GOLD CLOSED DOWN $59.45 TO $2,958.50

SILVER CLOSED DOWN $0.11 TO $29.35

 GOLD ACCESS CLOSED 32977.90

Silver ACCESS CLOSED: $29.91

Bitcoin morning price:$76981 DOWN 7171 DOLLARS.

Bitcoin: afternoon price: $78,341 DOWN 5811 DOLLARS

Platinum price closing DOWN $8.25 TO $906.65

Palladium price; DOWN $10.05 TO $906,65

END

*CANADIAN GOLD: $4235.47 DOWN 78.88 CDN dollars per oz( * NEW ALL TIME HIGH 4493.62 CDN DOLLARS PER OZ//MARCH 31 2025)

*BRITISH GOLD: 2338.82 DOWN 17.38 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,417.98 BRITISH POUNDS/OZ) MARCH 31/2025

*EURO GOLD: 2,723.80 DOWN 43.40 Euros per oz //* (ALL TIME CLOSING HIGH: 2,888.55 EUROS PER OZ/MARCH 31 //2025)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: APRIL 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,012.000000000 USD
INTENT DATE: 04/04/2025 DELIVERY DATE: 04/08/2025
FIRM ORG FIRM NAME ISSUED STOPPED

---

072 C GOLDMAN 1
072 H GOLDMAN 700
118 H MACQUARIE FUT 250
167 C MAREX 7
323 C HSBC 153
323 H HSBC 83
332 H STANDARD CHARTE 380
363 C WELLS FARGO SEC 1
363 H WELLS FARGO SEC 178
435 H SCOTIA CAPITAL 46
624 H BOFA SECURITIES 149
657 C MORGAN STANLEY 20
657 H MORGAN STANLEY 167
661 C JP MORGAN 91 441
661 H JP MORGAN 14
686 C STONEX FINANCIA 63 45
700 C UBS 6
709 C BARCLAYS 99 17
732 C RBC CAP MARKETS 18
737 C ADVANTAGE 6 3
880 H CITIGROUP 68
905 C ADM 4

---

TOTAL: 1,505 1,505

MONTH TO DATE:

JPMORGAN stopped 455/1505

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 1505 NOTICES FOR 1505 OZ  4.6812 TONNES

total notices so far: 52,434 contracts for 5,243,400 OR 163.092 tonnes)

FOR APRIL

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 65 NOTICE(S) FILED FOR 0.325 MILLION OZ/

total number of notices filed so far this month : 2150 CONTRACTS (NOTICES) for 10.750 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 $59.45 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGL CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 3.44 TONNES OF GOLD OUT OF THE GLD//

INVENTORY RESTS AT 932.80 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER DOWN $0.11 AT THE SLV: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: ////A DEPOSIT OF 0.910 MILLION OZ INTO THE SLV//

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 446.284 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUGE 824 CONTRACTS TO 166,613 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS SMALL SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR HUGE LOSS OF $2.60 IN SILVER PRICING AT THE COMEX WITH RESPECT TO FRIDAY’S TRADING/RAID. HOWEVER, WE HAD A SMALL SIZED GAIN OF 106 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A STRONG 930 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING FRIDAY  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 FRIDAY 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 2682 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 HUGE 930 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS 2682 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN MONDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A SMALL SIZED 106 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR HUGE LOSS IN PRICE OF $2.60. WE HAD HUGE TAS LIQUIDATION/ THROUGHOUT FRIDAY’S COMEX TRADING SESSION WHICH ACCOUNTS FOR ALL OF OUR HUGE LOSS IN OI ON COMEX. TODAY, THE CME NOTIFIED US THAT WE HAD ZERO OF THOSE CRAZY EXCHANGE FOR RISK CONTRACTS ISSUED AT 0 CONTRACTS FOR 0 OZ. THESE EXCHANGE FOR RISKS ARE 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 ON TWO OCCASIONS. 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 FRIDAY NIGHT/SATURDAY MORNING: A HUMONGOUS 2682 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  $2.60) 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 747 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES.

WE HAD A HUGE 930 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 12.675 MILLION OZ TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK

STANDING FOR APRIL INCREASES TO 16.675 MILLION OZ

WE HAD:

/ HUGE COMEX OI LOSS+// A HUGE SIZED  EFP ISSUANCE (930 CONTRACTS)/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 2682 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 530 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 5 DAYS, total 9772 contracts:   OR 48.860 MILLION OZ  (1995 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  48.86 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: 48.86 MILLION OZ/// THIS IS HUGE AND THIS MONTH WILL PROBABLY BE A HUMDINGER OF ISSUANCE.

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 824 CONTRACTS WITH OUR LOSS IN PRICE OF $2.60 IN SILVER PRICING AT THE COMEX// FRIDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE 930 CONTRACT EFP ISSUANCE  CONTRACTS: 930 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  12.675 MILLION  OZ , PLUS OUR 4.00 MILLION EX FOR RISK

NEW STANDING APRIL: 16.675 MILLION OZ

THE NEW TAS ISSUANCE FRI NIGHT   (2682 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD  65 NOTICE(S) FILED TODAY FOR 0.325 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 HUGE SIZED  17,949 OI CONTRACTS  TO 467,059 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 OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  ADDED 1187 CONTRACTS CONTRACTS//.

WE HAD A STRONG SIZED DECREASE  IN COMEX OI (17,949 CONTRACTS) . THIS  OCCURRED WITH OUR LOSS OF $83.30  IN PRICE FRIDAY. 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 FRIDAY APRIL 4: 250 CONTRACT ISSUANCE FOR .777 TONNES + MONDAY APRIL 7 NEW ISSUANCE OF .8709 TONNES//NEW TOTAL; EX FOR RISK 3.8709 TONNES TO WHICH WAS ADDED OUR NEW QUEUE JUMP OF 1744 CONTRACTS OR 174400 OZ (5.424 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 170.140 TONNES NORMAL DELIVERY(INCLUDES OF QUEUE JUMP) + 3.8709 TONNES EX FOR RISK = 174.011 TONNES

/NEW STANDING FOR APRIL; 170.14 TONNES + 3.8709 TONNES EX FOR RISK = 174.011 TONNES

/ ALL OF THIS HAPPENED DESPITE OUR $83.30 LOSS IN PRICE  WITH RESPECT TO FRIDAY’S COMEX ///. WE HAD A STRONG SIZED LOSS OF 13,280 OI CONTRACTS (41.306 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 HUGE SIZED 5856 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 465,872

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,093 CONTRACTS  WITH 17,949 CONTRACTS DECREASED AT THE COMEX// AND A HUGE SIZED 5856 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 12,093 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 2361 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5886 CONTRACTS) ACCOMPANYING THE HUGE SIZED DECREASE IN COMEX OI OF 17,949 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 12,093 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 170.140 TONNES (WHICH INCLUDES OUR HUGE 5/424 TONNES QUEUE JUMP) AND THIS FOLLOWS FIRST DAY NOTICE INITIAL 2.177 TONNES OF EX. FOR RISK + APRIL 4 AT .777 TONNES OF EX FOR RISK ISSUANCE + APRIL 7 EX FOR RISK AT .8709 TONNES//THUS TOTAL AMOUNT OF GOLD STANDING IN THIS VERY ACTIVE DELIVERY MONTH OF APRIL IS 174.011 TONNES.

//NEW STANDING APRIL: 170.011 TONNES + 3.8709 TONNES EX FOR RISK ON 3 OCCASIONS = 174.011 TONNES

.

 / 3) HUGE T.A.S. LIQUIDATION + SOME SUCCESS IN REMOVING NET SPECULATOR LONGS, AS DESPITE HAVING 1)  $83.30 COMEX PRICE LOSS AND WE HAD 2) SOME NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG LOSS OF 13,280 CONTRACTS ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED FRIDAY 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) HUGE SIZED COMEX OPEN INTEREST DECREASE 5)  HUGE ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S.  ISSUANCE: 2361 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: 20,266 CONTRACTS OR 2,026,600 OZ OR 63.04 TONNES IN 5 TRADING DAY(S) AND THUS AVERAGING: 4053 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAY(S) IN  TONNES  63.04 TONNES

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

THUS EFP TRANSFERS REPRESENTS  63.04 TONNES DIVIDED BY 3550 x 100% TONNES = 1.75% 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; 63.04 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 HUGE SIZED 824 CONTRACTS OI  TO 166,618 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 930 CONTRACTS

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

MAY 930 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 930 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 824 CONTRACTS AND ADD TO THE 930 E.FP. ISSUED

WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 106  CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  TOTALS 0.530 MILLION OZ

 OCCURRED DESPITE OUR HUGE  $2.60 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  MONDAY MORNING//SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 245.43 PTS OR 7.34%

//Hang Seng CLOSED DOWN 3021.51 PTS OR 13.22 PTS

// Nikkei CLOSED DOWN 2,644.00 OR 7.83 %//Australia’s all ordinaries CLOSED DOWN 4.12%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3112 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3200/ Oil DOWN TO 60.50 dollars per barrel for WTI and BRENT DOWN TO 63.98 Stocks in Europe OPENED ALL RED.

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

END

ASIA TRADING MONDAY MORNING/SUNDAY  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 HUGE SIZED 17,949 CONTRACTS TO 467,059 WITH OUR HUMONGOUS LOSS IN PRICE OF $83.30 WITH RESPECT TO FRIDAY’S RAID// TRADING. WE LOST HUGE NUMBER OF NET LONGS WITH THAT PRICE FALL FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (5856 ).

THE CME ANNOUNCED FRIDAY NIGHT,ANOTHER EXCHANGE FOR RISK 280 CONTRACTS FOR 28,000 OZ OR 0.8709 TONNES. THIS NOW BECOMES THE THIRD ISSUANCE OF EXCHANGE FOR RISK AS THE BANK OF ENGLAND IS GETTING VERY ANTSY ABOUT GETTING ITS GOLD BACK. THUS OUR NEW ISSUANCE FOR THE FRONT MONTH OF APRIL STANDS AT 3.8250 TONNES OF GOLD

HISTORY: LAST TWO PRIOR MONTH’S EXCHANGE FOR RISK

IN MARCH:

THE TOTAL NO. OF EXCHANGE FOR RISK ISSUANCE FOR THE MONTH OF MARCH (3 NOTICES) EQUALED: 7.6179 TONNES OF GOLD WHICH WAS ADDED TO OUR MARCH DELIVERY TOTALS.

IN FEBRUARY:

WE HAD FIVE EXCHANGE FOR RISKS IN GOLD, TOTALLING 18.4527 TONNES!.

THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:

1. THE BANK OF ENGLAND
2. THE FEDERAL RESERVE BANK OF NEW YORK

THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.

DETAILS ON APRIL COMEX MONTH

IN TOTAL WE HAD A HUGE SIZED LOSS ON OUR TWO EXCHANGES OF 13,280 CONTRACTS WITH OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON FRIDAY 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 FRIDAY INCLUDING WITH OUR STRONG T.A.S. ISSUANCES AND HUGE T.A.S. LIQUIDATION// THROUGHOUT THE WEEK CULMINATING WITH OUR TWO RAIDS THURSDAY AND FRIDAY.

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 WITH INITIAL GOLD TONNES STANDING AT 173 TONNES.

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 217 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 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 STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A STRONG SIZED 5856 EFP CONTRACTS WERE ISSUED: :  /APRIL  7885 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5856 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 HUGE SIZED TOTAL OF 12,093 CONTRACTS IN THAT 5856 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A LOSS OF 17,949 COMEX  CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED WITH OUR HUGE LOSS IN PRICE OF $83.30 FOR FRIDAY/ 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 FRIDAY NIGHT/SATURDAY MORNING WAS A STRONG SIZED 2361 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 THESE PAST FEW MONTHS,, 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 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:

1. STALLS THE ADVANCE IN PRICE
2. LOWERS THEIR ADVANCING DERIVATIVE LOSSES.

MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH AND APRIL.

THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH  OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSUANCES. AND THEN, FOR THE FIRST TIME IN COMEX HISTORY WE WITNESSED THREE CONSECUTIVE MONTHS OF MEGA HUGE 30,000 + T.A.S CONTRACT ISSUANCES: JANUARY, FEB AND MARCH. 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 (174.011 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: 170.14 TONNES + 3.825 TONNES EX FOR RISK = 174.011 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: 174.011 TONNES (INCLUDES 3.825 TONNES EX FOR RISK)

COMEX GOLD TRADING/APRIL CONTRACT MONTH

THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY A HUGE $83.30/ /)/AND WERE SUCCESSFUL IN KNOCKING OFF APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A HUGE SIZED LOSS IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION FRIDAY TO ACCENTUATE THE RAID/ 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 $3,000.

FRIDAY NIGHT/MONDAY 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 FRIDAY EVENING/MONDAY 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 THIRD EXCHANGE FOR RISK: 280 CONTRACTS OR 28,000 OZ OR .8709 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 (APRIL 4) : 250 CONTRACTS FOR 25,000 OZ OR .777 TONNES AND NOW APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES//NEW TOTAL ISSUANCE FOR APRIL: 3.825 TONNES!!. APRIL ISSUANCE OF EXCHANGE FOR RISK MEANS WE NOW HAVE 5 CONSECUTIVE MONTHS FOR EXCHANGE FOR RISK ISSUANCE. THESE DELIVERIES WILL BE ADDED TO OUR NORMAL DELIVERY CYCLE.

STANDING NOW FOR APRIL:

APRIL: 170.14 TONNES +(3.825 EX FOR RISK// FOR APRIL DELIVERY MONTH =174.011TONNES 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 HUGE SIZED TOTAL OF 41.306 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR APRIL RECORDED AT 166.964 TONNES 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 + MONDAY APRIL 7 EX FOR RISK OF 28,000 OZ FOR .8709 TONNES TOTAL 3.825 TONNES. TODAY WE RECORD A HUGE 1740 CONTRACT QUEUE JUMP FOR 174,400 OZ OR 5.424 TONNES. WE MUST NOW ADD OUR 3.8709 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 170.14 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 174.011 TONNES, THE 2ND HIGHEST EVER RECORDED!

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED DESPITE OUR LOSS IN PRICE TO THE TUNE OF $83.30

WE HAD 1187 CONTRACTS ADDED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET LOSS ON THE TWO EXCHANGES 12,093 CONTRACTS OR 1,209,300 0Z (37.41 TONNES)

confirmed volume FRIDAY 373,167.. 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	2- entries i) Out of Brinks customer acct 101,115.800 oz (3145 kilobars) ii) Out of Brinks enhanced 99,301.500 oz (245 London good delivery bars// approx.400 oz each bar) total withdrawal 200,417.30 oz 6.233 tonnes           .     2 entries i) Brinks customer acct 95,102.657 oz (2958 kilobars) ii) Brinks enhanced: 95,196.15 oz or 238 London good delivery bars/400 oz each. total weight; 190,298.800 oz or 5.804 tonnes
Deposit to the Dealer Inventory in oz	1 ENTRIES dealer deposits: one entry Into Dealer Brinks 160,787.151 oz (5001 kilobars) dealer deposits: 160,787.151 oz 1 ENTRIES 5.001 TONNES
Deposits to the Customer Inventory, in oz	we have 1 customer entries deposits customer one entry i) into Loomis: 32,151.000 oz (1000 kilobars) total customer weight: 1.0 tonnes total weight dealer and customer: 6.001 tonnes xxxxxxxxxxxxxxxxI
No of oz served (contracts) today	1,505 notice(s) 150,500 OZ 4.6812 TONNES
No of oz to be served (notices)	2267 contracts    226700 OZ 7.051 TONNES
Total monthly oz gold served (contracts) so far this month	52,434 notices 5,243,400 oz 163.092 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: one entry

Into Dealer Brinks 160,787.151 oz (5001 kilobars)

dealer deposits: 160,787.151 oz

1 ENTRIES
5.001 TONNES

xxxxxxxxxxxxxxxxxxxxx

deposits customer one entry

i) into Loomis: 32,151.000 oz

(1000 kilobars)

total customer weight: 1.0 tonnes

total weight dealer and customer: 6.001 tonnes

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals: 2//customer account

2- entries
i) Out of Brinks customer acct 101,115.800 oz (3145 kilobars)

ii) Out of Brinks enhanced 99,301.500 oz
(245 London good delivery bars// approx.400 oz each bar)

total withdrawal 200,417.30 oz 6.233 tonnes

adjustments: 2 dealer to customer:

a) Brinks 49,,287.403 oz

b) Loomis JPMorgan 24,113.25 oz

xxxxxxxxxxxxxxxxxx

AMOUNT OF GOLD STANDING FOR APRIL

THE FRONT MONTH OF APRIL HAD A LOSS OF ONLY 1481 CONTRACTS TO STAND AT 3772. WE HAD 3225 CONTRACTS FILED FRIDAY. THUS WE GAINED A MAMMOTH 174,400 CONTRACTS OR 174,400 OZ (5.424 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. THIS QUEUE JUMP REPRESENTS ONE OF THE HIGHEST EVER QUEUE JUMP. THE HIGHEST RECORDED WAS A FEW MONTHS AGO AT 5.8 TONNES.

MAY GAINED 165 CONTRACTS UP TO 3772 CONTRACTS

JUNE LOST A CONSIDERABLE 21,515 CONTRACTS TO 368,573. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH

We had 1505 contracts filed for today representing 150500 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 91 notices issued from their client or customer account. The total of all issuance by all participants equate to 1505 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 455 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 (52,434 X 100 oz ) to which we add the difference between the open interest for the front month of  APRIL (3772 CONTRACTS)  minus the number of notices served upon today  (1505 x 100 oz per contract) equals  5,470,100 OZ  OR 170.14 TONNES

to which we add our TW0 exchange for risk issuances for April of 3.8709 tonnes

= 174.011 tonnes

thus the INITIAL standings for gold for the APRIL contract month:  No of notices filed so far (52,434 x 100 oz +we add the difference for front month of APRIL (3772 OI} minus the number of notices served upon today (1505 x 100 oz) which equals  5,470,100 OZ OR 170.14 TONNES + 3.8709 tonnes ex for risks = 174.011 tonnes

TOTAL COMEX GOLD STANDING FOR APRIL.: 174.011 TONNES WHICH IS HUGE FOR THIS ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL IS FOLLOWING SUIT..

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 2,006,417.957 oz 62.40 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 45,064,217.276 .oz  

TOTAL REGISTERED GOLD 24,253,804.04 or 751.677 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 20,8100,413.236 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 22,247,387oz (REG GOLD- PLEDGED GOLD)= 691,987tonnes //

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 1 i) Out of Loomis: 1205,205.930 oz total withdrawals 1205,205.930 oz
Deposits to the Dealer Inventory	0
Deposits to the Customer Inventory	5 entries i) Into CNT 348,319.250 oz ii) Into JPMorgan 1842,192.100 oz iii) Into Loomis 655,569.760 oz iv) into Manfra: 321,,547,629 oz v) Into Delaware: 2998.77 oz total weight 3,170,617.509 oz
No of oz served today (contracts)	65 CONTRACT(S)    (0.325 MILLION OZ
No of oz to be served (notices)	424 contracts  (2.12 MILLION oz)
Total monthly oz silver served (contracts)	2150 Contracts  (10.750million 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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

deposits customer side

5 entries

i) Into CNT 348,319.250 oz

ii) Into JPMorgan 1842,192.100 oz

iii) Into Loomis 655,569.760 oz

iv) into Manfra: 321,,547,629 oz

v) Into Delaware: 2998.77 oz

total weight 3,170,617.509 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

0 entries//customer withdrawals

withdrawals 1

withdrawals 1

i) Out of Loomis: 1205,205.930 oz









total withdrawals 1205,205.930 oz

ADJUSTMENTs 2 entries// customer to dealer

i) delaware: 14,360.285 oz

ii) Manfra: 296,445.197 oz

JPMorgan has a total silver weight: 199.954million oz/492.043oz million  or 40.40%

TOTAL REGISTERED SILVER: 158.375 MILLION OZ//.TOTAL REG + ELIGIBLE. 492.043Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2025 OI: 450 OPEN INTEREST CONTRACTS FOR A LOSS OF 214 CONTRACTS. WE HAD 240 NOTICES FILED FRIDAY SO WE GAINED A 26 CONTRACT QUEUE JUMP FOR .130 MILLION OZ//

MAY SAW A LOSS OF 4361 CONTRACTS DOWN TO 106,991 CONTRACTS

JUNE SAW A LOSS OF 4 CONTRACTS DOWN TO 1501 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 65 or 0.325 MILLION oz

CONFIRMED volume; ON FRIDAY 149,150 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 2150 X5,000 oz = 10.750 MILLION oz 

to which we add the difference between the open interest for the front month of APRIL (450) AND the number of notices served upon today (65 )x (5000 oz)

Thus the  standings for silver for the APRIL 2025 contract month:  (2150) Notices served so far) x 5000 oz + OI for the front month of APRIL(450) minus number of notices served upon today (65)x 5000 oz equals silver standing for the APRIL contract month equating to 12.675 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 16.675 MILLION OZ

 New total standing:  16.675 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 $59.45 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.44 TONNES OF GOLD OUT OF THE GLD. ///INVENTORY RESTS AT 932.80 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: 932/80 TONNES, TONIGHTS TOTAL

SILVER

APRIL4 WITH SILVER DOWN $0.11 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 0.910 MILLION OZ FROM THE SLV//: //INVENTORY AT SLV RESTS AT 446.284 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 446.284 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

2. Egon Von Greyerz et al

Alasdair Macleod..

Germany wants its gold back!

It is Indicative of European central bank thinking about leasing, storage, and possession

Alasdair MacleodApr 5

READ IN APP

Today’s Daily Telegraph reported that there is a movement in Germany to get back its gold amounting to 1,200 tonnes, held earmarked at the New York Fed. The Bundesbank denied it, expressing complete confidence in the Americans.

Well, they would, wouldn’t they.

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The article quotes two politicians who had been pushing for this and/or audits/inspections before Trump was even elected. At its face, the article is therefore speculative. But it was unlikely to be published unless there was more to it than at first appears. We should read between the lines.

Politicians and the Bundesbank as custodian for Germany’s gold are bound to be concerned. But the Bundesbank is in a difficult position. It had problems with the Americans over repatriating just 300 tonnes, first announced in 2013 and not completed until 2017. Apparently, the bar numbers didn’t match Bundesbank records, and Bundesbank officials were previously refused access to inspect their earmarked gold.

The problem is that either the gold is not there, or if it is there it is encumbered by being leased out to other parties. In other words, it has at least two owners with further rehypothecation extremely likely.

We don’t know what the Bundesbank committed to in order to get just 300 tonnes returned over a ridiculously long period. But it is likely that they had to agree to leave the rest with the New York Fed. And does the Bundesbank dare to threaten the entire gold market paper system by renewing demands for the return of more of its gold?

The wider point is that within all the EU’s national central banks that store their gold in New York and elsewhere there are bound to be growing concerns over the security of their earmarked gold in New York. The implications are that the Fed cannot be trusted, and any leasing must be stopped. But for now, they are unlikely to create a crisis by demanding the return of their gold.

I have argued recently that when other central banks as a whole are aggressively acquiring bullion as a means of dumping fiat currencies from their reserves, it makes no sense to permit the New York Fed, the Bank of England, or the Bank for International Settlements to use gold leasing of central bank gold to provide the market liquidity necessary for gold derivative markets to function.

The current flow of gold out of the Bank of England’s vaults almost certainly involved leased gold, because commercial entities store their bullion in LBMA vaults. The comfort afforded to the BoE’s central bank customers by the book-entry transfer system, which means leased gold doesn’t leave the bank’s vault, has now been blown out of the water.

Put another way, as these leases fall due, vital liquidity for the paper markets will be withdrawn. Systemic risk in gold derivatives is escalating several notches higher.

Possession is all.

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

6 CRYPTOCURRENCY NEWS

ASIA TRADING MONDAY MORNING SUNDAY  NIGHT

SHANGHAI CLOSED DOWN 245.43 PTS OR 7.34%

//Hang Seng CLOSED DOWN 3021.51 PTS OR 13.22 PTS

// Nikkei CLOSED DOWN 2,644.00 OR 7.83 %//Australia’s all ordinaries CLOSED DOWN 4.12%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3112 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3200/ Oil DOWN TO 60.50 dollars per barrel for WTI and BRENT DOWN TO 63.98 Stocks in Europe OPENED ALL RED.

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

ONSHORE YUAN:   CLOSED DOWN TO 7.3112

OFFSHORE YUAN: DOWN TO 7.3200

SHANGHAI CLOSED CLOSED DOWN 245.43 PTS OR 7.34%

HANG SENG CLOSED CLOSED DOWN 3021.51 OR 13.22%

2. Nikkei closed DOWN 2644.00 PTS OR 7.83%

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX UP TO  102.85// EURO FALLS TO 1.0941 DOWN 9 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: FALLS TO. +1.124//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 146.33…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

3d USA/Yen rate now well ABOVE the important 120 barrier this morning

3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.5495/Italian 10 Yr bond yield UP to 3.777 SPAIN 10 YR BOND YIELD UP TO 3.263

3i Greek 10 year bond yield UP TO 3.446

3j Gold at $3038.75 Silver at: 30.35  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 1 AND 85 /100  roubles/dollar; ROUBLE AT 86.34

3m oil into the 60 dollar handle for WTI and  63 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 146.33// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.124 % 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 0.8545 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9345 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: 3.994 UP 5 BASIS PTS…

USA 30 YR BOND YIELD: 4.440 UP 5 BASIS PTS/

USA 2 YR BOND YIELD:  3.576 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.01

10 YR UK BOND YIELD: 4.5160 UP 10 PTS

10 YR CANADA BOND YIELD: 2.903 UP 2 BASIS PTS

5 YR CANADA BOND YIELD: 2.494 DOWN 1 PTS.

2a New York OPENING REPORT

Futures, Global Markets Tumble In Panic Selloff As VIX Hits 60

Monday, Apr 07, 2025 – 08:38 AM

US equity futures are pointing to another day of staggering losses – even as they rise from session lows – as Trump doubled down on sweeping tariffs and as the world continues its flight to safety. 

S&P futures had plunged as much as 5.5% around the time Europe opened but the stock selling stampede abated as traders boosted expectations for Fed rate cuts amid economic fears just days ahead of Trump’s deadline for reciprocal tariffs to take effect. The rout accelerated late on Sunday after the president struck a defiant tone and repeatedly defended the tariff barrage unveiled last week. His remarks underscored those of his top economic officials, who on Sunday doubled down on Trump’s plan, dampening risk sentiment further. Some comments this morning by Jamie Dimon urging a quick resolution to the trade war, helped calm sentiment. As of 8:00am S&P futures are down -2.6% with Nasdaq futures dropping around 3.0% but there is zero liquidity so it’s pretty much impossible to ascribe a snapshot to what is happening. The yield curve is bull steepening, with 5x rate cuts now fully priced in by YE25. USD is flat and commodities are being sold with Energy complex the biggest laggard, though oil is also well off session lows. The VIX is rising again, and is around 50, while oil falls below $60/barrel for the first time since April 2021 on fears that demand will collapse. Ten- and two-year Treasury yields are falling with traders pricing in five Fed cuts this year and a possible emergency move. This is a light macro data week with CPI on Thurs the highlight as earnings kick off later this week, although nobody will care about anything besides tariffs and trade war.

For a sense of how much panic there was around the European open, look no further than the VIX which briefly topped 60.

Pre-market, Tesla shares slumped in premarket trading after one of the stock’s biggest bulls — Wedbush analyst Daniel Ives — slashed his price target by more than 40%, citing Trump’s trade policies and a brand crisis created by Elon Musk. The rest of the Mag7/TMT are also underperforming so we may see traditional defensive play outperform today (Microsoft -1.3%, Meta -2.6%, Alphabet -2.1%, Apple -3.3%, Amazon -2.2%, Nvidia -3.4%, Tesla -5.7%). Here are some other movers:

• US-listed Chinese stocks extend losses over the escalating trade war between the US and China. Alibaba (BABA) -6.4%, JD.com (JD) -6%.
• Apple Inc. (AAPL) slips 3.3% as Wedbush cuts the price target to $250 from $325, citing the Trump administration’s tariff policies.
• Dollar Tree (DLTR) inches higher, up about 1%, after Citi turned bullish, anticipating that the higher across-the-board tariffs will be positive for the discount retailer.

It wasn’t just the US, the panic gripped the entire world. Here is a summary of notable moves around the globe:

• The S&P 500 looks set to open around 4,945 points, just above the level of 4,915 that would mark a 20% drop from its Feb. 19 record.  
• Japan’s Nikkei 225 Stock Average slid into a bear market. The Nikkei has fallen more than all other major Asian indexes this month as the yen’s strength threatens to erode the profits of exporters.   
• A gauge of Chinese shares listed in Hong Kong tumbled 14%, putting it into a bear market. Hong Kong’s Hang Seng Index had its biggest drop since 1997, wiping out all of its gains for the year.
• The yield on the US two-year bond, among the most sensitive to monetary policy, fell as much as 22 basis points to 3.43%. German bonds also rallied hard, sending the two-year bund yield as much as 20 basis points lower to just above 1.60%, the lowest since October 2022.
• MSCI’s emerging-market stock index dropped 7.9%, erasing its gain for the year and notching its biggest intraday drop since 2008.
• Brent crude fell by almost 4% to $63.01 a barrel, a four-year low, before paring losses, while West Texas Intermediate was near $60.
• Cryptocurrencies, an asset class that Trump has been promoting, wiped out almost all their gains since his election win in November. Bitcoin tumbled below $75,000 for the first time since Nov. 7 before paring the drop.

Meanwhile, Trump is giving no sign of backing down on his trade war: “I don’t want anything to go down, but sometimes you have to take medicine to fix something,” he said.

Today’s repricing ‘reflects the fear sweeping global markets, with Trump showing little appetite to back down on aggressive trade tariffs. Wall Street billionaires Bill Ackman and Stanley Druckenmiller slammed Trump’s decision to launch expansive global tariffs, and JPMorgan CEO Jamie Dimon urged a quick resolution. EvenTrump chimed in just before 7am on Truth Social writing “Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.” Trump isolated China, slamming them for retaliating to reciprocal tariffs and said “they’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!”

Meanwhile, S&P 500 Index targets are getting slashed on Wall Street while Fed rate cut bets are rising. UBS strategists say “stagflation on steroids” is possible. Other strategists are also ripping up their previous forecasts as the meltdown continues. Oppenheimer’s John Stoltzfus cut his year-end S&P 500 target to 5,950 points from 7,100, while Morgan Stanley’s Michael Wilson warned the benchmark could sink another 7%-8% if the Trump administration stays firm on levies. Goldman Sachs strategists warned that a recession is not yet priced in.

The magnitude of moves across equities, rates, and many commodities is resulting in hedge funds being hit with some of their largest margin calls since the Covid pandemic. The good news is that this forced de-risking may be near completion, which could offer US stocks the chance for a rebound in the American session when cash trading gets going.

“Are we there yet?” asked Jonathan Krinsky at BTIG. “Many metrics are at panic levels associated with meaningful bottoms over the past 40 years. The issue is when you get into the capitulation zone, markets often move beyond what many think is likely or possible.”

To Matt Maley at Miller Tabak, the tariff issue is far from the only one that has caused this decline, so those looking for a V-shaped recovery in the stock market will likely be very disappointed. “We should see a strong bounce at some point soon, but the process of repricing the market to its realistic economic outlook will take time,” Maley said. “There will be plenty of time to get aggressive when it becomes more evident that the worst of the decline is behind us.”

HSBC strategist Max Kettner is making the case for a “very short-term bounce” in stock markets, with the Magnificent Seven possibly benefiting the most. However, any rebound will only set the stage for another leg lower, he warns. To Morgan Stanley’s Michael Wilson, investors should be prepared for the S&P 500 to drop further if tariff angst doesn’t subside.

BNP strategist Stephan Kemper said “people’s hopes for getting some positive signs on the tariff front during the weekend have been clearly disappointed. Thus, it starts to feel as if the market is getting into a ‘sell now, ask questions later’ kind of mood.”

Europe’s Stoxx 600 plunged 5%, earlier touching the lowest since December 2023 as EU trade ministers meet in Luxembourg to discuss their response. Energy and defense stocks are among the biggest drags, while telecommunications and health care shares are top outperformers. Shell plunged 8.4%, touching the lowest in two years, after the oil major forecasts lower natural gas production and LNG volumes in the first quarter of 2025 than previously expected, citing unplanned maintenance in Australia and adverse weather. European defense stocks, one of this year’s best-performing groups, also slump amid a broad market rout. Some of the biggest movers include: Rheinmetall falls 5.8%, Hensoldt drops 7.1%, Rolls-Royce falls  4.9%, while Thyssenkrupp slumps 7.6%. Here are the biggest movers Monday:

• Volex shares rise as much as 12%, rebounding after ending last week at their lowest level since 2020, as the connectivity and power product specialist said growth and profit for the year to the end of March was ahead of market expectations
• European defense stocks, one of this year’s best-performing groups, slump amid a broad market rout. Meanwhile, Reuters reports that US firm Howmet Aerospace told customers it has declared a force majeure event in the wake of the tariffs announced by Trump
• UK homebuilders are trading lower on Monday after house prices fell in March and the shares got swept up in a broader tariff-driven selloff
• Germany’s DAX Index falls as much as 10%, most since March 2020, as Rheinmetall tumbled by a record 27%

While the US is in pain, nothing compares to what Asia went through, and especially China which was closed on Friday and which saw record drops across several of its indexes this morning. As Goldman trader Sean Navin writes, flows were – obviously – all to sell, and the bank was “very busy across the franchise as we saw notional on the pad vs. the 4 week average in China+10%, in Japan+38%, in Korea+75%, and in Hong Kong  +115%. We were net to sell across the region with the heaviest skews in China >3X Better to sell, Korea 2.5X Better to sell and Japan 1.63 X better to sell.” 

Some more details:

We had LO and HF’s active today across the pad but it is worth noting that we saw relatively more LO money active in Japan and Korea as those markets are now in day 3 of the recent unwind. Markets such as HK, China and Taiwan (Which were closed at times of last week) still seemed to be driven more by HF money which is in the earlier stages of digesting the recent tariff headlines. Although we saw historical price moves in almost all markets in Asia, the flow was orderly and there was no panic in our engagement. We saw above average selling in Industrials, Materials, Financials and Discretionary; buyers of Communication Services. In addition, although we were active trading in SPYs earlier in the session, there were no risk/bid wanted situations

China

• Several indices suffered single-day loss records today including ChiNext / CSI 500 / CSI 1000 / CSI 2000 (details in below table). Besides the record single day loss, local press reported that National Team is active the market today as large cap ETFs trading volume rose significantly today: CSI 300 trading volume grew to over 52bn Rmb today while daily avg in past few weeks was only 6bn Rmb. On sector wise, almost all sectors closed below water with Exporters / TMT taking the most impact, Agribusiness and certain pharma makers closed a few bps above water.

Hong Kong (HSI -13.22%)  

• This marked the second worst day in HSI price action in history (outside of 1987). In recent memory, the only day that had a worse impact on the HSI was October 27, 2008 when the index closed down 12.7%. Every single thematic sector closed in the red today with export / US exposed names bearing the brunt of the sell pressure. Leading the index lower were Chinese Exporters -19.94%, China Bio -18.14%, HK Tech -17.46% and China Data -16.32%. This was the worst day in HSTech history as the sector closed down vs. the previous 17.6% decline witnessed on October 8th of last year. The most outperforming sectors if you can call them that were Chinese domestic focused Banks -6.32%, Liquor names -6.27% and SOEs -6.60%. The move lower in the index could not be contained today even by SB investors who have been the buyers of last resort for the better part of 2-3 years. SB investors net bought +$2 bn.  

Taiwan (TWSE -9.72%):  

• According to BBG data, today’s TWSE -9.72% move is the biggest percent drop ever; the second largest was August 5th 2024, -8.35% (on the back of NVIDIA GB200 delay reports driving NVIDIA -26% session prior); and the third being -8.01% on 5/1/1976. The day finished with just 4 stocks trading above limit up on the day. Amongst major sector groups, communications generally performed the best, being led up by telecoms (Taiwan Mobile 3045.TT, -3.9%; Far Eastone, 4904.TT, -5.2%; Chunghwa Telecom, 2412.TT, -5.8%).  TSMC closed the day -10.0% and also had its biggest drop ever, the second largest also being 8/5/24 with a 9.8% drop, while the third largest drop was October 11 2022, -8.3%, following increased reports at the time of further export restrictions on chips. Lastly, TWSE turnover came in @ ~147bn TWD which was the lowest since December 2022 (the driver today of course being order that could not get filled at limit down). 

Korea (KOSPI -5.57%)  

• KOSPI closed down -5.6%, marking its largest one-day drop since Aug 5, 2024 (-8.8%). Foreigners net sold -$1.5bn today, which was the largest one-day selling since Aug 13, 2021. Foreigners net sold more than $1bn every day for 3 consecutive sessions since last Thursday (Apr 3), totaling net selling of -$3.7bn. This was the largest 3-day selling spree since May 11-13, 2021 when foreigners net sold more than $1bn every day & total net selling was -$4.2bn. Turnover was -2% vs YTD average.  VKOSPI surged +56% reaching its highest level since Aug 6, 2024. GS PAD: Korea pad was 3.5x better to sell with LOs more active. That said, we didn’t see much panic selling flows on our pad.

Japan (NKY -7.83%)  

• NKY-783bps, TPX-779bps. NKY has officially entered bear market(-20% from recent peak) while TPX still has 129bps buffer. Both NKY and TPX futures hit circuit breaker in the morning, for the first time since Aug 2024. From a thematic perspective, Semis, AI and higher rate sensitive names were the worst performers while domestic consumption, strong yen beneficiaries and low beta were relatively strong. All TSE 33 sectors ended with more than -4.5% drop with clear shifting from cyclicals to defensives. No surprise in underperformance of bank sectors again after seeing 37bps drop in JGB 10y yield over the past 4 working days.

In FX, the Bloomberg Dollar Spot Index reverses an earlier loss and adds 0.2%; the Swiss franc outperforms G-10 currencies on haven demand, rising 1% against the greenback. The Japanese yen is close behind with a 0.3% gain.

In rates, treasuries rally, led by shorter-dated maturities as traders ramp up their bets on Federal Reserve interest-rate cuts this year, nearly pricing in five quarter-point reductions earlier. US 10-year yields reverse all overnight gains (having dropped as low as 3.86%), as yields rise briefly above 4.0% before settling around 3.98% amid speculation foreign nations are selling US paper. Markets also see more easing from the ECB and Bank of England which has underpinned gains in European government bonds, led by German debt. 

In commodities, US crude futures fall another 4% to a four-year low near $59.60 a barrel. Spot gold is shockingly unchanged to trade around $3,035/oz. Bitcoin tumbles 3% to the lowest since November.

US economic calendar includes February consumer credit at 3pm; March CPI and PPI are ahead this week. Fed speaker slate includes Kugler at 10:30am. Daly, Barkin, Logan, Schmid, Goolsbee, Harker, Musalem and Williams speak later this week

Market Snapshot

• S&P 500 down -2.0%
• Nasdaq 100 mini -3.0%
• Russell 2000 mini -4.0%
• Stoxx Europe 600 -5.9%
• DAX -6.4%, CAC 40 -6%
• 10-year Treasury yield -4 basis points at 3.96%
• VIX +8.9 points at 54.2
• Bloomberg Dollar Index -0.2% at 1262.64, 
• euro flat at $1.0949
• WTI crude -3.4% at $59.88/barrel

Top Overnight News

• The carnage in financial markets unleashed by President Donald Trump’s tariffs is continuing unabated as equities get pummeled and US stock futures show that last week’s $5 trillion wipeout isn’t over.
• China’s policymakers discussed measures over the weekend to stabilize the economy and the markets in the face of US President Donald Trump’s tariff onslaught, including whether to accelerate plans to unleash stimulus to bolster consumption, according to people familiar with the matter.
• Japan’s nominal wages rose more than expected in a positive sign for the domestic economy just as external headwinds related to trade are clouding the outlook.
• Shell-shocked investors are piling into US Treasuries on concern that Donald Trump’s trade war will trigger a worldwide recession — ignoring for now, at least, the risk that the same punitive tariffs may unleash another bout of inflation.
• Bill Ackman and Stanley Druckenmiller slammed President Donald Trump’s decision to launch expansive global tariffs, which have plunged markets into chaos.

Tariffs/Trade

• US Treasury Secretary Bessent sees no reason to anticipate a recession based on Trump tariffs and downplayed the stock market drop which he said was a short-term reaction: NBC
• US Senate passed the budget blueprint for US President Trump’s tax cuts and border agenda, sending the measure to the House.
• JP Morgan now expects real US GDP to contract under the weight of the tariffs, and for the full year (4Q/4Q), JPM now looks for real GDP growth of -0.3%, down from 1.3% previously. The recession in economic activity is projected to push the unemployment rate up to 5.3%.
• Goldman Sachs expects the Federal Reserve to begin a series of interest rate cuts in June (previously, it saw cuts in July, September, November). Under its base case, which assumes the US avoids a recession, GS now sees the Fed delivering three consecutive 25bps cuts, bringing the federal funds rate down to a range of 3.5-3.75%. GS also lifted its probability of a US recession to 45% from 35%
• US President Trump said China has been hit much harder than the US and that it is not even close, while he told Americans to ‘hang tough’ and it won’t be easy, but the end result will be historic. Trump separately commented that unless they solve the trade deficit with China, he is not making a deal, while he noted the Chinese trade surplus is unsustainable and he was not intentionally engineering a market selloff. Furthermore, he said he has spoken to European and Asian leaders on tariffs.
• US President Trump posted on Truth “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the “Presidency” of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!”
• US Commerce Secretary Lutnick said there is no postponing tariffs and April 9th tariffs are coming, while he stated tariffs are going to stay in place for days and weeks, according to CBS News.
• US NEC Director Hassett said he would expect that job numbers are going to go up back and forth now that tariffs are in place, while he added that more than 50 countries have reached out to the White House to begin trade negotiations. Hassett also stated that President Trump decided not to apply tariffs to Russia due to continuing negotiations over the war in Ukraine, according to ABC News.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks resumed last week’s heavy selling as the trade war and growth concerns continued to unhinge investor sentiment, while Chinese markets slumped as the broad selling pressure rolled over into Greater China following the extended weekend and Beijing’s tariff retaliation. ASX 200 declined heavily amid notable losses across all sectors with energy and mining stocks the worst hit owing to demand and growth-related concerns. Nikkei 225 slumped after futures triggered circuit breakers heading into the Tokyo open although the index was slightly off today’s worst levels amid currency moves. Hang Seng and Shanghai Comp were hit on return from the long weekend with the former suffering double-digit losses as participants reacted to Beijing’s retaliation against Trump’s reciprocal tariffs in which China announced to impose tariffs of 34% on all US goods from April 10th.

Top Asian News

• Central Huijin, a Chinese Sovereign Fund, has added to ETF holdings and vows to increase them, via Bloomberg citing a statement.
• Japan’s Keidanren Chair says they need to examine if reducing rates could be effective with real interest rates remaining still far from neutral.
• Taiwan’s financial regulator announced limits on the number of short-selling of stocks and will raise the minimum short-selling margin ratio to 130% from 90%.
• BoJ Osaka branch manager says they must scrutinise the impact of each nation’s trade policy, and impact on the global economy a well as markets. Firms int he region plan solid wage hikes, proceeding with cost pass-through, hard to say how tariffs impact.
• Japanese PM Ishiba is to speak with US President Trump today at approximately 13:00BST/08:00ET.

European bourses (STOXX 600 -5.8%) are entirely in the red as risk sentiment continues to get hammered, with focus still on Trump’s tariffs, China’s retaliatory measures and the associated economic growth woes. Indices have  managed to improve a touch off worst levels, but still remain firmly in negative territory. European sectors are entirely in the red, in-fitting with the broader risk tone; as it stands, every sector is lower by more than 4%. Tech is unsurprisingly the laggard today, given the risk tone; Industrials, Energy and Consumer Products follow closely behind.

Top European News

• French PM Bayrou warned that Trump tariffs could cut France’s GDP growth by 0.5 percentage points.
• German Chancellor-in-waiting Merz’s key ally voiced optimism regarding talks with the SPD on forming the next government.
• ECB’s Schnabel said some people had the view that ‘Liberation Day” could be the day of peak uncertainty although she is not entirely sure that is the case and noted that they face a dramatic surge in uncertainty.
• ECB’s Stournaras said Trump tariffs risk large Euro-area demand shock and warned the looming global trade war was likely to weigh heavily on Europe’s economic growth, while he added the negative impact on Euro-area growth could be anything between 0.5 and 1ppt, according to FT.

FX

• USD is net softer vs. the majors but showing a mixed performance vs. peers (weaker vs. havens but stronger vs. activity currencies). Trump’s tariff agenda very much remains the key driving force in the market with the President not looking to back down from the measures announced last week. Agenda today is relatively light aside from US Employment Trends and some appearances from US President Trump. DXY has picked up in recent trade and is towards the top end of Friday’s 101.54-103.18 range.
• EUR is firmer vs. the broadly softer USD and remains underpinned despite the current risk environment. ING attributes the support to the EUR’s “role as a liquid alternative to the dollar and the fact that the euro runs a 3% current account surplus”. However, the open and trade-focused nature of the Eurozone economy clearly remains a risk. EUR/USD has ventured as high as 1.1050 but failed to sustain a move above the 1.10 mark.
• JPY is firmer vs. the USD and one of the best performers across the G10 complex. Support for JPY has been provided by the risk-aversion across the market with Japanese stocks hit particularly hard overnight (Nikkei 225 -7.7%). Elsewhere, commentary out of Japan has seen PM Ishiba is to speak with President Trump at 08:00ET, whilst Kyodo News reported that the PM is reportedly instructing the compilation of an extra budget as soon as this month. Furthermore, the Japanese business lobby chair has stated that it needs to be examined whether reducing rates could be effective with real interest rates remaining still far from neutral.
• GBP is steady vs. the broadly softer USD with UK-specific newsflow on the light side aside from weekend calls between PM Starmer are other world leaders over the trade situation.
• Antipodeans are both softer vs. the USD and at the bottom of the G10 leaderboard alongside the risk-off price action in the market. AUD/USD has extended on the downside seen on Friday in the wake of China’s retaliation to the US tariff measures, which sank the pair to its lowest level since April 2020. AUD has been unable to materially benefit from a Bloomberg report that China is considering frontloading stimulus in order to counter the tariff hit.

Fixed Income

• USTs are firmer, at best have been above the 114-00 handle to a 114-10 peak, a high that printed just after the re-opening of trade when the selling in Asia was at its most pronounced and saw the Nikkei 225 hit circuit breakers. The main development this morning came from China, with reports via Bloomberg sources that they are considering frontloading stimulus. An update which prompted a bit of a pullback from highs for fixed, though only modest at the time. Thereafter, as the risk tone came off worst levels, USTs pulled back to a 113-12+ low. Though, still firmer on the session with the 10yr yield still just below 4%; Friday’s base was 3.86%.
• Bunds are in-fitting with USTs, notched a 132.02 peak around the European cash equity open when sentiment for the morning was at its worst. Since, as the tone improves, a pullback has occurred with Bunds down to 131.35 though still markedly clear of Friday’s close. Markets are still awaiting the EU’s response; the Industrial Commissioner Sejourne reaffirmed that the EU response to the US will be united and proportionate, Sejourne also indicated that we should hear the response in the next few days. The 132.02 high in Bunds is just a tick shy of the peak from the week of Germany’s fiscal reform and is a significant bounce from the 126.53 low that printed in the days after. EZ Sentix Index printed below the forecast range and at its lowest since October 2023 – no impact on German paper.
• Gilts are in-fitting with the above, opened higher by 69 ticks and then extended further to a 94.50 peak before pulling back from best in-fitting with EGBs and USTs. However, the pullback has been more pronounced with Gilts slipping into the red.
• JGBs opened higher given the risk tone and continued to climb to a 142.61 peak with the odds of tightening by the BoJ trimmed further with just 5bps of tightening implied for the remainder of 2025.

Commodities

• Crude is on the backfoot continuing last week’s hefty downside as Trump’s tariff woes continues to weigh on sentiment; further fuelling downside is Saudi Arabia cutting its oil prices to Asia to their lowest in four months. Price action in the European morning has been fairly rangebound, given the lack of recent energy-specific updates and despite a slight pick up in risk tone across markets.
• WTI and Brent lower by in excess of 4% at worst, but as the tone improves from lows this has moderated to downside of just over 3%.
• Spot gold remains subdued, but is off overnight lows which saw the yellow-metal slip below the USD 3k mark to a USD 2,970/oz low. Trade throughout the European morning has been fairly lacklustre; currently trading around USD 3035/oz in a USD 2,972.94-3,055.22/oz range.
• Base metals are broadly lower given the risk tone; 3M LME Copper is incrementally lower/flat and currently trades in a USD 8,153.85-9,074.25/oz range.
• OPEC+ JMMC meeting made no changes to oil output policy and stressed the need to ensure full compliance.
• Saudi Arabia cut oil prices to Asia to their lowest in four months with May Arab Light Crude set at a premium of USD 1.20/bbl vs Oman/Dubai, while it set May Arab Light Crude official selling price NW Europe at + USD 2.55/bbl vs ICE Brent and to US at + USD 3.60/bbl vs ASCI
• Qatar set May marine crude OSP at a premium of USD 0.60/bbl vs Oman/Dubai and set land crude at a premium of USD 0.50/bbl vs Oman/Dubai.
• Chile’s government plans to cut the 2025 estimated average price of copper to USD 3.90-4.00/lb from the current USD 4.25/lb projection. It was also reported that the Chilean Mining Minister said copper could reach a technical support price at USD 3.90/lb amid uncertainty.
• US is reportedly closing in on a critical mineral deal with the Democratic Republic of the Congo.
• Morgan Stanley cuts its Brent forecast to USD 65/bbl (prev. 70/bbl) for Q2.
• Citi has cut its 0-3 month Brent forecast to USD 60/bbl.
• Citi has cut its 0-3 month copper and aluminium forecasts to USD 8k/tonne and USD 2.2k/tonne respectively.

Geopolitics: Middle East

• Israel and UAE foreign ministers met in Abu Dhabi and discussed efforts to achieve a ceasefire in Gaza and secure the release of hostages.
• White House official said Israeli PM Netanyahu is visiting Washington on Monday.

Geopolitics: Ukraine

• Ukraine’s team will reportedly travel to the US this week to discuss the minerals deal, via Reuters citing a Ukrainian source
• Russia reportedly launched its biggest attack on Kyiv in weeks. It was separately reported that Russian troops were pushing into Ukraine’s Sumy region and troops captured Basivka in Eastern Ukraine. Furthermore, Russia’s Defence Ministry said Ukraine attacked Russian energy infrastructure.
• Poland scrambled an aircraft to ensure airspace security after Russia launched strikes over Ukraine.
• Russian court cut the sentence of a jailed US soldier to three years and two months from nearly four years, according to RIA.

Geopolitics: Other

• G7 Foreign Ministers expressed deep concern about China’s provocative actions, particularly recent large military drills around Taiwan.

US Event Calendar

• 3:00 pm: Feb Consumer Credit, est. 15b, prior 18.08b

DB’s Jim Reid concludes the overnight wrap

As we go to press this morning, markets are still reeling from the announcement of US reciprocal tariffs last Wednesday, which has seen investors price in a growing probability of a US recession. In fact, S&P 500 futures are currently down another -3.55% overnight, which if realised would see the index fall into bear market territory today, down more than -20% from its closing peak in mid-February. In light of these seismic developments, Jim has just published a note with our economists overnight called “The cause and the aftermath of Liberation Day” (link here). The report runs through various factors to consider over the days ahead, the main one being whether the US administration tries to find an off-ramp from the tariffs, potentially moving to negotiations, or whether they double down. This is crucial as it will impact not just trade, but the whole geopolitical relationship between the US and the rest of the world.

As it stands, all the rhetoric so far from the administration has shown no sign of backing down. For instance, Trump said on Air Force One yesterday, “Forget markets for a second — we have all the advantages”, and he also said that “I don’t want anything to go down, but sometimes you have to take medicine to fix something”. Meanwhile on Saturday, the 10% baseline tariffs came into effect, and those tariffs are set to escalate this week, because on Wednesday we’ll then see the higher reciprocal tariffs imposed on top of that 10% baseline. Then on Thursday, China will be imposing the 34% retaliatory tariffs they announced on Friday. That retaliation from China sparked a fresh wave of selling pressure at the end of last week, with futures on the S&P 500 moving sharply lower at that point, before the index fell to its worst-daily performance (-5.97%) since March 2020, at the height of the initial pandemic wave.

In terms of where things are this morning, the major equity indices in Asia are all sharply lower. That includes the Nikkei (-6.69%), which is on course for its worst daily performance since the turmoil last summer, whilst the Hang Seng is down -10.70% as it reopened after Friday’s holiday, which would be its worst daily performance since October 2008. Over in South Korea, the KOSPI is also down -5.05%, and Australia’s S&P/ASX 200 is down -4.38%. When it comes to other asset classes, investors have continued to move into sovereign bonds, with the 2yr Treasury yield plummeting another -14.8bps to 3.50%, whilst the 10yr yield is down -6.7bps to 3.93%. Oil prices have lost further ground as well, with Brent crude (-2.65%) down to $63.84/bbl, which would be its lowest closing level in almost four years. So as we go to press, there’s no sign yet that markets are finding a bottom and beginning to stabilise.

Those overnight movements follow an incredibly aggressive selloff last week. In fact, over Thursday and Friday, the S&P 500 fell by a massive -10.53% in total, making it the 5th-worst two-day performance since WWII. Indeed, the only other times we’ve seen a double-digit loss over two sessions were during Covid-19, the height of the GFC, and Black Monday 1987. And if you want to look at the scale of these moves in chart form, I published a note this morning (link here) with 10 charts on how last week’s selloff compares to other periods in history. In a particularly notable turnaround, Europe’s STOXX 600 is even negative on a YTD basis now, moving into technical correction territory with the moves on Friday.
The selloff now leaves the S&P 500 down -17.4% relative to its peak on February 19 (just over 6 weeks ago). And as mentioned at the top, if the index moves in line with futures this morning, that would leave it down more than -20% relative to its peak, putting it into bear market territory for the first time since 2022. So the scale of the selloff is now coming into line with some of the most aggressive drawdowns of the last decade. For instance, the current moves would be roughly around the level of the late-2018 selloff, when a growth slowdown and trade tensions saw the S&P 500 fall -19.8% peak-to-trough. But so far at least, it’s not quite reached the levels of the 2022 selloff, when the Fed’s rate hikes and recession fears led to a -25.4% drawdown over the course of the year. Meanwhile, the biggest drawdown of the last decade came with the pandemic, when the S&P 500 fell -33.9% in just over a month (marking the quickest decline for the index since the Great Depression).

Looking to the week ahead, tariffs are clearly set to dominate the agenda, but the big question is also how other countries might retaliate. That’s something markets are watching for closely, as it was China’s retaliation that led to the fresh selloff on Friday. Moreover, if other countries retaliate, then that also raises the risk that the US might raise tariffs even further, which is something they’ve warned about. So any signs of an escalatory spiral would pose an obvious downside risk over the coming days. On the other hand, if we begin to see signs of negotiations emerging, or an openness to the tariffs coming down over time, then that would start to open upside risks relative to the existing baseline. For a big-picture perspective on tariffs, Peter Sidorov published a note on Friday (link here) looking at how the tariffs compare historically, as well as the implications for fiscal policy, supply chains and capital flows.

Of course, one of the main consequences of the tariffs will be inflation, which is an issue that will also remain in focus this week. Last week saw a big jump in inflation expectations, with the US 1yr inflation swap up +22.6bps to 3.39%. And this week, we’ve got the US CPI release coming out for March, which should show some of the initial tariff impacts from February, given that higher tariffs came into place on China. So one to keep an eye on. Our US economists expect headline CPI to come in at +0.13%, taking the year-on-year measure down to +2.6%. And they see core CPI at a stronger +0.26% on the month, taking the year-on-year rate down to +3.0%. On Friday, we’ll also get the University of Michigan’s preliminary consumer sentiment index for April, where the inflation print will be closely followed. Last month the long-term inflation expectations measure jumped up to +4.1%, the highest since 1993, so all eyes will be on that for signs of expectations become unanchored.

Doing our usual recap of last week, as you’ll be aware President Trump on April 2 announced a baseline tariff of 10% on imports from all countries, along with reciprocal tariffs ranging from 10-50%. That featured a 20% tariff imposed on EU and a 34% tariff on China (on top of an earlier 20%). Following Trump’s announcement, risk assets saw their worst two-day run since the Covid shock, with the S&P 500 down -4.84% in Thursday, followed by an even larger -5.97% slump on Friday. Outside the US, many European indices slid into correction territory on Friday, with the STOXX 600 (-5.70%), DAX (-4.95%) and FTSE MIB (-6.53%) all down sharply the close. European bond yields also fell lower across the board, with those on 10yr bunds (-7.7bps) and OATs (-4.6bps) moving lower.

Cyclical and internationally-exposed stocks saw the worst decline, with the S&P 500 Banks index down over -15% in two days. Friday’s other notable moves included a sharp spike in the VIX (+15.29pts to 45.31) to its highest closing level since April 2020. Credit markets suffered too, with US HY spreads seeing their biggest 2-day widening since the Covid-19 pandemic (+93bps over Thursday and Friday). Otherwise, Brent crude oil prices fell to their lowest since August 2021, at $65.58/bbl.

It feels like ancient history now, but the US payrolls data on Friday was better than expected, with payrolls up +228k in March (vs. +140k expected). So that continues the pattern (so far at least) where the hard data has held up a lot better than the surveys, which have pointed in a more negative direction. The unemployment rate did tick up a tenth to 4.2%, but at the second decimal place it only went from 4.14% to 4.15%, so there was little change there either. 

After the release, we heard from Fed Chair Powell, who sounded more concerned about inflation than before. He warned that the tariffs were “significantly larger than expected”, and that the Fed had an “obligation” to keep long-term inflation expectations anchored. The comments meant Treasury yields pared back their declines, with the 10yr yield only closing -3.3bps lower on Friday at 4.00%, having fallen as low as 3.86% intraday. Nevertheless, the overall risk-off tone meant markets priced in more Fed rate cuts, with 99.9bps of cuts now priced in by the December meeting, up +26.7bps on the week.

2b European opening report

Bonds bid, DXY firmer and Equities deep in the red after Commerce Secretary Lutnick said there is no postponing tariffs – Newsquawk Europe Market Open

Monday, Apr 07, 2025 – 05:41 AM

• US Commerce Secretary Lutnick said there is no postponing tariffs and April 9th tariffs are coming; tariffs are going to stay in place for days and weeks.
• US NEC Director Hassett said more than 50 countries have reached out to the White House to begin trade negotiations.
• Stocks continue to sink as risk-off sentiment continues, reports that China is mulling accelerating stimulus measures fails to life the complex; NQ -4%.
• Havens lead, activity currencies lag as the Trump trade agenda continues to dominate.
• EGBs & USTs climb as Central Bank easing bets increase on stagflation/recession concerns.
• Crude continues to sink, XAU/copper incrementally lower.
• Looking ahead, US Employment Trends & President Trump.

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TARIFFS/TRADE

US

• US President Trump said China has been hit much harder than the US and that it is not even close, while he told Americans to ‘hang tough’ and it won’t be easy, but the end result will be historic. Trump separately commented that unless they solve the trade deficit with China, he is not making a deal, while he noted the Chinese trade surplus is unsustainable and he was not intentionally engineering a market selloff. Furthermore, he said he has spoken to European and Asian leaders on tariffs.
• US President Trump posted on Truth “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the “Presidency” of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!”
• US Commerce Secretary Lutnick said there is no postponing tariffs and April 9th tariffs are coming, while he stated tariffs are going to stay in place for days and weeks, according to CBS News.
• US NEC Director Hassett said he would expect that job numbers are going to go up back and forth now that tariffs are in place, while he added that more than 50 countries have reached out to the White House to begin trade negotiations. Hassett also stated that President Trump decided not to apply tariffs to Russia due to continuing negotiations over the war in Ukraine, according to ABC News.

ASIA

• China’s government said China has taken and will continue to take resolute measures to safeguard its sovereignty, security and development interests, while it added there are no winners in trade wars and added the US should stop using tariffs as a weapon, according to Xinhua.
• China is reportedly considering frontloading stimulus in order to counter the tariff hit, via Bloomberg.
• Central Huijin, a Chinese Sovereign Fund, is actively taking measures to stabilise the capital market, via Reuters citing China’s State Media.
• Taiwan pledged more investment in the US and the removal of trade barriers after Trump tariffs, while it said it will proactively resolve non-tariff trade barriers that have existed for many years and has no plans of tariff retaliation.
• Japanese PM Ishiba said they are looking into non-tariff barriers pointed out by the US, while he added that Japan has created the biggest investment and jobs in the US and has never done anything unfair.
• South Korea’s Trade Minister is to visit the US on Tuesday-Wednesday and will meet with US Trade Representative Greer to discuss lowering 25% US tariff rates.
• India is unlikely to immediately retaliate against US President Trump’s reciprocal tariffs and is focusing efforts on negotiating a bilateral trade deal with the US to bring down duties, according to a government official cited by Economic Times.

EU/UK

• EU wants India to remove tariffs on auto imports under a trade deal, according to Reuters sources. India is opening to reducing auto import tariffs to 10% from over 100% to seal an EU trade deal. Carmakers in India are lobbying to retain auto import duties at a minimum 30% and no reduction on EVs until 2029.
• EU’s Sejourne “We could decide to withdraw all American companies from European public markets. It’s the economic bazooka, but it’s one of the topics on the table.”, via BFM
• German Economy Minister Habeck says the EU response must be united. Need to avoid a trade war. Could increase pressure on the US in pharmaceuticals.
• Spanish Economy Minister says the EU will discuss which US products will get tariffs in response to the Trump metal tariffs, talks will happen today.
• UK PM Starmer spoke with Canadian PM Carney and they agreed on the importance of free and open trade between like-minded nations, while Carney reaffirmed his commitment to Canada playing a role in the coalition of the willing and they both agreed that an all-out trade war is in no-one’s interest.
• UK PM Starmer and French President Macron agreed a trade war was in nobody’s interests but added nothing should be off the table, while they shared their concerns about the global economic and security impact, particularly in Southeast Asia.
• Economists believe the UK is well-placed to secure a trade deal with the US which could further reduce tariffs and boost the economy, according to Bloomberg.
• EU’s Von der Leyen said following a phone call with UK PM Starmer that US tariffs harm all countries and the EU is committed to negotiations with the US and is ready to defend itself with proportionate countermeasures.
• EU Industrial Commissioner Sejourne reaffirms that the EU response to the US will be united and proportionate. Europe also has cards up its sleeve to put pressure on America re. response to Trump tariffs. List of products in the response to be announced in the coming days.
• France suggested targeting Big Tech’s data use in response to US tariffs and is also considering taxing digital services, according to POLITICO citing French Economy and Finance Minister Eric Lombard.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 -5.8%) are entirely in the red as risk sentiment continues to get hammered, with focus still on Trump’s tariffs, China’s retaliatory measures and the associated economic growth woes. Indices have managed to improve a touch off worst levels, but still remain firmly in negative territory.
• European sectors are entirely in the red, in-fitting with the broader risk tone; as it stands, every sector is lower by more than 4%. Tech is unsurprisingly the laggard today, given the risk tone; Industrials, Energy and Consumer Products follow closely behind.
• US equity futures (ES -3.7%, NQ -4.1%, RTY -4.4%) are entirely in the red, with the ES and NQ having gapped lower by 4.5% and 4.9% respectively, at the reopen of futures trading – price action since has seen a slight pick-up, though futures remain near worst levels.
• Click for US Equity Market Circuit Breakers
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• USD is net softer vs. the majors but showing a mixed performance vs. peers (weaker vs. havens but stronger vs. activity currencies). Trump’s tariff agenda very much remains the key driving force in the market with the President not looking to back down from the measures announced last week. Agenda today is relatively light aside from US Employment Trends and some appearances from US President Trump. DXY has picked up in recent trade and is towards the top end of Friday’s 101.54-103.18 range.
• EUR is firmer vs. the broadly softer USD and remains underpinned despite the current risk environment. ING attributes the support to the EUR’s “role as a liquid alternative to the dollar and the fact that the euro runs a 3% current account surplus”. However, the open and trade-focused nature of the Eurozone economy clearly remains a risk. EUR/USD has ventured as high as 1.1050 but failed to sustain a move above the 1.10 mark.
• JPY is firmer vs. the USD and one of the best performers across the G10 complex. Support for JPY has been provided by the risk-aversion across the market with Japanese stocks hit particularly hard overnight (Nikkei 225 -7.7%). Elsewhere, commentary out of Japan has seen PM Ishiba is to speak with President Trump at 08:00ET, whilst Kyodo News reported that the PM is reportedly instructing the compilation of an extra budget as soon as this month. Furthermore, the Japanese business lobby chair has stated that it needs to be examined whether reducing rates could be effective with real interest rates remaining still far from neutral.
• GBP is steady vs. the broadly softer USD with UK-specific newsflow on the light side aside from weekend calls between PM Starmer are other world leaders over the trade situation.
• Antipodeans are both softer vs. the USD and at the bottom of the G10 leaderboard alongside the risk-off price action in the market. AUD/USD has extended on the downside seen on Friday in the wake of China’s retaliation to the US tariff measures, which sank the pair to its lowest level since April 2020. AUD has been unable to materially benefit from a Bloomberg report that China is considering frontloading stimulus in order to counter the tariff hit.
• PBoC set USD/CNY mid-point at 7.1980 vs exp. 7.3162 (Prev. 7.1889).
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• USTs are firmer, at best have been above the 114-00 handle to a 114-10 peak, a high that printed just after the re-opening of trade when the selling in Asia was at its most pronounced and saw the Nikkei 225 hit circuit breakers. The main development this morning came from China, with reports via Bloomberg sources that they are considering frontloading stimulus. An update which prompted a bit of a pullback from highs for fixed, though only modest at the time. Thereafter, as the risk tone came off worst levels, USTs pulled back to a 113-12+ low. Though, still firmer on the session with the 10yr yield still just below 4%; Friday’s base was 3.86%.
• Bunds are in-fitting with USTs, notched a 132.02 peak around the European cash equity open when sentiment for the morning was at its worst. Since, as the tone improves, a pullback has occurred with Bunds down to 131.35 though still markedly clear of Friday’s close. Markets are still awaiting the EU’s response; the Industrial Commissioner Sejourne reaffirmed that the EU response to the US will be united and proportionate, Sejourne also indicated that we should hear the response in the next few days. The 132.02 high in Bunds is just a tick shy of the peak from the week of Germany’s fiscal reform and is a significant bounce from the 126.53 low that printed in the days after. EZ Sentix Index printed below the forecast range and at its lowest since October 2023 – no impact on German paper.
• Gilts are in-fitting with the above, opened higher by 69 ticks and then extended further to a 94.50 peak before pulling back from best in-fitting with EGBs and USTs. However, the pullback has been more pronounced with Gilts slipping into the red.
• JGBs opened higher given the risk tone and continued to climb to a 142.61 peak with the odds of tightening by the BoJ trimmed further with just 5bps of tightening implied for the remainder of 2025.
• Click for a detailed summary

COMMODITIES

• Crude is on the backfoot continuing last week’s hefty downside as Trump’s tariff woes continues to weigh on sentiment; further fuelling downside is Saudi Arabia cutting its oil prices to Asia to their lowest in four months. Price action in the European morning has been fairly rangebound, given the lack of recent energy-specific updates and despite a slight pick up in risk tone across markets.
• WTI and Brent lower by in excess of 4% at worst, but as the tone improves from lows this has moderated to downside of just over 3%.
• Spot gold remains subdued, but is off overnight lows which saw the yellow-metal slip below the USD 3k mark to a USD 2,970/oz low. Trade throughout the European morning has been fairly lacklustre; currently trading around USD 3035/oz in a USD 2,972.94-3,055.22/oz range.
• Base metals are broadly lower given the risk tone; 3M LME Copper is incrementally lower/flat and currently trades in a USD 8,153.85-9,074.25/oz range.
• OPEC+ JMMC meeting made no changes to oil output policy and stressed the need to ensure full compliance.
• Saudi Arabia cut oil prices to Asia to their lowest in four months with May Arab Light Crude set at a premium of USD 1.20/bbl vs Oman/Dubai, while it set May Arab Light Crude official selling price NW Europe at + USD 2.55/bbl vs ICE Brent and to US at + USD 3.60/bbl vs ASCI
• Qatar set May marine crude OSP at a premium of USD 0.60/bbl vs Oman/Dubai and set land crude at a premium of USD 0.50/bbl vs Oman/Dubai.
• Chile’s government plans to cut the 2025 estimated average price of copper to USD 3.90-4.00/lb from the current USD 4.25/lb projection. It was also reported that the Chilean Mining Minister said copper could reach a technical support price at USD 3.90/lb amid uncertainty.
• US is reportedly closing in on a critical mineral deal with the Democratic Republic of the Congo.
• Morgan Stanley cuts its Brent forecast to USD 65/bbl (prev. 70/bbl) for Q2.
• Citi has cut its 0-3 month Brent forecast to USD 60/bbl.
• Citi has cut its 0-3 month copper and aluminium forecasts to USD 8k/tonne and USD 2.2k/tonne respectively.
• Click for a detailed summary

NOTABLE DATA RECAP

• UK Halifax House Prices YY (Mar) 2.8% vs. Exp. 3.5% (Prev. 2.90%, Rev. 2.8%); MM (Mar) -0.5% vs. Exp. 0.1% (Prev. -0.1%, Rev. -0.2%)
• German Trade Balance, EUR, SA (Feb) 17.7B vs. Exp. 17.0B (Prev. 16.0B); Imports MM SA (Feb) 0.7% vs. Exp. 0.1% (Prev. 1.2%); Exports MM SA (Feb) 1.8% vs. Exp. 1.5% (Prev. -2.5%)
• EU Sentix Index (Apr) -19.5 vs. Exp. -10.0 (Prev. -2.9)
• EU Retail Sales YY (Feb) 2.3% vs. Exp. 1.9% (Prev. 1.5%, Rev. 1.8%); Retail Sales MM (Feb) 0.3% vs. Exp. 0.4% (Prev. -0.3%)

NOTABLE EUROPEAN HEADLINES

• French PM Bayrou warned that Trump tariffs could cut France’s GDP growth by 0.5 percentage points.
• German Chancellor-in-waiting Merz’s key ally voiced optimism regarding talks with the SPD on forming the next government.
• ECB’s Schnabel said some people had the view that ‘Liberation Day” could be the day of peak uncertainty although she is not entirely sure that is the case and noted that they face a dramatic surge in uncertainty.
• ECB’s Stournaras said Trump tariffs risk large Euro-area demand shock and warned the looming global trade war was likely to weigh heavily on Europe’s economic growth, while he added the negative impact on Euro-area growth could be anything between 0.5 and 1ppt, according to FT.

NOTABLE US HEADLINES

• US Treasury Secretary Bessent sees no reason to anticipate a recession based on Trump tariffs and downplayed the stock market drop which he said was a short-term reaction, according to NBC News.
• US Senate passed the budget blueprint for US President Trump’s tax cuts and border agenda, sending the measure to the House.
• JP Morgan now expects real US GDP to contract under the weight of the tariffs, and for the full year (4Q/4Q), JPM now looks for real GDP growth of -0.3%, down from 1.3% previously. The recession in economic activity is projected to push the unemployment rate up to 5.3%.
• Goldman Sachs expects the Federal Reserve to begin a series of interest rate cuts in June (previously, it saw cuts in July, September, November). Under its base case, which assumes the US avoids a recession, GS now sees the Fed delivering three consecutive 25bps cuts, bringing the federal funds rate down to a range of 3.5-3.75%. GS also lifted its probability of a US recession to 45% from 35%

GEOPOLITICS

MIDDLE EAST

• Israel and UAE foreign ministers met in Abu Dhabi and discussed efforts to achieve a ceasefire in Gaza and secure the release of hostages.
• White House official said Israeli PM Netanyahu is visiting Washington on Monday.

RUSSIA-UKRAINE

• Ukraine’s team will reportedly travel to the US this week to discuss the minerals deal, via Reuters citing a Ukrainian source
• Russia reportedly launched its biggest attack on Kyiv in weeks. It was separately reported that Russian troops were pushing into Ukraine’s Sumy region and troops captured Basivka in Eastern Ukraine. Furthermore, Russia’s Defence Ministry said Ukraine attacked Russian energy infrastructure.
• Poland scrambled an aircraft to ensure airspace security after Russia launched strikes over Ukraine.
• Russian court cut the sentence of a jailed US soldier to three years and two months from nearly four years, according to RIA.

OTHER

• G7 Foreign Ministers expressed deep concern about China’s provocative actions, particularly recent large military drills around Taiwan.

CRYPTO

• Bitcoin has been whacked alongside the broader risk tone; currently trading around USD 75k. Ethereum posts losses to a much larger magnitude, currently below USD 1.5k.

APAC TRADE

• APAC stocks resumed last week’s heavy selling as the trade war and growth concerns continued to unhinge investor sentiment, while Chinese markets slumped as the broad selling pressure rolled over into Greater China following the extended weekend and Beijing’s tariff retaliation.
• ASX 200 declined heavily amid notable losses across all sectors with energy and mining stocks the worst hit owing to demand and growth-related concerns.
• Nikkei 225 slumped after futures triggered circuit breakers heading into the Tokyo open although the index was slightly off today’s worst levels amid currency moves.
• Hang Seng and Shanghai Comp were hit on return from the long weekend with the former suffering double-digit losses as participants reacted to Beijing’s retaliation against Trump’s reciprocal tariffs in which China announced to impose tariffs of 34% on all US goods from April 10th.

NOTABLE ASIA-PAC HEADLINES

• Central Huijin, a Chinese Sovereign Fund, has added to ETF holdings and vows to increase them, via Bloomberg citing a statement.
• Japan’s Keidanren Chair says they need to examine if reducing rates could be effective with real interest rates remaining still far from neutral.
• Taiwan’s financial regulator announced limits on the number of short-selling of stocks and will raise the minimum short-selling margin ratio to 130% from 90%.
• BoJ Osaka branch manager says they must scrutinise the impact of each nation’s trade policy, and impact on the global economy a well as markets. Firms int he region plan solid wage hikes, proceeding with cost pass-through, hard to say how tariffs impact.
• Japanese PM Ishiba is to speak with US President Trump today at approximately 13:00BST/08:00ET.

DATA RECAP

• Chinese FX Reserves (Mar) 3.241T vs. Exp. 3.252T (Prev. 3.227T)
• Japanese Overall Labour Cash Earnings (Feb) 3.1% vs. Exp. 3.0% (Prev. 2.8%)

2c Asia opening report

APAC stocks resume heavy selling with Hang Seng down double digits, European futures down over 4% – Newsquawk Europe Market Open

Monday, Apr 07, 2025 – 01:33 AM

• US Commerce Secretary Lutnick said there is no postponing tariffs and April 9th tariffs are coming; tariffs are going to stay in place for days and weeks.
• US NEC Director Hassett said more than 50 countries have reached out to the White House to begin trade negotiations.
• Fed Chair Powell said on Friday that it feels like the Fed does not need to be in a hurry and has time; it is not clear what the path of monetary policy should be.
• APAC stocks resumed last week’s heavy selling, US equity futures (ES -3.5%, NQ -4.3%, RTY -3.7%) have slumped, Europe set to open lower (Eurostoxx 50 future -4.1%).
• DXY remains on the  backfoot, EUR/USD hit resistance at the 1.10 mark, Cable sits around the 1.29 level, CHF and JPY outperform.
• US yields are lower once again and in bull-steepening mode, crude prices continue to feel the squeeze.
• Looking ahead, highlights include German Industrial Output, EZ Sentix Index, Retail Sales, US Employment Trends, ECB’s Cipollone.

SNAPSHOT

Newsquawk in 3 steps:

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 day

US TRADE

EQUITIES

• US stocks sold off again on Friday whereby the major indices suffered another drop of around 6% as tariff fears continued to dominate with the trade war escalating following the response from China which announced a 34% tariff on the US (matching the US rate on China) and traders were also fearful of equities approaching circuit breaker levels. Furthermore, T-notes initially rallied to north of 114.00 at the peaks which coincided with a 10yr yield of 3.86%, the lowest since October 2024, although the moves in the Treasury complex gradually reversed after the strong NFP report and a hawkish leaning Fed Chair Powell.
• SPX -5.97% at 5,074, NDX -6.07% at 17,398, DJI -5.50% at 38,315, RUT -4.37% at 1,827.
• Click here for a detailed summary.

TARIFFS/TRADE

• US President Trump said China has been hit much harder than the US and that it is not even close, while he told Americans to ‘hang tough’ and it won’t be easy, but the end result will be historic. Trump separately commented that unless they solve the trade deficit with China, he is not making a deal, while he noted the Chinese trade surplus is unsustainable and he was not intentionally engineering a market selloff. Furthermore, he said he has spoken to European and Asian leaders on tariffs.
• US President Trump posted on Truth “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the “Presidency” of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!”
• US Commerce Secretary Lutnick said there is no postponing tariffs and April 9th tariffs are coming, while he stated tariffs are going to stay in place for days and weeks, according to CBS News.
• US NEC Director Hassett said he would expect that job numbers are going to go up back and forth now that tariffs are in place, while he added that more than 50 countries have reached out to the White House to begin trade negotiations. Hassett also stated that President Trump decided not to apply tariffs to Russia due to continuing negotiations over the war in Ukraine, according to ABC News.
• UK PM Starmer spoke with Canadian PM Carney and they agreed on the importance of free and open trade between like-minded nations, while Carney reaffirmed his commitment to Canada playing a role in the coalition of the willing and they both agreed that an all-out trade war is in no-one’s interest.
• UK PM Starmer and French President Macron agreed a trade war was in nobody’s interests but added nothing should be off the table, while they shared their concerns about the global economic and security impact, particularly in Southeast Asia.
• Economists believe the UK is well-placed to secure a trade deal with the US which could further reduce tariffs and boost the economy, according to Bloomberg.
• EU’s Von der Leyen said following a phone call with UK PM Starmer that US tariffs harm all countries and the EU is committed to negotiations with the US and is ready to defend itself with proportionate countermeasures.
• France suggested targeting Big Tech’s data use in response to US tariffs and is also considering taxing digital services, according to POLITICO citing French Economy and Finance Minister Eric Lombard.
• India is unlikely to immediately retaliate against US President Trump’s reciprocal tariffs and is focusing efforts on negotiating a bilateral trade deal with the US to bring down duties, according to a government official cited by Economic Times.
• China’s government said China has taken and will continue to take resolute measures to safeguard its sovereignty, security and development interests, while it added there are no winners in trade wars and added the US should stop using tariffs as a weapon, according to Xinhua.
• China is reportedly considering frontloading stimulus in order to counter the tariff hit, via Bloomberg.
• Taiwan pledged more investment in the US and the removal of trade barriers after Trump tariffs, while it said it will proactively resolve non-tariff trade barriers that have existed for many years and has no plans of tariff retaliation.
• Japanese PM Ishiba said they are looking into non-tariff barriers pointed out by the US, while he added that Japan has created the biggest investment and jobs in the US and has never done anything unfair.
• South Korea’s Trade Minister is to visit the US on Tuesday-Wednesday and will meet with US Trade Representative Greer to discuss lowering 25% US tariff rates.

NOTABLE HEADLINES

• Fed Chair Powell said on Friday that it feels like the Fed does not need to be in a hurry and has time, while he added that inflation is going to be moving up and growth slowing but noted it is not clear what the path of monetary policy should be.
• US Treasury Secretary Bessent sees no reason to anticipate a recession based on Trump tariffs and downplayed the stock market drop which he said was a short-term reaction, according to NBC News.
• US Senate passed the budget blueprint for US President Trump’s tax cuts and border agenda, sending the measure to the House.
• JP Morgan now expects real US GDP to contract under the weight of the tariffs, and for the full year (4Q/4Q), JPM now looks for real GDP growth of -0.3%, down from 1.3% previously. The recession in economic activity is projected to push the unemployment rate up to 5.3%.
• Goldman Sachs expects the Federal Reserve to begin a series of interest rate cuts in June (previously, it saw cuts in July, September, November). Under its base case, which assumes the US avoids a recession, GS now sees the Fed delivering three consecutive 25bps cuts, bringing the federal funds rate down to a range of 3.5-3.75%. GS also lifted its probability of a US recession to 45% from 35%

APAC TRADE

EQUITIES

• APAC stocks resumed last week’s heavy selling as the trade war and growth concerns continued to unhinge investor sentiment, while Chinese markets slumped as the broad selling pressure rolled over into Greater China following the extended weekend and Beijing’s tariff retaliation.
• ASX 200 declined heavily amid notable losses across all sectors with energy and mining stocks the worst hit owing to demand and growth-related concerns.
• Nikkei 225 slumped after futures triggered circuit breakers heading into the Tokyo open although the index was slightly off today’s worst levels amid currency moves.
• Hang Seng and Shanghai Comp were hit on return from the long weekend with the former suffering double-digit losses as participants reacted to Beijing’s retaliation against Trump’s reciprocal tariffs in which China announced to impose tariffs of 34% on all US goods from April 10th.
• US equity futures (ES -3.5%, NQ -4.3%, RTY -3.7%) suffered a heavy drop at the reopening as the panic selling resumed but have since moved off today’s lows.
• European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 4.1% after the cash market closed with losses of 4.6% on Friday.

FX

• DXY remained pressured as the tariff turmoil continued into the new trading week after US officials suggested an unwillingness to back down on tariffs with President Trump telling Americans to ‘hang tough’, while Commerce Secretary Lutnick said there’s no postponing tariffs and that April 9th tariffs are coming. Aside from the ongoing tariff rhetoric and potential retaliation, participants will also look ahead to FOMC Minutes and the latest CPI data scheduled this week.
• EUR/USD attempted to nurse some losses although its efforts were thwarted by resistance at the 1.1000 handle.
• GBP/USD failed to sustain early upward momentum and reverted to sub-1.2900 territory to print a monthly low.
• USD/JPY gapped lower and tested the 145.00 level to the downside amid haven flows into the Japanese currency although the pair then bounced off lows after support held at the aforementioned level and as Japanese stocks partially clawed back some lost ground from the earlier extremes.
• Antipodeans remained pressured owing to the trade war and recession fears, with little data or catalysts to spur a recovery.
• PBoC set USD/CNY mid-point at 7.1980 vs exp. 7.3162 (Prev. 7.1889).

FIXED INCOME

• 10yr UST futures rallied at the open and briefly climbed above the 114.00 level as the selling in risk assets persisted after US officials signalled they remained unwavering on tariffs, although T-note futures have pulled back from opening highs as US equity futures attempted to nurse some of the deep initial losses.
• Bund futures gapped higher but pared some of the earlier gains after failing to sustain the 131.00 level and as participants look ahead to German Industrial Production.
• 10yr JGB futures traded higher although are well off today’s best levels after pulling back from resistance just shy of the 143.00 territory.

COMMODITIES

• Crude futures suffered a double whammy from the ongoing tariff turmoil and after Saudi Arabia cut oil prices to Asia to their lowest in four months.
• OPEC+ JMMC meeting made no changes to oil output policy and stressed the need to ensure full compliance.
• Saudi Arabia cut oil prices to Asia to their lowest in four months with May Arab Light Crude set at a premium of USD 1.20/bbl vs Oman/Dubai, while it set May Arab Light Crude official selling price NW Europe at + USD 2.55/bbl vs ICE Brent and to US at + USD 3.60/bbl vs ASCI
• Qatar set May marine crude OSP at a premium of USD 0.60/bbl vs Oman/Dubai and set land crude at a premium of USD 0.50/bbl vs Oman/Dubai.
• Spot gold saw two-way price action with initial declines at the open after recent profit taking and touted liquidation although the precious then rebounded off lows and returned to above the USD 3,000/oz level owing to its haven appeal.
• Copper futures retreated alongside the broad risk-off sentiment in Asia-Pac but with the losses stemmed after its largest buyer returned to the market.
• Chile’s government plans to cut the 2025 estimated average price of copper to USD 3.90-4.00/lb from the current USD 4.25/lb projection. It was also reported that the Chilean Mining Minister said copper could reach a technical support price at USD 3.90/lb amid uncertainty.
• US is reportedly closing in on a critical mineral deal with the Democratic Republic of the Congo.

CRYPTO

• Bitcoin declined over the weekend with prices back beneath the USD 78,000 level amid the bloodbath in risk assets.

NOTABLE ASIA-PAC HEADLINES

• Taiwan’s financial regulator announced limits on the number of short-selling of stocks and will raise the minimum short-selling margin ratio to 130% from 90%.

DATA RECAP

• Chinese FX Reserves (Mar) 3.241T vs. Exp. 3.252T (Prev. 3.227T)
• Japanese Overall Labour Cash Earnings (Feb) 3.1% vs. Exp. 3.0% (Prev. 2.8%)

GEOPOLITICS

MIDDLE EAST

• Israel and UAE foreign ministers met in Abu Dhabi and discussed efforts to achieve a ceasefire in Gaza and secure the release of hostages.
• White House official said Israeli PM Netanyahu is visiting Washington on Monday.

RUSSIA-UKRAINE

• Russia reportedly launched its biggest attack on Kyiv in weeks. It was separately reported that Russian troops were pushing into Ukraine’s Sumy region and troops captured Basivka in Eastern Ukraine. Furthermore, Russia’s Defence Ministry said Ukraine attacked Russian energy infrastructure.
• Poland scrambled an aircraft to ensure airspace security after Russia launched strikes over Ukraine.
• Russian court cut the sentence of a jailed US soldier to three years and two months from nearly four years, according to RIA.

OTHER

• G7 Foreign Ministers expressed deep concern about China’s provocative actions, particularly recent large military drills around Taiwan.

EU/UK

NOTABLE HEADLINES

• French PM Bayrou warned that Trump tariffs could cut France’s GDP growth by 0.5 percentage points.
• German Chancellor-in-waiting Merz’s key ally voiced optimism regarding talks with the SPD on forming the next government.
• ECB’s Schnabel said some people had the view that ‘Liberation Day” could be the day of peak uncertainty although she is not entirely sure that is the case and noted that they face a dramatic surge in uncertainty.
• ECB’s Stournaras said Trump tariffs risk large Euro-area demand shock and warned the looming global trade war was likely to weigh heavily on Europe’s economic growth, while he added the negative impact on Euro-area growth could be anything between 0.5 and 1ppt, according to FT.
• Fitch affirmed Italy at BBB; with Outlook Positive and affirmed Slovenia at A; Outlook Revised to Positive from Stable.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

IT BEGINS!!

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

FRANCE/USA

Trump demands release of LePen

(Remix)

“Free Marine Le Pen!” — Trump Slams European ‘Lawfare’ Tactics In Fiery Defense Of French Nationalist Leader

Sunday, Apr 06, 2025 – 07:00 AM

Authored by Thomas Brooke via Remix News,

U.S. President Donald Trump came to the defense of French far-right leader Marine Le Pen on Friday, denouncing legal actions against her as part of what he described as a broader effort by European leftists to silence political opposition through “lawfare.”

In a post on Truth Social, Trump likened Le Pen’s legal troubles to his own, claiming that left-leaning politicians and lawyers are using the justice system to target their conservative opponents.

“The Witch Hunt against Marine Le Pen is another example of European Leftists using Lawfare to silence Free Speech, and censor their Political Opponent, this time going so far as to put that Opponent in prison,” Trump wrote.

Without claiming personal ties to Le Pen, Trump expressed admiration for her perseverance over the years, saying she “suffered losses, but kept on going.” 

He characterized the charges against her as trivial, referring to them as a “minor charge that she probably knew nothing about” and dismissing it as a “bookkeeping error.”

On Monday, a Parisian court sentenced the de facto leader of France’s right-wing National Rally to a five-year ban on running for political office and a four-year jail term, two of which were suspended, after she and other party colleagues were found guilty of misappropriation of EU funds.

Investigators accused Le Pen and others of managing the illegal use of European subsidies between 2004 and 2016, when she served as an MEP. They stated that instead of working in Strasbourg, assistants were often working for Le Pen’s party in a domestic capacity.

Notably, the news was announced right as Le Pen led the polling for French presidential elections in 2027, as Remix News reported earlier this week.

Trump drew parallels between Le Pen’s legal situation and his own experiences with investigations in the United States, accusing American lawyers and politicians of attempting to undermine him for nearly a decade.

“It is all so bad for France, and the Great French People, no matter what side they are on,” Trump concluded, ending his post with a rallying cry: “FREE MARINE LE PEN!”

Read more here…

END

UK

Starmer is correct: globalization is over. Nationalism begins in earnst

(zeroehedge)

UK PM Starmer To Make Stunning Admission: ‘Globalization Is Over’

Monday, Apr 07, 2025 – 06:55 AM

British Prime Minister Keir Starmer will soon declare something ZeroHedge readers have known for quite some time – the economic system championed by the international elite is dead and gone.

Starmer’s office told the Sunday Times that, “The world has changed, globalization is over and we are now in a new era.”

“We’ve got to demonstrate that our approach, a more active Labour government, a more reformist government, can provide the answers for people in every part of this country,” his office added, emphasizing a pivot toward proactive governance.

Starmer’s admission, albeit late, follows President Donald Trump’s tariffs announcement, which slapped a 10% fee on all goods from the United Kingdom.

In a high-profile speech this week, Starmer will sharply criticize Trump’s decision to impose tariffs on the UK, while belatedly conceding the shortcomings of free trade and unfettered mass migration.

Starmer’s upcoming remarks come alongside persistent efforts by UK officials to finalize a trade agreement with the United States. Downing Street has confirmed that negotiations are in an “advanced stage,” with officials indicating, per The Guardian, that the core framework of a deal is largely settled.

The Guardian reports:

The Guardian revealed this week that as part of its negotiations towards a deal, the government has drawn up proposals to reduce the amount paid by US tech titans and broaden the tax to apply to a wider range of companies – without reducing its total take. This is thought to be among the most significant concessions the UK has offered the US.

On Sunday, top Trump officials said that 50 countries have already reached out to the administration in response to U.S. tariffs. “We already have 50 countries that have come to the table over the last few days, over the last weeks that are willing and desperate to talk to us,” Agriculture Secretary Brooke Rollins told CNN on Sunday. “We are the economic engine of the world, and it’s finally time that someone, President Trump, stood up for America.”

.@SecRollins: "In the last four years, the cost of inputs for our farmers went up 30%. In the last four years, we had an agricultural export deficit that increased from zero when President Trump left to $49 billion." pic.twitter.com/erfbjExNPP

— Rapid Response 47 (@RapidResponse47) April 6, 2025

“This whole concept is about rebuilding an American economy around American goods, around American industry,” Rollins added. “We do already live under a tariff regime in this country, but it’s the tariff regime of China, of Mexico, of Brazil, of Australia, of countries that Mexico won’t take our corn, Australia won’t take our beef. The country of Honduras takes more pork than the entire European Union does, American pork.”

The markets are closely monitoring the European Union’s response to U.S. tariffs, with a proposal expected on Monday and a vote scheduled for Wednesday, according to Reuters. French President Emmanuel Macron has adopted the most hardline public position against President Trump, calling on European companies to halt investments in the United States.

END

UK/INDIA/USA

Not a smart move:

Jaguar Land Rover Pauses Vehicle Exports To US After Trump’s “Liberation Day”

Monday, Apr 07, 2025 – 05:45 AM

President Trump’s “Liberation Day” kicked off the beginnings of a grand global economic reordering—something that may result in or be “equivalent of a new Bretton Woods or if you want to go back like something back to the steel agreements or the Treaty of Versailles, there’s a very good chance that we are going to have to have that over the next four years, and I’d like to be a part of it,” Bianco Research President Jim Bianco wrote on X. 

The economic reordering will bring disruption—and the companies that failed to heed President Trump’s warnings during his first term will be the most impacted unless their respective countries strike a fair trade deal with Trump. 

UK automaker Jaguar Land Rover (JLR) appears to have ignored the memo to onshore some manufacturing lines in the US as a new report from The Times says JLR will be pausing vehicle shipments to the US beginning on Monday to assess the fallout from Trump’s 25% tariff on imported cars.

Here’s more color on the situation from the UK media outlet:

The month-long move is just one of the measures being prepared by the Indian-owned carmaker, which employs 38,000 people in Britain, as it scrambles to assess the damage inflicted on its business from Trump’s trade war. It is thought that JLR has a couple of months’ supply of cars already in America that have not been subject to the new tariffs. It takes about 21 days to ship vehicles across the Atlantic.

Coventry-based JLR sells 400,000 vehicles a year and almost a quarter of these are exported to America where its bestselling cars are the Rover Defender and Ranger Rover Sport. Range Rovers have been embraced by American celebrities including Jennifer Lopez and Bruce Springsteen.

JLR sits at the heart of Britain’s car industry, which accounts for every £1 in £8 of the country’s exports. 

. . . 

The IPPR think tank has warned that 25,000 jobs are at risk. That does not take into account the extensive supply chain, largely in the West Midlands, which provides carmakers with steel, plastics, fabrics and engine parts.

The latest sales figures from JLR indicate that the Jaguar F-PACE, F-TYPE, I-PACE, and XF are among the most popular vehicles sold in the US market. It’s unclear what JLR will decide after pausing US exports on Monday—whether this will lead to onshoring production lines in the US or prompt the UK auto industry to hold an emergency meeting with UK trade officials.

A former automotive consultant in the UK warned The Guardian on Friday, stating, “It will kill Jaguar Land Rover here in the town. There could potentially be job losses because JLR exports enormously to America. The knock-on effect is going to be enormous.”

Foreign automakers that produce vehicles in the US:

Japanese Automakers

1. Toyota
   • Plants: Georgetown, Kentucky; Huntsville, Alabama; Blue Springs, Mississippi; Princeton, Indiana; San Antonio, Texas.
   • Models: Camry, Corolla, RAV4, Highlander, Tundra, Sienna, among others.
   • Notes: Toyota’s largest US plant is in Georgetown, producing over 550,000 vehicles annually in recent years. The company has been building cars in the US since 1986.
2. Honda
   • Plants: Marysville and East Liberty, Ohio; Lincoln, Alabama; Greensburg, Indiana.
   • Models: Accord, Civic (some trims), CR-V, Pilot, Odyssey, Ridgeline.
   • Notes: Honda started US production in 1982 in Marysville, making it one of the first foreign automakers to build here. The Alabama plant focuses on SUVs and trucks.
3. Nissan
   • Plants: Smyrna and Decherd, Tennessee; Canton, Mississippi.
   • Models: Altima, Pathfinder, Titan, Frontier, Leaf (electric).
   • Notes: Smyrna opened in 1983 and has produced over 14 million vehicles. Canton builds trucks and SUVs.
4. Subaru
   • Plant: Lafayette, Indiana (Subaru of Indiana Automotive).
   • Models: Outback, Ascent, Impreza, Legacy.
   • Notes: The only US plant for Subaru, operational since 1989, producing over 367,000 vehicles in 2020 alone.
5. Mazda
   • Plant: Huntsville, Alabama (shared with Toyota via a joint venture).
   • Models: Mazda CX-50, CX-70 (production started in 2022).
   • Notes: Mazda’s US production is relatively new, leveraging Toyota’s infrastructure.
6. Mitsubishi
   • Notes: Mitsubishi no longer has active US plants. It previously produced vehicles in Normal, Illinois (closed in 2015), but now imports all models to the US.

South Korean Automakers

1. Hyundai
   • Plant: Montgomery, Alabama.
   • Models: Elantra, Sonata, Santa Fe, Tucson, Santa Cruz.
   • Notes: Opened in 2005, this $1.7 billion facility supports over 3,000 direct jobs.
2. Kia
   • Plant: West Point, Georgia.
   • Models: Telluride, Sorento, K5 (formerly Optima).
   • Notes: Since 2009, this plant has built over 2.7 million vehicles, supplying 940 dealerships in the US and Canada.

German Automakers

1. BMW
   • Plant: Spartanburg, South Carolina.
   • Models: X3, X4, X5, X6, X7.
   • Notes: Opened in 1994, it’s BMW’s largest plant globally, producing over 1,500 vehicles daily and more than 5 million total.
2. Mercedes-Benz
   • Plant: Tuscaloosa, Alabama.
   • Models: GLE, GLS, C-Class, EQE SUV (electric).
   • Notes: Since 1997, this plant has seen over $6 billion in investment, with recent expansions for electric vehicle production.
3. Volkswagen
   • Plant: Chattanooga, Tennessee.
   • Models: Atlas, Atlas Cross Sport, ID.4 (electric).
   • Notes: Operational since 2011, it’s VW’s only US plant, with plans for potential expansion.
4. Porsche
   • Notes: Porsche doesn’t have a dedicated US plant but assembles some Cayenne and Macan models at Volkswagen’s Chattanooga facility under shared production.

Other European Automakers

1. Volvo (Swedish, owned by China’s Geely)
   • Plant: Ridgeville, South Carolina.
   • Models: S60, EX90 (electric SUV).
   • Notes: Opened in 2018, this is Volvo’s first US plant, focusing on both gas and electric models.
2. Stellantis (Multinational, headquartered in Amsterdam; includes Italian and French brands)
   • Plants: Multiple US locations (e.g., Belvidere, Illinois; Detroit and Warren, Michigan; Toledo, Ohio).
   • Models: Jeep (Wrangler, Grand Cherokee), Dodge (Durango), Chrysler (Pacifica).
   • Notes: While Stellantis is foreign-based, it inherited Chrysler’s US operations, making it a hybrid case. Its US plants predate the 2021 merger of Fiat Chrysler and PSA Group.

Clearly, JLR didn’t receive the memo during Trump’s first term.

But they received the woke memo… 

https://x.com/zerohedge/status/1858948393575325747?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1858948393575325747%7Ctwgr%5Edab522ef020fbfd8c3eaf2acfa5eca3c9a0e54a3%7Ctwcon%5Es1_&ref_url=https

Now comes the pain—or can UK officials negotiate a fair trade deal with Trump? 

END

FRANCE et al

French leaders have it right! Macron is wrong and will pay if he continues with his rhetoric to diverst from the USA

(sundance)

French Business Leaders Reject President Macron’s Demand To Divest from USA

by Tyler Durden

Monday, Apr 07, 2025 – 03:30 AM

Authored by ‘sundance’ via The Last Refuge blog,

According to French media, quoting multiple corporate leaders and company directors throughout France [LINK], the leadership of France’s biggest companies told Macron to ‘get stuffed’ following the French president’s demand to divest their interests from America.

President Macron ordered 50 of the largest companies with positions in the USA to attend an emergency economic meeting at Elysée Palace. As reported by French media, “Some of us fell out of our chairs,” confided one of the 50 or so French business leaders invited.”

“We are not in an administered economy,” thunders the leader of an employers’ movement. 

And the CEO of a CAC 40 giant bluntly asserts: 

“I don’t give a damn about what Macron says. We have operations in the United States. There is no question of abandoning them just like that. We must respect our commitments to our employees, our customers and our shareholders. 

An opinion shared by a manager of a spirits producer: 

“It is out of the question to stop investing in the United States, especially in the current economic slump.” [link]

This type of reaction should not be surprising at it reflects the transparent disconnect between ideological government officials and generally pragmatic business leaders.  Macron can stomp his reactionary feet, but corporate leaders and company owners are focused on the purpose of their enterprise, profit.

The American consumer market is the most valuable consumer market in the world.  We do not have the largest population; however, we do have the largest population with the ability to purchase things.  It is the ability to buy stuff that makes access to the U.S. market the golden ticket for foreign company sales and profit.

Despite the erosion of disposable income, an outcome of the exfiltration of U.S. wealth, Americans still have the ability to purchase goods and services at a level that is much, much higher than any other nation.  Lessening that wealth was/is the goal of modern leftists; Barack Obama stated so openly in his, “share the wealth” worldview.  Hence, the ideologues fight any policy, system or enterprise which protects or enlarges the American slice of the economic pie.

President Trump is putting American wealth, middle-class quality of life, at the forefront of policy.  Reciprocal and national security tariffs are arrows in his very unique quiver.   Multinational corporations, Democrats and professional leftists under multiple party names around the world are reacting to his policies that return the U.S.A to a position of gaining economically.

The EU taxes and subsidizes their population at a level that ultimately restricts and limits disposable income. Meanwhile the population of India, southeast Asia and Africa spend most of their income sustaining basic life needs.  Travel the world and you will see how most of these areas welcome the tourism of Americans.

Reciprocity is the term but ultimately President Trump’s goal is a zero-tariff trade relationship with each nation.  That targeted reciprocity includes direct duties and elimination of non-tariff barriers.

It’s not just other nations making our exports more expensive, the issue is also other nations putting rules, regulations and barriers against U.S. companies and products in order to make it impossible to sell our products into their countries.

The leaders of the tariff-affected governments well understand the objective; they are thrashing and gnashing their teeth because they want to retain the imbalance.  The companies within those nations, like this example of France, understand there is simply no way for them to pull out of America and still maintain their earnings and profits.

As stated, the various foreign governments will surge in opposition, then fail as the reality of the situation is encompassed in the brutally honest approach by President Trump.  However, it is important to remember, those foreign governments and foreign corporations also purchase influence in U.S. politics through lobbying.

We are the only government that has a formal and legal process by which another country can purchase influence for their specific interests.  

No other nation OPENLY permits American companies to pay government officials to change policy in their nation.

When foreign politicians accept money for influence Washington DC publicly calls it bribery and corruption.  However, when those same DC politicians accept foreign money for influence, Washington DC calls it “lobbying.”

END

EU/NATO/USA

The EU’s Military-Industrial Plans Could Accelerate The US’ Disengagement From NATO

Monday, Apr 07, 2025 – 02:00 AM

Authored by Andrew Korybko via substack,

Interoperability issues could make the US think twice about intervening in the EU’s support against Russia…

“Trump Is Unlikely To Pull All US Troops Out Of Central Europe Or Abandon NATO’s Article 5”, but he’s definitely “Pivoting (back) to Asia” in order to more muscularly contain China, which will have consequences for European security. Although Russia has no intent to attack NATO countries, many of these same countries sincerely fear that it does, which leads to them formulating policy appropriately. This (false) threat perception heightens their concerns about the US’ gradual disengagement from NATO.

To make matters worse, Reuters cited five unnamed sources to report that the US chided the EU for its military-industrial plans, particularly those which relate to production and procurement within the bloc. They’re presumably connected to European Commission President Ursula Von der Leyen’s “ReArm Europe Plan” that calls for members to boost defense spending by 1.5% on average for a collective €650 billion more in the next four years and provide €150 billion worth of loans for defense investments.

This bold program will strengthen the EU’s strategic autonomy but will likely come at the cost of accelerating the US’ disengagement from NATO. EU-produced equipment might not be interoperable with American equipment, which could complicate contingency planning. The bloc wants the US to intervene in the event of a military crisis with Russia, yet the US might think twice if its commanders can’t easily take control of European forces in that event.

The US might also be less likely to do so if the EU reduces its reliance on American equipment like the F-35s that are rumored to have “kill-switches”. These could hypothetically be activated if the EU tried provoking a conflict with Russia that the US didn’t approve of for whatever reason. If the EU becomes emboldened to do precisely that and thus becomes a major strategic liability for the US, then the odds of the US intervening in its support would dwindle, thus leading to a self-fulfilling prophecy.

At the same time, some countries like the Baltic States, Poland, and Romania – which occupy NATO’s strategic eastern flank with Russia, Belarus, and Ukraine and are much more pro-American than their Western European counterparts – will likely remain within the US’ military-industrial ecosystem. This could therefore serve to retain American influence along the EU’s periphery, keep those countries out of the bloc’s military-industrial ecosystem, and thus hamstring plans for a “European Army”.

Nevertheless, the US would also do well to share some defense technology with Poland and agree to at least partial domestic production of its large-scale purchases, which could transplant a portion of the American military-industrial ecosystem to Europe for easier export to other countries. That could in turn keep Poland from pivoting to France or at least relying more on it to balance the US like the ruling liberal-globalist coalition might do if its candidate wins the presidency during the next elections in May.

The US could therefore leverage its military-industrial cooperation with Poland by offering preferential terms (i.e. technology-sharing and at least partial domestic production) as a means for retaining American influence along the EU’s periphery amidst the bloc’s own military-industrial plans. That could greatly impede the EU’s strategic autonomy, make any “European Army” more difficult to form due to interoperability issues, and thus pressure Western Europe to relent by purchasing more US equipment.

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS/SATURDAY

IDF expands ground operations in Gaza in North and South

According to security assessments, taking control of the Morag Axis will allow for the isolation of Rafah from Gaza to prevent transfer of weapons.

By AMIR BOHBOTAPRIL 5, 2025 08:15Updated: APRIL 5, 2025

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The IDF expanded ground operations in Gaza overnight Friday, in the North and South, and took control of several areas in Beit Hanoun, Beit Lahia, Rafah, and the Morag Axis.

In the early hours of Saturday morning, the Israeli air force and artillery batteries operated to target terrorist objectives and support the operating troops.

On Friday evening, both ground troops and the Israeli air force struck in Rafah, Khan Yunis, Shuja’iya, Gaza City, and Beit Hanoun.

Troops are advancing according to plans, a security source said. “Unlike in the past, we have no intention of detailing the next moves to the enemy,” the source claimed, adding that “In line with the intensified fighting, IDF spokesperson is releasing information through various media outlets to the Palestinians in order to guide them to shelters.”

During the day on Friday, the military killed numerous terrorists and dismantled Hamas infrastructure, including a command and control center that was used for planning and executing terror attacks, the IDF said in a statement.

The IAF also conducted a series of extensive air strikes east of Gaza City on Thursday night.

In an operation supported by the 401st Brigade’s Fire Control Center, the IAF killed a terrorist who served as a deputy company commander in Hamas’s Nukhba force.

How the renewed fighting will increase pressure on Hamas 

IDF Chief of Staff Lt. Col. Eyal Zamir instructed the IDF spokesman to impose ambiguity on the military plan while simultaneously expanding safety margins through an increase in the number of aircrafts in the air, round-the-clock artillery fire, intelligence support from the IDF Intelligence Directorate, and Shin Bet (Israel’s Security Agency).

According to security assessments, the renewed control of the axis will significantly increase the pressure on Hamas leadership and raise the likelihood of disorder against Hamas, combined with the closure of border crossings and the prevention of humanitarian aid.

According to the assessments, taking control of the Morag Axis will allow for the severing of Rafah from Gaza and create isolation for the city from the transfer of weapons, ammunition, terrorists, and access to large food storage and equipment concentrated in Gaza.”

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Until the fighting began, Hamas chief Mohamed Sinwar had all the time in the world to rebuild military capabilities and plan attacks on the IDF and Israeli civilians, a security source added.

The new reality in the Gaza Strip forces Sinwar to divide his attention to internal matters as well due to concerns about protests, looting, demands to leave combat zones, and even a potential exit from the Gaza Strip, rebellion, and desertion.

ISRAEL HAMAS

Hamas fires ten rockets at South, one wounded in Ashkelon

The police said it was operating in an area of Ashkelon where an impact had been reported. 

By JERUSALEM POST STAFFAPRIL 6, 2025 21:13Updated: APRIL 6, 2025 22:16

https://player.jpost.com/public/player.html?player=jpost&media=3878480&url=https://www.jpost.com/breaking-news/article-849115Magen David Adom medics at the scene of a Hamas rocket impact in Ashkelon, April 6, 2025. (MAGEN DAVID ADOM)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-849115&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250403_9c261fbebc0a9e3b1fe80b770e18e3f3aa8b51dd&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

A man in his 30s sustained light wounds from rocket shrapnel following Hamas’s rocket barrage in Israel’s South, Israel’s emergency response service, Magen David Adom (MDA), reported on Sunday.

Starting at 9:01 p.m. local time, rocket sirens sounded in the areas of Ashdod and Ashkelon. 

The military said some 10 rockets were fired at Israeli territory from the Gaza Strip, half of which were intercepted. Several impacts had been reported in various area, the IDF added.   

MDA said its paramedics transferred to the Barzilai Medical Center in Ashkelon the man who was in light condition. Paramedics also treated a number of individuals who were suffering from anxiety and who had been injured while running to shelter. 

צה"ל: זוהו כ-10 שיגורים במטח לאשדוד, אשקלון ויישובים בשפלה, חמאס קיבל את האחריות לירי@ItayBlumental pic.twitter.com/3ilnxpUqAX

— כאן חדשות (@kann_news) April 6, 2025

The police said it was operating in an area of Ashkelon where an impact had been reported, while the Ashkelon Municipality noted a rocket that had crashed in the city had caused damage to property.  

Hamas‘s military wing, the Izz al-Din al-Qassam Brigades, subsequently claimed responsibility for the rocket barrage.

“If anyone needed a reminder of why we must not stop just before the destruction of Hamas, they received it this evening in the form of rocket launches from Gaza to the cities of the South,” Finance Minister Bezalel Smotrich shared on X/Twitter shortly after. 

“We promised the citizens of Israel that Hamas will be destroyed and the residents of the South will be able to live in peace and security for many years,” Smotrich added, noting, “we will stand by that.” 

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National Unity head Benny Gantz wrote on Twitter/X following the barrage, “Hamas is the enemy, which, after a year and a half of war, is still firing missiles at Israeli citizens.” 

“Israeli citizens didn’t really need a reminder, but apparently, the Prime Minister and coalition members did,” Gantz asserted, adding the enemy was “not the head of the Shin Bet, not the attorney-general, not the High Court of Justice.

END

ISRAEL/HAMAS

IDF kills Hamas terrorist who documented breach on Oct. 7, posed as journalist

Hassan Eslaih was known for his now-famous photo where former Hamas leader Yahya Sinwar is seen giving him a kiss on the cheek.

By JERUSALEM POST STAFFAPRIL 7, 2025 14:55Updated: APRIL 7, 2025 17:47

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The IDF struck Hassan Abdel Fattah Mohammed Eslaih, a member of Hamas’s Khan Yunis Brigade, in a strike in Khan Yunis, the military said on Monday. 

Eslaih, who was previously employed by both CNN and the Associated Press (AP) and owned a media company, took part in the October 7 massacre, infiltrating into southern Israel and sharing footage from the massacre to social media, the IDF noted.

Iran’s Mehr news agency previously referred to Eslaiah as “Israel’s nightmare,” saying that he was targeted for “tirelessly covering the events of Gaza and reflecting them on social media platforms.”

JPost Videos

In 2024, a photo surfaced of former Hamas leader Yahya Sinwa kissing Eslaih, and both news outlets that employed Eslaih claimed to have fired him immediately.

Shortly after, the parents of five victims of the Nova festival attack filed a civil suit for damages against AP and Reuters for employing and utilizing photojournalists involved with terror organizations, naming Eslaiah in the suit.

Families of Nova victims sued Reuters and AP

The parents of May Naim, Lotan Abir, Guy Gabriel, Shalev Madmoni, and Shani Louk filed the lawsuit in the Jerusalem District Court, seeking about NIS 25 million ($6.5 million) in damages.

The lawsuit alleged that the journalists filing photographs in real time during the Hamas attacks made them a component of the attacks and, therefore, were not conducting legitimate journalistic work.

Neither AP nor Reuters immediately responded to a request for comment on the lawsuit against them.

However, last week, Reuters confirmed to Jerusalem-based watchdog HonestReporting that it had removed images from its database by multiple Gazan photojournalists for their ties to terror organizations, including Eslaih.

“When informed about possible problems with certain content from one news organization on the Reuters Connect platform, we investigated and took it down because the material didn’t comply with our partner content policy,” Reuters told HonestReporting.

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Eslaiah’s photos were also used by Getty, Sky News, and The New York Times.

END

Security forces arrest 10 bombing terror suspects after Highway 1 car chase

The suspicious vehicle, traveling from Jerusalem toward central Israel, was pursued by police until it was stopped near the Kassam interchange on Route 6.

By JERUSALEM POST STAFFAPRIL 7, 2025 14:51Updated: APRIL 7, 2025 16:15

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-849215&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250407_3fa28c84036ae9857f94acb526371e68b29aac8e&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Security forces arrested a driver and nine passengers on Route 6 near the Ben Shemen interchange after authorities suspected they were planning a terror bombing attack on Monday.

The suspicious vehicle, traveling from Jerusalem toward central Israel, was pursued by police until it was stopped near the Kassam interchange on Route 6.

A police bomb technician is currently conducting a search of the vehicle to determine if explosives are present.

JPost Videos

It was cleared for publication last night that the police and Shin Bet thwarted a combined attack planned by a resident of East Jerusalem during Ramadan.

Over the past month, Shin Bet and the Jerusalem District Central Unit launched an investigation into the suspect, a man in his 20s from the Shuafat refugee camp. He is suspected of planning various types of attacks, including planting a pipe bomb in several locations across the city or executing a combined attack involving both running over and stabbing civilians or security forces.

Expanded counter-terror operations in Jerusalem

Around a month ago, detectives from the Jerusalem District arrested the suspect with assistance from Shin Bet. His interrogation revealed that he had planned to plant explosives on the Jerusalem light rail, on a bus, or in a restaurant in the southern part of the city.

He had already made significant progress on these plans, including learning how to make explosives. At one point, he purchased pipes, matchboxes, firecrackers, and other materials to construct pipe bombs.

Further investigation revealed that the suspect had shifted his focus to carrying out a combined attack involving running over and stabbing. To implement this plan, he began taking driving lessons and purchased large knives. Just days before Ramadan, he decided to carry out the attack at a bus station at a central intersection in Jerusalem. Along with his driving lessons, he also planned to purchase a car.

ISRAEL /WEST BANK

Israeli forces arrest 15 Palestinian suspects in overnight West Bank raid

Three battalions carried out operations, arresting suspects and confiscating terror funds. 

By JERUSALEM POST STAFFAPRIL 7, 2025 13:42Updated: APRIL 7, 2025 15:49

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fisrael-news%2Farticle-849207&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20250407_3fa28c84036ae9857f94acb526371e68b29aac8e&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Security forces arrested 15 Palestinian suspects during an overnight operation in the West Bank, the IDF said on Monday. 

Three battalions carried out operations, arresting suspects and confiscating terror funds. 

In the Hebron area, security forces arrested five wanted persons and confiscated an M4 rifle. In contrast, in the Beit Omar area, forces arrested four wanted persons and confiscated a Carlo firearm.

JPost Videos

Operating in Tulkarm

In Kalkilya, forces arrested four wanted persons, while in Tulkarm, one suspect was arrested. 

The suspects and weapons were transferred to police and Shin Bet (Israel Security Agency) for further treatment, the military said

HOUTHIS

“Oops”: Trump Shares Video Boasting Of Huge Deadly Strike In Yemen

:05 AM

President Donald Trump on Friday evening spiked the football after over two weeks of Yemen bombings. He posted a video on Truth Social and X which purports to show a gathering of Houthi fighters.

Large aerial munitions are shown falling on them and the screen erupts in a giant explosion and fireball, to which the US President responds, “oops”. The images resembled what’s typically captured from military drones or loitering aircraft observing a strike.

Several dozens of people appeared on the ground in the footage, somewhat strangely standing in an oval shape.

“These Houthis gathered for instructions on an attack,” Trump wrote in his commentary. “Oops, there will be no attack by these Houthis!  They will never sink our ships again!” he added.

It’s impossible to actually know at this point what the people gathered in the footage were doing, or who precisely they were. Presumably President Trump is relying on carefully vetted intelligence in this instance, but as we know from the recent two+ decades of the so-called Global War on Terror that it is not always the case that the situation on the ground is carefully vetted.

AntiWar’s Dave DeCamp made the case for skepticism, quipping sarcastically on X:

Hey guys the most advanced military in the world is constantly bombing us and flying surveillance drones over our head. Let’s have our next war meeting in a giant circle in a completely open area with zero cover.

Despite Trump’s social media bravado, Department of Defense (DoD) officials are admitting only the “limited success” of the anti-Houthi campaign.

The NY Times has detailed this mixed assessment from the Pentagon as follows:

In closed briefings in recent days, Pentagon officials have acknowledged that there has been only limited success in destroying the Houthis’ vast, largely underground arsenal of missiles, drones and launchers, according to congressional aides and allies.

The officials briefed on confidential damage assessments say the bombing is consistently heavier than strikes conducted by the Biden administration, and much bigger than what the Defense Department has publicly described.

But Houthi fighters, known for their resiliency, have reinforced many of their bunkers and other targeted sites, frustrating the Americans’ ability to disrupt the militia’s missile attacks against commercial ships in the Red Sea, according to three congressional and allied officials, speaking on the condition of anonymity to discuss operational matters.

Indeed the Houthis have vowed they won’t back down so long as Israel continues occupying the Gaza Strip. They have claimed several attacks on the US Carrier Truman, as well as shootdowns of MQ-9 Reapers drones, and ballistic missile attacks on Israel.

These Houthis gathered for instructions on an attack. Oops, there will be no attack by these Houthis! 

They will never sink our ships again! pic.twitter.com/lEzfyDgWP5

— Donald J. Trump (@realDonaldTrump) April 4, 2025

The Pentagon has largely kept quiet, not confirming or denying some of these latest alleged Houthi ‘successes’. In the past, it has only acknowledged a few instances where drones were downed over Yemen, but has never confirmed a warship was hit.

* * *

Some officials, including within Trump’s own administration (notably Vice President J.D. Vance), have called the Yemen campaign a mistake…

JD Vance – in the war chat group – argued that re-starting Biden's bombing campaign in Yemen was a "mistake" given how little US interest there is: what one might call the America First view.

But long-time militarists were too excited to use their new positions to bomb someone. pic.twitter.com/VTSvZheqof

— Glenn Greenwald (@ggreenwald) March 25, 2025

RUSSIA/UKRAINE

Scott Bessent Exposes Zelensky’s Lies In Dodging U.S. Minerals Deal

Sunday, Apr 06, 2025 – 01:25 PM

Treasury Secretary Scott Bessent has accused Ukrainian President Volodymyr Zelensky of repeatedly deceiving the Trump administration about the proposed critical minerals agreement with the United States.

In a candid interview with conservative journalist Tucker Carlson, Bessent alleged that Zelensky “lied to our faces three times” about signing the deal, which would provide U.S. companies with access to Ukraine’s vital strategic minerals.”

Bessent explain that Carlson that he flew to Kyiv to sign the agreement with Zelensky—but the Ukrainian leader refused. Instead, Zelensky agreed to sign the deal during a meeting with Vice President JD Vance and Secretary of State Marco Rubio in Munich, Germany, which never occurred. 

“He didn’t sign it there,” Bessent began. “There was a lot of back and forth.”

Treasury Sec Scott Bessent tells Tucker Zelensky lied to US officials’ faces 3 times about signing minerals deal.

Why? ‘You know who doesn’t sign that deal. Someone with their hand in the till.’

Unmissable, just to hear Bessent call Zelensky a 'vaudevillian.' Though I could… pic.twitter.com/X0cO9zIQ8t

— Margarita Simonyan (@M_Simonyan) April 4, 2025

“The following week, they’re beginning to come to the White House,” the Treasury secretary continued. “Then he got to the Oval Office and blew up, which should have been the easiest thing to do in the world.”

“There’s a famous photo in the East Wing ballroom of everything laid out on the table to be signed—and it never got signed,” he added.

Bessent explained to Carlson that he believes the deal remains unsigned due to Zelensky receiving misguided advice from his advisors. He emphasized the contrast between the U.S. agreement and the unfavorable “loan-to-buy” arrangements that China has imposed on other countries.

“You know who doesn’t sign that deal? Someone with their hand in the till,” Bessent remarked, hinting at probable financial wrongdoing. He went on to sharply criticize Zelenskyy’s conduct, branding the Ukrainian leader a ‘vaudevillian’ for his handling of the situation.

“It’s a genuine economic partnership,’ the top Trump administration official continued. “We don’t make any money unless they make money, and you know who doesn’t like that? People with their hand in the till.’

“The Russians didn’t like the look of this deal because they thought it was actually something durable for the U.S. people and the Ukrainian people,” he added.

Bessent later told Carlson that Ukraine officials will travel to the U.S. in the coming days to work on the deal. 

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

MARK CRISPIN MILLER

PAUL ALEXANDER

SATURDAY

6 overnight stories: 1) Ted Cruz breaks with POTUS Trump over tariffs calls it a tax 2)Trump changes Marine one (1) helicopter in Miami due to problem 3)US army to cut 90,000 soldiers 4)Trump fires

fires director of National Security Agency (lack of loyalty) purging NSA US Cyber Command and NSA Top Boss Timothy Haugh and His Deputy Director 5)Chief SCOTUS Justice Roberts cozy with lawfare Norm EISEN…

Dr. Paul AlexanderApr 4

READ IN APP

Eisen…. a bombshell revelation that’s sending shockwaves through conservative circles, it turns out Chief Justice John Roberts has been rubbing elbows with none other than Norm Eisen—the radical leftist operative who’s spent years orchestrating lawfare campaigns against President Donald Trump and his allies; 6) DOW futures down another 1200 for Friday 4th indicating another crushing day for stocks 7) China responds and imposes 34% tariff on USA starting April 10th

SLAY NEWS

The latest reports from Slay NewsStudy of 2.3 Million: mRNA Shots Cause ‘Vaccine-Induced AIDS’A major new study has confirmed that Covid mRNA shots cause “vaccine-induced AIDS” to develop in those who receive the injections.READ MOREStanford Scientists Confirm Measles Vaccine Caused Baby’s Leukemia DeathScientists at the world-renowned Stanford University School of Medicine have confirmed that a measles vaccine caused a previously healthy baby to develop a fatal case of leukemia.READ MOREVance Warns Democrats Trump Will Not Back Down on DeportationsVice President JD Vance has confirmed that the Trump administration is doubling down on its immigration policy. During a recent appearance on Fox News, Vance warned the Democrats and their allies that President Donald Trump and his administration will not back down on deportations. Vance’s comments emphasized the Trump administration’s commitment to deporting individuals deemed threats to public safety. In …READ MORETrump-Appointed State Department Official Steps Down After Less Than Three MonthsTibor Nagy, the undersecretary for management at the State Department, has stepped down from his position after less than three months on the job.READ MORETrump’s ICE Arrests Criminal Illegal Alien Previously Deported 39 TimesA criminal illegal alien from Mexico with a long rap sheet is about to finally face justice after previously being deported from the United States a staggering 39 times.READ MORERepublicans Advance Trump’s Budget Framework After Long Senate Vote BattleRepublicans have managed to advance President Donald Trump’s budget framework through the U.S. Senate after a long battle for the votes.READ MOREKamala Harris Mocks Trump’s Second Term During Speech: ‘I Told You So’Twice-failed Democrat presidential candidate Kamala Harris has taken swipes at President Donald Trump’s second term in her latest public appearance.READ MORETrump Fires Biden’s NSA Leaders, Appoints New Acting Director & DeputyPresident Donald Trump has fired the leaders of the National Security Agency (NSA) in a major shakeup.READ MOREClinton Strategist James Carville Calls Trump Supporters ‘Traitors’ in Wild Meltdown: ‘They’re a Disgrace!’Veteran Democrat strategist James Carville has unloaded on supporters of President Donald Trump in an unhinged meltdown.READ MOREMaryland Gov Considers Signing Democrat Bill Pushing Taxpayer-Funded Slavery ReparationsMaryland’s Democrat Gov. Wes Moore is considering signing a bill that seeks to issue taxpayer-funded slavery reparations in the state.READ MOREAOC Could Unseat Chuck Schumer in 2028 Democrat Senate Primary, Poll ShowsA new poll of New York voters has revealed that Rep. Alexandria Ocasio-Cortez (D-NY) is far ahead of Sen. Chuck Schumer (D-NY) in a hypothetical 2028 primary matchup for the minority leader’s Senate seat.READ MORE

The latest reports from Slay NewsRenowned Immunologist Drops Bombshell as Heart Failure Surges 115,100% in mRNA-VaccinatedA world-renowned European immunologist has just issued a stomach-churning warning to the world after his peer-reviewed study confirmed that Covid mRNA “vaccines” have caused a staggering 115,100% surge in heart failure.READ MOREHospital Issues Emergency Alert as Deadly Brain Tumors Surge Among Covid-Vaxxed NursesA Boston hospital has launched an emergency investigation after at least ten of the facility’s Covid-vaccinated nurses have suddenly been diagnosed with deadly brain tumors.READ MOREDOGE Exposes Obscene Monthly Payments for Minor Modifications of VA’s WebsiteThe Department of Government Efficiency (DOGE) has made more alarming discoveries, uncovering obscene fees being paid out with taxpayer dollars.READ MOREDemocrat Fundraising Platform ActBlue Changed Rules to Accept Fraudulent Foreign Donations, Probe FindsThree House committees have launched probes against the Democrat fundraising platform ActBlue over its questionable donor verification practices.READ MORENashville Police Report Downplays Shooter’s Radical Views on Religion and GenderThe Nashville Police Department’s report on the investigation into the Covenant School shooting has downplayed the far-left shooter’s radical views on religion and gender.READ MOREDoug Emhoff’s Law Firm Surrenders to Trump, Dealing Major Blow to Democrat LawfareThe high-powered law firm where Doug Emhoff, the husband of former Vice President Kamala Harris, works, has caved to President Donald Trump.READ MORETrump Reveals Elon Musk & DOGE Have Exposed ‘Something Horrible’President Donald Trump has just revealed that his senior advisor Elon Musk and the Department of Government Efficiency (DOGE) have just exposed something “horrible” during their investigations into fraud and waste.READ MOREKlaus Schwab Steps Down as WEF Chairman Following Allegations of Sexual HarassmentWorld Economic Forum (WEF) founder Klaus Schwab is stepping down as chairman of the globalist organization he created.READ MOREVal Kilmer Was Bedridden for ‘Years’ Before Death: ReportThe late Hollywood star Val Kilmer spent the last years of his life confined to his bed as a result of ailing health, according to a new report.READ MOREJon Stewart Claims Germany Could Revert to Nazism Because of Trump’s Policies“The Daily Show” host Jon Stewart has come under fire after he suggested that Germany could revert to Nazism because of President Donald Trump’s policies.READ MOREEx-Biden Campaign Staffer Says She Was ‘Lied to’ About Former President’s Fitness for OfficeFormer Biden campaign staffer Ashley Allison has said that she felt “lied to” by White House officials who told her that the former president was “capable” of running for reelection.READ MORESpeaker Johnson Endorses Byron Donalds for Florida GovernorRepublican House Speaker Mike Johnson (R-LA) has announced that he’s endorsing Rep. Byron Donalds (R-FL) for Florida governor.READ MOREVance: Trump Will ‘Not Ask Permission from Far-Left Democrats’ to Deport Criminal AliensVice President JD Vance has sent a clear message to the Democrats and their allies trying to prevent the Trump administration’s efforts to deport dangerous criminals.READ MORE

NEWS ADDICTS

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Top Oncologist Confirms Covid ‘Vaccines’ Triggered ‘Turbo Cancer Epidemic’A world-leading oncologist has confirmed that the global “turbo cancer epidemic” was triggered by Covid “vaccines.”READ MORE

Second child has died in the Texas measles outbreakA second school-aged child has died from measles complications in West Texas, according to officials at UMC Health System in Lubbock. The child, who had not been vaccinated, was hospitalized and receiving treatment when they died, said hospital spokesperson Aaron Davis on Sunday. The hospital did not disclose the exact date of the child’s death. This marks the second pediatric …READ MORE

Taiwan offers zero tariffs with US, vows more investmentOn Sunday Taiwan proposed zero tariffs on the US, signaling Taiwan’s intention to avoid escalating trade tensions following the imposition of sweeping U.S. tariffs. President Donald Trump recently announced broad import tariffs targeting dozens of U.S. trade partners, including Taiwan. As part of the measures, Taiwanese exports are now subject to a 32% duty, a significant blow for an economy …READ MORE

LATEST REPORTS FOR NEWS JUNKIESBomb Squad Deployed At White House After ‘Suspicious Package’ FoundA bomb squad was called in Thursday after a suspicious package was found just steps from the White House, prompting a swift response from federal and local authorities.The U.S. Secret Service and D.C. police are currently investigating the item, which was located inside a dumpster near the intersection of 17th Street and Pennsylvania Avenue—approximately 500 meters from the White House.The …READ THE FULL REPORTPentagon Inspector General Launches Investigation Into Pete Hegseth’s Use of SignalA Pentagon Inspector General on Thursday announced an investigation into Defense Secretary Pete Hegseth’s use of the double-encrypted app Signal.Steven Stebbins took over as Acting Inspector General after President Trump fired the previous IG and 17 other inspectors general.Stebbins was first appointed to his position in 2015.IG Stebbins’ memo informed Pete Hegseth that he is under investigation to determine whether …READ THE FULL REPORTTrump Fires 3 National Security Staffers After Laura Loomer Oval Office Meeting – Loomer RespondsA “neocon” bloodbath occurred at the National Security Council on Thursday, and we may have conservative journalist Laura Loomer to thank for this.As CNN reported, President Trump fired at least three National Security Council staffers at the agency. The terminations occurred one day after Loomer visited the Oval Office and met with the president.During Loomer’s meeting with Trump, CNN reported …READ THE FULL REPORTTesla Vandal Dragged from Movie Theater, Arrested After Damaging Cyber TruckNumerous people have been caught damaging Tesla cars and Cybertrucks as the media and leftist organizations fule constant attacks on Elon Musk.Conservative activist Asra Nomani compiled a list of 24 Democrat organizations with a budget of $124 million that are behind the #TeslaTakedown campaign of terrorist violence.Tigran Gertz shared yet another example of violent behavior in San Jose, California, this …READ THE FULL REPORTJudge Poised to Hold Trump Admin in Contempt — And Takes Down Names at Fiery HearingU.S. District Judge James Boasberg on Thursday grilled Trump administration lawyers over whether they defied a court order blocking deportations under a wartime immigration law — a potential step toward holding the administration in contempt.At issue is the administration’s use of the 1798 Alien Enemies Act to deport Venezuelan nationals, including alleged members of the violent Tren de Aragua gang. …READ THE FULL REPORT

———- Forwarded message ———

LATEST REPORTS FOR NEWS JUNKIESTrump Announces DOGE Made a ‘Horrible’ Discovery: ‘What They Found Is Incredible’President Donald Trump affirmed on Thursday that he wants Elon Musk to remain with the administration for as long as he would like, hinting that his Department of Government Efficiency recently made a shocking discovery.Trump was asked on Air Force One about how long Musk would stay on board with the administration as a “special government employee,” according to Fox …READ THE FULL REPORTFirst Major Country Blinks, Offers to Eliminate All Tariffs on US GoodsPresident Donald Trump announced on Friday morning that Vietnamese leader To Lam is willing to eliminate tariffs to avoid punishing new U.S. duties imposed on the Southeast Asian nation’s imports.“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if …READ THE FULL REPORTRussell Brand Responds to Rape, Sexual Assault ChargesComedian-turned-wellness guru Russell Brand has denied the sexual assault charges leveled against him by British police Friday, insisting he “never” was a rapist.The 49-year-old quickly vowed to fight the charges — just hours after the Metropolitan Police revealed the star had been accused of assaulting four women between 1999 and 2005, at the height of his fame.“I was a fool …READ THE FULL REPORTChina Responds to Trump’s ‘Liberation Day,’ Announces 34% Retaliatory Tariff on All U.S. ImportsChina responded to President Donald Trump’s “Liberation Day” tariffs on Friday by announcing a 34% tariff on all goods imported from the United States.The move comes after Trump unveiled a host of tariffs against countries all over the world, including a 34% tariff on China, where about 16% of goods imported into America come from. Trump has said the tariffs …READ THE FULL REPORTThe Chilling Words Teen Told Cops After Stabbing Texas Football Star Who Died in Brother’s ArmsThe teenager accused of fatally stabbing Austin Metcalf and leaving him to die in his twin brother’s arms at a high school track meet allegedly admitted to the senseless killing — but claimed it was in self-defense.“I’m not alleged, I did it,” 17-year-old Karmelo Anthony chillingly told police in Frisco, Texas, as he was being arrested at Kuykendall Stadium, according …READ THE FULL REPORT

EVOL NEWS

LATEST REPORTS FOR NEWS JUNKIES

Revealed: What Trump Told Kamala During Concession Call That Left Her Aide FuriousSome leftists have become so triggered by President Trump that even his innocuous words are considered by them to be hate speech.Chris Whipple, the author of “Uncharted: How Trump Beat Biden, Harris, and the Odds in the Wildest Campaign in History,” revealed one behind-the-scenes incident that will have conservatives in stitches. It concerns Harris’s concession call to President Trump following …READ THE FULL REPORT

Pro-Abortion Extremist Who Attacked Pro-Life Activist Has Been IdentifiedWe now know the name of the disgusting pro-abortion extremist who assaulted a courageous pro-life activist in Harlem on Friday.The New York Post reported a short time ago that Brianna J. Rivers of the Bronx came forward and admitted she was the one who attacked Savannah Craven Anteo, fearless reporter for the pro-life advocacy group Live Action.Rivers offered a non-apology …READ THE FULL REPORT

Nationwide Boycott of Walmart Planned for April 7Walmart is facing a boycott starting on Monday, April 7, over purported corporate greed, a move that also comes after it halted many diversity, equity, and inclusion programs.The company decided late last year that it would discontinue racial equity training, stop funding its racial equity center, and cease participation in the Human Rights Campaign’s Corporate Equality Index.A group called People’s …READ THE FULL REPORT

Canadian Parliament Under Lockdown After Man Barricades Himself InsideThe Canadian Parliament was put on lockdown Saturday after a man barricaded himself inside — prompting authorities to urge the public to “hide.”Ottawa Police and Parliamentary Protective Services responded to Parliament Hill’s East Block on Wellington Street – where senators and their staff operate – just before 3 p.m. and later evacuated the area, Ottawa Police said in a X …READ THE FULL REPORT

Dad of Teen Who Fatally Stabbed Student Athlete Speaks OutThe father of a teenager charged with murdering another teen at a high school track meet in Texas is claiming his son is being misunderstood.Andrew Anthony, the father of 17-year-old Karmelo Anthony, told the New York Post in an interview published Thursday that his son was not the instigator of the fight that led to the death of Austin Metcalf, …READ THE FULL REPORT

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

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 MONDAY MORNING 6;30AM//OPENING AND CLOSING

EURO/USA: 1.0941 DOWN 0.0009 PTS OR 9 BASIS POINTS

USA/ YEN 146.33 DOWN 0.465 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 1.2805 DOWN .0053 OR 53 BASIS PTS

USA/CAN DOLLAR:  1.4248 UP 0.0048 (CDN DOLLAR DOWN 48 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED DOWN 245.43 PTS OR 7.34%

 Hang Seng CLOSED DOWN 3021.51 PTS OR 13.22%

AUSTRALIA CLOSED DOWN 4.12%

 // EUROPEAN BOURSE:     ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 3021.51 PTS OR 13.22%

/SHANGHAI CLOSED DOWN 245.43 PTS OR 7.34%

AUSTRALIA BOURSE CLOSED DOWN 4.12%

(Nikkei (Japan) CLOSED DOWN 2644.00 PTS OR 7.83%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 3042.00

silver:$30.44

USA dollar index early MONDAY  morning: 102.85 UP 4 BASIS POINTS FROM FRIDAY’s CLOSE.

MONDAY  MORNING NUMBERS ENDS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now your closing MONDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.176 % UP 4 in basis point(s) yield

JAPANESE BOND YIELD: +1.126% DOWN 5 FULL POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.287 UP 3 in basis points yield

ITALIAN 10 YR BOND YIELD 3.807 UP 3 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5800 DOW 4 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY MONDAY

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

Euro/USA 1.0961 UP .0012 OR 12 basis points

USA/Japan: 146.89 UP 0.083 OR YEN IS DOWN 9 BASIS PTS//

Great Britain 10 YR RATE 4.565 UP 5 BASIS POINTS //

Canadian dollar DOWN 0.0058 OR 58 BASIS pts  to 1.4259

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan 7.3088,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE DOWN TO 7.3223:    

TURKISH LIRA:  38.01 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//

the 10 yr Japanese bond yield  at +1.126

Your closing 10 yr US bond yield UP 5 in basis points from FRIDAY at  4.033% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.497 UP 12 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.619 UP 4 BASIS PTS.

GOLD AT 11;00 AM 3010.00

SILVER AT 11;00: 29.90

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

London: CLOSED DOWN 352.90 PTS OR 4.38%

GERMAN DAX:DOWN 852.10 PTS OR 4.13%

Paris CAC CLOSED DOWN 347.83 or 4.78%

Spain IBEX CLOSED DOWN 636.20 PTS OR 5.12%

Italian MIB: CLOSED DOWN 1795,24 PTS OR 5.18%

WTI Oil price  61.77 11 EST/

Brent Oil:  65.32 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  86.48 ROUBLE DOWN 2 AND  00/ 100      

GERMAN 10 YR BOND YIELD; +2.5800 UP 5 BASIS PTS.

UK 10 YR YIELD: 4.565 UP 6 BASIS POINTS

CDN 10 YEAR RATE: 2.930 UP 5 BASIS PTS.

CDN 5 YEAR RATE: 2.511 UP 1 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0937 down 0.0010 OR 10 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2746 DOWN .01109 OR 111 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.6205 UP 14 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.121

USA dollar vs Japanese Yen: 147.66 UP 0.847 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4213 UP .0012 BASIS PTS CDN DOLLAR DOWN 12 BASIS PTS

West Texas intermediate oil: 60.92

Brent OIL:  64.43

USA 10 yr bond yield UP 15 BASIS pts to 4.142

USA 30 yr bond yield UP 18 BASIS PTS to 4.557%

USA 2 YR BOND: UP 15 PTS AT  3.718%

CDN 10 YR RATE 3.052 UP 17 BASIS PTS

CDN 5 YEAR RATE: 2.645 UP 14 BASIS PTS

USA dollar index: 102.96 UP 20 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 38.00 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  86.15 DOWN 1 AND  64/100 roubles

GOLD  2974.65 (3:30 PM)

SILVER: 29.89 (3:30 PM)

DOW JONES INDUSTRIAL AVERAGE: DOWN 375.74 OR 0.98%

NASDAQ 100 UP 32.99 PTS OR 0.17%

VOLATILITY INDEX: 48.51 UP 3.20 PTS OR 5.06%

GLD: $ 273.71 DOWN 6.01 PTS OR 2.15%

SLV/ $27.14 UP 06 PTS OR OR 0.22%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 403.86 OR 1.74%

end

TRADING today ZEROHEDGE Trump’s tariffs: 4PM

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

Stocks Gone Wild; Bonds & Gold Dumped As US Dollar Liquidity Fears Grow

MIDDAY NEWS

Markets Live: Futures Slide After Trump Threatens China Escalation, White House Denies ’90-Day-Pause’ “Fake News”

USA DATA

USA ECONOMIC NEWS

Other Countries Seem To Like Tariffs… So Why Are People Opposed To Trump’s Tariffs

Saturday, Apr 05, 2025 – 05:30 PM

Via The Daily Signal,

April 3, President Donald Trump announced it as “Liberation Day.” And by that he meant we were going to be liberated from asymmetrical tariffs of the last 50 years. And it was going to inaugurate a new what he called “golden age” of trade parity, greater investment in the United States, but mostly, greater job opportunities and higher-paying jobs for Americans.

And yet, the world seemed to erupt in anger. It was very strange. 

Even people on the libertarian right and, of course, the left were very angry. The Wall Street Journal pilloried Donald Trump.

But here’s my question. 

China has prohibitive tariffs, so does Vietnam, so does Mexico, so does Europe. 

So do a lot of countries. 

So does India. 

But if tariffs are so destructive of their economies, why is China booming? 

How did India become an economic powerhouse when it has these exorbitant tariffs on American imports? 

How did Vietnam, of all places, become such a different country even though it has these prohibitive tariffs? 

Why isn’t Germany, before its energy problems, why wasn’t it a wreck? It’s got tariffs on almost everything that we send them. 

How is the EU even functioning with these tariffs?

I thought tariffs destroyed an economy, but they seem to like them. And they’re angry that they’re no longer asymmetrical. 

Apparently, people who are tariffing us think tariffs improve their economy. Maybe they’re right. I don’t know.

The second thing is, why would you get angry at the person who is reacting to the asymmetrical tariff and not the people who inaugurated the tariff?

Why is Canada mad at us when it’s running a $63 billion surplus and it has tariffs on some American products at 250%. Doesn’t it seem like the people who started this asymmetrical—if I could use the word—trade war should be the culpable people, not the people who are reluctantly reacting to it?

Sort of like Ukraine and Russia. Russia invaded Ukraine. Do we blame Ukraine for defending itself and trying to reciprocate? No, we don’t. We don’t blame America because it finally woke up and said, “Whatever they tariff us we’re gonna tariff them.” 

Which brings up another question: Are our tariffs really tariffs?

That is, were they preemptive? Were they leveled against countries that had no tariffs against us? Were they punitive? No. They’re almost leveled on autopilot. Whatever a particular country tariffs us, we reciprocate and just mirror image them. And they go off anytime that country says, “It was a mistake. We’re sorry. You’re an ally. You’re a neutral. We’re not going to tariff this American product.” And we say, “Fine.” Then the autopilot ceases and the automatic tariff ends. In other words, it’s their choice, not ours. We’re just reacting to what they did, not what we did.

Couple of other questions that I’ve had. We haven’t run a trade surplus since 1975—50 years. So, it wasn’t suddenly we woke up and said, “It’s unfair. We want commercial justice.” No. We’ve been watching this happen. For 50 years it’s been going on. And no president, no administration, no Congress in the past has done anything about it. Done anything about what? Leveling tariffs on our products that we don’t level on theirs.

It was all predicated in the postwar period. We were so affluent, so powerful—Europe, China, Russia were in shambles—that we had to take up the burdens of reviving the economy by taking great trade deficits. Fifty years later, we have been deindustrialized. And the countries who did this to us, by these unfair and asymmetrical tariffs, did not fall apart. They did not self-destruct. They apparently thought it was in their self-interest. And if anybody calibrates the recent gross domestic product growth of India or Taiwan or South Korea or Japan, they seem to have some logic to it.

There’s a final irony. 

The people who are warning us most vehemently about this tariff quote the Smoot-Hawley Act of 1930. But remember something, that came after the onset of the Depression—after. The stock market crashed in 1929. That law was not passed until 1930. It was not really amplified until ’31.

And here’s the other thing that they were, conveniently, not reminded of: We were running a surplus. That was a preemptive punitive tariff, on our part, against other countries. We had a trade surplus. And it was not 10% or 20%. Some of the tariffs were 40% and 50%. And again, it happened after the collapse of the stock market.

In conclusion, don’t you find it very ironic that Wall Street is blaming the Trump tariffs for heading us into a recession, if not depression, when the only great depression we’ve ever had was not caused by tariffs but by Wall Street?

As a follow up to Victor Davis Hanson’s brief essay, hedge fund billionaire Bill Ackman commented on X that while Hanson made a compelling case for the Trump tariff strategy, he gets one issue incorrect. He describes the Trump tariffs as reciprocal and proportional to those other nations have assessed on us.

In actuality, the Trump tariffs were set at levels substantially above, and in many cases, at a multiple of the counterparty country’s tariff levels.

Initially, the market responded favorably, up more than one percent when Trump referred to ‘reciprocal tariffs’ in his Rose Garden speech. It was only when he put up a chart showing the actual tariffs that the markets plunged.

We can divine from this response that market participants are supportive of the administration using tariffs as a tool to lower the asymmetrical tariffs of our trading partners, but are highly concerned with tariff levels set well in excess of a corresponding country’s levels.

So why did Trump take this approach?

The answer goes back to ‘The Art of the Deal.’ Trump’s negotiating style is to ask for the moon and then settle somewhere in between. It has worked well for him in the past so he is using the same approach here.

The market’s response is due to the fear that if this strategy fails and the tariffs stay in place, they will plunge our economy into a recession. And we don’t need to wait for failure as it doesn’t take long for a high degree of uncertainty to cause economic activity to slow.

Press reports today have said that all deals are now on hold. This is not surprising. Capitalism is a confidence game. Uncertainty is the enemy of business confidence.

The good news is that a number of countries have already approached the negotiating table to make tariff deals, which suggests that Trump’s strategy is beginning to work.

Whether this is enough to settle markets next week is unknowable, but we will find out soon.

The idea that Wall Street and investors are opposed to the President’s efforts to bring back our industrial base by leveling the tariff playing field is false.

Our trading partners have taken advantage of us for decades after tariffs were no longer needed to help them rebuild their economies after WWII.

The market is simply responding to Trump’s shock and awe negotiating strategy and factoring in some probability that it will fail or otherwise lead to an extended period of uncertainty that will sink us into a recession.

The market decline has been compounded by losses incurred at so-called pod shops and other highly levered market participants that have been forced to liquidate positions as markets have declined.

Stocks of even the best companies are now trading at the cheapest valuations we have seen since Covid. If the President makes continued progress on tariff deals, uncertainty will be reduced, and the market will begin to recover.

As more countries come to the table, those that have held out or have reciprocated with higher tariffs will have growing concerns about being left behind. This should cause more countries to negotiate deals until we reach a tipping point where it is clear that the strategy will succeed. When this occurs, stocks will soar.

Trump’s strategy is not without risk, but I wouldn’t bet against him. 

The more that markets support the President and his strategy, the higher the probability that he succeeds, so a stable hand on the trading wheel is a patriotic one.

An important characteristic of a great leader is a willingness to change course when the facts change or when the initial strategy is not working. We have seen Trump do this before. Two days in, however, it is much too early to form a view about his tariff strategy.

Trump cares enormously about our economy and the stock market as a measure of his performance. If the current strategy works, he will continue to execute on it. If it needs to be tweaked or changed, I expect he will make the necessary changes. Based on the early read, his strategy appears to be working.  

Let’s help him succeed. It’s the least we can do.

END

seems that some people in the Trump camp are not convinced these tariffs will work

(zerohedge)

Trump Officials Debate Exporter Tax Credit As Tariff Fallout Mounts: Leak

Monday, Apr 07, 2025 – 03:20 PM

With markets in turmoil thanks to Commerce Secretary Howard Lutnick’s bull-in-a-china-shop tariff math, senior officials in the Trump administration are quietly debating the creation of a new exporter tax credit, a move that signals growing internal concern over the economic costs of the White House’s sweeping tariff policies.

According to Bloomberg, the rebate – which is still in early stages of discussion, would be aimed at supporting U.S. manufacturers by offsetting the burden of retaliatory tariffs imposed by trading partners. The credit would be issued at year’s end and could also extend to U.S. firms that export services abroad, according to people familiar with the deliberations who spoke on the condition of anonymity to discuss private talks.

That said – the proposal has yet to be formally presented to President Trump or Treasury Secretary Scott Bessent, and it has sharply divided members of the administration’s economic team, those people said.

While support for the tax credit remains uncertain, its emergence reflects the broader tension within the administration over the fallout from President Trump’s aggressive trade posture. The president last week announced plans to impose sweeping tariffs on nearly every country – a move that sparked swift retaliatory measures from global trading partners and sent financial markets into one of their sharpest downturns since World War II.

In response, China matched Trump’s new tariff levels with a 34% duty on U.S. goods – while on Monday, Trump threatened an additional 50% levy on Chinese exports. European Union trade ministers convened the same day to discuss their own retaliation strategies.

The proposed exporter credit is seen by some in the administration as a way to cushion the impact on U.S. companies now facing steeper barriers abroad. It would function as a subsidy to help manufacturers and service providers weather foreign retaliation. But the economic pain has not been confined to exporters. U.S. importers are bearing the brunt of the new tariffs, absorbing higher costs for goods they rely on from global suppliers.

Some advisers are exploring whether the credit could be extended to help importers as well – an idea that would be more complex to implement, according to people briefed on the discussions.

The deliberations are notable for what they imply: that even within the administration, confidence in the tariff strategy is not absolute. The credit proposal “offers an implicit acknowledgment” of the damage tariffs could inflict on American firms, one person familiar with the talks said.

Trump has argued that his tariffs will spur more companies to relocate manufacturing back to the United States. But economists and business leaders have warned that restructuring supply chains is a long-term undertaking, and that the short-term impact of the levies could push the global economy toward recession.

USA/VIET NAM/TAIWAN

Vietnam, Taiwan Capitulate: Offer To Remove All US Tariffs, Boost Investment

https://x.com/zerohedge/status/1907638739813138600?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1907638739813138600%7Ctwgr%5E7f332e4c731159a9422de43360e20c3035d377ef%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fvietnam-capitula

Sunday, Apr 06, 2025 – 11:50 AM

Last week we explained that this particular trade war will be all about the deals that Trump announces as he pulls the country and market from the trade war abyss.

Everyone else…. starting with Vietnam, which as we profiled Thursday was slapped with some of the highest reciprocal tariffs…

… crushing countless US consumer companies who rely on cheap Vietnamese exports.

Sure enough, confirming that Trump’s “dealmaking” was about to shine, on Friday Trump posted 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.”…

Fast forward just one day, and we have an example of the first official capitulation by a trading counterparty as Bloomberg reports that Vietnam has offered to remove all tariffs on US imports after Donald Trump announced a 46% levy on the Southeast Asian nation, according to an April 5 letter from Vietnam’s communist party.

The offer was made by party chief To Lam to the US president in a letter that was seen by Bloomberg. In the letter, Lam requested that the US not apply any additional tariffs or fees on Vietnamese goods and asked to postpone the implementation of the tariff announced by Trump last week by at least 45 days after April 9.

The letter confirms comments made by Trump on Friday on his Truth Social network, following a call between the two leaders. Vietnam, which has increasingly become a key manufacturing and export alternative to China, was slapped with one of the highest tariff rates worldwide last Wednesday.  

Expect all the companies profiled as the biggest casualties from the Vietnam tariffs to soar, as the market realizes that for all the posturing, Trump’s tariffs were just that: a negotiating chip to minimize trade barriers against the US, which as Vietnam so aptly demonstrated, are now well on their way out.

And now we wait to see just how much the limping Vietnamese dong, which on Friday drooped to an all time low, will firm up on the news…

In addition to the news about Vietnam bending the knee, The Epoch Times’ Jacob Burg reports that Taiwan’s President Lai Ching-te on April 6 said his nation would offer zero tariffs and no retaliation as the start of negotiations with the United States while vowing to remove trade barriers.

Lai said Taiwanese companies will also increase their investments in the United States. The comments were made in response to sweeping import tariffs announced by President Donald Trump  on April 2. Taiwan has a trade surplus with America and will see a 32 percent tariff on its imports into the United States.

The new tariffs do not, however, affect semiconductors, one of Taiwan’s largest exports.

While meeting with executives from small and medium-sized companies at his residence, Lai noted that because Taiwan depends on trade, its economy may face difficulties dealing with U.S. tariffs but that their impacts could be minimized.

“Tariff negotiations can start with ‘zero tariffs’ between Taiwan and the United States, with reference to the U.S.-Canada-Mexico free trade agreement,” he said. Trump has said anything that is compliant with the U.S.-Canada-Mexico agreement will not be subject to additional tariffs.

Lai added that his Cabinet is considering what extensive agricultural, industrial, and energy purchases to make from the United States, as his defense ministry has so far offered its weapons purchase plans.

“All purchases will be actively pursued,” he said.

Additionally, non-tariff barriers are a signal for the United States to evaluate the fairness of trade, and Taiwan will proactively settle non-tariff barriers that have endured for multiple years to smoothen trade negotiations with America, Lai added.

Finally, White House’s national economic council director, Kevin Hassett, says that over 50 countries have reached out to Trump looking to begin negotiations.

Hassett says this is “because they understand they bear a lot of the tariff”.

As @WarClandestine pointed out: “Trump’s plan has ignited a fire under all the nations around the world who are ripping us off, and now they are all getting in line and willing to come to the negotiating table, with a sense of urgency, and Trump has all the leverage… Trump might be onto something. “

White House’s national economic council director, Kevin Hassett, says that over 50 countries have reached out to Trump looking to begin negotiations.

Hassett says this is “because they understand they bear a lot of the tariff”.

Trump’s plan has ignited a fire under all the… pic.twitter.com/e4YjhP1ANr

— Clandestine (@WarClandestine) April 6, 2025

END

CALIFORNIA

CA Fails Audit Of Federal Programs, 66% Of COVID Unemployment Benefits In Question

by Tyler Durden

Monday, Apr 07, 2025 – 09:20 AM

Authored by Kenneth Schrupp via The Center Square,

California did not materially comply with the requirements for seven of the 22 federal programs the state auditor examined, including “pervasive” noncompliance in its unemployment benefits program, which could put essential federal funding at risk.

“This report concludes that the State did not materially comply with certain requirements for seven of the 22 federal programs or clusters of programs (federal programs) MGO audited, including one program for which the noncompliance was pervasive,” wrote Deputy State Auditor Linus Li.

“Additionally, although MGO concluded that the State materially complied with requirements for the remaining federal programs it audited, the State continues to experience certain deficiencies in its accounting and administrative practices that affect its internal controls over compliance with federal requirements.”

The audit found that even in 2023 — years after the state made $55 billion in fraudulent COVID lockdown-era benefits payments — the state likely made “potentially ineligible payments” of nearly $200 million. The audit also found that of 138 pandemic unemployment assistance claimants that were tested, 91, or 66%, had verification issues.

“While Gavin Newsom chases the national spotlight, Californians are left with an administration that can’t accomplish the basic functions of government,” said California State Assembly Minority Leader James Gallagher to The Center Square.

“The federal government is right to take a look at this spending and decide if it’s appropriate to keep throwing resources at an administration that treats it like Monopoly money.”

Last year, the state’s Legislative Analyst’s Office said the state’s unemployment fund runs a structural deficit of $2 billion per year, beyond the $20 billion debt and $1 billion in annual interest payments to the federal government. Because the unemployment fund is paid for by payroll taxes on employers and their employees, the LAO said payroll taxes would need to rise from $42 per employee making $46,800 or more per year, to $889.20, or over 21 times higher than the existing base payroll tax.

END

US Companies’ Chapter 11 Bankruptcies Jump 20%: Report

Monday, Apr 07, 2025 – 12:45 PM

Authored by Naveen Athrappully via The Epoch Times,

More companies filed for Chapter 11 bankruptcy protection in March than a year ago, indicating economic stress among U.S. businesses, according to the American Bankruptcy Institute (ABI).

“Commercial Chapter 11 bankruptcy filings increased 20 percent in March 2025, with filings climbing to 733 from the 611 filings registered in March 2024,” ABI said in an April 3 statement. Small business filings fell 1 percent year over year, while total commercial filings rose 10 percent.

The 20 percent jump in Chapter 11 filings “signals persistent economic pressure, mirrored by a 10 percent increase in total commercial filings,” said Michael Hunter, vice president of bankruptcy data provider Epiq AACER.

Individual filings jumped 13 percent last month. Hunter said credit card delinquencies are close to a 10-year high, with factors such as interest rates and debt burdens contributing to the problem.

Delinquency rates in the Federal Housing Administration mortgage portfolio have risen to 11 percent, “surpassing pre-pandemic levels,” he said.

“Adding to this, government job layoffs threaten to exacerbate financial instability for federal workers reliant on stable income to service debts.”

Last month, ABI executive director Amy Quackenboss said geopolitical tensions, elevated interest rates, tighter lending terms, and inflation were creating more challenges for both businesses and individuals who are financially distressed and looking to ease down rising debt burdens.

“Bankruptcy provides an established process for struggling households and businesses looking to access a financial fresh start,” she said.

One well-known company that filed for bankruptcy last month was OTB Holdings LLC, owner of the On the Border Mexican Grill & Cantina chain of Tex-Mex restaurants.

In a court filing, chief restructuring officer Jonathan Tibus said the restaurant chain’s operations had been negatively affected by macroeconomic factors over recent years.

“Casual dining restaurants are acutely impacted by consumer sensitivities to eating out versus staying in. And because of inflationary pressures, restaurant menu prices across the industry have risen significantly faster than grocery and other consumer prices,” the court filing said.

On March 25, 23andMe, a company offering genetic testing services, filed for bankruptcy protection, seeking to sell off its assets amid financial difficulties.

Corporate Bankruptcies

U.S. corporate bankruptcies jumped to a 14-year high in 2024, according to a Jan. 7 report from S&P Global. S&P analysis only takes into account bankruptcies involving large businesses with certain asset and liability thresholds.

There were 694 such corporate bankruptcies last year, up from 635 in 2023 and 372 in 2022. Some of the well-known bankruptcy filings were made by Tupperware Brands Corp., Party City Holdco Inc., Spirit Airlines, Big Lots Inc., and Steward Health Care System LLC.

The consumer discretionary sector saw the largest number of filings, followed by industrials, healthcare, consumer staples, and information technology.

“Businesses continued to face pressure in 2024 from elevated interest rates, especially as total debt among credit-rated nonfinancial U.S. companies reached a quarterly record of $8.453 trillion and interest coverage remained weak in the third quarter of the year,” the report said.

Last month, credit monitoring company Creditsafe published a study revealing that, while clients’ erratic payment practices are often highly indicative of their financial distress and bankruptcy risk, only a few businesses knew how to identify such red flags.

Just 3 percent of businesses were found to be accurately spotting signs of trouble after analyzing clients’ payment behaviors. The company said this is crucial since sudden shifts in customer payment behavior tend to occur prior to bankruptcy.

Steve Carpenter, Creditsafe’s chief operating officer handling North American operations, said the study highlights the need to give finance teams proper training to tackle the issue.

“It’s not just about why it’s important to regularly review and analyze the historical trade payment data of customers. While that’s very important, it’s also necessary to provide helpful tips and training, so finance teams can accurately identify problematic patterns that are indicative of cash flow issues and an increased likelihood of late payments over time,” he said.

“Otherwise, businesses will continue to miss and misread clear red flags—costing them dearly in terms of the amount of time it takes to chase unpaid invoices and the negative impact it has on the bottom line.”

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KINGNEWS

The King Report April 7, 2025 Issue 7466

Independent View of the News

Americans deliver shock verdict on Trump’s controversial new tariffs (Daily Mail poll) Trump’s approval rating rose to 53 percent, a 4-point increase over last week when it was 49 percent… It is up by 13 points since March 7 among those aged 18 to 29… The Republican’s support among black voters skyrocketed 17 points since last week, the poll found… (‘Tis why Dems are apoplectic!) https://www.dailymail.co.uk/news/article-14573081/trump-tariffs-americans-deliver-verdict-trade-poll.html   For decades, Dems advocated for tariffs while the GOP appeased globalists.  Trump won in 2016 and 2024 on Flyover America’s economic woes.  Some Dems now oppose Trump’s Tariffs due to TDS: They must resist anything Trump does because their looney constituency demands opposition.   But there is a bigger fear among Dem politicians and the GOPe about Trump’s Tariffs.  If the tariffs succeed, Dems will be out of power for at least the next two general election cycles.  And the GOPe/Bush wing of the GOP will be lost in the wilderness. Most of the financial media, notably Murdoch’s WSJ and the DJT-hating FT, will lose even more influence.   The WaPo reports that Trump has steely resolve to fix the US trade deficit problem and “He’s at the peak of just not giving a f— anymore.”  DJT also selected the formula for the tariffs.  After surviving assassination attempts, Trump, like the Blues Brothers, believes that he is “on a mission from God.”   Foreign and US politicians as well as the US donor class and CEOs were flummoxed by what Trump is doing.  They claim to not understand what DJT is doing and trying to accomplish.  (Then they are stupid!)  The article notes that in his first term, Gary Cohen (GS CEO) and Steve Mnuchin “constrained Trump’s tariff agenda.”  (That’s not all they constrained!)  The article adds, “In the first term,” a senior White House official said, “everyone thought they were president.”   Inside President Trump’s whirlwind decision to upend global trade – WaPo Ultimately, Trump resolved to follow his own instincts… They say Trump is unperturbed by negative headlines or criticism … Trump has long characterized import duties as necessary to revive the U.S. economy, at one point calling tariffs “the most beautiful word in the dictionary.”     “He’s at the peak of just not giving a f— anymore,” said a White House official… “Bad news stories? Doesn’t give a f—… He’s going to do what he promised to do on the campaign trail.”…        U.S. leaders appeared more focused on fundamentally reshaping global trade and the U.S. economy by breaking the generations-long U.S. dependence on imports…    “It’s not clear what they want to achieve,” the diplomat said, adding that foreign trade partners felt they had little ability to sway the conversation. “I don’t think that they listen to foreigners. I think they listen to their own businesses.” “Instead of prioritizing special interests, President Trump once again acted in the best interest of our country and our citizens when he made his decision on reciprocal tariffs,” https://www.washingtonpost.com/politics/2025/04/04/trump-tariffs-reason-advisers/   @theblaze: VANCE: “We love Europe. America fundamentally came from Europe. But we have to appreciate that the greatest threat to Europe is not China or Russia. The greatest threat is from within. It’s migration policies that destroy the cultural bedrock of Europe.” https://x.com/theblaze/status/1908260568890548673   Team DJT repeatedly notes that Team Biden left a financial and economic Schiff Show for DJT to clean up.  $9+ trillion of US debt will mature in the next 12 months.  Team Trump understands that it is profoundly more important for interest rates to fall than stocks to rise over the next 12 months.   Treasury Sec Bessent is a successful macro hedge fund manager.  He’s not an academic tool/fool!  He is focused on the 10-year yield because he wants to borrow long and not replicate Yellen’s folly! China retaliates with 34% tariffs on US imports… go into effect on April 10 https://www.foxbusiness.com/economy/china-retaliates-34-tariffs-us-imports   Trump: China played it wrong – They panicked – The one thing they cannot afford to do!   DJT knows that China’s economy and Xi are at a perilous inflection point.  A global recession will severely reduce China’s exports – and China’s attempt to transform it economy to reduce its dependency on exports is failing.  In 2023, Foreign Direct Investment in China turned negative for the first time in 25 years!  Rumors have Xi hanging on by a thread.    @realDonaldTrump 11:01 ET on Friday: Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S. I thanked him on behalf of our Country, and said I look forward to a meeting soon. (Vietnam $150B US exports, $10B US imp)   US NFP unexpected jumped 228k in March; 140k was expected.  February was revised down to 117k from 151k.  January was revised 14k lower to 111k.  However, the Unemployment Rate increased 0.1 to 4.2%; unchanged at 4.1% was consensus.  The Labor Force Participation Rate up ticked 0.1 to 62.5%; 62.4 was expected.  Wages were the expected 0.3% m/m, but February was revised to 0.2% from 0.3% m/m.  Year over year wages were 0.3%, 4.0% was expected and prior.    Establishment Survey Highlights Mfg. +1k, Construction +13k, Healthcare & Social Services +77.8k, Leisure & Hospitality +43k, Retail +23.7k, Transportation & Warehousing +22.9k, Government +19k, Temporary Help -6.4k https://www.bls.gov/news.release/empsit.b.htm   The seasonal adjustment for March 2025 was reduced to +892k from +905k for March 2024. https://www.bls.gov/news.release/empsit.t17.htm   The Birth/Death Model adjustment was reduced to -33k from -21k for March 2024. https://www.bls.gov/web/empsit/cesbdhst.htm   Household Survey Highlights Employed +201k (Confirms NFP), Unemployed +31k, Employment-Population Ratio unchanged at 59.9% https://www.bls.gov/news.release/empsit.a.htm   The Nasdaq 100 has tumbled 21% from its peak on February 19.  The usual jackasses surfaced to proclaim, ‘a 20% decline means bear market.’   @AyeshaTariq: We all know that about 30% of revenue for the S&P 500 comes from overseas. BofA shows that the tech sector is the most exposed.  Their sensitivity analysis suggests the EPS decline could be anywhere between -5% to -35%, depending on the exposure & counter tariffs. https://x.com/AyeshaTariq/status/1908195658521337961   NASDAQ was -5.80% at 10:50 ET; the S&P 500 was -5.13%; the Russell 2k was -6.67%; USMs were +2 3/32; and the NY Fang+ Index was -6.40%.  The US dollar was up sharply at the time.   The Dollar Index hit a daily low of 101.54 at1:19 ET.  It hit 10.166 at 13:31 ET.  This is why June Gold plunged as much as $89.00 (-3.0%).  Physical gold cratered as much as $100.00 (-3.3%).   We opined in Friday’s missive that ‘they’ were making a huge error is selling/shorting the dollar!   “Readers’ Digest” version of our view: Tariffs and recession will reduce dollar flows; commercial shorts/forward sellers of $$ must buy $$ to unwind.  Hedge funds that shorted the $ bought the BS. ESMs hit a daily low of 5153.50 at 10:48 ET; they jumped to 5280.75 at 11:18 ET.   A factor in the late morning surge on Friday was Powell’s 11:25 ET scheduled speech on the economy at Society for Advancing Business Editing and Writing.   Trump on Friday 11:08 ET: 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!   ESMs and stocks retreated because Powell was NOT dovish and he bemoaned Trump’s tariffs.Fed driven by analysis, careful thought, debateFed tries to stay away from political processFed is not responsible for trade, immigration policyThe effect of tariffs will be larger than expectedTrump’s tariffs will likely increase inflation and slow US economic growthGood time to take a step back and let things clarifyFed is well-positioned to address whatever may comeFed policy is probably restrictiveNot clear what policy should beFed is waiting for greater clarity about what our policy should be (We still despise DJT)Too soon to say appropriate monetary policy response to tariffsMonetary policy independence critical for our job (What about the pre-election jumbo cut?)Fed can’t be a player on policies not assigned to us (Why did Fed get involved in climate change?)Trade, energy, climate, immigration not in Fed’s remitIt feels like we don’t need to be in a hurry, have timeWe have spoken to other central bankers this week.Fed’s job is to bring stability to the economy (This is a horribly wrong view.)US hasn’t built enough housing; new housing may face cost pressuresWe will see upward pressure on house prices for a long time“I fully intend to serve all of my term.”Sometimes surveys are negative, but people keep spending (Rebuke to UM Sentiment)  We opined a month or so ago that Trump was keeping Powell around so he could blame the Fed if the economy goes south.  Powell claimed the Fed has time, doesn’t have to hurry to cut rates.  This is precisely what Trump warned about before Powell’s appearance: “He is always late.”   Powell concluded his remarks at 12:06 ET.  The decline resumed; ESMs sank to 5107.50 at 14:42 ET.  The last-hour rally took ESMs to 5183.50 at 15:33 ET.  ESMs then sank to a new daily low of 5103.00 at 15:57 ET.  There was no significant rally attempt, like we thought would occur.   @zerohedge: Today is tracking as the highest volume session in the history of the US stock market as measured by total shares traded across all exchanges (current record is 23.6bn made on 1/27/21, during GME madness): GS   As a rule, stocks peak on light volume and bottom on unusually heavy volume.   Passive investing and indexing forced PMs to buy at uneconomical and overvalued levels.  This prolonged the secular bull market.  When a critical mass of investors withdraws money from passive and indexed funds, PMs will be forced to sell without regard to valuations.  This is a major risk now.   @TrumpWarRoom: @SecScottBessent: “The old system wasn’t working and if you look at a system that’s not working you have to be brave to change it … It would’ve been easy to keep pumping up the economy, borrowing a lot of money, creating gov’t jobs … but you were going to end up in a calamity.”   Positive aspects of previous session The long-enduring dynamic of the US being the dumping ground for global production is ending.  The dollar rallied sharply; gold got hammered.   Negative aspects of previous session The market sees global recession, so bonds soared; gold and commodities tumbled. BBG’s Trender (trading model) generated a MONTHLY sell for the 1st time since March 2022 The DJIA plunged as much as 2281 points; the S&P 500 cratered as much as 6.03%. The S&P 500 sank 9.08% for the week, its biggest weekly decline since March 2020 for the week, Nasdaq tumbled 10.02%; Naz 100 fell 9.77%; and the NY Fang+ Index declined 9.65%. For the week, the DJIA fell 7.86%; the DJTA dropped 9.82%; and the Russell 2k sank 9.81%.   Ambiguous aspects of previous session Powell palpably despises Trump and indicates he won’t be accommodative to DJT. Has DJT’s policies diminished the Fed’s power? Is the decades-long US economic model of wanton spending & Fed papering over the debt ending?   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]: 5145.37 Previous session S&P 500 Index High/Low: 5292.14; 5069.90   S&P 500 Index, monthly with BBG Trender (top) and MACD   @NEWSMAX: “The president has plenary power over foreign policy, over tariffs.”   Harvard Professor Emeritus Alan Dershowitz called out the lawsuits against the Trump administration’s tariffs on China on Friday’s “Newsline.” https://x.com/NEWSMAX/status/1908202746274017414   @LizMacDonaldFOX: A dozen nations now talking tariff and trade deals with the Trump White House: Cambodia, Vietnam, Thailand, Japan, India, South Korea, Australia, the U.K., Israel, Argentina, Canada and Mexico   @GuyDealership: SCOOP: Mercedes-Benz to “protect the price of its vehicles in the month of April” – Parts pricing for customers will also remain unchanged through April. –Incentives and discounts continue to be defined monthly and remain available. (So, prices won’t inflate for now.)   Germany considers withdrawing 1,200-ton gold stockpile from US in riposte to Trump (So what) https://www.yahoo.com/news/germany-considers-withdrawing-1-200-125058271.html   Mapped: Which U.S. States Import the Most from China? (NV 26%, CA 25%) China made up 41% of all US imports of consumer electronics imports… https://www.visualcapitalist.com/which-u-s-states-import-the-most-from-china/#google_vignette   @TheCalvinCooli: Canadian Prime Minister Mark Carney says that if America doesn’t want to lead anymore, Canada will take that role. (Canada will lead what and whom?) https://t.co/uTyN0J1o21   (Arrogance that only a Harvard Haught, central banker, and Goldie alum could possess)   @stillgray: Treasury Secretary Scott Bessent informs Tucker Carlson that Zelensky lied to U.S. officials on three occasions regarding the signing of the minerals agreement.  His reasoning? “You know who doesn’t sign that deal. Someone with their hand in the till.” Zelensky is skimming. https://x.com/stillgray/status/1908257690574590154   Netanyahu planning to visit White House Monday Iran and Gaza are expected to be on the agenda, in addition to tariffs. Netanyahu thinks the chances of a U.S.-Iran nuclear deal are extremely low and wants to reach an understanding with Trump about striking Iran’s nuclear facilities when diplomacy fails, a senior Israeli official said… https://www.axios.com/2025/04/04/netanyahu-visit-trump-wh-tariffs   @charliekirk11: Everyone agrees that globalization was good for corporate profits. No one is arguing that. But it was also bad for ordinary American workers. The two are not always in alignment.     What is good for corporate profits is not always good for America. On the other hand, what is good for America will also, ultimately, be good for American corporations.     The stock market rises and falls on corporations’ profits, but the future of America rises and falls on the strength of America’s people, workers, and families.     The fall of American manufacturing meant that 90,000 factories closed, 5 million workers lost their jobs, and countless communities were gutted, while an elite few became spectacularly rich.     Not only do tariffs put workers first, President Trump’s tariff policies are also deconstructing the fake, sugar high Biden economy that was built on an unsustainable house of cards of permanent deficit spending, illegal immigration, and loose monetary policy…   @TheDanCotter: The amount of people who can’t fathom why the working class is ready to burn the country to the ground is staggering. They’re all so out of touch with their finger wagging and lecturing. Meanwhile the protectionists and the communists will win all of them to their two camps.   BBG reports that for the first time, options volume “topped 100 million contracts” on Friday. (100.2m, “71% above this year’s daily average of 58.4 million”)   @WallStreetApes: Treasury Secretary Scott Bessent tells Tucker Carlson – The top 10% of Americans own 88% of equities, 88% of the stock market – The next 40% owns 12% of the stock market – The bottom 50% has debt.  They have credit card bills, they rent their homes, have auto loans… -Summer of 2024 more Americans were using food banks than they ever have in history… Record European vacations, record food banks. https://x.com/WallStreetApes/status/1908255398332948489   @AutismCapital: UK PM Keir Starmer to give a speech on Monday declaring that “globalization is over,” and that we “are now in a new era… The world has changed, globalisation is over and we are now in a new era. We’ve got to demonstrate that our approach, a more active Labour Government, a more reformist Government, can provide the answers for people in every part of this country.”   @Cernovich: The people who want a hot war with China, Russia, and Iran are terrified of a trade war. Really puts things into perspective.   @libsoftiktok: National Economic Council Director Kevin Hassett says that over 50 countries have already reached out to President Trump to begin negotiations following Trump’s new tariff policies.   Reuters: Taiwan’s President Lai Ching-te on Sunday offered zero tariffs as the basis for talks with the U.S., pledging to remove trade barriers rather than imposing reciprocal measures and saying Taiwanese companies will raise their U.S. investments… https://www.reuters.com/world/taiwan-wont-take-reciprocal-tariffs-against-us-will-remove-trade-barriers-2025-04-06/   Fox: Trump says US not willing to make deal with China unless trade deficit is solved   GOP Sen. @berniemoreno: It’s fascinating to watch democrats and their media allies gas light Americans by telling them car prices *might* go up with tariffs by up to $6,000. During the Biden administration, car prices *actually* went up by $8,000 (20%). Total silence.   Today depends on the magnitude of forced liquidation: margin calls, de-levering, withdrawals, and emotional breaking point selling.  If this can be contained by midday, a relief rally could materialize.   Bitcoin, which tracks stocks, tumbled as much as 8.4% from Friday – a sign of forced liquidation.   Reportedly dozens of big hedge funds and PE types are desperately trying to contact Trump to get him to budge on tariffs.  Did they not hear Trump’s tariff pledge during his campaign?  Did they not see Mag 7 stocks peak in February and the rotation into DJIA and DJTA stocks that would benefit from tariffs?   The WH: President Donald J. Trump Imposes Tariffs on Imports from Canada, Mexico and China The White House February 1, 2025    https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-imposes-tariffs-on-imports-from-canada-mexico-and-china/   When the 38-year US Grand Super Cycle Bond Bull Market ended a few years ago, beaucoup bond kings got hammered.  ‘They’ were chagrined and upset.  ‘They’ averred that ‘Powell needs to cut rates (and bail us out)!’  Now equity titans that didn’t listen, didn’t see, and were conditioned to ignore stock declines as well as negative fundamentals are calling for an emergency Fed rate cut and Congressional intervention.   The Q1 earnings season begins on Friday when JPMorgan, Wells Fargo, and Morgan Stanley report results. Stocks tend to rally for earning season and peak when the last Fangs report results.    For those that utilize “The Inverse Cramer”: Jim Cramer says he does not “see anything yet that takes the October 1987 scenario off the table yet…” https://x.com/alifarhat79/status/1908554498705859046/photo/1   ESMs hit 4832.00, -278.25 at 18:00 ET on reports the EU will issue retaliation tariffs.  NQMs hit 16460.00, -1089.00; and Nikkei hit -8.5%.  Japan’s TOPIX Banking Index hit -14.7%.  Who is in trouble?  ESMs are -187.50; NQMs are -808.00 at 20:37 ET.   S&P Index 50-day MA: 5844; 100-day MA: 5912; 150-day MA: 5848; 200-day MA: 5760 DJIA 50-day MA: 43,102; 100-day MA: 43,351; 150-day MA: 42,924; 200-day MA: 42,188 (Green is positive slope; Red is negative slope)   S&P 500 Index (5074.08 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are negative – a close above 6306.68 triggers a buy signal Weekly: Trender and MACD are negative – a close above 5987.57 triggers a buy signal Daily: Trender and MACD are negative – a close above 5713.72 triggers a buy signal Hourly: Trender and MACD are negative – a close above 5358.22 triggers a buy signal   On Friday, Obama Judge Paula Xinis ordered Team Trump to return a suspected MS-13 member from an El Salvadoran jail.  If the El Salvador president says ‘no,’ Xinis can only throw a tantrum, like Boasberg.   WH @PressSec: “We suggest the Judge contact President @nayibbukele because we are unaware of the judge having jurisdiction or authority over the country of El Salvador.” WH Deputy COS @StephenM: Marxist judge now thinks she’s president of El Salvador.   On Friday, by a 5-4 vote, the Supreme Court allowed Trump to terminate grants that violated his DEI policy.  DJT-hating (and it’s palpable) Chief Justice Roberts sided with the three leftist women justices.   @listen_2learn: So, John Roberts went to visit Norm Eisen in the Czech Republic not once but twice. Norm also said that he has known John Roberts since Roberts was in private practice.  Norm also said that one value of the bogus first Trump impeachment was that his friend John Roberts got to see what kind of president Trump really was.  Looking more and more like John Roberts is compromised and/or conflicted.  https://x.com/listen_2learn/status/1908352144555618461   @C_3C_3: There needs to be an immediate investigation into the relationship between Justice Roberts and Norm Eisen.  If these two are indeed plotting, then things are going to go nuclear.  If John Roberts and Norm Eisen are indeed friends and meeting together we have a major problem.  Major.   NC court ruling threatens to throw out thousands of 2024 ballots Thousands of North Carolina ballots in the 2024 election might have been counted illegally… a case that could determine the outcome of last year’s election for an open seat on the North Carolina Supreme Court… (Massive vote fraud has been a staple of US elections for decades!) https://www.wcnc.com/article/news/politics/north-carolina-politics/republican-jefferson-griffin-nc-appeals-court-challenge-ballots/275-01d7066c-9759-47c5-bcae-59a6dba9bb64   65,000 voters have 15 days to fix their ballots from 2024…  and prove — again — that they legally cast their ballots in the state Supreme Court race… Griffin is challenging his unofficial loss to Democrat Allison Riggs in a state Supreme Court race decided by just 734 votes out of 5.5 million cast… https://www.fayobserver.com/story/opinion/2025/04/04/nc-appeals-court-decision-gives-60000-voters-an-urgent-task-opinion/82884089007/   @PeterBernegger: Exclusive: 2,416,864 voter registration records have voter ID numbers ending in a zero, per a current Wis. statewide voter list. Importance:  Found: 444,000+ of them were assigned, each to a specific person, then reassigned over time to a new, different person.  444,000!!  This is illegal… https://x.com/PeterBernegger/status/1908324464913506706   @WesternLensman: Dem Sen. Cory Booker, after going on a 25-hour anti-Trump diatribe, tells Stephen A Smith: “Don’t define yourself by who you’re against, but by what you’re for.” (Can’t make this up!) https://x.com/WesternLensman/status/1907956870687633728   Hunter Biden got Obama admin to help Burisma subsidiary, new bombshell letter shows: ‘See where our interests may overlap’   https://nypost.com/2025/04/04/us-news/hunter-biden-got-obama-state-department-to-help-burisma-subsidy-new-bombshell-letter-shows-see-where-our-interests-may-overlap/   NY Post Editorial Board: The Times finally covers the Bidens’ scandals . . . years too late On Friday, the Times reported that in 2016 (nine years ago!), Hunter used his connections at the Obama State Department (and his sway as the son of the then-vice president) to try to set up a meeting with an Italian official “to resolve regulatory hurdles to geothermal energy projects” that his then-employer Burisma “was pursuing in the Tuscany region.”… https://nypost.com/2025/04/04/opinion/nyt-is-finally-covering-the-bidens-scandals-years-too-late/   Obama urges Americans to ‘possibly sacrifice’ in resisting Trump policies “All of you have grown up in an international order that was created by America after World War II. … This is an important moment because in the last two months, the U.S. government has been trying to destroy that order,” Obama said… (Cuz Europe has changed profoundly) https://t.co/Tf4BZZolci   @WesternLensman: Deranged James Carville compares companies working with the Trump administration to N*zi collaborators after the liberation of Paris in 1944: “Do you know what’s going to happen? Do you know how this ends?” “Do you know what the country is going to feel toward collaborators with this regime?” “After Paris was liberated, they didn’t take very kindly to the collaborators. No…it was not a very pretty sight in the streets of Paris… And I’m saying that these people betrayed the French nation in the same way that I think that these law firms and these giant corporate conglomerates are betraying the United States. What their comeuppance is, I can only guess…     I guess involuntarily shaving somebody’s head is another assault and illegal. Don’t don’t do that… https://x.com/WesternLensman/status/1908255513189769669   The fact that Dems, particularly their leaders, and the media do NOT condemn this rhetoric is appalling.  ‘They’ are fomenting and enabling violence against their political opponents.   @WesternLensman: Dem Rep Maxwell Frost: Elon Musk became the richest person in the world because he steals from people. (Defamation!) https://x.com/WesternLensman/status/1908567315391610980   @WesternLensman: “BRING HIM BACK!” — Democrat protestors chant in response to Dem Rep Jamie Raskin, as he demands the return of a deported suspected MS-13 gang member from an El Salvadoran prison back to the US. (Think about how stupid, how TDS this is!) https://x.com/WesternLensman/status/1908560111796154468   Kamala Harris was ‘completely shocked’ by election night loss to Trump after she ‘bought the hype’ (and bogus polls) https://nypost.com/2025/04/04/media/kamala-harris-was-completely-shocked-by-election-night-loss-to-trump-after-she-bought-the-hype/   FBI political corruption investigation involving Oakland Mayor Sheng Thao, Duong family https://abc7news.com/post/timeline-fbi-political-corruption-investigation-involving-oakland-mayor/15030417/   An inside look at how Oakland mayor Sheng Thao tried to fight the recall From a list of ‘Black supporters’ to philanthropists and labor, newly revealed documents offer a glimpse of the former mayor’s strategy to stay in office… https://oaklandside.org/2025/04/04/oakland-mayor-sheng-thao-recall-opposition-documents-plan/   Whether it’s voter ID, drop boxes, and other voting schemes, Dems play the race card to thwart the prohibition of and the investigation of voting shenanigans.   @DontWalkRUN: Hakeem Jefferies hilariously claims that a driver’s license is proof of citizenship and that if you have one you should be allowed to vote — despite the fact that New York state allows illegal immigrants to get a driver’s license. (Dems leaders are dumb and believe Americans are dumber!) https://x.com/DontWalkRUN/status/1908555537597218955   On Saturday, the usual suspects organized anti-Trump protests in US cities.  Reports notes the most ‘protestors’ were bussed into the locales.  It is increasing clear to and increasing number of Americans that Dems must pay people for rallies, for support, and for their votes.   @amuse: TERROR: Soros-funded Indivisible is openly admitting they are behind the 1300 paid protests happening today in all 50 states. Democrat billionaires are funding these uprisings and they should held legally accountable for the violence and vandalism.  https://x.com/amuse/status/1908481990921244922     @elonmusk: They will be.   “Geofenced Every Event”: Democrats Caught Staging Another ‘Inorganic’ Color Revolution Operation Against Trump https://t.co/9SE0Z8EZiC   @NewRightPoast: Someone pointed out a while back that these lib resist rallies are all old fogies and now it’s the first thing I notice, holy moly. (Old fogies need income, rumors have assisted care people being transported to the rallies, and the MSM largest constituency is age 65+ [used to MSM])   We must add that while our generation is the largest group at the paid-for rallies, the next largest demographic is – how shall we euphemistically put this? – apparently unbalanced people.   @LauraLoomer: just captured video footage of Islamist protesters dressed in full Islamic garb being bussed into Washington DC for the massive anti-Trump and anti-@elonmusk protests that are happening today. We caught them on camera getting off the busses with their Islamic protest gear, with Keffiyehs and Palestinian flash. This is video evidence of a coordinated red-green alliance.  The protesters are being bussed in from New York and New Jersey. https://x.com/LauraLoomer/status/1908582582138397007   A speaker at the Hands Off anti-democracy protest in DC bragged that she was an illegal immigrant and taunted ICE to do something about it.  Reportedly she has procured a $180,000 salary from a US NGO.   @RealJessica05: “I am an immigrant, I am undocumented, unafraid, queer, and unashamed!” – Greisa Martinez Rosas  https://x.com/RealJessica05/status/1908576489647354244   Some WH officials noted her predicament on X.   @kylenabecker: I am trying to understand these “Hands Off” protests. Is the argument that the ELECTED PRESIDENT OF THE UNITED STATES take his “hands off” the U.S. government? This is nothing less than anti-democratic. Are these people delusional or what? (POTUS ‘hands off’ gov’t!?)   Dem billionaires are paying people to stage protests that are nothing more than group therapy sessions for Dems with acute TDS.  ‘They’ have demonized DJT for 10 years!  More of the same is futile!   “Insanity is doing the same thing over and over and expecting a different result.” – Rita Mae Brown   In the middle to late ‘60s, various leftist organizations, including the USSR and other pinko commies, funded and organized protests throughout the US.  All this did was drive average Americans to the GOP and resurrect the politically dead Richard Milhous Nixon.  They now elevate the manically loathed DJT.   Comedian @adamcarolla: Have you noticed that all the ivermectin experts are now tariff experts?   @IanJaeger29: I still can’t believe that the Mainstream media and the Democratic Party covered this up for years. (A catatonic Biden at an event) https://x.com/IanJaeger29/status/1908309134144839734   @RobertMSterling: Donald Trump just bought a full-page ad in the NYT. Everyone should read it. It covers his views on foreign policy, tariffs, deficits, and taxes. Oh, but one thing—he actually published it 37 years ago, in 1987. Love him or hate him, Trump is definitely playing the long game. https://x.com/RobertMSterling/status/1908556411992179061   US revokes all visas held by South Sudanese passport holders over nation’s failure to accept repatriated citizens https://t.co/aDyJbB33uu   @LauraLoomer: EXCLUSIVE – Judge Boasberg’s Brother, a former associate at Covington & Burling, Hired Illegal Aliens to Teach American Students, Now He Runs A School In Singapore Promoted By The US State Department  … The judge’s brother, Tom Boasberg, a fluent Chinese speaker and former superintendent of Denver Public Schools (DPS) for a decade, hired illegal aliens on DACA to teach in Colorado schools during his tenure.     A review of Tom Boasberg’s professional background reveals he was an associate at Covington & Burling. On February 25, 2025, President Donald J. Trump signed a memorandum to suspend security clearances for Covington & Burling LLP employees involved in the weaponization of government, pending a review of their roles and responsibility in the weaponization of the judicial process… https://x.com/LauraLoomer/status/1908526970402726036   @DawnsMission: Will they give @LauraLoomer a press pass now? President Trump fired 6 (national security) staffers involved with the Signalgate debacle after Laura Loomer exposed them.   @MilaLovesJoe: …Aaron Heitke, the U.S. Border Chief with experience spanning five administrations, has unequivocally confirmed that the Biden-Harris administration directed him to suppress, hide, and alter data related to the border crisis.  He claims he was instructed to intentionally reduce detention capacity across the country while simultaneously issuing new Social Security numbers to undocumented immigrants.  According to Heitke, this enabled them to access full Social Security benefits and Medicaid, facilitated their voter registration, and ultimately PERMITTED them to CAST VOTES in U.S. ELECTIONS.  https://x.com/MilaLovesJoe/status/1908267811706949869   @WesternLensman: Obama is back to whine about Trump: “Imagine if I had done any of this.” “It’s unimaginable that the same parties that are silent now would have tolerated behavior like that from me.”     The Obama administration weaponized the IRS against conservatives, spied on a Fox News journalist, sued nuns over the birth control mandate in the ACA, spied on Trump, lied to Americans about Benghazi, armed cartels resulting in the death of a Border Patrol agent, and his CIA spied on congress.  https://x.com/WesternLensman/status/1908326914223456327   @HansMahn>https://t.co/u4f2bWwTRp   @RealHickory: The radical far left has finally and completely taken over the Democrat Party with organization, dark money fundraising, public education, mainstream media, and even our elections.  The Right has been behind the 8 ball for years and are clueless in what they are up against. The Left has a machine, and the Right has people fundraising that hasn’t won an election since the Bush years. The difference has been Trump. There are no post Trump strategies…   The GOP futures depends on JD Vance.  So far, he looks capable.  The Dems have NO electable leader.

SWAMP STORIES FOR YOU TONIGHT

Supreme Court Shuts Down Activist Judge, Lets Trump Cut $250 Million In DEI Training For Teachers

Friday, Apr 04, 2025 – 05:00 PM

The Supreme Court on Friday overruled an activist judge in Boston, allowing the Trump administration to slash $250 million for more than 100 teacher training grants for DEI and other woke programs.

In a 5-4 decision nine days after the request, the Supremes sided with the Trump administration’s emergency request to stay the court order by judge Myong J. Joun of the federal District of Massachusetts – who had ordered the Trump administration to “immediately restore” the “pre-existing status quo prior to the termination.”

According to the ruling – which is likely to narrow the ability of district courts to halt agency actions involving grant function, Joun lacked authority to order the Trump admin to restore the funding.

https://x.com/bykatiebuehler/status/1908255070291996992?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1908255070291996992%7Ctwgr%5E092be11f4d7cf31bade00bcacf2ca1089351e1f0%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.zerohedge.com%

In his ruling, Myong sided with California and eight other blue states that argued that the cuts were likely driven by efforts by the Trump administration to gut DEI programs (duh).

Meet the federal Judge who just blocked President Trump’s cuts to DEI teacher training.

His resume is full of DEI activism, he served on the board of groups currently suing President Trump, and trained far-left activists how to avoid arrests during protests.

🧵🧵🧵 pic.twitter.com/KSp77nbT2X

— Natalie Winters (@nataliegwinters) March 12, 2025

The cuts were announced on Feb. 17, following findings by DOGE that taxpayer funds were being used to “train teachers and education agencies on divisive ideologies” that were “inappropriate and unnecessary,” including “critical race theory,; diversity, equity, and inclusion (DEI); social justice activism; ‘anti-racism’; and instruction on white privilege and white supremacy.”

And of course, dissenting in the Supreme Court decision were Justices Jackson, Sotomayor, Kagan, and Chief Justice Roberts.

GREG HUNTER INTERVIEWING LARRY KLAYMAN

Left Whipping Up Lawfare, Hate & Violence – Larry Klayman

By Greg Hunter On April 6, 2025 In Political Analysis7 Comments

Left Whipping Up Lawfare, Hate & Violence – Larry Klayman

By Greg Hunter’s USAWatchdog.com (Saturday Night Post)

Last time renowned attorney Larry Klayman was on USAWatchdog.com, he pointed out there is a full-blown, legal civil war happening in the court system.  Klayman, founder of Judicial Watch and now Freedom Watch USA, says there are now more than 140 federal court cases trying to stop or delay President Trump’s agenda.  The Trump Administration did get a win this past week with canceling DEI training for teachers, but legal battles are still mounting.  Now, the civil war is turning hot with words, organized paid protests and violence.  Klayman explains, “They are doing exactly what I predicted the first time I did your show.  We are going into a revolutionary mode by the Left.  It’s a revolt, a Bolshevik revolt. You’ve got this clown (Representative) Jasmine Crockett.  I was talking to Laura Loomer, and Crockett assaulted one of her reporters.  It was supposed to be reported to the US Attorney, but it wasn’t.  This is what you are dealing with here.  It is very serious and why I want people to come to FreedomWatchUSA.org and contribute to our cause.  Join our justice league.  We can’t sit and watch President Trump fight it out all alone.  We have to rise up, and we have to be there for him and for ourselves and for our loved ones because they are coming for us.  If they had their druthers, they would want us all dead, frankly.  They would, they would prefer to have that.  You saw what they tried with President Trump on two occasions?  I don’t think this was random.  We still don’t know anything about the assassination attempts.  Then there is what they are doing out in the streets right now.  They are calling for violence, and they are, in fact, causing violence.”

Klayman says it all starts with the spoken word, and the words are getting harsher.  Klayman is representing conservative personality Laura Loomer in a defamation lawsuit against HBO and comedian Bill Marr.  Klayman charges that Maher falsely accused Loomer of sleeping with President Trump.  Klayman says that is 100% false, but this is part of the words of war going on in America today.  Loomer is suing Maher in excess of $100 million.  (Klayman just deposed Maher on Friday, April 4th.)  Klayman says, “Maher has no evidence of that.  He’s going to be held to tell us exactly what he was thinking when he did that.  The court has already held that is defamation per se, and the judge denied a motion to dismiss.  You can’t destroy someone’s moral character; you can’t accuse someone of immoral conduct and just walk off.  In that case, actual malice is presumed, and so are damages.  Maher is in the deep you know what.  That’s the kind of person that has whipped up this hatred.  He can have all the meetings with Trump, but Trump should have never met with him to begin with.  He’s a lowlife, but the fact is there are many more Bill Mahers out there.  There are millions, and they are whipping up violence in addition to the crazy people like Jasmine Crockett, Cory Booker and people like that.”

Klayman says, “DOLA, the Department of Judicial and Legal Accountability, will be like Elon Musk’s DOGE.  We will seek to clean out the rat’s nest in our legal system, particularly at the federal court level. . . . Washington D.C. is more than a swamp.  It’s more than a cesspool.  It’s the refuge of the devil.”

In closing, Klayman says if the violence gets bad enough and the Left starts burning down cities along with Tesla dealerships, President Trump may have to impose harsh measures to regain law and order.  Klayman says, “If violence breaks out in a bigger way, Trump can declare martial law.   Frankly, and you can’t say this on FOX, he should have done it in the 2020 Election and then ordered a recount.  Nobody had the guts to do it. . . Clearly, there was fraud during that election.  Trump has this power, and I do not think he is at a point of using it yet, but if our cities start to burn and it goes crazy like it’s going right now with pro Hamas activists, I do believe he has that option. . . . The Left succeeded at driving Elon Musk out in terms of visibility.  They succeeded at that because of the violence.  This tells you why President Trump needs help.  We want to be a complement to the Trump Justice Department.”

There is more in the 51-minute interview.

FreedomWatchUSA.org desperately needs your financial support.  To donate, click here.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with renowned lawyer and government corruption fighter, Larry Klayman, founder of FreedomWatchUSA.org, as he rolls out a new organization to help Trump and the DOJ with his newly created Department of Judicial and Legal Accountability (DOLA) to complement DOGE (Department of Government Efficiency) for 4.5.25.

After the Interview:

To donate to FreedomWatchUSA.org so Larry Klayman can hire more attorneys to fight for the rights of all Americans being attacked by tyrannical dark forces on the Left, click here. 

There is lots of free information and updates with legal action on FreedomWatchUSA.org.

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