recent article published in The Atlantic magazine, Cohen used a tongue-in-cheek approach to warn Americans against invading Canada, pointing out that previous attempts led to dismal results.

His review of American military failures starts in 1775, when U.S. troops invaded Quebec, where they distributed pamphlets — translated into French — awkwardly declaring: “You have been conquered into liberty.” The campaign ended in disastrous defeat for the American Continental Army in December 1775.

During the War of 1812, former U.S. president Thomas Jefferson said conquering Canada was “a mere matter of marching.”

“This was incorrect,” Cohen wrote. “The United States launched eight or nine invasions of Canada during the War of 1812, winning only one fruitless battle. The rest of the time, it got walloped.”

Cohen said he also wanted to remind Americans about the deep sacrifices Canada made during two world wars and in Afghanistan.

“Canada is a gigantic country with 40 million people who really don’t want to be Americans,” Cohen said in an interview. “(An invasion) would be a monumental enterprise. The opposition to it would be across the board in the United States. And who the hell wants 40 million progressives in the United States? It makes no sense.”’

___

SLAY NEWS

NEWS ADDICTS

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LATEST REPORTS FOR NEWS JUNKIES

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Democrat Senator’s Staffer Arrested with Firearm at CapitolA longtime staffer for Senator Cory Booker (D-NY) was arrested Monday for illegally carrying a firearm on Capitol grounds, according to a statement from U.S. Capitol Police.The staffer, identified as 59-year-old Kevin A. Batts of New Jersey, was taken into custody after admitting to officers he was armed while inside the Senate office complex. Batts, a retired police detective and …READ THE FULL REPORT

Elon Musk Says Arrest Is Imminent in Massive Social Security Theft Involving 400,000 Stolen IdentitiesIn a stunning revelation Monday night during a tele-town hall with Wisconsin voters, Elon Musk warned that an arrest is “imminent” in a massive Social Security fraud scheme involving the stolen identities of over 400,000 Americans.The theft, Musk claimed, is part of a sophisticated financial theft operation tied not only to illegal immigrants defrauding U.S. social welfare systems—but also to …READ THE FULL REPORT

Outrage Grows Over Planned Muslim ‘Mega City’ in Texas Housing 1,000 FamiliesOpponents of a proposed Muslim city in Texas flooded a public meeting Monday in hopes of stopping a controversial Islamic compound from getting necessary permits to begin construction.For hours, the Collin County Commissioners Court heard dozens of speakers pleading with them to deny the East Plano Islamic Center or EPIC, permits needed to build a city for Muslims that’s meant …READ THE FULL REPORT

Epstein Victim Virginia Giuffre Gives Update After Saying She Was DyingJeffrey Epstein victim Virginia Giuffre has said she mistakenly posted the claim that she had just four days left to live to her public Instagram.Ms Giuffre, 41, sparked concerns across the globe when she shared a photo of her ‘battered and bruised’ claiming she was dying after being hit by a school bus.The snap seemed to have been taken from …READ THE FULL REPORT

EVOL NEWS

LATEST REPORTS FOR NEWS JUNKIES3 US Soldiers Found Dead in Lithuanian Bog After Training AccidentThree of the four soldiers missing in Lithuania were found dead after their vehicle became submerged in a swamp during a training exercise, the U.S. Army in Europe and Africa announced Monday.U.S. and Lithuanian recovery crews excavated the crew’s M88 Hercules recovery vehicle from the peat bog, finding the bodies of three soldiers, with the fourth soldier still unaccounted for, …READ THE FULL REPORTEpstein Victim Virginia Roberts Claims She Has ‘4 Days to Live” After Tragic Car CrashVirginia Giuffre—one of the most prominent victims of Jeffrey Epstein’s notorious sex trafficking ring—has announced she may have just four days left to live.The 41-year-old mother of three, battered and bruised, posted a haunting image from her hospital bed late Sunday night on Instagram, revealing she’s been given a grim prognosis following a horrific car accident with a speeding school …READ THE FULL REPORTFrench Populist Leader Marine Le Pen Sentenced to Jail, Banned from PoliticsMarine Le Pen, the long-standing leader of France’s National Rally party who is leading opinion polls for the presidency, has been prohibited from participating in any elections for the next five years following a court ruling.Le Pen, aged 56, was convicted of misusing European Union funds. She received a near $100,000 fine along with her political ban.More concerningly, she has …READ THE FULL REPORTWhite House Preps Another Big Shakeup in Press Briefing RoomThe White House is preparing to shake up the James S. Brady press briefing room in its latest move to upend the power of the press corps, an official confirmed to the Daily Caller.The White House is planning to change the seating arrangement of its briefing room, which has long been dictated by the White House Correspondents’ Association (WHCA), to …READ THE FULL REPORTElon Musk Reveals DOGE’s New Target — Members of Congress Who Got ‘Strangely Wealthy’The world’s richest man is dying to figure out how lawmakers on Capitol Hill got “strangely wealthy” despite their comparatively modest public salaries.Speaking at a town hall in Wisconsin Sunday night, Elon Musk suggested that his team at the Department of Government Efficiency (DOGE) will investigate how certain members of Congress have achieved generational wealth.One attendee at the town hall …READ THE FULL REPORT

MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK

T-Day

Wednesday, Apr 02, 2025 – 09:30 AM

By Michael Every of Rabobank

“I have also to announce to Congress that during the night and the early hours of this morning the first of the series of tariffs in force upon the European Continent has taken place. In this case the liberating assault fell upon the coast of France. An immense armada of upwards of 4,000 tariffs, together with several thousand smaller tariffs, crossed the Channel. Massed airborne tariffs have been successfully effected behind the enemy lines, and tariff landings on the beaches are proceeding at various points at the present time… The Americans are sustained by about 11,000 first line tariffs, which can be drawn upon as may be needed for the purposes of the battle. I cannot, of course, commit myself to any particular details. Reports are coming in in rapid succession. So far, the Commanders who are engaged report that everything is proceeding according to plan. And what a plan! This vast operation is undoubtedly the most complicated and difficult that has ever taken place. It involves tides, wind, waves, visibility, both from the air and the sea standpoint, and the combined employment of land, air and sea tariffs in the highest degree of intimacy and in contact with conditions which could not and cannot be fully foreseen.”

Apologies to Winston Churchill for misusing his D-Day speech: “We shall tariff on the beaches, we shall tariff on the landing grounds, we shall tariff in the fields and in the streets, we shall tariff in the hills; we shall never surrender,” would have been snappier, but historically, the above is the correct one for today.

Because it’s T-day, or “Liberation Day”, or Make America Wealthy Again (MAWA) Day. That’s all we know so far. One rumor is we may get a 20% universal tariff, which would say a lot about ‘state’ and not so much about ‘craft’; or a targeted scheme; that may or may not then be negotiated down. We all still have to wait and see. (Of course tomorrow we start 25% US auto tariffs, on which please see our latest report.)

Ahead of that last-second US decision, last-minute countermoves are being made. Israel (where not much work was needed) and Vietnam (where more was) have both cut all their tariffs on US goods in the hope of a better outcome, and India is reportedly considering the same. Europe (and Canada and Mexico) are instead preparing to fight back, the former even floating escalation into new areas like services and tech that will surely guarantee a furious US response.

The Wall Street Journal hopes tariff clarity today will calm markets, and that’s the White House view too. However, then we all have to wait and see what happens re: counter-tariffs, which seem inevitable –Europe is talking in suitably Churchillian terms again– and then what the US does in the trade space in response, and outside it to those who don’t see trade is now connected to things like US security umbrellas. In short, we need to quote Winnie again: “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.”

Yet while D-Day was a very brave and uncertain exercise, the underlying dynamic of US and Soviet military production vs. German and Japanese made the ultimate outcome of WW2 inevitable, just as the ideological split between the US and the Soviets would always then split the world in a different way afterwards. You can’t focus on just one front, no matter how dramatic, but always need to see the entire theatre of operations.

Place US tariffs in the context of a ‘grand macro strategy’ to retain global hegemony as it is now massively outproduced by China, which is allied with Russia and Iran, and you can again see the risks: global bifurcation that makes any one US tariff like a pebble on a Normandy beach.

Economic models that project the rest of the world trading more with each other in the absence of the US market are just that – models. The actual world economy will not work like that. As such, if the US goes it alone today, it implies certain uncertainty; and if it tries to lever others to join it against China, it implies different but equally certain uncertainty. That’s as:

• China just rehearsed encircling and blockading Taiwan again with more ships and jets. Recall the US Department of Defence memo leak said this is now its national security focus. Europe’s Von der Leyen, talking about fighting on the beaches vs the US tariffs, said nothing, but has spoken very bluntly on this in the past: but what would the EU do in a worst-case scenario if it’s also preparing to fight Russia and shooting back in a US trade war?
• Russia won’t accept US peace proposals on Ukraine in their current form; the US may impose secondary sanctions on buyers of Russian oil or even interdict the shadow fleet operating out of the Baltic as a response.
• The US CENTCOM chief was in Tel Aviv for 10-hour discussions, as the Pentagon orders more firepower to the Middle East. Russia says bombing Iran’s nuclear infrastructure “will have repercussions for the entire region.” And, depending on what Iran might do to others under any attack, not only for that region.
• US National Security Advisor Waltz, with the Signal scandal still swirling round him, is accused of conducting government business over his personal Gmail account. Is this a shotgun to his own foot, again, or friendly fire? How much longer will Waltz be around, and who might replace him if he goes?

Even the current data are uncertain. After yesterday’s US ISM data showing weak new orders and employment and a surge in prices paid, the Atlanta Fed now sees US GDP in Q1 at -3.7%. It’s not as bad stripping out recent gold imports, or all the other imports surging into the US to front-run tariffs. But it isn’t good.

Once again, central banks have no idea what to do and are clearly just hoping for the best. The Fed’s Goolsbee warned about a slowdown in consumer spending and business investment due to tariff uncertainty, which he sees may have a longer-lasting impact on prices than expected due to retaliatory tariffs and their effect on intermediate goods. That sounds like a long way to say “stagflation.”

Meanwhile, Eric and Donald Trump, Jr. launched a Bitcoin mining firm and talked crypto up. Is this all-American speculation, Trumpian grifting, or a signal on a future US policy pivot towards a neutral reserve asset? Moreover, gold prices hit a new nominal record high of $3,133, up 37.5% over a year in which some were/are still thinking about “rate cuts!” If that doesn’t underline the structural uncertainty we are dealing with, not a lot does.

Let’s finish by paraphrasing Winston once more: markets are drunk on uncertainty today, and tomorrow they may be sober, but the global backdrop will still be ugly.

Allow me to add: “By diligent effort, they must learn to like it.”

7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/

Indian Refiners Seek Alternatives To Russian Oil After Trump Tariff Threat

Tuesday, Apr 01, 2025 – 08:30 PM

Indian oil refiners have started looking for alternative supplies of crude after President Trump threatened secondary sanctions on Russian energy exports if Moscow refuses to sign a ceasefire deal for the Ukraine.

Bloomberg reported that companies such as Bharat Petroleum Corp. and Hindustan Petroleum Corp. were looking for oil cargoes from the Middle East, the North Sea, and the Mediterranean for May delivery in anticipation of tariff action.

India has emerged as one of the biggest buyers of Russian crude since the start of the war in Ukraine, with grades including Urals accounting for almost 40% of the nation’s imports last year. Refiners have enjoyed elevated profits due to the cheaper supplies, although that advantage has waned in recent months. China has also purchased bigger volumes since the invasion.

President Trump threatened a 25% tariff on all Russian oil, saying “If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia’s fault — which it might not be — but if I think it was Russia’s fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia,” in an interview for NBC.

“That would be that if you buy oil from Russia, you can’t do business in the United States. There will be a 25% tariff on all oil, a 25- to 50-point tariff on all oil,” Trump elaborated.

The mechanism would be the same as the one Trump applied to Venezuela, slapping a 25% tariff on all imports from countries that continue buying crude from the South American nation.

Since the US is India’s top trading partner, under a scenario of “secondary tariffs” for buyers of Russian oil, it’s likely that the South Asian nation would look for alternative supplies, said Warren Patterson, the head of commodities strategy for ING Groep NV in Singapore.

“Traditional sanctions have created enough uncertainty,” he said. “The idea of secondary tariffs only intensifies this uncertainty, given that it is a new tool. Buyers need to decide whether the advantages of picking up discounted crude outweigh the potential hit on its economy from additional tariffs.”

“The big question is, will these repeated shocks end up structurally reducing Indian appetite for Russian crude? I have my doubts, as long as the economics works,” said Vandana Hari, founder of Vanda Insights in Singapore. “It’s a bluff, a bargaining ploy on the part of Trump. But refiners need to prepare, they can’t rely on hunches, no matter how bizarre and unlikely a supply threat.”

Such a tariff would be a considerable problem for India, whose dependence on imported crude hit an all-time high in the latest fiscal year. India imported 88.2% of the crude it consumed in the April 2024-February 2025 period, according to oil ministry data released at the end of last month. This is up from 87.7% for the previous fiscal year.

Due to this dependence, India is particularly price-sensitive, which is why it stepped up its purchases of Russian oil following the barrage of Western sanctions directed at Russia’s energy industry. Russia is currently India’s biggest single oil supplier.

end

this should raise the price of oil

(Paraskova/OilPrice.com)

Russia Halts Large Chunk Of Kazakhstan’s Oil Export Capacity

Wednesday, Apr 02, 2025 – 05:00 AM

By Tsvetana Paraskova of OilPrice.com

Russia has ordered shut two of the three moorings of the main oil export terminal on the Black Sea handling Kazakhstan’s oil exports, which could seriously disrupt Kazakh crude shipments if the suspension lasts more than a few days.

Following snap safety inspections by Russia’s Federal Agency for Transport Supervision, prompted by the Kerch Strait oil spill in December 2024, Russia ordered on Monday that the SPM-1 and SPM-2 moorings of the terminal of the Caspian Pipeline Consortium (CPC) be shut immediately, CPC said in a statement.

The consortium operates the pipeline from the Caspian coast in northwest Kazakhstan to the Novorossiysk port on Russia’s Black Sea coast. The port handles most of Kazakhstan’s crude exports from giant oilfields in Kazakhstan operated by international oil firms, including U.S. supermajor Chevron.

Affiliates of Chevron and ExxonMobil are also minority shareholders in CPC, whose biggest shareholder is the Russian Federation with a 24% stake.

CPC complied with the order for a temporary ban of operations at the SPM-1 and SPM-2 moorings and took them out of service “until the identified deficiencies have been addressed.”

Until then, all transshipment operations at the CPC Marine Terminal will be delivered using the SPM-3 mooring commissioned in 2014, the consortium said.

The suspension of part of the export capacity could more than halve the crude oil exports of Kazakhstan if it drags on for more than a week, trading sources told Reuters on Tuesday.

The potential disruption to Kazakhstan’s oil exports comes as the country part of the OPEC+ pact saw its crude production hit a record high in March despite continued pledges to start complying with its OPEC+ quota that it has been exceeding for years.

Kazakhstan appears to find it hard to convince Chevron and the other supermajors operating in the country to limit production now after years of investing billions of U.S. dollars in oilfield expansions.

Amid tensions with OPEC+ and the oil majors, Kazakhstan said last month that energy minister Almassadam Satkaliyev would step down from the role and lead a newly minted atomic energy agency.

end

WTI ‘Steady’ Near 5-Week Highs As ‘Drill Baby Drill’ Lifts US Crude Production

Wednesday, Apr 02, 2025 – 10:45 AM

Crude prices continue to tread water above $70 (WTI) this morning (holding Monday’s gains on potential sanctions on Russian oil), drifting modestly lower aftr API reported a large crude build overnight ahead of new supply coming this month as OPEC+ begins to unwind 2.2-million barrels per day of production cuts.

However the new supply is being offset with tightened U.S. sanctions on Iran and Venezuela, while Trump this week threatened to impose secondary tariffs on U.S. imports from countries buying Russian oil.

“Crude prices paused last month’s rally, with Brent finding some resistance above USD 75, with the focus-for now-turning from a sanctions-led reduction in supply to Trump’s tariff announcement and its potential negative impact on growth and demand,” Saxo Bank noted.

DOE

• Crude +6.165mm
• Cushing +2.373mm – biggest build since Jan 2023
• Gasoline -1.551mm
• Distillates +264k

The official data confirmed API’s report that Crude inventories saw a large build last week. Stocks at the Cushing hub also soared (most since Jan 2023) as Gasoline stocks fell for the 5th straight week…

Source: Bloomberg

Including a 285k barrel addition to the SPR, last week saw the largest total crude inventory build since the last week of January…

Source: Bloomberg

US Crude production was steady at record highs as Trump’s ‘drill baby drill’ plan appears to be working with the rig count rising notably…

Source: Bloomberg

WTI is holding above $71 for now (near 5-week highs)…

Source: Bloomberg

Finally, we note that the tariffs add to a deluge of conflicting drivers from energy markets since Trump came into office. Sanctions threaten to curb supply from Russia and Iran, even as a production boost by OPEC and its allies starting this month exacerbates concerns a glut is looming later this year.

“We expect a wait-and-see stance in the oil market today until more clarity emerges on Trump’s tariff plans,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management. “That said, there is a risk that the oil price may decline today, driven by concerns that tariffs will significantly hinder growth.”

Oil prices continue to hover near five-wek highs after the Trump administration threatened to impose steep tariffs of 25% to 50% on buyers of Russian crude, Rystad Energy reported in an analysis piece.. The move, aimed at pressuring Moscow into a ceasefire with Ukraine, added a new layer of geopolitical uncertainty to the market.

‘The market is still digesting what these newly proposed tariffs mean for peace negotiations,’ said Janiv Shah, Rystad’s vice president of oil.

Shah noted that if the tariff strategy proves effective in encouraging a Russia-Ukraine truce, the measures could be short-lived. However, he warned the tariffs could have diverging effects: “bullish for crude oil and bearish for products.”

END

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/

Argentina

Argentina To Declassify Nazi Archives… But Did Hitler Escape There Too?

Wednesday, Apr 02, 2025 – 06:30 AM

Authored by Jon Fleetwood,

In a move both hailed and questioned, Argentine President Javier Milei has ordered the full declassification of secret government files related to Nazis who fled to Argentina after World War II—along with archives from the country’s own military dictatorship.

The promise of disclosure follows a broader global trend toward transparency, including the U.S. government’s recent release of long-classified files related to the assassination of President John F. Kennedy—documents that, for decades, were withheld from the public under claims of national security.

WATCH: I break down Argentina’s move to declassify Nazi files—and the FBI docs claiming Hitler survived WWII and escaped to Argentina.

"Hitler was landed in Argentina approximately June 20 [1945]… his face was disfigured."

Full story in the video:
🎥👇#Hitler #Argentina… pic.twitter.com/Q6eq2z8Yz3

— Jon Fleetwood (@JonMFleetwood) March 31, 2025

But with reports of 5,000 Nazis escaping to South America—including top convicted war criminals like Adolf Eichmann and Josef Mengele—some are asking a more explosive question: did Hitler himself survive the war and escape to Argentina?

Cabinet Chief Guillermo Francos confirmed that Milei’s order, made after a meeting with U.S. Senator Steve Daines, applies to all Nazi-related documents across state agencies, including Defense Ministry files and financial records long shrouded in secrecy.

“President Milei has ordered the publication and declassification of the archives,” Francos said. “These files concern Nazis who sought refuge in Argentina and were protected for many years. These are historical documents that should be accessible to the public.”

“There is no reason to continue safeguarding that information,” he added. “These are archives of a part of Argentine history and they have to be public.”

The move also revives a long-held claim—dismissed by mainstream historians but not by everyone—that Adolf Hitler didn’t die in Berlin in 1945, but instead fled via Spain and ended up living out his days under protection in South America.

The Escape Route Nobody Was Supposed to Talk About

Historians have documented the escape of high-profile Nazis to Argentina—Eichmann was captured by Israeli Mossad agents in Buenos Aires in 1960; Mengele died decades later under a false identity in Brazil.

So why wouldn’t the same network that protected them also protect Hitler?

That’s the question Argentine journalist and author Abel Basti has spent his career trying to answer.

In books like Hitler in Exile and Hitler in Argentina, Basti argues that Hitler escaped through a tunnel under Berlin to Tempelhof Airport, fled to Spain, then traveled by submarine to Argentina, where he lived with SS support and the help of sympathetic German immigrants.

He cites declassified FBI reports, alleged sightings in Patagonia, and photos he claims show Hitler with known Nazi sympathizers in Argentina.

The Eden Hotel in La Falda—a hotspot for Nazi activity in the mid-20th century—is at the center of many of these claims.

Basti believes Hitler stayed there with Walter and Ida Eichorn, well-known Nazi loyalists who ran the property.

U.S. intel files from the era include dozens of unverified tips about Hitler sightings across South America.

Now, Milei’s declassification order may allow researchers—and skeptics—to comb through those files firsthand.

FBI Document Reveals Escape Rumors After Hitler’s Death: National Archives

As part of a National Archives blog series titled ‘Hunting Hitler,’ two FBI reports released in 2015 revisit mysterious rumors from 1945 suggesting Hitler escaped to Argentina.

One report, sent from Buenos Aires on July 14, 1945, claimed that “a source of unknown reliability” said “Hitler was landed in Argentina approximately June 20, that his face was disfigured,” and that an Argentine army major was preparing to escort him to a “secret hiding place in Chaco territory.”

The report added, “All rumors being investigated.”

A second document, dated August 14 from the FBI in Los Angeles, recounted a claim made by a Hollywood actor, who said a man at a club told him he had a “tremendous problem that was bothering him.”

That man allegedly said he “was one of four men who met Hitler and his party when they landed from submarines in Argentina two and a half weeks after the fall of Berlin.”

Both documents appear in ‘Hunting Hitler Part VII: The search continues June–September 1945,’ authored by National Archives historian Greg Bradsher.

Argentina Wasn’t the Only One Harboring Nazis

It’s worth noting that Argentina was not alone in giving shelter to Nazi officials.

The United States government—through a covert program known as Operation Paperclip—smuggled more than 1,600 German scientists, engineers, and technicians into the country after the war.

Many of these individuals had direct ties to the Nazi regime, and some were connected with war crimes.

One of the most famous Paperclip recruits was Wernher von Braun, former SS officer and architect of the Nazi V-2 rocket program, who later became a leading figure in NASA’s Apollo program.

U.S. intelligence scrubbed their records and gave them new lives in American institutions of research, military development, and space exploration.

If the U.S. was willing to overlook Nazi atrocities in the name of national interest, it raises the question: how many other countries did the same—and what information still hasn’t been revealed?

Publicity Stunt or Historic Breakthrough?

Critics argue the announcement is little more than political theater.

The Libertarian government has already laid off many of the archivists and staff who would handle the release.

“So who’s going to do it?” opposition lawmakers asked.

“The announcements are pure demagogy,” one local outlet reported.

Milei made the announcement last week on Argentina’s National Day of Memory, Truth, and Justice—a holiday marking the start of the country’s 1976-1983 military dictatorship.

His administration also vowed to declassify intelligence files from that era, saying “telling the whole story is a crucial task.”

Yet, the most consequential revelations may not be about Argentina’s dictatorship—but what the country knew about one of the darkest chapters in world history, and when.

Fringe, Fiction, or Classified Fact?

Mainstream historians like Richard J. Evans reject the Hitler escape theory as fiction.

They point to forensic evidence like Hitler’s dental remains, which match his known records and were confirmed in 2018 by a French-led team examining Soviet archives.

Still, questions remain.

Why did U.S. intelligence keep thousands of pages of Nazi-related sightings and investigations classified for decades?

Why did Argentina offer safe haven to so many convicted war criminals?

And why, nearly 80 years later, does the full story remain locked in government vaults?

Whether the release of Argentina’s Nazi files will finally put the escape theory to rest—or breathe new life into it—remains to be seen.

But for the first time in decades, the files may finally see daylight.

And if Milei makes good on his promise, the world may discover just how deep the rabbit hole goes.

YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS WEDNESDAY MORNING 6;30AM//OPENING AND CLOSING

EURO/USA: 1.0800 UP 6 BASIS POINTS

USA/ YEN 149.32 DOWN 0.428 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 1.2942 UP 0.0021 OR 21 BASIS PTS

USA/CAN DOLLAR:  1.4322 UP 0.0028 (CDN DOLLAR DOWN 28 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 1.69 PTS OR 0.05%

 Hang Seng CLOSED DOWN 4.31 PTS OR .02%

AUSTRALIA CLOSED UP 0.08%

 // EUROPEAN BOURSE:     ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 4.31 PTS OR .02%

/SHANGHAI CLOSED UP 1.69 PTS OR 0.05%

AUSTRALIA BOURSE CLOSED UP 0.08%

(Nikkei (Japan) CLOSED UP 101.39 PTS OR 0.28%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 3122.90

silver:$33.91

USA dollar index early WEDNESDAY  morning: 103.79 DOWN 16 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.194 % DOWN 0 in basis point(s) yield

JAPANESE BOND YIELD: +1.450% DOWN 2 FULL POINTS AND 40/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.308 DOWN 3 in basis points yield

ITALIAN 10 YR BOND YIELD 3.786 DOWN 1 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.6720 DOWN 2 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY WEDNESDAY

Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.0821 UP .0025 OR 25 basis points

USA/Japan: 149.53 DOWN 0.216 OR YEN IS UP 22 BASIS PTS//

Great Britain 10 YR RATE 4.6585 DOWN 3 BASIS POINTS //

Canadian dollar DOWN .0033 OR 33 BASIS pts  to 1.4328

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan DOWN T0 7.2675,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE UP TO 7.2758:    

TURKISH LIRA:  37.92 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.450

Your closing 10 yr US bond yield DOWN 2 in basis points from TUESDAY at  4.1350% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.514 DOWN 2 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.865 DOWN 0 BASIS PTS.

GOLD AT 11;00 AM 3122.50

SILVER AT 11;00: 33.81

Your  11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates: FRIDAY CLOSING TIME 11:00 AM//

London: CLOSED DOWN 26.32 PTS OR 0.30%

GERMAN DAX:DOWN 149.14 PTS OR 0.66%

Paris CAC CLOSED DOWN 17.53 or 0.22%

Spain IBEX CLOSED UP 53.70 PTS OR 0.40%

Italian MIB: CLOSED DOWN 103.18 PTS OR 0.27%

WTI Oil price  71.51 11 EST/

Brent Oil:  74.73 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  84.20 ROUBLE UP 0 AND  30/ 100      

GERMAN 10 YR BOND YIELD; +2.6720 DOWN 2 BASIS PTS.

UK 10 YR YIELD: 4.6585 DOWN 3 BASIS POINTS

CDN 10 YEAR RATE: 2.923 DOWN 3 BASIS PTS.

CDN 5 YEAR RATE: 2.564 DOWN 4 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0852 UP 0.0057 OR 57 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2983 UP .0062 OR 62 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.7190 UP 1 BASIS PTS//

JAPAN 10 YR YIELD: 1.449

USA dollar vs Japanese Yen: 150.06 UP 0.314 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4317 UP .0022 BASIS PTS CDN DOLLAR DOWN 22 BASIS PTS

West Texas intermediate oil: 71.76

Brent OIL:  74.97

USA 10 yr bond yield UP 4 BASIS pts to 4.194

USA 30 yr bond yield UP 4 BASIS PTS to 4.584%

USA 2 YR BOND: UP 5 PTS AT  3.910%

CDN 10 YR RATE 2.968 UP 2 BASIS PTS

CDN 5 YEAR RATE: 2.609 UP 2 BASIS PTS

USA dollar index: 103.51 DOWN 44 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 37.92 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  84,25 UP 0 AND  25/100 roubles

GOLD  3127.05 (3:30 PM)

SILVER: 33.87 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: UP 234.93 OR 0.56%

NASDAQ 100 UP 145.36 PTS OR 0.75%

VOLATILITY INDEX: 21.41 DOWN 0.36 PTS OR 1.65%

GLD: $ 288.16 UP 0.59 PTS OR 0.21%

SLV/ $30.76 UP 0.13 PTS OR OR 1.16%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 222.04 OR 0.89%

end

TRADING today ZEROHEDGE/

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

Stocks Pump’n’Dump’n’Pump (Again) Ahead Of Trump’s Tarrific Presser, ‘Hard’ Data Strengthens To One-Year Highs

USA DATA

Is Trump’s Plan Working? ADP Shows Biggest Jump In US Manufacturing Jobs Since Oct 2022

Wednesday, Apr 02, 2025 – 08:26 AM

Despite the ongoing strength in jobless claims data, fears are growing in the soft data that Friday’s payrolls print might be a game-changer. Today, we get a glimpse of what’s possible as, following last month’s ‘weak’ report, ADP’s Employment shows the US economy added 155k jobs in March (more than the 120k expected and almost double the 77k added in February)…

Source: Bloomberg

So, once again, the soft data and constant mainstream narrative of recession is crushed by the hard data.

“Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors,” said Nela Richardson, Chief Economist, ADP

Is it just us, or can you sense the disappointment in her statement that the US economy didn’t implode?

Service industry jobs showed a major rebound from weakness in February while goods-producing job additions slowed…

Source: Bloomberg

Manufacturers added 21k jobs in March – the biggest addition since Oct 2022…

Source: Bloomberg

The other piece of ‘good’ news is that wage growth slowed for both job-stayers and job-changers…

Source: Bloomberg

So much for runaway inflationary pressure and recessionary labor market stagnation… and the surge in manufacturing jobs suggests Trump’s plan is working?

Is Trump's plan to reshore manufacturing already working: biggest increase in manufacturing jobs since October 22, which was followed by a 2 year manufacturing recession. pic.twitter.com/7iyA11BSRr

— zerohedge (@zerohedge) April 2, 2025

end

looks like Trump is winning

US Factory Orders Surge Near Record Highs In Feb (Ignoring ‘Soft’ Data Slump)

by Tyler Durden

Wednesday, Apr 02, 2025 – 10:11 AM

Despite all the ‘soft’ data slumping and legacy media narrative creation that a recession is imminent, US Factory Orders (hard data) surged for the second month in a row (beating expectations). Headline factory orders rose 0.6% MoM (+0.5% MoM exp) in March and February’s 1.7% MoM jump was revised up to +1.8% MoM. This left Factory Orders up 2.5% YoY…

Source: Bloomberg

Core Factory Orders (excluding the more volatile Transportation sector) rose 0.4% MoM – accelerating on a MoM basis for the sixth straight month…

Source: Bloomberg

Finally, February’s rise lifted US Factory Orders very close to record highs…

Source: Bloomberg

So much for the ‘soft’ data-driven recession talk?

USA ECONOMIC NEWS

TD (TARIFF DAY) HAS ARRIVED

(EPOCHTIIMES

How Trump’s ‘Liberation Day’ Tariffs Are Set To Reshape Global Trade

Wednesday, Apr 02, 2025 – 11:40 AM

Authored by Emel Akan and Andrew Moran via The Epoch Times,

President Donald Trump is set to announce reciprocal tariffs for all nations starting April 2, the date he has dubbed “Liberation Day.”

Companies, markets, and governments are on edge, expecting the move to send shockwaves across the globe.

Liberation Day will impact all countries, Trump told reporters over the weekend aboard Air Force One. However, some countries will be more vulnerable due to their high trade imbalances with the United States and significant trade barriers against American goods, including China, India, the European Union, Canada, Mexico, the United Kingdom, Vietnam, Japan, and South Korea.

The president will reveal details of his tariff plan at a White House Rose Garden event Wednesday afternoon after the stock markets close.

Speaking to reporters from the Oval Office on March 31, Trump stated that his tariff rates will be lower—and in certain instances “substantially lower”—than what other countries have been charging the United States.

“We are going to be very nice by comparison to what they were,” the president said. “We have a world obligation, perhaps, but we’re going to be very nice, relatively speaking. We’re going to be very kind.”

On Feb. 13, the president unveiled the concept, describing it as a “fair and reciprocal plan” for trade by raising U.S. levies to match duties that other nations impose on U.S. products.

He instructed his team to assess and recommend tariffs on countries that impose significant barriers to U.S. products, including tariffs, value-added taxes, and other non-tariff restrictions. The assessment will also consider the foreign exchange policies of America’s trading partners.

Trump’s tariff policies are anticipated to have a significantly broader impact on products, industries, and countries affected by tariffs compared to previous administrations. According to an estimate by consulting firm PwC, the measures could increase U.S. tariff revenues from $76 billion annually to almost $697 billion.

A key objective behind the administration’s tariff plans is to reverse America’s decades-long trade deficit.

The United States has recorded trade deficits every year since 1976. Last year, the U.S. goods and services trade gap surpassed $918 billion—a 17 percent increase from 2023.

Many factors have contributed to this decades-long trend. A low national savings rate, for example, has resulted in a higher dependence on foreign capital to fund investments. Foreign markets’ comparative advantage, mainly in the form of lower labor costs, has also led to cheaper imports, satisfying ferocious domestic consumption.

White House officials, including U.S. Trade Representative Jamieson Greer, believe tariffs could be a part of the solution to undo ongoing trade deficits.

“Part of the question is how large of a trade deficit do we want, because the trade deficit represents, in large part, manufacturing jobs that have [gone] overseas,” Greer told the Senate Finance Committee in February.

He also noted that worsening trade imbalances with particular countries were a “huge problem.”

In 2024, China ranked first, with the U.S. trade deficit reaching $295 billion. This was followed by the European Union ($236 billion), Mexico ($172 billion), Vietnam ($124 billion), Taiwan ($74 billion), and Japan ($69 billion).

Economists argue that the administration’s sweeping trade policy changes will have the greatest impact on industries that have traditionally benefited from low or no tariffs. As a result, these industries will be forced to evaluate the costs and benefits—such as logistics, tax rates, and tariffs—of relocating production to the United States.

Last year, the top U.S. importer jurisdictions were Mexico, China, Canada, Germany, and Japan.

Sectors Most Affected By New Tariffs

Higher tariff rates will impact a wide range of sectors and countries.

Automobile manufacturing in Canada, Germany, Japan, and Mexico could be the hardest hit. The auto industry will navigate potential disruptions from reciprocal tariffs and Trump’s higher import duties on steel, aluminum, foreign vehicles, and car parts.

Canada’s oil and gas sector is also expected to be hammered. The United States imports more than 4 million barrels of crude per day—up significantly from 15 years ago.

Since returning to the White House, Trump has already imposed tariffs on China over its failure to address its role in illicit fentanyl trafficking into the United States. Now, with the introduction of  reciprocal tariffs, China could face major disruptions in its exports of smartphone technology and lithium-ion batteries, the two items most heavily shipped to the United States.

Other industries facing significant impacts include critical medicines and health care equipment, which are primarily sourced from India, Ireland, and Switzerland.

The European Union and emerging markets could take a hit from reciprocal tariffs, says Mary Park Durham, a research analyst at JPMorgan Chase.

First, the E.U. accounts for approximately one-fifth of U.S. imports and registered a trade surplus.

“While the U.S. and EU have similar average tariff rates of 3.4% and 4.1% on each other’s imports, respectively, disparities arise at the product level,” she said in a note.

The U.S. government has highlighted the bloc’s value-added taxes (VATs), which it views as tariffs. VATs are consumption taxes absorbed by producers at each stage in the supply chain and consumers at the point of sale. The EU’s VAT rate averages 20 percent, higher than the average U.S. sales tax rate of 6.6 percent.

While the U.S. Trade Representative’s 2025 National Trade Estimate Report did not specify Europe’s VATs, White House officials have rebuked the policy, calling it a “double whammy.”

“No wonder Germany sells eight times as many cars to us as we do to them, and President Trump is no longer going to tolerate that,” an official told reporters in February.

Second, emerging markets such as Brazil and India maintain high average tariff rates on all imports. These countries generally impose higher import duties to shield vulnerable domestic industries from foreign competition.

“The difference in tariff rates between emerging markets and the U.S. in their bilateral trade tends to be wider than that for developed markets,” said Brian Coulton, the chief economist at Fitch Ratings, in a report.

Brazil and India were spotlighted as examples of unfair trade practices in a White House fact sheet.

Brazil charges U.S. ethanol exports an 18 percent levy, compared to the U.S. rate of 2.5 percent. “As a result, in 2024, the U.S. imported over $200 million in ethanol from Brazil while the U.S. exported only $52 million in ethanol to Brazil,” the document stated.

India, meanwhile, imposes a 100 percent tariff on U.S. motorcycles. Conversely, the United States adds a 2.4 percent levy on Indian motorcycles, the White House said.

Countries Offering Concessions

A Bank of America report showed that the United States has the lowest trade barrier of any Group of 20 (G20) nations; the world’s largest economies.

“We’ve been taken advantage of for 40 years, maybe more, and it’s just not going to happen anymore,” Trump told reporters aboard Air Force One on March 28.

However, he said many countries are willing to make concessions and he didn’t rule out making deals with those countries.

“It’s possible if we can get something for the deal,” Trump said. “I’m certainly open to that.”

Some countries have already begun offering concessions. On April 1, Israel announced that it will remove all remaining tariffs on American products.

Prior to his long-awaited reciprocal tariff roll out, Trump has threatened to impose levies on friends and foes alike.

During the campaign trail and shortly after winning the election, the president said he would impose 100 percent tariffs on countries that engage in anti-dollar activities.

He also threatened 25 percent tariffs on Colombian agricultural products over a short-lived spat involving President Gustavo Petro’s refusal to accept its nationals deported from the United States. Trump rescinded the levies once Petro caved and accepted his citizens.

After Ontario Premier Doug Ford vowed to cut off electricity flowing from the Canadian province to several U.S. states, Trump stated he would double tariffs on Canada. He reversed the decision after Ford confirmed he would not shut off the power or add taxes to electricity exports.

Trump recently revealed that he plans to announce tariffs on lumber, pharmaceuticals, and semiconductors.

A car hauler truck makes its way to the Ambassador Bridge to cross into Detroit from Windsor, Canada, on April 1, 2025. President Donald Trump has been referring to April 2 as “Liberation Day,” when his administration will begin implementing sweeping new tariffs on goods imported into the United States from other countries. Bill Pugliano/Getty Images

Days after implementing a blanket 25 percent tariff on cars and light trucks manufactured outside the United States, the president stated that he doesn’t care if automakers raise car prices for Americans.

If prices on foreign automobiles increase, customers will shift their buying preferences to American-made vehicles, he said.

“I couldn’t care less. I hope they raise their prices because if they do, people are gonna buy American-made cars. We have plenty,” Trump said in an interview with NBC’s Kristen Welker.

He added that higher prices would bolster U.S.-based manufacturers.

“If you make your car in the United States, you’re going to make a lot of money,” the president said. “If you don’t, you’re going to have to probably come to the United States, because if you make your car in the United States, there is no tariff.”

Auto tariffs are scheduled to take effect on April 3 and will be permanent.

Various individuals have been integral in crafting the president’s tariff plans.

White House press secretary Karoline Leavitt told reporters on March 31 that Vice President JD Vance has been “deeply involved” in trade discussions.

Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, White House economist Kevin Hassett, U.S. Trade Representative Jamieson Greer, and senior counselor for trade and manufacturing Peter Navarro, have all contributed to shaping the tariff regime.

“All of these individuals have presented plans to the president on how to get this done, and it’s the president’s decision to make,” Leavitt said.

A trader works on the floor of the New York Stock Exchange on April 1, 2025. Stocks opened up low as the market reacts to President Donald Trump’s April 2 expected proposal for a round of new tariffs. Michael M. Santiago/Getty Images

Tariffs Fuel Market Volatility

Financial markets have wiped out trillions of dollars in value over the last several weeks. Investors fear that tariffs will revive inflation and slow economic growth—surveys suggest the United States could slip into a recession.

The tech-heavy Nasdaq Composite Index has slumped 5 percent in March. The blue-chip Dow Jones Industrial Average fell about 1 percent last month. The broader S&P 500 has trimmed 3 percent to finish the first quarter.

Gold prices have extended their gains from last year, reaching a record high of $3,100 per ounce. The yellow metal gained 19 percent in the first quarter, fueled by strengthening safe-haven demand amid market turmoil.

U.S. Treasury yields have slumped since reaching a mid-January peak as traders concentrate on the economy’s long-term prospects.

The benchmark 10-year yield has fallen about 65 basis points to below 4.16 percent.

The U.S. Dollar Index (DXY), a metric of the greenback against a basket of currencies, has declined 4 percent this year. Tariffs and structural changes have fueled the recent weakness.

Uncertainty has been a sizable force behind the enormous volatility but April 2 should resolve some of the anxieties plaguing investors, says Jeffrey Buchbinder, the chief equity strategist at LPL Financial.

“April 2 is a big day for the stock market,” Buchbinder said in a note emailed to The Epoch Times. “There will still be trade policy uncertainty after that date but the Trump administration is expected to clear up some of the biggest questions investors have right now.”

212,268 Pounds Of Egg Products Potentially Containing Bleach Recalled

Tuesday, Apr 01, 2025 – 05:20 PM

Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

Hundreds of thousands of pounds of egg items are being pulled off the market, citing the potential presence of an “unapproved substance,” according to the Food Safety and Inspection Service (FSIS).

Michigan-based Cargill Kitchen Solutions is recalling “approximately 212,268 pounds of liquid egg products that may contain a cleaning solution with sodium hypochlorite,” the agency said in a March 28 recall announcement. “The problem was discovered when FSIS received a tip about the potential contamination of these products.”

According to a 2022 study, sodium hypochlorite, commonly known as bleach, is a main ingredient in cleaners and has good sanitizing effects. One of its uses is sterilizing food factories. Ingestion of the compound can result in vomiting, nausea, and burning sensations in the mouth. When large amounts are ingested, it results in “serious toxicity.”

“After conducting an investigation and thorough assessment of the contents of the cleaning solution, FSIS scientists concluded that use of this product should not cause adverse health consequences, or the risk is negligible, resulting in a Class III recall.”

Class III is the lowest of the three recall classifications under the U.S. Department of Agriculture and is assigned to products that pose a “marginal risk” to people.

The recalled items were shipped to distributors in Ohio and Texas as well as for food service use in Arizona, California, Colorado, Florida, Illinois, and Iowa. FSIS said the products could have been distributed nationwide.

The products were manufactured on March 12 and 13, with “use by” dates extending to August 2025 and March 2026. They were sold in 32 oz. cartons.

The agency has received no confirmed reports of adverse reactions from consuming the recalled products. It advised people who have ingested the item and are worried about illnesses to contact a health care provider.

In an emailed statement to The Epoch Times, Cargill said the products were voluntarily recalled “out of an abundance of caution.”

“Consumers who have purchased these products are urged not to consume them, and food service locations are urged not to serve them. These products should be thrown away or returned to the place of purchase,” FSIS said.

Individuals with questions about the recall can contact Cargill Kitchen Solutions at 1-844-419-1574.

Multiple other food recalls have been initiated over the past years due to the presence of unapproved substances.

In February last year, New York-based MF Meats withdrew more than 93,000 pounds of raw meat products out of concern they could have been contaminated with “non-food grade mineral seal oil, which is not approved for use in meat processing.”

Back in August 2022, Kraft Heinz recalled around 5,760 cases of juice drink blend beverages. The recall was triggered after a “diluted cleaning solution, which is used on food processing equipment, was inadvertently introduced into a production line” at one of the company’s factories.

The issue emerged after Kraft Heinz received multiple complaints from customers about the taste of the item.

end

this should hit hard: anybody that buys from Russia will pay a 500% tariff

(zerohedge)

Bipartisan Senators Prepare 500% Uranium, Oil Tariffs If Russia Doesn’t Negotiate 

Wednesday, Apr 02, 2025 – 09:00 AM

A bipartisan group of US senators have prepared an anti-Russia sanctions nuclear option in the case that Moscow refuses to sign on to Trump efforts to negotiate an end to the Ukraine war.

The 50 Republicans and Democrats which introduced the sanctions package Tuesday are led by Senators Lindsey Graham and Richard Blumenthal, and their bill would impose a 500% tariff on imported goods from countries that buy Russian oil, gas, uranium and several other products. American citizens would also be prohibited from buying Russian sovereign debt.

“The sanctions against Russia require tariffs on countries who purchase Russian oil, gas, uranium and other products. They are hard hitting for a reason,” the Senators wrote in a Tuesday statement.

“These sanctions against Russia are at the ready and will receive overwhelming bipartisan, bicameral support if presented to the Senate and House for a vote,” they added.

“The dominating view in the United States Senate is that Russia is the aggressor, and that this horrific war and Putin’s aggression must end now and be deterred in the future.”

This in part springs from growing concern that despite President Trump’s good-faith efforts, even dangling the possibility of dropping sanctions to get the Kremlin quickly to the negotiating table, Moscow is intentionally stalling while it presses the war forward.

President Trump told reporters over the weekend aboard Air Force one of Putin and his officials, “If I think they’re tapping us along, I will not be happy about it.”

China and India would come under the immediate crosshairs, as they’ve remained top importers of Russian oil since the start of the Ukraine war.

However, the bill leaves open the option of granting presidential waivers on national security grounds, with Bloomberg pointing to the likely chance of a “confrontation” with India and China over the secondary sanctions and the “difficult position” the EU has found itself in.

In Europe, the lure of a return to cheap Russian energy is ever-present, and as we noted, senior German politicians are already calling for a resumption of ties with Russia. For example Michael Kretschmer, a senior member of Friedrich Merz’s centre-right Christian Democrats, is now arguing that EU sanctions on Russia are “completely out of date” as they increasingly openly contradict “what the Americans are doing.”

Financial Times in a report quoted Kretschmer’s words to the German press agency DPA as follows: “When you realize that you’re weakening yourself more than your opponent, then you have to think about whether all of this is right.”

50 US Senators have introduced a bill that includes the most intense Russia sanctions to date including a 500% (!) additional tariff on any countries buying Russian hydrocarbons & uranium, putting SWIFT into law, and perma-freezing Russian sovereign debt & securities. Wow. pic.twitter.com/Mg8hJIN1oY

— Maximilian Hess (@zakavkaza) April 2, 2025

At the same time, Hungary and Slovakia not only continue bypassing Ukraine for imports of Russian gas – after Ukraine broke from the transit of Russian gas on January 1st – but are actually boosting these supplies.

Hungarian Foreign Minister Peter Szijjarto announced on Tuesday that the Veľké Zlievce/Balassagyarmat interconnection point from Hungary to Slovakia has been brought to full capacity this week due to the stoppage through Ukraine.

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KINGNEWS

The King Report for April 2, 2024 Issue 7463

Independent View of the News

With the desperate manipulation to game Q1 performance out of the way, the gravity of negative fundamentals (tariffs & recession) pulled stocks sharply lower.  Bonds rallied sharply on defensive asset.   The S&P Global US Manufacturing PMI for March increased to 50.2 from 49.8; 49.9 was expected.   The ISM Manufacturing survey for March declined to 49 from 50.3; 49.5 was consensus.  Priced Paid surged to 69.4 from 62.4; 64.6 was consensus.  New Orders sank to 45.2 from 48.6; 48.2 was expected.  Employment dropped to 44.7 from 47.6; 48.2 was expected.  Can you say, ‘inflationary recession?’   ESMs vacillated between moderate and significant losses from the Nikkei opening until they broke higher at 2:45 ET.  After hitting 5661.50 (and turning positive) at 3:06 ET, ESMs retreated to 5636.75 at 4:02 ET.  Another rally leg took ESM to 5663.50 at 5:47 ET.  ESMs then had a large A-B-C decline to a daily low of 5600.25 at 10:20 ET.    Someone then manipulated ESMs to 5683.50 at 11:18 ET, an 83.25 gain in less than an hour!  After a retreat to 5666.50 at 11:41 ET, a final rally leg took ESMs to the daily high of 5694.75 at 12:17 ET.  Then, manipulators and bulls tried to liquidate.  “To whom?” as the adage goes.   ESMs plunged to 5628.50 at 14:24 ET.  They then went inert until they made a minor new low of 5625.75 at 14:53 ET.  You know what happened next!  A last-hour manipulation pushed ESMs to 5679.75 at 15:55 ET.  Our best guess is: ‘they’ did NOT want stocks to tank on DJT’s tariffs, which are due today. Positive aspects of previous session Another blatant, but illegal, manipulation appeared; and it rescued stocks after an early tumble. The ESM manipulations are increasing in frequency and scope; ‘they’ need to save stocks!   Negative aspects of previous session Stocks and ESMs sank early on defensive asset allocation.  USMs rallied as much as 1 20/32. Gold rallied again.  Gasoline rallied sharply on buying for ‘drive season.’   Ambiguous aspects of previous session ESM manipulation is proliferating because ‘they’ are trying to save stocks.   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]: 5614.05 Previous session S&P 500 Index High/Low: 5650.57; 5558.52   @WatcherGuru: Elon Musk says the US Government “deleted a terabyte of financial data to cover their crimes…”  “But they don’t understand technology, so we recovered it.”   WH: Trump tariff kickoff as ‘one of the most important days in modern American history’ https://trib.al/2NKS44r   Today – DJT’s tariffs take effect after he announces them at 16:00 ET.  But it appears that ‘they’ do NOT want stocks to voice displeasure with DJT’s policy and create negative psychology.  So, barring non-tariff negative news, more manipulation is likely – to prevent negative market psychology from forming a critical mass.  Stay out of the way until the blatant and determined manipulations end or lose efficacy.   ESMs opened modestly lower on Tuesday night.  Someone then manipulated them from  5671.00 to 5695.75 at 18:10 ET – 24.75 in 10 minutes!  Someone wants equity futures higher for the WH promotes as ‘one of the most important days in modern American history.’   Near 19:44 ET, reports surfaced that Team Trump has not reached a final decision on the tariff plan. The reports undercut rumors that Trump would issue diluted tariffs.  ESMs tumbled to 5662.50.   Expected economic data: March ADP Employment Change 120k; Feb Factory Orders 0.4% m/m, Ex-Trans 0.4%; Feb Durable Goods 0.9% m/m, Ex-Trans 0.7%; DJT announces tariffs at 16:00 ET.   S&P Index 50-day MA: 5886; 100-day MA: 5927; 150-day MA: 5852; 200-day MA: 5761 DJIA 50-day MA: 43,336; 100-day MA: 43,436; 150-day MA: 42,941; 200-day MA: 42,162 (Green is positive slope; Red is negative slope)   S&P 500 Index (5633.07 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 and MACD are positive – a close below 5535.82 triggers a sell signal   “They Were Literally Michael Jacksoning Him”: Incredible Details of Biden’s Decline Emerge They had a resident make-up artist to cover up how dilapidated Biden’s physical appearance had become… On some occasions, Biden would get the make up done, and then cancel the briefings… Another incident saw Biden not recognising or knowing who Rep. Eric Swalwell was and having to be coached into remembering him… Biden also needed fluorescent tape to guide him where to go and not to wander off during public events… (Who handled the nuclear codes?) https://modernity.news/2025/04/01/they-were-literally-michael-jacksoning-him-incredible-details-of-bidens-decline-emerge/   @libsoftiktok: U.S. District Judge Anthony Trenga just blocked the CIA and the Office of Director of National Intelligence from firing employees who worked on DEI initiatives.     DJT Deputy COS @StephenM: Now a judge thinks he’s Director of the CIA.   Sen. Chuck Grassley Introduces ‘Judicial Relief Clarification Act’ to Rein in Activist Judges “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 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.”…     “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… https://amgreatness.com/2025/03/31/sen-chuck-grassley-introduces-judicial-relief-clarification-act-to-rein-in-activist-judges/   SCOTUS must stop leftist judges’ lawless sabotage of Trump agenda District judges are causing a Constitutional crisis with partisan overreach     If Roberts refuses to get his judicial house in order by reining in these judicial saboteurs, Congress will do it for him. Senate Judiciary Chairman Chuck Grassley, R-Iowa, and Sen. Mike Lee, R-Utah, introduced bold reforms to the federal judiciary. Many others in the House and Senate will follow, including aggressive oversight, Supreme Court ethics reform, cutting the jurisdiction of the DC District Court, cutting funding, and many more much-needed forms. When the federal judiciary loses legitimacy, it loses everything… https://www.foxnews.com/opinion/scotus-must-stop-leftist-judges-lawless-sabotage-trump-agenda   Trump allies scrutinize Judge Boasberg’s DC connections as high-stakes legal battles escalate “The Chief Justice handpicked DC Obama Judge Jeb Boasberg to serve on the FISA court,” said Mike Davis, president of the Article III Project. “The DC federal judges are in a cozy little club, and they protect their own.“… https://www.foxnews.com/politics/trump-allies-scrutinize-judge-boasbergs-dc-connections-high-stakes-legal-battles-escalate   Daily Mail: Cory Booker holds Senate floor for over 20 hours in protest of Trump and Musk’s actions.  (Gist of speech: Orangeman and Musk bad and policies are bad.  We’re not making this up!) This is yet another futile and useless Dem gesture that is supposed to mollify the Looney Left’s demand to ‘get tough with Trump and fight.’  No one of importance cares!  PS – A Booker staffer was arrested for carrying a concealed gun on Capitol grounds.  You can’t make this up!   Dems are suing Trump over his EO that bans illegal immigrants from voting in US elections!   House cancels votes for the rest of the week after Republicans revolt over proxy vote The news comes after a group of nine Republicans joined House Democrats in opposing a procedural rule that would have blocked the House from voting on allowing proxy voting for new parents. https://justthenews.com/government/congress/house-cancels-votes-rest-week-after-republicans-revolt-over-proxy-vote   Too many Republicans are pathetic, craven, and self-absorbed.  They regularly fail to realize that they are supposed to be there for the constituents, not themselves, their self-interests, special interest, or the media.

SWAMP STORIES FOR YOU TONIGHT

“Evil People”: Organized ‘Bankrupt Tesla’ Group Tied To Formerly USAID-Funded Disinfo Queen

Tuesday, Apr 01, 2025 – 03:05 PM

On Tuesday morning, former Biden administration “disinformation czar” Nina Jankowicz repeatedly refused to disclose who’s funding her new gig – the ‘American Sunlight Project’ – which cropped up after a stint at the USAID-funded UK-based Centre for Information Resilience (CIR) – for which she registered as a foreign agent while serving as their Vice President.

To review – Jankowicz, who previously served as a disinformation fellow at the Wilson Center, advised the Ukrainian Foreign Ministry as part of the Fulbright-Clinton Public Policy Fellowship, and was then selected to head the Biden DHS’s newly formed Disinformation Governance Board – which was quickly dismantled amid criticism over censorship under the guise of fighting disinformation. 

Four months later, she launched “The Hypatia Project” for CIR – where she was the Vice President until April 2024, at which point she co-founded the American Sunlight Project.

Fast forward to this morning, Jankowicz was evasive when asked by Republicans during a congressional hearing on disinformation about her funding…

Nina Jankowicz, the short-lived head of Biden’s Disinformation Governance Board aka Disinformation Czar refuses to say if her new org, The American Sunlight Projegt, is funded by George Soros.

“So sunlight for other people but not for your donors” @RepBaumgartner quips… pic.twitter.com/2RIiI1VU16

— Rob (@RobMcGravytrain) April 1, 2025

Well, Well, Well

As it turns out, Jankowicz’s co-founder at the American Sunlight Project is Carlos Alvarez-Aranyos, a “communications professional” who worked for the Biden DoD, and is “one of the people who launched the call for a boycott of Tesla.“

Alvarez-Aranyos comes from a wealthy and prominent family in the Dominican Republic. His father, Luis Álvarez Renta, is a well-known Dominican financier. Carlos is a nephew of the renowned fashion designer Oscar de la Renta.

Biden's censorship queen Nina Jankowicz currently works at the American Sunlight Project (ASP), and previously worked at USAID-funded Center for Information Resilience.

The ASP was co-founded by Carlos Alvarez-Aranyos is a "communications professional" who worked for Biden's… https://t.co/uIgDszSDKL pic.twitter.com/x60Ju2wzYh

— zerohedge (@zerohedge) April 1, 2025

Carlos Alvarez-Aranyos said that he is one of the people who started the effort to bankrupt Tesla. He worked for the Dept of Defense under Obama and for one of the lawfare nonprofits Protect Democracy.

Carlos Alvarez-Aranyos comes from a wealthy and prominent family in the… pic.twitter.com/IAuUhWj0Sa

— The Researcher (@listen_2learn) March 30, 2025

Alvarez-Aranyos has been scrubbed from the American Sunlight Project’s website, which is why the internet archive exists.

Early organizers of the “Tesla Takedown” protests said last month that the organization’s goal is to drive down the price of Tesla stock.

Another “Tesla Takedown” organizer, Edward Niedermeyer, told Fortune Magazine that dropping Musk’s wealth is exactly their aim.

“The goal, I would say, is to bankrupt Elon Musk—bring down his empire,” he said.

Read more on the Tesla Takedown organizers here…

Musk chimed in, calling the organizers “Evil people…“

“I need to have on my resume, so I can get a job when this thing is over, that I bankrupted Tesla.”

This is an outright admission the top Tesla boycott organizers’ personal financial prospects depend on taking down Tesla, and they must succeed in order to get paid. https://t.co/CJnQDX38rC pic.twitter.com/Ti775yTplt

— Mike Benz (@MikeBenzCyber) March 30, 2025

END

“There Will Be No Negotiating”: Tesla Firebombing Suspect Hit With Federal Charges, Faces 20 Years In Prison

Tuesday, Apr 01, 2025 – 08:05 PM

Authored by Rudy Blalock via The Epoch Times (emphasis ours),

The U.S. Department of Justice has filed federal charges against a suspect in connection with a firebombing attack on a Tesla dealership in Loveland, Colorado.

Cooper Frederick, 24, faces federal charges related to the March 7 attack, according to Attorney General Pamela Bondi, who announced the charges on Monday.

“I made it clear, if you take part in the wave of domestic terrorism, I’ve made it clear if you take part in the wave of domestic terrorism against Tesla properties, we will find you, arrest you, and put you behind bars,” Bondi stated. “Today, I’m proud to announce that the Department of Justice has unsealed federal charges against another Tesla attacker.”

Frederick, a Fort Collins resident, was initially arrested by Loveland Police on March 13 on multiple state charges, according to a City of Loveland news release. The charges included possession of explosives, second-degree arson, criminal mischief, and criminal attempt to commit a felony.

A fire erupted after an incendiary device was thrown at the Tesla building and landed between two vehicles. Several people inside the building were cleaning at the time and could have been injured, according to the news release, which stated a responding officer quickly extinguished the fire.

Larimer County Jail records show Frederick bonded out of jail on March 14.

Bondi stated in the same announcement that, following the latest charges, Frederick was re-arrested in Plano, Texas, following an investigation by the FBI.

Frederick’s arrest comes amid a wave of violent attacks against Tesla properties since CEO Elon Musk became head of the Department of Government Efficiency (DOGE) in the Trump administration.

Incidents have occurred in at least nine states since January, with targets including Tesla showrooms, vehicles, and charging stations.

According to a report by The Epoch Times, on March 18, two Cybertrucks were set ablaze at a Las Vegas repair center, and “Resist” was spray-painted on the building.

Over that incident, police arrested 36-year-old Paul Hyon Kim on March 27, charging him with 15 offenses, including arson and firearms violations. Las Vegas Metropolitan Police Department Assistant Sheriff Dori Koren said Kim had self-proclaimed affiliations with far-left organizations, including Communist Party USA-affiliated groups and other movements.

In February, a suspect allegedly threw eight Molotov cocktails at a Tesla showroom in Salem, Oregon, while armed with a suppressed AR-15 rifle.

Additional attacks have also occurred in Charleston, South Carolina, and Austin, Texas.

“All of these cases are a serious threat to public safety. Therefore, there will be no negotiating. We are seeking 20 years in prison,” Bondi said.

In Canada, approximately 80 Tesla vehicles were also vandalized in Hamilton, Ontario, on March 19.

President Donald Trump has condemned the attacks on Tesla properties, suggesting perpetrators would face long sentences for their crimes.

“I look forward to watching the sick terrorist thugs get 20-year jail sentences for what they are doing to Elon Musk and Tesla,” he said in a March 21 post on Truth Social.

During a town hall event in Green Bay, Wisconsin, on Sunday, Musk condemned the attacks.

“They’re burning Teslas and shooting up dealerships and calling for the death of the president and me … That’s somebody else’s car. Leave it alone,” Musk said during the livestreamed event.

A group called Tesla Takedown has organized protests at dealerships nationwide. On its website, the group states that “Elon Musk is destroying our democracy, and he’s using the fortune he built at Tesla to do it.” The group called for a Global Day of Action on March 29, which saw protests targeting Tesla around the United States and smaller-scale rallies in several European locations.

From NTD News

GREG HUNTER. INTEERVIEWING DR BETSY EADS

Everyone Needs Treatment for CV19 Bioweapon Vax – Dr. Betsy Eads

By Greg Hunter On April 2, 2025 In Political AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com

Dr. Betsy Eads was one of the courageous doctors that told people NOT to take the CV19 bioweapon vax from the very beginning of the Covid “plandemic.”  Dr. Eads warned about extreme disease and death coming around the world because of the CV19 injections.  She was right.  Now, Dr. Eads is sounding the alarm that everybody, both vaxed and unvaxed, need treatment.  Conservative personality Megan Kelly recently said she developed an “autoimmune disorder” after taking the CV19 vax.  Some are calling the phenomenon VAIDS (Vaccine Acquired Immune Deficiency Syndrome).  The NIH thinks there is something to autoimmune disorders from the CV19 vax.  Dr. Eads explains, “It either leads to VAIDS or turbo-cancers if left untreated.  I was on your show three or four years ago talking about this VAIDS or immune deficiency situation.  Also, I talked about turbo-cancers.  We are seeing more and more and worse and worse turbo-cancers, and we are five years out from the rollout of the CV19 vax.  The morbidity and mortality of these people who took two shots and a booster is extremely high. . . . I think everybody should be treated, unvaxed or vaxed.  You should be treated everyday until we come out with an adequate cure to prevent the mRNA, which is pumping out the spike protein.  Until we have a cure for that or a mechanism to shut that off, everybody needs to be treated.  I also think everybody needs to trust in God.”

People who did not get the CV19 injections can still get sick from the people who did get the injections.  It’s called “shedding.”  Dr. Eads says, “Doctors need to stand up and honor your oath and recognize that patients are coming in vaccine injured.  We have to treat them. . . . We know in the early Pfizer studies that they did not want a husband and wife to have sexual relations because of the spike protein infecting the partner.  That was in the original Pfizer documents.  We know that is true, and we know shedding is true.  It’s no longer controversial.  We need to stop being divisive.  We need to treat the (CV19) vaccinated and unvaccinated at this point. . . .You can shed spike protein to another family member.  It is no longer a conspiracy theory.”

Dr. Eads points out there are a variety of diseases caused by the production of spike proteins from the CV19 vaccines such as all sorts of turbo-cancers, heart disease and autoimmune problems, to name a few.  New research from Yale is showing the production of spike proteins two years after the CV19 bioweapon vax.  This is why Dr. Eads says everyone needs treatment.  Dr. Eads likes a variety of things to fight vax injuries that include, but are not limited to, Ivermectin, Nattokinase and Turmeric.  She has a long list in her protocol to treat CV19 vaccine injuries.

There is much more in the 54-minute interview.

Join Greg Hunter as he talks to 26-year veteran Dr. Elizabeth Eads, DO, exposing growing problems of the CV19 injections.  Dr. Eads goes into scientific detail why everyone needs treatment for the deadly effects of the CV19 bioweapon vax for 4.1.25.

You can get Ultimate Spike Detox from The Wellness Company (TWC) by clicking here.  Don’t forget you get 15% off and free shipping by using the promo code USAWATCHDOG.

After the Interview:

You can follow Dr. Elizabeth (Betsy) Eads on Twitter/X and Telegram.

Dr. Eads has a website called HealingHumanityWorldwide.com. (Scroll down and see Dr. Eads’ CV19 vax injury protocol.)

Dr. Eads also recommends FLCCC.net and the “I-RECOVER: post vaccine treatment.”

You can help Dr. Eads continue her mission to get the truth out about everything CV19 vax by donating here:  Pay $Docbetsy55 on Cash App, or you can use Dr. Betsy’s Venmo account to donate.

Everyone Needs Treatment for CV19 Bioweapon Vax – Dr. Betsy Eads

(Please support the truth tellers!!)

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