GOLD CLOSED UP $17.50 TO $2,976.00
SILVER CLOSED UP $0.35 TO $29.70
GOLD ACCESS CLOSED 2983.65
Silver ACCESS CLOSED: $29.83
Bitcoin morning price:$77701 UP 1360 DOLLARS.
Bitcoin: afternoon price: $76,488 UP 147 DOLLARS
Platinum price closing UP $9.75 TO $907.40
Palladium price; UP $0.30 TO $906,95
END
*CANADIAN GOLD: $4250.25 UP 15.10 CDN dollars per oz( * NEW ALL TIME HIGH 4493.62 CDN DOLLARS PER OZ//MARCH 31 2025)
*BRITISH GOLD: 2334.74 DOWN 4.75 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,417.98 BRITISH POUNDS/OZ) MARCH 31/2025
*EURO GOLD: 2,721.95 DOWN 2.40 Euros per oz //* (ALL TIME CLOSING HIGH: 2,888.55 EUROS PER OZ/MARCH 31 //2025)
DONATE
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: APRIL 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,951.300000000 USD
INTENT DATE: 04/07/2025 DELIVERY DATE: 04/09/2025
FIRM ORG FIRM NAME ISSUED STOPPED
072 C GOLDMAN 19 1
072 H GOLDMAN 967
099 H DB AG 256
118 C MACQUARIE FUT 238
190 H BMO CAPITAL 287
323 C HSBC 315
323 H HSBC 73
332 H STANDARD CHARTE 333
363 C WELLS FARGO SEC 2
363 H WELLS FARGO SEC 311
624 C BOFA SECURITIES 422 1
657 C MORGAN STANLEY 44 18
657 H MORGAN STANLEY 751
661 C JP MORGAN 408 588
661 H JP MORGAN 11
686 C STONEX FINANCIA 45 96
700 C UBS 5
709 C BARCLAYS 112 14
732 C RBC CAP MARKETS 15
737 C ADVANTAGE 3 13
880 H CITIGROUP 265
905 C ADM 55
DLV615-T CME CLEARING
BUSINESS DATE: 04/07/2025 DAILY DELIVERY NOTICES RUN DATE: 04/07/2025
PRODUCT GROUP: METALS RUN TIME: 22:40:54
TOTAL: 2,834 2,834
MONTH TO DATE: 55,268
JPMORGAN stopped 599/2834
GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 2854 NOTICES FOR 285400 OZ 8.8149 TONNES
total notices so far: 55,268 contracts for 5,526,800 OR 171.906 tonnes)
FOR APRIL
XXXXXXXXXXXXXXXXXX
SILVER NOTICES: 75 NOTICE(S) FILED FOR 0.375 MILLION OZ/
total number of notices filed so far this month : 2225 CONTRACTS (NOTICES) for 11.125 million oz
Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation
END
GLD/
BOTH GLD AND SLV ARE FRAUDULENT VEHICLES//THEY ARE NOW RAIDING GLD AND SLV FOR PHYSICAL
THE CROOKS ARE STEALING GOLD AND SILVER FROM THE GLD/SLV AND REPLACING THE PHYSICAL WITH PAPER DOLLARS.
WITH GOLD UP $17.50 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:
HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE WITHDRAWAL OF 6.02 TONNES OF GOLD OUT OF THE GLD//
INVENTORY RESTS AT 926.78 TONNES
SLV/
WITH NO SILVER AROUND AND SILVER UP $.35 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ////A DEPOSIT OF 1.137 MILLION OZ INTO THE SLV//
CLOSING INVENTORY RESTS AT:
CLOSING INVENTORY: 447.421 MILLION OZ
Let us have a look at the data for today
SILVER//OUTLINE
SILVER COMEX OI ROSE BY A HUMONGOUS 2670 CONTRACTS TO 169,288 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED GAIN IN COMEX OI WAS ACCOMPLISHED DESPITE OUR SMALL LOSS OF $0.11 IN SILVER PRICING AT THE COMEX WITH RESPECT TO MONDAY’S TRADING/RAID. HOWEVER, WE HAD A HUGE SIZED GAIN OF 2870 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A FAIR 200 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD HUGE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING MONDAY 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 MONDAY WITH SILVER’S SMALL 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 5185 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 FAIR 200 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS 5185 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN TUESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE GAINED A HUGE SIZED 2870 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR LOSS IN PRICE OF $0.11. WE HAD HUGE TAS LIQUIDATION/ THROUGHOUT MONDAY’S COMEX TRADING SESSION. 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 MONDAY NIGHT/TUESDAY MORNING: A HUMONGOUS 5185 CONTRACTS. DESPITE MANY COMPLAINTS THAT THE CROOKS HAVE VIOLATED POSITION LIMITS DUE TO THE FACT THAT THE TAS ISSUED HAVE A VALUE OF ZERO (AS TO POSITION LIMITS FOR OUR CROOKED BANKERS). THE PROBLEM OF COURSE IS THAT THE CROOKS DO NOT LIQUIDATE THE TAS TOGETHER BUT SELL THE BUY SIDE FIRST AND THEN LIQUIDATE THE SELL SIDE TWO MONTHS HENCE. IT IS OBVIOUS MANIPULATION TO THE HIGHEST DEGREE BUT IT NATURALLY FELL ON DEAF EARS WITH OUR REGULATORS (OCC) WHEN THEY RECEIVED OUR COMPLAINTS. IT NOW SEEMS THAT THE OCC HAS ORDERED THE BANKS TO REDUCE ITS NEW LEVEL OF 1 TRILLION DOLLARS IN GOLD/SILVER DERIVATIVES
WE HAVE IN THE PAST YEAR SET ANOTHER RECORD LOW AT 114,102 CONTRACTS ///JULY 3.2023// OUR BANKERS WITH THE HELP OF SPECULATORS AND HIGH FREQUENCY TRADERS WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL BY $0.11) BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A SMALL LOSS IN PRICE WE GAINED A HUGE OI RISE OF 5201 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES.
WE HAD A FAIR 200 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.735 MILLION OZ TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK
STANDING FOR APRIL INCREASES TO 17.735 MILLION OZ
WE HAD:
/ HUGE COMEX OI GAIN+// A FAIR SIZED EFP ISSUANCE (200 CONTRACTS)/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 5185 CONTRACTS)
I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 2331 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 6 DAYS, total 9972 contracts: OR 49.860 MILLION OZ (1662 CONTRACTS PER DAY)
TOTAL EFP’S FOR THE MONTH SO FAR: 49.860 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: 49.860 MILLION OZ/// THIS IS HUGE AND THIS MONTH WILL PROBABLY BE A HUMDINGER OF ISSUANCE.
XXXXXXXXXXXXXXXXXXXXXXXXXXXX
RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2870 CONTRACTS DESPITE OUR LOSS IN PRICE OF $0.11 IN SILVER PRICING AT THE COMEX// MONDAY.,. THE CME NOTIFIED US THAT WE HAD A FAIR 200 CONTRACT EFP ISSUANCE CONTRACTS: 200 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 13.735 MILLION OZ , PLUS OUR 4.00 MILLION EX FOR RISK
NEW STANDING APRIL: 17.735 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 75 NOTICE(S) FILED TODAY FOR 0.375 million OZ
THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.
GOLD//OUTLINE
IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 6295 OI CONTRACTS TO 473,354 AND CLOSER TO 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: REMOVED 1683 CONTRACTS CONTRACTS//.
WE HAD A STRONG SIZED INCREASE IN COMEX OI (6,295 CONTRACTS) . THIS OCCURRED DESPITE OUR LOSS OF $59.45 IN PRICE MONDAY. 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 1900 CONTRACTS OR 190,000 OZ (5.909 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 176.052 TONNES NORMAL DELIVERY(INCLUDES OF QUEUE JUMP) + 3.8709 TONNES EX FOR RISK = 179.923 TONNES
/NEW STANDING FOR APRIL; 176.052 TONNES + 3.8709 TONNES EX FOR RISK = 179.923 TONNES
/ ALL OF THIS HAPPENED DESPITE OUR $59.45 LOSS IN PRICE WITH RESPECT TO MONDAY’S COMEX ///. WE HAD A STRONG SIZED GAIN OF 12,000 OI CONTRACTS (37.32 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 5705 CONTRACTS:
The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 47,037
IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,000 CONTRACTS WITH 6295 CONTRACTS INCREASED AT THE COMEX// AND A HUGE SIZED 5705 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 12,000 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 3626 CONTRACTS ISSUED.
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES
WE HAD A STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5705 CONTRACTS) ACCOMPANYING THE STRONG SIZED INCREASE IN COMEX OI OF 6295 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 12,000 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 176.052 TONNES (WHICH INCLUDES OUR HUGE 5.909 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 NEW EX FOR RISK 3.8709 TONNES//THUS TOTAL AMOUNT OF GOLD STANDING IN THIS VERY ACTIVE DELIVERY MONTH OF APRIL IS 179.923 TONNES.
//NEW STANDING APRIL: 176.052 TONNES + 3.8709 TONNES EX FOR RISK ON 3 OCCASIONS = 179.923 TONNES
.
/ 3) HUGE T.A.S. LIQUIDATION + ZERO SUCCESS IN REMOVING NET SPECULATOR LONGS, AS DESPITE HAVING 1) $59.45 COMEX PRICE LOSS AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A VERY STRONG GAIN OF 12,000 CONTRACTS ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED MONDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN APRIL.
4) STRONG SIZED COMEX OPEN INTEREST INCREASE 5) HUGE ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S. ISSUANCE: 3626 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: 25,971 CONTRACTS OR 2,597,100 OZ OR 80.78 TONNES IN 6 TRADING DAY(S) AND THUS AVERAGING: 4328 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 6 TRADING DAY(S) IN TONNES 80.78 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2024, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 80.78 TONNES DIVIDED BY 3550 x 100% TONNES = 2.28% OF GLOBAL ANNUAL PRODUCTION
ACCUMULATION OF GOLD EFP’S YEAR 2021 TO 2023
JANUARY/2021: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
FEB : 171.24 TONNES ( DEFINITELY SLOWING DOWN AGAIN)..
MARCH:. 276.50 TONNES (STRONG AGAIN/
APRIL: 189..44 TONNES ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)
MAY: 250.15 TONNES (NOW DRAMATICALLY INCREASING AGAIN)
JUNE: 247.54 TONNES (FINAL)
JULY: 188.73 TONNES FINAL
AUGUST: 217.89 TONNES FINAL ISSUANCE.
SEPT 142.12 TONNES FINAL ISSUANCE ( LOW ISSUANCE)_
OCT: 141.13 TONNES FINAL ISSUANCE (LOW ISSUANCE)
NOV: 312.46 TONNES FINAL ISSUANCE//NEW RECORD!! (INCREASING DRAMATICALLY)//SIGN OF REAL STRESS//SURPASSING THE MARCH 2021 RECORD OF 276.50 TONNES OF EFP
DEC. 175.62 TONNES//FINAL ISSUANCE//
TOTALS: 2,578.08 TONNES/2021
JAN:2022 247.25 TONNES //FINAL
FEB: 196.04 TONNES//FINAL
MARCH/2022: 409.30 TONNES //FINAL( THIS IS NOW A RECORD EFP ISSUANCE FOR MARCH AND FOR ANY MONTH.
APRIL: 169.55 TONNES (FINAL VERY LOW ISSUANCE MONTH)
MAY: 247.44 TONNES FINAL//
JUNE: 238.13 TONNES FINAL
JULY: 378.43 TONNES FINAL/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; 80.78 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 ROSE BY A HUGE SIZED 2670 CONTRACTS OI TO 171,619 AND CLOSER TO THE COMEX HIGH RECORD //244,710( SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 7 YEARS AGO. HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023
EFP ISSUANCE 200 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
MAY 200 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 200 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 5001 CONTRACTS AND ADD TO THE 200 E.FP. ISSUED
WE OBTAIN A MEGA HUGE SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 2870 CONTRACTS
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 14.30 MILLION OZ
OCCURRED DESPITE OUR SMALL $0.11 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 TUESDAY MORNING//MONDAY NIGHT
SHANGHAI CLOSED UP 48.97 PTS OR 1.58%
//Hang Seng CLOSED UP 299.38 PTS OR 1.51 PTS
// Nikkei CLOSED UP 1876.00 OR 6.03 %//Australia’s all ordinaries CLOSED UP 2.39%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3388 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3630/ Oil UP TO 60.56 dollars per barrel for WTI and BRENT UP TO 64.29 Stocks in Europe OPENED ALL GREEN.
ONSHORE USA/ YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING
WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER
END
END
ASIA TRADING TUESDAY MORNING/MONDAY 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
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 6,295 CONTRACTS TO 473,354 DESPITE OUR HUMONGOUS LOSS IN PRICE OF $59.45 WITH RESPECT TO MONDAY’S RAID// TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT HUGE PRICE FALL FOR GOLD. AND AS YOU WILL SEE BELOW, OUR LOSS IN PRICE ALSO HAD A STRONG NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (5705 ).
THE CME ANNOUNCED MONDAY NIGHT, 0 EXCHANGE FOR RISK 0 CONTRACTS FOR NIL OZ OR 0.000 TONNES. SO FAR THIS MONTH WE HAD RECORDED 3 ISSUANCES OF EXCHANGE FOR RISK AS THE BANK OF ENGLAND IS GETTING VERY ANTSY ABOUT GETTING ITS GOLD BACK. THUS OUR NEW ISSUANCE FOR EXCHANGE FOR RISK FOR THE FRONT MONTH OF APRIL STANDS AT 3.8250 TONNES OF GOLD WHICH MUST BE ADDED TO OUR NORMAL GOLD DELVERIES
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 A HUGE FIVE EXCHANGE FOR RISKS ISSUANCES FOR GOLD, TOTALLING 18.4527 TONNES!.
THE RECIPIENT OF ALL OF THESE EXCHANGE FOR RISK CONTRACTS IS THE BANK OF ENGLAND WHO DESPERATELY WANT THEIR LEASED GOLD BACK. THUS WE HAVE TWO SEPARATE ENTITIES (CENTRAL BANKS) DEMANDING THEIR GOLD BACK:
- THE BANK OF ENGLAND
- THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)
THE COUNTERPARTY TO THE BANK OF ENGLAND’S EXCHANGE FOR RISK ARE BULLION BANKS THAT CANNOT VERIFY THAT THEIR GOLD IS UNENCUMBERED AND THUS THE BUYER, THE CENTRAL BANK OF ENGLAND, ASSUMES THE RISK OF THAT DELIVERY. THIS IS THE 5TH CONSECUTIVE MONTH FOR ISSUANCE OF EXCHANGE FOR RISK !!.
DETAILS ON APRIL COMEX MONTH
IN TOTAL WE HAD A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 12,000 CONTRACTS DESPITE OUR LOSS IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON MONDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH OF 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 NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 217 EPISODE. 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.
EUROPE IS NOW BASEL III COMPLIANT. THE WEST (FED AND COMEX) MUST BE COMPLIANT BY JULY 1.2025.
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. IT IS SURELY ON DISPLAY TODAY AND DURING THIS MONTH OF APRIL.
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 5705 EFP CONTRACTS WERE ISSUED: : /APRIL 5705 & ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 5705 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 GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A HUGE SIZED TOTAL OF 12,000 CONTRACTS IN THAT 5705 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GAIN OF 6,295 COMEX CONTRACTS..AND THIS GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE LOSS IN PRICE OF $59.45 FOR MONDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED ABOVE. MUCH+ OF THE OI IN OUR TWO EXCHANGES WAS DUE TO THE LIQUIDATION OF T.A.S. CONTRACTS.(GOVERNMENT). THE RAID ON MONDAY ACCOMPLISHED NOTHING TO OUR CROOKS.
T.A.S. ISSUANCE
AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR MONDAY NIGHT/TUESDAY MORNING WAS A VERY STRONG SIZED 3626 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 NOTHING AS NOBODY 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 ,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:
- STALLS THE ADVANCE IN PRICE
- LOWERS THEIR ADVANCING DERIVATIVE LOSSES.
MECHANICS OF T.A.S CONTRACTS/DECEMBER THROUGH MARCH AND APRIL.
THROUGHOUT THE PAST SEVERAL WEEKS, THE BANKERS CONTINUE TO SELL OFF THE LONG SIDE OF THE SPREAD (T.A.S.) WHICH OF COURSE CONTINUES TO MANIPULATE THE PRICE OF GOLD SOUTHBOUND. (THEY KEEP THE SHORT SIDE OF THE CALENDAR/T.A.S. SPREAD WHICH WILL BE LIQUIDATED IN DAYS HENCE//. IT SEEMS THAT OUR CROOKS ORCHESTRATED, ON FEB 25, THEIR HUGE RAID TO LOWER THE PRICE OF GOLD TO MAKE THEIR COMEX BETS WHOLE ON OPTIONS EXPIRY WEEK AND THUS THE NEED FOR CONTINUAL STRONG T.A.S. ISSUANCE AND THEN LIQUIDATION. THIS WAS COUPLED WITH THE LIQUIDATION OF CALENDAR//MONTH END SPREADERS . THE USE OF OUR TWO SPREADER MECHANISMS WERE OF EXTREME IMPORTANCE TO OUR CROOKS IN LATE JANUARY OPTIONS EXPIRY TRADING AND AGAIN WITH FEBRUARY OPTION EXPIRY MONTH. HALF WAY THROUGH THE JANUARY COMEX MONTH, THE CROOKS ISSUED FIVE CONSECUTIVE 30,000+ CONTRACT ISSUANCE OF T.A.S KNOWING THAT THEY WERE GOING TO INITIATE HUGE RAIDS ON OUR METALS. THEN THEY ISSUED IN LATE FEB, ANOTHER 5 CONSECUTIVE 30,000+ ISSUANCES. AND THEN, FOR THE FIRST TIME IN COMEX HISTORY WE WITNESSED THREE CONSECUTIVE MONTHS OF MEGA HUGE 30,000 + T.A.S CONTRACT ISSUANCES: JANUARY, FEB AND MARCH. WE HAVE YET TO EXPERIENCE A MEGA CONSECUTIVE 30,000 CONTRACT T.A.S FOR APRIL.
STANDING FOR GOLD APRIL
// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: APRIL (179.923 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: 176.052 TONNES + 3.825 TONNES EX FOR RISK = 179.923 TONNES
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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: 179.923 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 $59.45/ /)/BUT WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A HUGE SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION MONDAY 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 AS THEY FAILED MISERABLY IN THEIR ATTEMPT TO BREAK THE $3,000 DOLLAR BARRIER AS IT IS NOW TRADING SLIGHTLY BELOW THIS LEVEL.
MONDAY NIGHT/TUESDAY MORNING
THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL MONDAY EVENING/TUESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER AND THUS THE REASON FOR THE HUGE LEASE RATE AT 10% (SCARCITY OF GOLD) THIS PAST MONTH.
EXCHANGE FOR RISK EXPLANATION/FEB THROUGH MARCH/APRIL TRADING
EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY:
THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN A FEW NIGHTS AGO,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WILL BE ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.
EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH
EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND IS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.
MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK:
TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.
NOW APRIL, ISSUES ITS 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: 176.052 TONNES +(3.825 EX FOR RISK// FOR APRIL DELIVERY MONTH =179.923 TONNES OF THE GOLD. THIS IS THE 2ND HIGHEST AMOUNT OF DELIVERY GOLD WHICH FOLLOWS THE HIGHEST EVER ON AN ACTIVE MONTH GOLD DELIVERY BEING FEB 2025 AT 256.607 TONNES..
ANALYSIS APRIL DELIVERY MONTH AFTER FIRST DAY NOTICE;
WE HAVE GAINED A HUGE SIZED TOTAL OF 37.32 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 OF NEW EXCHANGE FOR RISK + MONDAY APRIL 7 EX FOR RISK OF 28,000 OZ FOR .8709 TONNES TOTAL 3.825 TONNES. ALSO TODAY WE RECORD ANOTHER HUGE 1900 CONTRACT QUEUE JUMP FOR 190000 OZ OR 5.909 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 179.923 TONNES, THE 2ND HIGHEST EVER RECORDED!
ALL OF THIS HUGE STANDING WAS ACCOMPLISHED DESPITE OUR HUGE LOSS IN PRICE TO THE TUNE OF $59.45
WE HAD 1683 CONTRACTS ADDED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.
NET GAIN ON THE TWO EXCHANGES 12,000 CONTRACTS OR 1,200,000 0Z (37.32 TONNES)
confirmed volume MONDAY 357,332.. contracts: huge///
//speculators have left the gold arena
END
APRIL
// THE APRIL 2025 GOLD CONTRACT
APRIL8
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) Out of Brinks customer 99,301.500 oz ii) Out of JPMorgan: 64,302.000 oz or 2,000 kilobars total weight: 163,603.500 oz in tonnes 5.088 |
| Deposit to the Dealer Inventory in oz | 0 ENTRIES |
| Deposits to the Customer Inventory, in oz | we have 1 customer entries deposits customer one entry i) into Brinks customer 53,049.150 oz (1650 kilobars) weight: 1.65 tonnes total weight dealer and customer 1.65 tonnes xxxxxxxxxxxxxxxxI |
| No of oz served (contracts) today | 2834 notice(s) 283,400 OZ 8.8149 TONNES |
| No of oz to be served (notices) | 1333 contracts 133,300 OZ 4.146 TONNES |
| Total monthly oz gold served (contracts) so far this month | 55,268 notices 5,526,800 oz 171.904 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: 0 entry
xxxxxxxxxxxxxxxxxxxxx
we have 1 customer entries
deposits customer one entry
i) into Brinks customer 53,049.150 oz (1650 kilobars)
weight: 1.65 tonnes
xxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: 2//customer account
2 entries
i) Out of Brinks customer 99,301.500 oz
ii) Out of JPMorgan: 64,302.000 oz or 2,000 kilobars
total weight: 163,603.500 oz
in tonnes 5.088
adjustments: 3
a) Brinks 110,631.224 oz/dealer to customer
b) JPMorgan: 101,854.308/dealer to customer
b) Loomis 144,678.500 oz /customer to dealer
xxxxxxxxxxxxxxxxxx
AMOUNT OF GOLD STANDING FOR APRIL
THE FRONT MONTH OF APRIL HAD A GAIN OF 395 CONTRACTS TO STAND AT 4167. WE HAD 1505 CONTRACTS FILED MONDAY. THUS WE GAINED A MAMMOTH 1900 CONTRACTS OR 190,000 OZ (5.909 TONNES) AS WE EXPERIENCED ANOTHER 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 THE HIGHEST EVER QUEUE JUMP IN COMEX HISTORY SURPASSING H THE PREVIOUS HIGHEST RECORDED WAS A FEW MONTHS AGO AT 5.8 TONNES.
MAY LOST 66 CONTRACTS UP TO 3819 CONTRACTS
JUNE GAINED A CONSIDERABLE 2435 CONTRACTS TO 372,819. JUNE WILL BE A WHOPPER OF A DELIVERY MONTH
We had 2834 contracts filed for today representing 283,400 oz
This is a huge major assault on the comex for gold and this time it is physical that will be requested.
Today, 0 notice(s) were issued from J.P.Morgan dealer and 408 notices issued from their client or customer account. The total of all issuance by all participants equate to 2834 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 599 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 (55,268 X 100 oz ) to which we add the difference between the open interest for the front month of APRIL (4167 CONTRACTS) minus the number of notices served upon today (2834 x 100 oz per contract) equals 5,660,100 OZ OR 176.052 TONNES
to which we add our TW0 exchange for risk issuances for April of 3.8709 tonnes
= 179.923 tonnes
thus the INITIAL standings for gold for the APRIL contract month: No of notices filed so far (55,268 x 100 oz +we add the difference for front month of APRIL (4167 OI} minus the number of notices served upon today (2834 x 100 oz) which equals 5,660,100 OZ OR 176.052 TONNES + 3.8709 tonnes ex for risks = 179.923 tonnes
TOTAL COMEX GOLD STANDING FOR APRIL.: 179.923 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 44,953,662.976 .oz
TOTAL REGISTERED GOLD 24,185,997.948 or 752.28 tonnes
TOTAL OF ALL ELIGIBLE GOLD: 20,767,664.978 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 8
INITIAL
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | withdrawals 1 i) Out of Loomis: 68,149.140 oz total withdrawals 68,149.140 oz |
| Deposits to the Dealer Inventory | 1 i)Into Brinks dealer: 651,244.324 oz total deposits dealer 651,244.324 oz |
| Deposits to the Customer Inventory | deposits customer side 2 entries i) Into CNT 50,537,230 oz ii) Into HSBC 318,160.30 oz total weight 368,697.530 oz |
| No of oz served today (contracts) | 75 CONTRACT(S) (0.375 MILLION OZ |
| No of oz to be served (notices) | 525 contracts (2.600 MILLION oz) |
| Total monthly oz silver served (contracts) | 2225 Contracts (11.125million 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 |
1 entries/dealer
i)Into Brinks dealer: 651,244.324 oz
total deposits dealer 651,244.324 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
deposits customer side
2 entries
i) Into CNT 50,537,230 oz
ii) Into HSBC 318,160.30 oz
total weight 368,697.530 oz
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
1 entries//customer withdrawals
withdrawals 1
i) Out of Loomis: 68,149.140 oz
total withdrawals 68,149.140 oz
ADJUSTMENTs 3 entries//
i) Brinks dealer to customer: 580,254.700 oz
i) delaware: 14,360.285 oz
ii) Malca: 699,721.518 oz
iii) customer to dealer Delaware: 9,482.867 oz
JPMorgan has a total silver weight: 199.954million oz/492.994oz million or 40.40%
TOTAL REGISTERED SILVER: 157,759 MILLION OZ//.TOTAL REG + ELIGIBLE. 492.994Million oz
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL
silver open interest data:
FRONT MONTH OF APRIL /2025 OI: 597 OPEN INTEREST CONTRACTS FOR A GAIN OF 147 CONTRACTS. WE HAD 65 NOTICES FILED MONDAY SO WE GAINED A MAMMOTH 212 CONTRACT QUEUE JUMP FOR 1.060 MILLION OZ//
MAY SAW A LOSS OF 3067 CONTRACTS DOWN TO 103,924 CONTRACTS. MAY WHICH IS NOW THE FRONT MONTH IS HARDLY CONTRACTING SO WE WILL HAVE A VERY STRONG DELIVERY MONTH
JUNE SAW A GAIN OF 72 CONTRACTS UP TO 1573 CONTRACTS.
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 75 or 0.375 MILLION oz
CONFIRMED volume; ON MONDAY 173,405 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 2225 X5,000 oz = 11.125 MILLION oz
to which we add the difference between the open interest for the front month of APRIL (597) AND the number of notices served upon today (75 )x (5000 oz)
Thus the standings for silver for the APRIL 2025 contract month: (2225) Notices served so far) x 5000 oz + OI for the front month of APRIL(597) minus number of notices served upon today (75)x 5000 oz equals silver standing for the APRIL contract month equating to 13.735 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 17.735 MILLION OZ
New total standing: 17.735 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/
APRIL8 WITH GOLD UP $17.50 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 6.02 TONNES OF GOLD OUT OF THE GLD. ///INVENTORY RESTS AT 926.78 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: 926.78 TONNES, TONIGHTS TOTAL
SILVER
APRIL8 WITH SILVER UP $0.35 /HUGE CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.137 MILLION OZ FROM THE SLV//: //INVENTORY AT SLV RESTS AT 447,421 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 447.421 MILLION OZ//
PHYSICAL GOLD/SILVER COMMENTARIES
1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY
MAGA Vs Libertarians: Peter Schiff and America-First Economist Face Off On Tariffs
Tuesday, Apr 08, 2025 – 09:45 AM
Is Trump in the process of a brilliant negotiation or attempting to permanently raise tariffs in a painful bid to restore American manufacturing? Are you willing to pay higher prices so Americans have jobs, so the U.S. is economically independent from other countries?
As that internal debate rages within his cabinet, tonight will see a free trade libertarian clash with a protectionist MAGA economist:
Visit the ZeroHedge homepage tonight at 7pm ET for our live Tariff Debate, with die-hard Austrian Peter Schiff facing off against Spencer Morrison, editor-in-chief of National Economics Editorials. The debate will be moderated by friend of ZH George Gammon, host of the Rebel Capitalist podcast.
While often allied on foreign policy, see how each camp differs on this key economic question.
The Libertarian View: Trade Benefits All
It’s not the consumer who holds the cards but the producer, and buying cheap products from other countries that specialize in making them allows Americans to live beyond their means, Schiff would argue. Plus the current regulatory environment — minimum wage, high taxes, strict labor liability laws — make it very costly to do business in the U.S. which high tariffs does not change.
Tariffs harm Americans more than the countries they are aimed at, he argues. Schiff’s prediction: major pain incoming to the U.S. dollar and the American consumer.
The MAGA View: We Are Being Ripped Off
We hear Trump say that other countries are “ripping us off” given the U.S. has large trade deficits and often lopsided tariffs or import regulations. The attitude from the MAGA camp — now echoed by Treasury Secretary Scott Bessent and others — is that access to the wealthy American consumer is a privilege that other countries should pay for.
Tonight’s debater Morrison, author of “Reshore”, says that “tariffs are the price foreigners must pay to sell their goods in America”.
Rather than maximizing economic efficiency, Morrison advocates that economic policy “serve the American people—our security, wellbeing, and natural environment.”
We’ll see you tonight at 7pm ET.
2. Egon Von Greyerz et al
Alasdair Macleod..
Geopolitics and Trump’s tariffs
Japan, South Korea, and China are fast-tracking a new trade agreement. America’s global economic influence will decline and the international role of the dollar with it.
| Alasdair MacleodApr 7∙Paid |
Trump’s so-called Liberation Day last week was a clear statement of intent — the growing 100-year trend of the US intervening in other nations’ affairs is ending. It was this trend which led to America defeating communism and its dollar becoming the unchallenged international currency for international trade.
For now, everyone is concerned with the economic consequences. Will Trump’s tariffs lead to a renaissance for US industry? Or will it lead to trade wars and a slump? In the few trading sessions following Liberation Day, the markets have voted with an emphatic thumbs down.
Ever since Trump campaigned on a tariff platform, I have made my views known and laid down the likely economic and monetary consequences. We must now turn our attention to the geopolitical implications of US autarky. Whether they trade with the US or not, every nation will be considering its future trade alliances, including which great powers will serve their national interests best in future.
Decisions are being taken which will determine the future of every nation, some with clarity and others dithering. These discussions over individual national interests will have been going on away from the public eye at least since the US presidential election last November. And they would have included the consequences for foreign relations.
Nowhere would these preparations have been more focused than in discussions between China and Russia, whose long-standing ambitions have been to remove from Asia and their allies elsewhere America’s hegemonic influence and its dollar. With Russia sanctioned, it is up to China to take the lead in anti-American trade policy.
Trump’s liberation day was 2 April and China was already prepared with a press release three days earlier:
“The three nations announced on Sunday that they have agreed to accelerate negotiations on their trilateral free trade agreement and enhanced cooperation in supply chain management and export controls according to China’s Ministry of Commerce.”
China Daily, 5 April
With China jointly leading BRICS and the Shanghai Cooperation Organisation, bringing Japan and South Korea into a combined Asian sphere of influence is a major coup for China. Effectively, it leaves the US isolated (its choice) and Europe struggling to agree its geopolitical position in global trade. Their combined advanced commercial technology is almost certainly better than that of the US, and Russia’s hypersonic missile technology is as well.
China’s objective is clear; that is to separate Japan and South Korea from American domination. With trade talks between these parties having been in the works for some time, Trump’s liberation day has suddenly made the mutual benefits clear and urgent.
Others will want to turn their backs on the US and join this alliance for similar reasons. The rest of Asia not in BRICS or the SCO are almost certain to join in. Indonesia (additional tariffs of 32%), Thailand (36%), Malaysia (24%), Cambodia (49%), Bangladesh (37%), Sri Lanka (44%), Myanmar (44%), Laos (48%), and Vietnam (46%) are highly likely to join in. Even Taiwan (32%) is likely to be reconsidering its options.
The alternative to US tariffs is an Asian-led tariff-free trade area covering most of the rapidly developing world. All of Africa, the Middle East, the rest of Asia, and when America weakens South Americans too will be ready to jump ship.
With her exports to the US at only 2% of her economy, China already exports more to BRICS members. And her imports from the US are relatively negligible anyway, so China’s tit-for-tat tariff response will have limited impact on her own domestic economy. Far more important is that China produces a large majority of the world’s rare earths, and the US imports about 70% of its rare earths from China. Seven categories of medium and heavy rare earths, which are crucial to the US economy are now on China’s export control list.
Some say that rare earths’ restrictions are a negotiation tactic. Already, Trump initially backed down saying his tariffs against China might be subject to negotiation before threatening to double them. But does China really care? The art of the deal is to deal from strength and Trump is not there.
The dollar’s future
In trade terms, the world has long been dependent on the US and its dollar, and it is that which is now changing irrevocably. The implications for it are that the day when the dollar will be replaced as the principal trade settlement currency for the majority of the world’s population is much closer. All that is needed is a replacement for it and we know that this is already a topic of discussion between China and Russia.
In large part, how matters evolve for the dollar will determine this outcome. But in the nearer term, there are too many dollars in circulation given the recessionary implications of Trump’s tariffs on global trade. The dollar’s trade-weighted index is already beginning to reflect this as the chart below confirms:
Furthermore, foreign portfolios possess over $14 trillion in US equities, and they have also been avid buyers at the top of the bull market. Quoted in Morningstar, economist Ed Yardini, who has crunched the numbers, said that “[foreign] buying has a record of being a contrary indicator.” Now that the market is crashing, these weak holders are bound to panic, selling equities indiscriminately and the dollars raised as well.
This analysis confirms the immediate bearishness of the TWI chart above. Consequently, higher interest rates will be required to stabilise the dollar, at a time of a widespread economic slump for the US economy. Europe, South Korea, and Japan face a similar outlook due in large part to Trump’s tariffs and the tariff responses which seem sure to follow.
It is an outlook which divides the world into two parts. There is the old, dollar-based financialised one dependent on financial speculation for its wealth generation rather than honest production, and the new, which is enjoying an industrial revolution with genuine economic progress. And it is the latter that is attracting South Korea and Japan away from the US’s declining sphere of influence.
3. C Powell and Gata dispatches
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 TUESDAY MORNING MONDAY NIGHT
SHANGHAI CLOSED UP 48.97 PTS OR 1.58%
//Hang Seng CLOSED UP 299.38 PTS OR 1.51 PTS
// Nikkei CLOSED UP 1876.00 OR 6.03 %//Australia’s all ordinaries CLOSED UP 2.39%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3388 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3630/ Oil UP TO 60.56 dollars per barrel for WTI and BRENT UP TO 64.29 Stocks in Europe OPENED ALL GREEN.
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 /TUESDAY MORNING.7:30 AM
ONSHORE YUAN: CLOSED DOWN TO 7.3388
OFFSHORE YUAN: DOWN TO 7.3630
SHANGHAI CLOSED CLOSED UP 48.97 PTS OR 1.58%
HANG SENG CLOSED CLOSED UP 299.38 OR 1.51%
2. Nikkei closed UP 1876.00 PTS OR 6.03%
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 102.90// EURO RISES TO 1.0930 UP 16 BASIS PT HEADING TO PARITY WITH USA
3b Japan 10 YR bond yield: RISES TO. +1.275//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 147.09…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: DOWN OFFSHORE: DOWN
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt.
3g Oil UP for WTI and UP FOR BRENT this morning
3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6560/Italian 10 Yr bond yield UP to 3.857 SPAIN 10 YR BOND YIELD UP TO 3.339
3i Greek 10 year bond yield UP TO 3.540
3j Gold at $3016.20 Silver at: 30.38 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40
3k USA vs Russian rouble;// Russian rouble UP 1 AND 25 /100 roubles/dollar; ROUBLE AT 85.75
3m oil into the 60 dollar handle for WTI and 64 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 1.257 % 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 0.8556 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9350 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.
USA 10 YR BOND YIELD: 4.216 UP 6 BASIS PTS…
USA 30 YR BOND YIELD: 4.642 UP 5 BASIS PTS/
USA 2 YR BOND YIELD: 3.796 UP 6 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 38.01
10 YR UK BOND YIELD: 4.6645 UP 10 PTS
10 YR CANADA BOND YIELD: 3.089 UP 3 BASIS PTS
5 YR CANADA BOND YIELD: 2.691 UP 3 PTS.
2a New York OPENING REPORT
Futures Soar On Optimism For Tariff Deals
Tuesday, Apr 08, 2025 – 08:31 AM
After three days of big losses and record-breaking volatility, equity futures are rebounding sharply following somewhat soothing comments from Treasury Secretary Bessent (although how long the relative calm lasts is anyone’s guess, given there’s little clarity about what Trump wants in exchange for cutting tariffs). As of 8:10am, S&P futures are 2.9% higher, a bounce which started around the time we informed readers that Goldman’s head of risk of risk had turned bullish yesterday afternoon; Nasdaq futures are up 2.7%, with all Mag7 names higher with Semis and Cyclicals also outperforming. European and Asian markets are also broadly higher. The VIX is down 10 vols below 40, while Chinese ADRs are mixed. Bond yields have reversed earlier losses and are up 1bp to 4.22% with the USD dropping. Todays’ macro data focus is the Small Business Optimism report which saw sentiment tumble to 97.4 from 100.7 the lowest since the Trump election (Hiring Plans also slumped; these tend to have a lagged but positive correlation to NFP).
In premarket trading, Nvidia is leading the Magnificent Seven higher (Nvidia +4%, Amazon +3.3%, Meta +3%, Tesla +3.0%, Alphabet +2.5%, Apple +1.6%, Microsoft little changed). Health insurance stocks are rallying after the Centers for Medicare & Medicaid Services finalized a 5.06% average increase in payments to Medicare Advantage plans from 2025 to 2026, an increase from its earlier projection (Humana +14%, Alignment Healthcare +10%, CVS +8.8%, UnitedHealth +7.2%, Centene +4.9%). Here are some other notable premarket movers:
- Agco Corp. (AGCO) rises 2% after Citi upgraded the agricultural equipment company to buy, saying that the company is “favorably positioned given its ~65% exposure to Europe and South America, which we anticipate recovering ahead” of North America.
- Blackstone (BX) rises 3% after the private equity firm is upgraded to market outperform from market perform at Citizens.
- Chegg (CHGG) falls 2% as JPMorgan downgrades its rating to underweight, saying the education technology company is facing secular headwinds.
- CME (CME) rises 2.5% and Charles Schwab (SCHW) gains 3.4% after Morgan Stanley upgrades its ratings across exchange operators and brokers in a hunt for more defensive exposure.
- El Pollo Loco (LOCO) rises 10% after receiving an unsolicited, non-binding indication of interest from Biglari Capital Corp.
- Eli Lilly & Co (LLY) climbs 2% after Goldman Sachs upgraded the obesity drugmaker to buy, citing a “compelling entry point into the sector’s premier topline grower” at current levels.
- Levi Strauss (LEVI) jumps 11% after the apparel retailer maintained its full-year outlook in the face of sweeping new US tariffs that are poised to significantly raise costs for multinational apparel companies.
- Marvell Technology (MRVL) climbs 4% after Infineon agreed to buy the chip designer’s automotive networking business for $2.5 billion. The deal makes sense given the firm’s strategic focus on artificial intelligence, analysts say.
- Nu Holdings (NU) rises 4% after JPMorgan upgraded the bank to overweight, saying “even in our more conservative estimates we see Nu growing earnings more than 30% in next 3 years, something hard to find.”
- Teradata Corp. (TDC) rises 4% after Morgan Stanley upgraded the database management company to overweight, saying “we acknowledge the company remains a model in transition with risk of extending sales cycles,” but at the current valuation, “we believe this is more than priced in.”
Traders are dipping back into risk assets after one of the most brutal selloffs in years, with some taking hints that President Donald Trump might be willing to ease his position on trade terms after Japan pushed ahead with talks. That sent the Nikkei 225 index to a 6% surge. Goldman traders are turning outright bullish anticipating a big bounce in stocks here, with many citing expectations that Trump will cut trade deals.
“The Trump administration is signaling his openness to trade deals,” said Elias Haddad, a strategist at Brown Brothers Harriman. “Regardless, the pervasive uncertainty created by continuously changing US tariff threats and the scope of potential retaliatory measures remain a major blow to the global economy. Bottom line: relief rallies in risk assets will likely be short-lived.”
Trump made a string of comments Monday about his planned duties, yet he offered little clarity about what he is seeking in exchange for lowering levies — or whether he’s willing to offer relief at all. He rejected a European Union proposal to drop tariffs on all bilateral trade in industrial goods with the US, and threatened to slap China with an additional 50% import tax.
“The markets have come very far, very fast,” said Michael Kelly, global head of multi asset at PineBridge Investments. “It’s time for them to stabilize and figure out what the next turn of events is: up because the tariffs are coming down or down because the global economy is going down.”
Still, warnings are piling up on the bleak outlook for stocks. BlackRock strategists downgraded US equities on Monday to neutral from overweight, while a team at Goldman Sachs Group Inc. said the equity selloff could well turn into a longer-lasting cyclical bear market as recession risks mount.
UBS’s chief strategist said tariffs could hammer consumer demand, resulting in zero earnings growth for US companies this year. And Citadel founder and Republican mega-donor Ken Griffin said Trump’s tariffs amount to a hefty tax on families and are a “huge policy mistake.”
Amid the growing trade war, China stepped up efforts to support its market and vowed to “fight to the end” over tariffs — this could include levies on American farm goods and a ban on Hollywood movies, according to local bloggers.
“Markets have somewhat stabilized after a couple of dizzying trading days,” said Elias Haddad, senior markets strategist at Brown Brothers Harriman. “Regardless, the pervasive uncertainty created by continuously changing US tariff threats and the scope of potential retaliatory measures remain a major blow to the global economy. Bottom line: relief rallies in risk assets will likely be short-lived.”
Europe’s Stoxx 600 benchmark rose for the first time in five days, adding more than 2% even as President Trump rejected a European Union proposal to drop tariffs on all bilateral trade in industrial goods with the US. The travel and leisure and industrial sectors led the gains, while telecom shares were the biggest laggards. Here are the biggest movers Tuesday:
- Saab shares gain as much as 8.2%, the most since March 3, after the Swedish defense company was raised to hold from sell at Danske Bank, only three weeks after double-downgrading to sell
- Lonza shares rise as much as 6.1%, the most in almost four months, after analysts said the Swiss maker of drug ingredients was largely protected from the impact of US tariffs, citing a call with Chief Financial Officer Philippe Deecke on Monday afternoon
- Opus Global shares soar as much as 11%, the most since September 2023, after the Hungarian investment firm announced a new HUF 8 billion share buyback program
- Novo Nordisk shares drop as much as 2.2%, underperforming European pharma peers on Tuesday. Berenberg analysts say the “obesity fever has unwound significantly” via the Danish weight-loss drugmaker’s stock performance
- Infineon shares fall as much as 3.1%, underperforming Europe’s tech sector, after the company agreed to buy Marvell Technology’s automotive networking business for $2.5b
- Repsol shares decline as much as 1.6% after its 1Q upstream production missed analyst estimates on lower refining margin, weaker utilization rates amid maintenance works. Analysts expect a cut to consensus
- JTC shares slide as much as 4.8%, hitting their lowest level in over a year, after the financial firm’s annual results were slightly light versus expectations, according to analysts at RBC Capital Markets
- Impax Asset Management shares plunge as much as 20%, to the lowest since September 2017, after the specialist investor warned that full-year profits will be below expectations
Earlier in the session, Asian stocks also rebounded from the worst selloff on record. Japanese shares surged on hopes of a tariff deal with the US, while equities in China rallied as authorities stepped in to support the market. The MSCI Asia Pacific Index rose 2.4% and is poised for its biggest gain since September, following an 8.7% slump on Monday amid fears of an intensifying US-China trade war. The gauge was boosted Tuesday by Japanese shares including Mitsubishi, Toyota, and Hitachi. Stocks in Indonesia and Thailand tumbled as traders rushed to exit after the countries reopened from a long holiday. Equities in Hong Kong and mainland China gained, while Taiwan’s benchmark extended a slide. The rebound’s sustainability will largely depend on further moves by the world’s two largest economies. US President Donald Trump’s threat to hit China with an additional 50% tariff was met by Beijing pledging a “fight to the end.”
“As far as US and China goes, we are well and truly into the game of chicken,” Peter S. Kim, an investment strategist at KB Securities, said in a Bloomberg TV interview. “Trump has made his move and China has retaliated rather than choosing the path of compromise. It’s now up to which country’s going to blink first, and that’s very dangerous.”
In FX, the Bloomberg Dollar Spot Index has pared an earlier fall to just 0.1%. The Aussie dollar is the best G-10 performer, rising 0.9% against the greenback. The Swiss franc, euro and pound underperform as they trade little changed. Currency fluctuations are at the highest in two years, and the VIX index of equity volatility has hit an eight-month high.
In rates, yields on 10-year US bonds reversed an earlier losses and rose 2 basis points to 4.22%, after a volatile start to the week that saw yields whip between gains and losses. German rates remained higher, while UK gilts recouped some gains after long-end yields surged on Monday by the most since former Prime Minister Liz Truss’ 2022 mini-budget. The relative lull came as a relief to traders after a fraught day of trading in the US. With little clarity on whether President Donald Trump is willing to offer relief on his tariffs, a gauge of Treasuries implied volatility has soared to its most extreme level since October 2023. Bunds underperform, with shorter-dated maturities under pressure as traders pare their ECB interest-rate cut bets. German two-year yields rise 7 bps. Short-end bonds outperform in the UK meanwhile as traders add to their BOE rate cut bets. UK two-year yields fall 4 bps.
Traders threw out a number of possible reasons for Monday’s yield whiplash: a market primed for a pullback after such a sharp rally; lurking concerns about tariffs stirring inflation or necessitating government stimulus; liquidations in favor of cash-like instruments; or even rumors that foreign owners, including China, were selling.
In commodities, oil prices are steady with WTI near $60.70 a barrel. Spot gold rises $13 although has slipped back below $3,000/oz in recent trading. Bitcoin is up near $80,000.
Looking at today’s calendar, earnings due premarket include Walgreens Boots Alliance (WBA US) and two specialty chemicals companies — RPM International (RPM US) and WD-40 (WDFC US). For Walgreens, which is set to go private later this year, retail performance is the wild card as it is accelerating plans to close 500 stores in 2025. In economic data, NFIB small business optimism for March is released at 6am ET; the number tumbled to 97.4, below expectations of 99, easing from 100.7 the prior month. San Francisco Fed chief Daly is speaking at 2pm ET.
Market Snapshot
- SPX +2.7%
- NDX +2.7%
- RTY +3.1%
- WTI +8bps at $60.75
- NatGas -30bps to $3.64
- UK NatGas -249bps to £0.8851
- Gold +72bps to $3,005,
- Silver +42bps to $30.21
- 10Y @ 4.172%
- VIX @ 42.99.
Top Overnight News
- Scott Bessent told CNBC that tariff negotiations are result of massive inbound calls, not the market: CNBC interview
- Scott Bessent told Fox that “everything is on the table” in tariff talks, but deals probably won’t be reached before the April 9 start date. He said Japan would get priority after swiftly reaching out to the US, but he noted that has not seen a trade offer from Japan; he added that maybe 70 countries have approached the US by now on trade and that Japan’s non-tariff trade barriers are quite high, according to an FBN interview. Furthermore, Bessent said tariffs depend on negotiations which will be tough and the US will not likely have any trade deals in place by April 9th to avoid the retaliatory tariffs going into place, as well as commented that China has chosen to isolate itself by retaliating and doubling down on previous negative behavior.
- Bessent having some success steering the White House tariff messaging away from permanence and toward negotiations after warning Trump of further market losses. Politico
- White House considers withdrawing 10K US troops from Eastern Europe, a move sparking alarms in the region given Russia’s aggression. NBC News
- US President Trump’s order tonight reportedly seeks to tap coal power in a bid to dominate AI, according to Bloomberg.
- US President Trump posted on Truth “The Budget Plan just passed by the United States Senate has my Complete and Total Endorsement and Support. All of the elements we need to secure the Border, enact Historic Spending Cuts, and make Tax Cuts PERMANENT, and much more, are strongly covered and represented in the Bill.”
- US tariffs reportedly threaten almost USD 2tln of investment pledges by global companies: FT.
- Republicans increasingly embrace the idea of raising upper-income individual tax rates as they scramble to find revenue for their reconciliation bill. BBG
- Report commissioned by US Chamber of Commerce Foundation showed that many of the ~200 US firms surveyed in the past couple of years plan to hold onto or increase ties with China:WSJ.
- US Secretary of State Rubio discussed US reciprocal tariffs on India and how to make progress towards a fair trade relationship in a call with his Indian counterpart: State Department.
- US Department of Homeland Security employees on Monday evening were asked to consider voluntarily resigning, retiring or taking a buyout: Bloomberg.
- China vowed to fight the trade war “to the end” and took steps to prop up its markets. The PBOC eased yuan controls — signaling tolerance for currency depreciation — while a group of state-linked funds scooped up equities. BBG
- China increases measures aimed at stabilizing the stock market – the PBOC will provide more liquidity to back purchases by the country’s SWF while insurers will be allowed to dedicate more funds to the equity market. SCMP
- Japan emerged on Tuesday as the first major economy to secure priority tariff negotiations with Donald Trump, highlighting its status as Washington’s biggest creditor and investor and triggering a 7 per cent surge in Tokyo-listed stocks. FT
- Business leaders are worried tariffs may reignite inflation and supply disruptions, the Chicago Fed’s Austan Goolsbee told CNN. Any massive retaliation could send the economy back to the conditions of 2021-22, when inflation was “raging out of control.” BBG
Trade/Tariffs
- US Treasury Secretary Bessent said he has not seen a trade offer from Japan and expects Japan to get priority in negotiations because they came forward early, while he added that maybe 70 countries have approached the US by now on trade and that Japan’s non-tariff trade barriers are quite high, according to an FBN interview. Furthermore, Bessent said tariffs depend on negotiations which will be tough and the US will not likely have any trade deals in place by April 9th to avoid the retaliatory tariffs going into place, as well as commented that China has chosen to isolate itself by retaliating and doubling down on previous negative behavior.
- US Treasury Secretary Bessent flew to Florida Sunday to encourage President Donald Trump to focus his message on negotiating favourable trade deals. Otherwise, Trump would risk the stock market cratering further, according to Politico.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were mostly positive as markets regained some composure and bounced back from the recent tariff turmoil. ASX 200 advanced with tech and energy leading the broad-based gains across sectors which helped participants shrug off the weaker-than-previous consumer sentiment and business confidence surveys. Nikkei 225 surged at the open and reclaimed the 33,000 level after the recent aggressive selling and with Japan said to get priority in trade talks following a call between Japanese PM Ishiba and US President Trump. Hang Seng and Shanghai Comp conformed to the improved risk appetite as Chinese state-owned funds and regulators announced efforts to stabilise markets, although gains were capped after US President Trump threatened an additional 50% tariff on China if it doesn’t withdraw its 34% tariff increase against the US by today.
Top Asian News
- Citi cuts China’s 2025 GDP growth forecast to 4.2% (prev. 4.7%)
- China’s Social Security Fund says it has actively increased holdings of domestic stocks and plans to further increase investments in the near term.
- PBoC said it will provide lending support to China state fund Huijin if needed and it firmly supports Huijin increasing its holdings in stock market index funds, while Huijin said it will play its role as a market stabiliser and act decisively when needed, as well noted it has healthy balance sheets, ample liquidity and smooth funding channels.
- China’s financial regulator said it will increase the proportion of insurance funds invested in the stock market and raise the upper limit of equity asset allocation ratio, while it will optimise the regulatory policy on the proportion of insurance funds.
- China state holding company China Guoxin said it will buy CNY 80bln of stocks and ETFs. It was also reported that state investment firm China Chengtong will increase holdings in stocks and ETFs to safeguard market stability and will buy CNY 80bln of stocks and ETFs.
- China Electronics Technology Group said it will step up share buybacks to bolster investor confidence.
APAC Remarks
- Chinese Foreign Ministry says US acts did not show willingness for serious talks; if US wants to talk, it should show attitude for equality and respect
- China’s MOFCOM said China strongly opposes 50% additional tariffs and urges resolution of disputes with the US via dialogue, while it said it will fight to the end if the US insists on measures and that China will never accept the “blackmail nature” of the US. Furthermore, China urged the US to immediately rectify its ‘wrong practice’ and cancel all unilateral tariff measures against China.
- Japan will reportedly send Economy Minister Akazawa to the US for tariff talks with US Treasury Secretary Bessent soon, according to Mainichi. However, Akazawa earlier stated that he was not aware of a report that he would be appointed by PM Ishiba as negotiator for trade talks with the US and has not been approached by PM Ishiba when asked about if he would be appointed as Japan’s negotiator with the US on trade.
- Japan’s Chief Cabinet Secretary Hayashi says PM Ishiba is considering visiting the US to meet with US President Trump while watching ministers’ talks.
European bourses (STOXX 600 +1.5%) opened entirely in the green but some slight downward pressure has been seen in early morning trade with a couple of indices falling into negative territory. European sectors hold a strong positive bias, in-fitting with the risk tone. Industrials takes the top spot, followed closely by Travel & Leisure which continues to benefit from the lower oil prices and better risk appetite. Telecoms is lagging today; Banks and Real Estate also find themselves in the red.
Top European News
- ECB’s Simkus says a 25bps cut is needed in April, via Econostream; US Tariff announcement warrants a more accommodative monetary policy, and “we need to move to a less restrictive stance”.
- ECB’s de Guindos says he is optimistic that the US tariffs are a wake up call for Europe
- ECB’s Stournaras says negative impact from Trump tariffs on Greek economy will be limited.
- UBS Global Research cuts 2025 EZ GDP forecast to 0.5% (vs prior forecast 0.9%)
- UBS Global Research cuts UK 2025 GDP growth forecast by 0.4ppts to 0.7%
FX
- USD is currently softer vs. all peers after benefiting on Monday from a jump in US yields. The trade narrative remains at the forefront of investor sentiment after US President Trump showed no signs of easing up on his aggressive approach to trade as he threatened an additional 50% tariff on China. Furthermore, Trump added that the US is not looking at pausing tariffs; tariffs could be permanent and there could also be talks. DXY sits towards the top end of Monday’s 102.18-103.54 range, ahead of US NFIB small business optimism and Fed’s Daly.
- EUR is firmer vs. the USD but to a lesser extent than some peers. Monday saw EUR/USD close higher but a long way off the earlier session peak at 1.1050 with the pair dragged lower by upside in US yields. ING posits that the EUR remains underpinned by its liquidity premium. Today’s EZ docket is light in terms of data and as such, broader macro conditions and developments on the trade front will likely remain the focus for the pair. EUR/USD is currently contained on a 1.09 handle within a 1.0905-91 range.
- JPY is firmer vs. the USD despite the pick-up in risk sentiment we have seen thus far (albeit stocks have pulled away from best levels). In terms of updates out of Japan, Chief Cabinet Secretary Hayashi says PM Ishiba is considering visiting the US to meet with US President Trump. Additionally, US Treasury Secretary Bessent said he has not seen a trade offer from Japan and expects Japan to get priority in negotiations because they came forward early. Updates which explain some of the modest strength vs the Dollar. USD/JPY has delved as low as 146.98 but is some way off Monday’s low at 144.82.
- GBP is firmer vs. the broadly softer USD but once again to a lesser extent than the EUR on account of the Euro’s greater liquidity premium. UK specific drivers for the UK are on the light side. As we mentioned yesterday, desks are looking to see how the UK positions itself between the US and EU with Starmer noting last week that discussions on an economic deal with the US are “well advanced”. BoE’s Lombardelli is due later.
- Antipodeans firmer vs. the USD and top of the G10 leaderboard on account of the pick-up seen in risk sentiment. This comes despite both nation’s exposure to China and the threat by US President Trump on Monday over an additional 50% tariff on the name. The CNY has come under particularly attention today after the PBoC set its daily fixing above 7.20 for the first time since September 2023.
- PBoC set USD/CNY mid-point at 7.2038 vs exp. 7.3321 (Prev. 7.1980); weakest fix since September 2023.
Fixed Income
- USTs are relatively contained after a blockbuster Monday. Thus far, USTs are in relatively narrow 111-21+ to 112-08 parameters and entirely within, but at the lower-end of, Monday’s standout 111-15+ to 114-10 band. As it stands, markets are essentially just waiting for the next major update with the risk tone taking a slight breather from Monday’s marked pressure. Focus primarily on how Trump responds to China. Docket ahead includes US NFIB small business optimism and Fed’s Daly.
- Bunds began firmer, at the top-end of a 129.81 to 130.58 band which is entirely within but at the lower end of Monday’s chunky 129.11 to 132.03 range. As the morning progressed and the European tone remained relatively robust the benchmark slipped into the red and back below 130.00. A German 2035 Green outing garnered quite weak demand which fuelled some modest pressure in German paper.
- Gilts are outperforming and towards the top-end of a 91.81 to 92.63 band. Strength is a function of the relative underperformance seen in Gilts on Monday rather than any specific factor underpinning it and with no real concession emerging into strong DMO supply that seemingly sparked a c. 15 tick bounce in Gilts. While firmer, today’s 92.63 high point is just under 200 ticks shy of Monday’s 94.50 high and leaves the benchmark lower by over 150 ticks WTD.
- UK sells GBP 2.25bln 4.375% 2054 Gilt: b/c 3.04x (prev. 2.85x), average yield 5.357% (prev. 5.104%) & tail 0.2bps (prev. 0.2bps)
- Netherlands sells EUR 2.095bln vs exp. EUR 2.0-2.5bln 0.50% 2032 DSL: average yield 2.567%
- Germany sells EUR 2.386bln vs exp. EUR 3bln 2.50% 2035 Green Bund: b/c 1.3x, average yield 2.62% & retention 20.47%
Commodities
- Crude is choppy and currently around the unchanged mark. Overnight the complex was boosted by the improvement in risk appetite, but some of this optimism has dissipated a touch within the complex. Around the cash open the complex was towards the day’s peak at USD 61.75/bbl, before venturing to a fresh low at USD 60.17/bbl vs current USD 60.85/bbl. Energy specific updates have been light thus far.
- Precious metals are on a firmer footing today. Spot gold is higher by around a percent, having clambered above the USD 3,000/oz mark in overnight trade. The upside continued into the European session, taking the yellow metal to a fresh high of USD 3,015.91/oz. Bloomberg reported that gold held in London vaults increased by 372,000 ounces in March, marking the first monthly rise since October. It comes as the lucrative arbitrage trade, which had moved billions of dollars’ worth of bullion to the US, ended after precious metals were exempted from recent tariffs.
- Base metals hold a positive bias amid the recovery in risk appetite. 3M LME Copper gains by around 0.6% and currently trades in a USD 8,734.1-8,846/t range.
Geopolitics: Middle East
- Israel received Egypt’s new proposal, which involves the release of 8 hostages in exchange for a 40- to 70-day ceasefire although a source said it will be difficult to accept the proposal, according to Jerusalem Post.
- Iran’s Foreign Minister Araqchi confirmed Iran and the US will meet in Oman on Saturday for indirect high-level talks, while official media reported Iran’s Foreign Minister Araqchi and US envoy Witkoff will lead the US-Iran talks in Oman.
- Iran’s Nournews said the latest statements by US President Trump regarding holding direct talks with Iran is a complex and designed psychological operation to influence domestic and international public opinion.
- Houthi-affiliated media reported US raids on Hodeidah and Sanaa governorates in Yemen, according to Sky News Arabia.
Geopolitics: Ukraine
- Senior US Defense Department officials are considering withdrawing as many as 10k troops from Eastern Europe, according to NBC officials.
- US President Trump said they are meeting with Russia and Ukraine, and are getting sort of close, while he is not happy with Russia’s bombing.
Top Overnight News
- 6:00 am: Mar NFIB Small Business Optimism, est. 99, prior 100.7
Central Bank Speakers
- 2:00 pm: Fed’s Daly Speaks in Discussion on Economic Outlook
DB’s Jim Reid concludes the overnight wrap
As we go to press this morning, the market selloff has shown some initial signs of stabilising after the incredible rout over recent days. For instance, the S&P 500 was “only” down -0.23% yesterday, and futures this morning are up +1.32%, which would be the first positive day since the reciprocal tariffs were announced. That pattern has been evident globally, and in Asia this morning, the Nikkei (+4.99%) is on course for its best day since the summer turmoil, surging back after Treasury Secretary Bessent said that “I would expect that Japan is going to get priority”. Other indices are recovering too, including the Shanghai Comp (+0.91%), the Hang Seng (+1.58%), and the S&P/ASX 200 (+1.73%), and in Europe, futures on the DAX (+1.93%) and the FTSE 100 (+1.77%) are also positive.
Yet despite this morning’s recovery, markets are hardly in a good place right now, with an incredible amount of volatility still happening across different asset classes. Bear in mind that the S&P 500 is now down -10.73% since the tariff announcements, making it the worst 3-day performance since March 2020 at the height of the pandemic turmoil. And what was particularly striking yesterday was that sovereign bonds also witnessed a heavy selloff, with the 30yr Treasury yield (+21.0bps) posting its biggest daily spike since March 2020. That marked a big shift with recent sessions, when investors had moved into sovereign bonds amidst the risk-off move, and it spoke to broader concerns about the safety of US assets and their capacity to act as a haven in times of market stress.
All that came as President Trump showed no sign of reversing course on the reciprocal tariffs, which are still due to take effect from tomorrow. If anything, Trump’s rhetoric pointed towards further escalation, and he said yesterday that “if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th.” He also added that meetings with China would be “terminated”. So that led to a fresh risk-off move, and later on the Chinese Ministry of Commerce said in a statement that “If the US insists on its own way, China will fight to the end.”
Admittedly, Trump did sound open to reaching deals with other countries, saying in his message on China tariffs that “Negotiations with other countries, which have also requested meetings, will begin taking place immediately.” Later on, he also said that “There can be permanent tariffs and there can also be negotiations because there are things that we need beyond tariffs”. But administration officials have struck quite different tones on this issue, with White House adviser Peter Navarro writing “This is not a negotiation” in an FT op-ed, while Treasury Secretary Bessent said that “everything is on the table” when asked about the possibility of tariffs being lowered.
Although markets are facing incredibly stressed conditions right now, one of the most interesting features of yesterday’s session was a brief surge of more than +5% intraday for the S&P 500, shortly after the US open. That followed a headline suggesting that Kevin Hassett, the Director of the National Economic Council, had said that President Trump was considering a 90-day pause in the tariffs for all countries except China. But as questions arose about where this headline had come from, with no source available, the market quickly gave up most of those gains again, with the S&P 500 reversing back into negative territory. So it was a clear indication that markets are very sensitive to any policy shifts here, given that even an unsubstantiated headline was capable of driving a huge market reaction.
When it came to the market moves, global equities continued to lose ground across the world yesterday. While the S&P 500 recovered from -4.71% shortly after the open to only close -0.23% lower, the wild swings still saw the VIX index of volatility (+1.67pts) up to 46.98pts by the close, marking its highest closing level since the pandemic turmoil. Meanwhile in Europe, the slump was much more aggressive, with the STOXX 600 (-4.50%) having now shed -15.83% since its all-time high in early March. More broadly, financial conditions continued to tighten, with US HY spreads widening another +22bps yesterday to 449bps. So that means HY spreads have widened by more than +100bps over the last 3 sessions, making it the fastest spread widening since March 2020. Meanwhile US IG spreads were up +7bps yesterday and +23bps in the last 3 sessions, the fastest spread widening since the regional bank turmoil of March 2023.
But even as risk assets remained under pressure, it was notable that sovereign bonds were also selling off at the same time. For instance, the 10yr Treasury yield (+18.9bps) rebounded to 4.19% yesterday, which was its biggest jump since September 2022, during the global selloff after the UK’s mini-budget under PM Liz Truss. The 10yr yield had traded as low as 3.88% early in the European session so it was a huge intraday move. The losses were particularly clear at the long end of the curve, but they happened across the board, and even the 2yr yield (+11.1bps) moved up to 3.77%. And it was also notable that real rates drove the rise in yields, with the 10yr real rate (+17.9bps) posting its biggest daily rise since September 2022, moving back up to 1.98%.
That shift came as investors dialled back their expectations for rate cuts this year, with 93bps priced in by the December meeting, down -6.5bps on the day. So it was interesting that despite a broad risk-off move, investors are concerned that the Fed might not be able to cut aggressively in this environment, not least because of the threat of inflation rising even further above target. Indeed, Fed speakers haven’t sounded as though they’re in a hurry to cut rates, and Governor Kugler said yesterday that “We want to keep inflation expectations well anchored”, and that “It should be a priority to make sure inflation doesn’t move up and doesn’t move up in a very negative way.”
Over in Europe, there was also an aggressive bond selloff, with UK gilts particularly affected. In fact, the 30yr gilt yield (+20.4bps) saw its biggest daily jump since October 2022, back when Liz Truss was still Prime Minister, taking it back up to 5.24%. Other parts of the curve were also affected, with the 10yr gilt yield (+16.3bps) also seeing its biggest daily jump in over a year. And elsewhere in Europe, there was also a decent move higher for yields, with those on 10yr bunds (+3.5bps), OATs (+6.6bps) and BTPs (+9.8bps) all rising on the day. That also pushed the Franco-German 10yr spread back up to 78.7bps, its widest level since mid-January.
To the day ahead now, and US data releases include the NFIB’s small business optimism index. Meanwhile from central banks, we’ll hear from the Fed’s Daly, ECB Vice President de Guindos, the ECB’s Holzmann and Cipollone, and the BoE’s Lombardelli.
2B/ European Opening report
Risk sentiment improves with ES +1.3% whilst USD dips awaiting trade updates – Newsquawk US Market Open
Tuesday, Apr 08, 2025 – 05:51 AM
- China MOFCOM says China strongly opposes 50% additional tariffs and urges resolution of disputes with United States via dialogue.
- European bourses are on a firmer footing with US futures also in the green; ES +1.5%.
- USD softer vs. most major peers, antipodeans lead, EUR/USD remains on a 1.09 handle.
- Bonds were initially contained but has recently given way to pressure as the risk tone recovers.
- Crude choppy in a tight range while metals benefit from a softer Dollar ahead of trade updates.
- Looking ahead, ECB’s Cipollone, BoE’s Lombardelli & Fed’s Daly, Supply from the US, Earnings incl. Walgreens Boots Alliance.
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
TRADE/TARIFFS
US REMARKS
- US Treasury Secretary Bessent said he has not seen a trade offer from Japan and expects Japan to get priority in negotiations because they came forward early, while he added that maybe 70 countries have approached the US by now on trade and that Japan’s non-tariff trade barriers are quite high, according to an FBN interview. Furthermore, Bessent said tariffs depend on negotiations which will be tough and the US will not likely have any trade deals in place by April 9th to avoid the retaliatory tariffs going into place, as well as commented that China has chosen to isolate itself by retaliating and doubling down on previous negative behaviour.
- US Treasury Secretary Bessent flew to Florida Sunday to encourage President Donald Trump to focus his message on negotiating favourable trade deals. Otherwise, Trump would risk the stock market cratering further, according to Politico.
- US Secretary of State Rubio discussed US reciprocal tariffs on India and how to make progress towards a fair trade relationship in a call with his Indian counterpart, according to the State Department.
- US tariffs reportedly threaten almost USD 2tln of investment pledges by global companies, according to FT.
APAC REMARKS
- Chinese Foreign Ministry says US acts did not show willingness for serious talks; if US wants to talk, it should show attitude for equality and respect
- China’s MOFCOM said China strongly opposes 50% additional tariffs and urges resolution of disputes with the US via dialogue, while it said it will fight to the end if the US insists on measures and that China will never accept the “blackmail nature” of the US. Furthermore, China urged the US to immediately rectify its ‘wrong practice’ and cancel all unilateral tariff measures against China.
- Japan will reportedly send Economy Minister Akazawa to the US for tariff talks with US Treasury Secretary Bessent soon, according to Mainichi. However, Akazawa earlier stated that he was not aware of a report that he would be appointed by PM Ishiba as negotiator for trade talks with the US and has not been approached by PM Ishiba when asked about if he would be appointed as Japan’s negotiator with the US on trade.
- Japan’s Chief Cabinet Secretary Hayashi says PM Ishiba is considering visiting the US to meet with US President Trump while watching ministers’ talks.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 +1.5%) opened entirely in the green but some slight downward pressure has been seen in early morning trade with a couple of indices falling into negative territory.
- European sectors hold a strong positive bias, in-fitting with the risk tone. Industrials takes the top spot, followed closely by Travel & Leisure which continues to benefit from the lower oil prices and better risk appetite. Telecoms is lagging today; Banks and Real Estate also find themselves in the red.
- US equity futures (ES +1.5%, NQ +1.1%, RTY +1.5%) are entirely in the green, with complex continuing the strength seen in APAC/European trade.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
- Click for a detailed summary
FX
- USD is currently softer vs. all peers after benefiting on Monday from a jump in US yields. The trade narrative remains at the forefront of investor sentiment after US President Trump showed no signs of easing up on his aggressive approach to trade as he threatened an additional 50% tariff on China. Furthermore, Trump added that the US is not looking at pausing tariffs; tariffs could be permanent and there could also be talks. DXY sits towards the top end of Monday’s 102.18-103.54 range, ahead of US NFIB small business optimism and Fed’s Daly.
- EUR is firmer vs. the USD but to a lesser extent than some peers. Monday saw EUR/USD close higher but a long way off the earlier session peak at 1.1050 with the pair dragged lower by upside in US yields. ING posits that the EUR remains underpinned by its liquidity premium. Today’s EZ docket is light in terms of data and as such, broader macro conditions and developments on the trade front will likely remain the focus for the pair. EUR/USD is currently contained on a 1.09 handle within a 1.0905-91 range.
- JPY is firmer vs. the USD despite the pick-up in risk sentiment we have seen thus far (albeit stocks have pulled away from best levels). In terms of updates out of Japan, Chief Cabinet Secretary Hayashi says PM Ishiba is considering visiting the US to meet with US President Trump. Additionally, US Treasury Secretary Bessent said he has not seen a trade offer from Japan and expects Japan to get priority in negotiations because they came forward early. Updates which explain some of the modest strength vs the Dollar. USD/JPY has delved as low as 146.98 but is some way off Monday’s low at 144.82.
- GBP is firmer vs. the broadly softer USD but once again to a lesser extent than the EUR on account of the Euro’s greater liquidity premium. UK specific drivers for the UK are on the light side. As we mentioned yesterday, desks are looking to see how the UK positions itself between the US and EU with Starmer noting last week that discussions on an economic deal with the US are “well advanced”. BoE’s Lombardelli is due later.
- Antipodeans firmer vs. the USD and top of the G10 leaderboard on account of the pick-up seen in risk sentiment. This comes despite both nation’s exposure to China and the threat by US President Trump on Monday over an additional 50% tariff on the name. The CNY has come under particularly attention today after the PBoC set its daily fixing above 7.20 for the first time since September 2023.
- PBoC set USD/CNY mid-point at 7.2038 vs exp. 7.3321 (Prev. 7.1980); weakest fix since September 2023.
- Click for a detailed summary
- Click for NY OpEx Details
FIXED INCOME
- USTs are relatively contained after a blockbuster Monday. Thus far, USTs are in relatively narrow 111-21+ to 112-08 parameters and entirely within, but at the lower-end of, Monday’s standout 111-15+ to 114-10 band. As it stands, markets are essentially just waiting for the next major update with the risk tone taking a slight breather from Monday’s marked pressure. Focus primarily on how Trump responds to China. Docket ahead includes US NFIB small business optimism and Fed’s Daly.
- Bunds began firmer, at the top-end of a 129.81 to 130.58 band which is entirely within but at the lower end of Monday’s chunky 129.11 to 132.03 range. As the morning progressed and the European tone remained relatively robust the benchmark slipped into the red and back below 130.00. A German 2035 Green outing garnered quite weak demand which fuelled some modest pressure in German paper.
- Gilts are outperforming and towards the top-end of a 91.81 to 92.63 band. Strength is a function of the relative underperformance seen in Gilts on Monday rather than any specific factor underpinning it and with no real concession emerging into strong DMO supply that seemingly sparked a c. 15 tick bounce in Gilts. While firmer, today’s 92.63 high point is just under 200 ticks shy of Monday’s 94.50 high and leaves the benchmark lower by over 150 ticks WTD.
- UK sells GBP 2.25bln 4.375% 2054 Gilt: b/c 3.04x (prev. 2.85x), average yield 5.357% (prev. 5.104%) & tail 0.2bps (prev. 0.2bps)
- Netherlands sells EUR 2.095bln vs exp. EUR 2.0-2.5bln 0.50% 2032 DSL: average yield 2.567%
- Germany sells EUR 2.386bln vs exp. EUR 3bln 2.50% 2035 Green Bund: b/c 1.3x, average yield 2.62% & retention 20.47%
- Click for a detailed summary
COMMODITIES
- Crude is choppy and currently around the unchanged mark. Overnight the complex was boosted by the improvement in risk appetite, but some of this optimism has dissipated a touch within the complex. Around the cash open the complex was towards the day’s peak at USD 61.75/bbl, before venturing to a fresh low at USD 60.17/bbl vs current USD 60.85/bbl. Energy specific updates have been light thus far.
- Precious metals are on a firmer footing today. Spot gold is higher by around a percent, having clambered above the USD 3,000/oz mark in overnight trade. The upside continued into the European session, taking the yellow metal to a fresh high of USD 3,015.91/oz. Bloomberg reported that gold held in London vaults increased by 372,000 ounces in March, marking the first monthly rise since October. It comes as the lucrative arbitrage trade, which had moved billions of dollars’ worth of bullion to the US, ended after precious metals were exempted from recent tariffs.
- Base metals hold a positive bias amid the recovery in risk appetite. 3M LME Copper gains by around 0.6% and currently trades in a USD 8,734.1-8,846/t range.
- Click for a detailed summary
NOTABLE DATA RECAP
- French Trade Balance, EUR, SA (Feb) -7.87B vs. Exp. -5.85B (Prev. -6.54B, Rev. -6.49B); Imports, EUR (Feb) 57.54B (Prev. 56.376B, Rev. 56.18B); Exports, EUR (Feb) 49.67B (Prev. 49.836B, Rev. 49.69B); Current Account (Feb) -1.9B (Prev. -2.2B, Rev. -1.3B)
NOTABLE EUROPEAN HEADLINES
- ECB’s Simkus says a 25bps cut is needed in April, via Econostream; US Tariff announcement warrants a more accommodative monetary policy, and “we need to move to a less restrictive stance”.
- ECB’s de Guindos says he is optimistic that the US tariffs are a wake up call for Europe
- ECB’s Stournaras says negative impact from Trump tariffs on Greek economy will be limited.
- UBS Global Research cuts 2025 EZ GDP forecast to 0.5% (vs prior forecast 0.9%)
- UBS Global Research cuts UK 2025 GDP growth forecast by 0.4ppts to 0.7%
NOTABLE US HEADLINES
- Report commissioned by US Chamber of Commerce Foundation showed that many of the ~200 US firms surveyed in the past couple of years plan to hold onto or increase ties with China, according to WSJ.
- Morgan Stanley cuts US 2025 GDP growth forecast to 0.8% Q/Q (prev. 1.5%); not forecast a US recession, but the gap between sluggish growth outlook and a downturn has narrowed.
- US President Trump’s order tonight reportedly seeks to tap coal power in a bid to dominate AI, according to Bloomberg.
- US President Trump posted on Truth “The Budget Plan just passed by the United States Senate has my Complete and Total Endorsement and Support. All of the elements we need to secure the Border, enact Historic Spending Cuts, and make Tax Cuts PERMANENT, and much more, are strongly covered and represented in the Bill.”
- US Department of Homeland Security employees on Monday evening were asked to consider voluntarily resigning, retiring or taking a buyout, according to Bloomberg.
- Fed’s Goolsbee (2025 voter) says almost unprecedented situation where hard US economic data looks good, but lots of dust in the air, adds Fed policymakers are hearing anxiety. Anxiety is if tariffs are as big as announced, with counter-tariffs, might send the us back to supply disruptions and high inflation. If the world erupts into a global trade war, likely to see consumers change behaviour. If this becomes a global age of trade, and don’t actually put big tariffs on each other, it won’t have this negative impact. Fed’s job is to look at hard data.
GEOPOLITICS
MIDDLE EAST
- Israel received Egypt’s new proposal, which involves the release of 8 hostages in exchange for a 40- to 70-day ceasefire although a source said it will be difficult to accept the proposal, according to Jerusalem Post.
- Iran’s Foreign Minister Araqchi confirmed Iran and the US will meet in Oman on Saturday for indirect high-level talks, while official media reported Iran’s Foreign Minister Araqchi and US envoy Witkoff will lead the US-Iran talks in Oman.
- Iran’s Nournews said the latest statements by US President Trump regarding holding direct talks with Iran is a complex and designed psychological operation to influence domestic and international public opinion.
- Houthi-affiliated media reported US raids on Hodeidah and Sanaa governorates in Yemen, according to Sky News Arabia.
RUSSIA-UKRAINE
- Senior US Defense Department officials are considering withdrawing as many as 10k troops from Eastern Europe, according to NBC officials.
- US President Trump said they are meeting with Russia and Ukraine, and are getting sort of close, while he is not happy with Russia’s bombing.
CRYPTO
- Bitcoin is back on a firmer footing after the hefty losses seen in the prior session; BTC currently hovering around USD 79k.
APAC TRADE
- APAC stocks were mostly positive as markets regained some composure and bounced back from the recent tariff turmoil.
- ASX 200 advanced with tech and energy leading the broad-based gains across sectors which helped participants shrug off the weaker-than-previous consumer sentiment and business confidence surveys.
- Nikkei 225 surged at the open and reclaimed the 33,000 level after the recent aggressive selling and with Japan said to get priority in trade talks following a call between Japanese PM Ishiba and US President Trump.
- Hang Seng and Shanghai Comp conformed to the improved risk appetite as Chinese state-owned funds and regulators announced efforts to stabilise markets, although gains were capped after US President Trump threatened an additional 50% tariff on China if it doesn’t withdraw its 34% tariff increase against the US by today.
NOTABLE ASIA-PAC HEADLINES
- Citi cuts China’s 2025 GDP growth forecast to 4.2% (prev. 4.7%)
- China’s Social Security Fund says it has actively increased holdings of domestic stocks and plans to further increase investments in the near term.
- PBoC said it will provide lending support to China state fund Huijin if needed and it firmly supports Huijin increasing its holdings in stock market index funds, while Huijin said it will play its role as a market stabiliser and act decisively when needed, as well noted it has healthy balance sheets, ample liquidity and smooth funding channels.
- China’s financial regulator said it will increase the proportion of insurance funds invested in the stock market and raise the upper limit of equity asset allocation ratio, while it will optimise the regulatory policy on the proportion of insurance funds.
- China state holding company China Guoxin said it will buy CNY 80bln of stocks and ETFs. It was also reported that state investment firm China Chengtong will increase holdings in stocks and ETFs to safeguard market stability and will buy CNY 80bln of stocks and ETFs.
- China Electronics Technology Group said it will step up share buybacks to bolster investor confidence.
DATA RECAP
- Australian Westpac Consumer Sentiment (Apr) 90.1 (Prev. 95.9)
- Australian NAB Business Confidence (Mar) -3.0 (Prev. -1.0); Conditions (Mar) 4.0 (Prev. 4.0)
2c) Asian Opening report
APAC stocks rebound, European & US futures firmer despite persisting tariff rhetoric – Newsquawk Europe Market Open
Tuesday, Apr 08, 2025 – 01:49 AM
- US President Trump showed no signs of easing up on his aggressive approach to trade as he threatened an additional 50% tariff on China.
- US President Trump said the US is not looking at pausing tariffs; tariffs could be permanent and there could also be talks.
- APAC stocks were mostly positive as markets regained some composure and bounced back from the recent tariff turmoil.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 1.9% after the cash market closed lower by 4.6% on Monday.
- DXY has reversed some of yesterday’s strength, antipodeans lead peers alongside the pick-up in risk sentiment, havens lag.
- Crude futures are higher, gold is back above the 3k mark, fixed income markets are tentative.
- Looking ahead, highlights include French Trade Balance, Speakers including ECB’s de Guindos, Cipollone, BoE’s Lombardelli & Fed’s Daly.
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 finished mostly lower on what was a volatile session as participants digested tariff-related headlines and with President Trump showing no signs of easing up on his aggressive approach to trade as he threatened an additional 50% tariff on China if they do not remove the 34% tit-for-tat tariff on the US by Tuesday. Nonetheless, some countries are aiming for deals with the US to reduce tariffs, although WH Trade Adviser Navarro warned that non-tariff barriers are the issue, while stocks saw a brief, monumental spike higher and T-notes were slammed after CNBC reported that WH Economic Adviser Hassett said President Trump was mulling a 90% pause on tariffs for all countries except China. However, this was misinterpreted by CNBC and the White House were quick to deny the comment which it called “fake news”, to trigger a reversal that saw stocks tumble and T-notes pare some of the earlier losses.
- SPX -0.23% at 5,062, NDX +0.19% at 17,431, DJI -0.91% at 37,666, RUT -0.92% at 1,810
- Click here for a detailed summary.
TRADE/TARIFFS
- US President Trump responded they are not looking at that when asked regarding a pause in tariffs and said Japan needs to open up its country. Trump also stated that tariffs could be permanent and there could also be talks, while he is not worried about tariffs driving trading partners into the hands of China and said the US cannot be taken advantage of any longer. Trump also said the EU has been very tough over the years and repeated it was formed to bring damage to the US, as well as noted that the EU tariff response is not enough. Furthermore, he said trade with the European Union has to be fair and reciprocal, as well as noted the EU will have to buy energy from the US and that they are making tremendous progress with a lot of countries on tariffs,
- US President Trump would veto legislation introduced by Sen. Maria Cantwell and Sen. Chuck Grassley that would limit the President’s authority to unilaterally impose tariffs, according to a White House statement seen by Axios.
- US Treasury Secretary Bessent said he has not seen a trade offer from Japan and expects Japan to get priority in negotiations because they came forward early, while he added that maybe 70 countries have approached the US by now on trade and that Japan’s non-tariff trade barriers are quite high, according to an FBN interview. Furthermore, Bessent said tariffs depend on negotiations which will be tough and the US will not likely have any trade deals in place by April 9th to avoid the retaliatory tariffs going into place, as well as commented that China has chosen to isolate itself by retaliating and doubling down on previous negative behaviour.
- US Treasury Secretary Bessent flew to Florida Sunday to encourage President Donald Trump to focus his message on negotiating favorable trade deals. Otherwise, Trump would risk the stock market cratering further, according to Politico.
- White House Economic Advisor Miran said would encourage countries to approach Trump with offers to reduce tariffs and that President Trump would welcome countries taking down barriers to US exports. Miran also commented that dollar dominance is a great thing, but it has some side effects that can be problematic, while he couldn’t say if any tariff deals will happen before reciprocal tariffs take effect on April 9th and noted the decision will be up to Trump.
- China’s MOFCOM said China strongly opposes 50% additional tariffs and urges resolution of disputes with the US via dialogue, while it said it will fight to the end if the US insists on measures and that China will never accept the “blackmail nature” of the US. Furthermore, China urged the US to immediately rectify its ‘wrong practice’ and cancel all unilateral tariff measures against China.
- China’s People’s Daily article stated China’s message to Trump is that China is prepared and tariffs will hurt but the Sky won’t fall, while it added Beijing is ready with monetary and fiscal steps and with help for businesses and markets, according to CNBC’s Yoon.
- Japan will reportedly send Economy Minister Akazawa to the US for tariff talks with US Treasury Secretary Bessent soon, according to Mainichi. However, Akazawa earlier stated that he was not aware of a report that he would be appointed by PM Ishiba as negotiator for trade talks with the US and has not been approached by PM Ishiba when asked about if he would be appointed as Japan’s negotiator with the US on trade.
- Japan’s Chief Cabinet Secretary Hayashi says PM Ishiba is considering visiting the US to meet with US President Trump while watching ministers’ talks.
- US Secretary of State Rubio discussed US reciprocal tariffs on India and how to make progress towards a fair trade relationship in a call with his Indian counterpart, according to the State Department.
- EU Commission proposed a 25% tariff on US goods to take effect from May 16th, according to Reuters citing a document.
- US tariffs reportedly threaten almost USD 2tln of investment pledges by global companies, according to FT.
- Apple (AAPL) reportedly plans to send more iPhones to the US from India to offset the high cost of China tariffs, according to WSJ citing sources.
NOTABLE HEADLINES
- US President Trump posted on Truth “The Budget Plan just passed by the United States Senate has my Complete and Total Endorsement and Support. All of the elements we need to secure the Border, enact Historic Spending Cuts, and make Tax Cuts PERMANENT, and much more, are strongly covered and represented in the Bill.”
- US President Trump’s team considers exporter tax credit to offset tariff risks, according to Bloomberg.
- US President Trump’s trade advisor Navarro said that the market is finding the bottom now.
- US Department of Homeland Security employees on Monday evening were asked to consider voluntarily resigning, retiring or taking a buyout, according to Bloomberg.
- Fed’s Goolsbee (2025 voter) says almost unprecedented situation where hard US economic data looks good, but lots of dust in the air, adds Fed policymakers are hearing anxiety. Anxiety is if tariffs are as big as announced, with counter-tariffs, might send the us back to supply disruptions and high inflation. If the world erupts into a global trade war, likely to see consumers change behavior. If this becomes a global age of trade, and don’t actually put big tariffs on each other, it won’t have this negative impact. Fed’s job is to look at hard data.
APAC TRADE
EQUITIES
- APAC stocks were mostly positive as markets regained some composure and bounced back from the recent tariff turmoil.
- ASX 200 advanced with tech and energy leading the broad-based gains across sectors which helped participants shrug off the weaker-than-previous consumer sentiment and business confidence surveys.
- Nikkei 225 surged at the open and reclaimed the 33,000 level after the recent aggressive selling and with Japan said to get priority in trade talks following a call between Japanese PM Ishiba and US President Trump.
- Hang Seng and Shanghai Comp conformed to the improved risk appetite as Chinese state-owned funds and regulators announced efforts to stabilise markets, although gains were capped after US President Trump threatened an additional 50% tariff on China if it doesn’t withdraw its 34% tariff increase against the US by today.
- US equity futures (ES +1.1%, NQ +1.0%) gradually advanced overnight as risk sentiment broadly improved despite lingering tariff concerns.
- European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 1.9% after the cash market closed lower by 4.6% on Monday.
FX
- DXY reversed some of the prior day’s firm gains after rallying amid a surge in yields and tariff-related volatility as the focus centred on Trump’s latest tariff threat in which he warned to impose an additional 50% tariff effective on April 9th if China doesn’t withdraw its 34% reciprocal tariff by today. There were also recent Fed comments although had little market impact with Fed’s Goolsbee noting that Fed policymakers are hearing anxiety related to tariffs and Kugler said inflation expectations have moved up.
- EUR/USD clawed back losses after rebounding off support at the 1.0900 level, while tariff-related concerns linger after President Trump repeated criticism against the EU and with the EU Commission proposing 25% counter-tariffs on some US imports.
- GBP/USD nursed some of yesterday’s losses and steadily reapproached towards the 1.2800 handle amid light catalysts.
- USD/JPY continued to pull back after failing to sustain the 148.00 level but held on to most of the prior day’s spoils after surging on the dollar strength and upside in US yields.
- Antipodeans outperformed owing to the recovery in risk appetite and largely ignored the weaker-than-previous CNY reference rate setting and risks of escalation in the US-China trade war.
- PBoC set USD/CNY mid-point at 7.2038 vs exp. 7.3321 (Prev. 7.1980); weakest fix since September 2023.
FIXED INCOME
- 10yr UST futures were contained after retreating throughout the prior US session alongside a surge in yields and with demand sapped restricted as risk appetite recovered.
- Bund futures remained subdued after yesterday’s fluctuations and with EUR 3bln of Bund issuances scheduled later today.
- 10yr JGB futures were pressured amid outperformance in Japanese stocks and after weaker demand at the 30yr JGB auction.
COMMODITIES
- Crude futures were underpinned as global markets regained some composure after the recent panic selling.
- Spot gold continued its rebound from the prior day’s lows and retested the psychologically key USD 3,000/oz level.
- Copper futures gained with prices underpinned amid the recovery in risk appetite.
CRYPTO
- Bitcoin advanced overnight and climbed back above the USD 80,000 level.
NOTABLE ASIA-PAC HEADLINES
- PBoC said it will provide lending support to China state fund Huijin if needed and it firmly supports Huijin increasing its holdings in stock market index funds, while Huijin said it will play its role as a market stabiliser and act decisively when needed, as well noted it has healthy balance sheets, ample liquidity and smooth funding channels.
- China’s financial regulator said it will increase the proportion of insurance funds invested in the stock market and raise the upper limit of equity asset allocation ratio, while it will optimise the regulatory policy on the proportion of insurance funds.
- China state holding company China Guoxin said it will buy CNY 80bln of stocks and ETFs. It was also reported that state investment firm China Chengtong will increase holdings in stocks and ETFs to safeguard market stability and will buy CNY 80bln of stocks and ETFs.
- China Electronics Technology Group said it will step up share buybacks to bolster investor confidence.
DATA RECAP
- Australian Westpac Consumer Sentiment (Apr) 90.1 (Prev. 95.9)
- Australian NAB Business Confidence (Mar) -3.0 (Prev. -1.0)
- Australian NAB Business Conditions (Mar) 4.0 (Prev. 4.0)
GEOPOLITICS
MIDDLE EAST
- Israel received Egypt’s new proposal, which involves the release of 8 hostages in exchange for a 40- to 70-day ceasefire although a source said it will be difficult to accept the proposal, according to Jerusalem Post.
- Israeli PM Netanyahu said he spoke to US President Trump about Gaza and noted they are working on another deal.
- US President Trump said he is having direct talks with Iran and that doing a deal is preferable, while he added that they will have a very big meeting on Saturday and that the Gaza war will stop in the not-too-distant future. It was separately reported that the US and Iran are planning a meeting in Oman on Saturday, according to NYT.
- Iran’s Foreign Minister Araqchi confirmed Iran and the US will meet in Oman on Saturday for indirect high-level talks, while official media reported Iran’s Foreign Minister Araqchi and US envoy Witkoff will lead the US-Iran talks in Oman.
- Iran’s Nournews said the latest statements by US President Trump regarding holding direct talks with Iran is a complex and designed psychological operation to influence domestic and international public opinion.
- Houthi-affiliated media reported US raids on Hodeidah and Sanaa governorates in Yemen, according to Sky News Arabia.
RUSSIA-UKRAINE
- US President Trump said they are meeting with Russia and Ukraine, and are getting sort of close, while he is not happy with Russia’s bombing.
3 .ASIA
3A NORTH KOREA/SOUTH KOREA
3B JAPAN
3C CHINA
OVER NIGHT HEADLINES FROM CHINA:
US Futures & Yuan Drop After China Threatens “To Fight To The End” In Trade War
LAST NIGHT OPENING USA DOL;LAR VS CNY:
USD/CNY – US Dollar Chinese Yuan
Real-time Currencies
Currency in
CNY
7.3285
+0.0204(+0.28%)
END
THIS MORNING// USA/YEN OFFSHORE: 7.3630//ONSHORE 7.3388
“Tariff War Just Begun”: Beijing’s Counter-Tariff Options Against Trump Leaked By Bloggers
Tuesday, Apr 08, 2025 – 07:20 AM
On Monday, President Trump threatened China with an additional 50% tariff on goods imported into the U.S. if Beijing didn’t withdraw its 34% counter-tariff. Hours later, China’s Ministry of Commerce vowed to take “countermeasures” and said it “will fight to the end” of the trade war. Two top Chinese bloggers leaked some of those potential countermeasures on Tuesday.
A flurry of headlines overnight helped stabilize Asian equity markets. According to Goldman analyst Shubham Ghosh, some of those headlines included, “Consumption boost, leadership onshore willing to front-load stimulus, PBOC vowing sufficient funding, all adding up.”
“Onshore A-shs had a much better price action where the start was slow and it gradually picked up momentum towards the close – National team support speculated as notably combined turnover of the ETFs favoured by them hit a massive 92 bn Yuan,” Ghosh told clients.
We detailed overnight the commerce ministry’s threat to take “countermeasures” to defend its “rights and interests” should Trump fire off another round of tariffs. One key line from the ministry should keep traders up at night:
“China will never accept this. If the U.S. insists on going its own way, China will fight it to the end.”
In addition to the commerce ministry’s comments, two top Chinese bloggers have potentially leaked Beijing’s next moves, which could target everything from U.S. poultry and agricultural goods to Hollywood films—and even include a suspension of China-U.S. cooperation on fentanyl-related issues.
Bloomberg noted that Liu Hong, a senior editor at Chinese media outlet Xinhuanet, and Chairman Rabbit, the social media handle for Ren Yi, the Harvard University-educated grandson of former Guangdong party chief Ren Zhongyi, released an identical set of countermeasures that Beijing has mulled over to counter Trump.
Hong operates the account Niutanqin, which listed the potential countermeasures:
We have also received some latest news on specific countermeasures against US tariffs . China has prepared at least six major measures.
1. Significantly increase tariffs on U.S. agricultural products such as soybeans and sorghum.
Sources said that in view of the recent bullying behavior of the United States, China is considering significantly increasing tariffs on U.S. agricultural products such as soybeans and sorghum.
2. Prohibit the import of U.S. poultry meat into China.
Sources pointed out that in view of the frequent outbreaks of avian influenza in the United States, relevant parties strongly recommended that China ban the import of American poultry to ensure the food safety of the Chinese people.
3. Suspend China-US cooperation on fentanyl.
It was revealed that the Chinese government is considering stopping its fentanyl cooperation with the U.S. due to the U.S.’s threat to impose another 50% tariff. The reason is simple: the U.S. has completely ignored China’s humanitarian assistance, not only does it not understand China’s sincerity and goodwill, but it has also smeared, blamed and shifted the blame, which has seriously damaged the foundation of China-US fentanyl cooperation.
4. Countermeasures in the services trade sector.
The source also revealed that this includes restricting U.S. companies from participating in procurement and restricting business cooperation such as legal consulting. The U.S. has a long-term trade surplus in services with China, and the so-called “reciprocal tariffs” of the U.S. government will undoubtedly bring serious crisis to the U.S. service exports, which currently have a huge trade surplus.
5. Ban the import of American films.
According to relevant experts, in view of the U.S. threat to escalate tariffs on China , relevant departments are studying reducing or even banning the import of American films.
6. Investigate the benefits that U.S. companies have gained from intellectual property in China.
According to sources, in view of the huge monopoly profits obtained by relevant U.S. companies in China, relevant departments are studying to investigate the above situation.
“After all, China today is no longer the China of 100 years ago, 40 years ago, or four years ago. We have experienced too many ups and downs. We know clearly that we still face many challenges and difficulties, but we believe that we are on the right side of history,” the Niutanqin account said.
Niutanqin warned: “If you mess around, you will have to pay for it. The storm brought to the United States by the tariff war has just begun.”
END
CHINA/USA/
BESSENT RESPONDS: EARLY MORNING
US Futures Surge Following TsySec Bessent Comments; “President Has Maximum Negotiating Leverage”
Tuesday, Apr 08, 2025 – 08:02 AM
US Equity futures are accelerating gains following comments by US Treasury Secretary Bessent this morning that tariff negotiations are result of massive inbound calls, not the market.
- When asked about tax with Europe, says everything is on the table.
- Trump will be personally involved in negotiations.
- Japan, South Korea and Taiwan may be engaged in Alaska deal (Early March, Trump said Japan, south Korea and others want to partner with US in a gigantic natural gas pipeline in Alaska).
- If they are successful, tariffs would be a melting ice cube in a way.
- Have discussed which countries to prioritize.
- If there are solid proposals, could end up with some good deals.
- As part of calculus with deals, some part of tariffs may stay on.
- Bessent was not involved in the calculations of the tariff numbers.
- Thinks escalation by China was a big mistake.
- US President Trump is committed to fixing trade imbalances.
The reaction was positive to Bessent’s comments:
Watch Bessent’s full interview here: “The President has maximum negotiating leverage. Many of our trading partners have not escalated, and they will get priority in the queue. I think it was a big mistake, this Chinese escalation.”
Is the short-squeeze back sustainable?Politico reports that Bessent is having some success steering the White House tariff messaging away from permanence and toward negotiations after warning Trump of further market losses.
end
CHINA/USA/
later in the morning
“We Are Waiting For Their Call”: US Futures Hit Session High After Trump Talks China Deal
Tuesday, Apr 08, 2025 – 09:20 AM
Update (1920ET): President Donald Trump sent futures accelerating to the upside on Tuesday after suggesting on Truth Social that China “wants to make a deal, badly, but they don’t know how to get it started.”
“We are waiting for their call,” Trump continued, adding “It will happen!”
The comments come after China threatened various “countermeasures” in response to US tariffs – including increasing counter-tariffs on US agricultural products, prohibiting the import of US poultry, suspending China-US cooperation on fentanyl, restricting corporate trade, banning the import of American films, and reassessing the benefit US companies have gained from intellectual property in China.
“If the US escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests,” a ministry spokesperson said on Monday. “The US threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the US’s blackmailing nature. China will never accept this. If the US insists on going its own way, China will fight it to the end.”
“The US hegemonic move in the name of ‘reciprocity’ serves its selfish interests at the expense of other countries’ legitimate interests and puts ‘America first’ over international rules,” embassy spokesman Liu Pengyu said in response to a question on the latest US move.
“China will firmly safeguard its legitimate rights and interests,” he said, without specifying any actions.
Needless to say – after China’s threats, markets are so far pleased at Trump’s response…
US Equity futures are accelerating gains following comments by US Treasury Secretary Bessent this morning that tariff negotiations are the result of massive inbound calls, not the market.
- When asked about tax with Europe, says “everything is on the table.”
- Trump will be personally involved in negotiations.
- Japan, South Korea and Taiwan may be engaged in Alaska deal (Early March, Trump said Japan, south Korea and others want to partner with US in a gigantic natural gas pipeline in Alaska).
- If they are successful, tariffs would be a melting ice cube in a way.
- Have discussed which countries to prioritize. Japan would get priority after swiftly reaching out to the US.
- If there are solid proposals, could end up with some good deals.
- As part of calculus with deals, some part of tariffs may stay on.
- Bessent was not involved in the calculations of the tariff numbers.
- Thinks escalation by China was a big mistake.
- China has chosen to isolate itself by retaliating and doubling down on previous negative behavior.
- US President Trump is committed to fixing trade imbalances.
The reaction was positive to Bessent’s comments:
Watch Bessent’s full interview here: “The President has maximum negotiating leverage. Many of our trading partners have not escalated, and they will get priority in the queue. I think it was a big mistake, this Chinese escalation.”
END
THEN AT 12 NOON:
Stocks Erase Early Gains As White House Pulls Trigger On 104% China Tariffs
Tuesday, Apr 08, 2025 – 12:45 PM
Update (1245ET): Stocks could not maintain joy on Tuesday after the White House confirmed that 104% additional tariffs went into effect at Noon because China refused to remove its retaliatory measures.
The new tariff will be collected beginning tomorrow, April 9th. Markets were predictably displeased.
Clearly only another Ackman meltdown or Walter Bloomberg tweet can save us now.
* * *
Update (1100ET): US equity market are fading rapidly from a huge start this morning…
…the top seemed to coincide with a renewed surge lower in China’s offshore yuan…
…to a new record low against the dollar…
…further raising the specter of China trade war escalation with the possibility of a devaluation looming (as we detailed overnight).
The spread between Onshore Yuan (fixing) and offshore yuan is at its limit – something has to give.
Remember, China has three options:
Did that just decide to go with Option 2?
Notably the initial exuberant short-squeeze was unsustainable and has been hinting at the rally’s fragility all morning…
Finally, bear in mind that, as Goldman noted, those paying attention during the first trade war in 2018 would remember similar wording from the MOFCOM in Apr 2018 when the spokesperson also said Beijing will “fight to the end” yet the two sides entered into talks just the month after.
* * *
Update (1920ET): President Donald Trump sent futures accelerating to the upside on Tuesday after suggesting on Truth Social that China “wants to make a deal, badly, but they don’t know how to get it started.”
“We are waiting for their call,” Trump continued, adding “It will happen!”
The comments come after China threatened various “countermeasures” in response to US tariffs – including increasing counter-tariffs on US agricultural products, prohibiting the import of US poultry, suspending China-US cooperation on fentanyl, restricting corporate trade, banning the import of American films, and reassessing the benefit US companies have gained from intellectual property in China.
“If the US escalates its tariff measures, China will resolutely take countermeasures to safeguard its own rights and interests,” a ministry spokesperson said on Monday. “The US threat to escalate tariffs against China is a mistake on top of a mistake, which once again exposes the US’s blackmailing nature. China will never accept this. If the US insists on going its own way, China will fight it to the end.”
“The US hegemonic move in the name of ‘reciprocity’ serves its selfish interests at the expense of other countries’ legitimate interests and puts ‘America first’ over international rules,” embassy spokesman Liu Pengyu said in response to a question on the latest US move.
“China will firmly safeguard its legitimate rights and interests,” he said, without specifying any actions.
Needless to say – after China’s threats, markets are so far pleased at Trump’s response…
4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS
FRANCE/USA
UK
5 RUSSIAN AND MIDDLE EASTERN AFFAIRS
ISRAEL/HAMAS/
ISRAEL HAMAS
ISRAEL HAMAS
ISRAEL/USA/TARIFFS
Trump Tells Bibi He Might Not Reduce Tariffs On Israel: ‘We Give You $4BN A Year’
Monday, Apr 07, 2025 – 05:59 PM
Update(1759ET): Netanyahu did not get the quick or clear answer he was hoping for from President Trump in the Monday afternoon meeting in the Oval Office. Netanyahu pledged Israel will move quickly to close the trade gap and reduce trade barriers with Washington.
“Israel can serve as a model for many countries who ought to do the same,” the Israeli leader said, adding, “I’m a free trade champion, and free trade has to be fair trade.” However, Trump indicated he might not reduce tariffs on Israel. “We give Israel $4 billion a year,” Trump said, and quipped in a troll-like manner: “Congratulations by the way.” Watch the awkward scene play out of Bibi getting put in his place…
* * *
Israeli Prime Minister Benjamin Netanyahu arrived in Washington on Sunday for a visit to the White House, in a stay which is planned through Tuesday. The two leaders are meeting Monday afternoon.
He will be the first foreign leader to meet President Trump in-person in an effort to negotiate a deal to remove Trump’s tariffs, which for Israel is a 17% rate, the result of a significant US bilateral trade deficit.
“Upon his arrival in Washington with his wife, Sara Netanyahu, the premier headed from the airport to Blair House in a convoy, where he met with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer,” Israeli media wrote.
And Axios noted just ahead of the the trip that Israel tried to “avoid the tariffs Trump imposed on nearly every country in the world by announcing it would preemptively lift all tariffs on U.S. products. It didn’t work.”
This visit, which is Netanyahu’s second to the White House since Trump took office (the first was in early February), was by all accounts rather hastily put together, and also high on the agenda will be the Gaza crisis. Currently there are still 59 hostages still in Hamas and Islamic Jihad captivity – with many feared deceased.
Israel has controversially expanded the war, and now has Rafah surrounded once again and has ordered an evacuation of the civilian population. Hundreds of thousands have fled the southern Gaza city, also as basic necessities of life for the Palestinian population are running out.
Netanyahu’s office has has further indicated that “Israel-Turkey relations, the Iranian threat and confronting the International Criminal Court” will be on the agenda.
Trump may emerge from the meeting declaring that Israel is an example of how his tariff policy is working – that foreign capitals will come scrambling to negotiate.
One interesting aspect to Netanyahu’s travels is the impact the International Criminal Court (ICC) warrant is having on his itinerary. He’s still not able to visit most of the European continent, and last week’s Hungary trip was the first, after Budapest declared it would not arrest him or cooperate with the ICC.
Times of Israel pointed out that “The Wing of Zion state plane took a flight path that increased the journey from Budapest to Washington by some 400 kilometers in order to avoid flying over countries seen as likely to enforce the arrest warrant issued against him by the International Criminal Court should the plane be forced to make an emergency landing.”
“As Israel believes that Ireland, Iceland and the Netherlands would all enforce the ICC warrant, issued for alleged war crimes in Gaza, Wing of Zion instead flew over Croatia, Italy and France,” the report added.
Hungary last week declared it is exiting membership in the The Hague-based ICC due to the action against Netanyahu, with PM Viktor Orban decrying that it’s a “political tool” of Israel’s enemies. The Trump White House is certainly on board with Orban’s decision.
ISRAEL WEST BANK
HEZBOLLAH
HOUTHIS
Second US Carrier Steams Through Indian Ocean To Join Yemen War
Monday, Apr 07, 2025 – 08:55 PM
New satellite imagery captured over the weekend shows the USS Carl Vinson aircraft carrier entering the Indian Ocean, signaling Washington’s escalating military build-up in the region as part of its war on Yemen and ahead of a possible attack on Iran.
The USS Carl Vinson, a Nimitz-class nuclear-powered aircraft carrier named in honor of US Congressman Carl Vinson of Georgia, was originally deployed in the western Pacific. It is now the second US aircraft carrier in West Asia, joining the USS Harry S. Truman.
Last week, the US also deployed a fleet of B-2 Bombers to its base in Diego Garcia in the Indian Ocean. Together, the US carriers and bombers greatly expand the US military’s ability to launch air and missile strikes on Iran and Yemen.
The satellite imagery and maritime data showed that the USS Carl Vinson and its strike group transited through the Malacca Straits to reach the Indian Ocean.
The US military has been bombing Yemen since March 15, after the country’s Ansarallah-led government announced its intention to resume attacks on Israeli-linked vessels in the Red and Arabian Seas in response to Israel’s blockade on Gaza.
The US military’s bombing campaign in Yemen has cost nearly $1 billion in under three weeks, according to sources speaking with CNN, who said the campaign had caused a limited impact on the Ansarallah-led Yemeni Armed Forces’ (YAF) capabilities.
Yemen, a close ally of Iran, first began attacking Israeli-linked ships and targets in Israel in November 2023 in response to Israel’s genocide of Palestinians in Gaza.
The US military build-up in West Asia intensified after US President Donald Trump threatened Iran on 30 March with bombing and secondary tariffs if Tehran did not come to an agreement with Washington over its nuclear program. “If they don’t make a deal, there will be bombing,” Trump said in a telephone interview. “It will be bombing the likes of which they have never seen before.”
US Secretary of Defense Pete Hegseth has also issued warnings to Iran. “Secretary Hegseth continues to make clear that, should Iran or its proxies threaten American personnel and interests in the region, the United States will take decisive action to defend our people,” Pentagon spokesman Sean Parnell said in a statement issued Monday.
Iran has made clear it is not willing to enter direct talks over its nuclear program while US officials threaten military action against it.
However, Iranian Foreign Minister Abbas Araghchi has stated Tehran is open to indirect talks via intermediaries in Oman. Araghchi wrote in a post on X, “Diplomatic engagement worked in the past and can still work. But, it should be clear to all that there is – by definition – no such thing as a ‘military option,’ let alone a ‘military solution.’”
Following Trump’s threat, Ali Hajizadeh, the commander of the Aerospace Division of the Islamic Revolutionary Guard Corps (IRGC), directly threatened US bases in West Asia.
“The Americans have around 10 military bases in the region – at least near Iran – and 50,000 troops,” Hajizadeh told Iranian state TV on Monday. “It’s like they’re sitting in a glass house. And when you’re in a glass house, you don’t throw stones at others.”
Iran has long rejected claims it seeks to produce a nuclear weapon, saying such a move is un-Islamic due to the threat such weapons pose to civilians. Tehran insists that its nuclear program is entirely peaceful, in line with a religious fatwa against weapons of mass destruction, as well as the fact that it is a signatory to the Nuclear Non-Proliferation Treaty (NPT).
However, analysts suggest Iran could quickly develop nuclear weapons if US and Israeli threats to bomb and invade the country continue.
QATAR/MUSLIM WORLD
Qatari-based council: ‘Armed Jihad against Israel an obligation’
The fatwa issued by a clerical council belonging to the Muslim Brotherhood describes Israel as an “infidel enemy”, deems armed Jihad against Israel ‘incumbent upon all Muslims.’
By OHAD MERLINAPRIL 7, 2025 20:43Updated: APRIL 7, 2025 22:27
The International Union of Muslim Scholars (IUSM) has released a sweeping fatwa calling for waging “armed Jihad” against Israel and religiously banning normalization of ties. This pronouncement, which appeared on the organization’s official website and the official X/Twitter account of its president, Sheikh Ali Al-Qaradaghi, represents a striking theological stance promoted by an international Islamist organization during the current Gaza conflict.
Headquartered in Doha with additional presence in Istanbul and claiming to represent tens of thousands of religious scholars from across the globe, the IUSM was established in 2004 by Sheikh Yousef Al-Qaradawi, a notorious and revered cleric who led the Muslim Brotherhood axis and was made known for his endorsement and promotion of Hamas’s suicide bombings against Israeli civilians.
Earlier this week, the Union’s “Ijtihad and Fatwa Committee” crafted the edict addressing what they termed “the ongoing aggression against Gaza.” The declaration makes several extensive demands, including appeals for a thorough besieging of Israel “by land, sea, and air” while encouraging “prompt military intervention by Islamic countries” to bolster Palestinian armed struggle across multiple dimensions – military campaigns, economic areas, and the diplomatic arena.
The religious scholars cited Hamas’s casualty statistics in Gaza, which are claimed to exceed 50,000, describing the situation as “methodical genocide conducted with explicit backing from the United States, amidst Arab quietude and passivity from nations across the Islamic world.”
On the economic front, the council strengthened previous positions endorsing boycotts of “enterprises that support the Zionist entity,” and declaring that affluent Muslims must “participate in jihad through financial means and equip militants.”
The theological directive elaborates on what it considers duties for Muslims at varying levels of proximity to the conflict. Strikingly, the fatwa deems “the enemy”, meaning Israel, a Kafir, or infidel, in stark contrast to some other traditional views of Islam towards Judaism as part of the “People of the Book.”
The council’s stance extends to commercial measures as well, proclaiming it religiously forbidden to furnish Israel with “petroleum, natural gas, and all commodities that assist in their military campaign,” including “nourishment and beverages while Gaza’s population faces starvation.”
Among the more politically ambitious elements of the ruling is a call for Arab and Islamic countries to “form a consolidated military coalition to safeguard Islamic territories,” which the council characterizes as “an imperative obligation that permits no postponement.”
The fatwa also deals with geopolitical aspects, calling on nations maintaining diplomatic connections with Israel to “reassess these agreements and exert pressure accordingly,” and explicitly forbidding “normalization with the Zionist occupying entity in any form.”
Despite the IUMS’s wide-reaching influence and central role in the world of Islamist movements, others were more hesitant towards the edict. For instance, Egypt’s Dar Al-Ifta, the country’s Islamic advisory and governmental body, claimed that, according to Sharia, those who call for armed Jihad must also take part in it personally adding that “the call for jihad without taking into account the capabilities of the nation and its political, military and economic reality is an irresponsible call that contradicts the principles of Islamic law.”
‘Proof that Hamas is backed by international bodies’
Dr. Nesya Shemer, an expert in Sharia and Jewish-Islamic relations, explained to the Jerusalem Post that the fatwa calling for armed Jihad against Israel is an example of Fard ‘Ayn, a religious obligation incumbent upon each and every Muslim wherever they are.
“This means that the IUMS views Jihad against Israel as a ‘defensive Jihad’ aimed at fending off foes from the homeland which is to be ruled by Islam,” Shemer elaborated, adding that in their view, Palestine had been under Islamic rule since the 7th century and up until the British mandate and thus should be ‘retrieved.’ “This is opposed to offensive Jihad regarded as Fard Kifayah, an obligation incumbent upon the Islamic nation as a whole, in which a representative force of Muslims would suffice,” she explained.
When asked about the meaning of the new fatwa, Shemer stressed that it continues the line led by the IUMS since the beginning of the war. “While the immediate implications of this fatwa are not yet fully clear, there is growing fear that the fatwa will expand to become a global religious war against Jews all around the world, in a manner which will directly impact the lives of Jewish communities abroad,” Shemer elaborated.
“Moreover, the war and the images circulating in the media could affect public opinion in Israel’s bordering countries, which would affect the stability of the regimes in them,” Shemer continued. “However, with all due respect, neither these fatwas nor the perception of our neighboring regimes should guide Israel in its quest to defeat Hamas and its supporters worldwide.”
Shemer concluded: “This fatwa illustrates how Hamas is not just a small terrorist organization operating from Gaza, but rather one that is backed by international Muslim bodies and organizations that advocate for the same ideology. Dealing with Hamas is, in fact, dealing with that same Islamist ideology, which is international and widespread within the Muslim world.”
IRAN/USA
Trump is doing the impossible; he gets a direct meeting with Iran!!!!
(Reuters/JerusalemPost)
US and Iran will meet for high-level nuclear talks, Araqchi and Trump say
This announcement comes after Iranian officials said that the talks would not happen directly, as Trump had implied.
By REUTERS, MAARIVAPRIL 7, 2025 23:09Updated: APRIL 8, 2025 02:55
Iran and the United States will meet in Oman on April 12 for indirect high-level talks, Iranian Foreign Minister Abbas Aragchi said on Tuesday.
“It is as much an opportunity as it is a test. The ball is in America’s court,” Araqchi said in a post on X.
US President Donald Trump said on Monday that Iran would be in “great danger” if ongoing direct talks between the US and the Middle East country fail.
“I think if the talks aren’t successful with Iran, I think Iran’s going to be in great danger,” Trump said. “Iran cannot have a nuclear weapon, and if the talks aren’t successful, I actually think it will be a very bad day for Iran.”
Should the talks proceed, they would mark the first face-to-face interaction between American and Iranian officials since Trump withdrew from the 2015 nuclear deal seven years ago.
Tehran denies talks reports
Before Aragachi’s announcement, three senior Iranian officials told The New York Times that Trump’s account was not entirely accurate.
According to them, the discussions were expected to begin indirectly, with each delegation in separate rooms while Jordanian diplomats shuttle messages between the sides—a format similar to previous negotiations mediated by European officials during the Biden administration.
“The Nour news agency, which is affiliated with the Iranian government, said: ‘Trump’s move can be seen as part of a psychological and media game aimed at portraying the US as the “party seeking negotiations” and shifting the burden of the lack of dialogue onto Iran.'”
The Iranian sources added that Tehran could consider direct talks if initial indirect discussions show progress.
Hours before the two leaders’ announcement, Iranian Foreign Ministry spokesperson Esmail Baghaei said Iran was awaiting a US response to Tehran’s proposal for indirect negotiations. He said the Islamic Republic believed it was making a generous, responsible and honorable offer.
After Trump spoke, a senior Iranian official, speaking on condition of anonymity, told Reuters: “The talks will not be direct … It will be with Oman’s mediation.” Oman, which maintains good relations with both the US and Iran, has been a longtime channel for messages between the rival states.
Iran’s Supreme Leader Ali Khamenei has refused to permit direct nuclear negotiations with the United States since Trump abandoned the previous accord. Any face-to-face meeting would therefore represent a notable shift. Still, Iranian officials are unlikely to agree to dismantle the country’s extensive nuclear infrastructure, which has advanced to a stage where bomb-grade fuel could be produced within weeks and a deliverable weapon in a matter of months.
The talks come amid growing instability. Iran’s air defenses around key nuclear facilities were compromised after Israeli airstrikes last October. In addition, Iran can no longer count on proxy groups—including Hamas, Hezbollah, and the ousted Syrian government—to respond militarily against Israel.
Within Iran, more voices are calling for the country to develop a nuclear weapon, particularly after Iranian weaknesses were exposed during a missile attack on Israel last year.
Sitting beside Trump, Netanyahu stated that any agreement must follow “the Libyan model”—meaning Iran would need to fully dismantle and export its nuclear assets. However, while Libya’s nuclear equipment was handed over in 2003 before it was even unpacked, Iran’s program has been operational for years, is dispersed across the country, and much of it is buried underground.
The 2015 nuclear agreement required Iran to remove 97% of its enriched uranium and retain only minimal quantities alongside its fuel-production equipment. At the time, then-president Barack Obama and senior officials described the deal as the most achievable option.
Nonetheless, when Trump exited the deal, Iran retained both the equipment and knowledge to rapidly restart its program. The country is now believed to have enough material for at least six nuclear weapons.
In early February, The New York Times reported that a covert Iranian team is researching a faster—though cruder—method of constructing a nuclear device. Trump is likely to have been briefed on this intelligence, which surfaced near the end of the Biden administration and has added urgency to diplomatic efforts.
US officials have made clear that they will not engage in prolonged negotiations with Tehran.
END
ISRAEL/USA
Trump-Netanyahu meeting largely unsuccessful, tariffs remain threat – analysis
Trump’s second meeting with Netanyahu this term was, judging by politicians’ reactions, not an overwhelming success for Israel’s prime minister.
By AMICHAI STEINAPRIL 8, 2025 15:31Updated: APRIL 8, 2025 15:33
If we judge by the parameter of “politicians’ responses,” it seems that the meeting between Prime Minister Benjamin Netanyahu and US President Donald Trump was not an overwhelming success for the Israeli leader.
Following their previous meeting in February, coalition politicians showered them with praise and blessings, but now there is a deafening silence. And yet, it’s well known that they can offer praise when they choose to.
Trump’s second meeting with Netanyahu was, above all, an event—part of which was music to Israeli ears: full support for Israel’s policy in the war against Hamas in Gaza and a stern warning to Iran that it would be at risk without an agreement. However, part of it was quite jarring, to say the least.
JPost Videos
Let’s start with the issue of tariffs. Trump, at least for now, has not lifted the 17% tariffs on Israel. When asked if he would remove them, he replied, “Maybe yes, maybe no.”
Netanyahu, sitting beside him, was forced to nod and even set an example: “Look, Mr. President, we haven’t imposed tariffs on the US, unlike some countries around the world.” This also raises a question: When Netanyahu says that “the gaps in export/import with the US will disappear,” what does he mean?
That Israel will stop exporting $8 billion to the US, or that the US will force imports of $8 billion worth of goods? For many economic stakeholders in Israel, this promise remains unclear.
Trump’s announces direct talks with Iran
Trump was the one who withdrew from the nuclear deal, while Netanyahu has always seen himself as fighting to isolate Iran. History has led to a situation where the Israeli prime minister, who urged a president to abandon the deal, now watches as Trump announces direct talks with Iran.
True, the administration claims this is a strategy to avoid wasting time and that the goal is to dismantle Iran’s nuclear program—but how would Netanyahu have reacted to such an announcement from Biden? You can probably guess.
So, in Israel, they can at least look at the glass as a quarter or half full and reminisce fondly about previous meetings when, after encountering Trump, their glass was entirely full.
SOUTH SUDAN/ISRAEL
This is something out of the blue; South Suden leaders visit Israel and needs their help. They will abandon Iran
(JerusalemPost)
Sudanese leader’s envoy visits Israel in secret normalization talks – report
According to the report, the envoy told Prime Minister Benjamin Netanyahu that Al-Burhan wanted to finalize the normalization process between the two countries.
By JERUSALEM POST STAFFAPRIL 8, 2025 10:24
Lt.-Gen. Al-Sadiq Ismail, the personal envoy to Sudan’s military ruler Gen. Abdel Fattah al-Burhan, made a secret visit to Tel Aviv last week to discuss normalization efforts with Israel, Sudanese news outlet Al-Rakoba reported on Tuesday morning.
The visit aimed to coordinate with Israeli officials on how to present al-Burhan in a positive light to the new US administration and to address growing tensions with the United Arab Emirates over al-Burhan and the Sudanese army in general.
According to the report, the envoy told Prime Minister Benjamin Netanyahu that Al-Burhan wanted to finalize the normalization process between the two countries and arrange Sudan’s inclusion in the Abraham Accords in return for Israeli support for Sudan.
JPost Videos
Through his envoy, al-Burhan promised to meet any conditions Israel set in order to complete the agreement quickly.
The envoy explained that Sudan’s recent closer ties with Iran, which disturbed Israel, were a result of pressure and that Sudan’s army leader, al-Burhan, had no choice but to improve relations with Iran because Sudan has been isolated and facing a lot of pressure from other countries since the war started. In addition, he stated that Sudan urgently needed military support to win the civil war.
Burhan expressed his dissatisfaction with Israel
The ongoing Sudanese conflict, which began in April 2023, intensified due to rising tensions between competing military factions, especially between General Abdel Fattah al-Burhan’s forces and the Rapid Support Forces (RSF) led by Mohamed Hamdan Dagalo. The war has led to significant instability in Sudan and raised concerns internationally.
A source close to Sudan’s army commander said that Burhan shared his frustration with Israel about not receiving enough help during the two-year war. Since the war had started, he had hoped to get weapons from Israel to help defeat the Rapid Support Forces.
Burhan also said that Israel had no reason to be angry about Sudan’s recent move toward Iran because he turned to Iran only after not getting the military support he expected from Israel, despite their agreement to cooperate five years earlier.
The source added that Burhan assured Israel that he hoped to receive this assistance at a very important time, which would contribute to “achieving a real breakthrough in relations between the two countries and changing the opinion of many Sudanese toward Israel.”
RUSSIA VS UKRAINE
Kremlin Complains Its Questions On Ukraine Ceasefire Unanswered By US
by Tyler Durden
Monday, Apr 07, 2025 – 10:35 PM
The Kremlin has complained that progress toward achieving Ukraine war ceasefire talks with the United States has been stalled as it awaits answers to key questions issued to the Trump administration.
President Vladimir Putin still supports the idea of a ceasefire, a new Monday Kremlin statement said, but Russia has yet to be given answers which could bring progress to talks. Moscow has called these “crucial conditions” which must be me before any future ceasefire can take effect.
“President Putin does support the idea of the need for a ceasefire, but before that a number of questions must be answered,” Putin spokesman Dmitry Peskov told reporters.
“These questions are still hanging in the air; so far no one has given an answer to them,” he emphasized.
For example, Putin has said there would have to be some kind of agreed-upon verification mechanism to ensure Ukraine’s military doesn’t rearm during any truce period.
But the Kremlin has also said it is dubious this could ever actually be achieved in reality due to the significant numbers of “extremist and nationalist units” within the Ukrainian military’s ranks.
Putin had starting in mid-March conveyed a list of conditions in response to a proposed 30-day US-backed ceasefire, via state media translation:
—“guarantees that during the 30-day ceasefire, Ukraine will not conduct mobilization, will not train soldiers, and will not receive weapons,” Putin said during a press briefing with his Belarusian counterpart Alexander Lukashenko in Moscow.
—“These 30 days — how will they be used? To continue forced mobilization in Ukraine? To receive more arms supplies? To train newly mobilized units? Or will none of this happen?” Putin asked.
—Enforcing a ceasefire over such a vast battlefield would be difficult, he added, violations could be easily disputed, leading to a blame game between both sides. Systems of “control and verification” to monitor a ceasefire are not in place but should be agreed.
Also, back in January Putin had explained why a short-term truce will be rejected. He had said at the time, “The goal should not be a short truce, not some kind of respite for regrouping forces and rearmament with the aim of subsequently continuing the conflict, but a long-term peace based on respect for the legitimate interests of all people, all nations living in this region.”
Rubio last week: “We’re not interested in negotiations about negotiations, this thing will not last forever.”
Currently an ‘energy site ceasefire’ is on, but since it was supposedly agreed to by both Moscow and Kiev last month, both have complained of repeat violations. Russia says it has submitted a list of these violations to Washington but hasn’t received a response on this either.
END
RUSSIA/UKRAINE
This is interesting!
(zerohedge)
Ukraine Captures Chinese Nationals Fighting For Russia In First Of W
Tuesday, Apr 08, 2025 – 02:40 PM
Ukrainian President Volodymyr Zelensky on Tuesday announced that two Chinese nationals fighting in the Russian army have been taken prisoner from the battlefield in eastern Ukraine.
Zelensky touted proof of their capture, saying that Ukraine’s military in the Donetsk region has obtained the captured Chinese nationals’ documents, bank cards and personal data.
“We have information that there are many more Chinese citizens in the occupier’s units than just two. We are now finding out all the facts,” Zelensky said in a statement posted to Telegram. “I have instructed the Minister of Foreign Affairs of Ukraine to immediately contact Beijing and find out how China is going to react to this.”
Subsequently, Ukraine’s Foreign Minister Andrii Sybiha summoned the Chinese government’s chargé d’affaires in Ukraine “to condemn this fact and demand an explanation.”
Zelensky continued in his statement, “Russia’s involvement of China in this war in Europe, directly or indirectly, is a clear signal that Putin is going to do anything except end the war. He is looking for ways to continue fighting.”
Kiev has been arguing that Trump’s ongoing efforts to bring both sides to the negotiating table are futile so long as Moscow keeps expanding the fighting. Zelensky urged the United States and Europe to strongly protest the presence of Chinese fighters in Ukraine.
It is as yet unclear whether the alleged captured Chinese nationals are volunteers, mercenaries, or else have actually been integrated into the regular Russian army.
China’s President Xi had around the start of the Ukraine war declared a ‘no limits’ partnership with Putin; however, there’s been no evidence to suggest that Beijing has directly facilitated the movement of Chinese troops to Russia or Ukraine.
Instead, China has long supplied Russia’s military-industrial sector with ‘dual purpose’ goods which are crucial in the production of military equipment. For this reason Zelensky has in the recent past suggested there’s an ‘axis’ conspiring against Ukraine, turning the conflict into a global war. He’s also named Iran and North Korea.
The past six months has seen many headlines focused on the presence of North Korean soldiers within the Russian military’s ranks, and some have been killed or captured, but the question of Chinese participation remains an open one.
President Zelensky posted the above video while also explaining, “This definitely requires a response. A response from the United States, Europe, and all those around the world who want peace. The captured Chinese citizens are now in the custody of the Security Service of Ukraine.”
There has been some evidence over the past year suggesting there are indeed at least small numbers Chinese nationals fighting on behalf of Russia. But now it seems Zelensky is touting ‘proof’ in the form of Chinese POWs. Beijing is unlikely to confirm or deny.
GLOBAL ISSUES//COVID ISSUES/VACCINE ISSUES/HEALTH ISSUE
special thanks to Robert H for bringing this to our attention:
What We’ve Learned from a Year of Vaccine Shedding Data
 |
Crazy
https://www.midwesterndoctor.com/p/what-weve-learned-from-a-year-of
What We’ve Learned from a Year of Vaccine Shedding Data
Numerous data sources now corroborate that the COVID vaccines shed in a consistent and replicable manner
Jan 19, 2025
Story at a Glance:
•After the COVID-19 vaccines hit the market, stories began emerging of unvaccinated individuals becoming ill after being in proximity to recently vaccinated individuals. This confused many, as the mRNA technology in theory should not be able to “shed.”
•After seeing countless patient cases which can only be explained by COVID vaccine shedding, a year ago, I initiated multiple widely seen calls for individuals to share suspected shedding experiences.
•From those 1,500 reports, clear and replicable patterns have emerged which collectively prove “shedding” is a real and predictable phenomenon that can be explained by known mechanisms unique to the mRNA technology.
•Likewise, after being blocked from publication for over a year, recently, a scientific study corroborating the shedding phenomenon was finally published.
•This article will map out everything that is known about shedding (e.g., what are the common symptoms, how does it happen, who does it affect, does it occur through sexual contact, can it cause severe issues like cancer) along with strategies for preventing it.
When doctors in this movement speak at events about vaccines, by far the most common question they receive is, “Is vaccine shedding real?”
This is understandable as COVID-19 vaccine shedding (becoming ill from vaccinated individuals) represents the one way the unvaccinated are also at risk from the vaccines and hence still need to be directly concerned about them.
Simultaneously, it’s a challenging topic as:
•We believe it is critical to not publicly espouse divisive ideas (e.g., “PureBloods” vs. those who were vaccinated) that prevent the public from coming together and helping everyone. The vaccines were marketed on the basis of division (e.g., by encouraging immense discrimination against the unvaccinated), and many unvaccinated individuals thus understandably hold a lot of resentment for how the vaccinated treated them. We do not want to perpetuate anything similar (e.g., discrimination in the other direction).
•We don’t want to create any more unnecessary fear—which is an inevitable consequence of opening up a conversation about shedding.
•In theory, shedding with the mRNA vaccines should be “impossible,” so claiming otherwise puts one on very shaky ground.
Conversely, if shedding is real, we believe it is critical to expose as:
•Those being affected by it are in a horrible situation, particularly if everyone is gaslighting them about it and insisting it’s all in their head.
•It provides one of the strongest arguments to pull the mRNA vaccines from the market and prohibit the widespread deployment of mRNA technologies in the future.
For those reasons, Pierre Kory and I have spent the last year and a half trying to collect as much evidence as possible to map out this phenomenon with the following data sets:
•Dozens of extremely compelling patient histories1,2,3 from Kory and Marsland’s medical practice, including many responding to spike protein treatment.
•My own experience with patients and friends affected by shedding.
• I read large numbers of reports of shedding in (now deleted) online support groups.
•Roughly 1,500 reports from individuals affected by shedding we were able to collect.
•Extensive menstrual data compiled by MyCycleStory.
From that and the hundreds of hours of work that went into it (particularly reviewing and sorting the 1,500 reports), we can state the following with relative certainty:
1. Shedding is very real (e.g., each of those datasets is congruent with the others), and many of the stories of those affected by it are very sad.
2. People’s sensitivity to it dramatically varies.
3. Most of the people who are sensitive to shedding have already figured it out.
4. Mechanistically, shedding is very difficult to explain. However, now that new evidence has emerged, a much stronger case can be made for the mechanisms I initially proposed a year ago.
Note: if you have a shedding experience you would like to share (or wish to read through them), please do so here, where they are compiled.
MARK CRISPIN MILLER
PAUL ALEXANDER
Senator Johnson moves against CEOs of Pfizer, Moderna, and Johnson & Johnson, and the president of BioNTech over the deadly Malone Bourla Bancel Weissman Sahin Kariko et al. mRNA injection sending
Senate letters requesting they provide communications related to their production & distribution of their respective Covid jabs dating back to January 2020; is this a waste of time? Federalist report
| Dr. Paul AlexanderApr 8 |
Senator Ron Johnson of Wisconsin has been one of the real warriors out front against the fraud mRNA vaccines and the harms they have caused and must be praised. He has been a thorn but in reality, do you think the money is so big, the corruption so deep, the Republican and Democrat house congress member and Senators so purchased and in the bag for BIG pharma and so very corrupted themselves (these congress and Senator elected officials), that it does not matter? I do. I think Johnson’s heart is in the right place, smart man, and he has made a difference, but he is overwhelmed by the stench of DC, the fraud of Big pharma and the vaccine makers e.g. Pfizer, Moderna etc. I would give this man a special medal. Follow the $$$.
Johnson should include all communications between these vaccine makers and any and all elected US congress persons and Senators, aids etc.
END
REMDESIVIR key study in LANCET April 2020 (Wang) swept under the rug by media & Fauci: “Remdesivir in adults with severe COVID-19: a randomized, double-blind, placebo-controlled, multi-centre trial”
see highlighted passage & numbers and you can see why this study was hidden by Fauci & NIH cabal for with the flawed NIH study, it showed that Remdesivir FAILED in cutting deaths & it increased harms
| Dr. Paul AlexanderApr 8 |
My take:
There is evidence that Fauci and NIH et al. tampered with the study protocol so that they could claim some benefit as the drug was showing ineffectiveness and safety failures. So if you look at the protocol adjustment below, they made a non patient important outcome (time to recovery), the primary outcome. These are real crooks!
Remdesivir has emerged as liver and kidney toxic and a failed EBOLA drug, failed! It was a drug in search of a disease and found one here due to Fauci and his ‘standard of care’!
Substack Alexander COVID News evidence-based medicine is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Remdesivir emerged as one of these ineffective and potentially harmful drugs yet was championed by the NIH/NIAID/US government as a prominent treatment. The LANCET’s Wang et al. clinical trial results (below) were released on the very same morning that the US government’s NIH trial results (Beigel et al., https://www.nejm.org/doi/10.1056/NEJMoa2007764) on remdesivir were released, and showed a failure of remdesivir and even skewed heavily towards harms.
The key Wang et al.’s findings was that in adult patients admitted to hospital for severe COVID-19, “remdesivir was not associated with statistically significant clinical benefits.” Furthermore, and very alarmingly, adverse events were reported in “102 (66%) of 155 remdesivir recipients versus 50 (64%) of 78 placebo recipients. Remdesivir was stopped early because of adverse events in 18 (12%) patients versus four (5%) patients who stopped placebo early.” In addition, the Kaplan-Meier hazard ratio was not statistically significant, reported as HR 0.73; 95% CI, 0.52 to 1.03 (final report).3
Yet the NIH highly touted and flaunted study that did not report or focus on patient-important objective outcomes and only on reduced time to recovery, was deeply flawed methodologically. The reported primary outcome was time to recovery (discharge from the hospital or hospitalization for infection-control purposes). Why was the reported primary outcome in the NIH study not mortality? Did researchers at NIH (including Dr. Anthony Fauci) use a secondary outcome such as time to recovery as the primary outcome because they were looking at the data and saw no benefit for patient-important outcomes such as mortality?
This is very serious if the NIH researchers tampered with the trial’s protocol so that they could declare efficacy yet for a secondary ‘less important’ outcome. Moreover, the legacy media and the NIH/NIAID officials completely disregarded the key findings (including strong signals of harms) from the LANCET Wang et al. trial released on the very same day. Why? When the glorified NIH study’s outcome was not patient-important and there was indication of harms: “serious adverse events were reported in 131 of the 532 patients who received remdesivir (24.6%) and in 163 of the 516 patients who received placebo (31.6%).”
SOURCE:
Wang et al.
SLAY NEWS
| The latest reports from Slay NewsExperts Sound Alarm as Miscarriages Soar Among Covid-Vaccinated WomenDoctors and obstetrician-gynecologists (OB-GYN) are sounding the alarm over surging miscarriages impacting women who received Covid mRNA “vaccines.”READ MORETop Princeton Professor: ‘Climate Crisis’ Is a ‘Crazy’ HoaxOne of America’s most eminent academics has warned the public that the “climate crisis” narrative is a hoax, asserting that globalist claims of stopping “global warming” are “just crazy.”READ MOREGermany Orders Schools to Prepare Children for War amid Growing WW3 ThreatThe German government has ordered schools across the country to begin preparing children for war and urged citizens to start stockpiling food, water, and other essentials.READ MOREPrince Harry’s Remarks During Royal Event Stir ControversyComments made by Prince Harry during a major Royal family event have stirred controversy after the comments recently came to light.READ MORERic Grenell Fires Back After French President Talks Tough on TariffsPresident Donald Trump took a dramatic step toward fulfilling a key campaign promise last week by implementing sweeping tariffs on a host of countries.READ MOREObama ‘Deeply Concerned’ About Trump Removing Pro-Terrorist Activists from UniversitiesFormer President Barack Obama has lashed out at efforts to remove foreign activists from America’s universities for promoting pro-terrorist propaganda. READ MOREMassachusetts Democrat Arrested on Multiple Charges of Horrific Crimes Against ChildrenA longtime Democrat politician and prominent public official in Massachusetts has been arrested on multiple charges of crimes against children.READ MORESeafood Harvesters Praise Trump Tariffs as ‘Lifeline’ for Struggling IndustryPresident Donald Trump’s recent imposition of massive tariffs on dozens of foreign countries has been a huge win for many American industries.READ MORE‘Dennis the Menace’ Star Jay North Dead at 73Beloved former child actor Jay North has died, his close friends have announced.READ MORE |
NEWS ADDICTS
| LATEST NEWS |
| Supreme Court blocks return order of alleged Maryland MS-13 gang memberSupreme Court Chief Justice John Roberts has temporarily blocked a lower court order requiring the return of Maryland man, alleged MS-13 gang member, Kilmar Abrego Garcia, back to the United States by midnight on Monday. The emergency action came in response to a request filed earlier in the day by President Donald Trump’s legal team, seeking to pause the ruling …READ MORE |
| Trump threatens to add 50% tariffs on China if retaliatory tariffs not droppedPresident Donald Trump issued a strong warning to China on Monday, threatening to impose a 50% tariff increase on Chinese goods if Beijing does not reverse its recently announced 34% retaliatory tariffs on U.S. imports. The move follows China’s response to Trump’s own tariff declarations, which he referred to as the “Liberation Day” tariffs. Trump posted a detailed statement on …READ MORE |
| ‘Justice For Karmelo’ GoFundMe claims Austin Metcalf suspect is a ‘well mannered man’A GoFundMe campaign has been launched in support of 17-year-old Karmelo Anthony, the teen accused of fatally stabbing 16-year-old Austin Metcalf during a high school track meet in Frisco, Texas. Last week, there were multiple GoFundMe webpages that were set up, raising over $60,000 before multiple were taken offline. At the same time, a GiveSendGo that has remained active has raised …READ MORE |
| European Union offers zero for zero tariff deal to USThe European Union offered the United States a zero tariff trade deal with the United States (US) weeks before President Donald Trump announced sweeping tariffs on EU goods, according to EU Trade Commissioner Maroš Šefčovič. Speaking after talks with U.S. Commerce Secretary Howard Lutnick on February 19, Šefčovič revealed that the EU had proposed eliminating tariffs on cars and a …READ MORE |
EVOL NEWS
| LATEST REPORTS FOR NEWS JUNKIES |
| Lowe’s to Close All Stores for Easter SundayHome improvement store chain Lowe’s will be closing all its stores across the nation for Easter Sunday later in April. This marks the fifth year that Lowe’s has joined other major chains in closing for the holiday. This year, Easter will take place on April 20.According to Fox 5, the store said that the closure is an effort to show …READ THE FULL REPORT |
| Scientists Bring Dire Wolf Back from Extinction… AlmostThe dire wolf, an animal that has been extinct for over 10,000 years has nearly come back after scientists at Colossal Biosciences were able to edit the DNA of a more modern wolf to appear and have the features of the dire wolf, a type of wolf that was made famous by “Game of Thrones.”Colossal Biosciences posted to X with …READ THE FULL REPORT |
| Trump Threatens to Hit China with Additional 50% Tariffs if It Doesn’t Meet Demand by DeadlinePresident Donald Trump warned Monday that he would impose “additional tariffs on China of 50%” if Beijing “does not withdraw” the 34% tariffs it announced against the U.S. last week.China unveiled the measures in response to Trump’s “Liberation Day” tariff announcements.“China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, …READ THE FULL REPORT |
| FBI’s Dan Bongino Shares Big Update: ‘Not an Accident’FBI Director Kash Patel and FBI Deputy Director Dan Bongino have promised to bring change to what they have called a broken institution.Bongino took to X, formerly known as Twitter, on Sunday night to provide an update on the FBI and what might be coming next.“Headed back to DC today after spending a day back home with my wife and …READ THE FULL REPORT |
| White House Responds to Reports Claiming Trump Considering Tariff PauseThe White House said on Monday that reports claiming President Donald Trump was moving toward a 90-day pause on tariffs are “wrong.”After National Economic Council Director Kevin Hassett discussed Trump’s tariffs during an interview on Fox News, reports falsely stated that Hassett revealed the president was considering a pause on all tariffs except those imposed on China. The claim was …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
YOUR EARLY CURRENCY/GOLD AND SILVER PRICING/ASIAN CLOSING MARKETS AND EUROPEAN BOURSE OPENING AND CLOSING/ INTEREST RATE SETTINGS TUESDAY MORNING 6;30AM//OPENING AND CLOSING
EURO/USA: 1.0930 UP 0.0016 PTS OR 16 BASIS POINTS
USA/ YEN 147.09 DOWN 0.751 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 1.27868 UP .0034 OR 34 BASIS PTS
USA/CAN DOLLAR: 1.4184 DOWN 0.0055 (CDN DOLLAR UP 55 BASIS PTS)
Last night Shanghai COMPOSITE CLOSED UP 48.97 PTS OR 1.58%
Hang Seng CLOSED UP 299.38 PTS OR 1/51%
AUSTRALIA CLOSED UP 2.39%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 299.38 PTS OR 1.51%
/SHANGHAI CLOSED UP 48.97 PTS OR 1.58%
AUSTRALIA BOURSE CLOSED UP 2.39%
(Nikkei (Japan) CLOSED UP 1876.00 PTS OR 6.03%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 3009.35
silver:$30.13
USA dollar index early TUESDAY morning: 102.90 DOWN 7 BASIS POINTS FROM MONDAY’s CLOSE.
TUESDAY MORNING NUMBERS ENDS
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
And now your closing TUESDAY NUMBERS 1: 30 AM
Portuguese 10 year bond yield: 3.245 % UP 8 in basis point(s) yield
JAPANESE BOND YIELD: +1.275% up 12 FULL POINTS AND 0/100 BASIS POINTS /JAPAN losing control of its yield curve/
SPANISH 10 YR BOND YIELD: 3.356 UP 7 in basis points yield
ITALIAN 10 YR BOND YIELD 3.865 UP 5 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)
GERMAN 10 YR BOND YIELD: 2.6560 UP 7 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 1.0931 UP .0016 OR 16 basis points
USA/Japan: 147.36 DOWN 0.430 OR YEN IS UP 43 BASIS PTS//
Great Britain 10 YR RATE 4.7010 UP 8 BASIS POINTS //
Canadian dollar UP 0.0075 OR 75 BASIS pts to 1.4164
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan 7.3384, CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD
THE USA/YUAN OFFSHORE DOWN TO 7.3622:
TURKISH LIRA: 38.01 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
the 10 yr Japanese bond yield at +1.275
Your closing 10 yr US bond yield UP 9 in basis points from MONDAY at 4.243% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 4.663 UP 7 in basis points /11:00 AM
USA 2 YR BOND YIELD: 3.831 UP 10 BASIS PTS.
GOLD AT 11;00 AM 3007.00
SILVER AT 11;00: 30.37
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 UP 208.45 PTS OR 2.71%
GERMAN DAX:UP 490.64 PTS OR 2.48%
Paris CAC CLOSED UP 173.30 or 2.50%
Spain IBEX CLOSED UP 229.80 PTS OR 2.37%
Italian MIB: CLOSED UP 803.07 PTS OR 2.44%
WTI Oil price 61.30 11 EST/
Brent Oil: 64.49 11:00 EST
USA /RUSSIAN ROUBLE /// AT: 85.75 ROUBLE UP 1 AND 25/ 100
GERMAN 10 YR BOND YIELD; +2.6560 UP 7 BASIS PTS.
UK 10 YR YIELD: 4.7010 UP 10 BASIS POINTS
CDN 10 YEAR RATE: 3.137 UP 8 BASIS PTS.
CDN 5 YEAR RATE: 2.735 UP 8 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.0953 UP 0.0039 OR 39 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR
British Pound: 1.2768 UP .0035 OR 35 basis pts/HEADING FOR PARITY /USA
BRITISH 10 YR GILT BOND YIELD: 4.6060 DOWN 2 FULL BASIS PTS//
JAPAN 10 YR YIELD: 1.277
USA dollar vs Japanese Yen: 146.13 DOWN 1.66 BASIS PTS// HEADING FOR 160 TO THE DOLLAR
USA dollar vs Canadian dollar: 1.4257 UP .0017 BASIS PTS CDN DOLLAR DOWN 17 BASIS PTS
West Texas intermediate oil: 58.16
Brent OIL: 61.43
USA 10 yr bond yield UP 10 BASIS pts to 4.252
USA 30 yr bond yield UP 12 BASIS PTS to 4.712%
USA 2 YR BOND: DOWN 6 PTS AT 3.676%
CDN 10 YR RATE 3.122 UP 6 BASIS PTS
CDN 5 YEAR RATE: 2.676 UP 2 BASIS PTS
USA dollar index: 102.69 DOWN 27 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 38.00 GETTING QUITE CLOSE TO BLOWING UP/
USA DOLLAR VS RUSSIA//// ROUBLE: 85.86 UP 1 AND 36/100 roubles
GOLD 2983.00 (3:30 PM)
SILVER: 29.65 (3:30 PM)
OFF SHORE CNH (CHINESE YUAN OFFSHORE: 7.4107) HUGE!!
DOW JONES INDUSTRIAL AVERAGE: DOWN 801.53 OR 2.11%
NASDAQ 100 DOWN 557.85 PTS OR 3.20%
VOLATILITY INDEX: 52.95 UP 5.97 PTS OR 12.71%
GLD: $ 275.09 UP 1.38 PTS OR 0.50%
SLV/ $27.00 DOWN 0.14 PTS OR OR 0.52%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 427.44 OR 1.87%
end
TRADING today ZEROHEDGE Trump’s tariffs: 4PM
ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE
Stocks Pump’n’Dump As Beijing’s ‘Nope’ Trumps Bessent’s Hope
MIDDAY NEWS
USA DATA
USA ECONOMIC NEWS
Supreme Court Sides With Trump Over Venezuelan Deportations, But Requires Due Process For Each Case
Monday, Apr 07, 2025 – 08:05 PM
The Supreme Court on Monday sided with the Trump administration’s request to halt lower court judge James Boasberg’s order stopping Trump from deporting suspected members of Venezuelan gang Tren de Aragua under the Alien Enemies Act (AEA).
“We grant the application and vacate the [temporary restraining orders],” the court said in its unsigned 5-4 opinion.
And while this may be a win for Trump, its impact was muted by the fact that detainees must be given due process before they are deported.
“AEA detainees must receive notice after the date of this order that they are subject to removal under the Act. The notice must be afforded within a reasonable time and in such a manner as will allow them to actually seek habeas relief in the proper venue before such removal occurs,” the court wrote in its majority opinion.
Predictably penning the dissent was Justice Sonia Sotomayor – who was joined by Justices Elena Kagan and Ketanji Brown Jackson, while Justice Amy Coney Barrett partially joined Sotomayor’s dissent.
The decision came after the Trump administration and plaintiffs in the initial case filed competing briefs to the justices.
According to Acting US Solicitor General Sarah Harris, the “case presents fundamental questions about who decides how to conduct sensitive national-security-related operations in this country—the President, through Article II, or the Judiciary, through [temporary restraining orders].”
The Trump administration launched their appeal to the Supreme Court after the US Court of Appeals for the District of Columbia Circuit sided with Boasberg.
The plaintiffs, which included a group of Venezuelan nationals, told the court on April 1 that the lower court’s block on deportations “ensures that, based on an unprecedented peacetime invocation of the AEA, additional individuals are not hurried off to a brutal foreign prison, potentially for the rest of their lives, without judicial process.”
The Supreme Court on Monday sided with the Trump administration’s request to halt lower court judge James Boasberg’s order stopping Trump from deporting suspected members of Venezuelan gang Tren de Aragua under the Alien Enemies Act (AEA).
“We grant the application and vacate the [temporary restraining orders],” the court said in its unsigned 5-4 opinion.
And while this may be a win for Trump, its impact was muted by the fact that detainees must be given due process before they are deported.
“AEA detainees must receive notice after the date of this order that they are subject to removal under the Act. The notice must be afforded within a reasonable time and in such a manner as will allow them to actually seek habeas relief in the proper venue before such removal occurs,” the court wrote in its majority opinion.
Predictably penning the dissent was Justice Sonia Sotomayor – who was joined by Justices Elena Kagan and Ketanji Brown Jackson, while Justice Amy Coney Barrett partially joined Sotomayor’s dissent.
The decision came after the Trump administration and plaintiffs in the initial case filed competing briefs to the justices.
According to Acting US Solicitor General Sarah Harris, the “case presents fundamental questions about who decides how to conduct sensitive national-security-related operations in this country—the President, through Article II, or the Judiciary, through [temporary restraining orders].”
The Trump administration launched their appeal to the Supreme Court after the US Court of Appeals for the District of Columbia Circuit sided with Boasberg.
The plaintiffs, which included a group of Venezuelan nationals, told the court on April 1 that the lower court’s block on deportations “ensures that, based on an unprecedented peacetime invocation of the AEA, additional individuals are not hurried off to a brutal foreign prison, potentially for the rest of their lives, without judicial process.”
END
US Supreme Court Sides With Trump (For Now) In Fired Federal Worker Case
Tuesday, Apr 08, 2025 – 02:25 PM
Authored by Jack Phillips via The Epoch Times (emphasis ours),
The U.S. Supreme Court on Tuesday rejected a move to bring back federal workers who were fired by the Trump administration, handing a win to President Donald Trump as he works to downsize the government.
Trump asked the high court to intervene after a lower court judge ordered the administration to reinstate thousands of probationary workers to their jobs after they were terminated earlier this year.
Tuesday’s emergency ruling by the Supreme Court, presented to Justice Elena Kagan, is not final and is stayed pending the disposition of an appeal in the U.S. Court of Appeals for the 9th Circuit.
“Should certiorari be denied, this stay shall terminate automatically,” the unsigned order said. “In the event certiorari is granted, the stay shall terminate upon the sending down of the judgment of this Court.”
The lower court “injunction was based solely on the allegations of the nine non-profit-organization plaintiffs in this case,” it continued. “But under established law, those allegations are presently insufficient to support the organizations’ standing.”
The high court’s order will keep employees in six federal agencies on paid administrative leave for now.
Supreme Court Justices Ketanji Brown Jackson and Sonia Sotomayor wrote that they would have denied the Trump administration’s petition to deny the lower court order.
Although Sotomayor did not explain why she would deny the petition, Jackson wrote that the Trump administration did not provide arguments showing urgency to compel the Supreme Court to intervene.
A group of unions that are challenging the Trump administration’s move to fire the workers argued that other courts have allowed federal employees to be reinstated or blocked related decisions, according to court papers submitted to the Supreme Court earlier this month.
“The Government illegally fired tens of thousands of public servants, significantly degrading crucial services on which the public and members of Respondent organizations rely,” the petition said. “The Government makes no showing of any irreparable harm and just told the district court that it has already substantially complied with the preliminary injunction.”
They also contended that the administration was incorrect in arguing “that no one can challenge the illegal mass firing of federal employees” by the Office of Personnel Management (OPM), which effectively is the federal government’s human resources arm, and attempted to refute claims that “the only way to challenge termination of federal employees is by individual employee claims” before the Merit Systems Protection Board.
Trump administration lawyers submitted their appeal to the Supreme Court after a San Francisco-based 9th Circuit Court judge granted the unions’ request to have the government take back thousands of probationary workers in the departments of Veterans Affairs, Agriculture, Defense, Energy, Interior, and Treasury.
In part, the Trump administration argued that courts lack the authority to block “federal workplace reforms at the behest of anyone who wishes to retain particular levels of general government services.”
The administration has said that the agencies themselves directed the firings and they “have since decided to stand by those terminations,” Solicitor General D. John Sauer told the court on behalf of the administration.
A second lawsuit, filed in Maryland, also resulted in an order blocking the firings at those same six agencies, plus roughly a dozen more. That order only applies in the 19 states and the District of Columbia that sued the administration.
The Justice Department is separately appealing the Maryland order.
The Associated Press contributed to this report.
“The Avalanche Has Really Just Started” – Credit Market Cracks Raise Fears Of Bankruptcy Wave
Tuesday, Apr 08, 2025 – 02:00 PM
Just over a week ago, before the proverbial tariff fecal matter struck the rotating market object, we warned that cracks were starting to appear in the credit market…
…a week later, things started to ‘escalate quickly’…
And while stocks have rebounded (amid utter chaos and headline roulette), credit market remain stressed and Saba Capital Management founder Boaz Weinstein warned Bloomberg that the selloff in corporate bonds accelerate by tariffs tensions could spur a wave of bankruptcies that may ramp up faster than in previous market crises… and The Fed is hamstrung from taking action (cutting rates to save the world) because of inflation fears.
“The avalanche has really just started,” Weinstein said on Friday during an interview for an upcoming Bloomberg Originals series, Bullish.
“The hit could be faster and the bankruptcy rate could spike much faster than other crises.”
Investors shouldn’t rule out the possibility of a severe recession, he added. (Click on image for link to full conversation – no embeddable link provided)
Weinstein, whose hedge fund firm is known for navigating volatile markets, added that he expected the credit selloff “to accelerate.”
“There might be something in between that stops the boulder, but I’m very concerned about a crash,” he said.
As Bloomberg reports, Weinstein joins a chorus of investors and strategists who have swiftly started revising down their economic forecasts. A JPMorgan Chase & Co. team led by Bruce Kasman hiked the odds of a global recession to 60% on Thursday.
Weinstein’s warning is that “you cannot out this genie back in the bottle”:
“Maybe it’s not a buy the dip,” Weinstein said.
“Maybe it’s a phrase no one ever used before, a sell the dip because this is not going to get fixed tomorrow.”
Weinstein, the former co-head of credit at Deutsche Bank AG, made a now famous trade back in 2012, when he rode a bet on a bank rushing to offload risk, taking the other side of outsize wagers made by JPMorgan’s so-called London Whale.
“This is really, really major,” he said.
“The range of outcomes is so wide here, and markets started quite expensive, credit especially, so I think we could go a lot lower.”
Returning back to where we started, if the credit markets do crack (more), then The Fed will be increasingly forced to address the uncomfortable need to cut rates in a stagflationary environment (as Trump has demanded) as Powell’s “pause” gets put on hold until markets stabilize.
so much for demand for electric vehicles:
(zerohedge)
“Billions Of Dollars” In EV And EV Battery Factories Are Being Cancelled
Tuesday, Apr 08, 2025 – 02:45 AM
Despite a wave of electric vehicle factories popping up across the U.S. in recent years—fueled by tax credits from the Inflation Reduction Act and promises of jobs in mostly Republican areas—many of these projects are now being scrapped, according to a new article by the Washington Post.
Even before former President Trump’s new tariffs, the clean energy shift was already losing momentum.
In just the first quarter of 2025, more EV-related projects were canceled than in the previous two years combined, according to Atlas Public Policy.
Among the losses: a $1 billion thermal battery barrier plant in Georgia and a $1.2 billion lithium-ion battery factory in Arizona. Thousands of jobs are now in question, casting doubt on the future of homegrown EV production.
The U.S. EV manufacturing boom is losing steam as policy uncertainty under the Trump administration causes companies to cancel or delay major projects. “It’s hard at the moment to be a manufacturer in the U.S. given uncertainties on tariffs, tax credits and regulations,” said Tom Taylor of Atlas Public Policy. The group found more clean energy projects were canceled in early 2025 than in the last two years combined, including billion-dollar battery plants in Georgia and Arizona.
The 2022 climate law offered tax credits to boost domestic EV production, but Republican proposals to repeal those incentives—and reverse emissions rules—could cut EV sales by 40% by 2030, according to Princeton.
The WaPo piece says that Aspen Aerogels scrapped its Georgia factory and shifted production abroad. “China is at 50 percent EV penetration already,” said CFO Ricardo Rodriguez. “In North America and Europe, we continue to dabble in this 10 percent to 15 percent level. So, you do start wondering, right, is that progress?”
Other companies are also pulling back. KORE Power dropped plans for a new plant, opting to retrofit an existing facility. EV startups like Nikola Motors and Canoo have gone bankrupt. Even Hyundai is scaling back, now planning to build hybrids, not just EVs, at its new Georgia plant.
“The EV outlook was already looking pretty bearish before the election,” said Trevor Houser of Rhodium Group. “Any downside… would naturally lead to some battery cancellations.”
Bob Keefe of E2 told WaPo: “Nothing is more important to business than market clarity. It’s about as clear as a blizzard at midnight.” He added, “It’s working-class people in places like Georgia, North Carolina, Kentucky, Michigan and Arizona that have seen some of these projects get canceled. And I can tell you who’s benefiting — China and other countries that are doubling down.”
Industry investment has plummeted, with just $176 million in clean manufacturing announced in January—well below the usual $1 billion. “You see a lot of people watching and waiting,” said Jason Grumet of the American Clean Power Association. “If you don’t know if the inputs to your factory are going to dramatically increase in price — it slows things down.”
Diana Furchtgott-Roth of the Heritage Foundation supports the policy shift. “Costly, mandated EVs make poor people poorer and less safe,” she said.
The White House insists its strategy is sound. “The President’s brilliant economic agenda is an all-encompassing plan to revive our economy by unleashing American energy, implementing tariffs to level the playing field, and bringing billions of dollars in historic investments to America’s manufacturing sector,” said spokesman Taylor Rogers.
Still, as projects vanish and momentum fades, Keefe said it best: “Everyone’s looking for a silver lining. I have a hard time finding it.”
END
JONATHAN TURLEY…
THE LEFT!!!
The American Jacobin: How Some On The Left Have Found Release In An Age Of Rage
Tuesday, Apr 08, 2025 – 06:30 AM
“We should replace our piece of crap Constitution.”
Those words from author Elie Mystal, a regular commentator on MSNBC, are hardly surprising from someone who previously called the Constitution “trash” and urged not just the abolition of the U.S. Senate but also of “all voter registration laws.”
But Mystal’s radical rhetoric is becoming mainstream on the left, as shown by his best-selling books and popular media appearances.
There is a counter-constitutional movement building in law schools and across the country. And although Mystal has not advocated violence, some on the left are turning to political violence and criminal acts. It is part of the “righteous rage” that many of them see as absolving them from the basic demands not only of civility but of legality.
They are part of a rising class of American Jacobins — bourgeois revolutionaries increasingly prepared to trash everything, from cars to the Constitution.
The Jacobins were a radical group in France that propelled that country into the worst excesses of the French Revolution. They were largely affluent citizens, including journalists, professors, lawyers, and others who shredded existing laws and destroyed property. It would ultimately lead not only to the blood-soaked “Reign of Terror” but also to the demise of the Jacobins themselves as more radical groups turned against them.
Of course, it is not revolution on the minds of most of these individuals. It is rage.
Rage is the ultimate drug. It offers a release from longstanding social norms — a license to do those things long repressed by individuals who viewed themselves as decent, law-abiding citizens.
Across the country, liberals are destroying Tesla cars, torching dealerships and charging stations, and even allegedly hitting political dissenters with their cars.
Last week, affluent liberal shoppers admitted that they are shoplifting from Whole Foods to strike back at Jeff Bezos for working with the Trump administration and moving the Washington Post back to the political center.
They are also enraged at Mark Zuckerberg for restoring free speech protections at Meta.
One “20-something communications professional” in Washington explained “If a billionaire can steal from me, I can scrape a little off the top, too.” These affluent shoplifters portrayed themselves as Robin Hoods.
Of course, that is assuming Robin Hood was stealing organic fruit from the rich and giving it to himself.
On college campuses, affluent students and even professors are engaging in political violence.
Just this week, University of Wisconsin Professor José Felipe Alvergue, head of the English Department, turned over the table of College Republicans supporting a conservative for the Wisconsin Supreme Court. He reportedly declared, “The time for this is over!”
Likewise, a mob this week attacked a conservative display and tent on the campus of the University of California-Davis as campus police passively watched. The Antifa protesters, carrying a large banner with the slogan “ACAB” or “all cops are bastards,” trashed the tent and carried it off.
Antifa is a violent and vehemently anti-free speech group that thrives on U.S. college campuses. In his book “Antifa: The Anti-Fascist Handbook,” Mark Bray explains that “most Americans in Antifa have been anarchists or antiauthoritarian communists. … From that standpoint, ‘free speech’ as such is merely a bourgeois fantasy unworthy of consideration.”
Of course, many of the American Jacobins are themselves bourgeois or even affluent figures. And they are finding a host of enablers telling them that the Constitution itself is a threat and that the legal system has been corrupted by oligarchs, white supremacists, or reactionaries.
This includes leading academics and commentators who are denouncing the Constitution and core American values. Erwin Chemerinsky, dean of the UC Berkeley Law School, is the author of “No Democracy Lasts Forever: How the Constitution Threatens the United States.”
In a New York Times op-ed, “The Constitution Is Broken and Should Not Be Reclaimed,” law professors Ryan D. Doerfler of Harvard and Samuel Moyn of Yale called for the nation to “reclaim America from constitutionalism.”
Commentator Jennifer Szalai has scoffed at what she called “Constitution worship.” “Americans have long assumed that the Constitution could save us,” she wrote. “A growing chorus now wonders whether we need to be saved from it.”
As intellectuals knock down our laws and Constitution, radicals are pouring into the breach. Political violence and rage rhetoric are becoming more common. Some liberals embraced groups like Antifa, while others shrugged off property damage and violent threats against political opponents. It is the very type of incitement or rage rhetoric that Democrats once accused Trump of fostering in groups like the Proud Boys.
Members of Congress such as Rep. Jasmine Crockett (D-Texas) have called for Tesla CEO Elon Musk to be “taken down” and said that Democrats have to be “OK with punching.”
Some take such words as a justification to violently attack a system supposedly advancing the white supremacy or fascism. Fortunately, such violence has been confined so far to a minority of radicalized individuals, but there is an undeniable increase in such violent, threatening speech and in actual violence.
The one thing the American Jacobins will not admit is that they like the rage and the release that it brings them. From shoplifting to arson to attempted assassination, the rejection of our legal system brings them freedom to act outside of morality and to take whatever they want.
Democratic leaders see these “protests” as needed popularism to combat Trump — to make followers “strike ready” and “to stand up and fight back.”
For a politician, a mob can become irresistible if you can steer it against your opponents. The problem is controlling the mob once it has broken free of the bounds of legal and personal accountability.
Jonathan Turley is the Shapiro Professor of Public Interest Law at George Washington University and the author of “The Indispensable Right: Free Speech in an Age of Rage.”
VICTOR DAVIS HANSON
USA/ANTISEMITISM//HAMAS// REPORT
KINGNEWS
| The King Report April 8, 2024 Issue 7467 | Independent View of the News |
| Trump Threatens 50% Additional Tariff on China Starring April 9 – BBG 11:17 ET(as retaliation for China’s 34% retaliatory tariff on the US)Trump:All Talks with Cinna Terminated Unless Tariffs Pulled – BBG 11:21 ETIndia Seeks US Trade Talks, Signaling No Retaliatory Tariffs – BBGApple Plans to Source More iPhones from India Over Tariffs – WSJ 14:24 ETJapan’s Ishiba Aims to Visit US to Pitch Broad Tariff Dealhttps://finance.yahoo.com/news/japan-ishiba-aims-broad-deal-000741669.htmlJapan Prime Minister Ishiba: Need to Propose Ideas About How We Can Together Create Jobs in US, Contribute to Their Economy – BBG 20:15 ET Sunday nightWH Deputy COS @StephenM: We have a $53 Billion annual automotive trade deficit with Japan, $40 B auto deficit with Europe, $50 BILLION auto deficit with S Korea. Cold hard math: our allies have shut their markets to our cars while our market has been flooded with theirs. This was all deliberate.@SecScottBessent: Following a very constructive phone discussion with the Government of Japan, President Trump has tasked me and @USTradeRep to open negotiations to implement the President’s vision for the new Golden Age of Global Trade with @JPN_PMO Shigeru Ishiba and his Cabinet.The EU fulminated against DJT and threatened a 25% tariff on US cars. (Over 20% EU vehicle exports go to the US: 9% of US vehicle exports go to the EU; 50% of cars sold in US are imports) BBG reported their ‘bazooka’ could be a ban on US tech companies, particularly their services. This is a threat to ban Facebook, X, Google, etc. The real technology from real US tech firms is an EU necessity. @CollinRugg: The European Union says they’re ready to negotiate with the United States, says they’ve offered zero for zero tariffs. The announcement was made by European Commission president Ursula von der Leyen. “Europe is always ready for a good deal. So, we keep it on the table,” she said. Von der Leyen added the EU “offered zero for zero tariffs for industrial goods, … because Europe is always ready for good deal.” https://x.com/CollinRugg/status/1909241114693120168@ElectionWiz: Trump is not starting a trade war; he is finally fighting back against what has been a one-sided war waged against the US for a generation. (Two+ generations!)@realDonaldTrump: The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!@Jkylebass: China is likely to use this chaos to invade Taiwan soon. Xi is dealing with a full economic collapse, an insolvent banking system, and skyrocketing youth unemployment…he’s going to be forced to let go of the currency peg and change the narrative.It’s highly probable that Trump’s Tariffs against the world are a cover to prosecute an economic war against China like Reagan did against the USSR. China might be even more vulnerable economically and financially than the USSR was in the glorious Eighties.@Anc_Aesthetics: S&P Futures are down 2.5%. Chinese market is down 10%. Who do you think is winning? 10:25 PM · Apr 6, 2025USMs hit a high of 122 5/32 at 18:03 ET on Sunday. They tumbled to a low of 116 24/32 (-3 27/32).The ESM low of 4832.00 occurred seconds after the 18:00 ET Sunday night opening. ESMs traded within a large range until they exploded higher after 10:10 ET. By 10:17 ET, the S&P 500 was +3.4%; it had been down as much as 4.7%. Report said WH Adviser Hassett claimed DJT is mulling a 90-day pause on tariffs except for China.ESMs hit 5286.50 at 10:17 ET and quickly sank to 5018.50 at 10:30 ET after the WH said the US does NOT plan to pause tariffs. Hastert actually said ‘DJT COULD pause tariffs if he wanted.’https://x.com/AutismCapital/status/1909254605009252831ESMs traded sideways until they rallied near 13:12 ET. After hitting 5158.00 at 14:22 ET, ESMs fell to 5052.75 at 15:16 ET. ESMs rebounded to 5119.75 at 15:38 ET and traded sideways into the close.Stocks didn’t crash despite a concerted effort to foment a crash. Dems, the media, and the GOPe were very upset! Cramer was wrong again. Whiny traders/pundits proved they are easily frightened and are more snowflake that Master of the Universe. US Manufacturing Employment, in thousands – The US population since the manufacturing employment peak in June 1979 has grown from 225 million to about 335 million.“Well, we’re living here in AllentownAnd they’re closing all the factories down…Well, our fathers fought the Second World War…Met our mothers at the USO…Well, we’re waiting here in AllentownFor the Pennsylvania we never foundFor the promises our teachers gaveIf we worked hard, if we behaved… “Allentown” by Billy JoelYou think Billy Joel will ever feel the need to pen a song titled, “Greenwich” or “The Hamptons?”Where we grew up on the southwest side of Chicago, there were many small manufacturing firms with a imbedded in the neighborhoods. Dad had a part-time job with a tool & die manufacturer. There were also large factories. Tootsie Roll, Ford City, and a huge trucking yard were blocks from our house.Crackerjack was 1.5 miles away. Nabisco and St. Regis (Remember the Nifty binder craze) were about two miles away. We could cite more. Midway Airport was two miles away; two major railroad freight line were within 1.5 miles away. (You could hear the trains and airplanes on summer nights). When we returned from our tour of duty in Gotham City, most were gone; the rest disappeared in the ensuing years. Strip malls, fast food restaurants, and big-box stores took their places.@VladTheInflator: No one panicked when the federal reserve artificially inflated home prices until young families couldn’t afford shelter.@seanmdav: Due to the deliberate government policies of the last 50 years, America can’t produce its own food, fertilizer, energy, weapons, medicine, vehicles, clothing, or computers. The architects of those policies, as well as those who’ve gotten rich off them, will look you dead in the eye and tell you it’s actually Good to be forced to rely on your enemies for everything you need to survive.When they were pining for World War III, the neocons claimed the war in the Ukraine was great and told us not to worry about the hundreds of thousands of dead bodies because war meant bomb sales and bomb sales are good for America. But now that Trump is making sure that America can actually manufacturer its own weapons, the neocons are all losing their minds. I wonder why that is.@JackPosobiec: Pennsylvania steelworkers on why they are supporting President Trump: “Historically, we’ve all been Democrats — When President Trump stepped in and imposed those tariffs on the Chinese, I firmly believed he saved the steel industry.”https://x.com/JackPosobiec/status/1909237252581994910@RapidResponse47: GOP @SenJohnBarrasso: “Congress has given the President more and more authority on tariffs… The cattle producers are saying it is about time… Australia has sold $29 billion worth of beef in the United States, and we haven’t been able to sell one hamburger in Australia because of barriers.” https://x.com/RapidResponse47/status/1909241584287138129Hedge Fund manager Bill Ackman warns Trump is losing business leaders’ confidence: Reuters.Business leaders around the world did NOT election Trump, twice! And if one read the WaPo story on tariffs, they would know that Trump does NOT give a f— about business leaders, foreign diplomats, Street solons, hedge funds, elites, or the financial media’s criticisms or feelings.@BillAckman on April 6: There is still time for a ceasefire before millions of people get hurt. I just figured out why @howardlutnick is indifferent to the stock market and the economy crashing. He and Cantor are long bonds. He profits when our economy implodes. It’s a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income. It’s an irreconcilable conflict of interest. (Defamation lawsuit warming up in the bullpen?) @Ross__Hendricks: I just figured out why you’re having a temper tantrum… your firm is heavily long US stocks.@BillAckman on April 6: It was unfair of me to lash out at @howardlutnick. I don’t think he is pursuing his self interest. I am sure he is doing the best he can for the country while representing the President as Commerce Secretary. It is not an easy job and we don’t know how the sausage was made. I am just frustrated watching what I believe to be a major policy error..Nike Looks Like It’s About to Disappear from Bill Ackman’s Portfolio. But the Billionaire Investor Is Really Doubling Down.February 21, 2025 In the middle of 2024, Bill Ackman’s fund, Pershing Square Capital Management, took a new stake in the iconic footwear and apparel brand Nike… the stock is down over 31% in the last year… However, Pershing doubled down on the embattled stock…Pershing disclosed that in early 2025 the fund converted its Nike equity position, valued at over $1.4 billion at the end of the fourth quarter, to deep in-the-money call options…https://www.fool.com/investing/2025/02/21/nike-not-disappearing-from-bill-ackmans-portfolio/Nike closed at 76.50 when the above article appeared on Feb. 21, 2025. It’s low on Friday was 52.50.@thehill: Bill Ackman warns Trump to call a timeout on trade war: “This is not what we voted for”(It is exactly what Flyover American voted for!)When the Fed bailed out Wall Street in 2008-2009 while millions of Americans lost their homes and Wall Street then bought those homes, the hedge fund guys, Street solons, and fin media whining now did not whine about that! PS – Most Americans still harbor resentment and fury over the 2008-09 Bush Bailout.Long-time readers might recall that after each crisis over the past few decades we have opined that Wall Street has regularly engaged in financial terrorism: ‘Give us want we want (easy credit, low rates, taxes breaks) or we will detonate the financial system.’ Trump is the first president in over a generation to call Wall Street’s bluff. A GM exec claimed, ‘what good for GM is good for America’ decades ago. And most people agreed. ‘What’s good for Goldman is good for America’ does NOT have the same validity.@Cernovich: Trump is treating hedge fund managers and tech bros the way they treated small businesses during Covid – as non-essential.You know what would really turn America into an industrial, technological, and R&D global power? Diverting some of the trillions of dollars in hedge funds to industrial, technological, and R&D companies.As a matter of national security, is America safer and more secure with a robust manufacturing base or a robust hedge fund base? Did the US win WWII due to its unmatched hedge fund industry and army of proprietary traders?A start on this project would be restricting and prohibiting some of the tools of financialization. After all, the prime rationale for having a stock market is capital formation. It is not supposed to a casino or scheme for The Street and trading firms to extract ‘vig’ from retail and institutional investors.Anyone want to argue that 0DTE options are a requisite financial tool that fosters capital formation?@LeeSmithDC: It’s not just the trade regime, it’s the political regime that grew out of it.The widening income gap, rising oligarchy, impoverishing middle class — all underwritten by a deal with the most vicious totalitarian regime of modern times. That’s why Trump called it Liberation Day.For decades, most everyone stated that the US needs to get its fiscal house in order; something must be down about the US trade deficit; the collapse of US manufacturing needs to be reversed; the US must decouple from China, and the record concentration of wealth and income in the US needs to be remedied. No politician, until now, had the guts to take the pain and opprobrium to fix the USA.@kylenabecker: “And worse of all, the Chinese pile on and add unfair rules that violate free trade… their exports get a 27% advantage here in the U.S. and our imports get a 27% disadvantage…” Fun Fact: Senator @ChuckSchumer advocated a 27.5% tariff on China in 2005.https://x.com/kylenabecker/status/1909319251426476531CNBC: Hedge funds pile up record short bets against stocks… traders go into ‘self-protection mode’Positive aspects of previous sessionNasdaq, the Nas 100, the NY Fang+ Index, and ESMs closed modestly higher.Billionaire hedge fund dudes showed their true character – and analytic prowess!Stocks did NOT crash like some ersatz ‘experts’ and fin media predicated and tried to orchestrate.CNBC says hedge funds are now massively short.The S&P 500 had its biggest intraday reversal since the ‘Flash Crash’ of 2010Negative aspects of previous sessionBonds got hammeredAmbiguous aspects of previous sessionHas a trading bottom for stocks formed?Are bonds reversing to the downside?What is the punishment/consequences for the clowns that predicated or tried to foment a crash?Whiny elites unleashed latent average American fury (from 2008-2009) on social media.First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Up; Last Hour: DownPivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5047.95Previous session S&P 500 Index High/Low: 5246.57; 4835.04One thing that we learned during the Crash of 1987 and ensuing stock market calamities is that gold tumbles due to forced liquidation of all or most assets.Here’s a story about the Crash of 1987 that featured yours truly and Stan Druckenmiller:In truth, on his way home to New Jersey Friday night King had already begun to lose conviction that Friday had ended the market’s giddy slide. Friday had the hallmark of a historic breakpoint: The Dow industrials had dropped as much as 138 points before a weak 30-point rally in the closing minutes. King was preoccupied with the chance he was facing “the once-in-a-lifetime occurrence that every trader fears . . . that something’s going on that could bury you.”… King’s trading responsibilities at the Tokyo-based firm he worked for had run against the grain of what he believed was happening to the stock market. He thought the market was cracking… “Everyone knew this had to be a speculative bubble,” Druckenmiller says. Like most of his colleagues, he anticipated a market crash. “But I expected it in 1988 or ’89.”…https://www.latimes.com/archives/la-xpm-1987-12-12-mn-6730-story.htmlToday – In Monday’s King Report we opined that if forced liquidation is contained by midday, there could be a relief rally. This transpired. If forced and emotional liquidation is contained during the first hour or so of NYSE trading today, a rally should materialize.If CNBC is correct that hedge funds are massively short, it’s been proven that many are easily frightened. It’s a big positive that Nasdaq, the Nas 100, the NY Fang+ Index, and ESMs closed modestly higher.Another huge plus for stocks is that bonds got destroyed (-5 13/32 from high). For many hedge funds, long bonds is the mate to short stocks. If HFs are selling bonds, buying stocks could be next. ESMs are +70.0; NQMs are +263.00, the Nikkei is +6% at 20:25 ET. Are HFs covering their equity shorts?S&P Index 50-day MA: 5823; 100-day MA: 5902; 150-day MA: 5844; 200-day MA: 5758DJIA 50-day MA: 42,973; 100-day MA: 43,290; 150-day MA: 42,902; 200-day MA: 42,183(Green is positive slope; Red is negative slope)S&P 500 Index (5062.25 close) – BBG trading model Trender and MACD for key time framesMonthly: Trender and MACD are negative – a close above 6306.68 triggers a buy signalWeekly: Trender and MACD are negative – a close above 5987.57 triggers a buy signalDaily: Trender and MACD are negative – a close above 5668.55 triggers a buy signalHourly: Trender and MACD are negative – a close above 5358.22 triggers a buy signalUS to Hold Direct Talks with Iran on Saturday: Trump@EndWokeness: Supreme Court rules Trump has authority to use Alien Enemies Act against Venezuelan illegals. Judge Boasberg’s order is void. (5-4 vote, all women against DJT)Ex-Clerk to Justice Gorsuch @mrddmia: President Biden imported and put up in 4-star hotels foreign terrorists and cartel members. President Trump ordered our military to send them to a Salvadoran prison. The Supreme Court must understand it will lose its legitimacy if it allows an activist judge to sabotage this.“We do NOT ask permission from far-left Democrats before we deport illegal immigrants.” JD Vance@matt_vanswol: A Charlotte NC man claiming to be protesting President Trump in favor of veterans and social security……later admitted he was a USAID worker living in Vienna Austria who was told to come back home after USAID was shut down. You cannot make this up!!!https://x.com/matt_vanswol/status/1909266113566785972Pro-life activist sucker-punched during NYC street interview on abortionhttps://t.co/5mh035kbUAGarland/Team Biden jailed pro-lifers that prayed near abortion clinics. Equal justice under the law?@libsoftiktok: “We’re telling him [Trump]… hands off our kids! Hands off women’s rights!” – Tim McBride, the dude who dresses up as a woman and mocks females and wants kids to chop off their body parts. (The insanity and depravity of this is mind addling!)https://x.com/libsoftiktok/status/1909248028310991082 @Riley_Gaines_: “Hands off our kids!” as he reads a book about why being transgender is “good” to kindergartenershttps://t.co/JoLCZGvZzqLiberal pundit (Taylor Lorenz) wishes Biden DEAD in shocking post, as anger mounts over health lies that helped Trump win https://www.dailymail.co.uk/media/article-14579933/Liberal-pundit-wishes-Biden-DEAD-shocking-post-anger-mounts-health-lies-helped-Trump-win.html@anish_koka: CEO of the American Heart Association makes $4 million annually. Annual revenue: $ 972 million. Annual Employee compensation: $435 million.https://x.com/anish_koka/status/1909042451555156344Dem House Leader Jefferies said Congress can step in and relieve the pain. The only pain has been to stockholders. Jefferies regularly makes Kamala Harris sound like Disraeli (Victoria’s favorite PM).National Post: PM Mark Carney faces plagiarism accusations for 1995 Oxford doctoral thesisCarney’s doctorate in economics from Oxford shows 10 instances of apparent plagiarism, according to academics who reviewed the materialhttps://nationalpost.com/news/mark-carney-plagiarism-accusations | |
SWAMP STORIES FOR YOU TONIGHT
Honduran Illegal Alien Charged With Stealing 40 Firearms From Tennessee Gun Store
Monday, Apr 07, 2025 – 08:30 PM
The White House announced that a Honduran national in the U.S. illegally has been indicted for allegedly stealing over 40 firearms from a Tennessee gun store, according to Breitbart and a DOJ press release. The guns, still bearing price tags, were found in his car.
“Under President Trump, criminals like this are being hunted down and taken off our streets,” the White House said on X.
The DOJ wrote in a press release: “Carlos Alberto Diaz-Chavez, 21, a citizen of Honduras without legal status in the United States, has been charged by criminal complaint with being an Alien in possession of a firearm, possession of a machinegun, possession with intent to distribute methamphetamine, and possession of a firearm in furtherance of a drug trafficking crime, announced Acting United States Attorney Robert E. McGuire for the Middle District of Tennessee.”
Acting U.S. Attorney Robert E. McGuire added: “We will not hesitate to keep our community safe from those who would illegally possess dangerous firearms, deal deadly narcotics, and who put our first responders at risk by their actions.”
According to the press release, on February 17, 2025, a Williamson County deputy attempted to stop a silver Toyota Camry on I-65 for failing to yield to an emergency vehicle. The car fled, prompting a chase that ended when deputies deployed spike strips and the vehicle crashed into a guardrail near Spring Hill.
Three individuals fled on foot. One, Diaz-Chavez, was caught carrying a backpack containing a machine gun, methamphetamine, and drug paraphernalia. Two more guns were found in the car. He later admitted to being in the U.S. illegally since 2019 and said he used the firearms to protect himself while dealing narcotics in Nashville.
Diaz-Chavez faces multiple federal charges carrying up to 20 years in prison and fines up to $1 million.
The case, led by the ATF and local law enforcement, is part of Operation Take Back America, a DOJ effort to combat illegal immigration, cartels, and violent crime.
GREG HUNTER
harveyorganblog.com 
