GOLD CLOSED UP $83.20 TO $3,059.20

SILVER CLOSED UP $0.96 TO $30.66

 GOLD ACCESS CLOSED 3091.50

Silver ACCESS CLOSED: $30.79

Bitcoin morning price:$76,376 DOWN 112 DOLLARS.

Bitcoin: afternoon price: $82,402 UP 5414 DOLLARS

Platinum price closing UP $22.65 TO $930.05

Palladium price; UP $13.00 TO $919.95

END

*CANADIAN GOLD: $4363.90 UP 113.10 CDN dollars per oz( * NEW ALL TIME HIGH 4493.62 CDN DOLLARS PER OZ//MARCH 31 2025)

*BRITISH GOLD: 2414.90 UP 86.43 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,417.98 BRITISH POUNDS/OZ) MARCH 31/2025

*EURO GOLD: 2,827.87 UP 114.0 Euros per oz //* (ALL TIME CLOSING HIGH: 2,888.55 EUROS PER OZ/MARCH 31 //2025)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: APRIL 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,968.400000000 USD
INTENT DATE: 04/08/2025 DELIVERY DATE: 04/10/2025
FIRM ORG FIRM NAME ISSUED STOPPED

072 C GOLDMAN 1
104 C MIZUHO 1
118 H MACQUARIE FUT 306
132 C SG AMERICAS 1
167 C MAREX 350
190 H BMO CAPITAL 303
323 C HSBC 245
323 H HSBC 18
332 H STANDARD CHARTE 85
363 C WELLS FARGO SEC 1
363 H WELLS FARGO SEC 727
365 C MAREX CAPITAL M 1
407 C STRAITS FIN LLC 1
624 C BOFA SECURITIES 1
624 H BOFA SECURITIES 1007
657 C MORGAN STANLEY 4
657 H MORGAN STANLEY 753
661 C JP MORGAN 289 311
661 H JP MORGAN 3
686 C STONEX FINANCIA 96 113
686 H STONEX FINANCIA 200
690 C ABN AMRO 6

DLV615-T CME CLEARING
BUSINESS DATE: 04/08/2025 DAILY DELIVERY NOTICES RUN DATE: 04/08/2025
PRODUCT GROUP: METALS RUN TIME: 23:01:05
700 C UBS 2
709 C BARCLAYS 3
709 H BARCLAYS 51
732 C RBC CAP MARKETS 3
737 C ADVANTAGE 12 18
880 H CITIGROUP 207
905 C ADM 13
991 H CME 296

TOTAL: 2,714 2,714

JPMORGAN stopped 314/2714

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 2714 NOTICES FOR 271,400 OZ  8.4416 TONNES

total notices so far: 57,982 contracts for 5,798,200 OR 180.348 tonnes)

FOR APRIL

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 199 NOTICE(S) FILED FOR 0.995 MILLION OZ/

total number of notices filed so far this month : 2424 CONTRACTS (NOTICES) for 12.120 million oz

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END

GLD/

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

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

WITH GOLD UP $83.20 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.8600 TONNES OF GOLD OUT OF THE GLD//

INVENTORY RESTS AT 925.92 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $0.96 AT THE SLV: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: ////A DEPOSIT OF 0.683 MILLION OZ INTO THE SLV//

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 448.104 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A MEGA MEGAHUMONGOUS 14,999 CONTRACTS TO 154,289 AND STALLING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS HUGE SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.35 IN SILVER PRICING AT THE COMEX WITH RESPECT TO TUESDAY’S TRADING/RAID. HOWEVER, WE HAD A HUGE SIZED LOSS OF 13,749 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A HUGE 1250 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD A MEGA MEGA HUGE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING TUESDAY  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 FAILED ON TUESDAY WITH SILVER’S GAIN IN PRICEBUT 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 6490 CONTRACTS ISSUED BY THE CME AND THAT SIGNALS DEEP CODE RED THAT THE CROOKS ARE DESPERATE TO STOP SILVER BREAKING OVER THE 34.40 DOLLAR MARK. THUS OUR RAIDS ON OUR PRECIOUS METALS WILL CONTINUE UNTIL SILVER BREAKS $34.40. WE HAD A HUGE 1250 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS 6490 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN WEDNESDAY’S TRADING/ AS THEY PLAY AN INTEGRAL PART IN OUR COMEX TRADING TRYING TO CONTAIN ANY SILVER PRICE RISE. IN ESSENCE WE LOST A HUGE SIZED 13,749 CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR GAIN IN PRICE OF $0.35. WE HAD MEGA MEGA HUGE TAS LIQUIDATION/ THROUGHOUT TUESDAY’S COMEX TRADING SESSION. TODAY, THE CME NOTIFIED US THAT WE HAD 0 CONTRACTS OF THOSE CRAZY EXCHANGE FOR RISK CONTRACTS ISSUED FOR 0 OZ (0 MILLION 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 TUESDAY NIGHT/WEDNESDAY MORNING: A HUMONGOUS 6490 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 UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE BY  $0.35) BUT WERE UNSUCCESSFUL IN KNOCKING OFF SOME NET SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A STRONG GAIN IN PRICE WE LOST A HUGE OI RISE OF 11,675 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES.

WE HAD A HUGE 1250 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.735 MILLION OZ FOLLOWED BY TODAY’S 70,000 OZ EX FOR PHYSICAL TRANSFER TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK

STANDING FOR APRIL DECREASES TO 17.665 MILLION OZ

WE HAD:

/ HUGE COMEX OI LOSS+// A HUGE SIZED  EFP ISSUANCE (1250 CONTRACTS)/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 6490 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 2074 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 7 DAYS, total 11,222 contracts:   OR 56.110 MILLION OZ  (1603 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  56.11 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: 56.11 MILLION OZ/// THIS IS HUGE AND THIS MONTH WILL PROBABLY BE A HUMDINGER OF ISSUANCE.

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A MEGA MEGA HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 14,999 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.35 IN SILVER PRICING AT THE COMEX// TUESDAY.,.  THE CME NOTIFIED US THAT WE HAD A HUGE 1250 CONTRACT EFP ISSUANCE  CONTRACTS: 1250 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  13.665 MILLION  OZ , PLUS OUR 4.00 MILLION EX FOR RISK

NEW STANDING APRIL: 17.665 MILLION OZ

THE NEW TAS ISSUANCE TUES NIGHT   (6490 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD  199 NOTICE(S) FILED TODAY FOR 0.995 million OZ

THE SILVER COMEX IS NOW BEING ATTACKED FOR METAL BY LONDONERS ET AL.

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST FELL BY A MEGA MEGA HUMONGOUS SIZED  27,886 OI CONTRACTS  TO 445,468 AND FURTHER FROM THE RECORD (SET JAN 24/2020) AT 799,105  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE A PRETTY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  REMOVED 469 CONTRACTS CONTRACTS//.

WE HAD A MEGA MEGA HUMONGOUS SIZED DECREASE  IN COMEX OI (27,886 CONTRACTS) . THIS  OCCURRED DESPITE OUR GAIN OF $17.50  IN PRICE TUESDAY. 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/ + TODAY;S 484 EX. FOR RISK FOR 48,400 OZ OR 1.5054 TONNES/NEW TOTAL; EX FOR RISK 5.3304 TONNES TO WHICH WAS ADDED OUR NEW QUEUE JUMP OF 1688 CONTRACTS OR 168800 OZ (5.825 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 181.303 TONNES NORMAL DELIVERY(INCLUDES OF QUEUE JUMP) + 5.3304 TONNES EX FOR RISK = 186.6334 TONNES

/NEW STANDING FOR APRIL; 181.303 TONNES + 5.3304 TONNES EX FOR RISK = 186.6334 TONNES

/ ALL OF THIS HAPPENED DESPITE OUR $17.50 GAIN IN PRICE  WITH RESPECT TO TUESDAY’S COMEX ///. WE HAD A HUMONGOUS SIZED LOSS OF 26,456 OI CONTRACTS (82.28 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 FAIR SIZED 1250 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 445,468

IN ESSENCE WE HAVE A MEGA MEGA HUMONGOUS SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 26,456 CONTRACTS  WITH 27,886 CONTRACTS DECREASED AT THE COMEX// AND A FAIR SIZED 1430 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI LOSS ON THE TWO EXCHANGES OF 26,456 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 3243 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1450 CONTRACTS) ACCOMPANYING THE HUMONGOUS SIZED DECREASE IN COMEX OI OF 27,886 CONTRACTS/TOTAL LOSS FOR OUR THE TWO EXCHANGES: 26,456 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 181.305 TONNES (WHICH INCLUDES OUR HUGE 5.825 TONNES QUEUE JUMP) AND THIS FOLLOWS TOTAL EXCHANGE FOR RISK ISSUANCE ON 4 OCCASIONS FOR 5.3304 TONNES//NEW STANDING ADVANCES TO 186.6334 TONNES.

//NEW STANDING APRIL: 181.303 TONNES + 5.3304 TONNES EX FOR RISK ON 4 OCCASIONS = 186.6334TONNES

.

 / 3) MEGA HUGE T.A.S. LIQUIDATION + MAYBE SOME SUCCESS IN REMOVING NET SPECULATOR LONGS, AS DESPITE HAVING 1)  $17.50 COMEX PRICE LOSS AND WE HAD 2) SOME POSSIBLE NET LONG SPECS BEING CLIPPED AS WE HAD A MEGA HUMONGOUS SIZED LOSS OF 26,456 CONTRACTS ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED TUESDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN APRIL.

  4) MEGA MEGA HUMONGOUS SIZED LOSS// COMEX OPEN INTEREST 5)  FAIR ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S.  ISSUANCE: 3243 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: 27,401 CONTRACTS OR 2,740,100 OZ OR 85.23 TONNES IN 7 TRADING DAY(S) AND THUS AVERAGING: 3914 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 7 TRADING DAY(S) IN  TONNES  85.23 TONNES

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

THUS EFP TRANSFERS REPRESENTS  85.23 TONNES DIVIDED BY 3550 x 100% TONNES = 2.40% 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; 85.23 TONNES. STILL A SMALL ISSUANCE FOR THE MONTH.

SPREADING OPERATIONS

(/NOW SWITCHING TO GOLD) FOR NEWCOMERS, HERE ARE THE DETAILS

SPREADING LIQUIDATION HAS NOW COMMENCED   AS WE HEAD TOWARDS THE  NEW  ACTIVE FRONT MONTH OF APRIL. WE ARE NOW INTO THE SPREADING OPERATION OF  GOLD

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR ;MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE  NON ACTIVE DELIVERY MONTH OF NOV HEADING TOWARDS THE  ACTIVE DELIVERY MONTH OF FEB., FOR  GOLD: AND MARCH FOR SILVER

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

The crooks also use the spread in the TAS  account  (trade at settlement).  They buy the spot TAS (e.g. June) and sell the future TAS two months out (e.g. August). Then they unload the front month (i.e. unload the buy side first so the price of gold/silver falls. This occurs in the middle  of the  front delivery month cycle. They unload the sell side of the equation, two months down the road.  The crooks violate position limits as the OCC refuse to hear our complaints.

First, here is an outline of what will be discussed tonight:

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A MEGA MEGA HUGE SIZED 14,999 CONTRACTS OI  TO 154,289 AND FURTHER FROM THE COMEX HIGH RECORD //244,710( SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  7 YEARS AGO.  HOWEVER WE HAVE NOW SET A NEW RECORD LOW OF 114,102 CONTRACTS JULY 3.2023

EFP ISSUANCE 1250 CONTRACTS

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

MAY 1250 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1250 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE COMEX OI LOSS OF 14,999 CONTRACTS AND ADD TO THE 1250 E.FP. ISSUED

WE OBTAIN A MEGA HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 13,749  CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  TOTALS 58,375 MILLION OZ

 OCCURRED DESPITE OUR  $0.35  IN PRICE.

OUTLINE FOR TODAY’S COMMENTARY

1a/COMEX GOLD AND SILVER REPORT

(report Harvey)

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

(Peter Schiff)

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

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

b. Other gold/silver commentaries

c. Commodity commentaries//

d)/CRYPTOCURRENCIES/BITCOIN ETC

2.ASIAN AFFAIRS  WEDNESDAY MORNING//TUESDAY  NIGHT

SHANGHAI CLOSED UP 41.26 PTS OR 1.31%

//Hang Seng CLOSED UP 136.81 PTS OR 0.68 PTS

// Nikkei CLOSED DOWN 1298.55 OR 3.93 %//Australia’s all ordinaries CLOSED DOWN 1.85%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3496 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3873/ Oil DOWN TO 56.21 dollars per barrel for WTI and BRENT UP TO 59.63 Stocks in Europe OPENED ALL RED.

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

END

ASIA TRADING WEDNESDAY MORNING/TUESDAY  NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3  CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

 LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A MEGA MEGA HUMONGOUS SIZED 27,367 CONTRACTS TO 445,987 DESPITE OUR HUMONGOUS GAIN IN PRICE OF $17.50 WITH RESPECT TO TUESDAY’S RAID// TRADING. WE LOST ZERO NUMBER OF NET LONGS WITH THAT HUGE PRICE GAIN FOR GOLD. AND AS YOU WILL SEE BELOW, OUR GAIN IN PRICE ALSO HAD A FAIR NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (1430 ).

THE CME ANNOUNCED TUESDAY NIGHT, 484 EXCHANGE FOR RISK CONTRACTS FOR 48,400 OZ OR 1.5054 TONNES. SO FAR THIS MONTH WE HAD RECORDED 4 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 5.3304 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:

1. THE BANK OF ENGLAND
2. 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 HUMONGOUS SIZED LOSS ON OUR TWO EXCHANGES OF 26,456 CONTRACTS DESPITE OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON TUESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID AS THEY TRIED TO ABSORB EVERYTHING IN SIGHT FROM THE DAILY ATTACKS WITH THE CONTINUAL LIQUIDATION OF T.A.S. CONTRACTS. LONDONERS EXERCISED THEIR BOUGHT CONTRACTS FOR PHYSICAL GOLD VIA THE EXCHANGE FOR PHYSICAL ROUTE AND THANKED THE FRBNY FOR THE THOUGHTFULNESS. LONDON ANNOUNCED LATE (JAN 30) THAT THEY WERE OUT OF GOLD. WRONGLY IT WAS ATTRIBUTED TO THEIR SHIPPING PHYSICAL GOLD TO COMEX FOR STORAGE DUE TO TRUMP’S INITIATION OF TARIFFS. THE TRUTH OF THE MATTER IS THAT THIS GOLD LEFT LONDON TO CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. DELIVERY OF GOLD CONTRACTS ARE NOW TAKING SEVERAL WEEKS. NO DEFAULT HAS BEEN INITIATED AS DEALERS ARE AFRAID OF LOSS OF THEIR JOBS. SO THIS FRAUD CONTINUES. THE LEASE RATES IN LONDON HAVE NOW REVERTED BACK TO 1% BUT GOLD IN LONDON IS STILL EXTREMELY SCARCE. WE CAN NOW SAFELY SAY THAT THERE IS A RUN ON A BANK AND THAT BANK IS THE BANK OF ENGLAND!!!

THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THIS MONTH OF APRIL CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY AND IT SURELY WAS ON DISPLAY TODAY INCLUDING WITH OUR STRONG T.A.S. ISSUANCES AND HUGE T.A.S. LIQUIDATION// THROUGHOUT THE WEEK CULMINATING WITH OUR CONTINUAL RAIDS POST 10 AM EST COMEX TRAADING TIME.

THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS IS WHY WE ARE HAVING A HUGE 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 GOLD TONNES STANDING FOR APRIL AT 180 + 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 FAIR SIZED 1430 EFP CONTRACTS WERE ISSUED: :  /APRIL  1430 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1430 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A HUGE SIZED TOTAL OF 26,456 CONTRACTS IN THAT 1430 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A LOSS OF 27,886 COMEX  CONTRACTS..AND THIS LOSS ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE GAIN IN PRICE OF $17.50 FOR TUESDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED  ABOVE. MUCH+ OF THE OI IN OUR TWO EXCHANGES WAS DUE TO THE LIQUIDATION OF T.A.S. CONTRACTS.(GOVERNMENT). THE RAID ON TUESDAY ACCOMPLISHED NOTHING FOR 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 TUESDAY NIGHT/WEDNESDAY MORNING WAS A VERY STRONG SIZED 3243 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:

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

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

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

STANDING FOR GOLD APRIL

// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING:   APRIL (186.6334 TONNES//.CME CORRECTED//) 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: 181.303 TONNES + 5.3304 TONNES EX FOR RISK = 186.6334 TONNES

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

DEC 2021: 112.217 TONNES

NOV.  8.074 TONNES

OCT.    57.707 TONNES

SEPT: 11.9160 TONNES

AUGUST: 80.489 TONNES

JULY 7.2814 TONNES

JUNE:  72.289 TONNES

MAY 5.77 TONNES

APRIL  95.331 TONNES

MARCH 30.205 TONNES

FEB ’21. 113.424 TONNES

JAN ’21: 6.500 TONNES.

TOTAL  YEAR  2021 (JAN- DEC): 601.213 TONNES

YEAR 2022:

JANUARY 2022  17.79 TONNES

FEB 2022: 59.023 TONNES

MARCH: 36.678 TONNES

APRIL: 85.340 TONNES FINAL.

MAY: 20.11 TONNES FINAL

JUNE: 74.933 TONNES FINAL

JULY 29.987 TONNES FINAL

AUGUST:104.979 TONNES//FINAL

SEPT.  38.1158 TONNES

OCT:  77.390 TONNES/ FINAL

NOV 27.110 TONNES/FINAL

Dec. 64.000 tonnes

(TOTAL  YEAR 656.076 TONNES)

2023:

JAN/2023:    20.559 tonnes

FEB 2023: 47.744 tonnes

MAR:  19.0637 TONNES

APRIL: 75.676  tonnes

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

JUNE: 64.354 TONNES

JULY: 10.2861 TONNES

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

SEPT: 15.281 TONNES FINAL

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

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

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

TOTAL 2023 YEAR : 436.546 TONNES

2024

JAN ’24.      22.706 TONNES

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

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

APRIL: 2024: 53.673TONNES FINAL

MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325

JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022

JULY: 11.692 TONNES

AUGUST 69.602 TONNES//FINAL STANDING

SEPT. 13.164 TONNES.

OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES

NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES

DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES  EQUALS 95.1066 TONNES

total year 2024: 540.30 tonnes

2025

January 2025: 70.102 TONNES + 43.208 EXCHANGE FOR RISK= 113.310 TONNES

FEBRUARY:/NEW STANDING ADVANCES TO 238.153TONNES +18.4527 EX FOR RISK

= 256.607 TONNES. THIS IS THE HIGHEST EVER MONTH FOR GOLD STANDING IN COMEX HISTORY

MARCH: 67.9479 TONNES (INCLUDES 7.6179 TONNES EX FOR RISK)

APRIL: 186.6334 TONNES (INCLUDES 5.3304 TONNES EX FOR RISK)

COMEX GOLD TRADING/APRIL CONTRACT MONTH

THE SPECS/HFT WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE( IT ROSE BY A $17.50/ /)/BUT WERE SUCCESSFUL IN KNOCKING OFF SOME APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A HUGE SIZED LOSS IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD HUGE T.A.S. SPREADER LIQUIDATION TUESDAY TO ACCENTUATE THE TUESDAY RAID POST 10 AM/ 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 WELL ABOVE THIS LEVEL AT 3074.00

TUESDAY NIGHT/WEDNESDAY MORNING

THE CROOKS HOWEVER COULD NOT STOP CENTRAL BANK LONGS, SEIZING THE MOMENT, THEY EXERCISED AGAIN FOR PHYSICAL IN A BIG WAY TENDERING FOR PHYSICAL TUESDAY EVENING/WEDNESDAY MORNING AND THUS OUR HUGE NUMBER OF GOLD CONTRACTS STANDING FOR DELIVERY AT THE COMEX. CENTRAL BANKERS WAIT PATIENTLY FOR THE GOLD TO ARRIVE BY BOAT. IT IS NOW TAKING SEVERAL WEEKS TO DELIVER AND THUS THE REASON FOR THE HUGE LEASE RATE AT 10% (SCARCITY OF GOLD) THIS PAST MONTH.

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH MARCH/APRIL TRADING

EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY:

THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN A FEW NIGHTS AGO,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK WILL BE ADDED TO PREVIOUS EXCHANGE FOR RISK OF 9.3264 TONNES TO A NEW TOTAL EXCHANGE FOR RISK = 18.1413 TONNES. IN MID WEEK WE HAD ANOTHER .3114 TONNES OF EXCHANGE FOR RISK ISSUANCED//NEW TOTAL 18,4527 TONNES!..FINALLY THIS TOTAL WAS ADDED TO OUR REGULAR DELIVERIES THROUGH THE MONTH.

EXCHANGE FOR RISK CONTRACTS/MONTH FOR MARCH

EARLY IN THE DELIVERY CYCLE THE CME NOTIFIED US THAT WE HAD OUR FIRST EXCHANGE FOR RISK CONTRACT ISSUANCE IN MARCH FOR 150 CONTRACTS REPRESENTING 15,000 OZ OF GOLD OR .46656 TONNES. THE BANK OF ENGLAND IS STILL NOT SATISFIED AS THEY NEED TO RETRIEVE ALL OF ITS LOST GOLD THROUGH LEASING! THE 15,000 OZ WAS ADDED TO OUR NORMAL DELIVERY TOTAL.

MARCH ISSUES IT’S THIRD EXCHANGE FOR RISK:

TOTAL ISSUANCE OF EXCHANGE FOR RISK MARCH 28 TOTALS 2200 CONTRACTS FOR 6.8429 TONNES OF GOLD. PRIOR ISSUANCE: .7775 TONNES. THUS TOTAL EXCHANGE FOR RISK FOR MARCH : 7.6179 TONNES OF GOLD. MARCH BECOMES THE 4TH CONSECUTIVE MONTH FOR EXCHANGE FOR RISK ISSUANCE.

NOW APRIL, ISSUES ITS 4TH EXCHANGE FOR RISK: 484 CONTRACTS OR 48,400 OZ OR 1.5054 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, APRIL 7 ISSUANCE OF 280 CONTRACTS FOR 28,000 OZ OR .8709 TONNES AND NOW 484 CONTRACTS FOR 48400 OZ OR 1.5054 TONNES//NEW TOTAL ISSUANCE FOR APRIL: 5.3304 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: 181.303 TONNES +(5.3304 EX FOR RISK// FOR APRIL DELIVERY MONTH =186.6334 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 LOST A HUGE SIZED TOTAL OF 80.674 PAPER TONNES FROM OUR TWO EXCHANGES, ACCOMPANYING OUR INITIAL  GOLD TONNAGE STANDING FOR APRIL FIRST RECORDED AT 166.964 TONNES ON FIRST DAY NOTICE FOLLOWED BY 4 CONSECUTIVE EXCHANGE FOR RISK CONTRACT ISSUANCES FOR 5.3304 TONNES.

ALSO TODAY WE RECORD ANOTHER HUGE 1688 CONTRACT QUEUE JUMP FOR 168,800 OZ OR 5.250 TONNES. WE MUST NOW ADD OUR 5.3304 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 181.303 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 186.6334 TONNES, THE 2ND HIGHEST EVER RECORDED!

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $17.50

WE HAD 469 CONTRACTS ADDED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET LOSS ON THE TWO EXCHANGES 26456 CONTRACTS OR 2,645,600 0Z (82.24 TONNES)

SEEMS THAT THE RATS ARE LEAVING THE DERIVATIVE SHIP!!

confirmed volume TUESDAY 357,332.. contracts: huge///

//speculators have left the gold arena

END

APRIL

// THE APRIL 2025 GOLD CONTRACT

APRIL9

INITIAL

dealer deposits: 0 entry

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we have 0 customer entries

0

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xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals: 2//customer account

2 entries

2 ENTRIES:

i) Out of Brinks customer: 77,881.770 oz
ii) Out of Brinks enhanced 3739.325

(9 London good delivery bars)
total: 81,621.095 oz (2.539 tonnes)

adjustments: 1

a) Brinks 711,521.094 oz/dealer to customer

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AMOUNT OF GOLD STANDING FOR APRIL

THE FRONT MONTH OF APRIL HAD A LOSS OF 1146 CONTRACTS TO STAND AT 3021. WE HAD 2834 CONTRACTS FILED TUESDAY. THUS WE GAINED A HUMONGOUS 1688 CONTRACTS OR 168,800 OZ (5.250TONNES) 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. YESTERDAY’S QUEUE JUMP OF 5.9 TONNES REPRESENTED THE HIGHEST EVER QUEUE JUMP IN COMEX HISTORY SURPASSING THE PREVIOUS HIGHEST RECORDED WAS A FEW MONTHS AGO AT 5.8 TONNES. TODAY REPRESENTS THE FIRST EVER BACK TO BACK 5 + TONNES OF QUEUE JUMPING IN COMEX HISTORY!!

MAY lost 2 CONTRACTS DOWN TO 3817 CONTRACTS

JUNE LOST A CONSIDERABLE 27,722 CONTRACTS TO 343,306. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH

We had 2714 contracts filed for today representing 271400 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 289 notices issued from their client or customer account. The total of all issuance by all participants equate to 2714 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 314 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 (57,982 X 100 oz ) to which we add the difference between the open interest for the front month of  APRIL (3021 CONTRACTS)  minus the number of notices served upon today  (2714 x 100 oz per contract) equals  5,828,900 OZ  OR 181.303 TONNES

to which we add our 4 exchange for risk issuances for April of 5.3304 tonnes

= 179.923 tonnes

thus the INITIAL standings for gold for the APRIL contract month:  No of notices filed so far (57,982 x 100 oz +we add the difference for front month of APRIL (3021 OI} minus the number of notices served upon today (2714 x 100 oz) which equals  5,828,900 OZ OR 181.303 TONNES + 5.3304 tonnes ex for risks = 186.334 tonnes

TOTAL COMEX GOLD STANDING FOR APRIL.: 186.334 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: 2,071,072.272 oz 64.419 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 44,872,041.831 .oz  

TOTAL REGISTERED GOLD 23,474,476.954 or 730.154 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 21,397,564.977 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 21,403,404oz (REG GOLD- PLEDGED GOLD)= 665.73tonnes //

END

SILVER/COMEX

// THE APRIL 2025  SILVER CONTRACT//INITIAL

APRIL 9

INITIAL

0 entries/dealer

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deposits customer side

3 entries

i) Into ASAHI 592,866.500 oz

ii)Into CNT 906,600.565 oz

iii) Out of Manfra: 322,725.875 oz

total weight 1,822,252.940 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

0 entries//customer withdrawals

withdrawals 0

total withdrawals nil oz

ADJUSTMENTs 2 entries//

i) Brinks dealer to customer: 9483.00 oz

ii) CNT 957,586.580 oz dealer to customer

JPMorgan has a total silver weight: 199.954million oz/494.816oz million  or 40.48%

TOTAL REGISTERED SILVER: 158.726 MILLION OZ//.TOTAL REG + ELIGIBLE. 494.816Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2025 OI: 509 OPEN INTEREST CONTRACTS FOR A LOSS OF 89 CONTRACTS. WE HAD 75 NOTICES FILED TUESDAY SO WE LOST 14 CONTRACTS WHICH UNDERWENT AN EXCHANGE FOR PHYSICAL TRANSFER WHERE THEY WILL TAKE DELIVERY OVER ON THAT SIDE OF THE POND. THIS TOTAL IS REPRESENTED BY 70,000 OZ

MAY SAW A LOSS OF 17,704 CONTRACTS DOWN TO 86,220 CONTRACTS.

JUNE SAW A LOSS OF 43 CONTRACTS UP TO 1536 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 199 or 0.995 MILLION oz

CONFIRMED volume; ON TUESDAY 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 2424 X5,000 oz = 12.120 MILLION oz 

to which we add the difference between the open interest for the front month of APRIL (508) AND the number of notices served upon today (199 )x (5000 oz)

Thus the  standings for silver for the APRIL 2025 contract month:  (2424) Notices served so far) x 5000 oz + OI for the front month of APRIL(508) minus number of notices served upon today (199)x 5000 oz equals silver standing for the APRIL contract month equating to 13.665 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 17.665 MILLION OZ

 New total standing:  17.665 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 158.726million 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/

APRIL9  WITH GOLD UP $83.20 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 0.86 TONNES OF GOLD OUT OF THE GLD. ///INVENTORY RESTS AT 925.92 TONNES

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: 925.92 TONNES, TONIGHTS TOTAL

SILVER

APRIL9 WITH SILVER UP $0.96 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 0.683 MILLION OZ INTO THE SLV//: //INVENTORY AT SLV RESTS AT 448.104 MILLION

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 448.104 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

“Free Trade Is A Sham!” Tariffs Divide Libertarians And MAGA

Wednesday, Apr 09, 2025 – 09:45 AM

MAGA and libertarians are ripping each other apart over the tariff debate: Free trade or protectionism? Our livelihood or numbers on a graph? Foreigners ‘ripping us off’ or exploiting the dollar’s strength to live beyond our means?

Getting to the bottom of the rift last night on ZeroHedge were libertarian asset manager Peter Schiff and America-first author Spencer Morrison. Expertly moderated by ‘Rebel Capitalist’ George Gammon, below were some key moments for those short on time (though we strongly recommend the full 2 hour discussion).

Schiff: Tariffs = Inflation

When Morrison (MAGA) tried to downplay the inflationary impact of tariffs, Schiff (libertarian) parsed the effects of tariffs into their most basic terms: “When our money stops leaving the country… that money stays here.”

“The goods don’t come in anymore… so we have all this money and not a lot of good. So what happens when you have a lot of money chasing a smaller supply of goods? The prices go way up.”

If you see a hole in that logic, let us know.

Morrison: “America is not a market”

For the sake of both productivity and morality, Schiff advocated for the freedom of interaction between individuals regardless of nationality. To which Morrison replied that the concept of an “individual exists but in an ontological sense” and that economy productivity is not an end in itself: 

“The purpose of the economy is to serve the best interest of the nation and the people… the interests are to create beauty and protect the environment. To preserve a future for the people.”

When Gammon asked “who chooses” what is in the “interest” of the nation, Morrison replied: “We the people.”

NOT A DRILL: BONDS ARE CRASHING

Schiff — true to his nature — closed the debate with severe warning about the U.S. economy and societal stability… grim even by his standards but worth a listen.

Bonds, stocks, the dollar. All tanking in unison.

______________________________

Watch the full debate below:

END

2. Egon Von Greyerz et al

Alasdair Macleod..

The inflationary consequences of tariffs

Tariffs not only raise consumer prices, but the budget deficit feeds a decline in purchasing power for the dollar unless the deficit is funded by an increase in consumer savings.

This article details why the inflationary consequences of Trump’s tariff policies are severely underestimated, with important consequences for the dollar and the Fed’s interest rate policies. The implications are that an economy which is already tipping into recession is only seeing the beginning of its difficulties.

Inflation outlook is being badly misjudged

One area of speculation over the consequences of President Trump’s tariffs is the effect on consumer prices. Optimists comfort themselves by saying the cost of tariffs will be shared by foreign manufacturers, importers, wholesales, and retailers thereby minimising consumer price inflation.

Therefore, they say, with CPI remaining subdued and the economy trending into stagnation, interest rates can decline over the rest of the year. Undoubtedly, margins will be squeezed. But this view does not allow sufficiently for the higher costs faced by US manufacturers importing raw materials and other inputs not readily available in the US.

Furthermore, Trump falls into the trap of the broken window fallacy, by ignoring the consequences of destroying global supply chains. The obvious benefit of tariffs which he sees is the repatriation of manufacturing to the US. The hidden cost is in the destruction of supply chains, the consequences of which are far higher manufacturing costs than generally realised due to the loss of their efficiency at reducing manufacturing expense.

Additionally, the displacement of imported goods restricted by tariffs will lead to higher prices from US manufacturers through lack of imported competition. In an economy insulated from global production, domestic manufacturing falls very quickly behind global standards. Then there is the twin deficit phenomenon.

The relationship between the budget and trade deficits is being ignored by economic commentators. Nevertheless, twin deficits have often been observed in countries with low savings rates. But to understand why we must examine how a government budget deficit is funded.

If it is funded by an increase in consumer savings, consumer demand to that extent is withdrawn from the economy. The inflationary consequences of demand created by excess government spending are thereby neutralised. Alternatively, if consumers do not increase their savings, then excess government spending has nothing to offset its inflationary impact, and the general price level rises.

Nations whose populations habitually save have lower rates of consumer inflation. This is why in Japan, for example, the government can run large budget deficits with low levels of price inflation. It also follows that lower levels of consumer demand in savings-driven economies lead to greater product innovation in domestic production due to tougher competition for consumers’ spending.

Not only does domestic manufacturing become increasingly efficient, but in doing so it displaces competition from imports, and is also the basis of successful exports to other nations. Clearly, it is the difference in savings habits between nations which leads to trade imbalances. It is not, as Trump believes unfair competition.

Consequences of the twin deficit problem

Having discouraged savings through buying into the Keynesian savings paradox, the US and its UK Anglo-Saxon behavioural twin cannot run a budget deficit without giving rise to a trade deficit in manufactured goods. This is why we observe the twin deficit phenomenon in these nations.

If Trump really wants to cut the trade deficit, he must cut the budget deficit and encourage US citizens to save — neither of which his administration appears to understand. Instead, by pushing for a more competitive (lower) dollar and lambasting the Fed for not reducing interest rates he falls further into the Keynesian trap.

Future budget deficits will therefore have a significant inflationary impact, particularly if the savings rate doesn’t improve and imported goods are tariffed out of the US economy. Not only will the budget deficit continue to fuel inflation by stimulating consumer spending, but it will be against a background of a restricted supply of goods from abroad. In other words, Trump’s tariff policies will undermine the purchasing power of the dollar more dramatically than generally realised.

Trump’s tariffs also come at the time when commercial banks fear the risks of private sector lending. Along with Basel 3 discouraging lending to small and medium size enterprises, banks are channelling their lending into short-term government debt (Basel 3 preferred). They are funding the Federal deficit while depriving the private sector of credit. The US economy is already entering a slump through lending starvation.

The consequence of a slump will be larger budget deficits as revenues undershoot and welfare spending commitments increase. With tariffs restricting the supply of imported goods, accelerating inflation is the certain outcome.

That is the background to interest rates. If the Fed is to protect the dollar from devaluation, it must retain a high interest-rate stance. And it is this, perhaps, which financial markets are beginning to sense. For in all their turmoil, it is noticeable how the dollar is weakening and bond yields remain high.

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 WEDNESDAY MORNING TUESDAY  NIGHT

SHANGHAI CLOSED UP 41.26 PTS OR 1.31%

//Hang Seng CLOSED UP 136.81 PTS OR 0.68 PTS

// Nikkei CLOSED DOWN 1298.55 OR 3.93 %//Australia’s all ordinaries CLOSED DOWN 1.85%

//Chinese yuan (ONSHORE) CLOSED DOWN TO 7.3496 CHINESE YUAN OFFSHORE CLOSED DOWN TO 7.3873/ Oil DOWN TO 56.21 dollars per barrel for WTI and BRENT UP TO 59.63 Stocks in Europe OPENED ALL RED.

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

WEAKER AGAINST US DOLLAR/OFFSHORE YUAN WEAKER

END

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

ONSHORE YUAN:   CLOSED DOWN TO 7.3496

OFFSHORE YUAN: DOWN TO 7.3873

SHANGHAI CLOSED CLOSED UP 41.26 PTS OR 1.31%

HANG SENG CLOSED CLOSED UP 136.81 OR 0.68%

2. Nikkei closed DOWN 1298.55 PTS OR 3.93%

3. Europe stocks   SO FAR:  ALL RED

USA dollar INDEX DOWN TO  101.96// EURO RISES TO 1.1041 UP 64 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.283//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 144.87…… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE RE EMERGING OF THE YEN CARRY TRADE AGAIN AFTER DISASTROUS POLICY ISSUED BY UEDA

3c Nikkei now  ABOVE 17,000

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

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

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6100/Italian 10 Yr bond yield UP to 3.917 SPAIN 10 YR BOND YIELD UP TO 3.370

3i Greek 10 year bond yield UP TO 3.578

3j Gold at $3064.20 Silver at: 30.49  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 73 /100  roubles/dollar; ROUBLE AT 86.58

3m oil into the 56 dollar handle for WTI and  59 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 144.87// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.283 % 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 0.8395 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9270 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: 4.373 UP 11 BASIS PTS…

USA 30 YR BOND YIELD: 4.847 UP 13 BASIS PTS/

USA 2 YR BOND YIELD:  3.7777 UP 2 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.01

10 YR UK BOND YIELD: 4.7600 UP 10 PTS

10 YR CANADA BOND YIELD: 3.195 UP 6 BASIS PTS

5 YR CANADA BOND YIELD: 2.748 UP 5 PTS.

2a New York OPENING REPORT

Futures Swing Wildly As China Retaliates, Basis Trade Blows Up Sending Yields Soaring

Wednesday, Apr 09, 2025 – 08:36 AM

The rollercoaster goes on as stock futures continue to swing wildly, and now we have the extra kicker of the $2 trillion basis trade blowing up and sending bond yields soaring in the US and across most developed economies just as stocks tumble, leading to a complete wipe out of all 60/40 “balanced” portfolios. US futures had slumped as much as 3% overnight amid the ongoing collapse of the basis trade, which we first profiled here, only to reverse and turn briefly green just after 3am ET after China released a White Paper on US trade in which it hinted that it was “willing to communicate with the US” but that initial bounce quickly faded after China also warned it would retaliate… and then it did just that after 7am ET, when Beijing announced it would match Trump’s latest and raise tariffs on US goods to 84%; this quickly sent futures back near sesion lows and down 2%. Pre-market, Mag 7 names were mixed (Tesla +0.39%, Nvidia +0.22%, Apple +1.1%, Meta +1%, Amazon +1%, Alphabet -0.9%, Microsoft -0.8%), while healthcare stocks were lower as pharma tariffs are earmarked to be released soon. Meanwhile, as we described first late last night, forced sales resulting from the unwind of the basis trade have slammed the Treasury market, where yields surged over the last few sessions and 2Y to 30Y yields are higher again today. At one point the 10Y was as high as 4.50%; this morning JPM asks a question: “If trade imbalances are zeroed out, do foreign countries need to hold Treasuries?” USD is weaker and commodities are mixed with Base Metals/ Energy lower, goal soaring higher, and Ags mixed. Fed Minutes are released this afternoon with CP| tomorrow.

In premarket trading, Mag 7 names were mixed (Tesla +0.39%, Nvidia +0.22%, Apple +1.1%, Meta +1%, Amazon +1%, Alphabet -0.9%, Microsoft -0.8%), while drugmaker stocks slide after Trump said the US is planning to announce “a major tariff” on the sector soon: (Pfizer -4.1%, Merck -3.4%, Bristol-Myers Squibb -3.9%, Biogen -2.0%, Eli Lilly & Co -3.3%, Amgen -3.7%, Moderna -2.5%, Johnson & Johnson -3.4%). US-listed Chinese stocks pare gains from earlier in the premarket session or fall as China retaliates with an 84% tariff on US goods (Alibaba +3.1%, Nio +0.32%, Baidu +0.18%, PDD -1.6%, JD.com +2.9%, NetEase +0.40%, Trip.com +2.5%, Li Auto +1.0%, KE Holdings +2.2%, Bilibili +4.2%). Here are some other notable movers:

• Cal-Maine (CALM) drops 5% after the egg producer reported results that missed estimates. The company also said it received a civil investigative demand from the Department of Justice Antitrust Division into the causes behind the increase in egg prices nationwide.
• Constellation Energy (CEG) shares inch higher by less than 1% after Citi upgraded the nuclear power provider to buy, citing a more attractive risk-reward following the selloff in equity markets.
• Ford Motor (F) slips 2.9% as Bernstein downgraded the carmaker to underperform, saying significant downside is not priced in by the market yet.
• Peabody Energy (BTU) soars 12% after Trump signed executive orders to expand the mining and use of coal in the US. Also, late Tuesday, Peabody said it is reviewing a deal worth up to $3.78 billion to buy Anglo American Plc’s steel-making coal business after a fire at an Australian mine.
• Satellogic (SATL) jumps 4% after the satellite company said it had been awarded a $30 million contract to provide analytics to a “strategic defense and security customer.”

While China’s escalation was notable, if expected, the biggest news overnight was the collapse of the basis trade, which we first correctly predicted last week and described overnight; this is sending yields soaring amid forced liquidations, even as stocks continue to slide.

“We’re well into an escalation phase in the trade war and investors have just nothing to hold onto at the moment,” said Alexandre Baradez, chief market analyst at IG Markets Ltd. “What’s clear now is that the US bond market is no longer a safe haven for investors, but on the contrary is piling pressure on stock markets.”

Meanwhile, shares in large US and European drugmakers fell after Trump said the US was planning to announce “a major tariff on pharmaceuticals” soon. Pfizer Inc., Eli Lilly & Co. and Merck slid more than 3% in US premarket trading.

The worsening trade conflict, with Trump raising levies on China to 104% at midnight, has been condemned by investors including Bill Ackman and prompted economists at JPMorgan and Goldman to raise the probability of a US recession. That would complicate the Federal Reserve’s policy response if it has to contend with an inflation spike brought on by the tariffs. 

Investors were gripped by concerns that something may break in the financial plumbing as volatility and stress build across markets. Ray Dalio, the billionaire founder of Bridgewater Associates, warned about a “once-in-a-lifetime” breakdown occurring in monetary, political and geopolitical orders. 

“We’re reaching a new stage in the selloff with now serious concerns that the high volatility could trigger market accidents and possibly something systemic,” said Alexandre Hezez, chief investment officer at Group Richelieu in Paris. “If the Fed is forced to intervene and cut interest rates despite Trump’s inflationary policies, then 10-year yields will jump even further.”

Europe’s Stoxx 600 drops 3%, with all sectors in the red. Health care, energy, and telecoms lead losses. UK and German yield curves steepen as two-year yields drop, while long-end rates climb. Here are the biggest movers Wednesday:

• Pharmaceuticals and energy stocks are the hardest-hit European sectors amid a broad-based selloff in equity markets after US President Donald Trump hiked trade tariffs to a 100-year high
• The Stoxx 600 basic resources sector dropped as much as 4.1% on Wednesday. The declines come as copper extends its slump, with industrial metals hit by the intensifying global trade war and recession fears.
• Wolters Kluwer briefly gains as much as 1.4% as BofA Global Research raises its recommendation on the information services and solutions provider to buy
• Redcare Pharmacy slumps as much as 17%, the most in almost three years. The German online pharmacy launched €300 million convertible bonds and invited holders of the already outstanding €225 million to tender their bonds for cash
• ITV shares drop as much as 8.3%, hitting their lowest level since November, after the UK broadcaster was downgraded to sell by UBS amid an expected decline in ad revenue and concern around streaming
• PageGroup slips as much as 4.3% to the lowest level since 2016 after the UK recruitment firm said it won’t provide forward-looking guidance because of market uncertainty caused by the introduction of tariffs
• Santander Polska’s shares trade as much as 2.8% lower in Warsaw after surging 6.5% on Tuesday in the wake of a Bloomberg News report that its Spanish parent may be seeking an exit.

Earlier in the session, Asian stocks dropped as tariffs implemented by President Donald Trump took effect, with total levies on China climbing to 104%. The MSCI Asia Pacific Index fell 1.4%, with TSMC, Hitachi and Mitsubishi among the biggest drags. Taiwan’s benchmarks tumbled more than 5%, while key gauges slid more than 3% in Japan. Shares in Korea slumped into a bear market territory, while shares in Hong Kong and China advanced thanks to continued buying by China’s plunge protection team. Markets “probably will continue to see some wild gyrations this week, and longer as markets work through this tariffs episode,” said Kok Hoong Wong, head of institutional equities sales trading at Maybank Securities. Potential responses from Europe and elsewhere will be among key points to watch.

The exodus spread to other markets. The UK’s borrowing costs surged to the highest since 1998, and Japanese 40-year bond yields struck a record high. US treasuries also held losses, extending past week’s steep selloff, with some paring after China raised tariffs on US goods to 84%, triggering a drop in stock futures. Intermediate and long-end yields are higher on the day by as much as 10bp, front-end by about 4bp. US yield curve has steepened further, though spreads are off session highs, with 2s10s wider by about 4bp, 5s30s by about 1bp; 10-year yield around 4.37% is 8bp higher on the day, with bunds outperforming by around 9bp in the sector, gilts by ~1bp. 

UK 30-year yields earlier hit their highest since 1998, as contagion from the selloff in US 30-year bonds spread.  Swap spreads – which is where the collapse of the basis trade can be seen clearest – likewise extended past week’s violent narrowing move, with long-end tenor dropping as low as -100bp. US session includes $39 billion 10-year note auction at 1pm New York time. Treasury auction cycle continues with $39 billion 10-year note reopening, following soft demand for Tuesday’s 3-year note sale, which tailed by 2.4bp tail and had above-average dealer allocation. Cycle concludes Thursday with $22 billion 30-year

In FX, the Bloomberg Dollar Spot Index falls 0.5% while the Aussie dollar climbs 1% versus the greenback, topping G-10 FX. 

In commodities, spot gold surges ~$75 to around $3,056/oz. Oil prices decline, with Brent falling close to 4% to just above $60 a barrel.

Looking at today’s calendar, all eyes will be on the trade war and swap spreads US economic calendar includes February wholesale inventories at 10am; Fed speaker slate includes Barkin at 11am at Economic Club of Washington DC; minutes of FOMC’s March meeting will be released at 2pm

Market Snapshot

• S&P 500 mini -2%
• Nasdaq 100 mini -1.6%, 
• Russell 2000 mini -1.8%
• Stoxx Europe 600 -2.5%, 
• DAX -2.2%, 
• CAC 40 -2.2%
• 10-year Treasury yield +17 basis points at 4.46%
• VIX +5 points at 56
• Bloomberg Dollar Index -0.4% at 1264.61, 
• euro +0.5% at $1.1013
• WTI crude -3% at $57.82/barrel

Top Overnight news

• President Trump signed executive orders related to coal and later posted on Truth “Today, we took historic action to help American workers, miners, families and consumers. We’re ending Joe Biden’s war on beautiful, clean coal once and for all, and we’re going to put the miners back to work!”
• President Trump posted on Truth “I had a very good meeting today with the Speaker of the House and some of our more Conservative Members, all great people. I let them know that, I AM FOR MAJOR SPENDING CUTS! WE ARE GOING TO DO REDUCTIONS, hopefully in excess of $1 Trillion Dollars, all of which will go into “The One, Big, Beautiful Bill.” I, along with House Members and Senators, will be pushing very hard to get these large scale Spending Cuts done, but we must get the Bill approved NOW. MAKE AMERICA GREAT AGAIN!”.
• China retaliated to new tariffs imposed by President Donald Trump by announcing it would raise duties on US goods, roiling markets and deepening a trade war between the world’s largest economies: BBG
• Reconciliation bill at risk as Trump’s tariffs catalyze an economic downturn, threatening revenue assumptions embedded in the legislation. WaPo
• BOJ’s Ueda signals the central bank will pause its rate hike campaign amid extreme uncertainty in the global economy. RTRS
• Fed in a difficult spot as Trump’s policies threaten to weaken growth and fuel inflation, which means monetary authorities won’t be able to rush to the rescue as in past panics. WSJ
• Tariff negotiations aren’t happening in any serious way as White House officials fail to engage with other countries and have yet to outline the specific concessions they expect to receive. Politico
• Drug tariffs could be next – Trump Tues night reiterated that his next target for tariffs could be the drug industry (he said he would announce “a major tariff on pharmaceuticals very shortly”). NYT
• Navarro was pushing for a 25% blanket tariff on all imports along w/the reciprocal levies and Trump considered the idea before opting for 10%. White House shifts tariff power from Navarro/Lutnick toward Bessent/Greer as negotiations take place w/several trading partners in the hope of deescalating tensions. BBG / FT
• House Republican opposition to Trump’s trade policies grows as 12+ could sign on to support a bill that would impose restrictions on the White House’s tariffing powers. AXIOS
• DAL just officially kicked off Q1 earnings season and is trading +1%.. Growth has ‘largely stalled’ with trade uncertainty.. Not reaffirming FY guidance ‘given current uncertainty’: Q1 EPS $0.46 vs. Cons $0.38 on in line revenue of $12.98bn. For Q2, guides EPS to $1.70-$2.30 vs. Cons $2.21. Guided 2Q rev growth to (2%) to +2% y/y vs. Cons +1.7%. Expect continued resilience in premium, loyalty and intl partially offsetting Domestic and main cabin softness. Expect June qtr profitability of $1.5-$2bn    DAL is not reaffirming full year 2025 financial guidance and will provide update in later year as visibility improves. GS GBM

Trade/Tariffs: US

• US President Trump said they have a lot of countries wanting to make a deal and noted that the tariff situation is a good situation, while he added it is very important to pass the big beautiful bill. Trump also stated that he respects Canada and Mexico but they cheat on trade, and noted that China is manipulating its currency to offset tariffs and he thinks China will make a deal at some point and wants to make a deal. Furthermore, Trump confirmed the 104% tariff on China takes effect from midnight (EDT) and said he will be announcing tariffs on pharmaceuticals soon.
• US President Trump said they are taking USD 2bln in a day from tariffs and are doing well on tailored tariff deals, while he added that Japanese officials are flying to the US to make a deal and so are South Korean officials. Furthermore, he reiterated that tariffs are on and that they have tariffs on cars, lumber and steel.
• White House Press Secretary said President Trump has tasked US Treasury Secretary and USTR Greer to lead talks and deals will be made if they benefit American workers and address trade deficits, while she said President Trump met with the trade team on Tuesday morning and directed the team to have tailor-made trade deals with every country that contacts the administration to strike a deal. Furthermore, she said reciprocal tariffs will continue to go into effect as deals are negotiated and all options are on the table for each country, as well as stated that phones have been ringing “off the hook” from nations trying to negotiate a trade deal.
• At least a dozen House Republicans are considering signing onto Rep. Don Bacon’s bill to restrict the White House’s ability to impose tariffs unilaterally, according to Axios.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks were mostly lower following the dead cat bounce on Wall St and as reciprocal tariffs took effect overnight including a total 104% tariff on China. ASX 200 was dragged lower by underperformance in health care and miners with the former pressured after US President Trump stated that he will be announcing tariffs on pharmaceuticals soon. Nikkei 225 spearheaded the declines in Asia and fell beneath the USD 32,000 level amid currency strength and ongoing tariff woes with a report noting that tariffs could potentially reduce Japanese companies’ earnings by up to 10%. Hang Seng and Shanghai Comp were mixed as the Hong Kong benchmark conformed to the losses in the region, while the mainland traded indecisively and was somewhat cushioned following recent stabilisation measures and expected policy support.

Top Asian News

• Chinese monetary and fiscal stimulus are unlikely to fully protect the Chinese economy from the severe downturn in global demand caused by tariffs, according to Reuters sources
• PBoC has asked major state banks to reduce USD purchases, according to Reuters sources; PBoC will not resort to immediate sharp CNY deprecation to counteract the impact from US tariffs PBoC asked state banks to without USD purchases for proprietary accounts, and ask state banks to strengthen checks executive orders for clients. Chinese state banks were seen selling USD and buying CNY aggressively to slow the pace of CNY declines in the onshore spot market on Wednesday.
• Japan top currency Diplomat Mimumra says three party talks were held in response to US tariffs, discussed unstable moves in financial markets; agreed to do the upmost to maintain stability in global markets Exchanging information with G7, Asian nations and the IMF Watching moves with a high sense of urgency The first step would be to work to remove these US tariffs Cooperation needs to be international given global impact Have been having various discussions with the US treasury Important for currencies to move in a stable manner reflecting fundamentals Current moves are very volatile, alarmed over the moves including those driven by speculators No comment on daily FX moves Market seems concerned about the risks of inflation and recession in the US Japan needs to negotiate with US without being either optimistic or pessimistic.
• Goldman Sachs said continued tariff escalation between the US and China presents a downside risk to its current 2025 full-year real GDP forecast of 4.5% for China, while it noted significant policy easing by the Chinese government in the coming months is to mitigate the impact and stabilise growth.
• BoJ Governor Ueda said they have been raising rates up till now on the view that keeping rates low for too long when the economy and prices are recovering, risks causing economic excesses and would force them to hike rates rapidly later. Ueda said they have been raising rates with a focus on underlying inflation, which is gradually heading towards 2% and noted that uncertainty surrounding domestic and overseas economies is heightening due to US tariffs.
• South Korea announced emergency measures for the auto industry hit by US tariffs in which it is to lower taxes on auto purchases and raise EV subsidies to boost domestic demand, while it raised policy financing support for automakers to KRW 15tln this year from KRW 13tln and vowed efforts to ensure that domestic automakers are not treated in a disadvantageous way.
• Fitch Downgrades Alibaba (9988 HK/BABA) and Tencent (0700 HK) to ‘A’, Tencent Music (TME) to ‘A-‘, Following Sovereign Action

European bourses (STOXX 600 -3%) are entirely in the red, but off worst levels after sentiment improved around the European cash open which coincided with commentary from China’s Foreign Ministry, which avoided announcing any fresh retaliation to Trump’s latest tariffs. European sectors are in negative territory, but display a more improved picture than opening levels. Healthcare is by far the clear laggard as markets digest the latest commentary from US President Trump who said that he will be announcing tariffs on pharmaceuticals soon. Energy is also amongst the underperformers, as underlying oil prices remain pressured.

Top European News

• UK Chancellor Reeves is to hold tariffs crisis talks with top city executives, according to Sky News.
• Germany’s CDU/CSU and SPD parties reached an agreement on a coalition, according to NTV; meeting this morning, aim to have a full agreement around midday Berlin time.
• EZ growth to take a bigger hit from US President Trump tariffs than ECB had earlier estimated, according to Reuters citing sources; initial ECB estimate of 50bps hit to growth in first year under revision A source estimates a growth hit in excess of 100bps in the first year.
• ECB’s Escriva says US tariffs will have an impact on economic activity in Spain and other countries, “for now I will not talk about a recession”; one of the consequences could be the impact on business confidence and spending, its hard to measure Bank of Spain will have to revise down growth projections in Spain Any forecast is subject to high uncertainty The ECB will need to evaluate the new scenario regarding the impact of US tariffs on inflation There could be downward and upward impacts on inflation Depending on the impact, will have to take different actions.
• ECB’s Knot says in the long term, a trade war is a negative supply shock; impact of the trade war is likely inflationary in the long term Risk is that we move to a supply-demand situation like in 2022; need to be vigilant on inflation. Disinflation is well on track. Rates are at the upper end of neutral range. So far, market functioning has been preserved. Reversal of bond markets needs to be monitored.
• ECB’s Villeroy says estimates that a trade war will lower EZ growth by 0.25pp in 2025 Shock will not be negligible but will not be a recession. ECB monitors the financial system to ensure there is enough liquidity during times of market stress.
• ECB’s Rehn says downside risks have materialised since the March meeting; case for continuing rate cuts at April meeting is supported by downside risks materialising Inflation appears to be stabilising at target and growth outlook has further weakened as result of the trade war. Large tariff increases will boost inflation in the US, but the effect in the EZ can be two-way. Overall, however, the effects of EZ inflation are apparently modest.
• German corporate tax to be lowered from 2028, according to Handelsblatt citing CDU head in internal meeting.
• Morgan Stanley expects the BoE to lower interest rates at every meeting until November; taking yr-end rate to 3.25% (currently 4.5%) vs. prev. forecast of 3.5%.

FX

• USD is softer across the board as trade war tensions continue to ratchet up as reciprocal tariffs alongside the 104% levy on China came into effect. In response, China’s Foreign Ministry defended the nation’s right to development and vowed to continue to take resolute and effective measures to safeguard legitimate interests. On the domestic agenda, FOMC minutes are due for release later. DXY ventured as low as 101.91 but failed to test the YTD trough at 101.26; has since stabilised above the 102 mark.
• EUR remains underpinned vs. the USD with ING noting “The euro remains in a good position to benefit from any USD confidence crisis, being the second most liquid currency in the world and a preferred alternative to the dollar for FX reserves”. Reuters sources have reported that the ECB says EZ growth is to take a bigger hit from US President Trump tariffs than earlier estimated; initial ECB estimate of 50bps hit to growth in first year under revision. EUR/USD has ventured as high as 1.1089.
• JPY is firmer vs. the broadly softer USD and underpinned by its safe haven status. There have been several updates out of Japan with overnight remarks from BoJ Governor Ueda who reiterated that the central bank remains open to further rate hikes if Japan’s economic recovery continues as projected. Thereafter, Japan’s top currency Diplomat Mimumra stated that three party talks were held in response to US tariffs, discussed unstable moves in financial markets and agreed to do the upmost to maintain stability in global markets. USD/JPY has delved as low as 144.56 but stopped shy of the April 4th YTD low at 144.54.
• GBP is firmer vs. USD but to a lesser extent than peers. UK newsflow remains less prominent than elsewhere. However, UK Chancellor Reeves is to hold tariffs crisis talks with top city executives, according to Sky News. Cable is currently stuck between its 50 and 200DMAs at 1.2743 and 1.2812 respectively. UK PM Starmer is due to make remarks at 11:00BST.
• Antipodeans are both firmer vs. the USD but less to for NZD following the RBNZ rate decision which saw the central bank cut the OCR by 25bps to 3.50% (as unanimously forecast) and signalled further cuts ahead. AUD/USD is higher following recent Chinese stabilisation measures and expected policy support. Albeit, as a note of caution, China appears to remain resolute in pushing back against the US’ trade practices.

Fixed Income

• Overnight action saw USTs slump to a 110-01 trough with downside of over a full point at worst. The pullback in USTs began after a weak 3yr note auction, the results showed a slump in direct bidders, a soft cover and an elevated tail. Also driving the move was the ramping up of trade tensions, as Trump made clear that the reciprocal tariffs would (and since have) be coming into effect. The European session has seen US paper clamber off lows, as the risk tone improves a touch – potentially as China avoided announcing any fresh retaliatory measures to the latest Trump tariffs. Given all this, the next litmus test for the market in the absence of a tariff/trade driver will be tonight’s 10yr Note auction; an auction which intersects Fed’s Barkin (2027 Voter) and the Minutes from March’s meeting.
• Bunds initially posted gains of around 30 ticks, in sharp contrast to USTs and feeds into the argument that the US benchmark’s haven status has been tarnished somewhat, as discussed above. Thereafter, a bout of significant pressure was seen around 07:00BST, where Bunds fell from 130.30 to the 129.13 trough – the move came alongside a slight pick up in the risk tone. This reversed soon after, and then Bunds took another leg higher after a Reuters source piece that the ECB is looking to revise its first-year tariff growth hit from the initially thought 50bps.
• Gilts gapped lower by around 40 ticks before extending to post downside of 104 ticks, notching a 91.08 WTD base. Newsflow for the UK has been very light as we await an update from the PM/Cabinet, with Chancellor Reeves set to hold crisis talks with business leaders and Starmer scheduled to speak with the press at around 11:00BST. Most recently, the DMO tapped GBP 4.5bln of its 2030 Gilt, results featured an elevated tail but the cover was still near-enough 3x even given a slightly lower accompanying yield.
• UK sells GBP 4.5bln 4.375% 2030 Gilt: b/c 2.95x (prev. 3.39x), average yield 4.142% (prev. 4.311%) & tail 1.0bps (prev. 0.3bps)

Crude

• Crude is on a very weak footing, with Brent Jun’25 currently down by around USD 1.80/bbl. The complex remains pressured amid the broader risk-off mood and with a surprise draw in headline crude stockpiles unable to boost prices. Brent Jun’25 has been traded sideways throughout the European morning in a current USD 60.13-61.53/bbl range.
• Precious metals are broadly in the green; Spot gold is currently higher by around USD 61/oz and trading towards the upper end of a USD 2,970.12-3,052.29/oz range, owing to its haven status.
• Mixed trade across base metal futures with the complex indecisive as it reacts to Trump’s tariffs coupled with hopes of Chinese stimulus to counteract the effect of the levies. 3M LME copper is subdued within a USD 8,461.67-8,728.00/t range awaiting further trade updates.
• US Private Inventory Data (bbls): Crude -1.1mln (exp. +1.4mln), Distillate -1.8mln (exp. +0.3mln), Gasoline +0.2mln (exp. -1.5mln), Cushing +0.6mln.
• CPC says it has resumed Black sea operations at two moorings.
• Reliance Industries is shutting one crude unit and some secondary units at the Jamnagar refinery (660k BPD) for 21 days, via Reuters citing sources.

Geopolitics

• Israeli army reportedly blew up residential buildings northwest of the city of Rafah in the southern Gaza Strip, according to a correspondent cited by Al Jazeera.
• Hezbollah official said they are ready to discuss the future of their arsenal if Israel withdraws and ends strikes.
• North Korea said its status as a nuclear weapon state can never be reversed, according to KCNA.

US Event calendar

• 7:00 am: Apr 4 MBA Mortgage Applications, prior -1.6%
• 10:00 am: Feb F Wholesale Inventories MoM, est. 0.4%, prior 0.3%
• 2:00 pm: Mar 19 FOMC Meeting Minutes

Central Bank speakers

• 11:00 am: Fed’s Barkin Speaks to Economic Club of Washington DC
• 2:00 pm: FOMC Meeting Minutes

DB’s Jim Reid concludes the overnight wrap

The market turmoil has shown no sign of letting up over the last 24 hours, with the S&P 500 (-1.57%) edging increasingly close to bear market territory, having now shed -18.9% since its peak in mid-February. Moreover, futures are still pointing towards further losses today, with those on the index down another -2.53%, which if realised would take us over the bear market line. Perhaps even more alarmingly, US Treasury markets are also experiencing an incredibly aggressive selloff as we go to press, adding to the evidence that they’re losing their traditional haven status. That’s been particularly evident at the long end of the curve, with the 30yr yield up another +19.3bps this morning to 4.96%, having already risen by +35.6bps over the previous two sessions (the fastest move higher since March 2020). So there’s no sign yet that the market is managing to successfully find a bottom, and it feels like no asset class has been spared as investors continue to price in a growing probability of a US recession.

It had been a very different story at the open, as hopes for negotiated deals initially saw the S&P 500 surge by more than +4%. However, several triggers drove a sharp turn lower in market sentiment as the day went on. First, we had confirmation from US officials that the additional 50% tariff that Trump threatened China with on Monday would be imposed, dashing any remaining hopes for a last minute extension before the deadline. These reciprocal tariffs have now gone into effect as of 5am London time, meaning that the total China tariff now stands at 104%, with overall US tariffs now at their highest level since the early 20th century. In the meantime, there was little let up in Trump’s tone on tariffs last night, with the President saying that “we’re going to be announcing very shortly a major tariff on pharmaceuticals”.

Second, yesterday saw a weak 3yr Treasury auction, which exacerbated fears about how much demand there still was for the asset. They were issued 2.4bps above the pre-sale yield as the bid-to-cover ratio fell to its lowest in six months. So that helped contribute to a huge selloff among longer-dated bonds, and this morning the 10yr yield is up another +16.7bps to 4.46%. Given the scale of the rout, that’s raising questions about whether the Federal Reserve might need to respond to stabilise market conditions, and we can even see from fed funds futures that markets are pricing a growing probability of an emergency cut, just as we saw during the Covid turmoil and the height of the GFC in 2008.

Third, another story in the background has been a sharp weakening in the offshore yuan, which fell to its lowest level in history against the dollar, raising concerns that China could resort to competitive currency devaluation in response to US tariffs. So it’s exacerbating fears that the US and China could end up in an escalatory spiral that opens up further downside risks. That saw it decline to 7.43 per dollar, though it has since recovered to 7.38 overnight. Interestingly, equity indices in mainland China are the one positive performer overnight, with the CSI 300 (+0.32%) and the Shanghai Comp (+0.24%) both rising slightly. Elsewhere however, the overnight performance has been dire, with the Nikkei (-4.11%) slumping back after its rally the previous day, along with the KOSPI (-1.76%), the S&P/ASX 200 (-1.83%). Futures are all pointing that way as well, with those on the German DAX slumping -3.88%, whilst those on the S&P 500 are down -2.53%.

Taking a historic view, the -18.9% decline in the S&P 500 means it’s now becoming one of the bigger selloffs of recent history. Indeed, yesterday it surpassed the 2015-16 decline (-18.3%), which was driven by fears of a hard landing in China, a US growth slowdown, and the start of Fed hikes. The next threshold in recent times would be the late-2018 selloff, when the index fell -19.8% (also amidst Fed rate hikes and a growth slowdown, alongside trade tensions). And currently, futures are suggesting the index would be -21.0% lower, meaning it would overtake that selloff if realised. However, there’s still further to go before we get to the scale of the 2022 bear market (-25.4%), back when the Fed hiked aggressively to combat inflation and recession fears mounted. And we’re even further from the biggest fall of the last decade, which was the Covid shock, when the index fell -33.4% in little over a month.

In terms of the market reaction yesterday, there was little respite wherever you turned. The S&P 500 has now fallen -12.1% since the reciprocal tariff announcement, making it the biggest 4-day decline since March 2020, when the index saw a -17.2% drop as the world moved into lockdowns. It also saw a trading range above 5% for the fourth day running. In another sign of stress, the VIX index of volatility continued to mount, up +5.35pts to 52.33pts. Bear in mind the only other times it’s closed that high were during the Covid turmoil and the height of the GFC. Credit also remained under pressure, with US HY spreads widening another +4bps to 453bps, the highest they’ve been since June 2023. Otherwise, the selloff meant oil prices continued to plummet as well, with Brent crude (-2.16%) falling to $62.82/bbl yesterday, and this morning it’s down another -4.09% lower this morning at $60.25, its lowest level in four years.

It feels like ancient history now, but at the US open yesterday, there had actually been a much more positive narrative that helped the S&P 500 surge more than +4%. That was in part thanks to various comments suggesting that trade deals might be reached with various other countries. For instance, President Trump himself posted that he had he’d spoken with the Acting President of South Korea, and that “we have the confines and probability of a great DEAL for both countries.” On top of that, he said “We are likewise dealing with many other countries, all of whom want to make a deal with the United States.” Similarly, Treasury Secretary Bessent said on CNBC that if US trading partners “come to the table with solid proposals, I think we can end up with some good deals”. So that further added to hopes that Trump would negotiate the tariffs down over time.

Indeed, before we had that selloff later in the US, European assets had seen a much better performance yesterday, as markets closed before the evening selloff. So by the close, the STOXX 600 (+2.72%) had put in a strong rebound, posting its best daily performance since November 2022. Likewise for rates, the moves in the 10yr were comparatively steady, with those on 10yr bunds (+1.8bps) only seeing a modest increase, whilst those on 10yr OATs (-0.9bps) and BTPs (-0.9bps) fell back slightly. At the same time, 10yr gilts (-1.3bps) also saw a decline in yields, but the 30yr yield (+2.7bps) continued to move higher, closing at 5.35%.

Finally on the data side, we also got the NFIB’s small business optimism index for March yesterday, which contained growing evidence that the tariff impact was having an effect. It was conducted before the reciprocal tariff announcement, but concern was already mounting given the moves on Canada, Mexico and China, and we’ve seen other confidence surveys take a hit as a result. This one was no different, and the main index fell by more than expected to 97.4 (vs. 99.0 expected), in what also marked the biggest monthly decline since June 2022, back when inflation was still well above target and the Fed were hiking rates aggressively. Notably, there was also a sharp dip in the proportion saying they expected the economy to improve, falling back to a net +21%, having been at +37% in February. Indeed, it was the sharpest monthly drop since December 2020.

To the day ahead now, and the main things to look out for will be on the central bank side, including the minutes from the FOMC’s March meeting. Otherwise, we’ll hear from BoJ Governor Ueda, the ECB’s Knot, Villeroy and Cipollone, and the Fed’s Barkin.

2B) European opening report

US equity futures mixed, DXY lower as China refrains from immediate retaliation for now – Newsquawk US Market Open

Wednesday, Apr 09, 2025 – 06:12 AM

• US President Trump’s reciprocal tariffs alongside the 104% levy on China came into effect; US President Trump said China is manipulating its currency in offset against tariffs, and added the US will be announcing tariffs on pharmaceuticals soon.
• China’s top leaders are to hold a meeting as soon as Wednesday (today) to discuss measures to boost the economy after US trade tariffs, via Reuters citing sources.
• Indices trade lower in Europe whilst US futures are mixed as China refrains from immediate retaliation.
• USD pressured as trade tensions continue to ratchet higher.
• A blockbuster session for fixed thus far ahead of the US 10yr tap.
• Demand hits crude but base metals trade mixed amid hopes of Chinese support.
• Looking ahead, US Wholesale Sales, FOMC Minutes, Speakers including Fed’s Barkin, Supply from US, Earnings from Delta & Constellation Brands.

TRADE/TARIFFS

US

• US President Trump said they have a lot of countries wanting to make a deal and noted that the tariff situation is a good situation, while he added it is very important to pass the big beautiful bill. Trump also stated that he respects Canada and Mexico but they cheat on trade, and noted that China is manipulating its currency to offset tariffs and he thinks China will make a deal at some point and wants to make a deal. Furthermore, Trump confirmed the 104% tariff on China takes effect from midnight (EDT) and said he will be announcing tariffs on pharmaceuticals soon.
• US President Trump said they are taking USD 2bln in a day from tariffs and are doing well on tailored tariff deals, while he added that Japanese officials are flying to the US to make a deal and so are South Korean officials. Furthermore, he reiterated that tariffs are on and that they have tariffs on cars, lumber and steel.
• White House Press Secretary said President Trump has tasked US Treasury Secretary and USTR Greer to lead talks and deals will be made if they benefit American workers and address trade deficits, while she said President Trump met with the trade team on Tuesday morning and directed the team to have tailor-made trade deals with every country that contacts the administration to strike a deal. Furthermore, she said reciprocal tariffs will continue to go into effect as deals are negotiated and all options are on the table for each country, as well as stated that phones have been ringing “off the hook” from nations trying to negotiate a trade deal.
• At least a dozen House Republicans are considering signing onto Rep. Don Bacon’s bill to restrict the White House’s ability to impose tariffs unilaterally, according to Axios.

APAC

• China’s top leaders will hold a meeting as soon as April 9th to discuss measures to boost economy after US trade tariffs, via Reuters citing sources; leaders to discuss measures to stabilise capital markets, some measures could be implemented in coming weeks. Officials from PBoC, Finance Ministry, among others are to attend.
• China’s Foreign Ministry, on US tariffs, says China’s right to development cannot be deprived. Will continue to take resolute and effective measures to safeguard legitimate interests. US continues to abuse tariffs to pressure China, firmly oppose this. China has a firm will and abundant means, will resolutely counteract and fight to the end.
• China has released a White Paper on US trade and economic relations, via Xinhua; to take countermeasures to safeguard rights and interests. Firmly opposes unliteral/bullying restrictive measures. Have always believed the essence of China and US economic trade ties is mutually beneficial, a win-win. Willing to communicate with the US. US will not solve its own problems by raising tariffs.
• China’s MOFCOM says “With firm will and abundant means, China will resolutely take countermeasures and fight till the end if the US insists on further escalating economic and trade restrictive measures”, Via Global Times.

EUROPE/UK

• UK Culture Secretary Nandy says they will rule out changes to the Online Safety Act as part of US trade talks.
• French Industry Minister says they are analysing the likely impact from Trump’s tariffs on jobs, aerospace and luxury, in order to determine the EU response. Reiterates language around a firm, proportionate response.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 -3%) are entirely in the red, but off worst levels after sentiment improved around the European cash open which coincided with commentary from China’s Foreign Ministry, which avoided announcing any fresh retaliation to Trump’s latest tariffs.
• European sectors are in negative territory, but display a more improved picture than opening levels. Healthcare is by far the clear laggard as markets digest the latest commentary from US President Trump who said that he will be announcing tariffs on pharmaceuticals soon. Energy is also amongst the underperformers, as underlying oil prices remain pressured.
• US equity futures are mixed in what has been a choppy morning thus far. A slight pick-up in sentiment was seen around the European cash open, which coincided with a readout from the Chinese Foreign Ministry.
• German regulator says Google (GOOG) has committed to ending competition in automotive services and Google Maps platforms; German regulator has ended proceedings
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• USD is softer across the board as trade war tensions continue to ratchet up as reciprocal tariffs alongside the 104% levy on China came into effect. In response, China’s Foreign Ministry defended the nation’s right to development and vowed to continue to take resolute and effective measures to safeguard legitimate interests. On the domestic agenda, FOMC minutes are due for release later. DXY ventured as low as 101.91 but failed to test the YTD trough at 101.26; has since stabilised above the 102 mark.
• EUR remains underpinned vs. the USD with ING noting “The euro remains in a good position to benefit from any USD confidence crisis, being the second most liquid currency in the world and a preferred alternative to the dollar for FX reserves”. Reuters sources have reported that the ECB says EZ growth is to take a bigger hit from US President Trump tariffs than earlier estimated; initial ECB estimate of 50bps hit to growth in first year under revision. EUR/USD has ventured as high as 1.1089.
• JPY is firmer vs. the broadly softer USD and underpinned by its safe haven status. There have been several updates out of Japan with overnight remarks from BoJ Governor Ueda who reiterated that the central bank remains open to further rate hikes if Japan’s economic recovery continues as projected. Thereafter, Japan’s top currency Diplomat Mimumra stated that three party talks were held in response to US tariffs, discussed unstable moves in financial markets and agreed to do the upmost to maintain stability in global markets. USD/JPY has delved as low as 144.56 but stopped shy of the April 4th YTD low at 144.54.
• GBP is firmer vs. USD but to a lesser extent than peers. UK newsflow remains less prominent than elsewhere. However, UK Chancellor Reeves is to hold tariffs crisis talks with top city executives, according to Sky News. Cable is currently stuck between its 50 and 200DMAs at 1.2743 and 1.2812 respectively. UK PM Starmer is due to make remarks at 11:00BST.
• Antipodeans are both firmer vs. the USD but less to for NZD following the RBNZ rate decision which saw the central bank cut the OCR by 25bps to 3.50% (as unanimously forecast) and signalled further cuts ahead. AUD/USD is higher following recent Chinese stabilisation measures and expected policy support. Albeit, as a note of caution, China appears to remain resolute in pushing back against the US’ trade practices.
• PBoC set USD/CNY mid-point at 7.2066 vs exp. 7.3348 (Prev. 7.2038).
• Click for a detailed summary
• Click for NY OpEx Details

FIXED INCOME

• Overnight action saw USTs slump to a 110-01 trough with downside of over a full point at worst. The pullback in USTs began after a weak 3yr note auction, the results showed a slump in direct bidders, a soft cover and an elevated tail. Also driving the move was the ramping up of trade tensions, as Trump made clear that the reciprocal tariffs would (and since have) be coming into effect. The European session has seen US paper clamber off lows, as the risk tone improves a touch – potentially as China avoided announcing any fresh retaliatory measures to the latest Trump tariffs. Given all this, the next litmus test for the market in the absence of a tariff/trade driver will be tonight’s 10yr Note auction; an auction which intersects Fed’s Barkin (2027 Voter) and the Minutes from March’s meeting.
• Bunds initially posted gains of around 30 ticks, in sharp contrast to USTs and feeds into the argument that the US benchmark’s haven status has been tarnished somewhat, as discussed above. Thereafter, a bout of significant pressure was seen around 07:00BST, where Bunds fell from 130.30 to the 129.13 trough – the move came alongside a slight pick up in the risk tone. This reversed soon after, and then Bunds took another leg higher after a Reuters source piece that the ECB is looking to revise its first-year tariff growth hit from the initially thought 50bps.
• Gilts gapped lower by around 40 ticks before extending to post downside of 104 ticks, notching a 91.08 WTD base. Newsflow for the UK has been very light as we await an update from the PM/Cabinet, with Chancellor Reeves set to hold crisis talks with business leaders and Starmer scheduled to speak with the press at around 11:00BST. Most recently, the DMO tapped GBP 4.5bln of its 2030 Gilt, results featured an elevated tail but the cover was still near-enough 3x even given a slightly lower accompanying yield.
• UK sells GBP 4.5bln 4.375% 2030 Gilt: b/c 2.95x (prev. 3.39x), average yield 4.142% (prev. 4.311%) & tail 1.0bps (prev. 0.3bps)
• Click for a detailed summary

COMMODITIES

• Crude is on a very weak footing, with Brent Jun’25 currently down by around USD 1.80/bbl. The complex remains pressured amid the broader risk-off mood and with a surprise draw in headline crude stockpiles unable to boost prices. Brent Jun’25 has been traded sideways throughout the European morning in a current USD 60.13-61.53/bbl range.
• Precious metals are broadly in the green; Spot gold is currently higher by around USD 61/oz and trading towards the upper end of a USD 2,970.12-3,052.29/oz range, owing to its haven status.
• Mixed trade across base metal futures with the complex indecisive as it reacts to Trump’s tariffs coupled with hopes of Chinese stimulus to counteract the effect of the levies. 3M LME copper is subdued within a USD 8,461.67-8,728.00/t range awaiting further trade updates.
• US Private Inventory Data (bbls): Crude -1.1mln (exp. +1.4mln), Distillate -1.8mln (exp. +0.3mln), Gasoline +0.2mln (exp. -1.5mln), Cushing +0.6mln.
• CPC says it has resumed Black sea operations at two moorings.
• Reliance Industries is shutting one crude unit and some secondary units at the Jamnagar refinery (660k BPD) for 21 days, via Reuters citing sources.
• Click for a detailed summary

NOTABLE EUROPEAN HEADLINES

• UK Chancellor Reeves is to hold tariffs crisis talks with top city executives, according to Sky News.
• Germany’s CDU/CSU and SPD parties reached an agreement on a coalition, according to NTV; meeting this morning, aim to have a full agreement around midday Berlin time.
• EZ growth to take a bigger hit from US President Trump tariffs than ECB had earlier estimated, according to Reuters citing sources; initial ECB estimate of 50bps hit to growth in first year under revision A source estimates a growth hit in excess of 100bps in the first year.
• ECB’s Escriva says US tariffs will have an impact on economic activity in Spain and other countries, “for now I will not talk about a recession”; one of the consequences could be the impact on business confidence and spending, its hard to measure Bank of Spain will have to revise down growth projections in Spain Any forecast is subject to high uncertainty The ECB will need to evaluate the new scenario regarding the impact of US tariffs on inflation There could be downward and upward impacts on inflation Depending on the impact, will have to take different actions.
• ECB’s Knot says in the long term, a trade war is a negative supply shock; impact of the trade war is likely inflationary in the long term Risk is that we move to a supply-demand situation like in 2022; need to be vigilant on inflation. Disinflation is well on track. Rates are at the upper end of neutral range. So far, market functioning has been preserved. Reversal of bond markets needs to be monitored.
• ECB’s Villeroy says estimates that a trade war will lower EZ growth by 0.25pp in 2025 Shock will not be negligible but will not be a recession. ECB monitors the financial system to ensure there is enough liquidity during times of market stress.
• ECB’s Rehn says downside risks have materialised since the March meeting; case for continuing rate cuts at April meeting is supported by downside risks materialising Inflation appears to be stabilising at target and growth outlook has further weakened as result of the trade war. Large tariff increases will boost inflation in the US, but the effect in the EZ can be two-way. Overall, however, the effects of EZ inflation are apparently modest.
• German corporate tax to be lowered from 2028, according to Handelsblatt citing CDU head in internal meeting.
• Morgan Stanley expects the BoE to lower interest rates at every meeting until November; taking yr-end rate to 3.25% (currently 4.5%) vs. prev. forecast of 3.5%.

NOTABLE US HEADLINES

• US President Trump signed executive orders related to coal and later posted on Truth “Today, we took historic action to help American workers, miners, families and consumers. We’re ending Joe Biden’s war on beautiful, clean coal once and for all, and we’re going to put the miners back to work!”
• US President Trump posted on Truth “I had a very good meeting today with the Speaker of the House and some of our more Conservative Members, all great people. I let them know that, I AM FOR MAJOR SPENDING CUTS! WE ARE GOING TO DO REDUCTIONS, hopefully in excess of $1 Trillion Dollars, all of which will go into “The One, Big, Beautiful Bill.” I, along with House Members and Senators, will be pushing very hard to get these large scale Spending Cuts done, but we must get the Bill approved NOW. MAKE AMERICA GREAT AGAIN!”.
• China’s CPCA says Tesla (TSLA) exported 4701 (prev. M/M 3911) China-Made vehicles in March.

GEOPOLITICS

• Israeli army reportedly blew up residential buildings northwest of the city of Rafah in the southern Gaza Strip, according to a correspondent cited by Al Jazeera.
• Hezbollah official said they are ready to discuss the future of their arsenal if Israel withdraws and ends strikes.
• North Korea said its status as a nuclear weapon state can never be reversed, according to KCNA.

CRYPTO

• Bitcoin is on the backfoot in-fitting with the broader hit in sentiment across markets.
• Over USD 2bln worth of Bitcoin shorts face liquidation if Bitcoin (BTC) reclaims USD 80k, according to Cointelegraph.

APAC TRADE

• APAC stocks were mostly lower following the dead cat bounce on Wall St and as reciprocal tariffs took effect overnight including a total 104% tariff on China.
• ASX 200 was dragged lower by underperformance in health care and miners with the former pressured after US President Trump stated that he will be announcing tariffs on pharmaceuticals soon.
• Nikkei 225 spearheaded the declines in Asia and fell beneath the USD 32,000 level amid currency strength and ongoing tariff woes with a report noting that tariffs could potentially reduce Japanese companies’ earnings by up to 10%.
• Hang Seng and Shanghai Comp were mixed as the Hong Kong benchmark conformed to the losses in the region, while the mainland traded indecisively and was somewhat cushioned following recent stabilisation measures and expected policy support.

NOTABLE ASIA-PAC HEADLINES

• Chinese monetary and fiscal stimulus are unlikely to fully protect the Chinese economy from the severe downturn in global demand caused by tariffs, according to Reuters sources
• PBoC has asked major state banks to reduce USD purchases, according to Reuters sources; PBoC will not resort to immediate sharp CNY deprecation to counteract the impact from US tariffs PBoC asked state banks to without USD purchases for proprietary accounts, and ask state banks to strengthen checks executive orders for clients. Chinese state banks were seen selling USD and buying CNY aggressively to slow the pace of CNY declines in the onshore spot market on Wednesday.
• Japan top currency Diplomat Mimumra says three party talks were held in response to US tariffs, discussed unstable moves in financial markets; agreed to do the upmost to maintain stability in global markets Exchanging information with G7, Asian nations and the IMF Watching moves with a high sense of urgency The first step would be to work to remove these US tariffs Cooperation needs to be international given global impact Have been having various discussions with the US treasury Important for currencies to move in a stable manner reflecting fundamentals Current moves are very volatile, alarmed over the moves including those driven by speculators No comment on daily FX moves Market seems concerned about the risks of inflation and recession in the US Japan needs to negotiate with US without being either optimistic or pessimistic.
• Goldman Sachs said continued tariff escalation between the US and China presents a downside risk to its current 2025 full-year real GDP forecast of 4.5% for China, while it noted significant policy easing by the Chinese government in the coming months is to mitigate the impact and stabilise growth.
• BoJ Governor Ueda said they have been raising rates up till now on the view that keeping rates low for too long when the economy and prices are recovering, risks causing economic excesses and would force them to hike rates rapidly later. Ueda said they have been raising rates with a focus on underlying inflation, which is gradually heading towards 2% and noted that uncertainty surrounding domestic and overseas economies is heightening due to US tariffs.
• South Korea announced emergency measures for the auto industry hit by US tariffs in which it is to lower taxes on auto purchases and raise EV subsidies to boost domestic demand, while it raised policy financing support for automakers to KRW 15tln this year from KRW 13tln and vowed efforts to ensure that domestic automakers are not treated in a disadvantageous way.
• Fitch Downgrades Alibaba (9988 HK/BABA) and Tencent (0700 HK) to ‘A’, Tencent Music (TME) to ‘A-‘, Following Sovereign Action

POLICY ANNOUNCEMENTS

• RBNZ cut the OCR by 25bps to 3.50%, as expected and said a further reduction in the OCR is appropriate, while it added that as the extent of tariffs becomes clearer, the Committee has scope to lower the OCR further. RBNZ stated that global trade barriers weaken the outlook for global growth and having CPI close to the middle of the band puts the Committee in the best position to respond to developments. Furthermore, the Minutes stated that future policy decisions will be determined by the outlook for inflationary pressure over the medium term and the Committee also commented that the preceding cuts to the OCR have yet to have their full effect on the economy.
• RBI cut the Repurchase Rate by 25bps to 6.00%, as expected with the decision unanimous, while it changed the policy stance to accommodative from neutral. RBI Governor Malhotra said the accommodative stance signals the intended direction of policy rates going forward and that going forward absent any shocks, MPC will only consider the status quo and a rate cut. Furthermore, he stated that the stance should not be seen with regard to liquidity and noted some trade frictions are coming through and unsettling the global community.

2c) Asian opening report

USTs & stocks slump as reciprocal tariffs begin, China fares better amid state support – Newsquawk Europe Market Open

Wednesday, Apr 09, 2025 – 01:22 AM

• US President Trump’s reciprocal tariffs alongside the 104% levy on China came into effect; US President Trump said China is manipulating its currency in offset against tariffs, and added the US will be announcing tariffs on pharmaceuticals soon.
• Shanghai Comp. (+0.2%) was somewhat cushioned following recent stabilisation measures and expected policy support; E-mini S&P futures fell (-2.2%); markets await China’s response.
• 10yr UST futures notably slumped amid a surge in yields due to trade war concerns and after a weak 3yr auction stateside.
• RBI and RBNZ both cut their respective rates by 25bps as expected – both central banks flagged trade uncertainty; Japan’s BoJ, MOF, FSA hold meeting to discuss international financial markets at 08:00BST.
• European equity futures indicate a lower cash market open with EuroStoxx 50 futures down 4.3% after the cash market closed with gains of 2.5% on Tuesday.
• Looking ahead, highlights include US Wholesale Sales, FOMC Minutes, Trump Executive Orders, Speakers including BoJ’s Ueda, ECB’s Knot, Cipollone & Fed’s Barkin, Supply from UK & US, Earnings from Delta & Constellation Brands.

SNAPSHOT

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US TRADE

EQUITIES

• US stocks finished lower after another volatile session in which the early risk-on sentiment and advances were wiped out by the US close as sentiment deteriorated with US officials clear that reciprocal tariffs will come into force after midnight including the additional tariffs on China for a total 104% tariff rate.
• As such, the major indices were pressured with underperformance in the Nasdaq and small-cap Russell 2000, while the S&P 500 closed beneath the 5,000 level for the first time in almost a year to suggest the recent recovery in global risk assets was a mere dead cat bounce.
• SPX -1.57% at 4,983, NDX -1.95% at 17,090, DJI -0.84% at 37,646, RUT -2.57% at 1,764.
• Click here for a detailed summary.

TRADE/TARIFFS

• US President Trump said they have a lot of countries wanting to make a deal and noted that the tariff situation is a good situation, while he added it is very important to pass the big beautiful bill. Trump also stated that he respects Canada and Mexico but they cheat on trade, and noted that China is manipulating its currency to offset tariffs and he thinks China will make a deal at some point and wants to make a deal. Furthermore, Trump confirmed the 104% tariff on China takes effect from midnight (EDT) and said he will be announcing tariffs on pharmaceuticals soon.
• US President Trump said they are taking USD 2bln in a day from tariffs and are doing well on tailored tariff deals, while he added that Japanese officials are flying to the US to make a deal and so are South Korean officials. Furthermore, he reiterated that tariffs are on and that they have tariffs on cars, lumber and steel.
• White House said US President Trump believes China has to and wants to make a deal with the US, while it was stated that if China makes a deal, Trump will be ‘gracious’.
• White House Press Secretary said President Trump has tasked US Treasury Secretary and USTR Greer to lead talks and deals will be made if they benefit American workers and address trade deficits, while she said President Trump met with the trade team on Tuesday morning and directed the team to have tailor-made trade deals with every country that contacts the administration to strike a deal. Furthermore, she said reciprocal tariffs will continue to go into effect as deals are negotiated and all options are on the table for each country, as well as stated that phones have been ringing “off the hook” from nations trying to negotiate a trade deal.
• USTR Greer said they are willing to discuss how to implement a ban on imports of uranium from China and the Commerce Department is considering whether a Section 232 critical minerals investigation is needed.
• At least a dozen House Republicans are considering signing onto Rep. Don Bacon’s bill to restrict the White House’s ability to impose tariffs unilaterally, according to Axios.
• Canada said it has already announced 25% counter-tariffs against some US-made autos which will go into effect April 9th, while tariffs will remain in place until the US eliminates its tariffs against the Canadian auto sector.

NOTABLE HEADLINES

• Fed’s Goolsbee (2025 voter) said tariffs are much more than what the Fed had been modelling and the Fed has to take the longer view, not like the stock market, which is volatile. Goolsbee noted disagreement on how quickly or how much tariffs increase will get passed to consumers and said it could lead to bankruptcies of suppliers, while he added it is not obvious how Fed would react to negative supply shock, according to an Illinois Public Radio Interview.
• Fed’s Daly (2027 voter) said CEOs feel uncertain and businesses are optimistic about growth, while she added that people move through uncertainty and there’s resilience and agility. Furthermore, she said hard data is not a misread of solid growth and labour market, and noted she is a little concerned inflation may pick back up from tariffs.
• US President Trump signed executive orders related to coal and later posted on Truth “Today, we took historic action to help American workers, miners, families and consumers. We’re ending Joe Biden’s war on beautiful, clean coal once and for all, and we’re going to put the miners back to work!”
• US President Trump posted on Truth “I had a very good meeting today with the Speaker of the House and some of our more Conservative Members, all great people. I let them know that, I AM FOR MAJOR SPENDING CUTS! WE ARE GOING TO DO REDUCTIONS, hopefully in excess of $1 Trillion Dollars, all of which will go into “The One, Big, Beautiful Bill.” I, along with House Members and Senators, will be pushing very hard to get these large scale Spending Cuts done, but we must get the Bill approved NOW. MAKE AMERICA GREAT AGAIN!”

APAC TRADE

EQUITIES

• APAC stocks were mostly lower following the dead cat bounce on Wall St and as reciprocal tariffs took effect overnight including a total 104% tariff on China.
• ASX 200 was dragged lower by underperformance in health care and miners with the former pressured after US President Trump stated that he will be announcing tariffs on pharmaceuticals soon.
• Nikkei 225 spearheaded the declines in Asia and fell beneath the USD 32,000 level amid currency strength and ongoing tariff woes with a report noting that tariffs could potentially reduce Japanese companies’ earnings by up to 10%.
• Hang Seng and Shanghai Comp were mixed as the Hong Kong benchmark conformed to the losses in the region, while the mainland traded indecisively and was somewhat cushioned following recent stabilisation measures and expected policy support.
• US equity futures remained pressured after sentiment on Wall St gradually deteriorated which saw the S&P 500 close beneath the 5,000 level for the first time in almost a year.
• European equity futures indicate a lower cash market open with EuroStoxx 50 futures down 4.3% after the cash market closed with gains of 2.5% on Tuesday.

FX

• DXY extended on the prior day’s losses amid a rebound in its major counterparts and as recession fears lingered amid the trade war with US reciprocal tariffs taking effect, while participants now await potential retaliation and the FOMC Minutes.
• EUR/USD ascended to back above the 1.1000 level as it benefitted from a weaker dollar, while there was a slew of ECB speakers but did little to shift the dial.
• GBP/USD broke out of the prior day’s range after reclaiming the 1.2800 status as the dollar suffered overnight.
• USD/JPY retreated amid a weaker buck and haven flows into the yen as Japanese stocks underperformed.
• Antipodeans recouped some of the prior day’s declines although NZD/USD somewhat lagged after the lack of surprises from the RBNZ which cut the OCR by 25bps to 3.50% as unanimously forecast and signalled further cuts ahead.
• PBoC set USD/CNY mid-point at 7.2066 vs exp. 7.3348 (Prev. 7.2038).

FIXED INCOME

• 10yr UST futures slumped notably amid a surge in yields due to trade war concerns and after a weak 3yr auction stateside.
• Bund futures attempted to rebound from yesterday’s trough and briefly reclaimed the 130.00 status, while reports noted that Germany’s CDU/CSU and SPD parties reached an agreement on a coalition.
• 10yr JGB futures were choppy and initially climbed back above the 141.00 level in a continuation of yesterday’s intraday rebound but then faltered amid the sell-off in US counterparts.

COMMODITIES

• Crude futures remained pressured amid the broad risk-off environment in Asia-Pac and with prices not helped by mixed private sector inventory data despite the surprise draw in headline crude stockpiles.
• US Private Inventory Data (bbls): Crude -1.1mln (exp. +1.4mln), Distillate -1.8mln (exp. +0.3mln), Gasoline +0.2mln (exp. -1.5mln), Cushing +0.6mln.
• Keystone oil pipeline in North Dakota was reportedly shut after a rupture, according to AP.
• EU countries showed support for gas storage leeway before winter, while the EU may agree on a 10% leeway on the 90% storage goal on Friday, according to Bloomberg citing sources.
• Spot gold was underpinned by haven demand and reclaimed the key USD 3,000/oz level.
• Copper futures traded subdued amid the downbeat risk tone and as its largest buyer faces a 104% tariff rate stateside.

CRYPTO

• Bitcoin was indecisive and headed into the EU session relatively unchanged after oscillating through the USD 76,000 level.

NOTABLE ASIA-PAC HEADLINES

• Japan’s BoJ, MOF, FSA hold meeting to discuss international financial markets at 08:00BST.
• Goldman Sachs said continued tariff escalation between the US and China presents a downside risk to its current 2025 full-year real GDP forecast of 4.5% for China, while it noted significant policy easing by the Chinese government in the coming months is to mitigate the impact and stabilise growth.
• BoJ Governor Ueda said they have been raising rates up till now on the view that keeping rates low for too long when the economy and prices are recovering, risks causing economic excesses and would force them to hike rates rapidly later. Ueda said they have been raising rates with a focus on underlying inflation, which is gradually heading towards 2% and noted that uncertainty surrounding domestic and overseas economies is heightening due to US tariffs.
• South Korea announced emergency measures for the auto industry hit by US tariffs in which it is to lower taxes on auto purchases and raise EV subsidies to boost domestic demand, while it raised policy financing support for automakers to KRW 15tln this year from KRW 13tln and vowed efforts to ensure that domestic automakers are not treated in a disadvantageous way.
• RBNZ cut the OCR by 25bps to 3.50%, as expected and said a further reduction in the OCR is appropriate, while it added that as the extent of tariffs becomes clearer, the Committee has scope to lower the OCR further. RBNZ stated that global trade barriers weaken the outlook for global growth and having CPI close to the middle of the band puts the Committee in the best position to respond to developments. Furthermore, the Minutes stated that future policy decisions will be determined by the outlook for inflationary pressure over the medium term and the Committee also commented that the preceding cuts to the OCR have yet to have their full effect on the economy.
• RBI cut the Repurchase Rate by 25bps to 6.00%, as expected with the decision unanimous, while it changed the policy stance to accommodative from neutral. RBI Governor Malhotra said the accommodative stance signals the intended direction of policy rates going forward and that going forward absent any shocks, MPC will only consider the status quo and a rate cut. Furthermore, he stated that the stance should not be seen with regard to liquidity and noted some trade frictions are coming through and unsettling the global community.

GEOPOLITICS

MIDDLE EAST

• Israeli army reportedly blew up residential buildings northwest of the city of Rafah in the southern Gaza Strip, according to a correspondent cited by Al Jazeera.
• Hezbollah official said they are ready to discuss the future of their arsenal if Israel withdraws and ends strikes.
• Iran will be allowed to maintain a civilian nuclear program for electricity generation, such as the Bushehr reactor, even if it must completely dismantle its current nuclear program, according to the Jerusalem Post.

RUSSIA-UKRAINE

• US State Department said Russian and US delegations will meet in Istanbul for a second time on April 10th, while there are no political and security issues on the agenda for the US-Russian meeting.

OTHER

• North Korea said its status as a nuclear weapon state can never be reversed, according to KCNA.

EU/UK

NOTABLE HEADLINES

• BoE Deputy Governor Lombardelli said tariffs are likely to depress activity and the CPI impact of tariffs will depend on other countries’ actions and can’t take a position on this now.
• UK Chancellor Reeves is to hold tariffs crisis talks with top city executives, according to Sky News.
• Germany’s CDU/CSU and SPD parties reached an agreement on a coalition, according to NTV.

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

CHINA/USA

This is very problematic. Panama is in the USA sphere of influence and they cannot afford to see China controlling these major ports

(zerohedge)

More Legal Landmines For CK Hutchison–BlackRock Panama Port Deal

Wednesday, Apr 09, 2025 – 04:15 AM

The future of CK Hutchison’s deal to sell two Panama ports—the Balboa and Cristóbal terminals—to a BlackRock-led consortium is in dire straits after Panama’s top auditor revealed widespread contractual breaches and claimed the port operator owes the country hundreds of millions of dollars, reported Bloomberg. This comes shortly after Beijing launched an antitrust probe into the deal while trade war tensions between Washington and China intensified. At its core, the port sale revolves around President Trump’s push to secure hemispheric defense by terminating Chinese control from critical parts of the canal. 

On Monday, Panama’s Comptroller General, Anel Flores, told reporters that CK Hutchison’s Panama Ports Company’s (PPC) 2021 renewal of a 25-year port concession was plagued with procedural breaches.

Flores said PPC used tax breaks to evade $850 million in taxes out of the $1.3 billion owed over the first 25 years of the contract period.

Flores accused CK Hutchison of operating “shadow companies” to obscure revenue. He alleged that PPC still owed the Panamanian government $300 million. 

The timing of the audit is another hurdle to CK Hutchison’s proposed $22.8 billion sale of 43 global ports to a BlackRock-led consortium, first announced in March. The deal was already delayed last week amid surging pressure from Beijing. 

For weeks, various Chinese media outlets called CK Hutchison’s billionaire founder “spineless” and questioned which “side he should stand on.” 

Flores warned BlackRock that acquiring the two ports stuck in legal disputes would inherit “breaches and nonpayment.” 

Here’s more from Bloomberg:

Flores said that he plans to file a criminal complaint with Panama’s attorney general’s office on Tuesday against the maritime authorities who granted the 2021 contract renewal and against executives of Panama Ports. He said that he will also inform Panama’s Maritime Authority of the audit’s results, and that agency will need to decide whether to rescind the contract.

BlackRock CEO Larry Fink was asked about the port deal at the Economic Club of New York on Monday. He said regulatory review for anti-competition of the deal could take nine months or more, but overall, he said he was optimistic the transaction would be approved. 

Fink acknowledged that Beijing could derail the deal, emphasizing that it is driven by commercial interests—not geopolitical considerations (Trump’s hemispheric defense).

While the Panama port deal appears inevitably delayed, President Trump made the same move by extending the TikTok deadline by 75 days last week. These delayed deals are bargaining chips for Beijing and Trump in an escalating trade war. 

The question remains whether Flores’ audit of PCC undermines the legitimacy of its 25-year port concession signed several years ago.

OVER NIGHT HEADLINES FROM CHINA:

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

FRANCE/

“The Tyranny Of Red Judges”: The Rationale, Criticisms, & The Politics Of The Le Pen Verdict

Wednesday, Apr 09, 2025 – 03:30 AM

Authored by Etienne Fauchaire via The Epoch Times,

A verdict by the Paris Criminal Court on March 31 drew strong reactions across the French political arena. Marine Le Pen, a prominent figure on the nationalist right and a three-time presidential contender, was convicted in a long-running case involving her party’s use of European Parliament funds to pay assistants. The ruling bars her from running in the 2027 presidential election.

For the first time since 1981, the Le Pen name could be absent from the ballot entirely.

The Paris court’s verdict against Marine Le Pen reverberated beyond France’s borders, drawing international criticism from prominent conservative leaders, including Hungarian Prime Minister Viktor Orbán, Italian Prime Minister Giorgia Meloni, and U.S. President Donald Trump.

Trump, writing on his social media platform Truth Social, offered his unequivocal support on April 4.

“Free Marine Le Pen!” he wrote in all caps.

At the center of the case is the use of European Parliament funds to pay staff who worked simultaneously for Rassemblement National (RN), or National Rally, members of the European Parliament, and for the party itself. The court called it embezzlement, although it acknowledged there was no personal enrichment.

Le Pen and 21 co-defendants were convicted by the trial court. She was sentenced to four years in prison—two of them suspended—to be served outside of jail under electronic monitoring, along with a five-year ban from holding public office, effective immediately.

Le Pen denounced the ruling as politically motivated.

On the French television network TF1 on the same evening, she said, “The rule of law has been completely violated.”

The next day, she went further, calling the decision “a nuclear bomb” designed to wipe her candidacy off the map.

Jordan Bardella, president of the National Rally, denounced what he called the “tyranny of red judges.” Both Bardella and Le Pen say the case involves no embezzlement but rather an “administrative disagreement.”

The court rejected that defense, stating “this was not a matter of administrative errors or a misunderstanding by the Members of Parliament of confusing European rules.”

National Rally First Vice President Louis Aliot and former party treasurer Wallerand de Saint-Just, both co-defendants, said they stand by their defense of Le Pen.

“This isn’t embezzlement; it’s an administrative dispute,” Aliot told The Epoch Times. “Had the European Parliament clearly told us, ‘You can’t do this,’ we would obviously have acted differently.”

Aliot said that the rules governing parliamentary assistants had changed repeatedly over eight legislative terms, blurring the line between party activities and parliamentary duties.

“All the other political parties have done the same thing over the past decades,” he added. “The court should have taken that into account. It did not.”

The judges, for their part, rejected any suggestion of good faith. In their ruling, they concluded that the National Rally had engaged in “embezzlement within a system set up to reduce the party’s financial burden.” The defendants appealed this verdict.

Participants stand in front of posters during a gathering in support of President of Rassemblement National parliamentary group Marine Le Pen, after she was convicted of a fake jobs scheme at the EU Parliament, in Marseille on April 5, 2025. Clement Mahoudeau/AFP via Getty Images

Bayrou ‘Troubled’

Beyond the merits of the case itself, the most contentious issue in France centers on the court’s decision to enforce Le Pen’s immediate ineligibility for public office through a measure known as exécution provisoire (provisional enforcement). The ruling, which bars her from running in the 2027 presidential election before the appeals process is complete, is viewed, particularly on the right, as politically motivated.

Across the French right, political figures from Éric Zemmour (Reconquête) and Éric Ciotti (UDR) to Laurent Wauquiez (Les Républicains) voiced strong indignation at the decision to apply the sentence provisionally.

“It is not up to judges to decide who the people should vote for,” Zemmour said in a March 31 social media post. “I regret that politicians have handed such excessive power to the judiciary. Everything will have to be changed.”

On the presidential side, French Prime Minister François Bayrou voiced his unease, saying he was “troubled” by the court’s decision. Bayrou and his party, the Democratic Movement (MoDem), are implicated in a similar case. On Feb. 5, the Paris court acquitted the MoDem president, citing a “lack of evidence.” The prosecution has since appealed the ruling.

The leader of the far-left party France Unbowed, Jean-Luc Mélenchon, is also under investigation for the alleged misuse of EU parliamentary assistant funds.

Bayrou’s concerns were not echoed within French President Emmanuel Macron’s political camp.

“When an elected official is convicted of embezzling public funds, ineligibility is automatic. It’s the law. When there is a risk of reoffending (which is the case when the defendant denies having committed the offense), provisional enforcement is ordered. It’s the law,” lawmaker Sacha Houlié wrote on X.

Bayrou’s remarks were also harshly criticized by Socialist Party leader Olivier Faure, who said he was “troubled by the prime minister’s disturbance,” lamenting that “respect for the law, the rule of law, and the separation of powers are no longer on the government’s agenda.”

This view was echoed by legal scholar Paul Cassia, a professor of law and president of French anti-corruption association Anticor. In an op-ed for Le Monde, he argued the court justified the “proportionate nature” of its decision. He also said that a presidential candidacy “cannot, in itself, constitute a privilege or a totem of immunity … except by disregarding the principle of equal treatment under the law.”

Some legal experts dispute that interpretation. They argue that the court’s decision violates the presumption of innocence, enshrined in Article 9 of the 1789 Declaration of the Rights of Man and of the Citizen. Under French law, civil rights are not typically revoked until all appeals have been exhausted. Le Pen, they note, remains the leading contender in the 2027 presidential polls, making the immediate application of ineligibility particularly consequential and, in their view, disproportionate.

Critics also point to a perceived double standard. They argue that many of those now invoking the principle of equality before the law are the same voices who typically call for the individualization of sentences, a key concept in French criminal law often used to justify rulings perceived, particularly on the right, as lenient in cases involving insecurity and urban violence. This principle requires that sentences be tailored to the offender’s individual circumstances rather than applied mechanically.

To justify the accelerated enforcement of Le Pen’s ineligibility, the court invoked the spirit of the Sapin II law, passed in December 2016, which mandates automatic ineligibility for those convicted of misusing public funds. The events in question occurred between 2004 and early 2016, before the law was enacted.

Since judges could not legally rely on the Sapin II law itself, they instead based their decision on preexisting French legislation, which allows for ineligibility in such cases when justified. To support the provisional enforcement, the court cited two controversial arguments.

‘Risk of Recidivism’ Argument

The first justification offered by the court for the provisional enforcement of Le Pen’s ineligibility was the defendants’ “system of defense,” which it interpreted as evidence of a potential “risk of recidivism.” 

In other words, Le Pen’s refusal to admit guilt and her decision to contest the charges were taken as signs that she might reoffend.

“Since they have completely refused to acknowledge any guilt … it is entirely legitimate to consider that they could very well reoffend, especially if they were to hold the highest offices in the country tomorrow,” Julien Boudon, professor of Public Law at Paris-Saclay University, told Le Monde.

Critics disagree. Speaking to The Epoch Times, legal scholar Ghislain Benhessa, who teaches at the University of Strasbourg, noted the court treated the National Rally’s opposition to the European Union, and in particular to the values of the rule of law promoted by the EU, as an aggravating factor.

“But Marine Le Pen has a constitutional right to defend herself and contest the charges,” he said. “You cannot, on the one hand, accuse the National Rally of undermining the rule of law, and on the other, criticize it for exercising its legal right to mount a defense.”

French lawyer Pierre Gentillet, known for his conservative views, said the court’s reasoning was “absurd.”

“The judges based their decision on intent rather than on materiality. And even if we consider intent, it was inferred simply because Marine Le Pen denied committing a crime,” Gentillet said. “At the time, she had no awareness that the actions taken under her authority might be illegal. And if we’re talking about the material risk of reoffending, how? She is no longer an MEP, nor is she the president of the National Rally.”

Risk to ‘Public Democratic Order’ Argument

Second, to argue that their decision was proportionate, the judges introduced what some describe as a novel—and legally questionable—concept: “public democratic order.”

According to the ruling, the candidacy, or eventual election, of Marine Le Pen to the presidency would constitute a “major disruption to democratic public order,” given that she has “already been convicted at first instance, notably to an additional penalty of ineligibility,” and “could later be definitively convicted.”

An attendee wearing a red Phrygian cap holds French national flags in front of the golden dome of Les Invalides, ahead of a rally in support of the president of Rassemblement National parliamentary group Marine Le Pen, in Paris on April 6, 2025. Julien de Rosa/AFP

Critics note that this concept has no legal foundation in French law.

“The court pulled it out of thin air,” Benhessa said. “And it is not the role of a trial court to invent new jurisprudential doctrines. That responsibility lies solely with the supreme courts—the Conseil d’État and the court of Cassation—who alone have the authority to shape jurisprudence in accordance with legal doctrine and the specific nature of a case.”

Former Constitutional Council member Noëlle Lenoir echoed the criticism in an op-ed for Le Figaro, stating unequivocally that “public democratic order” is an “unknown notion in the penal code” and that these judges did not base their decisions on the law.

Violation of Voter Freedom?

Just three days before the verdict, on March 28, the French Constitutional Council issued a ruling stating that ineligibility may only be applied immediately if it does not disproportionately infringe upon voters’ freedom.

While some legal scholars argue that the trial court has complied with that standard, by invoking the risk of recidivism and the concept of “public democratic order” to justify the proportionality of provisional enforcement, others strongly disagree.

In an op-ed for Marianne, Jean-Éric Schoettl, former secretary general of the Constitutional Council, accused the judges of openly defying the council’s guidance.

“They have rebelled against the Constitutional Council, and against the voters,” he wrote. “The provisional enforcement of Marine Le Pen’s ineligibility clearly has disproportionate consequences on the freedom of the voter, as it deprives millions of citizens of their natural candidate in the country’s most important election.”

Criminal lawyer Maxime Thiébaut echoed that warning, calling the court’s move a serious breach of legal norms.

“The judges have tainted their ruling with illegality,” he told The Epoch Times. “It amounts to interference in the democratic process. What legitimacy does a first-instance court have to declare that someone is unfit to run for president?”

Judicial Bias Alleged

In their interviews with The Epoch Times, both Aliot and de Saint-Just also alleged that the judiciary—prosecutors, investigating judges, and the bench—had demonstrated political bias.

For instance, they pointed out that investigating judges Claire Thépaut and Renaud Van Ruymbeke are both affiliated with the Syndicat de la Magistrature (Union of the Magistracy), a judges’ union that has openly called on magistrates to oppose the RN’s rise in the lead-up to the 2024 legislative elections.

The Syndicat de la Magistrature responded to criticism of the Paris Court’s decision, arguing that claims of “politicized justice” are “based on assumptions that verge on conspiracy theories.”

The impartiality of Judge Bénédicte de Perthuis, who delivered the verdict, has also been questioned.

Fueling further controversy, it emerged this week that Judge de Perthuis had cited Green politician and former magistrate Eva Joly as a personal source of inspiration in 2020.

Rémy Heitz, prosecutor general at the French Court of Cassation, took issue on RTL, a commercial radio station, with that line of criticism, saying this decision is the result of a “fair trial” and that it was handed down not by one but by “a panel of three independent, impartial judges.”

Race Against the Clock

On April 1, the Paris Court of Appeal announced it would fast-track its review of Le Pen’s case.

Ordinarily, appeals of this nature take between 18 and 24 months, meaning the timeline would likely have excluded Le Pen from the 2027 presidential race. In an unusual step, the court has announced its intention to deliver a ruling by the summer of 2026.

Benhessa acknowledged the exceptional nature of the move.

“This is highly unusual,” he said. “Given the media storm surrounding the first-instance ruling, I believe the Court of Appeal is trying to put the fire out. What’s striking is that they’re not just scheduling a hearing: they’re committing to a deadline.”

The main facade of the Paris courthouse (Palais de Justice), which houses the Paris Court of Appeal in Paris, France, on March 2, 2025. Milani/Hans Lucas via AFP/Getty Images

The Paris Court of Appeal declined to make any public comments on the decision.

Within the Rassemblement National, the announcement is seen as a tacit admission that the initial ruling was excessive.

“This is very good news, and I take it as a sign of the unrest the ruling has provoked,” Le Pen said.

“This shows that it’s actually the lower court’s decision that creates a disturbance to public order. The Court of Appeal has never done this for anyone,” Aliot told The Epoch Times.

The accelerated timetable should not be interpreted as a “disavowal” of the lower court’s verdict, Paris Chief Prosecutor Marie-Suzanne Le Quéau told Agence France-Presse.

Beyond France’s borders, the appeal will be closely watched, especially by conservatives and by the Trump administration, who are concerned that lawfare is rising in Europe and free speech is waning.

In Trump’s lengthy post, the president compared Le Pen’s situation to his legal battles.

“The witch hunt against Marine Le Pen is another example of European leftists using lawfare to silence free speech and censor their political opponents. … It’s the same playbook they used against me,” he wrote.

“I don’t know Marine Le Pen, but do appreciate how hard she worked for so many years. She suffered losses, but kept on going, and now, just before what would be a Big Victory, they get her on a minor charge that she probably knew nothing about—Sounds like a ‘bookkeeping’ error to me. It is all so bad for France, and the Great French People, no matter what side they are on.”

U.S. Vice President JD Vance, who in a speech in Munich last February warned of a “retreat of Europe from some of its most fundamental values, values shared with the United States of America,” also came to Le Pen’s defense.

“The Europeans, they are absolutely, 100 percent our friends,” Vance told Newsmax on April 3. “But that relationship is going to be strained, and it’s going to be tested, if they keep trying to throw opposition leaders in jail.”

END

EAST EUROPE/USA

White House Considers Withdrawing 10,000 Troops From Eastern Europe

Wednesday, Apr 09, 2025 – 02:45 AM

The Trump administration is mulling the potential withdrawal of up to 10,000 troops from Eastern Europe, NBC News reports Tuesday, citing half-a-dozen American and European officials privy to the discussions.

The internal discussions are specifically focused on reducing US troop levels in Romania and Poland, long dubbed NATO’s most important ‘eastern flank’ countries. If effected, the move would cut the Pentagon troop surge which began following the start of the Ukraine war by half, after some 20,000 soldiers were surged there to bolster Eastern Europe.

US troops have also been deployed to the Baltic states. Last month four US Army soldiers died during a training exercise. The members of the 1st Armored Brigade Combat Team, 3rd Infantry Division were found in an area outside Pabradė, Lithuania.

“In the early morning hours of March 25, the four Soldiers went missing. The first three Soldiers and their M88A2 Hercules armored recovery vehicle were recovered from a peat bog in the early morning of March 31,” a US Army statement later confirmed.

Addressing the potential for a US draw-down in the region, NATO Secretary-General Mark Rutte has said this would be done in close coordination among European allies.

The Trump White House has been ramping up the pressure for European states to shoulder more of the burden for defense of the continent, including committing to higher defense spending.

NATO leadership has been in discussions for coming up with a plan to fill the gap of US leadership within the alliance five to ten years down the road, amid speculation Trump could pull the US out of NATO, or at least greatly reduce Washington commitments. 

Financial Times wrote last month, “The discussions are an attempt to avoid the chaos of a unilateral US withdrawal from Nato, a fear sparked by President Donald Trump’s repeated threats to weaken or walk away from the transatlantic alliance that has protected Europe for almost eight decades.”

“The UK, France, Germany and the Nordics are among the countries engaged in the informal but structured discussions, according to four European officials involved,” the report said.

“Their aim is to come up with a plan to shift the financial and military burden to European capitals and present it to the US ahead of Nato’s annual leaders’ summit in The Hague in June,” FT continued.

But as we’ve detailed before, the ‘eastern flank’ countries prefer to remain under the US security umbrella. Poland is even still pitching a major US military base called “Fort Trump”. These eastern flank countries also tend to be hawkish when it comes to their anti-Moscow rhetoric.

END

GERMANY

Freedom of speech is now out the window

Remix

German News Editor Convicted For Satirical Photo Montage Of Far-Left Interior Minister, Given 7-Month Probation

Wednesday, Apr 09, 2025 – 02:00 AM

Via Remix News,

In a sign of deteriorating levels of freedom of speech and attacks on the press, a German court has slapped the editor-in-chief of Deutschland Kurier, David Bendels, with seven months probation, according to the newspaper.

The Bamberg District Court found that a satirical photo montage about Federal Minister Nancy Faeser to be an instance of “defamation against political figures,” under Paragraph 188 of the German Criminal Code (StGB).

The photomontage was shared in Bendel’s newspaper, and she is seen holding up a sign that reads: 

“I hate freedom of expression.” 

The satirical creation was based on a real photo of Faeser where she was holding a “We Remember” sign to mark Holocaust Remembrance Day.

Politicians are also chiming in with their opinion on the verdict. AfD MP Beatrix von Storch write on X: “I believe that one MUST be able to believe that Ms. Faeser hates freedom of speech. And if she reports something like that and then gets sentenced to seven months in prison, it’s no longer an opinion. It’s apparently a verified fact.”

One of Faeser’s most controversial statements during her term of interior minister was: “Those who mock the state must be dealt with by a strong state.” It appears with this verdict, she is sending exactly that message.

x.com/RMXnews/status/1758143699962261999?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1758143699962261999%7Ctwgr%5E83cf606df19a07231a3d8ad79fcef7f7ed6d0109%7Ctwcon%5Es1_&ref_url=htt

Faeser actually filed the criminal complaint herself, which is part of a general trend of German politicians filing criminal complaints against citizens for “insults” and “memes.”

The conviction is especially shocking in terms of how satire is produced in Germany, with satirical magazine Titanik filling every issue with harsh and offensive content mocking politicians, especially those from the right. Late-night hosts like Jan Böhmermann are equally harsh towards the right, yet suffer no such consequences. The Cologne Carnival also features incredibly offensive floats, including those targeting AfD’s Alice Weidel.

https://x.com/disclosetv/status/1896207924592304191?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1896207924592304191%7Ctwgr%5E83cf606df19a07231a3d8ad79fcef7f7ed6d0109%7Ctwcon%5Es1_&ref_url=https%3A%2

The editor, Bendel, says that he and his newspaper, Deutschland Kurier, “will not accept this verdict” and will “fight it with all legal means at their disposal.”

https://x.com/RMXnews/status/1813187327214096666?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1813187327214096666%7Ctwgr%5E83cf606df19a07231a3d8ad79fcef7f7ed6d0109%7Ctwcon%5Es1_&ref_url=https%3A%

He said they will “continue the just fight for freedom of the press and freedom of expression, which is indispensable for the continued existence of democracy in Germany, with determination, stability and the utmost consistency.

Last year, the Bamberg District Court issued three ruling against Bendels, including for the Faeser picture. In total, he received fines that he must pay over the course of 480 days for three separate cases. He is now ordered to also apologize to Faeser. He has appealed all of the verdicts.

Read more here…

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS/

ISRAEL HAMAS

Did Hamas just protest itself? The Gaza uprising that feels like a setup – opinion

Hamas is in full control of Gaza. Protests wouldn’t be erupting there without Hamas’s knowledge.

By AMINE AYOUBAPRIL 9, 2025 01:08

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Last month, the world was stunned by images coming out of northern Gaza. In Beit Lahiya, hundreds of Palestinians took to the streets in the largest protest against Hamas since the war with Israel began. Videos circulating on social media showed young men marching boldly, chanting, “Out, out, out – Hamas out!” amid the rubble of their broken city. Some held signs, others megaphones. But all of them carried a powerful message: Hamas must go.

Then came the crackdown. Masked gunmen, believed to be Hamas fighters, descended on the crowds. Some held rifles, others batons. Protesters were beaten, chased, and arrested. It looked like a rare moment of resistance – ordinary people rising up against the rulers who have dominated Gaza with an iron fist since 2007.

But this spectacle, for all its raw emotion and viral momentum, raises a deeper and far more disturbing question: What if this wasn’t an organic uprising at all? What if it was something far more calculated? What if this protest – this act of apparent defiance – was a show? A performance directed by Hamas itself?

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It wouldn’t be the first time. Hamas, like other totalitarian movements, is a master of manipulation. From martyr posters and press releases to staged funerals and photos of children in rubble, Hamas has long known how to choreograph suffering for strategic effect.

They understand the optics of pain, the power of Western sympathy, and the way social media can transform local outrage into global outrage. They know that a viral clip of a civilian shouting against Hamas is just as useful – sometimes more useful – than a clip of them blaming Israel.

So why not let a protest happen? Why not allow a carefully monitored flashpoint to erupt, just long enough to generate headlines and sow confusion? Why not let the world see a Hamas crackdown – brief, violent, emotional – and then move swiftly to suppress it, claiming foreign interference and “suspicious political agendas”?

In doing so, Hamas achieves the impossible: They appear both embattled and in control. They pose as victims of internal dissent, while remaining the unchallenged rulers of Gaza. The protesters get painted as traitors or Zionist collaborators.

Meanwhile, the international media begins to talk about Palestinian anger “against all sides,” as if Hamas were just one actor in a chaotic landscape, not the very regime responsible for decades of repression, mismanagement, and war.

Nothing happens in Gaza without Hamas’s knowledge

This is not to say that the anger in Gaza isn’t real. It is. It has been simmering for years. Civilians are exhausted, displaced, starving. Entire neighborhoods have vanished. And in that desperation, some have found the courage to speak out.

But the reality of Hamas’s control over Gaza cannot be overstated. Nothing happens there without their knowledge. Spontaneous protests in the middle of a war zone, under the watchful eye of a paranoid regime? That is not how Gaza works. Not unless Hamas allows it – or engineers it.

We’ve seen the playbook before. In Iran, the regime has staged counterprotests to justify crackdowns. In Syria, Bashar al-Assad’s regime planted “protesters” to smoke out dissidents. In Russia, fake opposition is routinely used to confuse and control. Hamas has learned from these regimes.

It is no coincidence that as international scrutiny intensifies and pressure mounts over the failure to extend a ceasefire, Hamas suddenly becomes the target of public ire – just enough to distract, just enough to muddy the narrative, just enough to blame Israel or the West for everything falling apart.

And then there’s the digital theater. Many of the protest videos were circulated by accounts known to oppose Hamas – but how much of that opposition is real, and how much is staged? In an information war, what seems authentic is often artificial.

The protester with the microphone, the chants calling for Hamas to step down, the Facebook posts accusing the group of turning citizens into numbers – it all reads as powerful, until you realize it may be part of a script. A performance staged not for the people of Gaza, but for an international audience already struggling to make sense of an increasingly complex conflict.

If anything, this protest tells us less about Hamas’s weakness and more about its adaptability. This is not the behavior of a regime on the brink. It is the behavior of a regime that knows exactly how far it can go – how to allow just enough anger to vent before sealing the pressure valve shut.

The message sent to the people of Gaza was clear: We are still watching. And the message sent to the world was even more chilling: We control the narrative, even when it turns against us.

In the end, the voices of the protesters – however genuine – have been swallowed up by a broader, more cynical machine. Their pain is real, but it’s being packaged and sold by the very group they were trying to resist. In Gaza, dissent is not crushed in secret anymore. It is weaponized, staged, and televised. The revolution may not be televised, but the illusion of one absolutely is.

The writer, a fellow at the Middle East Forum, is a policy analyst and writer based in Morocco. Follow him on X: @amineayoubx.

end

ISRAEL HAMAS

Around 75% of Hamas’s tunnels in Gaza not destroyed by IDF – N12

Security sources also added that a significant number of smuggling tunnels crossing from Egypt to the Gaza strip are still intact.

By YUVAL LEVYAPRIL 9, 2025 07:45Updated: APRIL 9, 2025 13:13

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The IDF has only destroyed about a quarter of Hamas’s tunnels in Gaza, security sources told N12 on Wednesday. 

Security sources also added that a significant number of smuggling tunnels crossing from Egypt to the Gaza strip are still intact. The Egypt-Gaza border remains a point of contention, with concerns over weapons smuggling resulting in Israel’s refusal to withdraw from the Philadelphia Corridor. 

“I saw with my own eyes quite a few tunnels crossing into Egypt; some were closed, and several were open,” Defense Minister Israel Katz said at a February conference, according to N12. “We had information that Hamas was planning to attack soldiers and settlements during the ceasefire.”

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Despite efforts to control the corridor as a buffer zone, numerous experts argue that holding the border may not effectively stop the flow of weapons.

The report follows the recent resumption of combat operations in the Gaza Strip and a military order issued in late March directing residents of Rafah in southern Gaza to evacuate. The IDF had previously withdrawn troops from Rafah after a ceasefire was agreed upon in January, though that ceasefire has since expired.

Less than two weeks ago, the IDF reported that Yahalom Unit troops dismantled a one-kilometer-long Hamas tunnel route. Currently, the 143rd, 252nd, and 36th IDF divisions are operating in the area.

Hamas terrorists flee the area

The IDF also told N12 that it has detected a significant number of Hamas terrorists fleeing combat zones. These terrorists are reportedly hiding among civilian populations and within tunnels, likely trying to avoid direct contact with soldiers.

The military noted that its operations in Gaza have become more decentralized, with limited face-to-face combat, although it assumes this will be temporary. The IDF believes Hamas will eventually be forced to engage in direct confrontation again.

“IDF troops, under the leadership of the Southern Command, are deepening the operation, and this will continue at a deliberate and determined pace,” said Chief of the General Staff, Lt.-Gen Eyal Zamir.

“The only thing that can halt our advance is the release of our hostages. Their return would allow our forces to reposition and enable the continuation of negotiation.” 

ISRAEL/HAMAS

Israel security forces apprehend two terrorists, one member of ‘Lion’s Den’

By JERUSALEM POST STAFFAPRIL 9, 2025 15:17Updated: APRIL 9, 2025 15:18

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Israeli security forces apprehended two terrorists, including a senior terrorist in the dismantled “Lion’s Den” network, during counterterrorism operations, the IDF, Shin Bet (Israel Security Agency), and Israel Police said in a joint statement on Wednesday.

Additional weapons were also confiscated.

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The IDF, ISA, and the Lahav 433 “Gidonim” Unit apprehended Muhammad Bana, who was previously a senior member of the Nablus terrorist organization, and was armed with an M-16 rifle and a spray grenade, the military said.

END

IDF Golani Brigade returns to fighting in Gaza under 36th Division

Throughout the week, IDF forces operated in the Rafah area to locate and destroy the remaining terror infrastructure.

By JERUSALEM POST STAFFAPRIL 9, 2025 06:06Updated: APRIL 9, 2025 06:0

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The Golani Brigade has returned to fighting in the Gaza Strip under the command of the 36th Division, the IDF announced on Tuesday.

Throughout the week, the forces operated in the Rafah area to locate and destroy the remaining terror infrastructure. During this time, they also located weapons and eliminated terrorists.

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IDF expands ground operations in Gaza

It was announced earlier in the week that the IDF had expanded its ground operations in Gaza overnight on Friday, in the North and the South, and took control of several areas in Beit Hanoun, Beit Lahia, Rafah, and the Morag Axis.

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

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

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

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

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

Amir Bohbot contributed to this article.

END

IDF reportedly kills Hamas leader as it attacks 45 terror targets in 24 hours in Gaza

A Hamas leader in the Shuja’iya area of Gaza was reportedly targeted, according to Saudi state-owned Al Arabiya.

By JERUSALEM POST STAFFAPRIL 9, 2025 10:05Updated: APRIL 9, 2025 17:46

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A Hamas leader in the Shuja’iya area of Gaza was reportedly struck, Saudi state-owned Al Arabiya reported Wednesday.

The Israeli Air Force attacked more than 45 terror targets throughout Gaza in the past 24 hours, the IDF announced in the morning.

The IAF, under the direction of the Intelligence Branch, the Southern Command, and the Shin Bet, carried out strikes on a weapons production site for terrorist organizations in the Gaza Strip, a launch site containing rockets ready to be launched into Israel, military buildings, weapons depots, and terrorist cells.

JPost Videos

Expanding the Gaza security zone

The IDF began conducting ground activity in the Shuja’iya area of Gaza on Friday morning with the intention of expanding the security zone in the area, the military announced.

The military added that during the ground activity, the troops killed numerous terrorists and dismantled Hamas infrastructure.

IDF operations in Gaza

The Golani Brigade has returned to fighting in the Gaza Strip under the command of the 36th Division, the IDF announced the day before.

Throughout the week, the forces operated in the Rafah area to locate and destroy the remaining terror infrastructure. During this time, they also located weapons and eliminated terrorists.

END

LEBANON HEZBOLLAH/ISRAEL

Facing calls to disarm, Hezbollah ready to discuss weapons if Israel withdraws, senior official say

“Hezbollah is ready to discuss the matter of its arms if Israel withdraws from the five points, and halts its aggression against Lebanese,” the senior official told Reuters.

By REUTERSAPRIL 9, 2025 00:18Updated: APRIL 9, 2025 02:39

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As calls for Lebanon’s Hezbollah to disarm gain momentum, a senior Hezbollah official told Reuters the group is ready to hold talks with the Lebanese president about its weapons if Israel withdraws from south Lebanon and stops its strikes.

US-backed President Joseph Aoun, who vowed when he took office in January to establish a state monopoly on the control of arms, intends to open talks with Hezbollah over its arsenal soon, three Lebanese political sources said.

Discussion of disarmament has intensified since the power balance was upended by last year’s war with Israel and the ousting of Hezbollah’s Syrian ally, ex-President Bashar al-Assad.

Hezbollah emerged severely weakened from the 2024 conflict with Israel when its top leaders and thousands of its fighters were killed, and much of its rocket arsenal was destroyed.

The senior Hezbollah official said the group was ready to discuss its arms in the context of a national defence strategy, but this hinged on Israel pulling out its troops from five hilltops in south Lebanon.

“Hezbollah is ready to discuss the matter of its arms if Israel withdraws from the five points, and halts its aggression against Lebanese,” the senior official told Reuters.

Hezbollah’s position on potential discussions about its arms has not been previously reported. The sources spoke on the condition of anonymity due to political sensitivities.

Hezbollah’s media office did not immediately respond to a request for comment. The presidency declined to comment.

Israel, which sent ground troops into south Lebanon during the war, has largely withdrawn but decided in February not to leave the five hilltop positions. It said it intended eventually to hand them over to Lebanese troops once it was sure the security situation allowed.

Renewed focus on Hezbollah’s arms

Despite a ceasefire since November, Israeli airstrikes have kept pressure on the group while Washington has demanded Hezbollah to disarm and is preparing for nuclear talks with Hezbollah’s Iranian backers.

Hezbollah has been the most powerful of the paramilitary groups Iran has backed across the region, but its supply lines to Iran via Syria have been cut by Assad’s ouster.

Reuters reported on Monday that several Iranian-backed militia groups in Iraq are prepared to disarm for the first time to avert the threat of an escalating conflict with the Trump administration in the US.

Hezbollah has long rejected calls from its critics in Lebanon to disarm, describing its weapons as vital to defending the country from Israel. Deep differences over its arsenal spilled into a short civil war in 2008.

The group’s critics say the group has unilaterally dragged Lebanon into conflicts, and the presence of its large arsenal outside of government control has undermined the state.

A US-brokered ceasefire with Israel requires the Lebanese army to dismantle all unauthorised military facilities and confiscate all arms, starting in areas south of the Litani River, which flows into the Mediterranean some 20 km (12 miles) north of the Israeli border.

Two sources familiar with Hezbollah’s thinking said it is weighing handing to the army its most potent weapons north of the Litani, including drones and anti-tank missiles.

Call for a disarmament timetable

Aoun has said Hezbollah’s weaponry must be addressed through dialogue because any attempts to disarm the group by force would prompt conflict, the sources said.

Patriarch Bechara Boutros Al-Rai, the head of Lebanon’s Maronite church, said last week it was time for all weapons to be in state hands, but this would need time and diplomacy because “Lebanon cannot bear a new war”.

Communication channels with relevant stakeholders are being opened to “begin studying the transfer of weapons” to state control, after the army and security services had extended state authority across Lebanon, a Lebanese official said, saying this was a move to implement Aoun’s policy.

The issue was also being discussed with Parliament Speaker Nabih Berri, an important Hezbollah ally, who plays a key role in narrowing differences, she said.

US envoy Morgan Ortagus, who visited Beirut at the weekend, repeated Washington’s position that Hezbollah and other armed groups should be disarmed as soon as possible and the Lebanese army was expected to do the job.

“It’s clear that Hezbollah has to be disarmed and it’s clear that Israel is not going to accept terrorists shooting at them, into their country, and that’s a position we understand,” Ortagus said in an April 6 interview with Lebanon’s LBCI television.

Several Lebanese government ministers want a disarmament timetable, said Kamal Shehadi, a minister affiliated with the anti-Hezbollah Lebanese Forces party. Shehadi told Reuters disarmament should take no more than six months, citing post-civil war militia disarmament as a precedent.

A timetable- which presumably would impose deadlines on the process- is, he said, the “only way to protect our fellow citizens from the recurring attacks that are costing lives, costing the economy and causing destruction”.

The most recent conflict began when Hezbollah opened fire in support of Hamas at the start of the Gaza war in October 2023.

Hezbollah leader Naim Qassem, in a March 29 speech, said his group no longer has an armed presence south of the Litani and had stuck to the ceasefire deal while Israel breached it “every day”. Israel has accused Hezbollah of maintaining military infrastructure in the south.

Hezbollah has put the onus on the Lebanese state to get Israel to withdraw and stop its attacks. Qassem said there was still time for diplomatic solutions. But he warned that the “resistance is present and ready” and indicated it could resort “to other options” if Israel doesn’t adhere to the deal.

END

ISRAEL /USA

US Senate confirms staunch pro-Israel conservative Huckabee as Israel ambassador

An evangelical Christian, Huckabee has been a vocal Israel supporter and has defended Jewish settlements in the West Bank.

By REUTERS, JERUSALEM POST STAFFAPRIL 9, 2025 20:45Updated: APRIL 9, 2025 21:36

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The US Senate on Wednesday confirmed former Arkansas governor Mike Huckabee to be the country’s ambassador to Israel, installing a staunch pro-Israel conservative in the high-profile post amid war in Gaza and relations complicated by US tariffs.

The Senate backed Huckabee 53 to 46, largely along party lines, with Republicans all supporting US President Donald Trump’s nominee and every Democrat except Pennsylvania’s John Fetterman voting against him.

An evangelical Christian, Huckabee has been a vocal supporter of Israel throughout his political career and a longtime defender of Jewish settlements in the West Bank.

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Critics said the former Republican presidential candidate was too partisan to represent the United States, given the sensitivity of negotiations to end the Israel-Hamas War and avoid a broader regional conflict.

Huckabee’s supporters said he knew Israel well, having visited more than 100 times, and was well-positioned to work closely with Trump to bring peace to a chaotic part of the world.

“We urgently need a qualified ambassador in the region, and I have no doubt Mike Huckabee is that person,” Republican Senator Jim Risch of Idaho, chairman of the Senate Foreign Relations Committee, said as he urged support for the nominee.

David Friedman, Trump’s ambassador to Israel during his first term, congratulated Huckabee in a social media post, telling him that he now has “the best job in the world” and that Friedman knows Huckabee will “bring US-Israel relations to even greater heights.”

The United States is Israel’s closest ally and largest single trading partner. Netanyahu has visited Trump at the White House twice since the president began his second term on January 20.

He was there this week seeking to limit the sting of tariffs imposed on Israel as part of the Republican president’s sweeping tariff policy. Under the new policy, Israeli goods face a 17% US tariff despite the two countries signing a free trade agreement 40 years ago.

Netanyahu pledged to eliminate Israel’s trade surplus with the United States. But when asked if his administration planned to reduce tariffs on Israeli goods, Trump made no promises.

Pro-Israel policies

Trump has pursued strongly pro-Israel policies, and his choice of Huckabee as ambassador signaled that they would continue.

Pro-Israel evangelicals are an important part of Trump’s base and voted heavily in favor of him in the November 5 election.

“There’s no such thing as an occupation,” Huckabee said in a 2017 interview with CNN, in which he referred to the West Bank as Judea and Samaria.

During his first term, Trump moved the US embassy to Jerusalem and sided with Israel on its claims over Palestinian territory in the West Bank. During his second term, he has advocated taking a “hard stance” on Gaza and proposed a US takeover of the enclave. 

TURKEY/USA/ISRAEL

Netanyahu Lobbying US Against F-35 Sale To Turkey

Wednesday, Apr 09, 2025 – 05:00 AM

Via Middle East Eye

Israeli Prime Minister Benjamin Netanyahu has been lobbying US Secretary of State Marco Rubio to block the sale of F-35 warplanes to Turkey, citing concerns over Ankara’s growing influence in Syria, three sources, including two senior western officials, told Middle East Eye.

Netanyahu raised the F-35 issue during multiple calls with Rubio in March and April, the two western officials said. A third source familiar with the matter confirmed that Netanyahu had pressed Rubio on the arms sale.

Netanyahu has privately said he will push Trump against the F-35 sale but has yet to discuss it with him. The Israeli leader will meet Trump at the White House on Monday, his second visit this year. Netanyahu has a slew of files to address with Trump, from surprise tariffs levied against it and potential nuclear talks with Iran to the disarmament of Hezbollah and Israel’s ongoing war on Gaza.

However, Israel and Turkey’s rivalry is heating up in Syria. Last week, Israel bombed three military bases in the country – including Syria’s Tiyas air base, also known as T4. The strikes came as Israel saw a limited window of opportunity to attack the bases before Turkey moved its military assets in.

MEE revealed previously that Turkey is deploying a Hisar-type air defense system to the T4 base. Turkey’s control of the bases is part of a pending defence pact that Ankara and Damascus have been negotiating since December. The agreement would see Turkey provide air cover and military protection for Syria’s new government, which currently lacks a functioning military.

Netanyahu and his advisors see Rubio as a strong ally in trying to stop Turkey from acquiring F-35s, the western officials told MEE.

Rubio and Turkey

Rubio is one of the top Turkey hawks in Trump’s cabinet. He was one of the few American officials to express concern over the arrest on March 19 of Istanbul’s mayor, Ekrem Imamoglu. The imprisonment of Imamoglu, Turkish President Recep Tayyip Erdogan’s top rival, sparked mass protests in Turkey.

Amid fallout over the arrest, Trump’s Middle East envoy, Steve Witkoff, said Trump held a “really transformational” phone call with Erdogan, saying there was “just a lot of good positive news coming out of Turkey right now”.

The sources told MEE that Netanyahu has raised the F-35 issue with Rubio several times, including on a call that took place before Rubio hosted his Turkish counterpart, Hakan Fidan, in Washington DC on March 25. A readout of that meeting provided by the State Department said the two discussed “close cooperation to support a stable, unified, peaceful Syria”.

Rubio and Fidan also had a warm embrace on the sidelines of a Nato summit in Brussels in April. When he was a Republican Senator, Rubio took a particularly strong interest in the Eastern Mediterranean. He passed legislation to advance security and energy cooperation between Greece, Cyprus and Israel.

Rubio co-authored the 2019 Eastern Mediterranean Security and Energy Partnership Act, which authorized foreign military financing for Greece and lifted a prohibition on arms sales to the Republic of Cyprus.

Greece is Turkey’s historic foe in the region. Turkey invaded northern Cyprus in 1974 after a failed coup attempt to unite it with Greece. Turkey maintains more than 35,000 troops in the Turkish Republic of Northern Cyprus, a country recognised by no UN member state except for Turkey. Cyprus, Greece and Israel have been alarmed by Turkey’s growing influence in the region after Islamist rebels overthrew Bashar al-Assad’s government last year in Syria.

With Ankara’s allies ensconced in Damascus, Greece and Cyprus are concerned that Turkey could replicate a maritime deal that it struck with Libya’s Tripoli-based government. Greece and Israel have been deepening their military ties for a decade with US backing, partly in response to that maritime deal with Libya.

That partnership has accelerated in response to Turkey’s growing sway in Syria. Greek Prime Minister Kyriakos Mitsotakis visited Israel on 30 March, and Greece is in talks with Israel to purchase its Barak medium-range air defence systems.

The Israeli foreign ministry declined to comment on Netanyahu’s lobbying. The State Department did not respond to MEE’s request for comment by the time of publication.

A source familiar with Ankara’s thinking said that while aware of Netanyahu’s lobbying, they do not believe he can do much. A senior Turkish official told MEE that the Trump administration hasn’t expressed any change on the F-35 file. “Netanyahu could only demand Trump to sell more F-35s to Israel, maybe doubling the amount Turkey might buy,” the source familiar with the matter said. “You cannot tell Trump not to make that sale.”

Trump and the ‘unfriendly takeover’ 

While Trump often touts his good relationship with Erdogan, he has often been critical of Turkey. Trump said in December that Erdogan orchestrated an “unfriendly takeover” of Syria after Hay’at Tahrir al-Sham (HTS) toppled Assad’s government. He expressed concern about Turkish expansionism, saying, “They’ve wanted it [Syria] for thousands of years, and he got it”.

Steve Bannon, a former Trump advisor whose podcast War Room has become required listening to those seeking a peek behind Trump’s world view, said recently that Erdogan was “one of the most dangerous leaders” in the world and wants to “re-establish the Ottoman Empire”. Outside influencers have growing sway in Trump’s White House, as was underscored by right-wing Laura Loomer’s takedown of several national security officials.

The tussle between Turkey and the US over F-35s goes back to 2019 when Ankara purchased Russia’s S-400 missile system and was ejected from the co-production of the warplane. The following year, the Trump administration slapped sanctions on Turkey.

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

Under US law, Turkey must relinquish possession of the S-400 system to be readmitted into the F-35 programme. But deploying the S-400 to Syria would likely alarm Israel. Israel has long enjoyed a veto on US arms sales to other Middle Eastern states to ensure it maintains a qualitative military edge in the region.

ISRAEL/HEZBOLLAH

SYRIA

IRAN/ISRAEL/USA

Netanyahu Says Iran Should Blow Up Own Nuclear Sites Under US Supervision

Tuesday, Apr 08, 2025 – 06:00 PM

Israeli Prime Minister Benjamin Netanyahu said Tuesday that if US ‘indirect’ talks with Iran over its nuclear program fail, then a military attack becomes ‘inevitable’. He issued the warning fresh off his Monday Oval Office visit with President Trump, wherein the US leader announced for the first time that Saturday talks with the Iranians will be hosted in Oman. 

Netanyahu said in the new video statement, ““We agree that Iran will not have nuclear weapons. This can be done in an agreement, but only if… they go in, blow up (Iran’s) facilities, dismantle all the equipment, under American supervision.” And he added: “If talks drag on, then the military option becomes inevitable.” Watch the Tuesday video message below:

Trump himself appeared to allude to this either/or scenario, or ultimatum to Tehran, when he said Monday, “I think everybody agrees that doing a deal would be preferable to doing the obvious. And the obvious is not something that I want to be involved with, or frankly that Israel wants to be involved with, if they can avoid it.”

Trump then admitted, “But it’s getting to be very dangerous territory, and hopefully those talks will be successful.”

And after alluding to the worst case scenario, he offered a bright spot: “We’re having direct talks with Iran and they’ve started, it’ll go on Saturday. We have a very big meeting and we’ll see what can happen.”

Netanyahu’s interesting description of blowing up or exploding Iran’s nuclear sites appears akin to what the US under George W. Bush offered Libya’s Muammar Gaddafi. The strongman had famously ‘come in from the cold’ and gave up all WMD programs in return for an end to global isolation and Western sanctions.

Bush had at the time reportedly warned Gaddafi that “either you get rid of your weapons of mass destruction or [the United States] will personally destroy them and destroy everything with no discussion.” In the end Gaddafi did just that, which didn’t get him too far.

This seems to be the rhetoric that Netanyahu is echoing now. It should be remembered, however, that Gaddafi was still toppled due to US-NATO military intervention in 2011. Again, this after he gave up his advanced weapons program, leaving Libya more vulnerable to West-sponsored regime change.

Meanwhile journalist Ken Klippenstein has pointed out that the Pentagon has prepared for Trump to go berserk on Iran if he gives the order…

In the largest single deployment of stealth bombers in U.S. history, the Pentagon has sent six B-2 “Spirit” aircraft to Diego Garcia in the Indian Ocean.

The long-range bombers, which are uniquely suited to evade Iranian air defenses and can carry America’s most potent bunker busting weapons, flew in from Missouri last week in a little noticed operation.

The B-2s carry not just bombs, but a message for Iran: “do you see our sword?,” as one retired general told Newsmax this week.

If this happens it would likely be a highly unpopular move among the American people and Trump voters, given he is supposed to he the peace president, and starting another ‘war of choice’ in the Middle East is the last thing Americans want.

ISRAEL WEST BANK

HEZBOLLAH

HOUTHIS

RUSSIA VS UKRAINE

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

BREAKING: 85-Million-Person Study Finds Increased Risks of Stroke, Heart Attack, Coronary Artery Disease, and Arrhythmia Following COVID-19 Vaccination

https://www.thefocalpoints.com/p/breaking-85-million-person-study?publication_id=1119676&utm_campaign=email-post-title&r=3n3jhc&utm_medium=email

MARK CRISPIN MILLER

In memory of those who “died suddenly” in the United States and worldwide, March 31 – April 7, 2025

A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.

To help support our work: https://www.givesendgo.com/newsfromunderground

UNITED STATES (133)

‘Dennis the Menace’ Star Jay North Dies: Actor Was 73 & Battling Cancer

April 6, 2025

Former child star Jay North, who was best known for his role as the titular character in Dennis the Menace, has died at the age of 73 after battling colorectal cancer. Laurie Jacobson, whose husband is Jon Provost, confirmed the news via Facebook after learning of North’s passing from his Dennis the Menace costar Jeanne Russell. “Jeanne Russell just called us with terribly sad, but not unexpected news,” Jacobson shared on Sunday, April 6. “Our dear friend Jay North has been fighting cancer for a number of years and this morning at noon EST, Jay passed peacefully at home.”

Link

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Robert Trebor, ‘Hercules: The Legendary Journeys’ Actor, Dies at 71

April 4, 2025

Robert Trebor, who portrayed the serial killer known as the Son of Sam in a CBS telefilm and the scheming merchant Salmoneus on Hercules: The Legendary Journeys and its sister series, Xena: Warrior Princess , has died. He was 71. Trebor died March 11 at Los Angeles Medical Center of sepsis, his wife, Deirdre Hennings, told The Hollywood Reporter. He was diagnosed with leukemia in 2012 and had a stem-cell transplant a year later, she said.

Link

‘Star Wars’ and ‘Gremlins’ Actor Mark Dodson Dies at Age 64

April 3, 2025

Mark Dodson, renowned for his distinctive voice portrayals that brought to life various creatures in the movies Star Wars: Return of the Jedi and Gremlins, has passed away at the age of 64. According to his daughter, he died unexpectedly while in Evansville, Indiana, attending Horror Con. She stated that he had checked into a hotel and suffered a “massive heart attack” while sleeping.

Link

LoveHateHero bassist Paris Bosserman has passed away

April 7, 2025

Paris Bosserman [40], bassist for the early-2000s post-hardcore band LoveHateHero, has passed away. The band took to Facebook for the first time since 2018 to share the unfortunate news: It is with great sadness we announce the sudden passing of Paris Bosserman.

No cause of death reported.

Link

Blondie Drummer Clem Burke Dead at 70

April 7, 2025

Clem Burke, the iconic drummer of the groundbreaking pop-punk band Blondie, has died from cancer. He was 70. The news was announced Monday, April 7 on the band’s official social media accounts. “It is with profound sadness that we relay news of the passing of our beloved friend and bandmate Clem Burke following a private battle with cancer,” the post reads.

Researcher’s Note – Blondie + special guest The Damned will bring the Against The Odds Tour to The Chicago Theatre on Saturday, August 27, 2022. COVID-19 Entry Protocols Please be aware of the latest vaccination [sic] requirements for your event: All guests age 5 and older are required to provide proof of full COVID-19 vaccination [sic] (meaning the day of your event is at least 14 days after your final vaccine [sic] dose, which, depending on the type of vaccine [sic], may be one dose or two). Additionally, all guests age 2 to 5 are required to wear masks in the theatre, except while actively eating or drinking. Link

Link

‘Larger than life’ Bay Area musician dies at 34

April 1, 2025

Alex Petralia, the Bay Area musician behind the noise rock band NOPES, died of a sudden heart attack while jogging last month, according to a GoFundMe shared by a friend. He was 34 years old.

Researcher’s Note – San Francisco became the first major U.S. city to require proof of full COVID-19 vaccination [sic] to enter indoor restaurants, bars, gyms, theaters and other entertainment venues: Link

Link

Michael Hurley, Influential Outsider Folk Singer, Dead at 83

April 3, 2025

Michael Hurley, the beloved eccentric folk singer whose music became a touchstone for a generation of singer-songwriters, has died at 83. The singer’s death was announced in a statement from his family, and his publicist confirmed that Hurley died in his home state of Oregon after returning home from a series of weekend performances at the Big Ears festival in Knoxville. A cause of death was not provided.

Link

Host and creator of ‘Blue Moon Cafe’ radio show Mimi Griswold dies

April 6, 2025

Syracuse, N.Y. — For over two decades, Mimi Griswold spent her Sunday mornings gracing Central New York radio listeners with the tasteful sounds of rock and folk music. Griswold, 67, of Skaneateles, died Thursday, her family announced. Griswold spent more than 25 years hosting “Blue Moon Cafe” on TK-99 in Syracuse and WOUR in Utica. She retired in 2022.

No cause of death reported.

Link

Two-time Southern Soul star Ann Sexton dies at 75

April 6, 2025

It was a tough way to wake up on a Sunday morning when the word came to us of the passing of Southern Soul singer Ann Sexton. A belated notice was posted today on Sexton’s Facebook page: I am deeply saddened to share that my mother Mary Ann Sexton/Burton passed away on March 13^th.

No cause of death reported.

Link

Tim Mohr, Journalist and Author With Duff McKagan and Paul Stanley, Dead at 55

April 2, 2025

Tim Mohr, the acclaimed journalist, author, and translator who collaborated on memoirs with Guns N’ Roses’ Duff McKagan and Kiss frontman Paul Stanley, died Monday at his home in Brooklyn, New York. He was 55. Mohr’s publisher, Europa Editions, confirmed his death in a message from executive publisher Michael Reynolds. The cause was pancreatic cancer.

Link

Rod Stewart and his wife Penny Lancaster are left ‘heartbroken’ by shock death of a close relative, 38

April 4, 2025

Sir Rod Stewart and his family have been plunged into shock and grief following the death of a beloved young relative this week. Rod’s daughter-in-law Nicole Stewart announced on Wednesday night that her older sister, Christina, has passed away at the age of 38. Nicole is married to Rod’s son Liam. The cause of Christina’s death has not been stated. According to online reports, she was pronounced dead on Monday 31 March at 11:48pm. According to some reports, Christina Artukovich passed away at her residence in Los Angeles County [CA].

No cause of death reported.

Link

SS Decontrol’s Al Barile Has Passed Away After Battle with Cancer

April 6, 2025

We’ve lost a good one in Al Barile, the guitarist for the iconic Boston hardcore band SS Decontrol (SSD). He sadly and unfortunately passed away after battling cancer. He was first diagnosed with the disease in 2023.

Link

Former Steelers player Ray Seals, who made it to the NFL despite skipping college, dead at 59

April 5, 2025

Ray Seals’ path to the NFL was improbable. But the former semipro football player reached the highest level of professional football. Seals’ journey in life came to an end this week. Social media user Nini Marie and Syracuse.com confirmed Seals’ death. He was 59. His cause of death was not immediately released.

Link

Dean Wells, Homegrown Kentucky Football Standout, Passes Away at 54

April 4, 2025

Big Blue Nation lost one of its best. Former Kentucky football star Dean Wells passed away Thursday morning after a two-year battle with cancer. He was 54. A fourth-round draft pick by the Seahawks in the 1993 NFL Draft, the linebacker spent nine years in the league, six with Seattle and three with the Carolina Panthers. He totaled more than 500 career tackles, six forced fumbles, and three interceptions.

Link

NFL quarterback Drew Lock’s restaurateur dad dies suddenly

April 4, 2025

DR PAUL ALEXANDER

: Hotline bling? Musk or Navarro? These two boys NOT vibing! “Navarro is truly a moron. What he says here is demonstonstrably false…..

Musk or Navarro? These two boys NOT vibing! “Navarro is truly a moron. What he says here is demonstrably false,” Musk wrote on X: “Tesla has the most American-made cars. Navarro is

dumber than a sack of bricks.” Musk responded Tuesday to trade adviser’s suggestion on CNBC Monday that the Tesla boss was “not a car manufacturer” but “a car assembler.” Musk:

“Navarro should ask the fake expert he invented, Ron Vara”

DOW market is dropping now and erasing all gains made today, so up 1,400 points and now down 200 below zero…like Sisyphus, up and down that damn hill with that rock…

Now to naughty boys Navarro and Musk, two ‘bad boys’…

Elon is on the naughty chair and is not happy about it! Can’t these 2 boys just kiss and make up? Hotline bling, someone give someone a call? Sort it out? Can Peter call Elon or Elon call Peter? Can someone call DRAKE to burrow his hotline bling phone to effect this Détente?

But this latest public Schlonging of Navarro by Musk is ramping it up…Gggeeezzzeeeee! POTUS Trump is going to have to get the strap out to do some disciplining of these two. Don’t make him go for the strap you two!

Musk is calling for zero tariffs, especially between Europe and USA. Was this a no no by Musk to break from the administration on tariffs? and will Democrats now move subtly or overtly to bring Musk back into their tent? Is Musk on his way out of the Palm Beach crew?

“By any definition whatsoever, Tesla is the most vertically integrated auto manufacturer in America with the highest percentage of US content,” Musk continued. “Navarro should ask the fake expert he invented, Ron Vara.”

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

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Over the weekend, Musk had first taken swipes against Navarro, seemingly irked by President Trump’s onslaught of tariffs last week that Navarro played a pivotal role in crafting.’

___

You must not wait for another catastrophic crisis (at times manufactured but we are prevented from making our own basic personal decisions or accessing needed drugs and response tools) to catch you off-guard. We must take charge and be prepared today so that we can enjoy peace of mind tomorrow.

NEWS ADDICTS

EVOL NEWS

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

Could Trump Cut China Out Of The Dollar System

Wednesday, Apr 09, 2025 – 01:05 PM

By Benjamin Picton, senior strategist at Rabobank

To whom much is given…

US stocks were a rollercoaster yesterday. Having closed at 5062 on Monday evening, the S&P500 opened Tuesday trade 130 points higher and spent the next 45 minutes rallying up to the 5267 daily high as markets reacted enthusiastically to comments from Trump and Bessent suggesting that there might be room for some countries to cut deals for lower tariffs. Stocks were then sold steadily for the remainder of the trading day as markets reacted to President Trump’s promise to hit China with an extra 50% tariff (104% total) from midnight.

The additional tariffs comes in retaliation to the retaliation for the reciprocal tariffs that were apparently imposed in retaliation for long-term cheating on trade. The absurdity of this sequence should make it abundantly clear that the world’s two largest economies are engaged in a tit-for-tat that could conceivably halt bilateral trade altogether. Neither side appears ready to blink; Chinese officials had earlier said that they were prepared to “fight to the end”.

Australian economist Warwick McKibbin (a former RBA Board member) recently commented that “the whole world is not having a trade war here. It’s just 20 per cent of the world (the USA) attacking the other 80 per cent.” That characterisation might be (somewhat) true for now, but the situation is likely to metastasize as Europe and others beef up anti-dumping measures on Chinese goods to protect their own industry. The trade war will really go global if the United States tells other countries that the price for providing global public goods like the US security umbrella and the US Dollar as the global reserve asset is a common tariff against China. That would effectively cut China out of the Dollar system, and make it exceedingly difficult for China to raise Dollars to pay for its food and energy imports.

China is taking policy measures of its own. CNH weakened to 7.43 yesterday – the highest reading since the establishment of the offshore market in 2009 – and the PBOC fixed the onshore Yuan at its weakest level since September 2023. If the onshore Yuan fixes above 7.2258 in coming days it will be the weakest since before the crisis of 2008. Chinese authorities are clearly allowing the currency to depreciate to offset some of the pain inflicted by US tariffs. This will only further inflame tensions with the White House, given that currency manipulation is one of the US’s major grievances with countries running large trade surpluses. China-adjacent AUD and NZD are trading close to 5-year lows this morning as the tariff deadline approaches. 

x.com/zerohedge/status/1909705129193775546?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1909705129193775546%7Ctwgr%5E36010394d063899deada27b8ad780d4fe690daaf%7Ctwcon%5

10-year Treasury yields rose 11bps on Tuesday to close the day at 4.29% and yields are up another 4.5bps in Asian trade to 4.335%. That’s a 48 basis point lift in yields since the lows last Friday. Up until yesterday the rise in yields had occurred in tandem with a rally in the DXY index, suggesting investors were actually repatriating funds into the USA and a great deal of the Treasury selling pressure may have been domestic. That dynamic flipped yesterday as the DXY closed lower and yields continued to soar, which perhaps supports views that China (and/or others) is dumping its Treasury holdings to pressure US yields higher and make life difficult for Trump and Bessent.

Brent crude active futures were down 2.16% yesterday and are down a further 2.58% to $61.18/bbl today. It’s a perfect storm for crude prices as tariff-induced recession fears collide with much higher supply from OPEC+ producers. Also lurking in the background is Donald Trump’s ‘Big Beautiful Bill’ which contains provisions to slash red tape for US producers to encourage more supply into the market and lower oil prices further. We’re a little sceptical on the efficacy of those ‘Drill, Baby, Drill!’ measures due to the high production breakevens of US producers, but given that Trump recently signed executive orders to boost domestic coal production under powers granted by the Defence Production Act it would be foolish to argue strongly that a similar thing won’t happen with oil.

As the Dollar weakens, Gold appears to have found support around the $2,980/oz level and may be poised for gains down the track as US inflation breakevens lift and the probability of a ‘Mar-a-Lago Accord’ to devalue the US Dollar rises. US officials are saying that more than 70 countries have contacted the White House desperate to make a deal on trade. Could a ‘grand bargain’ on weakening the US Dollar be the only deal offered? That would be very Luke 12:48 for US allies. 

Just in case the penny hasn’t yet dropped, there is little distinction between economics and geopolitics in the current environment. The Trump Administration is aggressively deploying trade and financial policy to achieve foreign policy goals in similar fashion to what China has been doing for years. This is economic statecraft, make no mistake.

To highlight the new Cold War dynamic at play, Volodymyr Zelenskyy overnight said that Ukrainian forces had captured two Chinese soldiers fighting alongside Russian troops in Eastern Ukraine, and that he had information that “significantly more Chinese citizens” were serving in Russian military units. This follows earlier news that North Korean soldiers have been embedded alongside Russian forces in Kursk. Zelenskyy’s claim has not been independently verified, and it is not yet clear whether the Chinese soldiers were volunteers or fighting at the behest of the Chinese government, but Zelenskyy has directed his Foreign Minister to contact Beijing demanding answers.

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

8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES/

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

EURO/USA: 1.1041 UP 0.0064 PTS OR 64 BASIS POINTS

USA/ YEN 144.87 DOWN 0.958 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 1.2815 UP .0029 OR 29 BASIS PTS

USA/CAN DOLLAR:  1.4204 UP 0.0053 (CDN DOLLAR DOWN 53 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 41.26 PTS OR 1.31%

 Hang Seng CLOSED UP 136.81 PTS OR 0.68%

AUSTRALIA CLOSED DOWN 1.85%

 // EUROPEAN BOURSE:     ALL RED

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL RED

2/ CHINESE BOURSES / :Hang SENG CLOSED UP 136.81 PTS OR 0.68%

/SHANGHAI CLOSED UP 41.26 PTS OR 1.31%

AUSTRALIA BOURSE CLOSED DOWN 1.85%

(Nikkei (Japan) CLOSED DOWN 1298.55 PTS OR 3.93%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 3062.00

silver:$30.50

USA dollar index early WEDNESDAY  morning: 101.96 DOWN 74 BASIS POINTS FROM TUESDAY’s CLOSE.

WEDNESDAY  MORNING NUMBERS ENDS

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And now your closing WEDNESDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.241 % DOWN 1 in basis point(s) yield

JAPANESE BOND YIELD: +1.2791% UP 1/2 POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.374 UP 2 in basis points yield

ITALIAN 10 YR BOND YIELD 3.900 UP 4 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5910 DOWN 4 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY WEDNESDAY

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

Euro/USA 1.1077 UP .0099 OR 10 basis points

USA/Japan: 144.51 DOWN 1.323 OR YEN IS UP 132 BASIS PTS//

Great Britain 10 YR RATE 4.8350 UP 22 BASIS POINTS //

Canadian dollar UP 0.0074 OR 74 BASIS pts  to 1.4162

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The USA/Yuan 7.3500,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE DOWN TO 7.3774:    

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

the 10 yr Japanese bond yield  at +1.280

Your closing 10 yr US bond yield UP 13 in basis points from MONDAY at  4.390% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.835 UP 12 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.763 DOWN 3 BASIS PTS.

GOLD AT 11;00 AM 3058.60

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: WEDNESDAY CLOSING TIME 11:00 AM//

London: CLOSED DOWN 231.05 PTS OR 2.92%

GERMAN DAX:DOWN 609.38 PTS OR 3.00%

Paris CAC CLOSED DOWN 237.40 or 3.34%

Spain IBEX CLOSED DOWN 268.00 PTS OR 2.22%

Italian MIB: CLOSED DOWN 986.35 PTS OR 2.75%

WTI Oil price  57.11 11 EST/

Brent Oil:  60.25 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  86.39 ROUBLE DOWN 0 AND  54/ 100      

GERMAN 10 YR BOND YIELD; +2.5910 DOWN 5 BASIS PTS.

UK 10 YR YIELD: 4.832 UP 22 BASIS POINTS

CDN 10 YEAR RATE: 3.165 UP 3 BASIS PTS.

CDN 5 YEAR RATE: 2.718 DOWN 2 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.0964 DOWN 0.0014 OR 14 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2831 UP .0054 OR 54 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.7886 UP 18 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.285

USA dollar vs Japanese Yen: 147.83 DOWN 1.98 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4095 DOWN .0165 BASIS PTS CDN DOLLAR DOWN 165 BASIS PTS

West Texas intermediate oil: 62.39

Brent OIL:  65.72

USA 10 yr bond yield UP 9 BASIS pts to 4.340

USA 30 yr bond yield UP 1 BASIS PTS to 4.719%

USA 2 YR BOND: UP 18 PTS AT  3.918%

CDN 10 YR RATE 3.223 UP 9 BASIS PTS

CDN 5 YEAR RATE: 2.846 UP 15 BASIS PTS

USA dollar index: 102.65 DOWN 5 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 37.97 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  86.15 DOWN 0 AND  30/100 roubles

GOLD  2992.00 (3:30 PM)

SILVER: 30.95 (3:30 PM)

OFF SHORE CNH (CHINESE YUAN OFFSHORE: 7.3522)

ON CNY SHORE: 7.3500

DOW JONES INDUSTRIAL AVERAGE: UP 2,962.92 OR 7.87%

NASDAQ 100 UP 2046.48 PTS OR 11.97%

VOLATILITY INDEX: 52.95 UP 5.97 PTS OR 12.71%

GLD: $ 285.38 UP 10.18 PTS OR 3.70%

SLV/ $28.06 UP 0.92 PTS OR OR 3.39%

TORONTO STOCK INDEX// TSX INDEX: CLOSED UP 1,201.38 OR 5.24%

end

TRADING today ZEROHEDGE Trump’s tariffs: 4PM

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

Trump Policy ‘Pivot’ Sparks Buying-Panic In Everything (Except 2Y Treasuries)

MIDDAY NEWS

US Equities Explode Higher As Trump “Pauses” Reciprocal Tariffs For 90 Days (Except China)

Wednesday, Apr 09, 2025 – 01:25 PM

Update (1320ET): And President Trump finds an off-ramp for non-retaliating countries. 

The President wrote on his Truth Social account:

Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. 

At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable. 

Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, …

…I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. 

Thank you for your attention to this matter!

The result is a massive surge in US equity markets (up 7-9%)…

…cutting losses post-Liberation Day in half…

Bitcoin is also soaring, almost erasing the post-Liberation Day losses…

Oil prices are also spiking, almost erasing all the losses…

Treasury Secretary Scott Bessent called China, “the biggest source of US trade problems,” adding that he seeing Japan, Vietnam, India, and South Korea today for negotiations.

Commerce Secretary Howard Lutnick added:.

“Scott Bessent and I sat with the President while he wrote one of the most extraordinary Truth posts of his Presidency. The world is ready to work with President Trump to fix global trade, and China has chosen the opposite direction.“

Bessent also confirmed that both Mexico and Canada are included in the ‘pause’ (despite what appeared to be retaliation). No mention of Europe yet, which also retaliated.

Additionally, Bessent said that the bond market meltdown did not impact this decision… sure!

*  *  *

Update: After Beijing’s overnight inaction in response to President Trump’s new 104% effective-rate tariff on Chinese goods—and the release of a white paper on trade between the two superpowers—there now appears to be a response from the Chinese side.

x.com/zerohedge/status/1909931225441001816?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1909931225441001816%7Ctwgr%5Ed8a643f8583c3161955287c0c626bc52ff1dc074%7Ctwcon%5Es1_&ref_url=http

Bloomberg reports that China plans to counter Trump’s tariffs with an effective tariff rate of around 84%, escalating the trade war. These countermeasures go into effect on Thursday. 

More from Bloomberg:

A day earlier, China vowed to “fight to the end” if the US insists on new tariffs. Chinese exports were already facing blanket levies imposed this year and punitive taxes from Trump’s first term and the following Biden administration. China also added six firms to its unreliable entity list, and 12 US entities to its export control list. Initially, Trump justified the 34% tariff hike on China as a fair way to match the barriers that Beijing has in place against US firms and goods, and then added to them after Beijing retaliated with its own levies.

In markets, European equity futures are down more than 3%. Equity futures in the US are down over 1% for the S&P500 and Nasdaq.

Rollercoaster of headlines for S&P500 futs… 

And what a mess. The PboC has been propping up Chinese markets, while the Federal Reserve has been stuck in wait-and-see mode as the basis trade unravels (read: here). 

*   *   *

President Donald Trump’s reciprocal tariffs took effect at 12:01 a.m. Wednesday in Washington, sending shockwaves through global markets as he advances the ‘America First’ agenda to reshape the international economic order. In a notable shift from the previous tariff rounds, Beijing refrained from immediately firing back with countermeasures to the new 104% effective-rate tariffs. Instead, Beijing released a 28,000-character white paper detailing its economic relationship with the US as foundational to global stability.

China’s State Council Information Office released the white paper on Wednesday titled “China’s Position on Some Issues Concerning China-U.S. Economic and Trade Relations.” The paper provides statistics about China-U.S. economic and trade relations.

“China does not deliberately pursue a trade surplus,” the white paper said, adding, “The trade imbalance in goods between China and the U.S. is both an inevitable result of structural issues in the U.S. economy and a consequence of the comparative advantages and international division of labour between the two countries.”

Chinese state media Xinhua News Agency provided more details about the white paper:

The white paper came as rising unilateralism and protectionism in the United States have significantly impeded normal economic and trade cooperation between the two countries.

. . .

These measures — revealing the isolationist and coercive nature of US conduct — run counter to the principles of the market economy and multilateralism, and will have serious repercussions for China-U.S. economic and trade relations, the white paper said.

In response to the US moves, China has taken forceful countermeasures to defend its national interests, and has remained committed to resolving disputes through dialogue and consultation, with multiple rounds of consultations with the US side to stabilize bilateral economic and trade relations, according to the document.

The Chinese side has always maintained that China-U.S. economic and trade relations are mutually beneficial and win-win in nature, the white paper said.

The White Paper concluded that cooperation—not confrontation—between both sides is essential for global economic growth, technological governance, and security, urging the US for a winnable solution through dialogue:

Trade wars produce no winners, and protectionism leads up a blind alley. The economic success of both China and the US presents shared opportunities rather than mutual threats

The reason for the Chinese restraint remains unclear, though Bloomberg noted that President Xi Jinping “could still hit back later today as U.S. markets open, or in the coming week.”

On Tuesday, two Chinese bloggers leaked potential countermeasures Beijing could unleash on the US, such as banning imports of US poultry and Hollywood films. 

Commenting on markets, Goldman analysts told clients:

Surprise move from HK/China markets where we saw incremental recovery, in a tape where trade war headlines had turned worse. Beijing’s lack of an immediate response to new incremental US tariffs (104%), was a departure from last two episodes of President Trump hiking duties (Last two instances, Beijing hit back within minutes).

Around 3 p.m. local time, Beijing released a 28,000-character white paper on trade with the US Accompanying it was a question-and-answer document in which the Ministry of Commerce reiterated China is willing to talk with the US

HSI saw a reversal of ~4% over the day, from being more than 3% weaker at the open to ending 70bps above water. Southbound net buying a record $4.6Bn was the most notable metric for the day, as support from retail and foreign investors accelerated. Turnover remained upbeat and above the HK$400Bn mark.

Earlier, Xinhua reported that Beijing would fight until the end if the US deepens the trade war. The Ministry of Commerce said it has “abundant means” to take countermeasures. It noted that Beijing and Washington could resolve trade differences through dialogue. 

In a separate report, Reuters said top officials in Beijing plan to meet and discuss measures to boost the economy and stabilize capital markets amid the tariff turmoil with the US.

Both sides—Beijing and the US—will likely need stabilizing policies for markets and the economy to fight the trade war.

As we noted on Tuesday, a basis trade blow-up might force the Federal Reserve into emergency QE. Deutsche Bank followed our lead on Wednesday.

USA DATA

USA ECONOMIC NEWS

Micron Prepares To Slap Tariff-Related Charge On Customers 

Tuesday, Apr 08, 2025 – 04:40 PM

President Trump’s targeted reciprocal tariffs on countries with which the U.S. runs its largest trade deficits will take effect at 12:01 a.m. ET on Wednesday. In anticipation of the next round of tariffs, U.S. memory chipmaker Micron Technology plans to impose a tariff surcharge on customers.

Four sources familiar with the situation told Reuters that these incoming tariffs have prompted Micron to issue a surcharge on some products starting Wednesday. 

Here’s more color:

The company notified its customers in a letter that while Trump’s announcement last week exempted semiconductors, which account for part of Micron’s portfolio, the tariffs applied to memory modules and solid-state drives (SSDs), the sources said. Those products, used to store data in various products from cars to laptops and data center servers, would now be subject to a surcharge, they said.

Micron’s overseas factories are spread out across Asia, including China, Taiwan, Japan, Malaysia, India, and Singapore, according to the latest trade data. 

Bloomberg data maps out Micron’s suppliers and customers…

By midnight, these countries will be hit with some of the highest of Trump’s so-called “Liberation Day” tariffs. Several of them—including countries deeply embedded in Micron’s supply chain—face double-digit tariff rates between 10% and 34%. This is on top of Trump’s unilateral 10% tariff on all imports for all countries on Saturday. 

Data from Goldman’s research desk… 

Reuters quoted a top-level executive at an Asian NAND module manufacturer as saying that a similar approach to Micron will be taken for U.S. customers this week. 

“If they don’t want to bear the taxes, we cannot ship the products. We cannot be held accountable for the decisions made by your government,” the executive said, adding, “With this kind of tax rate, no company can generously say, ‘I’ll take on the burden.'”

end

Will Trump End The Fed Or Put Himself In Charge Of It?

Tuesday, Apr 08, 2025 – 06:25 PM

Authored by George Ford Smith via The Mises Institute,

On February 18, 2025 President Trump issued an executive order titled, “Ensuring Accountability for all Agencies,” in which he says,

…previous administrations have allowed so-called “independent regulatory agencies” to operate with minimal Presidential supervision. These regulatory agencies currently exercise substantial executive authority without sufficient accountability to the President, and through him, to the American people.

This is a good idea. As Americans, ruled by an elite in Washington, we would really like to know who’s doing what to whom, why, and for how long they’ve been doing it. Most importantly, where they’re getting the money to do it. Money—however thieving means the bureaucrats can get it—is their god, without which they wouldn’t exist.

The problems are enormous for such an undertaking, the biggest one being the issue of trust. Who are you going to believe? Even if the appointees in Trump’s administration are trustworthy individuals, by virtue of their appointments they’ve been coaxed into a corrupt social apparatus. It is corrupt because it is funded entirely on stolen wealth, with the theft not merely getting a pass but hailed far and wide as the bedrock of civilization.

Arguments over taxation almost always center on rates and who should pay, never on taxes as such. But what are they exactly? Taxes are “a sum of money demanded by a government . . .” (infoplease.com). At least they’re honest; taxes are demands. But then we find this: Taxes are “a contribution for the support of a government . . .” (ahdictionary.com). A contribution. As the former Third Reich minister of propaganda once remarked, “A lie told once remains a lie but a lie told a thousand times becomes the truth.”

The bigger lie is the one not told—the inflation tax—because it is still largely a mystery to the public.

As it stands, by an implicit moral code of Western Civilization found in the Bible and in the works of Aquinas, Locke, Adam Smith, Paine, Rothbard, and many others, government, by its nature, is and always has been inimical to human well-being.

Thus, in ensuring accountability, Trump’s team is doing the best it can in an environment hostile not only to him personally but to the principles of good faith and trust. In reading the executive order we find that,

…all executive departments and agencies, including so-called independent agencies, shall submit for review all proposed and final significant regulatory actions to the Office of Information and Regulatory Affairs (OIRA) within the Executive Office of the President before publication in the Federal Register.

Superficially, it sounds good but wait—it said “all.” Does he mean it? “This order shall not apply to the Board of Governors of the Federal Reserve System or to the Federal Open Market Committee in its conduct of monetary policy.” We think of the president as the Chief Executive, but a hands-off-the-Fed approach tells us otherwise.

For the moment the Fed might be untouchable. But its creator was the state, and all it takes is courage to do away with it, which is why it’s been wreaking havoc for over a century.

According to a March 6, 2025 article in International Banker, Trump’s allies have devised a plan that would oust current Fed chair Jerome Powell before his term is up in 2026 and,

…give the US president a role in monetary-policy making. The new chair would regularly seek Trump’s views on interest-rate policy and then negotiate with the FOMC to steer policy on the president’s behalf. This would be a radical change from the current practice whereby the US president is not involved in monetary policy and is not even expected to comment on the decisions made by the FOMC.

Given Trump’s personality—variously described as impulsive, charismatic, and resilient—it’s almost a given that a plan such as this would effectively make him the Chairman of the FOMC. Trump wants lower interest rates to go “hand-in-hand” with his tariffs, whether the free market wants them or not.

As of late February, “Interest-rate futures contracts are now pricing in a more than 70% chance that the Fed will reduce its policy rate by a quarter of a percentage point at its June meeting, to a range of 4.00%-4.25%, and cut it again as soon as September.” In his address to Congress on March 4, 2025 Trump was happy about the current trend, saying, “And today, interest rates took a beautiful drop. Big, beautiful drop. It’s about time.”

Apparently, Trump is unaware of the Austrian School position that “easy money” causes booms that inevitably show up in busts, such as the two major disasters (1930s and 2008), and that no learned bureaucracy such as the FOMC or even Trump personally can know what the interest rate should be, which is why it should be left to market forces exclusively.

Meanwhile, two Republican politicians—Utah Sen. Mike Lee and Kentucky Rep. Thomas Massie—are introducing legislation on March 6, 2025 to “dissolve the Board of Governors of the Federal Reserve System and each Federal Reserve bank with a one-year timeframe,” and repeal the Federal Reserve Act of 1913. Said Mike Lee:

The Federal Reserve has not only failed to achieve its mandate, it has become an economic manipulator, directly contributing to the financial instability many Americans face today. We need to protect our economic future, end the monetization of federal debt that fuels unchecked federal spending, and put American money on solid ground. We need to end the Fed.

At this point, it sounds like Trump wants to be a one-man FOMC while significant others who supported him want to do away with the Fed altogether. Is it a fight between tariffs/low interest rates versus free markets? Or is Trump clever enough to get one now and the other later?

In 1962, Mises wrote Planning for Freedom—a collection of 12 essays and addresses demonstrating the futility of government interference with the market. Let’s hope someone sends a copy to Trump.

end

Record-Breaking $1 Trillion Defense Budget: Trump, Hegseth Say It’s Happening

Tuesday, Apr 08, 2025 – 05:20 PM

With much of the globe and American public focused exclusively on tariff mania, President Trump as well as Secretary of Defense Pete Hegseth unveiled massive news on Monday, which would have normally made a bigger impact in headlines.

The Pentagon will soon have its first $1 trillion budget. President Trump said while hosting Israeli Prime Minister Benjamin Netanyahu at the White House, “Nobody’s seen anything like it. We have to build out military, and we’re very cost-conscious, but the military is something we have to build, and we have to be strong.“

But ironically the announcement comes as the administration has been aggressively seeking to root out government waste and excess spending. The reality is that for decades both sides of the aisle have allowed defense spending to balloon unchecked. That looks to continue, and the big winner remains the military-industrial complex even amid a DOGE crackdown.

Hegseth too made the announcement on X while sharing the video of Trump praising the future one trillion dollar budget. “Thank you Mr. President! COMING SOON: the first TRILLION dollar [Defense Department] budget,” the Pentagon chief said.

Even though the Department of Defense (DoD) has never had an official budget which reached that figure, it remains the actual cost of total US military spending has for several years running actually exceeded $1 trillion.

Biden’s 2025 National Defense Authorization Act (NDAA) totaled $895 billion, so a trillion appears the next natural progression, given the out of control nature of defense spending.

Commenting on a possible timeline for the 2026 budget rollout, Breaking Defense writes:

Exactly when the FY26 budget will drop, or what shape it will take, remains unclear. There has been talk of a “skinny budget” with few details coming first, and rumors that May is when budgets will be officially released, but nothing confirmed from the White House or Pentagon.

In a note to investors, TD Cowen analyst Roman Schweizer wrote that “based on last year’s Green Book, we assume this means a $50B increase for 050 National Defense, which was projected at $951B for the FY26 request.”

Critics of US foreign policy have ripped Trump for the move. For example, independent geopolitical analyst Tim Anderson writes, “Add another trillion to the US debt. None of the budget cuts in Washington have reached the Pentagon, which does precisely nothing to ‘defend’ the USA. The US military exclusively interferes in other countries.”

END

Trump Admin Mulls Farmer Bailout After China’s Retaliatory Tariffs Threaten Exports

Wednesday, Apr 09, 2025 – 11:10 AM

The Trump administration is exploring options to shield American farmers from deepening fallout as its trade conflict with China intensifies, including a possible revival of bailout programs once used during earlier skirmishes with Beijing.

According to Agriculture Secretary Brooke Rollins, officials are “looking at that again,” referencing a $28 billion aid package deployed during President Trump’s first term through the Commodity Credit Corporation (CCC), a government-owned entity designed to support farm incomes and prices.

“Obviously everything is on the table, but we’re in such a period of uncertainty in terms of what this looks like,” Rollins told Bloomberg Wednesday at the White House, adding that no final decisions had been made, emphasizing the administration’s hope that aid wouldn’t be necessary.

“The goal is we won’t need to do it at all,” Rollins said. “That these changes and the realignment of the economy will result in an unprecedented air of prosperity for all Americans, but especially for our farmers and our ranchers.”

The remarks come as U.S.-China trade tensions escalate at a pace that has rattled global markets and amplified fears of an economic slowdown. After President Trump hiked duties on Chinese imports to 104%, Beijing responded by announcing sweeping tariffs that would bring levies on all American goods to 84%.

The retaliatory actions are hitting American agriculture particularly hard, as foreign buyers pull back and alternative suppliers – most notably Brazil – seize market share in global staples including corn and wheat. Many U.S. farmers, already burdened by high input costs and interest rates, now face diminishing export opportunities amid rising global competition.

Meanwhile, proposed cuts to domestic nutrition assistance programs could reduce government food buying, adding another layer of stress for farmers.That said, the Trump White House is banking on its political alliance with rural America to hold firm. Farmers and ranchers remain a crucial electoral bloc for the president, and discussions of renewed aid suggest a growing recognition of the political and economic risk the trade war poses to that support.

Rollins has signaled stepped-up diplomatic engagement as part of a broader effort to blunt the impact of tariffs – recently announcing travel plans to Vietnam, the UK, and Japan, countries that could become strategic partners in alternative trade agreements aimed at stabilizing export markets for U.S. goods.

At the same time, the White House is considering additional support for exporters outside the agriculture sector. One possibility under discussion is a tax credit for companies affected by retaliatory tariffs, though no specifics have been released.

The administration’s trade posture has spurred mixed reactions from industry leaders and lawmakers, with some backing the hardline stance as a necessary step to counter China’s economic practices, while others warn the costs are accumulating too quickly for American businesses and workers to bear.

For now, the prospect of a second large-scale farm bailout remains uncertain. But with markets volatile and planting season underway, many farmers are watching closely—and bracing for more turbulence.

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KINGNEWS

SWAMP STORIES FOR YOU TONIGHT

GREG HUNTER INTERVIEWING DANE WIGGINGTON

MAHA Means Nothing if Chemtrails Not Stopped – Dane Wigington

By Greg Hunter On April 9, 2025 In Political AnalysisNo Comments

By Greg Hunter’s USAWatchdog.com 

Climate engineering researcher Dane Wigington says huge lies are still being told daily, even in the new Trump Administration, to cover up deadly and destructive climate engineering (aka Chemtrails).  This continues 24/7 to implode the environment on a global scale.  The latest state to pass legislation to try and stop geoengineering, a well known and mature science, is Florida.  The legislation is largely unenforceable, but what the legislation does do is wake more and more people to what evil is being done to them and the environment in our skies.  Now, so-called news outlets like CNN are telling us Chemtrails are only jet engine exhaust, which is a lie debunked more than a decade ago.  Wigington explains, “There is no legitimate dispute as to what is taking place in our skies.  This is so profound that everyone openly acknowledges that, yes, there is weather modification, and it has been going on for many, many decades.  Then when the subject comes up that is already historical fact and that is governments doing weather warfare. . . . suddenly, everybody pretends that would not happen.  They would never do that without asking us, would they?  They would never detonate 500 nuclear bombs in Nevada without telling anybody.  The fallout from that eventually killed 500,000 Americans, and that is from a peer-reviewed study.”

Wigington contends the wild weather you have been seeing is the result of man-made geoengineering.  Wigington says, “It just snowed in Texas while it was raining in the Artic.  Let’s go back to January where we were having chemically nucleated blizzards in New Orleans and on the Gulf Coast of Florida.  It was January 21, if you want to check.  At that same time, you had rain and above freezing temperatures in Alaska, Greenland, Iceland, Siberia, Moscow, and nobody said a word about that.  As soon as the . . . chemically nucleated operations are over, temperatures rebound back astoundingly high.  We are seeing 60-degree temperature swings in a single day.  These are geoengineered flash cool-downs.  You can find out about this on the home page of GeoEngineeringWatch.org.”

So, stopping global warming with man-made cold weather is a not good thing?  It’s not.  Wigington warns, “If you want a dead planet, geoengineering is the quickest way to get there.  They are completely interfering in the planet’s response to the damage already done from climate engineering.  These chemicals they use for these cool-downs contain many toxic elements.  This is killing root systems.  When the wind blows, trees are tipping over everywhere.  Are you seeing this now?  One of the primary elements in all climate engineering is aluminum nano particles.  You can see this in the movie “The Dimming.”  This is a free movie produced by Wigington, and it has 25 million views alone on YouTube since it was released in 2021.

Wigington says, “If this administration is serious about doing anything about what is happening in our skies, what is needed is iron clad, whistle blower protection carved in stone and well publicized. . . . Send “The Dimming” to as many people as you can. . . . Help us to push this issue to the full light of day and we will have taken a quantum leap in the right direction.”

In closing, Wigington says, “MAHA (Make America Healthy Again) everything, means nothing unless the ongoing spraying of tens of millions of tons of toxic elements such as aluminum, barium, manganese, polymer fibers, graphene and things we don’t even know what else. . . is stopped. . . . This is virtually contaminating everything. . . . Recent peer-reviewed studies conclude all of us are filled with nano particles, microplastics–our brains, organs, our hearts, and it’s causing massive downstream cascading consequences to our health. . . . Unless this is stopped, MAHA anything means nothing.”

There is much more in the 46-minute interview.

To donate to GeoEngineeringWatch.org, click Here.

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with climate researcher Dane Wigington, founder of GeoEngineeringWatch.org, with an update on the calamity geoengineering is causing and the latest legislation in Florida to ban it for 4.8.25.

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After the Interview: 

There is vast and totally free information on GeoEngineeringWatch.org.

To see the free film called “The Dimming,” click here.

Click here to donate to GeoEngineeringWatch.org.