GOLD CLOSED DOWN $83.30 TO $3,017.95
SILVER CLOSED DOWN $2.60 TO $29.35
GOLD ACCESS CLOSED 3037.00
Silver ACCESS CLOSED: $29.73
Bitcoin morning price:$82,189 DOWN 16 DOLLARS.
Bitcoin: afternoon price: $84,152 up 1944 DOLLARS
Platinum price closing DOWN $34.80 TO $919.80
Palladium price; DOWN $14.70 TO $916.70
END
*CANADIAN GOLD: $4321.12 DOWN 62.58 CDN dollars per oz( * NEW ALL TIME HIGH 4493.62 CDN DOLLARS PER OZ//MARCH 31 2025)
*BRITISH GOLD: 2358.66 DOWN 19.79 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,417.98 BRITISH POUNDS/OZ) MARCH 31/2025
*EURO GOLD: 2,775.16 DOWN 43.40 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: 3,097.000000000 USD
INTENT DATE: 04/03/2025 DELIVERY DATE: 04/07/2025
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 5
099 H DB AG 90
104 C MIZUHO 1
118 C MACQUARIE FUT 666
132 C SG AMERICAS 5 2
323 C HSBC 221
323 H HSBC 394
332 H STANDARD CHARTE 418
363 C WELLS FARGO SEC 9
363 H WELLS FARGO SEC 699
624 C BOFA SECURITIES 9 2
624 H BOFA SECURITIES 707
657 C MORGAN STANLEY 98
661 C JP MORGAN 3 953
661 H JP MORGAN 61
686 C STONEX FINANCIA 80 63
690 C ABN AMRO 17 4
700 C UBS 29
709 C BARCLAYS 78
DLV615-T CME CLEARING
BUSINESS DATE: 04/03/2025 DAILY DELIVERY NOTICES RUN DATE: 04/03/2025
PRODUCT GROUP: METALS RUN TIME: 21:50:06
732 C RBC CAP MARKETS 84
737 C ADVANTAGE 13 6
880 H CITIGROUP 1712
905 C ADM 21
TOTAL: 3,225 3,225
MONTH TO DATE:
JPMORGAN stopped 3/1563
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 3225 NOTICES FOR 322,500 OZ 10.031 TONNES
total notices so far: 50,929 contracts for 5,092,900 OR 158.410 tonnes)
FOR APRIL
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 240 NOTICE(S) FILED FOR 1.200 MILLION OZ/
total number of notices filed so far this month : 2085 CONTRACTS (NOTICES) for 10.425 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 DOWN $83.30 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGL CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 4.30 TONNES OF GOLD INTO THE GLD//
INVENTORY RESTS AT 936.24 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER DOWN $2.60 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ////A WITHDRAWAL OF 1.456 MILLION OZ FROM THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 445.374 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI FELL BY A MEGA HUGE 4848 CONTRACTS TO 167,442 AND STALLLING 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 HUGE LOSS OF $1.84 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING. HOWEVER, WE HAD A MEGA MEGA HUGE SIZED GAIN OF 1629 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A MASSIVE 6177 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING YESTERDAY 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 ON THURSDAY WITH SILVER’S LOSS IN PRICE AS THE PRICE IS STILL WELL BELOW THE MAGIC NUMBER OF $34.40 SILVER SPOT PRICE. . BUT THIS WAS COUPLED WITH A MEGA HUMONGOUS T.A.S. ISSUANCE OF 1716 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 HAD A MEGA HUMONGOUS 6177 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS 1716 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN FRIDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A MEGA HUGE SIZED 1629 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR HUGE LOSS IN PRICE OF $1.84. WE HAD HUGE TAS LIQUIDATION/ THROUGHOUT THURSDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR ALL OF OUR HUGE LOSS IN OI ON COMEX. STRANGELY, TODAY, THE CME NOTIFIED US THAT WE HAD ANOTHER OF THOSE CRAZY EXCHANGE FOR RISK CONTRACTS ISSUED AT 400 CONTRACTS FOR ANOTHER 2.0 MILLION OZ. THIS WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE. THUS FOR THE MONTH OF APRIL WE HAVE A TOTAL OF 4.0 MILLION OZ OF EXCHANGE FOR RISK ISSUED. THE RECIPIENT OF THIS LARGESS IS PROBABLY THE CENTRAL BANK OF INDIA.
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 THURSDAY NIGHT/FRIDAY MORNING: A HUMONGOUS 1716 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 $1.84) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A HUGE LOSS IN PRICE WE GAINED A HUGE OI RISE OF 1629 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES.
WE HAD A HUGE 6177 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 12.545 MILLION OZ TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK
STANDING FOR APRIL INCREASES TO 16.545 MILLION OZ
WE HAD:
/ HUGE COMEX OI LOSS+// A MEGA HUGE SIZED EFP ISSUANCE (6177 CONTRACTS)/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 1716 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 1039 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 4 DAYS, total 8842 contracts: OR 44.210 MILLION OZ (2,210 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 44.210 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: 44.21 MILLION OZ/// THIS IS HUGE AND THIS MONTH WILL PROBABLY BE A HUMDINGER OF ISSUANCE.
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3809 CONTRACTS WITH OUR LOSS IN PRICE OF $1.84 IN SILVER PRICING AT THE COMEX// THURSDAY.,. THE CME NOTIFIED US THAT WE HAD A MEGA HUGE 6177 CONTRACT EFP ISSUANCE CONTRACTS: 6177 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 STRONG SILVER OZ STANDING FOR APRIL OF 12.545 MILLION OZ , PLUS OUR 4.00 MILLION EX FOR RISK
NEW STANDING APRIL: 16.545 MILLION OZ
THE NEW TAS ISSUANCE THURSDAY NIGHT (1716 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.
WE HAD 240 NOTICE(S) FILED TODAY FOR 1.2 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 8712 OI CONTRACTS TO 485,008 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.) THUS WE HAVE A PRETTY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE. THE SHORT RATS ARE ABANDONING THE SHIP
THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: REMOVED 1410 CONTRACTS CONTRACTS//.
WE HAD A STRONG SIZED DECREASE IN COMEX OI (8712 CONTRACTS) . THIS OCCURRED DESPITE OUR LOSS OF $22.95 IN PRICE THURSDAY. THE FRBNY SUPPLIED THE NECESSARY SHORT PAPER.. WE ALSO HAD A HUMONGOUS INITIAL STANDING IN GOLD TONNAGE FOR APRIL AT 164.7185 TONNES (CME CORRECTED// MAYBE?) TO WHICH WE ADD FOR APRIL ITS INITIAL 700 CONTRACT EXCHANGE FOR RISK FOR 70,000 OZ OR 2.177 TONNES AND TODAY’S 250 CONTRACT ISSUANCE FOR .777 TONNES//NEW TOTAL; EX FOR RISK 2.954 TONNES TO WHICH WAS ADDED OUR NEW QUEUE JUMP OF 1325 CONTRACTS OR 132500 OZ (4.121 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 164.7185 TONNES NORMAL DELIVERY + 2.954 TONNES EX FOR RISK = 167.673 TONNES
/NEW STANDING FOR APRIL; 164.7185 TONNES + 2.954 TONNES EX FOR RISK = 167.673 TONNES
/ ALL OF THIS HAPPENED WITH OUR $22.95 LOSS IN PRICE WITH RESPECT TO THURSDAY’S COMEX ///. WE HAD A SMALL SIZED loss OF 827 OI CONTRACTS (2.57 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 MEGA HUGE SIZED 7885 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 486,418
IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 827 CONTRACTS WITH 8712 CONTRACTS DECREASED AT THE COMEX// AND A HUMONGOUS SIZED 7885 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI loss ON THE TWO EXCHANGES OF 257 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 1564 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A HUMONGOUS SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (7885 CONTRACTS) ACCOMPANYING THE STRONG SIZED DECREASE IN COMEX OI OF 8712 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 583 CONTRACTS..WE HAVE 1) NOW RETURNED TO OUR FORMER FORMAT OF BANKERS GOING LONG AND SPECULATORS GOING SHORT ,2.) STRONG STANDING AT THE GOLD COMEX FOR APRIL 164.7185 TONNES (WHICH INCLUDES OUR HUGE 4.121 TONNES QUEUE JUMP) AND THIS FOLLOWS FIRST DAY NOTICE INITIAL 2.177 TONNES OF EX. FOR RISK + TODAY’S .777 TONNES OF EX FOR RISK ISSUANCE//THUS TOTAL AMOUNT OF GOLD STANDING IN THIS VERY ACTIVE DELIVERY MONTH OF APRIL IS 167.673 TONNES.
//NEW STANDING APRIL: 164.7185 TONNES + 2.954 TONNES EX FOR RISK ON 2 OCCASIONS = 167.673 TONNES
.
/ 3) HUGE T.A.S. LIQUIDATION + ZERO SUCCESS IN REMOVING NET SPECULATOR LONGS, AS DESPITE HAVING 1) $22.95 COMEX PRICE LOSS AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A SMALL LOSS OF 827 CONTRACTS ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY 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) HUMONGOUS ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S. ISSUANCE: 1564 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: 14,410 CONTRACTS OR 1,441,000 OZ OR 44.82 TONNES IN 4 TRADING DAY(S) AND THUS AVERAGING: 2175 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 4 TRADING DAY(S) IN TONNES 44.82 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 44.82 TONNES DIVIDED BY 3550 x 100% TONNES = 1.26% 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; 44.82 TONNES. STILL A SMALL ISSUANCE FOR THE MONTH.
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 MEGA HUGE SIZED 4848 CONTRACTS OI TO 167,442 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 6177 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 6177 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 6177 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 4848 CONTRACTS AND ADD TO THE 6177 E.FP. ISSUED
WE OBTAIN A HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1629 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 8.145 MILLION OZ
OCCURRED DESPITE OUR HUGE $1.84 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 FRIDAY MORNING//THURSDAY NIGHT
SHANGHAI CLOSED
//Hang Seng CLOSED
// Nikkei CLOSED DOWN 955.35 OR 2.75 %//Australia’s all ordinaries CLOSED DOWN 2.55%
//Chinese yuan (ONSHORE) CLOSED XXX CHINESE YUAN OFFSHORE CLOSED UP TO 7.2852/ Oil DOWN TO 60.95 dollars per barrel for WTI and BRENT DOWN TO 64.92 Stocks in Europe OPENED ALL RED.
ONSHORE USA/ YUAN TRADING XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
XXX AGAINST US DOLLAR/OFFSHORE YUAN STRONGERER
END
END
ASIA TRADING FRIDAY MORNING/THURSDAY 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 8712 CONTRACTS TO 485,008 with OUR LOSS IN PRICE OF $22.95 WITH RESPECT TO THURSDAY’S TRADING/. WE LOST ZERO NET LONGS WITH THAT PRICE FALL FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A HUMONGOUS NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (7885 ).
THE CME ANNOUNCED THURSDAY NIGHT,ANOTHER EXCHANGE FOR RISK 250 CONTRACTS FOR 25,000 OZ OR 0.777 TONNES THUS OUR NEW ISSUANCE FOR THE FRONT MONTH OF APRIL STANDS AT 2.954 TONNES OF GOLD
LAST TWO MONTH’S EXCHANGE FOR RISK
THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.
IN FEBRUARY: WE HAD FIVE EXCHANGE FOR RISKS IN GOLD, TOTALLING 18.4527 TONNES!.
THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:
- THE BANK OF ENGLAND
- THE FEDERAL RESERVE BANK OF NEW YORK
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.
DETAILS ON APRIL COMEX MONTH
IN TOTAL WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 827 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 APRIL CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY YESTERDAY INCLUDING WITH OUR STRONG T.A.S. ISSUANCES AND HUGE T.A.S. LIQUIDATION// THROUGHOUT THE WEEK.
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. 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 HUMONGOUS SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,
THAT IS A HUGE SIZED 7885 EFP CONTRACTS WERE ISSUED: : /APRIL 7885 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 7885 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 SMALL SIZED TOTAL OF 827 CONTRACTS IN THAT 7885 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A LOSS OF 8712 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE LOSS IN PRICE OF $22.95 FOR THURSDAY/ 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 OI IN OUR TWO EXCHANGES WAS DUE TO THE LIQUIDATION OF T.A.S. CONTRACTS.(GOVERNMENT)
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 THURSDAY NIGHT/FRIDAY MORNING WAS A FAIR SIZED 1564 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 ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH AND APRIL.
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSUANCES. AND THEN, FOR THE FIRST TIME IN COMEX HISTORY WE WITNESSED THREE CONSECUTIVE MONTHS OF MEGA HUGE 30,000 + T.A.S CONTRACT ISSUANCES: JANUARY, FEB AND MARCH. WE HAVE YET TO EXPERIENCE A MEGA CONSECUTIVE 30,000 CONTRACT T.A.S FOR APRIL.
STANDING FOR GOLD APRIL
// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: APRIL (167.673 TONNES//.CME CORRECTED MAYBE?) WHICH IS HUGE FOR OUR ACTIVE APRIL DELIVERY MONTH / FEB HAD THE HIGHEST STANDING FOR GOLD EVER RECORDED FOR ANY MONTH AT 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: 164.7185 TONNES + 2.954 TONNES EX FOR RISK = 167.673 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: 167.673 TONNES (INCLUDES 2.954 TONNES EX FOR RISK)
COMEX GOLD TRADING/APRIL CONTRACT MONTH
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $22.95/ /)/BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A SMALL SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION THURSDAY/ 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 UNTIL EARLY THIS WHEN WHEN THE CROOKS INITIATED TWO RAIDS ON GOLD IS NOW TRADING AT $3,040.
LAST NIGHT/FRIDAY 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 THURSDAY EVENING/FRIDAY 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 SECOND EXCHANGE FOR RISK: 250 CONTRACTS OR 25,000 OZ OR .777 TONNES
ISSUANCE FOR EXCHANGE FOR RISK ON FIRST DAY NOTICE WAS 700 CONTRACTS FOR 70,000 OZ OR 2.177 TONNES OF GOLD TO WHICH WE ADD TODAY’S, (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES//NEW TOTAL ISSUANCE FOR APRIL: 2.954 TONNES!!. APRIL ISSUANCE MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK. THESE DELIVERIES WILL BE ADDED TO OUR NORMAL DELIVERY CYCLE.
STANDING NOW FOR APRIL:
APRIL: 164,7185 TONNES +(2.954 EX FOR RISK// FOR APRIL DELIVERY MONTH =167.673TONNES 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 AFTER FIRST DAY NOTICE;
WE HAVE LOST A SMALL SIZED TOTAL OF 2.57 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL GOLD TONNAGE STANDING FOR APRIL RECORDED AT 166.964TONNES ON FIRST DAY NOTICE FOLLOWED BY OUR SECOND EXCHANGE FOR RISK ISSUANCE TO THE BANK OF ENGLAND FOR 250 CONTRACTS OR 25,000 OZ (0.777 TONNES) + MARCH 31 ISSUANCE OF 2.177 TONNES //NEW EXCHANGE FOR RISK TOTAL 2.954 TONNES. TODAY WE RECORD A HUGE 1325 CONTRACT QUEUE JUMP FOR 132,500 OZ OR 4.121 TONNES. WE MUST NOW ADD OUR 2.954 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 164.7185 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 167,673 TONNES, THE 2ND HIGHEST EVER RECORDED!
ALL OF THIS WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $22.95
WE HAD 1410 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 827 CONTRACTS OR 82,700 0Z (2.57 TONNES)
confirmed volume THURSDAY 424,365.. contracts: huge///
//speculators have left the gold arena
END
APRIL
// THE APRIL 2025 GOLD CONTRACT
APRIL4
INITIAL
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 0- entries . 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 | 0 ENTRIES 0,000 TONNES |
| Deposits to the Customer Inventory, in oz | we have 1 customer entries we have 1 customer deposits i) into Loomis: 25,720.800 oz (800 kilobars) total weight dealer and customer; 0.80000 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 3,225 notice(s) 322,500 OZ 10.031 TONNES |
| No of oz to be served (notices) | 2028 contracts 202,800 OZ 6.307 TONNES |
| Total monthly oz gold served (contracts) so far this month | 50,929 notices 5,092,900 oz 158.410 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: 0
0 ENTRIES
0,000 TONNES
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deposits customer
i) into Loomis: 25,720.800 oz
(800 kilobars)
total weight dealer and customer: .8000 tonnes
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withdrawals: 1
i) International Delaware 675.165 oz (21 kilobars)
weight in tonnes: .0021 tonnes
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adjustments: 0
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AMOUNT OF GOLD STANDING FOR APRIL
THE FRONT MONTH OF APRIL HAD A LOSS OF 4864 CONTRACTS TO STAND AT 5253. WE HAD 6189 CONTRACTS FILED YESTERDAY. THUS WE GAINED BACK A MAMMOTH 1325 CONTRACTS OR 132,500 OZ (4.121 TONNES) AS WE EXPERIENCED A MASSIVE QUEUE JUMP WHERE THESE BOYS DESIRED TO TAKE PHYSICAL DELIVERY OVER HERE. THIS IS CENTRAL BANKERS STANDING FOR PHYSICAL GOLD.
MAY LOST 229 CONTRACTS DOWN TO 3720 CONTRACTS
JUNE LOST A CONSIDERABLE 11,210 CONTRACTS TO 390,508. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH
We had 3225 contracts filed for today representing 322,500 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 3 notices issued from their client or customer account. The total of all issuance by all participants equate to 3225 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1863 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 (50,929 X 100 oz ) to which we add the difference between the open interest for the front month of APRIL (5253 CONTRACTS) minus the number of notices served upon today (3225 x 100 oz per contract) equals 5,295,200 OZ OR 164.7185 TONNES
to which we add our TW0 exchange for risk issuances for April of 2.954 tonnes
= 167.673 tonnes
thus the INITIAL standings for gold for the APRIL contract month: No of notices filed so far (50,929 x 100 oz +we add the difference for front month of APRIL (5253 OI} minus the number of notices served upon today (3225 x 100 oz) which equals 5,295,200 OZ OR 164.7185 TONNES + 2.954 tonnes ex for risks = 167.673 tonnes
TOTAL COMEX GOLD STANDING FOR APRIL.: 167.673 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..
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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: 2,022,529.262 oz 62.90 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 45,071,696.425 .oz
TOTAL REGISTERED GOLD 24,166,417.622 or 751.677 tonnes
TOTAL OF ALL ELIGIBLE GOLD: 20,905,278.803 OZ
REGISTERED GOLD THAT CAN BE SERVED UPON: 22,143.888oz (REG GOLD- PLEDGED GOLD)= 688.76tonnes //
END
SILVER/COMEX
// THE APRIL 2025 SILVER CONTRACT//INITIAL
APRIL 4
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | withdrawals 0 total withdrawals 0 |
| Deposits to the Dealer Inventory | 0 |
| Deposits to the Customer Inventory | 4 entries i) Into CNT 6065,472.780 oz ii) Into JPMorgan 1818,943.500 oz iii) Into Loomis 2398,860.120 oa iv) into Manfra: 321,521.988 oz total weight 5,145798.388 oz |
| No of oz served today (contracts) | 240 CONTRACT(S) (1.2 MILLION OZ |
| No of oz to be served (notices) | 424 contracts (2.12 MILLION oz) |
| Total monthly oz silver served (contracts) | 2085 Contracts (10.425million 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
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deposits customer side
4 entries
i) Into CNT 6065,472.780 oz
ii) Into JPMorgan 1818,943.500 oz
iii) Into Loomis 2398,860.120 oa
iv) into Manfra: 321,521.988 oz
total weight 5,145798.388 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
0 entries//customer withdrawals
withdrawals 0
total withdrawals 0 oz
ADJUSTMENTs 2 entries// customer to dealer
i) international delaware: 4907.170 oz
ii) Manfra: 125,346.028 oz
i
JPMorgan has a total silver weight: 198.112million oz/490.077oz million or 40.40%
TOTAL REGISTERED SILVER: 158.068 MILLION OZ//.TOTAL REG + ELIGIBLE. 490.077Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL
silver open interest data:
FRONT MONTH OF APRIL /2025 OI: 664 OPEN INTEREST CONTRACTS FOR A LOSS OF 700 CONTRACTS. WE HAD 730 NOTICES FILED YESTERDAY SO WE GAINED A 30 CONTRACT QUEUE JUMP FOR .150 MILLION OZ//
MAY SAW A LOSS OF 8782 CONTRACTS DOWN TO 111,352 CONTRACTS
JUNE SAW A GAIN OF 190 CONTRACTS UP TO 1505 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 240 or 1.2 MILLION oz
CONFIRMED volume; ON THURSDAY 179,646 mega huge//
AND NOW APRIL DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in APRIL. we take the total number of notices filed for the month so far at 2085 X5,000 oz = 10.425 MILLION oz
to which we add the difference between the open interest for the front month of APRIL 664) AND the number of notices served upon today (240 )x (5000 oz)
Thus the standings for silver for the APRIL 2025 contract month: (2085) Notices served so far) x 5000 oz + OI for the front month of APRIL(664) minus number of notices served upon today (240)x 5000 oz equals silver standing for the APRIL contract month equating to 12.545 MILLION OZ . WE MUST NOW ADD OUR 4.0 MILLION OZ EXCHANGE FOR RISK ISSUED ON MONDAY MARCH 31 AND TODY APRIL 4/NEW STANDING INCREASES TO 16,545 MILLION OZ
New total standing: 16.545 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 157.937million 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/
APRIL4 WITH GOLD DOWN $83.30 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 4.30 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 936.24 TONNES
APRIL3 WITH GOLD DOWN $27.85 TODAY// SMALL CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.57 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 931.94 TONNES
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: 936.24 TONNES, TONIGHTS TOTAL
SILVER
APRIL4 WITH SILVER DOWN $2.60 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.456 MILLION OZ FROM THE SLV//: //INVENTORY AT SLV RESTS AT 445.374 MILLION
APRIL3 WITH SILVER DOWN $1.84 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV A WITHDRAWAL OF 1.138 MILLION OZ FROM THE SLV//: //INVENTORY AT SLV RESTS AT 446.830 MILLION
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 444.374 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
2. Egon Von Greyerz et al
Alasdair Macleod..
Navigating ‘Crashenomics’
Trump’s tariffs are imploding the global credit bubble destroying everyone’s wealth. But the wise will see this as an opportunity to stack the ultimate refuge cheaply — gold and silver
| Alasdair MacleodApr 4∙Paid |
Due to indiscriminate asset liquidation to pay for mounting losses in equities, gold and silver values fell this week. In European trade this morning, gold was $3095, down $27 from last Friday’s close, but silver was very hard hit at $31.34, down a whopping $2.76. Most of the damage happened yesterday (Thursday) in the wake of Trump’s tariff announcement the previous afternoon.
Unsurprisingly, yesterday’s Comex volumes were exceptionally high, particularly in silver:
Undoubtedly, the reason gold has held up so well is due to central bank bullion demand, absent in the case of silver. Consequently, silver seems set to suffer further volatility, perhaps testing support at its 1-year moving average currently at $30.47.
There are enormous opportunities in a market equity crash, not only by shorting previous highfliers and nimble trading. In the context of precious metals, we should examine outcomes of similar episodes in the past as well as rationally analysing market psychology.
The last time we had a similar crisis was in the great financial crisis of 2008, when gold fell by 30% before rising to all-time highs at $1920 three years later. The S&P 500 Index halved between November 2007 and February 2009, creating substantial losses for investors, whose selling to cover them was indiscriminate. Once the crisis passed, the rationale for selling fiat currencies for gold returned, particularly given the mounting debt problems in the euro.
In other words, the risks of exposure to credit’s values were greater following the GFC, and the selling was just a temporary phenomenon — a lesson for today.
This time, gold is unlikely to be hit so hard for three basic reasons. The first is that credit risks subsequent to a bear market onset are demonstrably greater today. Secondly, investor exposure to gold in Western capital markets is negligible so there is little to actually sell. And lastly, central banks are not only keen buyers of any bullion coming onto the market but are almost certainly restricting market liquidity by reducing gold leasing supply.
The absence of central banks in the silver market explains why the silver price is more vulnerable to price markdowns. But again, the widespread equity market panic is temporary and as is in the case of gold this is a buying opportunity for stackers.
What we are seeing is an initial panic, whereby investors are expected to derisk their portfolios by reducing equity exposure and investing in bonds. This is the basis of all regulatory textbooks, which don’t even mention precious metals and commodities. And we have seen government bond yields decline accordingly:
But as the credit bubble continues to deflate, the risks to the banking system and the global economy will increase, which will inevitably be reflected in rising bond yields to discount those risks.
The easiest development to grasp is the certain liquidation of foreign holdings in equities. The market with the greatest exposure, which is about $15 trillion, is that of the US. Foreigners will not hold onto US equities in a credit implosion, not only selling them but also selling the dollars raised instead of buying bonds. This is already reflected in the US$’s trade-weighted index:
This chart has turned very sour and seems set to break down through the key 100 level as foreigners sell their dollars to repatriate funds to their domestic currencies.
It is at this point that risks for the dollar will suddenly seem to be intractable. A declining dollar will spur rising prices along with higher tariffs on foreign imports. The inevitable recession from the combination of imploding credit and trade tariffs will also intensify the federal government’s debt trap, requiring higher interest rates and bond yields to stabilise the dollar.
That is unlikely to be permitted easily by a reluctant Fed. With the possible exception of Germany, all other G7 nations are in similar debt traps. It is inevitable that being only credit their currency values will decline as well. All against what?
The only answer it can be is valued in gold and possibly silver, which since ancient times have been money without counterparty risk in everyone’s common law.
That’s why the current market turmoil is a heaven-sent opportunity to preserve personal wealth by getting out of collapsing credit into real money — gold and silver.
3. C Powell and Gata dispatches
4. ANDREW MAGUIRE
4. ANDREW MAGUIRE PODCAST
a must view…live from the vault 217
5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:COMMODITY//COPPER
Copper Posts Biggest Weekly Drop Since Covid Crash As Tariff War Hammers Commodities
Friday, Apr 04, 2025 – 03:20 PM
President Trump’s “Liberation Day” tariff blitz—centered on reciprocal tariffs—followed by China’s retaliatory bazooka has triggered a growth scare in markets. Commodities are tumbling, reflecting concerns over deteriorating macroeconomic conditions as the tariff war escalates.
“Commodities taking a cue from the macro with WTI -9% to $61 (had to change this 3x to reflect lower prices) … copper down 5% and natural gas gas hovering around flat … yields break through 4% with the 10 year standing at 3.87%, dollar & Bitcoin flat,” Goldman analyst Michael Nocerino wrote in a note earlier.
For the week, the Bloomberg Commodity Index—a commodities benchmark tracking 23 exchange-traded futures contracts across energy, metals, agriculture, and livestock—is on track to record its largest weekly decline (-4 %) in over a year.
More specifically, Citigroup head commodity analyst Max Layton provided more color on how tariff wars will produce increasing macroeconomic headwinds that will pressure commodity prices lower.
Layton, speaking earlier in an interview on Bloomberg Television, expects copper prices to slide an additional 8% to 10% in the coming weeks.
He said the tariff war is set to “bring down the cost of production, whether it’s through lower oil or through just producers taking margin hits” in the next 6 to 12 months.
On the week, CME Copper futures are set to record their worst five days since the early Covid crash, down around 11%.
“This is a pretty amazing opportunity to be bearish and be short over the next two to three months,” Layton said.
Goldman analyst Thales Arruda told clients earlier: “As a result, we expect that the US reciprocal tariffs’ impact on commodities will largely come from their indirect negative economic growth impact.”
“We’re pricing a global recession. The tariffs are going to cause global trade barriers,” Goldman analyst Rich Privorotsky noted.
Meanwhile, all the copper bulls who boasted their price targets in record-high territories have been forced to hit pause. That entire theme has been placed on the back burner—for now
6 CRYPTOCURRENCY NEWS
ASIA TRADING FRIDAY MORNING THURSDAY NIGHT
SHANGHAI CLOSED
//Hang Seng CLOSED
// Nikkei CLOSED DOWN 955.35 OR 2.75 %//Australia’s all ordinaries CLOSED DOWN 2.55%
//Chinese yuan (ONSHORE) CLOSED XXX CHINESE YUAN OFFSHORE CLOSED UP TO 7.2852/ Oil DOWN TO 60.95 dollars per barrel for WTI and BRENT DOWN TO 64.92 Stocks in Europe OPENED ALL RED.
ONSHORE USA/ YUAN TRADING XXX LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
XXX AGAINST US DOLLAR/OFFSHORE YUAN STRONGER
END
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1.YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS /FRIDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED
OFFSHORE YUAN: UP TO 7.2852
SHANGHAI CLOSED CLOSED
HANG SENG CLOSED CLOSED
2. Nikkei closed DOWN 955.35 PTS OR 2.75%
3. Europe stocks SO FAR: ALL RED
USA dollar INDEX UP TO 101.57// EURO RISES TO 1.1066 UP 22 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: FALLS TO. +1.173//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.12…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: XXX 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 DOWN TO +2.4830/Italian 10 Yr bond yield DOWN to 3.214 SPAIN 10 YR BOND YIELD DOWN TO 3.214
3i Greek 10 year bond yield DOWN TO 3.395
3j Gold at $3111.25 Silver at: 31.19 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 28 /100 roubles/dollar; ROUBLE AT 85.15
3m oil into the 64 dollar handle for WTI and 67 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 145.12// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.173 % 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 0.8496 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9407 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: 3.893 DOWN 16 BASIS PTS…
USA 30 YR BOND YIELD: 4.356 DOWN 13 BASIS PTS/
USA 2 YR BOND YIELD: 3.527 DOWN 25 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 38.01
10 YR UK BOND YIELD: 4.415 DOWN 20 PTS
10 YR CANADA BOND YIELD: 2.947 DOWN 1 BASIS PTS
5 YR CANADA BOND YIELD: 2.465 DOWN 9 PTS.
2a New York OPENING REPORT
Everything Is Crashing After China Retaliates With 34% Tariffs On US
Friday, Apr 04, 2025 – 08:23 AM
For a few hours it seemed like we could even stabilize, if only a bit, ahead of today’s scheduled main event: the March jobs report at 8:30am ET. And then all hell broke loose at 6:08am when this Bloomberg headline hit:
- *CHINA ANNOUNCES EXTRA 34% TARIFFS ON US GOODS
In other words, far from seeking concessions, Beijing is now looking to escalate the trade war further, and forcing Trump to double down with even harsher retaliatory tariffs on China of his own, which at this point may push the blended tariff rate on Chinese goods above 100%.
What followed instantly was sheer, unadulterated liquidation panic:
- *S&P 500 FUTURES DECLINE 4.1%, NASDAQ 100 FUTURES DOWN 4.6%
- *COPPER PLUNGES MORE THAN 5%, BIGGEST LOSS SINCE JULY 2022
- *US 2-YEAR YIELD FALLS TO 3.498%, LOWEST SINCE SEPTEMBER 2022
- *BRENT OIL DROPS BELOW $65 FOR FIRST TIME SINCE AUGUST 2021
- *US CREDIT RISK GAUGE JUMPS MOST SINCE REGIONAL BANKING CRISIS
- *STOXX EUROPE 600 INDEX FALLS 5.2%, MOST SINCE MARCH 2020
Instead of writing, we’ll let the charts do the talking, summarizing the bloodbath so far. The S&P is set to record losses on six of the past seven weeks.
Volatility has come roaring back as VIX explodes above 45. A continuation of the selloff on Friday — when the government’s jobs report for March is released — threatens to extend Fund managers yanked $4.7 billion out of US stocks in the week through April 2 in the second week of outflows, data compiled by EPFR Global and Bank of America show.
The post-liberation day market has been a historic bloodbath
Bitcoin reversed all modest overnight gains, but remains surprisingly resilient.
The dollar’s modest reversal higher was promptly halted, and the greenback reversed just as it was gaining.
It wasn’t just the dollar: the yuan also tumbled, reversing its bizarre gains since Trump declared trade war on China.
“The market is bleeding and more pain is clearly coming as this escalating trade war risks pushing the US economy into a recession,” Luca Paolini, chief strategist at Pictet Asset Management said over the phone. “It’s not a surprise China would retaliate. But this will inevitably cause a recession because the damage is done — unless Trump backs off.”
Well, there is an alternative: an emergency rate cut by the Fed, which now looks increasingly likely, because credit has officially cracked..
… but worse, the 3Y SOFR swap spread, a metric of Treasury market stress is the lowest on record.
Friday’s losses follow a massive wipe out by US stocks on Thursday that erased $2.7 trillion in value – the second biggest one day loss in history – in the wake of Trump’s drastic new trade tariffs which ignited widespread recession fears.
In a few minutes, investors will get a look at the latest monthly jobs print — the first major piece of data for the quarter — which could have wide-ranging implications for bond, stock and currency markets as well as the Fed’s next moves. Jerome Powell is scheduled to deliver remarks at 11:25 a.m. in Arlington, Virginia, which will be parsed for signs of weakness spreading to the workforce.
The derivatives market is pricing in more volatility ahead. Options traders are betting that the S&P 500 will move roughly 1.6% in either direction after the jobs print today, based on the price of at-the-money straddles, according to Citigroup Inc. That’s well above the average straddle price for a 0.9% swing in either direction over the past 12 months. It’s also well below what the market has already swung!
“How bad will it get for the economy? With so much uncertainty swirling, stocks are selling off and that’s signaling that investors see both economic and profit growth slowing because of the trade war,” Adam Sarhan, founder of 50 Park Investments said by phone.
Bloomberg reports that the equity rout now has Wall Street’s biggest stock bull, Oppenheimer’s John Stoltzfus, rethinking his 7,100 price target on the S&P 500, which is among the highest on Wall Street tracked by Bloomberg and would imply a 25% gain through Thursday’s close. That comes as RBC Capital Markets’s Lori Calvasina cut her price target on the index for a second time this year to 5,550 from 6,200, given a dimmer outlook for economic and profit growth.
“Without a doubt, where we’re sitting here it is under review and has been under review for awhile,” John Stoltzfus said on Bloomberg Television Friday. “The reality has been until we got these rather surprising unpleasant levels of tariffs and the market’s reaction, we’re naturally going to have to take a look and sharpen our pencils, so to speak.”
Treasuries added to steep weekly gains unleashed by unfolding trade war, sending 2-year yields to lowest level since September 2022, after China retaliated against US tariffs with measures including a 34% levy on all American imports. Yields across maturities are lower by at least 11bp led by the 2-year, down nearly 19bp and below 3.5%. Fed-dated OIS contracts price in additional easing, with 115bp anticipated by year-end and about 50% odds of move in May. US session includes March jobs report and a speech by Fed Chair Powell at 11:25am New York time. US 10-year yield, around 3.89% near session low, is richer by 15bp on the day, more than 40bp on the week, and 100bps since January; bunds outperform by an additional 2bp in the sector while gilts trade broadly in line. Front-end-led gains — as more Fed easing is priced in — extend the steepening in 2s10s and 5s30s curves by nearly 3bp and 6bp on the day
More stuff is happening, but honestly it is meaningless to go over everything since prices are moving at a furious pace and everything will be stale as soon as we write about it, and certainly after the jobs report is published.
US economic calendar includes March jobs report at 8:30am. Fed speaker slate includes Chair Powell at 11:25am on the economic outlook, with text release and Q&A expected. Barr (12pm) and Waller (12:45pm) also speak
Market Snapshot
- S&P 500 mini -2.9%
- Nasdaq 100 mini -3.1%
- Russell 2000 mini -4.1%
- Stoxx Europe 600 -5%
- 10-year Treasury yield -12 basis points at 3.91%
- VIX +14 points at 44
- Bloomberg Dollar Index +0.2% at 1254.8,
- Euro +0.1% at $1.1055
- WTI crude -4% at $64.15/barrel
Top Overnight News
- Trump administration officials are assuring farm-state Republicans they will funnel billions of taxpayer dollars to farmers who are hit by Trump’s intensifying trade war. But it may be some time before any money is released. The administration wants to take stock of the economic fallout of the tariffs in the agriculture sector before rolling out aid, which will likely take several more months. Politico
- While there have been expressions of displeasure, Republicans (who could use their own votes to stop the new tariffs cold) made clear they had no intention of acting anytime soon. “I think most members on our side are very willing to give the president time,” Arkansas Sen. John Boozman said, summing up the view of many GOP lawmakers who might have qualms about Trump’s massive new levies but showed little interest — at least for now and the near future — in doing anything concrete to restrain him. Politico
- President Donald Trump on Thursday contradicted his top aides on the purpose of his sprawling new global tariff regime, adding to the uncertainty over the trade war that has sent markets reeling. Earlier in the day, top Trump aide Peter Navarro and Commerce Secretary Howard Lutnick said the president was not looking to strike deals over the tariffs. “This is not a negotiation,” Navarro told CNBC. But after markets closed down sharply, Trump told reporters on Air Force One that he would be open to striking deals with individual countries. WaPo
- US Social Security faces thousands more job cuts. The Social Security Administration is drafting plans to begin layoffs of potentially thousands more employees as soon as next week: WaPo
- Republicans are weighing the creation of a new bracket for those earning $1 million or more to offset some of the costs of their tax bill, a stark departure from decades of GOP opposition to tax increases. BBG
- China retaliated against the new US tariffs, announcing a 34% levy on all American imports starting April 10. Earlier, Donald Trump said he’s open to negotiations if other nations can offer something “phenomenal.” BBG
- President Trump’s jumbo tariffs on China threaten to create a new problem for a global economy already stressed over trade: a $400 billion deluge of Chinese goods looking for new markets. WSJ
- Japanese PM Shigeru Ishiba will meet opposition leaders today to discuss responses to the tariffs, which he said should be called a “national crisis.” BOJ Governor Kazuo Ueda said the US’s move will weigh on growth. BBG
- Traders now see the Fed cutting 100 bps by year-end, with a 50% chance of a cut in May. BBG
A more detailed look at global markets courtesy of Newsquawk
APAC stocks resumed the post-Liberation Day selling after Wall St suffered its worst loss since 2020, while fresh drivers are light amid the Greater China holiday closures and with participants now awaiting US jobs data. ASX 200 re-entered correction territory with the declines led by heavy losses in tech and energy in which the latter was pressured after oil prices fell by around 7% amid tariff turmoil and news that OPEC+ decided to increase output by a larger-than-scheduled 411k barrels per day in May. Nikkei 225 sold off again and fell below the USD 34,000 level with better-than-expected Household Spending data doing little to spur a recovery. KOSPI was initially choppy but ultimately weakened after the Constitutional Court upheld President Yoon’s impeachment which sparked some angry protests and triggered an election to be held within 60 days.
Top Asian News
- BoJ Governor Ueda said US tariffs are likely to exert downward pressure on Japan and global economies, while he added it is hard to say now how US tariffs will affect Japan’s price moves and they will closely monitor US tariff impact on Japan, overseas economic and price developments in deciding monetary policy. Ueda said they will scrutinise data, including from hearings, available at the time of each policy meeting to gauge the US tariff impact on Japan’s economy and prices.
- BoJ Deputy Governor Uchida said they will raise interest rates if underlying inflation heightens against the background of continued improvements in the economy. Uchida said they will examine, without any preset idea if economic and price forecasts laid out in the quarterly report will be achieved, as well as scrutinise at each meeting economic, and price developments and risks including the impact from US tariffs.
- South Korean Constitutional Court ruled to oust impeached President Yoon with the decision made unanimously.
European bourses (STOXX 600 -2.1%) are entirely in the red, in a continuation of the Trump-tariff induced slump seen on Thursday. Price action has only really been downwards today, given the lack of fresh catalysts and with traders mindful of the key NFP report ahead. European sectors hold a strong negative bias, with only a couple of sectors managing to hold in positive territory. Food Beverage & Tobacco outperforms today, largely thanks to the defensive bias in the markets today. Banks continue to underperform, extending on the prior day’s losses; yields continue to drive lower, and fears of an economic slowdown continue to increase.
Top European News
- UK government said almost GBP 14bln of R&D funding is allocated to bolster life sciences, green energy, space and beyond to improve lives and grow the economy.
- Goldman Sachs cuts the UK’s 2025 GDP growth forecast to 0.7% (prev. 0.8%).
- Deutsche Bank says the latest US tariffs could hit Europe and the UK’s GDP by 0.4-0.7% percentage points and 0.3-0.6 percentage points respectively.
DXY
- DXY is on a firmer footing, after initially edging lower in overnight/early European trade. Yesterday was a woeful session for the USD on account of concerns over the US’ growth outlook post-tariffs with the DXY falling from an opening level at 103.37 to a trough at 101.26. Trade specific updates since have been relatively light, so focus today will be on US NFP and then Fed Chair Powell thereafter.
- EUR/USD has been weighed on in recent trade by the pickup in the USD but is still firmly above yesterday’s opening level @ 1.0848. Analysts at ING attribute the recent resilience in the EUR not to a positive reappraisal of the Eurozone’s growth outlook but more as a result of the “alternative liquidity offered by the euro”.
- JPY is marginally softer vs. the USD and faring better than peers on account of the JPY’s safe-haven appeal. BoJ speak overnight saw Governor Ueda remark that US tariffs are likely to exert downward pressure on Japan and global economies, however, it is hard to say now how US tariffs will affect Japan’s price moves. Elsewhere, Deputy Governor Uchida noted that rates will be raised if underlying inflation heightens against the background of continued improvements in the economy. USD/JPY has made its way back onto a 146 handle but is still far away from yesterday’s opening level at 149.21.
- After a solid showing vs. the USD yesterday which sent Cable from a 1.2968 base to a 1.3207 peak, the recent resurgence of the Dollar briefly sent the pair back onto a 1.29 handle with a session low at 1.2976.
- Antipodeans underperform today after seeing slight gains in the prior session. Gains yesterday were limited by the high-beta status of both currencies, which is the main driver of today’s underperformance as internal macro drivers for Australia and New Zealand remain light.
Fixed Income
- USTs continue to advance as the risk tone remains downbeat and has deteriorated further in the European morning. Bringing USTs to a 113-12+ peak, weighing on yields across the curve with the belly/10yr once again lagging. Trade updates have been relatively light since “Liberation Day”, but President Trump suggested that the onus is on partners to bring him something “phenomenal”. US NFP is on the docket and then focus turns to Fed Chair Powell thereafter.
- Bunds are already getting on for gains of 100 ticks on the day with Payrolls and Powell yet to print. Initial action was modest in nature, with overnight focus primarily on Japan as JGBs played catchup to Thursday’s moves and BoJ bets were altered to show just 13bps of tightening implied for the rest of 2025. Peaked at 130.75 thus far with gains of 163 ticks WTD.
- Gilts are also moving higher alongside peers. Upside of 104 ticks at most so far, higher by over 230 ticks on the week and around 350 above the low from last Wednesday’s Spring Statement.
Commodities
- Crude continues its recent slump with WTI and Brent currently down by around USD 2.60/bbl and USD 2.50/bbl respectively. There has been little fresh fundamental in today’s trade, but pressure is ultimately a factor of a) negative risk tone. b) fears of slowing economic growth. c) OPEC+ decided to increase output by a larger-than-scheduled 411k barrels per day in May. Brent Jun’25 currently at the lower end of a USD 67.53-70.11/bbl range.
- Precious metals are on the backfoot today, with spot silver underperforming vs gold. Specifically for the yellow-metal, price action was rangebound overnight and remained within overnight ranges for most of the European morning, before then succumbing to some modest selling pressure alongside a broader pick-up in the Dollar. Currently trading around USD 3,090/oz in a USD 3,078.60-3,116.67/oz range.
- Base metals are entirely in the red, given the risk tone and in a continuation of the recent slump across the commodity complex; a holiday in China, is also a factor for the downside today.
Geopolitics: Middle East
- Israeli military say they have “eliminated” Hassan Farhat, a Hamas commander in Lebanon
- Israeli media reported that the Israeli army launched raids on large areas in the Gaza Strip, according to Al Jazeera
- Houthi-affiliated media reports US aggression on the Kahlan area, east of Saada city, northern Yemen, according to Al Jazeera.
- Iran reportedly abandons Houthis under relentless US bombardment and ordered its military personnel to leave Yemen, according to The Telegraph.
- US President Trump said he spoke with Israeli PM Netanyahu on Thursday who may visit the US next week, although it was separately reported that Israeli PM Netanyahu’s visit to the White House will likely take place in a few weeks.
- Turkey said Israel’s attacks on regional countries have made Israel the biggest threat to regional security, while it added that Israel is a regional destabiliser and is feeding chaos and terror.
- Saudi Crown Prince received a phone call from Iran’s President during which they discussed developments in the region and issues of common interest.
Geopolitics: Ukraine
- US President Trump’s inner circle advises against a call with Russian President Putin until he commits to a full ceasefire.
- Russian envoy Dmitriev said lots of differences remain, but a diplomatic solution is possible and there is already some progress on trust-building measures, while he sees a positive dynamic in US-Russian relations and said Several meetings are needed to sort out differences. Dmitriev also stated that a long-term solution that takes into account Russian security concerns is what is needed, as well as commented that they are not asking for a lifting of sanctions and that they can do a deal with the US on rare earths.
- Moscow’s mayor said Russian air defences repelled drones approaching Moscow and specialists are examining fallen fragments.
US Event Calendar
- 8:30 am: Mar Change in Nonfarm Payrolls, est. 140k, prior 151k
- 8:30 am: Mar Change in Manufact. Payrolls, est. -1k, prior 10k
- 8:30 am: Mar Unemployment Rate, est. 4.1%, prior 4.1%
- 8:30 am: Mar Average Hourly Earnings MoM, est. 0.3%, prior 0.3%
- 8:30 am: Mar Average Hourly Earnings YoY, est. 4%, prior 4%
DB’s Jim Reid concludes the overnight wrap
The last 24 hours have been truly historic for markets, as the impact of the US reciprocal tariffs cascaded across different asset classes, with no sign of letting up overnight. We’ll dive into more depth shortly, but just to run through some of the moves, yesterday saw the S&P 500 fall -4.84%, marking its biggest daily decline since June 2020, with futures down another -0.74% this morning. In turn, that took the peak-to-trough decline for the S&P 500 beyond 12%, meaning it’s now the biggest overall decline since the 2022 bear market. Otherwise, US HY spreads widened by +53bps yesterday, the biggest move wider since March 2020 at the height of the pandemic turmoil. The 10yr Treasury yield has fallen beneath 4% again, with futures fully pricing in a Fed rate cut by the June meeting. Both the dollar index (-1.67%) and Brent crude oil (-6.42%) suffered their worst days since 2022. And overnight, the 10yr Japanese government bond yield (-16.8bps) is on track for its biggest decline since 2003. So we’re currently experiencing some of the biggest moves in years right across the major asset classes.
Given the significance of the tariff announcement, here at Deutsche Bank Research we’ve been thinking through what this means for our global forecasts. Yesterday we provided an initial guide (link here) on how they’ll shift if the tariffs do hold, although clearly there’s still a lot up in the air, including the extent of any retaliation. For the US, the movement is stagflationary, and our economists think these could reduce the 2025 GDP forecast (Q4/Q4) from 2.2% to around or under 1%, with core PCE up from 2.7% to around 4%. So recession risks will likely rise materially if these tariffs are sustained. And when it comes to the Fed, they think the latest moves make them more likely to cut, even though the direction of travel is highly stagflationary, with the bias now towards up to four cuts this year if this tariff policy holds.
Meanwhile in Europe, our economists’ discuss their latest estimates in a report yesterday (link here). They estimate that the increase in US tariffs could knock 0.4-0.7pp off EU GDP, and that the EU will likely retaliate. Although the tariffs could complicate the easing trajectory for the ECB, they think they’re likely to continue cutting, and hold their terminal rate forecast of 1.50% at end-2025, with further rate cuts in April, June, September and December. They think the hit to growth will increase pressure on the ECB to cut rates, especially as the euro moved above $1.11 intraday yesterday for the first time in over 6 months.
In terms of what happens now, the big question is how the US’s trading partners might retaliate, as that will play a huge role in determining what the overall economic and market impact will be. For instance, French President Macron said yesterday that companies should pause their US investments, saying “What would be the message of having big European players that invest billions in the American economy at the same time they are hitting us”. Separately, it was announced by Canadian PM Market Carney that Canada would put 25% tariffs on US-made autos that don’t comply with the USMCA deal. At the same time, investors will be watchful of any potential deals to reduce tariffs, with Trump saying yesterday evening that “The tariffs give us great power to negotiate” but that other countries would have to offer something “phenomenal” in negotiations for him to relent. So no signs of any immediate relief.
On the back of all this, investors grew increasingly fearful about a potential US recession, with US equities seeing their sharpest decline in years. The S&P 500 (-4.84%) , the NASDAQ (-5.97%) and the small cap Russell 2000 (-6.59%) all saw their worst days since 2020, and there were as many as 74 companies in the S&P that fell by at least 10% yesterday. All that meant measures of volatility continued to spike, with the VIX index (+8.51pts) moving up to 30.02pts, its highest level since the turmoil last summer. And given mounting fears of a downturn, the more cyclical sectors drove the underperformance, with the Magnificent 7 (-6.67%) posting its worst day since July and extending the decline from its December peak to -24%. Meanwhile in Europe, the declines weren’t quite as bad, but even there the STOXX 600 (-2.57%) saw its biggest move lower since August.
Whilst growth fears were at the forefront yesterday, investors were also becoming a lot more concerned about inflation. In fact, the US 1yr inflation swap (+8.3bps) rose for a ninth session in a row to close at its highest level since 2022, back when the Fed were still hiking by 75bps per meeting to get inflation under control again. However, because of the growth fears, investors also priced in that the Fed would cut rates more aggressively over the months ahead. In fact as we go to press this morning, futures are now pricing over 100bps of rate cuts by the December meeting, and are fully pricing in an initial cut by the June meeting. They even see a 34% probability of a cut at the next meeting in May, so all eyes will be on Fed Chair Powell’s comments today to see his reaction.
With investors worried about the growth shock and pricing in more rate cuts, that helped sovereign bond yields to move lower across the curve, albeit with a very sharp steepening. For instance, the 2y Treasury yield (-17.8bps) fell back to 3.68%, and the 10yr yield (-10.1bps) fell to 4.03%, yet the 30yr yield (-3.0bps) saw a smaller decline to 4.47%. And over in Europe, there were also declines as investors priced in more ECB rate cuts, with yields on 10yr bunds (-7.0bps), OATs (-5.0bps) and BTPs (-4.3bps) all moving lower.
Over in the FX space, there was a huge depreciation in the US Dollar yesterday, with the dollar index (-1.67%) posting its biggest daily decline since 2022. That included a +1.83% move for the Euro, which closed at $1.1052, which is the first time it’s closed above $1.10 in six months. More broadly, our FX strategists are maintaining their bullish EUR/USD view, and George Saravelos warned yesterday (link here) that there’s an increasing concern that the dollar is at risk of a broader confidence crisis.
Amidst the huge market moves, sentiment wasn’t helped by the latest ISM services data, which came in beneath expectations in March. The headline index was down to a 9-month low of 50.8 (vs. 52.9 expected), and the employment component (46.2) slumped to its lowest since December 2023. That said, for now at least, the labour market hasn’t shown an obvious sign of deterioration, with the weekly initial jobless claims at 219k over the week ending March 29 (vs. 225k expected), which pushed the 4-week average down to 223k.
That focus on US data will continue today, as we’ve got the March jobs report coming out at 13:30 London time. Clearly it won’t account for the full impact of these reciprocal tariffs that are now coming, but it will be an important test as it’s one of the first hard data prints we have for the month of March. In terms of what to expect, our US economists are looking for nonfarm payrolls to come in at +150k, with the unemployment rate rounding up to 4.2%. You can see their full preview and register for their post-release webinar here. Later on today, we’ll then hear from Fed Chair Powell, who’s giving a speech on the economic outlook, so that will be heavily in focus to hear about how the Fed are thinking about tariffs and their reaction function. Ahead of that, we did hear from Fed Vice Chair Jefferson yesterday, who said “there is no need to be in a hurry to make further policy rate adjustments.
Overnight, this direction of travel has continued in markets, with sharp losses in Asia that built on yesterday’s moves. For instance, Japan’s Nikkei is down another -3.74%, on top of its -2.77% move yesterday. So as it stands, the index is down -9.93% for the week, which would be its worst weekly performance since the pandemic turmoil of March 2020. That comes amidst a sharp appreciation in the Japanese yen, which is currently at 145.62 per US dollar this morning.
Moreover, there’s been an astonishing move in Japan’s government bond yields, with the 10yr yield (-16.8bps) on track for its biggest daily decline since 2003. Meanwhile in Australia, the S&P/ASX 200 (-2.24%) has also built on its Thursday losses, leaving it on track for its worst weekly performance since 2022. And in South Korea, the KOSPI is down -1.71%. Equity markets in China are closed for a holiday.
To the day ahead now, and the main highlight will be the US jobs report for March. Other data includes German factory orders and French industrial production for February, along with the construction PMIs for March in Germany and the UK. Elsewhere, central bank speakers include Fed Chair Powell, along with the Fed’s Barr and Waller.
2b European Opening report
Equities lower into Powell & NFP, Markets now fully price four 25bps Fed cuts in 2025 – Newsquawk US Market Open
Friday, Apr 04, 2025 – 05:21 AM
- US President Trump, when asked about the market response, said “now it settles in” and added he is open to negotiating if “other countries offer something phenomenal.”
- Trump tariffs take a toll on European stocks which currently reside near lows, US futures also lower with underperformance in the RTY.
- USD attempts to claw back some of Thursday’s lost ground as attention pivots to NFP and then Fed Chair Powell thereafter, where a text and Q&A are expected.
- Yields continue to fall into NFP & Powell, markets now fully price four 25bps Fed cuts in 2025.
- Oil remains pressured & XAU continues to ease, base metals dented further by the absence of China.
- Looking ahead, US & Canadian Labour Market Reports, Moody’s to review the EU’s sovereign rating, Speakers including Fed’s Powell, Barr, Waller & ECB’s de Guindos.
TARIFFS/TRADE
- US Trade Advisor Navarro said the WTO is institutionalising a world of unfair trade against the US, while he said tariffs are not a negotiation and defended tariffs as a ‘national emergency’ which are here to protect Americans and raise revenue.
- US President Trump’s tariffs have reportedly opened a rift among top Republicans in Washington and drew criticism from some Senators and large donors, according to FT.
- Mexican Deputy Economy Minister Gutierrez said Mexico is to continue a ‘cool-headed’ approach to Trump’s tariffs and Mexican officials are to meet with Commerce Secretary Lutnick and USTR Greer next week to review autos, metals tariffs and USMCA trade agreement
- Brazil’s Vice President Alckmin said he thinks the tariffs scenario will accelerate the Mercosur-EU deal and noted that technical teams from Brazil and the US will meet next week to discuss tariffs.
- US officials told the UK that they’re open to talking about Britain’s proposal to reduce tariffs below 10%, according to a Bloomberg reporter via social media platform X.
- China’s Vice Commerce Minister said they are willing to work with the EU to maintain a rules-based multilateral trading system and provide stability for global trade.
- French Finance Minister Lombard says the EU response to the new US tariffs will be proportionate, meant to bring the two countries to the negotiating table
- UK PM “Starmer is expected to bring forward plans to water down electric car rules in the wake of Donald Trump’s global tariff war”, via Times’ Swinford.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -2.1%) are entirely in the red, in a continuation of the Trump-tariff induced slump seen on Thursday. Price action has only really been downwards today, given the lack of fresh catalysts and with traders mindful of the key NFP report ahead.
- European sectors hold a strong negative bias, with only a couple of sectors managing to hold in positive territory. Food Beverage & Tobacco outperforms today, largely thanks to the defensive bias in the markets today. Banks continue to underperform, extending on the prior day’s losses; yields continue to drive lower, and fears of an economic slowdown continue to increase.
- US equity futures (ES -0.8%, NQ -0.5%, RTY -1.5%) are broadly on the backfoot, continuing the downside seen in the prior session which saw US stocks see their worst day since the Covid pandemic, in reaction to Trump’s “Liberation Day” announcements. Focus for today will be on the US NFP report and then Fed Chair Powell thereafter.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- DXY is on a firmer footing, after initially edging lower in overnight/early European trade. Yesterday was a woeful session for the USD on account of concerns over the US’ growth outlook post-tariffs with the DXY falling from an opening level at 103.37 to a trough at 101.26. Trade specific updates since have been relatively light, so focus today will be on US NFP and then Fed Chair Powell thereafter.
- EUR/USD has been weighed on in recent trade by the pickup in the USD but is still firmly above yesterday’s opening level @ 1.0848. Analysts at ING attribute the recent resilience in the EUR not to a positive reappraisal of the Eurozone’s growth outlook but more as a result of the “alternative liquidity offered by the euro”.
- JPY is marginally softer vs. the USD and faring better than peers on account of the JPY’s safe-haven appeal. BoJ speak overnight saw Governor Ueda remark that US tariffs are likely to exert downward pressure on Japan and global economies, however, it is hard to say now how US tariffs will affect Japan’s price moves. Elsewhere, Deputy Governor Uchida noted that rates will be raised if underlying inflation heightens against the background of continued improvements in the economy. USD/JPY has made its way back onto a 146 handle but is still far away from yesterday’s opening level at 149.21.
- After a solid showing vs. the USD yesterday which sent Cable from a 1.2968 base to a 1.3207 peak, the recent resurgence of the Dollar briefly sent the pair back onto a 1.29 handle with a session low at 1.2976.
- Antipodeans underperform today after seeing slight gains in the prior session. Gains yesterday were limited by the high-beta status of both currencies, which is the main driver of today’s underperformance as internal macro drivers for Australia and New Zealand remain light.
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs continue to advance as the risk tone remains downbeat and has deteriorated further in the European morning. Bringing USTs to a 113-12+ peak, weighing on yields across the curve with the belly/10yr once again lagging. Trade updates have been relatively light since “Liberation Day”, but President Trump suggested that the onus is on partners to bring him something “phenomenal”. US NFP is on the docket and then focus turns to Fed Chair Powell thereafter.
- Bunds are already getting on for gains of 100 ticks on the day with Payrolls and Powell yet to print. Initial action was modest in nature, with overnight focus primarily on Japan as JGBs played catchup to Thursday’s moves and BoJ bets were altered to show just 13bps of tightening implied for the rest of 2025. Peaked at 130.75 thus far with gains of 163 ticks WTD.
- Gilts are also moving higher alongside peers. Upside of 104 ticks at most so far, higher by over 230 ticks on the week and around 350 above the low from last Wednesday’s Spring Statement.
- Click for a detailed summary
COMMODITIES
- Crude continues its recent slump with WTI and Brent currently down by around USD 2.60/bbl and USD 2.50/bbl respectively. There has been little fresh fundamental in today’s trade, but pressure is ultimately a factor of a) negative risk tone. b) fears of slowing economic growth. c) OPEC+ decided to increase output by a larger-than-scheduled 411k barrels per day in May. Brent Jun’25 currently at the lower end of a USD 67.53-70.11/bbl range.
- Precious metals are on the backfoot today, with spot silver underperforming vs gold. Specifically for the yellow-metal, price action was rangebound overnight and remained within overnight ranges for most of the European morning, before then succumbing to some modest selling pressure alongside a broader pick-up in the Dollar. Currently trading around USD 3,090/oz in a USD 3,078.60-3,116.67/oz range.
- Base metals are entirely in the red, given the risk tone and in a continuation of the recent slump across the commodity complex; a holiday in China, is also a factor for the downside today.
- Click for a detailed summary
NOTABLE DATA RECAP
- German Industrial Orders MM (Feb) 0.0% vs. Exp. 3.5% (Prev. -7.0%)
- French Industrial Output MM (Feb) 0.7% vs. Exp. 0.4% (Prev. -0.6%, Rev. -0.5%)
- Spanish Ind Output Cal Adj YY (Feb) -1.9% (Prev. -1.0%, Rev. -1.2%)
- EU HCOB Construction PMI (Mar) 44.8 (Prev. 42.7); Italian HCOB Construction PMI (Mar) 52.4 (Prev. 48.2); HCOB Construction PMI (Mar) 40.3 (Prev. 41.2); HCOB Construction PMI (Mar) 43.8 (Prev. 39.8)
- UK S&P Global Composite PMI – Output (Mar) 51.0 (Prev. 50); S&P Global Construction PMI (Mar) 46.4 vs. Exp. 46 (Prev. 44.6)
- Italian Retail Sales NSA YY (Feb) -1.5% (Prev. 0.9%); Retail Sales SA MM (Feb) 0.1% (Prev. -0.4%)
- Swedish CPIF Flash YY (Mar) 2.30% vs. Exp. 2.60% (Prev. 2.90%); CPIF Flash MM (Mar) -0.50% vs. Exp. -0.20% (Prev. 0.90%)
NOTABLE EUROPEAN HEADLINES
- UK government said almost GBP 14bln of R&D funding is allocated to bolster life sciences, green energy, space and beyond to improve lives and grow the economy.
- Goldman Sachs cuts the UK’s 2025 GDP growth forecast to 0.7% (prev. 0.8%).
- Deutsche Bank says the latest US tariffs could hit Europe and the UK’s GDP by 0.4-0.7% percentage points and 0.3-0.6 percentage points respectively.
NOTABLE US HEADLINES
- US Social Security faces thousands more job cuts, according to WaPo. WaPo notes that the Social Security Administration is drafting plans to begin layoffs of potentially thousands more employees as soon as next week.
GEOPOLITICS
MIDDLE EAST
- Israeli military say they have “eliminated” Hassan Farhat, a Hamas commander in Lebanon
- Israeli media reported that the Israeli army launched raids on large areas in the Gaza Strip, according to Al Jazeera
- Houthi-affiliated media reports US aggression on the Kahlan area, east of Saada city, northern Yemen, according to Al Jazeera.
- Iran reportedly abandons Houthis under relentless US bombardment and ordered its military personnel to leave Yemen, according to The Telegraph.
- US President Trump said he spoke with Israeli PM Netanyahu on Thursday who may visit the US next week, although it was separately reported that Israeli PM Netanyahu’s visit to the White House will likely take place in a few weeks.
- Turkey said Israel’s attacks on regional countries have made Israel the biggest threat to regional security, while it added that Israel is a regional destabiliser and is feeding chaos and terror.
- Saudi Crown Prince received a phone call from Iran’s President during which they discussed developments in the region and issues of common interest.
RUSSIA-UKRAINE
- US President Trump’s inner circle advises against a call with Russian President Putin until he commits to a full ceasefire.
- Russian envoy Dmitriev said lots of differences remain, but a diplomatic solution is possible and there is already some progress on trust-building measures, while he sees a positive dynamic in US-Russian relations and said Several meetings are needed to sort out differences. Dmitriev also stated that a long-term solution that takes into account Russian security concerns is what is needed, as well as commented that they are not asking for a lifting of sanctions and that they can do a deal with the US on rare earths.
- Moscow’s mayor said Russian air defences repelled drones approaching Moscow and specialists are examining fallen fragments.
CRYPTO
- Bitcoin is a little firmer and trades just ahead of USD 84k.
APAC TRADE
- APAC stocks resumed the post-Liberation Day selling after Wall St suffered its worst loss since 2020, while fresh drivers are light amid the Greater China holiday closures and with participants now awaiting US jobs data.
- ASX 200 re-entered correction territory with the declines led by heavy losses in tech and energy in which the latter was pressured after oil prices fell by around 7% amid tariff turmoil and news that OPEC+ decided to increase output by a larger-than-scheduled 411k barrels per day in May.
- Nikkei 225 sold off again and fell below the USD 34,000 level with better-than-expected Household Spending data doing little to spur a recovery.
- KOSPI was initially choppy but ultimately weakened after the Constitutional Court upheld President Yoon’s impeachment which sparked some angry protests and triggered an election to be held within 60 days.
NOTABLE ASIA-PAC HEADLINES
- BoJ Governor Ueda said US tariffs are likely to exert downward pressure on Japan and global economies, while he added it is hard to say now how US tariffs will affect Japan’s price moves and they will closely monitor US tariff impact on Japan, overseas economic and price developments in deciding monetary policy. Ueda said they will scrutinise data, including from hearings, available at the time of each policy meeting to gauge the US tariff impact on Japan’s economy and prices.
- BoJ Deputy Governor Uchida said they will raise interest rates if underlying inflation heightens against the background of continued improvements in the economy. Uchida said they will examine, without any preset idea if economic and price forecasts laid out in the quarterly report will be achieved, as well as scrutinise at each meeting economic, and price developments and risks including the impact from US tariffs.
- South Korean Constitutional Court ruled to oust impeached President Yoon with the decision made unanimously.
DATA RECAP
- Japanese All Household Spending MM (Feb) 3.5% vs. Exp. 0.5% (Prev. -4.5%); YY (Feb) -0.5% vs. Exp. -1.7% (Prev. 0.8%)
2c Asian Opening report
APAC stocks continue sell off after Wall St.’s worst session since 2020; DXY tests 101.50 ahead of Powell – Newsquawk Europe Market Open
Friday, Apr 04, 2025 – 01:13 AM
- US President Trump, when asked about the market response, said “now it settles in” and added he is open to negotiating if “other countries offer something phenomenal.”
- Fed’s Jefferson said there is no need to be in a hurry on policy adjustments, Cook said the Fed needs to be “patient but attentive”.
- APAC stocks continued the sell-off after Wall Street experienced its worst session since 2020.
- DXY down to near 101.50, EUR held onto Thursday’s strength, USD/JPY fell below 146.00 as haven flows resumed.
- Fixed benchmarks remained underpinned by the risk tone, crude subdued, and XAU rangebound
- Looking ahead, highlights include German Industrial Orders, Swedish CPIF, US & Canadian Labour Market Reports, Moody’s to review the EU’s sovereign rating, Speakers including Fed’s Powell, Barr, Waller & ECB’s de Guindos.
- Click for the Newsquawk Week Ahead.
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
US TRADE
EQUITIES
- US stocks tumbled in the wake of Liberation Day after President Trump announced more aggressive tariffs than expected which resulted in the largest losses on Wall Street since 2020 and saw the S&P 500 slip into correction territory with its constituents wiping out USD 2.4tln in value, while the vast majority of sectors were pressured with Energy, Tech, Consumer Discretionary and Industrials down by more than 5% on the day.
- SPX -4.84% at 5,397, NDX -5.41% at 18,521, DJI -3.98% at 40,546, RUT -6.59% at 1,911.
- Click here for a detailed summary.
TRADE/TARIFFS
- US President Trump said the world is the world is looking for ways to make a deal on tariffs. Trump separately commented that the operation is over and now it settles in when asked about tariffs and the market response, while he also stated he is open to tariff negotiations if other countries offer something phenomenal. Furthermore, he stated the market response to tariffs was expected and he would consider a deal where China approves the TikTok sale in exchange for tariff relief.
- US Commerce Secretary Lutnick said there is no chance US President Trump will back off tariffs, while he added that Trump will negotiate only if other countries fix their tariffs and non-tariff barriers.
- US Trade Advisor Navarro said the WTO is institutionalising a world of unfair trade against the US, while he said tariffs are not a negotiation and defended tariffs as a ‘national emergency’ which are here to protect Americans and raise revenue.
- White House is floating the idea of potentially launching a tariff investigation into critical minerals imports.
- Washington Post’s Stein posted on X that sources said “The White House’s internal talking points tell surrogates that Trump’s new global tariff regime should NOT be characterized as a starting point for negotiations” and that President Trump is also telling advisers they’re not about setting up talks.
- US President Trump’s tariffs have reportedly opened a rift among top Republicans in Washington and drew criticism from some Senators and large donors, according to FT.
- Canadian PM Carney said Canada will impose 25% tariffs on all vehicles imported from the US that are not compliant with the USMCA trade deal and they will fight US tariffs until they are removed. Carney stated that previously announced retaliatory tariffs will remain in effect and they would react energetically to any new US tariffs, while he also said that they need to reset their overall relationship with the US. Furthermore, a Canadian government official said tariffs on US autos will apply to CAD 35.6bln worth of imports.
- Mexican Deputy Economy Minister Gutierrez said Mexico is to continue a ‘cool-headed’ approach to Trump’s tariffs and Mexican officials are to meet with Commerce Secretary Lutnick and USTR Greer next week to review autos, metals tariffs and USMCA trade agreement
- Brazil’s Vice President Alckmin said he thinks the tariffs scenario will accelerate the Mercosur-EU deal and noted that technical teams from Brazil and the US will meet next week to discuss tariffs.
- US officials told the UK that they’re open to talking about Britain’s proposal to reduce tariffs below 10%, according to a Bloomberg reporter via social media platform X.
- Eurasia Group said French President Macron calls on big European businesses to freeze all investments in the US in retaliation for the “brutal and unjustified” import duties imposed by US President Trump.
- China’s Vice Commerce Minister said they are willing to work with the EU to maintain a rules-based multilateral trading system and provide stability for global trade.
- WTO chief said estimates suggest that US tariffs, coupled with those introduced since the start of the year, could lead to an overall contraction of around 1% in global merchandise trade volumes this year, while the WTO chief is deeply concerned about this decline and the potential for escalation into a tariff war.
NOTABLE HEADLINES
- Fed Vice Chair Jefferson (voter) said there is no need to be in a hurry on policy rate adjustments and the current policy rate is well-positioned to deal with risks and uncertainties. Jefferson said they could retain current policy restraint for longer, or ease policy, depending on inflation progress and the job market, while the policy rate is now somewhat restrictive. Jefferson also said there is still substantial uncertainty around trade and uncertainty can weigh on spending and investment decisions, while he added it will be important to take their time and think about the impact.
- Fed’s Cook (voter) said it is appropriate to maintain current policy for now while watching data and now is the time for the Fed to be ‘patient but attentive’. Cook also said the economy has entered a period of uncertainty, while she added that reduced uncertainty and easing inflation would facilitate rate cuts.
APAC TRADE
EQUITIES
- APAC stocks resumed the post-Liberation Day selling after Wall St suffered its worst loss since 2020, while fresh drivers are light amid the Greater China holiday closures and with participants now awaiting US jobs data.
- ASX 200 re-entered correction territory with the declines led by heavy losses in tech and energy in which the latter was pressured after oil prices fell by around 7% amid tariff turmoil and news that OPEC+ decided to increase output by a larger-than-scheduled 411k barrels per day in May.
- Nikkei 225 sold off again and fell below the USD 34,000 level with better-than-expected Household Spending data doing little to spur a recovery.
- KOSPI was initially choppy but ultimately weakened after the Constitutional Court upheld President Yoon’s impeachment which sparked some angry protests and triggered an election to be held within 60 days.
- US equity futures trickled lower overnight as selling persisted following Wall St’s largest one-day loss since the Covid-era.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.6% after the cash market closed with losses of 3.6% on Thursday.
FX
- DXY was pressured after tumbling yesterday as the latest tariffs stoked growth concerns with BofA warning that tariffs could push the US economy to “the precipice of recession”, while Barclays sees a “high risk” of the US economy falling into a recession this year. There were also a slew of data releases including the large miss on ISM Services although the data releases took a back seat to the tariff-related turmoil and with participants now awaiting the latest NFP report and comments from Fed Chair Powell later today.
- EUR/USD held on to the prior day’s spoils after benefitting from the slump in the greenback, while recent Services PMI data from the bloc topped forecasts and there were several comments from officials regarding the Trump tariffs including from Spain’s PM who asked the European Commission for reinforcement of trade links with the rest of the world and is responding to US tariffs with a EUR 14.1bln plan to protect the Spanish economy.
- GBP/USD flatlined amid a lack of fresh catalysts and after the recent pullback from resistance at the 1.3200 level.
- USD/JPY attempted to nurse some losses but then faltered and reverted to beneath 146.00 owing to haven flows.
- Antipodeans underperformed amid their high-beta statuses and recent slump in commodities.
FIXED INCOME
- 10yr UST futures remained underpinned after surging as Trump tariffs sparked mass risk-off trade.
- Bund futures breached the prior day’s highs and climbed above 130.00 as Trump’s tariffs roiled markets.
- 10yr JGB futures tracked the gains in global peers amid haven demand and as tariff woes dragged yields lower.
COMMODITIES
- Crude futures were subdued after tumbling on the tariff turmoil and OPEC+ decision to speed up production hikes.
- Spot gold was rangebound following the prior day’s two-way price action and with participants now awaiting US jobs data.
- Copper futures extended on its declines owing to the risk-off mood and absence of its largest buyer, China.
CRYPTO
- Bitcoin gradually retreated beneath the USD 83,000 level as risk sentiment continued to suffer on Trump tariffs.
NOTABLE ASIA-PAC HEADLINES
- White House is eyeing a TikTok deal announcement for Friday morning, according to FBN’s Gasparino citing sources.
- BoJ Governor Ueda said US tariffs are likely to exert downward pressure on Japan and global economies, while he added it is hard to say now how US tariffs will affect Japan’s price moves and they will closely monitor US tariff impact on Japan, overseas economic and price developments in deciding monetary policy. Ueda said they will scrutinise data, including from hearings, available at the time of each policy meeting to gauge the US tariff impact on Japan’s economy and prices.
- BoJ Deputy Governor Uchida said they will raise interest rates if underlying inflation heightens against the background of continued improvements in the economy. Uchida said they will examine, without any preset idea if economic and price forecasts laid out in the quarterly report will be achieved, as well as scrutinise at each meeting economic, and price developments and risks including the impact from US tariffs.
- South Korean Constitutional Court ruled to oust impeached President Yoon with the decision made unanimously.
DATA RECAP
- Japanese All Household Spending MM (Feb) 3.5% vs. Exp. 0.5% (Prev. -4.5%)
- Japanese All Household Spending YY (Feb) -0.5% vs. Exp. -1.7% (Prev. 0.8%)
GEOPOLITICS
MIDDLE EAST
- Israeli media reported that the Israeli army launched raids on large areas in the Gaza Strip, according to Al Jazeera
- Houthi-affiliated media reports US aggression on the Kahlan area, east of Saada city, northern Yemen, according to Al Jazeera.
- Iran reportedly abandons Houthis under relentless US bombardment and ordered its military personnel to leave Yemen, according to The Telegraph.
- US President Trump said he spoke with Israeli PM Netanyahu on Thursday who may visit the US next week, although it was separately reported that Israeli PM Netanyahu’s visit to the White House will likely take place in a few weeks.
- Turkey said Israel’s attacks on regional countries have made Israel the biggest threat to regional security, while it added that Israel is a regional destabiliser and is feeding chaos and terror.
- Saudi Crown Prince received a phone call from Iran’s President during which they discussed developments in the region and issues of common interest.
RUSSIA-UKRAINE
- US President Trump’s inner circle advises against a call with Russian President Putin until he commits to a full ceasefire.
- Ukrainian Foreign Minister Sybiha met US Secretary of State Rubio in Brussels and informed him of Russian violation of the energy site ceasefire, while he reaffirmed Kyiv’s commitment to mineral resources cooperation.
- Russian envoy Dmitriev said lots of differences remain, but a diplomatic solution is possible and there is already some progress on trust-building measures, while he sees a positive dynamic in US-Russian relations and said Several meetings are needed to sort out differences. Dmitriev also stated that a long-term solution that takes into account Russian security concerns is what is needed, as well as commented that they are not asking for a lifting of sanctions and that they can do a deal with the US on rare earths.
- Moscow’s mayor said Russian air defences repelled drones approaching Moscow and specialists are examining fallen fragments.
EU/UK
NOTABLE HEADLINES
- UK government said almost GBP 14bln of R&D funding is allocated to bolster life sciences, green energy, space and beyond to improve lives and grow the economy.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
IT BEGINS!!
China Strikes Back: Slaps 34% Tariff On US Goods After Trump’s ‘Liberation Day’
Friday, Apr 04, 2025 – 07:00 AM
U.S. equity futures took another leg lower, the VIX spiked to 36, Treasury yields slipped (UST10Y <4%), crypto tumbled, and the dollar reversed its European session gains—just after 06:00 ET—when China hit back at President Trump’s “Liberation Day” tariff blitz.
According to state-run Xinhua, Beijing announced it would slap 34% retaliatory tariffs on all U.S. imports starting April 10. Details were scarce at the moment.
“Chinese authorities said they will start a probe into medical CT X-ray tubes imported from the US and India, and halt imports of poultry products from two American companies,” Bloomberg noted.
Xinhua also reported that Beijing announced export control measures on certain rare earth-related items but did not provide specifics.
The move comes two days after Trump’s tariff-a-palooza pushed the effective U.S. tariff rate on Chinese goods to 54%.
Deutsche Bank’s George Saravelos noted on Thursday that the big negative surprise this week has been the 50%+ tariff rate on China (far worse than expectations) and the key connector economy Vietnam, which affected $600bn worth of manufactured goods to the U.S. combined.
Goldman helped clients visualize this move.
On Thursday, Beijing condemned the escalating tariff war, calling it “unilateral bullying. ” It added that it “firmly opposes” the tariff war and “will resolutely take countermeasures to safeguard its own rights and interests.”
And here we are—risk assets getting hammered again on a Friday morning—as tensions between Washington and Beijing escalate sharply to end the week. Both superpowers remain locked in a stalemate over China’s subsidization of fentanyl precursor chemicals to Mexico, which has fueled the overdose death crisis in the United States.
Stay on top of the tariff war:
- The Only Chart That Matters… Global Impact Of Trump Tariffs Will Be Determined By Beijing
- “Reign Of Tariffs” Begins: All You Need To Know About Trump’s “Reciprocal” Trade War
- Beijing Slams Trump’s “Unilateral Bullying” Tariffs, Signals Retaliatory Action
In markets, main US equity futures indexes were hammered lower after China retaliated.
A lot more red.
UST10Y <4%.
Implied interest rate cuts top 4.5 for the year.
Bitcoin tumbles.
Dollar loses steam after European surge.
And Yuan weaker.
*Developing…
END
CHINA/USA
Trump Says China “Played It Wrong” On Retaliatory Tariffs — Now Beijing Faces Three Options
Friday, Apr 04, 2025 – 09:49 AM
Update (0949ET):
President Trump wrote on Truth Social that China “played it wrong” after Beijing announced retaliatory tariffs on imported US goods earlier this morning.
“They panicked,” Trump said, adding, “The one thing they cannot afford to do!”
And now, cue Trump’s re-retaliatory tariffs this weekend…
China has three options in the wake of Trump’s “Liberation Day” tariff blitz:
- Concede defeat to whatever terms Trump demands
- Devalue the yuan by 20-40%
- Unleash biggest fiscal stimulus in its history (talking $2-3 trillion) which will push its debt off the chart
On China’s potential response, George Saravelos, Global Head of FX Research at Deutsche Bank, provided clients with more color (read: here)…
. . .
U.S. equity futures took another leg lower, the VIX spiked to 36, Treasury yields slipped (UST10Y <4%), crypto tumbled, and the dollar reversed its European session gains—just after 06:00 ET—when China hit back at President Trump’s “Liberation Day” tariff blitz.
According to state-run Xinhua, Beijing announced it would slap 34% retaliatory tariffs on all U.S. imports starting April 10. Details were scarce at the moment.
“Chinese authorities said they will start a probe into medical CT X-ray tubes imported from the US and India, and halt imports of poultry products from two American companies,” Bloomberg noted.
Xinhua also reported that Beijing announced export control measures on certain rare earth-related items but did not provide specifics.
The move comes two days after Trump’s tariff-a-palooza pushed the effective U.S. tariff rate on Chinese goods to 54%.
Deutsche Bank’s George Saravelos noted on Thursday that the big negative surprise this week has been the 50%+ tariff rate on China (far worse than expectations) and the key connector economy Vietnam, which affected $600bn worth of manufactured goods to the U.S. combined.
Goldman helped clients visualize this move.
On Thursday, Beijing condemned the escalating tariff war, calling it “unilateral bullying. ” It added that it “firmly opposes” the tariff war and “will resolutely take countermeasures to safeguard its own rights and interests.”
And here we are—risk assets getting hammered again on a Friday morning—as tensions between Washington and Beijing escalate sharply to end the week. Both superpowers remain locked in a stalemate over China’s subsidization of fentanyl precursor chemicals to Mexico, which has fueled the overdose death crisis in the United States.
Stay on top of the tariff war:
- The Only Chart That Matters… Global Impact Of Trump Tariffs Will Be Determined By Beijing
- “Reign Of Tariffs” Begins: All You Need To Know About Trump’s “Reciprocal” Trade War
- Beijing Slams Trump’s “Unilateral Bullying” Tariffs, Signals Retaliatory Action
In markets, main US equity futures indexes were hammered lower after China retaliated.
A lot more red.
UST10Y <4%.
Implied interest rate cuts top 4.5 for the year.
Bitcoin tumbles.
Dollar loses steam after European surge.
And Yuan weaker.
*Developing…
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
Media Eviscerated For Claiming Jailing Marine Le Pen Is ‘Good For Democracy’
Friday, Apr 04, 2025 – 02:00 AM
Authored by Steve Watson via Modernity.news,
TIME Magazine is facing backlash for declaring that the conviction of French populist politician Marine Le Pen on a trumped up bureaucratic charge “was a good day for French democracy.”
Yes, really.
Apparently banning a front running candidate from running for office for five years and handing her a prison sentence is “good for democracy.”
As we highlighted yesterday, this is happening all over Europe in what many are describing as a coordinated globalist effort to prevent more nationalist candidates from being elected.
Le Pen will serve two of the four year prison sentence qunder house arrest with an ankle bracelet monitor.
Le Pen may still yet find a way to run given that the Paris Court of Appeal said it will look to decide whether to uphold or scrap the ban on her from elections by next year.
“The Paris Court of Appeal confirms having received today three appeals filed against the decision rendered on March 31, 2025, by the Paris judicial court in the case of the parliamentary assistants of the National Front. It will examine this file within a time frame which should allow a decision to be rendered in the summer of 2026,” the court said, according to Le Figaro.
In response, Le Pen said it was “very good news,” but that she intends to challenge the ruling in any way possible, including France’s Constitutional Council and the European Court of Human Rights.
“I will use all possible avenues of appeal. I won’t let it happen,” she told Le Parisien.
She has further contended that the court’s decision to impose a ban on her pursuing office while her appeal is ongoing undermines the rule of law, asserting that individuals in the appeal process are generally granted the presumption of innocence, and thus, implementing the ban at this stage disregards established legal norms.
Current polling suggests that Le Pen is almost certain to win if she runs in 2027.
* * *
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EU/GLOBALISTS
(Schlicter/Townhall.com)
The Globalist Authoritarians Are Playing With Fire
Thursday, Apr 03, 2025 – 07:15 PM
Authored by Kurt Schlicter via Townhall.com,
What happened with Marine Le Pen, the most popular politician in France who was just banned from standing for election on the flimsiest of pretenses, is no exception.
It’s becoming the rule around the West and in other places, too, where being outside the mainstream of authorized establishment left-leaning globalist politics has become criminalized. In some places, like the UK and Spain, it takes the form of persecuting people for saying things that those in power don’t want to hear. In other places, like Germany, upstart populist parties that earned a significant number of votes are informally, and sometimes formally, marginalized and threatened with being banned.
But it’s the criminal persecution of leaders that is becoming the go-to. It happened to Bolsonaro in Brazil, Netanyahu in Israel, Georgescu in Romania, and Le Pen in France.
In each of these cases, the establishment authoritarians essentially attempted to frame a politician they couldn’t beat at the ballot box. Of course, their American analogs tried to do the same thing to Donald Trump here, and when that didn’t work, their allies tried to murder him. Thankfully, they failed at both – with the people who instigated these atrocities too dumb to know that they are the ones who should be the most thankful they failed.
These are not the acts of strong and confident leaders who believe in the strength and popularity of their ideology. These are the cowardly acts of authoritarians who differ from Putin not in their nature but only in their extent. They haven’t thrown anybody out of a fifth-story window yet that we know of, though we don’t know if they actively put the murderer who tried to kill Trump in Butler up to it – the one who tried to ambush him in Florida was an active member of their collective – but they would’ve cheered if either attempt had succeeded. Thankfully, America was not so far gone that the people’s choice could not prevail, though the resisters in the judiciary, the regime media, and elsewhere are doing everything they can to ensure that the man the people elected to govern can’t actually exercise the powers of office.
The European authoritarians, however, still have the ability to crush dissent. There are several reasons why, including the fact that most of the good Europeans long ago left for America, and the ones who remain are largely degraded and pathetic people. After all, Europe is an exhausted culture, too weak both morally and spiritually to come to its own defense. Its glorious cathedrals are museums now, and its armies are jokes. They can’t find the will or the courage to defend themselves, and Europeans have turned over their governance to corrupt, globalist fools who invite the Third World in to complete the destruction of what was the mother of civilization.
Americans are saddened and sickened by them. It’s difficult to explain to Americans why we should spend our treasure and put our blood on the line for nations that oppress their own people and embrace sham democracy. Even the UK, the father of our democracy, has turned into a political deadbeat dad. Why should we have a special relationship with a country that sends cops to the house of parents complaining about school policies? Under the Democrats, they tried to do that here, and we rejected it. We demonstrated at least a modicum of manhood in the face of this petty tyranny. But until the Europeans demonstrate their commitment to doing something about their own enslavement, it’s unclear how we might help. We certainly shouldn’t be protecting them from other European dictatorships – we have no interest in refereeing among oppressors. The fact that they need us to do so reflects their decision to essentially disarm and become pathetic welfare states teaming with foreign parasites and native cowards.
In short, America cannot be expected to – and is not going to – care more about Europe than the Europeans do.
Our response as Americans to fascist acts like the framing of Le Pen should be loud and bold condemnation and contempt. What they are doing is truly disgusting – and dangerous, too. We should say so, especially since their citizens can’t without fear of a knock on the door. The European ruling class hates hearing it, especially when JD Vance goes overseas and tells them the truth to their smug, pale faces. Their fussy fury when he exposes their fake democracy and lies about freedom is hilarious. But all they should get from us is talk. We should let them fend for themselves. They are unworthy of a special relationship, and it’s impossible to frame a coherent or compelling explanation of why a single American paratrooper should die in defense of any country that refuses to allow its most popular politician to run because the establishment dislikes her platform.
We should certainly learn the lesson here about what’s going on over there, although, as we’ve seen, the Democrats have tried many of the same tactics. That they’ve been defeated so far is a testament to the fact that Americans are not yet completely broken. We’re not ready to be serfs, and the fact that we have more guns than people provides a powerful backstop against the kind of tyranny the globalist left would love to impose in America as well.
I shudder to think of what would have happened if Trump had been murdered or if they had succeeded in knocking him off the ballot. But I’m not shuddering for my sake. If the stuff hits the fan, I and those like me will prevail. I’m shuttering over the fate of the morons whose greed, corruption, and stupidity would have sparked a conflict they are utterly unprepared to fight. And I do mean fight. That’s what happens when the ruling class uses a corrupt system to block the expression of the people’s will and leaves no peaceful path for it to be heard. We are very far from that here, but if it came to that, patriots would fight for our Constitution and our freedom. The elite and their minions? Who exactly would do their fighting? Who is willing to die to enact the Green New Deal, to impose DEI, or to allow dudes in girls’ toilets? Harry Sisson would flee to Canada to be a sex pest at the local Tim Horton’s before he ever picked up a rifle.
Will there be a revolution in Europe? France was once famous for its revolting people. There’s a lot of anger, but there aren’t a lot of weapons left among the citizenry – never, ever, give up your guns and, in fact, go buy guns and ammunition. On the other hand, there aren’t a lot of troops either for the governments to use to suppress their own people and force the people to accept the dictatorship should the Euro masses decide to leave their tiny, squalid apartments and take to the streets. The ugly truth is that civil wars don’t necessarily require guns. Hundreds of thousands of people were butchered in Rwanda with knives and machetes. Maybe Keir Starmer was thinking ahead when he banned ninja swords.
Civil wars are the least civil kind of wars. They are best avoided.
Or maybe they will just accept a picture of the future that is a wizened EU crone’s Gucci slipper stamping on a human face forever. Maybe manipulating the judicial system to ensure that the supporters of popular leaders are disenfranchised won’t cause any more reaction among the people than some grumbling in their bizarre foreign languages. But, if you’re familiar with history, and most of our elite no longer is, you might remember Julius Caesar and his crossing of the Rubicon. The Rubicon was the border to Italy that a Roman proconsul serving abroad could not cross at the head of his armed troops. Caesar knew that if he laid down his imperium and returned to Rome as a civilian, his political enemies would use the judiciary to destroy him. So, he didn’t lay down his imperium when he returned to Rome. He brought his legionnaires.
Now, one might point out that Caesar’s political enemies did eventually murder him after he essentially became a dictator in fact, if not title. That’s true. Caesar was famously merciful to his enemies. Several of the men who slaughtered him had received his pardon. The guy who came after him didn’t make that mistake. Caesar’s heir hunted down those murderers and killed them, along with a lot of other people. Augustus then made himself emperor, again in fact if not title.
In the end, the elite probably would have been better off not messing with Caesar and addressing the concerns of the plebs who adored him. Perhaps history is teaching us that today’s popular leaders like Donald Trump and Marine La Pen are not the people’s last chance. They are the globalist’s last chance.
end
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/HAMAS
Israel kills four Hamas terrorists in Jabalya, including one who partook in in Oct. 7 attacks
The terrorist that partook in the October 7 attacks and was killed was Shadi Diab Abd Al-Hamid Falouji of Hamas’s East Jabalya Battalion.
By JERUSALEM POST STAFF, YONAH JEREMY BOBAPRIL 3, 2025 22:06Updated: APRIL 3, 2025 22:38
The IDF and Shin Bet (Israel Security Agency) struck four Hamas terrorists on Wednesday, one of whom participated in the October 7 Hamas attacks in 2023, the military announced on Thursday evening.
The terrorist that partook in the October 7 attacks and was killed was Shadi Diab Abd Al-Hamid Falouji. He was a part of the terror organization’s East Jabalya Battalion.
The second terrorist was named Mohammed Sharif, a terrorist in Hamas’s general security apparatus involved in the terror group’s hostage release ceremony of the released Israeli hostage Agam Berger.
The third terrorist was Mohammed Hani Atiya Daour, who served as the Head of Hamas’s Rocket and Mortar Squad.
The fourth terrorist was Mohammed Issa Mahmoud Askari, also a terrorist in Hamas’s general security apparatus, the IDF said.
The strike in the northern Gazan city was directed at a command center of the terror group that also served as a meeting point, the military said.
IDF expanding renewed invasion of Gaza
The announcement of the four terrorists’ deaths came hours after reports of the IDF expanding its renewed invasion of Gaza, which includes the neighborhood of Shejaia, also in the northern part of the enclave, where the harshest battles of 2014’s Operation Protective Edge took place.
The IDF is moving a substantial amount of Gazan civilians who return to the northern areas back south and west to the al-Masawi humanitarian zone.
IDF Chief Spokesperson Brig.-Gen. Effie Defrin said on Thursday that 250 Hamas terrorists had been killed by Israeli forces since the war resumed. Defrin made these statements at his first press conference after taking office late last month.
Since March 18, the IDF has struck over 600 targets, according to Defrin, and then elaborated that the strikes would pave the way for IDF ground troops to enter deeper into Gaza.
ISRAEL HAMAS
IDF expands invasion into once impregnable Shejaia, killed 250 Hamas terrorists
In his first speech, IDF chief spokesman Brig.-Gen. Effie Defrin added that the military had struck 600 terror targets since the start of the renewed invasion of Gaza.
By YONAH JEREMY BOB, JERUSALEM POST STAFFAPRIL 3, 2025 10:47Updated: APRIL 3, 2025 22:44
The IDF on Thursday expanded its renewed invasion of Gaza into a number of new areas, including the once impregnable Shejaia in northern Gaza.
As part of these new moves, the military is shifting a substantial number of Gazans who had returned to northern Gaza back south and west to the al-Masawi humanitarian zone.
In 2014, the battles between Israel and Hamas over Shejaia were the harshest of the conflict, leading to relatively heavy casualties on both sides and the need for heavier Israeli bombing and artillery.
During earlier rounds of the current war, while the IDF did defeat Hamas’s Shejaia battalions, it took much longer than predicted, and the military left fighting those battalions as its last move in northern Gaza.
Also, during this renewal of hostilities and invasion, which started on March 18-19, the IDF entered several other areas of northern Gaza before trying to once again take over Shejaia.
IDF strikes terror targets
Discussing the latest progress in the war on Thursday night, IDF Chief Spokesperson Brig.-Gen. Effie Defrin said the IDF has killed 250 Hamas terrorists since it renewed hostilities in his first press conference since taking office on March 27.
Defrin also said that, more broadly, the military has struck over 600 targets in Gaza since March 18, including 60 since a stronger invasion push on Wednesday. He said that those attacks, mostly from the air force, would pave the way for even more ground troops to enter deeper into Gaza.
Further, the new IDF spokesperson said that the army, often with the help of the air force, had assassinated 12 senior Hamas officials.
Describing the new actions taken on Wednesday, Defrin said, “We stepped up [the invasion] to a new level to serve the goals of the war: returning the hostages and dismantling Hamas’s military and political rule.”
Defrin and other top Israeli political and defense officials claimed that putting such enormous pressure on Hamas would likely have the terror organization soon agreeing to more concessions in the hostage negotiations with Israel. However, there were no signs on Thursday that Hamas would make more moves toward Israel’s position in the negotiations than it had earlier in the week. Then, Hamas had agreed to provide Israel with five live hostages and some deceased ones as part of an additional 50-day ceasefire agreement, leading to an end to the war.
IDF Arabic spokesman Col. Avichay Adraee said on X/Twitter that civilians in Tal al-Hawa, west Zeitoun, Gaza’s Old City, and al-Sabra must evacuate.
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 later Wednesday.
On Wednesday, IDF Division 36 finally started to take a full hand in the invasion, focusing on northern Rafah. Its operations add to those of 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.
While The Jerusalem Post and other media were told about the IDF building a new defense line, the Morag Corridor, to accomplish this cut-off strategy, the Israeli censor had barred publication of the specifics, until suddenly Prime Minister Benjamin Netanyahu decided to publicize the new moves.
Questioned about how the censor could claim revealing the Morag defense line too soon could endanger Israeli soldiers’ lives in the field, while Netanyahu then revealed exactly that, Defrin said that he only represented the IDF, in implicit criticism of the prime minister.
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 though increasing the Gaza invasion forces to three divisions, so far, has required some new rounds of reservists call-ups, the government still will not need to order a very large wave of reserve call-ups, unless it engages in a much larger invasion of Gaza.
END
ISRAEL HAMAS
Gazans flee expanding strikes in north, south as IDF says fighting entering ‘new stage’
New military spokesman announces operation to cut off Rafah, but is coy on plans; army warns civilians to evacuate areas around Gaza City; Islamic Jihad-claimed rocket intercepted
By Emanuel Fabian, Follow
ToI Staff and Agencies4 April 2025, 12:04 am
Palestinians transport their belongings as they flee Gaza City’s suburb of Shejaiya following an evacuation order issued by the Israeli military on April 3, 2025. (Omar AL-QATTAA / AFP)
The military said it was entering “a new stage” of fighting against the Hamas terror group in the Gaza Strip on Thursday, as troops prepared to cut off the southern city of Rafah and warplanes carried out extensive strikes across the enclave, amid warnings of further attacks.
Hamas-controlled health authorities in the Strip reported dozens killed in Israeli strikes over the previous 24 hours, including 27 people who died when three missiles hit a former school building in the al-Tuffah neighborhood of Gaza City, though the tolls could not be confirmed.
Israeli authorities said warplanes had targeted “key Hamas terrorists” inside a command center used to plan and execute attacks against Israelis and that it had taken steps to mitigate harm to civilians.
The intensification in fighting came a day after Prime Minister Benjamin Netanyahu announced that troops would carve out a new security corridor that will seemingly cut off Rafah as it seeks to pile pressure on Hamas, which continues to hold 59 Israeli hostages kidnapped on October 7, 2023.
“In recent days, we have advanced to a new stage in the operation,” Israel Defense Forces spokesman Brig. Gen. Effie Defrin told reporters Thursday in his first briefing since assuming the post earlier this week. “The plan serves the goals of the war: returning the hostages and destroying Hamas’s military and governing capabilities.”
He spoke a day after the IDF deployed a new division into southern Gaza, bringing the number of divisions operating in the Strip to three.
People and Palestinian rescuers watch as smoke rises after an Israeli strike in the al-Tuffah neighborhood of Gaza City on April 3, 2025. (Omar AL-QATTAA / AFP)
Defrin said the newly expanded campaign had involved more than 60 airstrikes aimed at degrading Hamas’s capabilities and paving the way for ground troops to move into areas in the north and south of the Strip.
“We have broadened our activities in southern Gaza to surround and cut off the Rafah area,” he added. “Beyond that, we’re maintaining operational ambiguity so we can surprise the enemy and bring about significant achievements.”
Thursday also saw a rocket fired at Israel from central Gaza, setting off sirens in the border community of Nahal Oz. The projectile was intercepted by air defenses, the army said.
There have been a number of sporadic rocket attacks from Gaza since the IDF resumed its offensive last month, after a ceasefire and hostage release deal in place since January fell apart, with Israel vowing to ratchet up military pressure on Hamas to free the remaining hostages. The war, which has devastated the Strip, was sparked when thousands of Hamas terrorists invaded southern Israel on October 7, killing some 1,200 people and kidnapping 251. Most victims were civilians.
The army also said Thursday that a strike a day earlier against a Hamas command center in northern Gaza’s Jabalia had killed at least four operatives, including a terrorist who participated in the October 7 onslaught and another Palestinian who was involved in the release ceremony of hostage soldier Agam Berger. Two Hamas members involved in launching rockets were also killed, the army said.
Hostage soldier Agam Berger is escorted out of a damaged building and onto a stage in northern Gaza’s Jabalia, surrounded by Hamas gunmen, before she is handed over to the Red Cross on January 30, 2025 (Omar AL-QATTAA / AFP)
Palestinians had reported that 19 people were killed and claimed the site was a clinic run by the UN agency for Palestinian refugees.
According to Defrin, since the resumption of fighting in Gaza on March 18, Israel has struck more than 600 targets in the Strip and killed over 250 terror operatives, including 12 senior officials in Hamas’s military wing and politburo.
“They are all terrorists and participated in the October 7 massacre,” he said of the senior officials.
Following the rocket fire Thursday, which was claimed by the Islamic Jihad terror group, the IDF warned residents of several Gaza City neighborhoods to flee, saying it was issuing a “final warning” before strikes there.
Earlier in the day, hundreds of residents streamed out of the Gaza City suburb of Shejaiya after Israel warned civilians to evacuate ahead of strikes. Some were seen carrying their belongings as they walked, while others were on donkey carts and bikes or in vans.
A picture taken from the Israeli side of the border with the Gaza Strip shows a smoke plume rising above destroyed buildings in the southern part of the Palestinian territory on April 3, 2025. (Menahem KAHANA / AFP)
Throughout the war, the IDF has issued evacuation orders for various areas, advising residents to head for safe zones to avoid being caught up in the fighting. Israel accuses Hamas of using civilians as human shields by embedding its fighters among the population.
Palestinians said people in Rafah who tried to leave the city Thursday were hampered by Israeli strikes along the western coastal road linking Rafah to Khan Younis, where many displaced Gazans have already moved to. Most Gazans had already fled the city when Israel resumed its campaign last month.
Rafah “is gone, it is being wiped out,” a father of seven who fled from Rafah to Khan Younis told Reuters via a chat app.
“They are knocking down what is left standing of houses and property,” said the man, who declined to be identified for fear of repercussions.
IDF troops operate in the Gaza Strip, in a handout photo issued on March 31, 2025. (Israel Defense Forces)
On Wednesday, Netanyahu said Israel was “shifting gears” in Gaza and seizing a belt of land known as the “Morag Corridor,” cutting off access between Rafah and the city of Khan Younis to the north. The move will essentially isolate Rafah, which is bounded on the south by the Israel-controlled Philadelphi Route along the Gaza-Egypt border.
Israel has also reasserted control over the Netzarim Corridor, which separates the northern third of Gaza from the rest of the narrow strip.
“We are now cutting off the Strip and we are increasing the pressure step by step… so they will give us our hostages. The longer they refuse to give them up, the more the pressure will increase until they do,” Netanyahu said.
Israeli troops and tanks are deployed near a field of ranunculus flowers next to the border with the Gaza Strip on April 3, 2025. (Menahem KAHANA / AFP)
Hamas has said it will only release the remaining 59 hostages — 24 of whom are believed to be alive — in exchange for the release of more Palestinian prisoners, a permanent ceasefire and an Israeli pullout. The group has rejected demands that it lay down its arms or leave the territory.
Hamas-controlled health officials said on Thursday that 1,163 people have been killed in the Palestinian territory since Israel resumed large-scale strikes, bringing the overall death toll since the war began to 50,523. The toll does not differentiate between fighters and civilians. Israel says it killed at least 20,000 combatants and another 1,600 terrorists inside Israel on October 7.
END
ISRAEL/HAMAS/RAFAH/last night
(zerohedge)
Israel Seizes Rafah In Expanded Operation, Hundreds Of Thousands Flee
Thursday, Apr 03, 2025 – 10:10 PM
The Israeli military (IDF) has expanded its Gaza operations over the last 24 hours, and has announced a new focus on establishing a “security zone” in an around the southern city of Rafah.
The push into Rafah is intended to dismantle all remaining Hamas infrastructure and command activity, given the city is seen as the group’s last main stronghold in the Gaza Strip.
This has unleashed a new wave of mass displacement, with reports of hundreds of thousands fleeing the city amid the assault. The enclave for more than the last year been even more crowded, given it has served as a last place of refuge for the displaced from northern and central Gaza.
IDF Chief of Staff Lt. Gen. Eyal Zamir visited Gaza this week, delivering the following message of intensified operations to get back all of the remaining hostages:
During the visit, Zamir addressed troops near Rafah, stating that the Israel Defense Forces are intensifying their offensive at a deliberate and determined pace. He emphasized that the military effort would continue until all Israeli hostages are returned and declared the mission far from over.
Gaza’s Hamas-run health ministry has announced at least 97 people killed in Israeli strikes from Wednesday into Thursday, including at least 20 killed in a dawn airstrike on a suburb of Gaza City.
According to a Palestinian eyewitness of the stepped up assault who spoke to Reuters:
Rafah “is gone, it is being wiped out,” a father of seven among the hundreds of thousands who had fled from Rafah to neighboring Khan Younis, told Reuters via a chat app.
“They are knocking down what is left standing of houses and property,” said the man who declined to be identified for fear of repercussions.
A ground assault on eastern Gaza City is also reported to be ongoing. This week has seen the heaviest escalation of the ground and aerial assault since the ceasefire collapsed last month.
Meanwhile controversy and international outraged has continued over the recent killings of a group of Palestinian emergency responders:
The Israeli military killed 15 medics and emergency workers in southern Gaza and buried the bodies with their ambulances and rescue vehicles last month.
Dr Ahmed al-Farra, director of pediatrics at Al-Tahreer Maternity Hospital in southern Khan Younis, saw the bodies coming into the medical facility after they were recovered a week later. He said Israeli soldiers would have easily seen they were targeting medics when they opened fire.
“The skies are filled with their planes, they can see a needle on the ground. So they could easily distinguish ambulances,” al-Farra told Al Jazeera.
“When the bodies came to the hospital, they were nearly decomposed. It had been around seven to eight days since the medics were executed. I saw three of them had their hands tied behind their backs.”
Hamas and Palestinian Islamic Jihad have continued lobbing rockets on southern Israel, with a new round launched on Thursday. Warning sirens have returned to becoming a regular feature of life in Israeli towns and cities in the south and central of the country.
The wartime situation is set to continue for the foreseeable future, given new IDF spokesman, Brig. Gen. Effie Defrin, declared Thursday that the military has entered “a new stage” of the fight against Hamas. “The plan serves the goals of the war, returning the hostages and destroying Hamas’s military and governing capabilities,” he said.
The IDF is maintaining “operational ambiguity, so we can surprise the enemy and bring about significant achievements,” he said, adding that “our actions will speak”.
end
ISRAEL/HAMAS/THIS MORNING
IDF conducts ground activity in Gaza to expand security zone, kills terrorists
A Hamas command and control center that was used for planning and executing terror attacks was destroyed during the activity, the IDF said.
By JERUSALEM POST STAFFAPRIL 4, 2025 09:05Updated: APRIL 4, 2025 09:07
The IDF began conducting ground activity in the Shuja’iya area of Gaza on Friday morning with the intention of expanding the security zone in the area, the military announced.
The military added that during the ground activity, the troops killed numerous terrorists and dismantled Hamas infrastructure.
Among the terror infrastructure that was destroyed was a Hamas command and control center that was used for planning and executing terror attacks, the IDF said.
The military also emphasized that during and prior to the activity, IDF troops allowed for the evacuation of civilians from the combat zone via organized routes for their safety.
In further activity within the Strip, it was reported that the Israel Air Force conducted a series of extensive airstrikes east of Gaza City, in the northern section of the Gaza Strip, according to a Walla report on Thursday night.
The IDF is close to controlling one-third of Gaza
With the IDF’s latest pushes in southern Gaza and northern Gaza, it is close to controlling 30% of the Gaza Strip, defense sources said Wednesday.
Division 36 finally started to take a full hand in the invasion, focusing on northern Rafah in southern Gaza. Its activities added to other divisions already active in Gaza since mid-March, including Division 252 in northern and central Gaza and Division 143 in southern Rafah.
The latest IDF maneuvers in southern Gaza could eventually cut off Rafah from Khan Yunis.
Yonah Jeremy Bob contributed to this report.
END
HAMAS/LATE MORNING
Hamas is panicking as Israel surrounds Rafah and penetrates all areas of Gaza
(zerohedge)
Hamas Ready To Free All Hostages At Once For Permanent Truce
Friday, Apr 04, 2025 – 10:55 AM
Amid an expanded Israeli military (IDF) ground operation, which has again seen Rafah surrounded, Hamas is signaling that it’s ready to release all remaining Israeli hostages in exchange for a permanent ceasefire.
A Thursday Times of Israel report cited a senior Palestinian official who described that Israel has had a “longstanding rejection” of such a deal, which is why Hamas has so far offered a phased release approach; however, negotiations are at a “standstill” as the IDF has moved to a military solution.
Israel has reportedly countered by asking Hamas to release eleven hostages, but with no commitment this would lead to permanent ceasefire talks.
“While Netanyahu signed onto the deal, he has long rejected the latter two clauses of phase two, arguing they would allow Hamas to remain in power,” the report observes. “Accordingly, he has largely refused to hold talks regarding phase two of the deal, which were supposed to begin on February 2.”
The senior Palestinian official sourced in the Israeli media report said, “The number of hostages is not the issue. If Israel demonstrates its intention to reach a permanent ceasefire, [Hamas is] prepared to release all of the hostages.”
“Israel only wants a partial agreement so that it can continue fighting. It wants [Hamas] to give up all the hostages without entering the second phase,” the official claimed.
The Netanyahu government is now going much further with its demands if the military operation in Gaza is to cease. It is demanding that Hamas fully disarm, which is not going to happen. The senior Palestinian official asserted that the group will “never disarm” until a Palestinian state is created. Israel fears the terror group would just rise up again and resume rocket launches on its territory.
Meanwhile there’s been a new huge wave of Palestinian displacement in the south of Gaza, with reports of hundreds of thousands fleeing Rafah amid a renewed assault. The enclave for more than the last year been even more crowded, given it has served as a last place of refuge for the displaced from northern and central Gaza.
The wartime situation is set to continue for the foreseeable future, given new IDF spokesman, Brig. Gen. Effie Defrin, declared Thursday that the military has entered “a new stage” of the fight against Hamas.
American-supplied bombs fall on Gaza neighborhoods…
“The plan serves the goals of the war, returning the hostages and destroying Hamas’s military and governing capabilities,” he said.
The push into Rafah is intended to dismantle all remaining Hamas infrastructure and command activity, given the city is seen as the group’s last main stronghold in the Gaza Strip. But again, it’s also where most civilian refugees have settled, following over a year-and-a-half of intense war.
HEZBOLLAH/LEBANON
IDF conducts airstrikes in Gaza, Lebanon, Barkat urges to declare Qatar terror-supporting nation
Gilad Erdan: UN is a lost cause, serves Hamas’s interests • IDF Colonel reflects on deadly Lebanon incident involving Ze’ev ‘Jabo’ Hanoch Erlich
At least three killed in Israeli attack near Lebanon’s Sidon – report
By JERUSALEM POST STAFFAPRIL 4, 2025 03:16Updated: APRIL 4, 2025 04:51
The IDF conducted a strike near Lebanon’s Sidon on Friday morning, according to Lebanese reports cited by KAN News.
The Hezbollah-affiliated outlet Al Mayadeen claimed that the Israel Air Force struck a residential building in an attack targeting “a Palestinian figure,” KAN added.
Palestinian news channels cited by Maariv reported that at least three were killed, including a “leader” of the Hamas terror organization.
This is a developing story..it continues….
IDF kills Hamas commander Hassan Farhat in Lebanon strike
Farhat was responsible for launching the rocket fire that killed Staff-Sergeant Omer Sarah Benjo in February and wounded several others.
By JERUSALEM POST STAFFAPRIL 4, 2025 03:16Updated:
The IDF killed Hamas commander Hassan Farhat during a strike in Lebanon’s Sidon, the military announced on Friday morning.
Farhat was the commander of the western sector of Hamas in Lebanon, the IDF said.
During the war, Farhat was responsible for numerous terrorist plots, including launching rockets into Safed, the military added.
Addtionally, Farhat was responsible for launching the rocket fire that killed Staff-Sergeant Omer Sarah Benjo in February and wounded several others.
Two additional people were also killed during Israel’s strike in Lebanon that hit Farhat, the Hezbollah-affiliated news channel Al Mayadeen reported on Friday.
IDF activity in Lebanon
In February, the IDF withdrew from southern Lebanon but erected and maintained five new outposts in Lebanese territory.
Defense Minister Israel Katz confirmed to The Jerusalem Post statements by IDF sources made on Wednesday 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 noncombatants, the realization of the extent of the destruction of Lebanese villages is expected to delay such a threat.
end
Nir Barkat urges Israel to declare Qatar a terror-supporting nation
Economy Minister Nir Barkat accused Qatar of being the world’s leading sponsor of terrorism and called for Israel to take legislative action declaring it a terror-supporting state.
By JERUSALEM POST STAFFAPRIL 4, 2025 04:14
Economy Minister Nir Barkat on Tuesday accused Qatar of being the world’s leading sponsor of terrorism and called on the Israeli government to take legislative action declaring it a terror-supporting state.
Speaking at the Israel’s Defense and Security Forum (Habitchonistim)’s “Year of Opportunity” National Security Conference, hosted by partnership with Channel 14, Barkat described Qatar as a global threat operating under the guise of diplomacy.
“Qatar is the biggest terror financier in the world,” Barkat said in a conversation with journalist Lital Shemesh. “They fund the Taliban, ISIS, Hamas, Hezbollah, and the Muslim Brotherhood. They invest a trillion dollars globally – on campuses in the US, in sports teams, in media. They buy everything that moves. They are a wolf in sheep’s clothing.”
Barkat said Qatar’s influence extends far beyond the region and is aimed at destabilizing Israel’s position internationally and undermining hostage negotiations.
“We must distance them from us in every possible way,” he said. “They have no place here. I said this as early as May 2024—we should remove anyone who has worked with them in the past. Who knows what they are doing behind the scenes? They’re buying everyone.”
The minister added that Qatar should be officially designated a state sponsor of terror and treated “as a bitter enemy.”
Barkat also addressed the issue of a two-state solution, unequivocally rejecting the idea of Palestinian statehood.
“A Palestinian state will not be established – under no circumstances,” he said. “The Israeli public understands this today, and so do the Palestinians. At the same time, a one-state solution is also not viable.”
Instead, Barkat proposed what he called the “Emirates Model” – a system of autonomous zones in the West Bank that would function alongside Israeli settlements and operate under local governance, provided they recognize the State of Israel.
“This is where Ze’ev Jabotinsky’s “Iron Wall” principle comes in,” he added. “If they recognize us, we’ll help them. If not – they’ll become Gaza. The residents of Judea and Samaria must decide: do they want to become Gaza or Dubai?”
He also drew sharp comparisons between he Palestinian Authority and Hamas, stating, “One is a carcass, the other is treif (not kosher). They both do not want to coexist with us.”
Barkat expressed strong opposition to allowing Palestinian workers from the PA into Israel while the authority continues to pay salaries to terrorists.
“As long as they fund murderers of Jews, we should not allow their workers into their country,” he said.
Former NSC head warns of IDF manpower crisis
Professor Jacob Nagel, former head of Israel’s National Security Council and chair of the Nagel Committee, also spoke at the event, warning of a growing manpower crisis in the IDF, both in mandatory service and career tracks.
“Even before October 7—and especially since—it has become clear that the IDF is facing a severe personnel crisis,” Nagel said. “The committee has submitted numerous recommendations, including budgeting and implementation plans, and the prime minister has ordered them to be carried out.”
Nagel emphasized that the failures of October 7 were not due to the IDF’s size or budget constraints, but revealed gaps in preparedness—particularly in reserve forces and ammunition supplies.
He called for a shift in military doctrine away from containment toward proactive deterrence.
“Until October 2023, the IDF’s security concept was based on defense and containment. Now, the recommendation is to shift to offensive and preventive strategy—to stop threats before they materialize,” Nagel said. “‘Quiet at any cost’ is no longer acceptable. We must be proactive. When the IDF takes the initiative, it wins more easily.”
On Iran, Nagel reiterated that the Islamic Republic remains Israel’s principal existential threat and warned of the regime’s ongoing efforts to encircle Israel with hostile forces.
“Iran is the central enemy facing Israel. They continue to pursue our destruction, and we must take this threat seriously,” he said, calling for increased investment in offensive capabilities, border defense, underground readiness, and independent weapons manufacturing.
‘Only military pressure will free hostages’
Education Minister Yoav Kisch, also present at the conference, emphasized the importance of continued military pressure on Hamas to secure the release of hostages still held in Gaza.
“We are at a critical moment,” said Kisch, a former Israel Air Force fighter pilot. “Hamas will only return hostages if it feels military pressure. That means decisive ground operations, seizing territory, halting humanitarian aid and water supplies, and creating conditions for mass emigration from Gaza.”
Kisch warned that current diplomatic efforts were ineffective without substantial force on the ground.
“Right now, everything is being done gradually. But the only time Hamas returns hostages is when it feels real pressure. That pressure must be significantly intensified,” he said.
Regarding regional threats, Kisch identified Turkey and Syria as areas of concern and urged the United States to adopt a firmer stance against Turkish expansion in the region.
He also praised the growing movement of pre-military academies, including the newly established Tekuma Academy in southern Israel, named for fallen reservist Omer Samadja.
“This is a very positive development, and we’re promoting it as much as we can,” Kisch said. “There is also discussion about making 12th grade a preparatory year for life—instilling values and Zionism in students before they enter the army or national service.”
Former Israeli UN envoy Gilad Erdan also spoke at the event, where he condemned the UN for being being a lost cause that serves Hamas’s interests.
end
ISRAEL/HUNGARY
Netanyahu’s visit to Hungary:
Netanyahu, in Budapest, lauds Orban’s withdrawal from ‘corrupt, rotten’ ICC
Hungarian and Israeli leaders speak with President Trump about move; Budapest rolls out red carpet for PM as Orban backs Jerusalem’s right to self-defense against Hamas
By Lazar Berman Follow3 April 2025, 11:47 p
Hungary’s Prime Minister Viktor Orban (L) and Prime Minister Benjamin Netanyahu are greeted by a military honor guard on April 3, 2025 in Budapest, Hungary. (Avi Ohayon / GPO)
BUDAPEST, Hungary — Standing alongside Hungary’s premier Viktor Orban, Prime Minister Benjamin Netanyahu on Thursday praised his counterpart for his “bold and principled position” in withdrawing from the International Criminal Court earlier in the day.
It is “important to stand up to this corrupt organization,” said Netanyahu, adding that he believed Hungary was only the first in a series of states to withdraw from “this corruption and this rottenness.”
Minutes before Netanyahu was received by Orban on Thursday morning in an elaborate military ceremony at Buda Castle, Hungary announced that it was withdrawing from the ICC, which in November issued an arrest warrant for the Israeli premier.
“The withdrawal process will begin on Thursday, in line with Hungary’s constitutional and international legal obligations,” Orban’s spokesman Zoltan Kovacs said.
Orban noted that he signed off on Hungary’s entrance into the ICC but argued that it had become a “political court.”
“If courts are driven by political considerations, then democracies cannot take part in them,” he continued.
Later in the day, Netanyahu and Orban spoke to US President Donald Trump by phone about the move, according to the Prime Minister’s Office.
The conversation focused on Hungary’s withdrawal and “the next steps that can be taken on this topic,” according to the Israeli readout.
Orban and Netanyahu are two of Trump’s closest allies in the Western world.
Hungary’s Prime Minister Viktor Orban acknowledges cheering supporters during an election night rally in Budapest, Hungary, April 3, 2022. (Petr David Josek/AP)
The ICC governing body voiced regret and concern over Hungary’s decision, saying any departure harms a “shared quest for justice.”
“When a State Party withdraws from the Rome Statute [that established the ICC], it clouds our shared quest for justice and weakens our resolve to fight impunity,” the presidency of the Assembly of State Parties said in a statement.
Diplomats including Germany’s Foreign Minister Annalena Baerbock and Italy’s Foreign Minister Antonio Tajani pay solidarity visits to southern Israel, accompanied by Foreign Minister Eli Cohen, October 13, 2023 (Lazar Berman/Times of Israel)
Though Germany has backed Israel in the conflict, the outgoing government has also said it would adhere to the ICC arrest warrants. In Berlin on Thursday, Foreign Minister Annalena Baerbock decried Netanyahu’s visit.
“This is a bad day for international criminal law,” Baerbock said at a meeting of NATO foreign ministers in Brussels.
Germany’s expected next chancellor, Friedrich Merz, has said he plans to invite Netanyahu to visit despite the warrant.
The Palestinian Authority urged Hungary to arrest Netanyahu, who was instead given full honors by Hungary wherever he went. Israeli and Hungarian flags lined the bridges across the Danube River, and Orban hosted Netanyahu for a lavish state dinner on Thursday night.
Netanyahu will also receive an honorary doctorate on Friday from a Hungarian university.
This aerial view shows Palestinians gathered at a makeshift market set up in the midst of a war devastated neighborhood in the Jabalia refugee camp in the northern Gaza Strip on April 2, 2025. (Bashar Taleb / AFP)
Orban invited Netanyahu in November, a day after the ICC issued its arrest warrant over allegations of war crimes in Gaza, where Israel launched its offensive following a brutal massacre by Hamas-led terrorists in southern Israel. A warrant was also issued for then-defense minister Yoav Gallant, as well as for a number of leaders of Hamas, all of whom have since been killed by Israel.
Israel has rejected the accusations of war crimes, which it says are politically motivated and fueled by antisemitism. It says the ICC has lost all legitimacy by issuing warrants against a democratically elected leader of a country exercising the right of self-defense.
Chief Prosecutor Karim Khan at the International Criminal Court in The Hague, Netherlands, September 26, 2022. (Peter Dejong, Pool/AP)
As a founding member, Hungary is theoretically obliged to arrest and hand over anyone subject to a warrant from the court, but Orban made clear that Hungary would not respect the ruling, which he called “brazen, cynical and completely unacceptable.”
Hungary signed the ICC’s founding document in 1999 and ratified it in 2001, but the law has not been promulgated.
Exterior of the International Criminal Court in The Hague, Netherlands, June 26, 2024. (AP/Peter Dejong)
Gergely Gulyas, Orban’s chief of staff, said in November that although Hungary ratified the Rome Statute of the ICC, it “was never made part of Hungarian law,” meaning that no measure of the court can be carried out within Hungary.
On Thursday, Gulyas told state news agency MTI that the government would launch the withdrawal process later in the day.
Orban had raised the prospect of Hungary’s exit from the ICC after Trump imposed sanctions on the court’s prosecutor, Karim Khan, in February.
“It’s time for Hungary to review what we’re doing in an international organization that is under US sanctions,” Orban said on X then.
View of the Hungarian Parliament in Budapest. (Flickr/Dennis Jarvis)
The bill on starting the year-long process of withdrawing from the ICC is likely to be approved by Hungary’s parliament, which is dominated by Orban’s Fidesz party.
ICC judges said when they issued the warrant that there were reasonable grounds to believe Netanyahu and his former defense chief were criminally responsible for acts including murder, persecution, and starvation as a weapon of war as part of a “widespread and systematic attack against the civilian population of Gaza.”
Israel has asserted that it is only targeting Hamas and other terror groups in the Strip, and accuses them of using the civilian population and infrastructure as human shields.
Troops operating in Gaza’s Beit Hanoun in an undated photo released by the military for publication on January 12, 2025 (Israel Defense Forces)
In the wake of the warrants, a number of countries said they would not arrest Netanyahu were he to visit, including Hungary, Argentina, the Czech Republic, and Romania.
Poland said it would seek to shield him from arrest, while France and Italy said they believed he had immunity, as a world leader from a state not party to the ICC.
An anchor in the Middle East
In joint statements after their Thursday meeting, Orban said that the Hamas attacks on October 7, 2023, “undermined the security of the entire world.”
Orban told Netanyahu he hoped that “you and your government can guarantee the security of Israel and your right to self-defense.” He noted that Hungary stood beside Israel throughout the entire war.
Prime Minister Benjamin Netanyahu (R) and Hungarian Prime Minister Victor Orban deliver remarks to the press in Budapest, Hungary, April 3, 2025. (Lazar Berman/The Times of Israel)
It is important to Hungary that Israel remain strong and stable, he said, calling the country “an anchor in the Middle East.”
Orban lamented the rise of antisemitism in Europe while stressing that “in Hungary, Hamas flags were not waved.”
“We are showing zero tolerance, and Jews in Hungary can feel safe,” he said.
A Hasidic Jew crosses Kossuth utca at the annual pilgrimage to the gravesite of ‘Wonder Rabbi’ Yeshaya Steiner in Bodrogkeresztur, Hungary, April 24, 2023. (Yaakov Schwartz/ Times of Israel)
Orban said illegal immigration into Europe was a driver of antisemitism, and the “elites in Brussels are not dealing with it.” Orban stressed that Budapest will not accept any EU migration agreement to allow asylum seekers in.
The two leaders appeared to have accidentally swapped positions during their remarks, with Netanyahu speaking from a podium with Hungarian flags behind him and Orban with Israeli flags behind him.
Netanyahu praised Orban, who has been accused of authoritarianism and of using antisemitic messages in political campaigns, for his “very bold stance against antisemitism.”
A billboard from a campaign of the Hungarian government showing EU Commission President Jean-Claude Juncker (R) and Hungarian-American financier George Soros with the caption “You, too, have a right to know what Brussels is preparing to do” is displayed at a street in Budapest, Hungary, February 26, 2019. (AP Photo/Pablo Gorondi)
He also said that Orban provides the local Jewish community not only with security but also with the ability to conduct Jewish life.
“We are fighting a similar fight for the future of our common civilization,” said Netanyahu, echoing Orban’s oft-stated position on the importance of defending the Judeo-Christian values of Europe.
That civilization, said Netanyahu, is “under assault from radical Islam,” spearheaded by Iran.
Similar histories
At the beginning of his remarks, Netanyahu spoke about the Holocaust as part of the common history of Israel and Hungary but didn’t mention Hungary’s collaborationist government during World War II.
This photo provided by United States Holocaust Memorial Museum shows Hungarian soldiers as they execute Serbians and Jews on Miletic Street in Novi Sad, Yugoslavia, January 23, 1942. (AP Photo/Jewish Historical Museum, Belgrade via United States Holocaust Memorial Museum)
“You had exited the ravages of World War II only to be under a new type of occupation,” said Netanyahu, in reference to the country coming under communist rule as part of the Eastern Bloc. “And it took you many decades to liberate yourself and establish Hungary as an independent country.”
Hungary was home to around 900,000 Jews before the Nazi invasion. Its government was allied with Nazi Germany, but as the Soviet Red Army advanced toward Hungary, the Nazis invaded in March 1944, to prevent its Axis ally from making a separate peace deal with the Allies.
The deportation of Hungarian Jews from the countryside started in mid-May 1944, and within two-and-a-half months, over 500,000 Jews were deported to extermination camps, including 440,000 Jews to Auschwitz, where every third victim was a Hungarian Jew.
Altogether, nearly 600,000 Hungarian Jews were killed in the Holocaust.
“A third of our people were murdered in World War II, in the Holocaust,” Netanyahu said. “We had to overcome great odds to reestablish our sovereignty in our ancient homeland. And it was a question of time when these two histories would meet and begin the great alliance that has now developed.
Opposition Leader Yair Lapid, whose late father Joseph Lapid survived the Budapest Ghetto, blasted the prime minister for his remarks.
“Netanyahu mentioned the Holocaust of Hungarian Jews,” he wrote on X, “but cowardice prevented him from mentioning the Hungarians’ role in the extermination.”
HOUTHIS
Houthi missile hits Saudi Arabia en route to Israel
Houthi missiles most recently triggered sirens across Israel on Sunday, the third time in a single week.
By JERUSALEM POST STAFFAPRIL 3, 2025 21:32Updated: APRIL 3, 2025 22:49
A ballistic missile launched from Yemen by the Houthis fell in Saudi Arabia as it was en route to Israeli territory, Army Radio reported on Thursday evening.
This is the second time a Houthi missile has landed in Saudi Arabia while heading toward Israeli territory. The last time this occurred was in late March.
Houthi missiles most recently triggered sirens across Israel on Sunday, the third time in a single week.
Attacks by the Yemenite terror organization recently began again in March after a lull during the Israel-Hamas ceasefire, which occured between January and early March.
US strikes in Yemen
These renewed attacks come amid continued strikes by the United States Central Command (CENTCOM) against Houthi targets in Yemen’s capital Sa’ana and across Yemen.
END
IRAN/HOUTHIS
Report: Iran pulling forces out of Yemen amid intensive US airstrikes on Houthis
Report: Iran pulling forces out of Yemen amid intensive US airstrikes on Houthis
People assess the damage following reported overnight US strikes that Houthi rebels said hit the Water Management building in Mansouriya in Yemen’s Hodeida governorate, on April 2, 2025. (AFP)
Iran has reportedly ordered its military personnel to leave Yemen and is pulling back its support for the Houthis amid extensive US airstrikes on the rebel group.
The British Telegraph newspaper cites a “senior Iranian official” saying that Tehran is scaling back its support of its regional proxies to focus on the direct threats emanating from the Trump administration.
The official also says that the pullback from Yemen is designed to avoid the possibility of escalation if an Iranian soldier is killed in US airstrikes there.
Tehran is focusing its efforts instead on how to respond to US President Donald Trump and his litany of threats, and “none of the regional groups we previously supported are being discussed,” the official is quoted as saying.
END
SYRIA/ISRAEL
Rare Firefight Erupts Between Israeli Troops & Jolani Militants In Syria’s South
Thursday, Apr 03, 2025 – 08:30 PM
Rare overnight clashes erupted in southern Syria between Islamist militants and the Israel Defense Forces (IDF), which has occupied swathes of Syrian territory beyond the Golan Heights since Bashar al-Assad’s December 8 ouster.
The IDF and Israeli media describe that it happened at the town of Tasil, with widespread reports that the Syrian fighters attempted an ambush. Tasil is located about eight miles from the Israeli border.
This marks the first time IDF troops have come under direct fire since occupying southern Syria. Tank units have been spotted moving into the region over the past months.
According to more details in Israeli media:
The Israel Defense Forces said the troops of the 474th Golan Regional Brigade returned fire and “eliminated” several gunmen “on the ground and from the air.”
No soldiers were injured in the exchange, and the operation in the area was completed, the IDF added.
The militants are believed to be from the ruling Hay’at Tahrir al-Sham (HTS) group or their allies, out of Daraa.
Israel’s KAN had also reported on clashes which emerged after “dozens of IDF vehicles advance in the Nawa area of the Daraa suburbs.”
Wednesday saw several massive Israeli airstrikes across Syria, including on Damascus, a military base in Hama, and reportedly an airbase in the desert near Palmyra.
The Syrian Foreign Ministry accused Israel of “destabilization” in the attack which killed at least nine people. There are reports that among the dead were three Turkish engineers.
“In a blatant violation of international law and Syrian sovereignty, Israeli forces launched airstrikes on five locations across the country. This unjustified escalation is a deliberate attempt to destabilize Syria and exacerbate the suffering of its people,” the Foreign Ministry under interim President Sharaa (Jolani) stated.
Some sources framed the gunfight in the south as a revenge attack for the widespread Israeli airstrikes carried out shortly before. The new regime in Syria has been completely defenseless, also after prior Israeli attacks took out the country’s Russia-supplied anti-air missile units.
Syria also no longer has an air force to speak of, amid reports that Turkey could help fill the gap. But clearly Israel’s message to Turkey is that the IDF plans to dominate the skies of Syria with no rival.
SAUDI ARABIA/ISRAEL
Energy minister says he discussed Saudi Arabia-Israel oil pipeline with US counterpart
By Jacob Magid
Energy Minister Eli Cohen meets his American counterpart Chris Wright in Washington on April 3, 2025. (Shmulik Almani)
Energy Minister Eli Cohen meets his American counterpart Chris Wright in Washington.
The pair discuss promoting energy cooperation between Abraham Accords countries in addition to Cohen’s plan to create an oil pipeline from Saudi Arabia to Israel, according to an Israeli readout.
Cohen also met separately with US Interior Secretary Doug Burgum, with the two discussing the creation of bilateral working groups in the fields of AI and energy.Share
END
TURKEY
Turkey says Israel destabilizing Syria after attacks and accusations
By REUTERSAPRIL 3, 2025 22:23
Turkey said on Thursday that Israel must withdraw from Syria and stop harming stabilization efforts there, after Israel stepped up air strikes in the neighboring country and accused Turkey of trying to turn Syria into a Turkish protectorate.
“Israel has become the greatest threat to regional security” and is a “strategic destabilizer, causing chaos and feeding terrorism,” the foreign ministry in Ankara said.
“Therefore, in order to establish security throughout the region, Israel must first abandon its expansionist policies, withdraw from the territories it occupies, and stop undermining efforts to establish stability in Syria,” it said.
END
IRAN/USA/ISRAEL
KORYBKO…
Iran Lacks The Leverage For A Fair Deal With The US
Thursday, Apr 03, 2025 – 11:25 PM
Authored by Andrew Korybko via Substack,
It’ll therefore either have to accept a lopsided one or prepare for a major war that it might lose.
Iranian-US tensions are boiling after Trump threatened to bomb Iran following its rejection of direct talks over a new nuclear deal. He also ordered the Pentagon to move six B-2 stealth bombers, which CNN assessed to be a full 30% of the US’ stealth bomber fleet, to the Indian Ocean island of Diego Garcia. The Iranian Supreme Leader responded by promising strong retaliation if the US attacks while one of his chief advisors warned that their country would then have “no choice” but to build nukes if that happens.
Although the US Intelligence Community’s latest Annual Threat Assessment claimed that “Iran is not building a nuclear weapon”, there have been long-standing concerns that it could quickly do so if the decision is made due to its nuclear program allegedly have a rapid breakout potential. This makes it no different in principle than Japan’s, which could begin churning out nukes in a matter of months, but neither the US nor its regional allies consider Japan to be a threat, unlike how they view Iran.
The US’ renewed bombing campaign against Iran’s Houthi allies in Yemen might have been partially intended to send a message to the Islamic Republic aimed at getting it to enter direct talks over this issue by signaling that Trump 2.0 does indeed have the political will to initiate military action if it refuses. Despite Iran’s recent rejection of his demand, Trump might still hold off on this for now due to the likelihood that Iran could inflict unacceptable retaliatory damage to the US’ regional bases and allies.
Furthermore, diplomacy hasn’t yet been exhausted since Iran didn’t reject indirect talks of the kind that Russia offered to mediate after reportedly being asked by the US to do so, which was discussed here. Therefore, it would be premature for the US to seriously consider bombing Iran at this time, yet that option isn’t off the table if indirect talks fail to reach a deal. Iran lacks the leverage for a fair deal with the US, however, so it’ll either have to accept a lopsided one or prepare for a major war that it might lose.
Iran is a proud civilization-state that’s loath to subordinate itself to anyone, hence the difficulty in getting it to agree to drastic curbs on its nuclear energy program that would enshrine its status as a second-class country in this regard, all while abandoning any chance of nuclear weapons in the future. From Iran’s perspective, this could embolden Israel into one day launching a large-scale conventional or even nuclear war against it, which Iran believes has only hitherto been deterred by dangling this Damocles’ sword.
That said, while Iran could inflict unacceptable retaliatory damage to the US’ regional bases and allies (first of all Israel) if it’s attacked over its refusal to agree to a Russian-mediated lopsided deal, it cannot inflict such damage to the US’ nuclear triad and would thus likely be destroyed. Iran couldn’t count on Russia intervening to help it either since their newly updated strategic partnership doesn’t include mutual defense obligations and Moscow doesn’t want war with Washington or West Jerusalem.
Even though the US could survive a major war with Iran, it still prefers to avoid one. So long as the US’ demands remain limited to drastically curbing Iran’s nuclear energy program and don’t expand to include curbs on its support for regional allies or its ballistic missile program, then creative diplomacy could prevail. For that to happen, Russia would have to devise a set of incentives for Iran that the US approves of and Iran then agrees to, but that’s still a far way off and Trump might strike first if he loses patience.
END
RUSSIA/IRAN/USA
THE CRADLE….
Russia Warns Against US Strikes On Iran Nuclear Sites: ‘Catastrophic & Illegal’
Friday, Apr 04, 2025 – 06:30 AM
The Russian Foreign Ministry warned on Thursday that US threats of attack against Iran are “unacceptable” and could result in a “catastrophe”.
“The use of military force by Iran’s opponents in the context of the settlement is illegal and unacceptable. Threats from outside to bomb Iran’s nuclear infrastructure facilities will inevitably lead to an irreversible global catastrophe. These threats are simply unacceptable,” Foreign Ministry spokeswoman Maria Zakharova said.
Russian Deputy Foreign Minister Sergei Ryabkov also told Life magazine that the “consequences of this, especially if there are strikes on the nuclear infrastructure, could be catastrophic for the entire region.”
Russia and the US have recently held talks on ending the war in Ukraine. Ryabkov said these talks have not resulted in a breakthrough.
Regarding tension between Tehran and Washington, Ryabkov said Russia “condemns US threats.” The Russian Foreign Ministry comes after US President Donald Trump renewed his threat to attack Iranian nuclear facilities.
“If they don’t make a deal, there will be bombing. But there’s a chance that if they don’t make a deal, that I will do secondary tariffs on them like I did four years ago,” the president said on Sunday. Iran issued a formal complaint to the UN Security Council and said it would respond to any threat.
Trump had sent a letter to Iranian leadership in early March, threatening an attack if Tehran did not come to the negotiating table. Iranian officials said they would not negotiate under threats and economic sanctions, which Trump has imposed with full force as part of his “maximum pressure” policy.
This week, Iran’s Foreign Minister Abbas Araghchi said Tehran has officially responded to Trump’s letter signaling a willingness for indirect talks, which the US is reportedly considering.
However, Washington is simultaneously beefing up its forces in the region in preparation for a potential attack. This follows several reports over the past two months that Israel is planning to strike at the Iranian nuclear program.
Iran’s Deputy Foreign Minister Majid Takht Ravachi held talks on the nuclear issue with Ryabkov on Wednesday.
“The sides stressed the illegality and inadmissibility of the use of military force by Iran’s opponents to resolve disagreements and the unacceptability of threats from the outside to bomb Iran’s nuclear energy infrastructure, as this will inevitably lead to large-scale and irreversible radiological and humanitarian consequences for the entire Middle East region and the world as a whole,” the Russian Foreign Ministry said.
China, Russia, and Iran released a joint statement on March 14 demanding an end to “unlawful” US sanctions against the Islamic Republic after meetings in Beijing between the three countries.
Tehran insists that its nuclear program is entirely peaceful, in line with a religious fatwa against weapons of mass destruction, as well as the fact that it is a signatory to the Nuclear Non-Proliferation Treaty (NPT).
RUSSIA VS UKRAINE AND USA
Putin Launches Largest Military Call-Up Since 2011 As Europe Rattles Sabers
Friday, Apr 04, 2025 – 04:15 AM
If Europe’s goal was to ruin Donald Trump’s chances of brokering a practical diplomatic solution to the Ukraine conflict, they may have succeeded. France and Britain are both openly suggesting that they will deploy troops to the region to “help secure a peace deal” in the near term – There are very few other takers, largely because the move will undoubtedly trigger WWIII.
In fact, this is likely the intention.
With Russia making the largest territorial gains year-over-year since 2022 and Ukraine’s troop strength dwindling, the end of the war looms. Either Kyiv will be forced to surrender or Trump will score a rudimentary peace agreement and a ceasefire. The best case scenario for Ukraine at present is a separation of the Donbas into Russia (one of the original reasons for the war), and a demilitarized zone with a solidified border. Ukraine has no chance of reclaiming these territories through strength of arms.
Case in point: Vladimir Putin has initiated the largest troop call-up since 2011, mobilizing over 160,000 men with no signs of slowing Russia’s recruitment efforts. The spring call-up for military service came several months after Putin said Russia should increase the overall size of its military to almost 2.39 million and its number of active servicemen to 1.5 million.
That is a rise of another 180,000 over the next three years at the current rate. The Kremlin states that the new troops are not expected to enter Ukraine, and will more likely be used to secure the western border. This move comes as Poland and other NATO countries within ground invasion proximity to Russia engage in a build up on pretenses of defense.
Whether or not this is true is difficult to determine because of French and British plans for troop deployments to Ukraine. Even if calls for boots on the ground turn out to be pure bluster, the buildup in Poland and the troop increases in Russia might be enough to trigger an escalation. Furthermore, new troops are traditionally called up right before a major offensive so that fresh soldiers can be deployed to fill expected losses after six months to a year.
The fact is, the powers-that-be intend for tensions with Russia to continue no matter what happens in Ukraine. And, Russia my be getting ready to preempt the arrival of European forces.
Russia calls up conscripts in the spring and autumn but the latest draft of 160,000 young men is 10,000 higher than the same period in 2024.
Since the start of last year, the pool of young men available for the draft has been increased by raising the maximum age from 27 to 30 (to put this in perspective, the average age of conscripts in Ukraine is now 43).
Though the long running narrative in the establishment media has been that Russian forces are “tapped out” and shattered after unprecedented losses on the front lines, ongoing gains in Eastern Ukraine along with growing troop strength show that this was nothing more than propaganda.
GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
Health And Human Services Layoffs Begin Leaving Federal Workers Stunned
Thursday, Apr 03, 2025 – 05:20 PM
The first stage of cuts to Health and Human Services (HHS) have begun with 10,000 employees slated to be fired in the coming weeks. Pink slips have been replaced with deactivated key cards as workers line up at HHS offices across the country to find out if they still have a job. The establishment media is out in force to paint a tragic narrative of “public servants” who only want to do good for less fortunate souls no unable to fulfill their calling. It’s all quite dramatic.
It’s hard to say when government bureaucrats suddenly became an army of charitable saints sacrificing themselves for the good of humanity. The HHS currently employs around 82,000 people within 10 regional offices and the average income for a worker is around $100,000 with benefits. The majority of them are pencil pushers and social workers, not doctors or scientists making grand discoveries in medical technology. When they do get involved in medical study, disasters seem to follow.
Keep in mind that the HHS was partly involved in the funding of gain of function research by EcoHealth Alliance, which, in conjunction with projects run by Dr. Peter Daszak and Dr. Anthony Fauci at the NIH, reportedly led to the creation of human transmissible coronaviruses at the Wuhan Level 4 Virology Lab in China (ground zero for Covid).
The annual budget of the HHS is $1.8 trillion – It accounts for around 20% of all federal dollars spent every year and tracking where this immense pool of cash goes is far more complex than the shady operations of USAID. The agency is, by any measure, a monstrosity. Cuts are intended to hit the FDA, CDC, and the NIH, all under the umbrella of the HHS.
A large portion of programs instituted by HHS tap into pandemic funds set aside during covid (yes, the covid cash is still floating around after 5 years). This money goes to support numerous programs that the majority of Americans voted against, including DEI programs, illegal immigrant programs and gender affirming care programs (gender based care for minors was indeed pursued by the HHS).
The point is, it’s not worth feeling sorry for these people. When they had unmitigated power they abused it in grand fashion and everything that happens from here onward is pure Karma.
Democrats in at least 23 states are taking action to sue the Trump Administration over the budget cuts and layoffs. In the lawsuit, filed Tuesday, the states are seeking a temporary restraining order and injunctive relief to immediately halt the administration’s funding cuts that they say will lead to key public health services being discontinued and thousands of health-care workers losing their jobs.
The civil suits are unlikely to make much difference in the end, just as they failed to stop the cuts to USAID. The HHS, now under the management of Robert F. Kennedy Jr., is expected to undergo unprecedented changes in the coming months and a level of accountability the institution has probably never dealt with before.
“The COVID-19 pandemic is over, and HHS will no longer waste billions of taxpayer dollars responding to a non-existent pandemic that Americans moved on from years ago. HHS is prioritizing funding projects that will deliver on President Trump’s mandate to address our chronic disease epidemic and Make America Healthy Again,” the agency said in a statement last week.
GLOBAL ISSUES
MARK CRISPIN MILLER
PAUL ALEXANDER
Breaking! Multiple people stabbed in Washington DC in Capitol, all blocked off! Police asking all to stay away, please share this to public!!! Developing! The number of victims has yet to be confirmed
| Dr. Paul AlexanderApr 3 |
SLAY NEWS
———- Forwarded message ———
| The latest reports from Slay NewsEmbalmers Issue Chilling Warning as ‘Horrifying Fibrous Clots’ Found in 27% of Covid-Vaxxed CorpsesEmbalmers and investigators have issued a chilling warning after uncovering new evidence regarding surging reports of “white fibrous clots” found in the corpses of people who received Covid mRMA “vaccines.”READ MOREDoctor Drops Bombshell on Covid ‘Vaccine’ Deaths, Blows Tucker Carlson’s MindA prominent doctor left Tucker Carlson stunned by dropping alarming figures from official government data on the number of deaths and injuries caused by Covid mRNA “vaccines.”READ MOREDemocrat Senator Admits His Party’s Brand Is ‘Toxic’: Left Has ‘Lost Touch with Working People’Senator Michael Bennet (D-CO) has admitted that Democrats have a “brand” problem as many Americans see the party as “toxic.”READ MOREGeorgia Democrats Demand Taxpayer-Funded Transgender Surgery for Prison Inmates, Stage Walk-Out in ProtestDemocrats in Georgia have staged a walk-out in support of giving taxpayer-funded transgender surgery to male prison inmates who claim to be female.READ MORELeftist Arrested for Making ‘Alarming’ Threats Against ICE Agents on Social MediaDepartment of Homeland Security (DHS) Secretary Kristi Noem has announced that a leftist has been arrested in Texas for making “alarming” threats against U.S. Immigration and Customs Enforcement (ICE) agents.READ MOREHunter Biden to Be Stripped of Law License in D.C, Ending His Career as AttorneyHunter Biden’s career as a licensed attorney is coming to an end as the former first son is to be permanently stripped of his license in Washington, D.C.READ MORENYC Mayor Eric Adams Dumps Democratic Party, Will Run for Re-Election as IndependentNew York City Mayor Eric Adams has announced that he has quit the Democratic Party and will not participate in the Democrat primary for the mayoral election.READ MOREObama Knew Kamala Harris Couldn’t Beat Trump, Tried to Stop Her Becoming Democrats’ Presidential NomineeBarack Obama tried to stop failed 2024 candidate Kamala Harris from becoming the Democrats’ presidential nominee because he knew she couldn’t beat President Donald Trump, a new book has revealed.READ MORE4 Senate Republican Vote with Democrats to Block Trump’s Tariff PlanFour Republican senators have voted with Democrats to help the Senate advance a resolution to block President Donald Trump’s tariffs.READ MORETrump Tells Supreme Court His Presidential Authority Is Under Attack from Activist Federal JudgesPresident Donald Trump’s administration has issued a plea to the Supreme Court as activist federal judges across the country seek to undermine the authority of the White House.READ MORERFK Jr: Slashing HHS Jobs Is a ‘Win-Win for Taxpayers’Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. has responded to the hysteria from the Democrats and their corporate media allies over his federal agency’s firing of thousands of workers.READ MOREMTG: The Left’s ‘Gender Ideology’ Is ‘Satan’s Lie to Vulnerable Children’Rep. Marjorie Taylor Greene (R-GA) has declared that the Left’s “gender ideology” is part of the Democrats’ “spiritual warfare” against children.READ MORETrump Has Deported Over 100,000 Illegal Aliens Since Return to White House, Report RevealsPresident Donald Trump has already deported a staggering number of illegal aliens during his second term in office, a new report has revealed.READ MORE |
NEWS ADDICTS
| LATEST NEWSPfizer Whistleblower Leaks List of Disturbing Secret ‘Vaccine’ IngredientsA brave Pfizer whistleblower has come forward to inform the public about the disturbing secret ingredients in “vaccines” that have been pumped into their arm when they received their “safe and effective” shots.READ MOREWashington, D.C. mass stabbing: Several injured, suspect arrestedSeveral people were injured in a mass stabbing incident in Northeast Washington, D.C., prompting a heavy police response. The attack occurred near Montello Avenue and Simms Place NE. Authorities have confirmed that a suspect is in custody. The Metropolitan Police Department (MPD) announced the incident on social media, stating, “MPD is on scene of numerous people stabbed in the area …READ MOREDr. Oz confirmed by Senate as CMS Administrator in 53-45 voteDr. Mehmet Oz, widely known as “Dr. Oz” from his television career, has been confirmed by the Senate as the new administrator of the Centers for Medicare and Medicaid Services (CMS). The Senate voted 53-45 along party lines to approve Oz’s nomination, placing the thoracic surgeon in charge of overseeing healthcare coverage for over 160 million Americans. A procedural vote … |
EVOL NEWS
MICHAEL EVERY/PHIL MAREY/OR OTHER EXECS //RABOBANK
Have You Said “Thankyou” Once?
by Tyler Durden
Friday, Apr 04, 2025 – 03:40 PM
By Benjamin Picton, senior macro strategist at rabobank
US equities tanked yesterday in their most savage one-day selloff since the early days of Covid in 2020. The NASDAQ was hardest hit, down 5.97%, while the S&P500 and DOW gave up 4.84% and 3.98% respectively. European stocks were also savaged. The CAC40 fell 3.31% and the DAX was down 3.01%. The sharp fall in stock prices leaves US equities well in the red for the year to date, while European equities remain in the black. When asked about the market moves President Trump said: “It is to be expected, this is a patient that was very sick. We inherited a terrible economy.”
Bonds rallied across the board yesterday with US 10-year yields falling by 10bps and 2-year yields dropping by 18bps to cause a dramatic bull-steepening of the Treasury curve. The OIS implied path of the Fed Funds Rate now has four further 25bp cuts priced in by January 2026, compared to three at this time on Wednesday.
Gold prices continued to moderate after hitting fresh all-time-highs of $3,166/oz yesterday, and Brent crude is down 6.42% to $70.14/bbl as markets surmise that sweeping US tariffs spell doom for prospects of global growth. Bitcoin – perhaps the best barometer of pure financial risk – sank by almost 4% to be trading just over $82k.
Of course, the price action over the last 24 hours is all about the ‘Liberation Day’ tariff announcements made on Wednesday. Critics are complaining that the method used by the United States to determine trade barriers faced by US producers is simplistic and doesn’t reflect reality. The Administration counters that everyone else has had plenty of time to address trade imbalances and that the duties that are now being imposed are actually the “kind tariffs”. Have you said “thankyou” once?
The United States pursuing US policy goals to the detriment of friend and foe alike has set off outrage around the world. Emmanuel Macron called for a halt on investment into the United States and Ursula von der Leyen said that the EU will first seek to negotiate down the tariffs, but if that fails the EU will impose “countermeasures” and seek to protect its own industry from cheap goods being dumped into the European market by others (read, China). Limitations have already been enacted on imports of duty-free steel.
Von der Leyen said that she “agree[s] with President Trump that others are taking unfair advantage of the current rules”, but she seems to think that the Americans shouldn’t have done anything about it, and should have opted instead for another round fruitless talks. Presumably, ‘others’ does not include the EU in von der Leyen’s eyes, but try selling agricultural products into the European market from abroad and see how far you get.
China has also vowed retaliation. Trump hit China with a 34% reciprocal tariff rate that will stack on top of the 20% tariffs that are already in place. This is a big problem for China, because their economic model is based on subsidising (over)production and then exporting the surplus into the world’s biggest consumer market: the USA. Europe is now understandably terrified that China’s exportable surplus, having been effectively barred from the USA, is going to end up in their market and add to the existing woes of European manufacturers.
The PBOC allowed the CNY to drift lower yesterday to offset some of the pain of the new tariffs. Could we see more currency weakness to come? And would that incur another step up in tariffs from the USA if it were to happen? You can see how a path is being laid for tit-for-tat trade strikes that could all but close bilateral trade between the world’s two largest economies. That will really be curtains for globalization.
The reaction has been different in the antipodes. Australia and New Zealand are grumbling about their exports (principally beef, wine, dairy and sheepmeat) now being subject to a 10% tariff, but there seems to be a grudging acceptance that the outcome could have been worse and that product will still flow into the US market, albeit at less attractive prices than might have been the case otherwise.
The ‘best response’ being countenanced by Australia and New Zealand is to do nothing, because retaliation would likely achieve nothing aside from antagonizing their security guarantor and pushing up prices for consumers. The US has enormous leverage over both countries by virtue of not only their dependence on the US Navy, but the dependence of their banking sector on US capital markets for funding. Close that funding channel down and watch the richly-valued housing markets in both countries implode and take their economies down with it.
Aussie and Kiwi OIS curves are now implying more rate cuts (4.5 in Australia and 4 in New Zealand), but the US administration might take a dim view of any devaluation of the AUD or NZD that results from more aggressive monetary policing easing. Currency manipulation is on the USA’s list of grievances, but so long as devaluation doesn’t result in a structural trade surplus with the USA it may not be a problem, especially since the USA would like Australia and New Zealand to help it contain Chinese ambitions in the South Pacific.
Conspicuous among the tariff rates announced by President Trump was the low numbers for many South American economies. This appears to be further evidence of a reinvigoration of the Monroe Doctrine in US foreign policy designed to pull Latin America deeper into the USA’s economic orbit. Relatedly, Marco Rubio recently met with his counterpart from Argentina to discuss trade and security ties aimed at countering Cuba, Venezuela and Nicaragua, and the Pentagon just announced a series of arms sales to Ecuador.
Rubio has also been speaking with counterparts in Europe, who he says need to plot a trajectory towards increasing defence spending to 5% of GDP(!). He assured Europeans that the United States remains committed to NATO, and suggested that the USA would need to increase its own spending on defense. That seems sensible given the geostrategic challenges that the United States faces, but it is also at odds with Trump’s previous direction to Pete Hegseth to find ways to reduce defence spending by 8% each year.
So, while in many respects the US policy renovation of recent days is a throwback to past ways of doing things, the policies being embraced pre-date the institutional settlement that has mostly prevailed since the end of WWII. The Washington Consensus appears to be on its last legs and the policy goal of “GDP for GDP’s sake” is being replaced by “GDP for the sake of state aims”. Making America great again entails a shift from a consumption-driven economy to a production-driven economy. The logical corollary here is that American living standards are going to have to be lower as consumption is taxed (via tariffs) to provide an implicit subsidy to domestic producers. There are winners and losers in this process, but overall this is unlikely to be bullish for American living standards in the short run, especially if your living standards are derived from the financialized economy that has been the ‘winner’ from the policy framework of the last 45 years.
Unnamed Senior White House officials are now being quoted as saying that the post-World War Two institutions are “no longer fit for our times and our economic situation”. If there was any doubt before that Trump meant what he said when he claimed “the future does not belong to globalists, the future belongs to patriots”, there can be no doubt now.
7.OIL AND NATURAL GAS ISSUES/GLOBAL/ENERGY/
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/
CANADA/TARIFFS
CANADA/MEXICO
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS FRIDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.1066 UP 0.0022 PTS OR 22 BASIS POINTS
USA/ YEN 145.12 DOWN 1.16 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 1.3016 DOWN .0073 OR 73 BASIS PTS
USA/CAN DOLLAR: 1.4191 UP 0.01070 (CDN DOLLAR DOWN 107 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED
Hang Seng CLOSED
AUSTRALIA CLOSED DOWN 2.55%
// EUROPEAN BOURSE: ALL RED
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL RED
2/ CHINESE BOURSES / :Hang SENG CLOSED
/SHANGHAI CLOSED
AUSTRALIA BOURSE CLOSED DOWN 2.55%
(Nikkei (Japan) CLOSED DOWN 955.35 PTS OR 2.75%
INDIA’S SENSEX IN THE RED
Gold very early morning trading: 3111.30
silver:$30.99
USA dollar index early FRIDAY morning: 101.57 DOWN 22 BASIS POINTS FROM THURSDAY’s CLOSE.
FRIDAY MORNING NUMBERS ENDS
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And now your closing FRIDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.139 % DOWN 5 in basis point(s) yield
JAPANESE BOND YIELD: +1.72% DOWN 15 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.253 DOWN 5 in basis points yield
ITALIAN 10 YR BOND YIELD 3.747 DOWN 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.5365 DOWN 12 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY FRIDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1027 DOWN .0017 OR 17 basis points
USA/Japan: 145.17 DOWN 1.082 OR YEN IS UP 108 BASIS PTS//
Great Britain 10 YR RATE 4.495 DOWN 10 BASIS POINTS //
Canadian dollar DOWN 0.01154 OR 115 BASIS pts to 1.4202
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The USA/Yuan XXX, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE UP TO 7.2887:
TURKISH LIRA: 38.01 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.172
Your closing 10 yr US bond yield DOWN 13 in basis points from THURSDAY at 3.928% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.378 DOWN 13 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.570 DOWN 18 BASIS PTS.
GOLD AT 11;00 AM 3074.80
SILVER AT 11;00: 30.55
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 419.76 PTS OR 4.95%
GERMAN DAX:DOWN 1075,67 PTS OR 4.95%
Paris CAC CLOSED DOWN 324.03 or 4.20%
Spain IBEX CLOSED DOWN 769.20 PTS OR 5.83%
Italian MIB: CLOSED DOWN 1383.31 PTS OR 3.60%
WTI Oil price 61.77 11 EST/
Brent Oil: 65.32 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 85.48 ROUBLE DOWN 1 AND 61/ 100
GERMAN 10 YR BOND YIELD; +2.5365 DOWN 12 BASIS PTS.
UK 10 YR YIELD: 4.497 DOWN 10 BASIS POINTS
CDN 10 YEAR RATE: 2.842 DOWN 9 BASIS PTS.
CDN 5 YEAR RATE: 2.459 DOWN 10 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0943 down 0.0103 OR 103 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2887 DOWN .0202 OR 202 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.4895 DOWN 4 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.173
USA dollar vs Japanese Yen: 146.98 UP 0.720 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.4229 UP .01360 BASIS PTS CDN DOLLAR DOWN 136 BASIS PTS
West Texas intermediate oil: 62.63
Brent OIL: 66.30
USA 10 yr bond yield DOWN 5 BASIS pts to 4.003
USA 30 yr bond yield DOWN 8 BASIS PTS to 4.404%
USA 2 YR BOND: DOWN 5 PTS AT 3.679%
CDN 10 YR RATE 2.898 DOWN 3 BASIS PTS
CDN 5 YEAR RATE: 2.529 DOWN 2 BASIS PTS
USA dollar index: 102.75 UP 96 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 37.98 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 84,80 UP 0 AND 64/100 roubles
GOLD 3030.00 (3:30 PM)
SILVER: 29.67 (3:30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 2230.95 OR 5.50%
NASDAQ 100 DOWN 1123.78 PTS OR 6.07%
VOLATILITY INDEX: 41.44 UP 11.42 PTS OR 38.04%
GLD: $ 279.72 DOWN 6.70 PTS OR 2.34%
SLV/ $27.08 DOWN 1.81 PTS OR OR 6.27%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 1099.83 OR 4.52%
end
TRADING today ZEROHEDGE Trump’s tariffs: 4PM
Surveying The Carnage After A “Week When Decades Happened”
MIDDAY NEWS
Stocks Reverse Plunge, Jump After Trump Says Open To Deal With Vietnam, Tells Powell To Cut Rates
Friday, Apr 04, 2025 – 11:34 AM
Exactly one month ago we reminded readers, and the new generation of traders who may have been in kindergarten during the first trade war of 2017-2018, that a core feature of the market rollercoaster that marked Trump 1.0’s reign is crashing markets… and strategically timed trial balloons meant to push stocks sharply higher, to wit:
And sure enough, we got a vivid reminder of just that moments ago when Trump, on his Truth Social account, announced that he had a “very productive” call with the head of the Vietnamese communist party, adding that if Vietnam wants to cut their tariffs to “ZERO”, all they have to do is “make an agreement with the U.S.”…
… or precisely what we said two days ago when we explained that this particular trade war will be all about the deals that Trump completes as he pulls the country and market from the abyss.
Everyone else…. starting with Vietnam, which as we profiled yesterday was slapped with some of the highest reciprocal tariffs…
… crushing countless US consumer companies who rely on cheap Vietnamese exports.
But wait, there’s more… because with Fed Chair Jerome Powell set to speak momentarily, Trump reminds the Fed chair who really is boss when in a subsequent post on TS, the president said that “this would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always “late,” but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months – A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
Considering recession expectations are soaring, while inflation expectations – based on the impartial market and not a bunch of Democrats “polled” by marxist professors at the University of Michigan – are collapsing…
… we would have to a agree with Trump who is surely wondering why the Fed cut rates in September when growth expectations were much higher, and why Powell isn’t doing the same now.
The market reaction was prompt, with futures reversing losses and jumping, if not so much to the implicit Powell threat, then certainly to the possibility that one after another country will now line up to get a trade deal done with Trump.
* * *
end
Powell speaking today;
Watch Fed Chair Powell speak live here (due to start at 1125ET):
Read Powell’s full remarks here…
Thank you for having me here today. Monetary policy is more effective when the public understands what we are doing and why. Through your work, journalists like you help promote that greater understanding. I am sure this room full of reporters does not lack for questions to ask. Before addressing a few of those, I will briefly summarize the outlook for the economy and monetary policy.
At the Fed, we are squarely focused on achieving the dual-mandate goals Congress has given us of maximum employment and stable prices. While uncertainty is high and downside risks have risen, the economy is still in a good place. The incoming data show solid growth, a labor market in balance, and inflation running much closer to, but still above, our 2 percent objective.
Recent Economic Data
After a couple of years of solid growth, many forecasters have anticipated somewhat slower growth this year. The initial reading for first-quarter GDP will be released later this month. The limited hard data are consistent with a slower but still solid growth outlook. At the same time, surveys of households and businesses report dimming expectations and higher uncertainty about the outlook. Survey respondents point to the effects of new federal policies, especially related to trade. We are closely watching this tension between the hard and soft data. As the new policies and their likely economic effects become clearer, we will have a better sense of their implications for the economy and for monetary policy.
Looking across many indicators, the labor market appears to be broadly in balance and is not a significant source of inflationary pressure. This morning’s jobs report shows the unemployment rate at 4.2 percent in March, still in the low range where it has held since early last year. Over the first quarter, payrolls grew by an average of 150,000 jobs a month. The combination of low layoffs, moderating job growth, and slowing labor force growth has kept the unemployment rate broadly stable.
Turning to the other leg of our dual mandate, inflation has declined sharply from its pandemic highs of mid-2022. It has done so without the kind of painful rise in unemployment that has often accompanied periods of tight monetary policy that are needed to reduce inflation. More recently, progress toward our 2 percent inflation objective has slowed. Total PCE prices rose 2.5 percent over the 12 months ending in February. Core PCE prices, which exclude the volatile food and energy categories, rose 2.8 percent. Looking ahead, higher tariffs will be working their way through our economy and are likely to raise inflation in coming quarters. Reflecting this, both survey- and market-based measures of near-term inflation expectations have moved up. By most measures, longer-term inflation expectations—those beyond the next few years—remain well anchored and consistent with our 2 percent inflation goal. We remain committed to returning inflation sustainably to our 2 percent objective.
Monetary Policy
Turning to monetary policy, we face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation. The new Administration is in the process of implementing substantial policy changes in four distinct areas: trade, immigration, fiscal policy, and regulation. Our monetary policy stance is well positioned to deal with the risks and uncertainties we face as we gain a better understanding of the policy changes and their likely effects on the economy. It is not our role to comment on those policies. Rather, we make an assessment of their likely effects, observe the behavior of the economy, and set monetary policy in a way that best achieves our dual-mandate goals.
We have stressed that it will be very difficult to assess the likely economic effects of higher tariffs until there is greater certainty about the details, such as what will be tariffed, at what level and for what duration, and the extent of retaliation from our trading partners. While uncertainty remains elevated, it is now becoming clear that the tariff increases will be significantly larger than expected. The same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remain uncertain. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent. Avoiding that outcome would depend on keeping longer-term inflation expectations well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices. Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem.
We will continue to carefully monitor the incoming data, the evolving outlook, and the balance of risks. We are well positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy.
Conclusion
We understand the benefits of a solid economy where workers can find jobs and inflation is low and predictable. We also understand that elevated levels of unemployment or inflation can be damaging and painful for communities, families, and businesses. That is why we at the Fed will continue to do everything we can to achieve our maximum-employment and price-stability goals.
Thank you. I look forward to your questions.
ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE
USA DATA
USA ECONOMIC NEWS
Fwd: Breaking! Multiple people stabbed in Washington DC in Capitol, all blocked off! Police asking all to stay away, pl…
VICTOR DAVIS HANSON
All The Ukrainian Known Knowns
Thursday, Apr 03, 2025 – 09:45 PM
Authored by Victor Davis Hanson via American Greatness,
Aside from the rhetoric, there is a growing consensus among Western diplomats, military analysts, military officers, heads of state, and even much of the media about how to end the endless Ukrainian war.
A proposed peace will see a DMZ established somewhere along an adjusted 1,200-mile Ukraine-Russia border. Tough negotiations will adjudicate how far east toward its original borders Russian forces will be leveraged to backstep.
Publicly in the U.S. and covertly in Europe, all accept that a depleted Ukraine will not have the military strength to retake Crimea and the Donbas.
In 2014, both were absorbed by Russia during the Obama administration. Neither that administration nor any since has advocated a military effort to reclaim them.
Loudly, the U.S.—and again quietly Europe—concedes that Ukraine will not be in NATO—a confirmation that Russia will use to justify to its people its disastrous invasion, and even many Ukrainians will accept.
How will the West deter Putin from his inevitable agenda of reclaiming lost Soviet territory and Russian-speaking peoples? For now, his army is exhausted, its arsenals depleted, and its reputation shattered.
In the future, a commercial corridor, anchored by concessions to American and international mining concerns, will supposedly serve as a tripwire to deter Putin from attacking in-the-way noncombatant Americans.
More practically, Ukrainian forces will be kept fully armed. They have already inflicted perhaps a million causalities on Putin’s forces—possibly five times the dead, wounded, and missing that the Russians lost to the Taliban over that entire decade-long misadventure in Afghanistan.
If Trump can coax even a ceasefire, the oddly bellicose left will still rail about “Munich” and Trump as “Putin’s puppet.”
But after perhaps 1.5 million total Ukrainian and Russian dead, wounded, sick, and missing, transatlantic leftists will quietly admit they never had any realistic plan to win by fighting Russia to the last Ukrainian.
And they certainly were not willing—despite what they claimed in their spasms of braggadocio—to send U.S., U.K., European, or NATO ground troops into Eastern Ukraine.
Trump has faced criticism for his volatile, art-of-the-deal approach to Ukrainian diplomacy over the last 10 weeks.
Lost in such criticism is that the Biden administration did not even try to end the war. Instead, in the LBJ-style of “light at the end of the tunnel,” it parroted the great “spring offensive” to come. And when that gambit disastrously failed, it resorted to the banal blank check of “as long as it takes.”
Western leaders simplistically thought that sending more arms, money, and Ukrainians into the cauldron would eventually break Russia—30 times larger than Ukraine, 10 times richer, over four times more populous, and far less bothered by the mounting toll of its greater losses.
In addition, we even know the likely course of negotiations to end the slaughter.
As soon as Trump pressures Zelenskyy for a ceasefire and a rare minerals mining concession, Putin smells an advantage. So, he digs in and orders his generals to double down on terror strikes for advantage.
And then, once Trump sees that scolding Zelensky empowers Putin to back off from a ceasefire, he turns on Putin and puts far greater pressure on him: a secondary embargo on all who buy Russian oil that even the “on to Moscow” crowd had never envisioned.
Once Putin seems to agree, then Zelenskyy thinks he was had and wants a better mining deal or reconsideration of NATO or more sophisticated weapons—until Trump reminds him that the despised U.S., not his beloved Europeans, is his only route to a shaky peace.
So, we know the negotiations will have a yin and yang until there is no solution other than a ceasefire leading to a Korean-peninsula-like hot peace.
Putin always preferred to exploit the Obamas and Bidens of the world. And he did so in 2014 and 2022, rather than the mercurial, unpredictable, and ultimately dangerous Trump, during whose tenure he stayed put within his borders.
He also knows that for all the talk of his puppet Trump, the latter killed hundreds of the Wagner group, pulled out of an asymmetrical missile deal, first sent offensive weapons to Ukraine, sanctioned Russian oil and oligarchs, warned the Germans not to deal with Putin on the Nord Stream II pipeline, and bombed into extinction ISIS of Iraq, Abu Bakr al-Baghdadi, and Qasem Soleimani.
So, Putin knows that India, China, and others who buy his oil will not if he reneges on his willingness for a ceasefire.
If and when peace comes, we can already foresee the misinformation that will follow: Trump deserves no credit. Zelenskyy remains the true hero. A now hollowed-out Russia was the real winner.
The only mystery?
Since when did the anti-war left prefer an endless and horrific war to a difficult, messy peace?
USA/ANTISEMITISM//HAMAS// REPORT
Harvard sanctions pro-Palestinian group after anti-Israel protest
Harvard Undergraduate Palestine Solidarity said the university is silencing pro-Palestinian voices.
By MICHAEL STARRAPRIL 3, 2025 21:51Updated: APRIL 3, 2025 22:44
A Harvard anti-Israel student activist group was placed on probation, the Harvard Undergraduate Palestine Solidarity said on Wednesday, following a protest against the firing of the Center for Middle Eastern Studies leadership and scrutiny by the federal government of campus antisemitism and radicalism.
Harvard PSC said on Instagram that the university administration had been banned from holding public events until June 30, allegedly over a Tuesday protest that was co-sponsored with unrecognized organizations. PSC noted that the ban came the weekend before it was slated to install its annual Israeli Apartheid Wall exhibit.
“We call on all student organizations to stand with the movement for Palestine — silence will not save us,” said PSC.
The group urged supporters to contact Harvard president Alan Garber about the matter.https://www.instagram.com/p/DH9fnK7RijC/embed/captioned/?cr=1&v=14&wp=540&rd=https%3A%2F%2Fwww.jpost.com&rp=%2Finternational%2Farticle-848809#%7B%22ci%22%3A0%2C%22os%22%3A644.4000000953674%2C%22ls%22%3A62.799999952316284%2C%22le%22%3A259.90000009536743%7D
Harvard anti-Israel protests
Hundreds of students had protested on Tuesday at a Harvard Out of Occupied Palestine (HOOP) rally outside a faculty meeting, according to a HOOP social media video. PSC said the students were acting against “Harvard’s capitulation to the fascist [US President Donald] Trump administration” and its “purge in the Palestine Studies.”
PSC highlighted the end of the roles of Center for Middle Eastern Studies Director Professor Cemal Kafadar and associate director Associate Professor Rosie Bsheer last Friday. Harvard American Association of University Professors (AAUP) issued a Monday statement rejecting the change in leadership of the center as voluntary, accusing the administration of dismissing them without proper process. The administration allegedly wished for more politically neutral programming on the Israeli-Arab conflict.
“These terminations violate the principle of academic freedom at the heart of our institutional mission and set a bleak precedent for free inquiry and expertise at the university,” said AAUP. “At a minimum, the administration of the Faculty of Arts and Sciences should release any reports or evaluations of CMES’s alleged failure to meet its new standard.”
PSC on Wednesday also noted Harvard’s suspension of ties with Birzeit University, a Palestinian school, which has seen regular Hamas activism on its campus. The Harvard Crimson had reported the suspension of the research partnership last Thursday. JTA reported that since the October 7 Massacre there have been calls to end the partnership with the West Bank institution, backed by former Harvard President Larry Summers as well as alumna congresswoman Rep. Elise Stefanik.
On Monday the Task Force to Combat Antisemitism announced that it was reviewing $255.6 million in contracts and more than $8.7 billion in multi-year grant commitments with Harvard to ensure its compliance with civil rights responsibilities. Education Department Secretary Linda McMahon said that Harvard had failed to protect students from antisemitic discrimination and promoted “divisive ideologies.” Federal Acquisition Service commissioner Josh Gruenbaum said that the university had recently taken “long overdue” action to curb institutionalized antisemitism, but more needed to be done to “retain the privilege of receiving federal taxpayer’s hard earned dollars.”
Garber responded in a Monday statement by reminding of the institution’s efforts thus far to discipline students and institute new programs against harassment, but acknowledged that the university had shortcomings and promised to address the critical problems of antisemitism.
“I have experienced antisemitism directly, even while serving as president, and I know how damaging it can be to a student who has come to learn and make friends at a college or university,” said Garber. “We will engage with members of the federal government’s task force to combat antisemitism to ensure that they have a full account of the work we have done and the actions we will take going forward to combat antisemitism.”
end
Princeton Says Trump Administration Has Suspended Dozens Of Research Grants
by Tyler Durden
Friday, Apr 04, 2025 – 12:45 PM
Authored by Aaron Gifford via The Epoch Times (emphasis ours),
The Trump administration has suspended several dozen federally funded research grants to Princeton University as part of its investigation into campus anti-Semitism, according to a Princeton University email published by the Daily Princetonian student newspaper.
The email, dated April 1 and sent to the campus community by university President Christopher Eisgruber, said the university received the notification from the funding agencies, including the Departments of Energy, Defense, and NASA.
Eisgruber’s email did not disclose the amount of money in question.
“The full rationale for this action is not yet clear, but I want to be clear about the principles that will guide our response,” Eisgruber’s email said.
“Princeton University will comply with the law. We are committed to fighting anti-Semitism and all forms of discrimination, and we will cooperate with the government in combating anti-Semitism.
“Princeton will also vigorously defend academic freedom and the due process rights of this university.”
Eisgruber’s email said more information would be released following conversations with affected faculty, researchers, and grant managers.
Princeton is among the 60 elite higher education institutions currently under federal investigation for the harassment of Jewish students following Hamas’s attack on Israel on Oct. 7, 2023.
Eisgruber and his colleagues from fellow Ivy League institutions—Harvard, Columbia, Brown, Cornell, and Yale—were among those who received March 10 letters from the Department of Education’s Office for Civil Rights.
The letter reminded university presidents of existing Civil Rights laws. It noted President Donald Trump’s executive order that states colleges and universities risk the loss of federal funding if they fail to combat campus anti-Semitism.
“The Department is deeply disappointed that Jewish students studying on elite U.S. campuses continue to fear for their safety amid the relentless antisemitic eruptions that have severely disrupted campus life for more than a year. University leaders must do better,” Secretary of Education Linda McMahon said in a March 10 statement from the Education Department announcing the letters sent to universities. “U.S. colleges and universities benefit from enormous public investments funded by U.S. taxpayers. That support is a privilege and it is contingent on scrupulous adherence to federal antidiscrimination laws.”
The Trump administration announced on March 31 that it is examining $8.7 billion in contracts with Harvard.
In an email response to The Epoch Times, Harvard University officials said the school has taken steps in the past 15 months to address anti-Semitism on campus, but the Trump administration still believes the school has a long way to go.
“We will engage with members of the federal government’s task force to combat anti-Semitism to ensure that they have a full account of the work we have done and the actions we will take going forward to combat anti-Semitism,” Harvard President Alan Garber said in a letter sent to students and employees.
“We resolve to take the measures that will move Harvard and its vital mission forward while protecting our community and its academic freedom.
“By doing so, we combat bias and intolerance as we create the conditions that foster the excellence in teaching and research that is at the core of our mission.”
Columbia University was the first school to lose federal funding, $400 million, due to campus anti-Semitism.
The university’s interim president, Katrina Armstrong, complied with nine conditions outlined by Education Secretary Linda McMahon and other federal agencies before resigning on March 28.
Eisgruber is also the board chairman of the American Association of Universities, which publicly criticized the Trump administration’s education cuts and, in February, filed a federal lawsuit opposing reductions to National Institute of Health research grants to universities.
“This action is ill-conceived and self-defeating for both America’s patients and their families as well as the nation as a whole,” the association’s Feb. 10 statement said.
“We look forward to presenting our case in court.”
Eisgruber’s March 19 editorial in The Atlantic magazine criticizing the Trump administration’s actions against Columbia University is posted on Princeton’s website.
“The Trump administration’s recent attack on Columbia University puts all of that at risk, presenting the greatest threat to American universities since the Red Scare of the 1950s. Every American should be concerned,” he wrote.
The Epoch Times contacted Princeton University and the Department of Education, which referred to the departments of Defense and Energy.
The Department of Defense declined to comment.
end
KINGNEWS
| The King Report April 4 2025 Issue 7465 | Independent View of the News |
| Reciprocal Tariff Calculations – Office of the United States Trade Representative To conceptualize reciprocal tariffs, the tariff rates that would drive bilateral trade deficits to zero were computed. While models of international trade generally assume that trade will balance itself over time, the United States has run persistent current account deficits for five decades, indicating that the core premise of most trade models is incorrect… Consider an environment in which the U.S. levies a tariff of rate τ_i on country i and ∆τ_i reflects the change in the tariff rate. Let ε<0 represent the elasticity of imports with respect to import prices, let φ>0 represent the passthrough from tariffs to import prices, let m_i>0 represent total imports from country i, and let x_i>0 represent total exports. Then the decrease in imports due to a change in tariffs equals ∆τ_i*ε*φ*m_i<0. Assuming that offsetting exchange rate and general equilibrium effects are small enough to be ignored, the reciprocal tariff that results in a bilateral trade balance of zerosatisfies: https://ustr.gov/issue-areas/reciprocal-tariff-calculations Here’s Chuck Schumer in 2018 advocating for tariffs on China to save US jobs. What changed Chuckie? Your constituents and the Dem demand vehement opposition to anything DJT does. https://x.com/devorydarkins/status/1907766396731408785 @mazemoore: Incredible clip from 1996. Nancy Pelosi on tariffs and the trade deficit with China. “On this day, your member of Congress could have drawn the line to say to the President of the United States, do something about this US-China trade relationship that is a job loser for the United States.” Thirty years later and our annual trade deficit is now approximately $300 billion annually with China. Our politicians did nothing to stop this. They sold out America. Now politicians, including Pelosi, are saying that not only China, but all countries should be able to tariff us and we shouldn’t respond in kind https://x.com/mazemoore/status/1907836058005295612 Bloomberg @business: French President Emmanuel Macron urged companies to pause investments in the US after Trump announced tariffs on the EU and other regions Trump is trying to halt and reverse decades of globalism that debased the US industrial base; crushed the middle & working classes; and destroyed beaucoup US towns and communities. It will NOT be painless. When we were in Gotham during the glorious ‘80s, Wall Street cheered when corporations downsized, moved production overseas, and managed companies primarily to increase shareholder value. Team Trump clearly announced to the known world that the days of the US being a dumping ground for global production, boosting Wall Street to the detriment of Main Street, and being Europe’s defense daddy were about to end. This transition will NOT be painless. On Thursday night, DJT-hating GOP Senators McConnell (He might be more addled than Biden), Murkowski, and Collins, along with self-righteous Rand Paul, voted with Democrats to halt Trump’s Tariffs on Canada. The Establishment and globalists will NOT go quietly into that good night! @ABCPolitics: A bipartisan pair of U.S. senators introduced legislation on Thursday that would require Congress to approve all tariffs within 60 days. Sen. Chuck Grassley, R-Iowa, and Maria Cantwell, D-Wash., proposed the measure… https://abcnews.go.com/Politics/live-updates/trump-tariffs-live-updates-stellantis-temporarily-layoff-900/ Bulls’ eyes are on PE Powell and the Fed, which are key appendages of the Establishment. Possibly anticipating that Powell and his ilk would work against DJT, like he did in 2018 and with the jumbo rate cut two months before the November 2024 Election, Team Trump announced a few weeks ago that they are more concerned about the US 10-year note yield, because mortgage rates are based on it, than short-term rates. This is a rebuke to the Fed-Big Bank-Wall Street axis that exists and prospers on Fed largesse. The market now expects a Fed rate cut in June, instead of July. The markets are screaming recession. But they are also voicing inflation angst. PE Powell must now actually do something of value. Sheel Mohnot @pitdesi: One dollar was worth 1 Euro at the beginning of the year. The dollar is declining in value. Now worth 90 euro cents. Your European summer just got more expensive. @isaiah_p_taylor: I know the last line is a throwaway comment, but this unfortunately does showcase the current divide. “My European summer just got more expensive” vs “holy shit they might actually reopen the mill, maybe dad will get rehired” How many average Americans are worried about the costs of the European vacations? This remark reeks of abject arrogance and ignorance about average Americans! It is so EU elitist! The usual suspects are warning Americans that their Euro vacations, cars, and goods will now be more expensive. A month ago, Treasury Sec. Bessent stated, “Access to cheap goods is not the essence of the American dream.” For decades ‘cheap goods’ was the siren song to get Americans to accept the demise of the US industrial base, working and middle-class America, and numerous towns and communities. As long as US big government issues trillions of dollars in entitlements, jobs, and contracts, the globalist scheme can endure – because it delays revolt in the US. The freebies and near-freebies also encourage illegal immigration. US firms that vend the products of globalism prosper even if American workers suffer because government largesse supplies the dough. The US economic dynamic of the past several decades is the opposite of Henry Ford’s concept that expanding Ford’s production and jobs created more Ford customers. Team Trump has repeatedly asserted that the US is near a financial debacle and bankruptcy under the current dynamics. At some point soon, the ability to fund the global economy with US consumption fueled by government spending would implode. Something worse than the Great Depression was likely. @TFTC21: CNN host: “The first time he did tariffs, we did see prices rise on products that were tariffed.” (Com Sec) Howard Lutnick: “This is a re-ordering of global trade for the benefit of America.” https://t.co/fBJuJdi9qR @RapidResponse47: General Motors just announced it will increase truck production at its assembly plant in Fort Wayne, Indiana, in light of President Trump’s tariffs. The company will also increase overtime and hire additional workers. @GuntherEagleman: Amazing, it’s been just over a week since Canadian Premier Ford claimed he would inflict “maximum pain” on Americans. Now he’s suddenly flipped his script, saying he wants “negotiations in good faith, building a relationship.”… https://t.co/iFlwDQaJAa @AndrewScheer: Pierre Poilievre announces a Conservative Government will axe the GST on purchases of Made-in-Canada cars and trucks. This will save car buyers $2500 on a $50,000 vehicle. This will save jobs in Canada. @allenanalysis: Nike just lost nearly $10 billion in market cap in under an hour—because Trump slapped a 46% tariff on Vietnam, where Nike has over 450,000 workers and 130 factories… That’s not “America First.” That’s tanking American companies while pretending it’s patriotism. Swiss Finance Minister Keller-Sutter: “The measures that have been taken are incomprehensible and totally counterproductive…” @TonyNashNerd: Have you ever looked at the Swiss harmonized code? They still levy duties per 100 kilograms of gross weight (mass), like it’s the 19th century. Now THAT’S incomprehensible. @C_3C_3: How is this ok with any member of Congress? US trade deficits: 2020: $676 billion 2021: $845 billion 2022: $948 billion 2023: $773 billion 2024: $979 billion GOP Sen. @Eric_Schmitt: America is not an economic zone. It’s not a strip mall with an airport attached… For too long, our leaders have been selling our country off for parts. Today, President Trump put America First… We’ve shipped millions of good jobs overseas, hollowed out our industrial capacity, and sacrificed our sovereignty on the altar of the “global economy”—while other nations reap the benefits… We were once the manufacturing powerhouse of the world… Since 2001, our trade deficit with China has led to the loss of approximately 3.82 million American jobs… (Bushes & Clinton) We’re no longer self-reliant… The promise of globalism was that we would all become fabulously wealthy together—going forward as one into a new utopia without borders, nations or peoples. But the price of entry was selling our sovereignty—even as others didn’t play by the same rules. https://x.com/Eric_Schmitt/status/1907512084478218443 Dollar Drops by Most on Record (2.1%) as Traders Brace for More Pain – BBG Hedge funds have increased their bearish bets on the dollar… We would NOT short the dollar for a few reasons. When the Great Financial Crisis of 2008 was unfolding, the dollar tumbled. However, once the financial damage impacted the economy, the dollar soared. If global trade, which is largely conducted in dollars, contracts, the supply of dollars contracts. The Dollar Index was 89.86 in April 2006. It intractably declined to 70.698 for the week ended on March 21, 2008. It then traded sideways for two months; but an explosive rally commenced on August 8, 2008. The Dollar Index hit 86.965 in the week ended on October 24, 2008. It would continue higher into 2009. The Dollar Index, weekly – When the crisis hit critical mass, the dollar soared! Be prepared! Companies that hedge their expected dollar inflows by shorting in the forward market must buy dollars or dollar futures if expected dollar flows fall. And if the US budget deficit declines, more dollars disappear. The dollar dump is a tantrum at the US for upsetting the decades-long global order. It is also a gift to multinational companies that must unwind dollar shorts when their expected dollar inflows decline. De minimis trade loophole that boosted Chinese online retailers to end May 2 Allows shipments worth less than $800 to enter the U.S. duty-free…. https://t.co/UVNftsXdtS China urges US to immediately lift tariffs, vows retaliation China bought $154B in U.S. goods in 2017, before the trade war began, Chinese customs data shows, and that figure rose to $164 billion last year… Chinese producers sell more than $400 billion worth of goods annually (to US)… https://www.reuters.com/markets/china-urges-us-cancel-reciprocal-tariffs-2025-04-03/ China’s big retribution card has been played; they have already dumped most of their US Treasuries. Thailand Wants US Talks, Is Ready to Reduce Trade Surplus – BBG Intel and TSMC reach tentative deal on chip manufacturing (Intel +3.0%) Would operate Intel’s semiconductor manufacturing facilities…TSMC would take a 20% stake in the new organization… https://finance.yahoo.com/news/coreweave-stock-rips-higher-after-muted-ipo-144723161.html ESMs hit a daily low of 5455.00 at 11:05 ET. They bounced to 5524.50 at 12:30 ET. ESMs then went straight to jail; they did not pass ‘Go’; they did not collect $200 and only had one significant rally (23 handles from 13:40 ET to 14:50 ET). ESMs hit the daily low of 5415.25 near the NYSE close. Positive aspects of previous session The long-enduring dynamic of the US being the dumping ground for global production is ending. Gold declined sharply while bonds soared. Negative aspects of previous session Equities and equity futures plunged. Bonds soared on the painful global adjusting recession that is likely to appear.\ Team DJT warned Wall St & the world what they would do; but the ‘best & brightest’ didn’t believe it! Ambiguous aspects of previous session How long will Trump’s Tariffs impact the markets? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5428.96 Previous session S&P 500 Index High/Low: 5499.53; 5390.83 Number of Tesla attacks soars past 50 as violence targeting Musk’s company escalates https://t.co/ZArXJ6yjAK Suspected California Walgreens killer had ‘grudge’ against pharmacies, police say https://t.co/z5b3ZRzKx6 We all know the entities that have encouraged violence and retribution against political enemies. @DavidJHarrisJr: CNN put an “orange filter” on during Trump’s speech so they can continue the “orange man bad” rhetoric. Disgusting. Who’s still watching this garbage? https://x.com/DavidJHarrisJr/status/1907817349220094351 Remember when ‘they’ proclaimed that if Trump were elected in 2016, the stock market would crash, and The Donald would create a global depression? The opposite occurred. When Trump won on November 8, 2016, equity futures crashed during overnight trading because the best & brightest, the Masters of the Universe, and weak minded believed the anti-DJT hype. Reportedly Carl Icahn left a DJT party so he could buy ill-informed panic selling. The dopes and lemmings that sold equity futures during the November 8, 2016 night session got what they desired. Stocks soared on November 9, 2016. CNBC: Stock index futures came well off session lows after Hillary Clinton conceded the presidential election to Donald Trump… Just before midnight ET, S&P 500 futures and Nasdaq 100 futures plunged more than 5 percent. (The DJIA futures were down as much as 800 points.) https://www.cnbc.com/2016/11/08/stock-futures-waffle-after-first-election-results-emerge-showing-tight-race.html Today – At some point, it is highly probable that ‘they’ will stage an aggressive upward ESM manipulation. There was no attempt to save stocks on Thursday because it would have been futile. If stocks are down significantly in the morning, it will increase the odds of a Friday afternoon rabid rally. It is also a very good bet that if stocks are down sharply during European trading, an explosive rally could then materialize after Europe closed at 11:30 ET. ESMs and NQMs traded sharply lower after the 18:00 ET opening. They have rallied to modest gains. The March Employment Report should have meager or no impact. Expected economic data: March NFP 140k, Mfg. -1k, Rate 4.1%, Labor Force Participation Rate 62.4%, Wages 0.3% m/m & 4.0% y/y, Workweek 34.2; Fed Chair Powell on economic outlook 11:25 ET, Fed Gov Barr 12:00 ET, Fed Gov Waller 12:45 ET S&P Index 50-day MA: 5865; 100-day MA: 5921; 150-day MA: 5851; 200-day MA: 5762 DJIA 50-day MA: 43,227; 100-day MA: 43,405; 150-day MA: 42,943; 200-day MA: 42,190 (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 negative – a close above 5779.82 triggers a buy signal Hourly: Trender and MACD are negative – a close above 5604.52 triggers a buy signal RESIGN: Justice Roberts’ secret friendship with Norm Eisen has been revealed… According to Norm Eisen—the man who practically wrote the Deep State’s playbook on color revolutions, all things anti-Trump, and lawfare in the US—he and Chief Justice John Roberts are not only good pals, but they even spent a week together in the Czech Republic. According to Norm, the two BFFs were there working on “American rule of law” issues… Norm was so proud of this that he actually bragged about the trip and made it very clear that Roberts isn’t corrupt—he’s just a “close friend” who happened to fly overseas and stay at Eisen’s posh 150-room palace to collaborate on transatlantic political projects… Justice Roberts has no business presiding over any of the cases that Eisen and his army of lawfare activists are funneling through the courts… https://revolver.news/2025/04/resign-justice-roberts-secret-friendship-with-norm-eisen-has-been-revealed/ @kylenabecker: Justice Roberts is effectively authorizing a judicial insurrection in the United States. Now, evidence is surfacing he is part of the leftists’ “colored revolution.” Enough is enough. Roberts is betraying his constitutional oath. He needs to go. @listen_2learn: Not only is John Roberts friends with Norm Eisen, looney tunes judge Luttig was a groomsman at John’s wedding. Luttig has severe TDS and worked with Mike Pence before J6. Chris Wray worked for looney tunes Luttig… @JerryDunleavy: Judge Anthony Trenga — who just blocked Ratcliffe’s & Tulsi’s efforts to fire CIA & ODNI employees involved in DEI — presides over the FISA Court & is the same judge who repeatedly kneecapped Durham’s case against Steele Dossier source Igor Danchenko. https://t.co/q1JPHEGHtJ It is time to fire up grand juries to investigate judicial corruption, conspiracy, and sedition. ‘Shady trial lawyer pipeline’ funneling millions to Democrats according to report In 2024 alone, the firms collectively donated $4M to political campaigns, 99% of which were for Democrat candidates or Democrat-allied committees… The report, released by Alliance for Consumers (AFC), highlights the deep Democratic ties of eight major consumer protection law firms — Morgan & Morgan, Lieff Cabraser, Motley Rice, Baron & Budd, Grant & Eisenhofer, Berger Montague, Cohen Milstein and Simmons Hanly — which it dubs the “Shady Eight.” According to AFC, these firms hold profitable public contracts across the country and contributed around $25 million in political donations from 2017 through 2024… https://t.co/xFx06QDwGl @Sassafrass_84: Cheating in elections is never going to end until people start going to jail. @charliekirk11: JD Vance asks a very obvious question: What is it about Democrats that they get more angry about deporting violent gang members than they do about the victims of those violent gang members? https://x.com/charliekirk11/status/1907817293134049685 @DefiyantlyFree: I would just like to remind everybody that Democrats are suing President Trump because he wants voter ID and only citizens to vote. Ask yourselves why anybody would do that except if they know they’re cheating and want to continue to do it. @nicksortor: NYC Mayor Adams has announced he is LEAVING the Democrat Party. The Democrats attempted to throw him to the WOLVES and lock him up for bucking Biden’s mass illegal migration scheme, which is bankrupting the city. Adams learned the hard way—the Democrats are evil, and will do whatever they can to bury you if you don’t fall in line. (Adams also said, ‘TDS is real.’) @WesternLensman: 1996: Chuck Schumer explains “the number one reason” illegals come to the US is so they can defraud programs like Social Security — and wants to stop it… “This is an anti-fraud amendment. All over where we go, people say, why can’t you stop illegal immigrants or others from coming here?” “And the number one answer we give our constituents is when they come here, they can get jobs, get benefits against the law because of fraud.” “If you believe you want to stop fraud in immigration, you have no choice but to support this amendment.”… https://x.com/WesternLensman/status/1907902248933535951 @WCdispatch: Senator Ted Cruz made his position on the SWATing incidents happening across the country crystal clear: “They’re gambling with your life. It is unquestionably domestic terror*sm. The left has normalized hate and normalized violence.”… https://x.com/WCdispatch_/status/1907930476892803207 | |
SWAMP STORIES FOR YOU TONIGHT
They are nuts to do so
(zerohedge)
Pentagon Watchdog Launches Investigation Into SecDef Hegseth Over Use Of Signal
by Tyler Durden
Thursday, Apr 03, 2025 – 05:00 PM
Authored by Zachary Stieber via The Epoch Times,
The inspector general for the Department of Defense is investigating Defense Secretary Pete Hegseth over his use of the messaging app Signal.
Acting Pentagon Inspector General Steven A. Stebbins said in an April 3 memorandum to Hegseth that the probe would cover whether Hegseth and other military personnel complied with Department of Defense policies and procedures for using a commercial messaging application for official business.
“Additionally, we will review compliance with classification and records retention requirements,” he said.
A Department of Defense spokesperson told The Epoch Times in an email, “Per our longstanding policy, we don’t comment on ongoing investigations.”
Hegseth has not reacted as of yet to the development.
Hegseth and other top U.S. officials in mid-March messaged on Signal about strikes in Yemen against Houthi terrorists.
The Atlantic released the messages after Jeffrey Goldberg, its editor-in-chief, was added to the chat group.
Hegseth and the White House have said no classified information was shared.
Developing…
END
Female Fencer Expelled For Refusing To Compete Against Male Opponent
Friday, Apr 04, 2025 – 09:15 AM
Authored by Steve Watson via Modernity.news,
A college female fencer in Maryland refused to compete against an opponent who is a biological male and has been expelled as a result.
Stephanie Turner refused to compete against transgender fencer Redmond Sullivan at the Cherry Blossom Open, opting to take a knee at the start of the match, consequently being disqualified from the tournament.
“I knew what I had to do because USA Fencing had not been listening to women’s objections regarding [its gender eligibility policy],” Turner said following the incident.
“I took a knee immediately at that point. Redmond was under the impression that I was going to start fencing. So, when I took the knee, I looked at the ref and said, ‘I’m sorry, I cannot do this. I am a woman, and this is a man, and this is a women’s tournament. And I will not fence this individual,” she further urged.
“Redmond didn’t hear me, and he comes up to me, and he thinks that I may be hurt, or he doesn’t understand what’s happening. He asks, ‘Are you OK?’ And I said, ‘I’m sorry. I have much love and respect for you, but I will not fence you,” Turner continued.
Turner then described how she was paraded in front of the bout committee to explain her actions.
She was provided a copy of USA Fencing’s transgender policy and was forced under objection to sign a document acknowledging a black card.
USA Fencing defended its policy, claiming that it “was designed to expand access to the sport of fencing and create inclusive, safe spaces.”
“The policy is based on the principle that everyone should have the ability to participate in sports and was based upon the research available of the day,” USA Fencing further proclaimed in the statement.
Tennis legend Martina Navratilova is among those expressing disgust at the organisation’s actions.
Others lauded Turner for refusing to be pressured into an unfair competition.
h
President Trump issued an executive order shortly after taking office prohibiting biological males from competing in women’s sports, prompting the NCAA to change its trans athlete policy to reflect the order.
GREG HUNTER
SEE YOU ON MONDAY
harveyorganblog.com 
