GOLD CLOSED UP $100.00 TO $3,159.70 **HIGHEST NOMINAL GAIN IN COMEX HISTORY

SILVER CLOSED UP $0.18 TO $30.84

 GOLD ACCESS CLOSED 3172.20

Silver ACCESS CLOSED: $31.11

Bitcoin morning price:$81673 DOWN 729 DOLLARS.

Bitcoin: afternoon price: $79523 DOWN 2880 DOLLARS

Platinum price closing UP $6.00 TO $936.05

Palladium price; DOWN $0.15 TO $919.95

END

*CANADIAN GOLD: $4434.11 UP 39.80 CDN dollars per oz( * NEW ALL TIME HIGH 4493.62 CDN DOLLARS PER OZ//MARCH 31 2025)

*BRITISH GOLD: 2446.17 UP 39.80 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,446.17 BRITISH POUNDS/OZ) APRIL 10/2025

*EURO GOLD: 2,833,83 UP 15.11 Euros per oz //* (ALL TIME CLOSING HIGH: 2,888.55 EUROS PER OZ/MARCH 31 //2025)

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EXCHANGE: COMEX

EXCHANGE: COMEX
CONTRACT: APRIL 2025 COMEX 100 GOLD FUTURES
SETTLEMENT: 3,056.500000000 USD
INTENT DATE: 04/09/2025 DELIVERY DATE: 04/11/2025
FIRM ORG FIRM NAME ISSUED STOPPED

118 H MACQUARIE FUT 47
167 C MAREX 350
190 H BMO CAPITAL 496
323 C HSBC 207
363 C WELLS FARGO SEC 567
363 H WELLS FARGO SEC 426
365 C MAREX CAPITAL M 1
555 C BNP PARIBAS SEC 99
657 C MORGAN STANLEY 35
661 C JP MORGAN 13 101
686 C STONEX FINANCIA 89 98
686 H STONEX FINANCIA 119
690 C ABN AMRO 9 24
700 C UBS 49
709 C BARCLAYS 489
737 C ADVANTAGE 18
905 C ADM 1

TOTAL: 1,619 1,619
MONTH TO DATE: 59,601

JPMORGAN stopped 101/1619

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 1619 NOTICES FOR 161,900 OZ  5.0357 TONNES

total notices so far: 59,601 contracts for 5,960,100 OR 185.384 tonnes)

FOR APRIL

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 96 NOTICE(S) FILED FOR 0.480 MILLION OZ/

total number of notices filed so far this month : 2520 CONTRACTS (NOTICES) for 12.600 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 $100.00 INVESTORS SWITCHING TO SPROTT PHYSICAL  (PHYS) INSTEAD OF THE FRAUDULENT GLD:

MEGA HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 11.17 TONNES OF GOLD INTO THE GLD//

INVENTORY RESTS AT 937.09 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $0.18 AT THE SLV: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: ////A WITHDRAWAL OF 0.501 MILLION OZ INTO THE SLV//

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 447.603 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A HUMONGOUS 3109 CONTRACTS TO 151,180 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 MASSIVE GAIN OF $0.96 IN SILVER PRICING AT THE COMEX WITH RESPECT TO WEDNESDAY’S TRADING/RAID. HOWEVER, WE HAD A HUGE SIZED LOSS OF 1644 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A HUGE 1465 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD A CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING WEDNESDAY  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 WEDNESDAY WITH SILVER’S GAIN IN PRICE BUT 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 2733 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 1465 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS 2733 CONTRACT T.A.S ISSUANCE WHICH WILL BE USED IN THURSDAY’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 LOSS CONTRACTS ON OUR TWO EXCHANGES DESPITE OUR MASSIVE GAIN IN PRICE OF $0.95. WE HAD CONSIDERABLE TAS LIQUIDATION/ THROUGHOUT WEDNESDAY’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 WEDNESDAY NIGHT/THURSDAY MORNING: A HUMONGOUS 2733 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  $0.96) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS DESPITE HAVING A HUGE GAIN IN PRICE WE LOST A A HUGE 1644 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES. THE LOSS IN TOTAL OI WAS DUE TO SPREADER T.A.S.

WE HAD A HUGE 1465 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN  INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.735 MILLION OZ FOLLOWED BY TODAY’S 480,000 OZ EX FOR PHYSICAL TRANSFER TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK

STANDING FOR APRIL DECREASES TO 18.145 MILLION OZ

WE HAD:

/ HUGE COMEX OI LOSS+// A HUGE SIZED  EFP ISSUANCE (1465 CONTRACTS)/ VI)   HUGE SIZED NUMBER OF  T.A.S. CONTRACT ISSUANCE 2733 CONTRACTS)

 I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED 1373CONTRACTS.

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 8 DAYS, total 12,687 contracts:   OR 63.435 MILLION OZ  (1585 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR:  63.435 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: 63.435 MILLION OZ/// THIS IS HUGE AND THIS MONTH WILL PROBABLY BE A HUMDINGER OF ISSUANCE.

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3109 CONTRACTS DESPITE OUR GAIN IN PRICE OF $0.96 IN SILVER PRICING AT THE COMEX// WEDNESDAY.,.  (DUE TO T.A.S. LIQUIDATION). THE CME NOTIFIED US THAT WE HAD A HUGE 1465 CONTRACT EFP ISSUANCE  CONTRACTS: 1465 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  14.145 MILLION  OZ , PLUS OUR 4.00 MILLION EX FOR RISK

NEW STANDING APRIL: 18.145 MILLION OZ

THE NEW TAS ISSUANCE WEDNESDAY NIGHT   (2733 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD  96 NOTICE(S) FILED TODAY FOR 0.480 million OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR SIZED  3619 OI CONTRACTS  TO 449,087 AND CLOSER TO THE RECORD (SET JAN 24/2020) AT 799,105  AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. (ALL TIME LOW OF 390,000 CONTRACTS.) THUS WE HAVE A PRETTY LOW OI IN COMEX WITH AN EXTREMELY HIGH PRICE OF GOLD. THE SHORT RATS ARE ABANDONING THE SHIP.

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY:  REMOVED 804 CONTRACTS CONTRACTS//.

WE HAD A FAIR SIZED INCREASE  IN COMEX OI (3619 CONTRACTS) . THIS  OCCURRED DESPITE OUR MAMMOTH GAIN OF $83.20  IN PRICE WEDNESDAY. YESTERDAY WAS ALSO THE HIGHEST EVER SINGLE GAIN IN COMEX GOLD HISTORY. 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/ + APRIL 9 ‘S TOTAL OF 484 EX. FOR RISK FOR 48,400 OZ OR 1.5054 TONNES/NEW TOTAL; EX FOR RISK 5.3304 TONNES TO WHICH WAS ADDED TO OUR NEW QUEUE JUMP OF 1593 CONTRACTS OR 159300 OZ (4.95 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 187.825 TONNES NORMAL DELIVERY(INCLUDES OF QUEUE JUMP) + 5.3304 TONNES EX FOR RISK = 193.155 TONNES

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

/ ALL OF THIS HAPPENED WITH OUR HUMONGOUS $83.20 GAIN IN PRICE  WITH RESPECT TO WEDNESDAY’S COMEX ///. WE HAD ONLY A STRONG SIZED GAIN OF 7742 OI CONTRACTS (26.58 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 VERY STRONG SIZED 4123 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 449,087

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7742 CONTRACTS  WITH 3619 CONTRACTS INCREASED AT THE COMEX// AND A VERY STRONG SIZED 4123 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 7742 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 3337 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A VERY STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4123 CONTRACTS) ACCOMPANYING THE FAIR SIZED INCREASE IN COMEX OI OF 3619 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 7742 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 187.825 TONNES (WHICH INCLUDES OUR HUGE 4.95 TONNES QUEUE JUMP) AND THIS FOLLOWS TOTAL EXCHANGE FOR RISK ISSUANCE ON 4 OCCASIONS FOR 5.3304 TONNES//NEW STANDING ADVANCES TO 193.155 TONNES.

//NEW STANDING APRIL: 187.825 TONNES + 5.3304 TONNES EX FOR RISK ON 4 OCCASIONS = 193.155 TONNES

.

 / 3) CONSIDERABLE T.A.S. LIQUIDATION + ZERO SUCCESS IN REMOVING NET SPECULATOR LONGS, AS WE HAD: 1)  $83.20 COMEX PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A STRONG 7742 CONTRACT GAIN ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED WEDNESDAY 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) GOOD SIZED COMEX OI GAIN// 5)  VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER///STRONG T.A.S.  ISSUANCE: 3337 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: 31,524 CONTRACTS OR 3,152,400 OZ OR 98.05 TONNES IN 8 TRADING DAY(S) AND THUS AVERAGING: 3940 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES  98.05 TONNES

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

THUS EFP TRANSFERS REPRESENTS  98.05 TONNES DIVIDED BY 3550 x 100% TONNES = 2.76% 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; 98.05 TONNES. STILL A SMALL ISSUANCE FOR THE MONTH.

SPREADING OPERATIONS

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

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

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

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

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

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

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

1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER FELL BY A HUGE SIZED 3109 CONTRACTS OI  TO 152,553 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 1465 CONTRACTS

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

MAY 1465 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1465 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 3109 CONTRACTS AND ADD TO THE 1465 E.FP. ISSUED

WE OBTAIN A HUGE SIZED LOSS OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 1644  CONTRACTS

THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES  TOTALS 8.220 MILLION OZ

 OCCURRED DESPITE OUR HUGE  $0.96  IN PRICE GAIN

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  THURSDAY MORNING//WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 36.83 PTS OR 1.16%

//Hang Seng CLOSED UP 417.19 PTS OR 2.06 PTS

// Nikkei CLOSED UP 2894.97 OR 9.13 %//Australia’s all ordinaries CLOSED UP 4.66%

//Chinese yuan (ONSHORE) CLOSED UP TO 7.3299 CHINESE YUAN OFFSHORE CLOSED UP TO 7.3242/ Oil UP TO 60.54 dollars per barrel for WTI and BRENT UP TO 63.56 Stocks in Europe OPENED ALL RED.

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

STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

END

END

ASIA TRADING THURSDAY MORNING/WEDNESDAY  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 ROSE BY A GOOD SIZED 3619 CONTRACTS TO 449,087 DESPITE OUR HUMONGOUS GAIN IN PRICE OF $83.20 WITH RESPECT TO WEDNESDAY’S // 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 HUGE NUMBER OF EXCHANGE FOR PHYSICAL ISSUED (4123 ).

THE CME ANNOUNCED WEDNESDAY NIGHT, 0 EXCHANGE FOR RISK CONTRACTS FOR 0 OZ OR 0 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 TOTALEXCHANGE 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 STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 7742 CONTRACTS WITH OUR HUMONGOOUS GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON WEDNESDAY NIGHT AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTEMPTED AND FAILED RAID VERY EARLY IN THE COMEX SESSION 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.

THE T.A.S. LIQUIDATION OF THESE T.AS. CONTRACTS IS WHY WE ARE HAVING LOWER COMEX OPEN INTEREST GAINS 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 186 + TONNES.

THE FED IS THE OTHER MAJOR SHORT OF AROUND 22+ TONNES OF GOLD OWING TO THE B.I.S. THE FED NEEDS TO COVER AS THEY ARE VERY WORRIED ABOUT WHAT IS GOING TO HAPPEN TO GOLD PRICES NOW THAT THEY MUST BECOME COMPLIANT TO BASEL III RULES JULY 1/2023 AS OUTLINED IN ANDREW MAGUIRE’S LATEST LIVE FROM THE VAULT 217 EPISODE. AS HE TACKLES THIS IMPORTANT TOPIC. THE FOUR OR FIVE BANKS ARE ALSO WORRIED ABOUT THEIR HUGE PRECIOUS METAL DERIVATIVE EXPOSURE (NORTH OF ONE TRILLION DOLLARS) AND THIS IS PROBABLY THE MAJOR REASON FOR GOLD/SILVER’S RISE THESE PAST THREE MONTHS. THEY ARE TOTALLY TRAPPED., AND THEIR FAILURE TO STOP CENTRAL BANK PURCHASES OF PHYSICAL GOLD IS THE MAJOR ISSUE OF THE DAY!IT SURE LOOKS LIKE THE BIS HAS GIVEN THE FED ITS MARCHING ORDERS TO COVER ITS PHYSICAL GOLD SHORT. TRUMP WILL PROBABLY BE FURIOUS WITH THE FED IF IT FINDS OUT THAT THEY (FRBNY) HAS BEEN MANIPULATING THE GOLD MARKET FOR THE PAST TWO YEARS.

OUR PHYSICAL LONDONERS BOUGHT NEW MASSIVE QUANTITIES OF LONGS AT ANY PRICE AND THIS GOLD BOUGHT WILL BE TENDERED FOR PHYSICAL ON A T + ???? BASIS. BECAUSE GOLD IS BASEL III COMPLIANT, GOLD IS SUPPOSED BE DELIVERED IN A VERY TIMELY ONE DAY. CENTRAL BANKS AROUND THE WORLD, BEING REPRESENTED BY OUR LONDONERS, ARE THE REAL PURCHASERS OF THIS GOLD.

EUROPE IS NOW BASEL III COMPLIANT. THE WEST (FED AND COMEX) MUST BE COMPLIANT BY JULY 1.2025.

THE PROBLEM FOR THOSE PROVIDING THE SHORT PAPER IS THE SHOCK TO THEM ON RECEIVING NOTICE THAT THE LONGS WANT THE PHYSICAL GOLD AS THEY TENDER FOR THAT SHINY YELLOW METAL. THE HIGH LIQUIDATION OF OUR TWO SPREADERS: 1) THE MONTH END SPREADERS AND 2. T.A.S DURING THESE PAST SEVERAL WEEKS IS SURELY DISTORTING COMEX OPEN INTEREST BUT THAT DOES NOT STOP LONDON’S ACCUMULATION OF PHYSICAL! YOU CAN ALSO VISUALIZE THAT PERFECTLY WITH THE HUGE AMOUNTS OF QUEUE JUMPING ORCHESTRATED BY CENTRAL BANKERS BOLTING AHEAD OF ORDINARY LONGS AS THEIR NEED FOR PHYSICAL IS GREAT AS THEY SCOUR THE PLANET LOOKING FOR GOLD, AND THE MASSIVE AMOUNT OF GOLD STANDING EACH AND EVERY MONTH INCLUDING FIRST DAY NOTICE OF GOLD TONNAGE STANDING. IT IS SURELY ON DISPLAY TODAY AND DURING THIS MONTH OF APRIL.

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF APRIL .…  THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS.,

THAT IS A STRONG SIZED 4123 EFP CONTRACTS WERE ISSUED: :  /APRIL  4123 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4123 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A STRONG SIZED TOTAL OF 7742 CONTRACTS IN THAT 4123 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GAIN OF ONLY 3619 COMEX  CONTRACTS..AND THIS SMALLISH GAIN ON OUR TWO EXCHANGES HAPPENED DESPITE OUR HUGE GAIN IN PRICE OF $83.20 FOR WEDNESDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED  ABOVE. MUCH+ OF THE OI IN OUR TWO EXCHANGES WAS DUE TO THE LIQUIDATION OF T.A.S. CONTRACTS.(GOVERNMENT). 

T.A.S. ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR WEDNESDAY NIGHT/THURSDAY MORNING WAS A VERY STRONG SIZED 3337 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 (193.155 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: 187.825 TONNES + 5.3304 TONNES EX FOR RISK = 193.155 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: 193.155 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 $83.20/ /)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A STRONG SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION WEDNESDAY  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 BROKE THE $3100 DOLLAR LEVEL TRADING AROUND $3112.

WEDNESDAY NIGHT/THURSDAY 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 WEDNESDAY EVENING/THURSDAY 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 WAS 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 WAS 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: 187.825 TONNES +(5.3304 EX FOR RISK// FOR APRIL DELIVERY MONTH =193.155 TONNES OF THE GOLD. THIS IS THE 2ND HIGHEST AMOUNT OF DELIVERY GOLD WHICH FOLLOWS THE HIGHEST EVER ON AN ACTIVE MONTH GOLD DELIVERY BEING FEB 2025 AT 256.607 TONNES..

ANALYSIS APRIL DELIVERY MONTH AFTER FIRST DAY NOTICE;

WE HAVE GAINED A STRONG SIZED TOTAL OF 24.08 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 1593 CONTRACT QUEUE JUMP FOR 159,300 OZ OR 4.95 TONNES. WE MUST NOW ADD OUR 5.3304 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 187.825 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 193.155 TONNES, THE 2ND HIGHEST EVER RECORDED!

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED DESPITE OUR GAIN IN PRICE TO THE TUNE OF $83.20

WE HAD 804 CONTRACTS ADDED TO THE  COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET GAIN ON THE TWO EXCHANGES 7742 CONTRACTS OR 774,200 0Z (24.08 TONNES)

SEEMS THAT THE RATS ARE LEAVING THE DERIVATIVE SHIP!!

confirmed volume WEDNESDAY 326,082.. contracts: huge///

//speculators have left the gold arena

END

APRIL

// THE APRIL 2025 GOLD CONTRACT

APRIL10

INITIAL

dealer deposits: 0 entry

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we have 0 customer entries

TOTAL CUSTOMER DEPOSITS: 1 ENTRY

i) Into Brinks enhanced; 42,778.100 oz

106 London good delivery bars of 400 oz each

total weight deposit 42,778.100 oz

or 1.33 tonnes

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withdrawals: 3//customer account

3 ENTRIES:

i) Out of Brinks enhanced: 64,439.100 oz
or 161 London good delivery bars/400 oz each

ii) Out of Int. Delaware 3215.000 oz (1000 kilobars)
iii) Out of Loomis: 54,367.341 oz
(1691 kilobars)

total weight 122,021.541 oz (3.795 tonnnes)

adjustments: 5 all dealer to customer

a) Ashai: 57,407.932 ooz

ii) Brinks 162,420.060 oz

iii) JPMorgan 357,122.021 oz

iv) Loomis: 679.171 oz

v) Malca 64,275.640 oz

total weight adjusted a whopping 19.996 tonnes

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AMOUNT OF GOLD STANDING FOR APRIL

THE FRONT MONTH OF APRIL HAD A LOSS OF 1121 CONTRACTS TO STAND AT 1906. WE HAD 2714 CONTRACTS FILED TUESDAY. THUS WE GAINED A HUMONGOUS 1593 CONTRACTS OR 159,300 OZ (4.95TONNES) 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. TUESDAY’S QUEUE JUMP (APRIL 8) 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 THREE IN A ROW OF MASSIVE 4 + TONNES OF QUEUE JUMPING IN COMEX HISTORY!!

MAY GAINED 1045 CONTRACTS UP TO 4832 CONTRACTS

JUNE GAINED 1998 CONTRACTS TO 346,077. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH

We had 1619 contracts filed for today representing 161,900 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 13 notices issued from their client or customer account. The total of all issuance by all participants equate to 1619 contract(s) of which 0  notices were stopped (received) by  j.P. Morgan dealer and 101 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 (59,601 X 100 oz ) to which we add the difference between the open interest for the front month of  APRIL (1906 CONTRACTS)  minus the number of notices served upon today  (1619 x 100 oz per contract) equals  6,038600 OZ  OR 187.825 TONNES

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

= 193.155 tonnes

thus the INITIAL standings for gold for the APRIL contract month:  No of notices filed so far (59,601 x 100 oz +we add the difference for front month of APRIL (1906 OI} minus the number of notices served upon today (1619 x 100 oz) which equals  6,038,600 OZ OR 187.825 TONNES + 5.3304 tonnes ex for risks = 193.155 tonnes

TOTAL COMEX GOLD STANDING FOR APRIL.: 193.155 TONNES WHICH IS HUGE FOR THIS ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL IS FOLLOWING SUIT..

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COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC  5.94 TONNES

204,937.290 OZ PLEDGED  MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1  1.690 tonnes

265,999.054, oz  JPM No 2 

1,152,376.639 oz pledged  Brinks/

Manfra:  33,758.550 oz

Delaware: 193.721 oz

International Delaware::  11,188.542 oz

total pledged gold: 2,071,072.272 oz 64.419 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 44,972,798.39 .oz  

TOTAL REGISTERED GOLD 22,832,576.03 or 710.188 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 21,960,222.360 OZ  

REGISTERED GOLD THAT CAN BE SERVED UPON: 20.761.504oz (REG GOLD- PLEDGED GOLD)= 645.76tonnes //

END

SILVER/COMEX

// THE APRIL 2025  SILVER CONTRACT//INITIAL

APRIL 10

INITIAL

1 entries/dealer

i) Into Brinks dealer: 898,087.000 oz



total weight 898,087.000 oz

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deposits customer side

3 entries

i) Into CNT customer 161,728.69 oz

ii) Into HSBC 629,875.600 o

iii) Into Int Delaware: 135,734.000 oz

total weight 927,338.300 oz

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1 entries//customer withdrawals

withdrawals 1
1 entry

i) Loomis: 405.736 oz

total withdrawal 405.736 oz

total withdrawals nil oz

ADJUSTMENTs 1 entries//

customer to dealer

19,443.252 oz Loomis

JPMorgan has a total silver weight: 199.954million oz/496.236oz million  or 40.27%

TOTAL REGISTERED SILVER: 159.644 MILLION OZ//.TOTAL REG + ELIGIBLE. 496.236Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2025 OI: 405 OPEN INTEREST CONTRACTS FOR A LOSS OF 103 CONTRACTS. WE HAD 199 NOTICES FILED WEDNESDAY SO WE GAINED 96 CONTRACTS WHICH UNDERWENT A STRONG QUEUE JUMP OF 480,000 OZ AS THESE BOYS WERE WILLING TO WAIT FOR DELIVERY OF SILVER OVER ON THIS SIDE OF THE POND.

MAY SAW A LOSS OF 6129 CONTRACTS DOWN TO 80,091 CONTRACTS.

JUNE SAW A LOSS OF 61 CONTRACTS DOWN TO 1469 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 96 or 0.480 MILLION oz

CONFIRMED volume; ON WEDNESDAY 123,140 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 2520 X5,000 oz = 12.600 MILLION oz 

to which we add the difference between the open interest for the front month of APRIL (405) AND the number of notices served upon today (96 )x (5000 oz)

Thus the  standings for silver for the APRIL 2025 contract month:  (2520) Notices served so far) x 5000 oz + OI for the front month of APRIL(405) minus number of notices served upon today (96)x 5000 oz equals silver standing for the APRIL contract month equating to 14.145 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 18.145 MILLION OZ

 New total standing:  18.145 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 159.644million 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

/APRIL10  WITH GOLD UP $XXX 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

APRIL9  WITH GOLD UP $100.00 TODAY// MEGA HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 11.171 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 937.09 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: 937.09 TONNES, TONIGHTS TOTAL

SILVER

APRIL10 WITH SILVER UP $0.18 /SMALL CHANGES IN SILVER INVENTORY AT THE SLV A WITHDDRAWAL OF 0.501 MILLION OZ INTO THE SLV//: //INVENTORY AT SLV RESTS AT 447.603 MILLION

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 447.603 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

Schiff Warns “The World Is Getting Rid Of Dollars” As Gold Hits New Record High

Thursday, Apr 10, 2025 – 03:20 PM

Via SchiffGold.com,

In a special video released yesterday, Peter discusses the ongoing fallout from President Trump’s tariff policy and the broader implications for the American economy. He outlines how the tariffs are not only ineffective but also counterproductive, worsening the trade deficit and the nation’s competitiveness. 

Additionally, Peter highlights the growing demand for gold amidst economic trouble and suggests strategic opportunities for investors looking for sound money alternatives.

Peter opens the video by summarizing market movements before and after yesterday’s tariff pause. These tariffs, he believes, demonstrate a policy blunder masked as victory:

Today the price of gold rose by better than $100 an ounce. This was the biggest one-day dollar increase in the price of gold in the history of gold. And in fact, gold was up better than $100 even before President Trump announced that he was pausing the global trade war that he launched last week. 

Now once that news came out, there was a big rally in the stock market. 

Gold initially surrendered some of those gains, but it quickly recovered and closed back near the highs just under $3,100 an ounce. …  I think the President and his advisors tried to find a way to surrender but make it appear as if they were declaring victory.

Peter then emphasizes the root cause behind America’s persistent trade deficits, highlighting the nation’s lack of savings and investment. He contends that excessive spending and underinvestment at home leaves the country overly dependent on foreign producers:

The reason we have these horrific trade deficits is because as a nation we spend too much and save too little. And so because we don’t save enough, we don’t make the capital investments to build up the factories and the supply chains and the infrastructure. 

And so because of that we have to rely on all those factories abroad for the goods that we can’t produce. And because we spend more than we produce, we need to get those goods. And we run these massive deficits that we can’t finance. And so we depend on the world to finance them.

Though he appreciates President Trump’s stated goal of reducing deficits, Peter predicts the tariffs will have the opposite effect. Rather than solving America’s economic weaknesses, tariffs place an extra burden on American consumers and businesses, tipping the economy further into stagflation:

So while I admire Trump’s goal, he is not going to come close to achieving it. In fact, the tariffs that he’s already imposed are going to backfire and they’re going to make the American economy even less competitive than it was before the tariffs. And the tariffs are paid by Americans. They’re not going to be paid by our trading partners. There is no external revenue. It’s all internal. And this tax hike on average Americans is going to weigh down an already weak economy. And so we’re going to have a bigger dose of stagflation.

Shifting his focus to the gold market, Peter notes that worsening economic conditions and stagflation have created an attractive environment for gold investments. He underscores gold mining companies as potentially well-positioned to benefit, given the strong gold price and reduced oil costs:

And that is going to be great for Q2 earnings for the gold mining companies. They’re already going to have great earnings in Q1, but I think they’re going to blow the doors off in Q2 because I think gold is going to hang out near 3,100 or higher and oil is going to be slow to recover. So in the meantime, the profits are going to be huge for these gold mining companies. And I’ve been advocating for a long time that people buy physical gold, and since I started recommending physical gold, it was under $300 an ounce. It’s now over 3,000. So you’ve got a 10X.

Peter warns about America’s financial vulnerability, stressing the country’s dependence on foreign money to sustain unsustainable living standards. He predicts this dependence will end painfully, as a weakening dollar forces America to lower its consumption and accept a lower standard of living:

It’s America that’s been taking advantage of the world because we rely on the world to live beyond our means. 

But the world can only finance that by living beneath its means. Well, that’s going to change. 

It’s going to change because the dollar is going to go way down. And so we’re going to consume less and the rest of the world is going to consume more. And that’s how our trade deficits go away as our standard of living declines. 

But in the meantime, the world is getting rid of dollars in advance of a major depreciation.

Be sure to check out Peter’s recent interview on Soar Financially!

END

JOHN RUBINO…

Gold Miners: Great Q1 Earnings Coming

We’re heading into another earnings season, and with gold outperforming pretty much everything else, this one is looking even better for the miners than Q4.

For context, here’s the XAU gold/silver miners index for the past six months. Note the nice run that started when excellent Q4 miner earnings combined with a rising gold price:

And for a sense of what a higher gold price means for a well-run miner, here are Agnico Eagle’s Q4 results. Note that the average gold price rose from $1,982/oz in Q4 2023 to $2,660/oz in Q4 2024, while Agnico’s net income and free cash flow rose by much more in percentage terms. That’s the kind of operating leverage that makes miners fun to own in bull markets.

In 2025’s Q1 (which ended on March 31), gold averaged nearly $3,000/oz, which means another big operating leverage pop for the miners. So prepare for some blow-out reports in the coming month. Here are three earnings release dates to put on the calendar:

Newmont 4/23

Agnico Eagle 4/25

Franco-Nevada 5/7

2, EGON VON GREYERZ

ALASDAIR MACLEOD

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//ROLEX

Secondhand Gold Rolex Demand Rises As Yellow Metal Hits Record 

Thursday, Apr 10, 2025 – 07:45 AM

Spot gold prices climbed back above $3,000 an ounce on Wednesday morning after breaking above the key psychological threshold in mid-March. The surge comes amid escalating tariff wars and rising recession risks, fueling demand not only for gold bars as a safe haven—but also for gold Rolexes on the secondary market. 

Since its launch in 2022, the Bloomberg Subdial Watch Index—which tracks prices for the 50 most-traded watches by value on the secondary market—shows that three gold Rolex models have seen the largest gains in value.

As per a Bloomberg report:

• The yellow-gold Day-Date 228238, which Rolex suggests retailing for €43,800 ($48,050), was the index’s fastest climber, rising from 30th place to ninth in that period.
• The bi-metal Rolex Datejust 16233 model gained 19 spots,
• while the yellow-gold Day-Date 18038 moved up 17 places.

The surge in gold Rolexes comes as gold prices have doubled from around $1,600 in late 2022 to as high as $3,100 in recent weeks. Some of the drivers behind gold’s bull market include deepening trade wars and rising recession risks. 

Meanwhile, the Subdial Watch Index has been in a multi-year bust, with interest rates elevated and the easy money spigot turned off. The index touched a low of $32,000 in January and has since recouped some losses, nearing the $33,000 level. Over the past two years, the index has lost about 10%.

Finally, a bottom?

“Trump’s tariffs could add to watchmakers’ pain,” Bloomberg noted, adding, “Switzerland faces a 32% duty on exports to the US, far higher than the European Union’s 20% levy, which may force companies to raise prices.”

Since this time last year, we first asked: Did The Used Rolex Watch Market Finally Bottom?

END

6 CRYPTOCURRENCY NEWS

ASIA TRADING THURSDAY MORNING WEDNESDAY  NIGHT

SHANGHAI CLOSED UP 36.83 PTS OR 1.16%

//Hang Seng CLOSED UP 417.19 PTS OR 2.06 PTS

// Nikkei CLOSED UP 2894.97 OR 9.13 %//Australia’s all ordinaries CLOSED UP 4.66%

//Chinese yuan (ONSHORE) CLOSED UP TO 7.3299 CHINESE YUAN OFFSHORE CLOSED UP TO 7.3242/ Oil UP TO 60.54 dollars per barrel for WTI and BRENT UP TO 63.56 Stocks in Europe OPENED ALL RED.

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

STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

END

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

ONSHORE YUAN:   CLOSED UP TO 7.3299

OFFSHORE YUAN: DOWN TO 7.3242

SHANGHAI CLOSED CLOSED UP 36.43 PTS OR 1.16%

HANG SENG CLOSED CLOSED UP 417.19 OR 2.06%

2. Nikkei closed UP 2894.97 PTS OR 9.13%

3. Europe stocks   SO FAR:  ALL GREEN

USA dollar INDEX DOWN TO  101.66// EURO RISES TO 1.1071 UP 34 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: RISES TO. +1.344//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 145.45…… 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: UP OFFSHORE: UP

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

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

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

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD UP TO +2.6160/Italian 10 Yr bond yield DOWN to 3.821 SPAIN 10 YR BOND YIELD DOWN TO 3.326

3i Greek 10 year bond yield DOWN TO 3.508

3j Gold at $3126.10 Silver at: 30.96  1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 1 AND 35 /100  roubles/dollar; ROUBLE AT 84.60

3m oil into the 60 dollar handle for WTI and  63 handle for Brent/

3n Higher foreign deposits moving out of China//  huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 CONTINUES NIRP. THIS MORNING RAISES AMOUNT OF BONDS THAT THEY WILL PURCHASE UP TO .5% ON THE 10 YR BOND///YEN TRADES TO 145.45// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.344% 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 0.8402 as the Swiss Franc is still rising against most currencies. Euro vs SF:   0.9302 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: 4.302 DOWN 10 BASIS PTS…

USA 30 YR BOND YIELD: 4.745 DOWN 9 BASIS PTS/

USA 2 YR BOND YIELD:  3.858 DOWN 9 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 37.93

10 YR UK BOND YIELD: 4.704 DOWN 6 PTS

10 YR CANADA BOND YIELD: 3.157 DOWN 5 BASIS PTS

5 YR CANADA BOND YIELD: 2.769 DOWN 6 PTS.

2a New York OPENING REPORT

Futures Slide As Traders Lock In Gains After Wednesday’s Record Surge

Thursday, Apr 10, 2025 – 08:27 AM

The record (notional) bounce-back in global equity markets, which pushed the S&P higher by nearly $5 trilllion in market cap after Trump delayed plans to implement higher reciprocal tariffs on dozens of trade partners, has started to fizzle a bit. S&P 500 futures are down 1.6% after Wall Street logged its best day since 2008 on Wednesday, while Nasdaq 100 contracts drop 1.9% as the market takes some profits and moves to assess Trump’s updates, following a global relief rally. Premarket Mag7 names are under pressure with much of the group down ~2%. Financials, Healthcare and Semis other notable sectors moving lower. Global markets soared in sympathy with the US rally yesterday: Asian equities posted their biggest jump in more than two years and European stocks staging their strongest rally since March 2020, however while the Stoxx 600 surged over 7% at the open it has since pared its advance to less than 5%, as banks and financial services, this session’s outperformers, trim gains. Treasuries reversed an earlier gain, with US 10-year yields first falling 5 bps to 4.28% before reversing and trading unchanged at 4.33%; there is a 30-year bond auction later today which will be closely watched. The mood shift is also evident in currency markets where haven demand has returned, pushing the Japanese yen and Swiss franc to the top of the G-10 leader board. Spot gold climbs $25 to $3,108/oz. The Bloomberg Dollar Index falls 0.6%. Oil prices decline, with WTI falling nearly 3% to $60.70 a barrel. Bitcoin gains fade as it trades lower around $81,000. The main event on today’s calendar is the March CPI which may or may not move markets.

In premarket trading, Tesla and Nvidia led losses across the Mag 7 (Tesla -3.5%, Nvidia -3.2%, Meta -1.4%, Apple -2.8%, Amazon -2.3%, Alphabet -1.5%, Microsoft -1.2%). Consumer and financial firms are declining (Walmart -1.1%, Nike -2%, Lululemon -1.5%; Major US banks: JPMorgan -1.6%, Goldman Sachs -1.7%, Bank of America -1.6%). Chinese e-commerce-linked stocks gain after Trump said he “can’t imagine” increasing tariffs on China any further. Here are some other notable premarket movers:

• Constellation Brands Inc. (STZ) declines 2.4% after issuing downbeat guidance for the year as new US tariffs and muted demand weigh on the beer, wine and spirits maker.
• Danaher (DHR) rises 1.3% after Barclays turned bullish on the stock, citing defensive positioning in bioprocessing, a market that’s in recovery mode.
• Lovesac (LOVE) climbs 16% after the direct-to-consumer furniture retailer posted quarterly results and provided a year outlook.
• US Steel (X) drops 9.9% after Trump said that while he loves Japan, he didn’t want a Japanese company to buy the steel manufacturer.

Yesterday saw the 3rd biggest S&P surge since 1990, as a Trump pivot on trade sparked a historic relief rally; however the rebound may be capped by still-elevated US tariff rates lingering amid damage to investor confidence. With duties on Chinese imports still at 125%, markets will also be watching for signs of whether Beijing plans to raise tariffs further or is signaling a willingness to negotiate.

“The damage has been done. They’ve opened Pandora’s box and they can’t undo what’s been done in one statement,” said Colin Graham, head of multi-asset strategies at Robeco Groep. “We would definitely be a bit more of a seller at this point.”

Other strategists echoed that view. Citigroup advisers are saying “don’t chase this, don’t buy the dip,” the bank’s global wealth head Andy Sieg said in a interview on Bloomberg Television, which however with HF nets are 9 year lows means that as stocks rise, everyone will lag. 

Jefferies strategist Mohit Kumar advised allocating away from US markets, and Tiffany Wilding, an economist at PIMCO put the odds of a recession at 50-50, even if the tariff reprieve is extended. 

That said, Goldman economists withdrew their US recession forecast (just 77 minutes after making it their base case) following the tariff pause, though analysts still expect policy uncertainty to trigger a sharp economic slowdown later this year. JPMorgan noted that Wednesday’s rally was exacerbated by technical factors and short covering, warning that visibility remained low for investors. Roughly 30 billion shares traded on US exchanges on Wednesday, the most ever.

Meanwhile as Trump escalates his trade war with China, worry is growing that the world’s two largest economies are starting to decouple, as their respective exports to each other face prohibitive duties. “We could again be seeing escalation and de-escalation at the same time, pulling markets in different directions,” wrote Philip Marey, senior US strategist at Rabobank. “Policy uncertainty is likely to remain a drag on business investment, while investors may be seeing US Treasuries in a different light now.”

Companies around the world have already started hitting their own pause button on orders, and the upcoming earnings season is expected to show many firms slashing their guidance for the year. JPMorgan, Morgan Stanley and BlackRock Inc. kick off the run of first-quarter reports on Friday. 

Consumer inflation data is due later today, and a Treasury auction of 30-year bonds will be a closely watched for any signs of nervousness around owning US debt.

China’s top leaders have planned to meet on Thursday to discuss additional stimulus, and Beijing is also letting its currency weaken to offset the pressure on the economy. The onshore yuan dropped to levels last seen in 2007 against the dollar on Thursday, before paring the move. 

Elsewhere, European and Asian markets rallied as investors caught up to the previous day’s rally on Wall Street. The Stoxx 600 Index was up almost 5%, the biggest gain since 2020, fading an earlier gain of 7%. Banking and mining shares gained the most, while personal care and food beverage stocks were the biggest laggards. Here are the biggest movers on Thursday:

• Banks, miners and industrials are the best performers in Europe on Thursday after US President Donald Trump announced a 90-day pause on higher tariffs that hit dozens of trade partners, with the Stoxx Europe 600 up 5.9% to mark its best day in over five years
• Volkswagen shares surge as much as 9.6% after US President Donald Trump paused most of his sweeping reciprocal tariffs, yet the German carmaker underperformed peers slightly after the company reported a drop in 1Q profit
• Nordex shares gain over 11%. The German wind turbine producer’s order intake for the first quarter represents a solid start to the year, according to Citi
• Tesco shares drop as much as 7.4% after the UK’s largest supermarket chain warned profits will slip this year due to rising costs and more competitive pricing from rivals
• Barry Callebaut shares plunge over 25%, the most since on record, after the bulk chocolate maker announced a cut to FY volume guidance on the back of significant cocoa price increases
• Treatt shares plunge as much as 24%, sinking to their lowest level since 2017, after the fragrances and flavorings company warned softer consumer confidence in North America and high citrus prices are weighing on the outlook

Asia’s stock benchmark jumped the most since November 2022 as US President Donald Trump’s decision to pause higher tariffs on most trading partners sparked a risk-on rally across the region. The MSCI Asia Pacific Index surged as much as 5.6%, following the S&P 500 Index’s best rally since 2008. Taiwanese stocks climbed by a record, leading gains in Asia. Equity gauges in Japan, South Korea and Vietnam were among the other big gainers, while technology and financials were among the top-performing sectors.  Stocks in China and Hong Kong still rose, suggesting that investors are counting on more stimulus support from Beijing to shield the economy from tariffs. China’s top leaders are poised to meet Thursday to discuss additional economic stimulus, according to people familiar with the matter. Some investors are also pinning hopes on a possible trade deal with the US after Trump predicted that Chinese authorities would come to the table for negotiations.

The Bloomberg Dollar Spot Index fell 0.8% as US CPI is seen rising 0.1% from February, the smallest monthly gain in eight months, according to the median forecast in a Bloomberg survey of economists. Swiss franc and Japanese yen outperform G-10 peers, as concerns grow that the damage from trade tensions may be more lasting than markets had hoped, fueling fresh anxiety around unpredictability of US policy.

Treasuries gain, with US 10-year yields falling 5 bps to 4.28% ahead of US inflation data and a 30-year bond auction.
Gilts are on a mixed footing with outperformance in the long-end pushing UK 30-year borrowing costs down 15 bps to 5.43% while the front-end trades little changed just below 4%. Bunds yields rise across the curve.

In commodities, oil prices decline, with WTI falling nearly 3% to $60.70 a barrel. Bitcoin gains fade as it trades lower around $81,000.

Looking at today’s economic calendar, we get March CPI and weekly jobless claims (8:30am) and federal budget balance (2pm). Fed speaker slate includes Logan (9:30am), Bowman (10am), Schmid (10am), Goolsbee (12pm) and Harker (12pm).

Market Snapshot

• S&P 500 mini -2% 
• Nasdaq 100 mini -2.3%
• Russell 2000 mini -2.9%
• Stoxx Europe 600 +4.9%
• DAX +5.3%
• CAC 40 +5%
• 10-year Treasury yield -5 basis points at 4.28%
• VIX +3.9 points at 37.47
• Bloomberg Dollar Index -0.6% at 1257.43
• euro +0.9% at $1.1044
• WTI crude -3.1% at $60.4/barrel

Top Overnight news

• House Speaker Johnson scrapped the vote on the Trump budget blueprint amid conservative opposition: ABC
• Fed officials are leaning away from rate cuts that would protect against any tariff-induced slowdown, instead focusing on keeping inflation in check. This wait-and-see stance will probably keep the bank on hold absent a significant rise in unemployment. BBG
• Trump signed an executive order requiring the automatic rescission of outdated regulations to unleash American innovation and energy production. Trump also signed orders on restoring maritime dominance and modernising defence acquisitions which will scrutinise programs 15% over costs or 15% behind schedule and directs DHS to enforce collection of harbour maintenance fee and other charges on foreign cargo. The maritime order establishes a maritime security trust fund and shipbuilding financial incentives program, as well as directs an increase in the fleet of US-flagged commercial vessels: RTRS
• Apple airlifted 600 tons of iPhones (about 1.5M units) out of India to beat Trump’s tariffs. RTRS
• Multiple US Republicans told Punchbowl they were closely watching bond markets on Wednesday and were aware of the fears about what rising yields may have been saying about US governance: Punchbowl.
• Senate confirmed Paul Atkins for the Securities and Exchange Commission chair role.
• Fed’s Hammack (2026 voter) said their desk stands ready to engage in money markets if needed but have been seeing markets work themselves out, while she added that markets are strained but functioning.
• Supreme Court allows Trump to proceed w/ plans to fire two Democratic members of the FTC as it takes more time to deliberate over the issue. RTRS
• Chinese sellers on the Amazon platform plan to significantly increase prices or exit the US market all together given Trump’s tariffs. RTRS
• The EU is weighing delaying counter tariffs against the US over the 25% duties Trump imposed on the bloc’s steel and aluminum exports, people familiar said. BBG
• Panama hopes the visit this week from Def. Sec. Hegseth and the concessions made to the US will be enough to placate Trump and get the White House off its back. WSJ
• With the latest sharp escalation in tariffs on China, U.S. orders for Chinese factories are getting canceled and Chinese manufacturers say they can’t lower prices further for U.S. customers. WSJ
• Chinese inflation numbers undershoot the Street in Mar, including the PPI (-2.5% vs. the Street -2.3% and vs. -2.2% in Feb) and CPI (-0.1% vs. the Street 0.00% and vs. -0.7% in Feb). RTRS

Trade/Tariffs

• US President Trump said he was thinking about pausing tariffs for the past few days and the decision to pause tariffs came together on Wednesday morning, while he added they don’t want to hurt countries that don’t need to be hurt and that sectoral tariffs are still coming. President Trump also said he thinks they will end up making a very good deal with China, as well as stated he is not concerned about escalation with China outside of the trade war and ‘can’t imagine’ a further increase of tariffs on China.
• White House said there is no 10% baseline tariff on Canada and an official confirmed there was no change to autos, steel and aluminium tariffs, as well as no change to Canada and Mexico tariffs. Furthermore, a White House official commented that the 90-day ‘pause’ on tariffs does not apply to tariffs on Canada and Mexico, with the 25% tariff on non-USMCA trade with Canada and Mexico to remain in effect, except for the 10% tariff on energy and potash.
• US Commerce Secretary Lutnick expects the EU will delay its planned tariff retaliation after Trump’s announcement. It was separately reported that the EU weighs buying more US gas due to Trump tariff pressure, according to FT.
• China’s Foreign Ministry, on US tariffs, says taking further measures to oppose US moves it not only aimed at protecting own sovereignty, security and development interests. China does not want to fight, “but will not fear when they come our way”.
• China’s MOFCOM says the challenges facing foreign trade have significantly increased. Resilience of foreign trade has not diminished. “Door is open”, but pressure threats & blackmail are not the correct approach China’s foreign trade has the confidence to deal with various risks and challenges. Position is clear and consistent. If US insists on its own way, China will follow it to the end. China has taken and will continue to take resolute countermeasures to safeguard its sovereignty, security, and development interests.
• China’s Commerce Minister said China is willing to resolve differences through consultation and negotiation, but reiterated if the US side is bent on having its own way, China will fight it to the end and noted the so-called ‘reciprocal tariffs’ of the United States are a serious infringement of the legitimate interests of all countries. China’s Commerce Minister also held talks with EU trade chief Sefcovic and said that China is willing to deepen China-EU trade, investment and industrial cooperation, while he added the two sides will discuss trade transfer issues, and handle trade frictions properly.
• Shenzhen E-commerce Association representing over 3,000 Amazon (AMZN) sellers said tariffs make it very hard to survive in the US market and some sellers are still proceeding to ship goods to the US, while others are trying to find new markets. Furthermore, it stated that US tariffs are an unprecedented blow and will lead to the collapse of more small and medium-sized businesses and rapidly accelerate China’s unemployment rate.
• Japanese Economy Minister Akazawa is to visit US as early as next week to meet with US Treasury Secretary Bessent, according to NHK.
• Canada’s PM Carney said the pause on reciprocal tariffs announced by US President Trump is a welcome reprieve for the global economy, while he added that Trump’s signal that the US will engage in bilateral negotiations, would likely result in a fundamental restructuring of the global trading system.
• UK and India have agreed 90% of their free trade agreement, according to sources cited by The Guardian.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks surged following the historic rally on Wall St where the S&P 500 posted its biggest gain since 2008 after US President Trump announced a 90-day pause on reciprocal tariffs to countries aside from China. ASX 200 rallied with the broad-based gains led by outperformance in the tech and energy sectors, while National Australia Bank revised its RBA forecast in which it now sees an oversized 50bps cut in May and the OCR to decline to 2.6% by February next year. Nikkei 225 rocketed to back above the 34,000 level as Japanese exporters cheered the tariff-related relief. Hang Seng and Shanghai Comp joined in on the global rally but with the advances somewhat moderated in the mainland after US President Trump upped the total tariffs on China to 125% from 104% due to China’s recent retaliation, while reports also reported that Chinese leaders are to meet on stimulus following the tariff shock.

Top Asian News

• China’s MOFCOM holds Export Control Work Conference between April 9-10th, according to a statement; set to further improve China’s export control system.
• Chinese leaders are to meet on stimulus following President Trump’s tariff shock, according to Bloomberg.
• President Trump commented have to wait and see what happens with China on the TikTok deal and that it is still on the table.
• Japan nominated former Mitsubishi Corp. executive Kazuyuki Masu as the new BoJ board member.
• Taiwan’s central bank said it will continue to hold US treasuries and sees it as ideal to have US treasuries as more than 80% of its forex reserves, while it will assess whether or not to increase this.
• Fast Retailing (9983 JT) 6mnth net profit JPY 233.57bln (+19.2%); operating profit JPY 304.22bln (18.3%), pretax profit JPY 363.7bln (+21.5%); raises FY profit guidance; NA segment expected to report a decline in business profit in H2 amid tariffs

European bourses (STOXX 600 +5.4%) opened on a very strong footing, as the region reacted to the latest Trump tariff updates. In terms of price action, indices have been gradually edging off best levels since the European cash open – there is no specific driver for the pressure, but potentially some profit-taking, given the hefty advances. European sectors are entirely in the green, benefiting from the risk tone. Banks outperform today; the sector has been hit in the past few weeks given the yield uncertainty that entered the markets due to the latest Trump tariffs. Basic Resources and Tech are both benefiting from the positive risk tone.

Top European News

• German Economic Institutes cut 2025 GDP growth forecast to 0.1% (prev. 0.8%); 2026 GDP growth seen at 1.3% (prev. 1.3%)
• ECB’s Villeroy says US President Trump’s pause decision is less bad new but still bad news elements out there in America; protectionism remains a bad element for the American economy
• UK’s ONS says it aims to publish the transformed labour survey in November 2026; could come in 2027

FX

• USD is softer vs. most peers after a bit of a bounce in the Greenback yesterday after US President Trump announced a 90-day pause in tariff actions and cut reciprocals to 10% for nations that asked for talks. On net, the decision by Trump has enhanced the outlook for global trade and underpinned risk sentiment in the market. However, tensions remain and reprieve for the market will likely not be granted until the pause becomes a permanent state of affairs. Furthermore, Trump has also opted to lift the tariff on China to 125%. Attention today will temporarily return to the data slate with CPI metrics. DXY is currently within Wednesday’s 101.83-103.33 range.
• EUR is one of the better performers vs. the USD after a particularly choppy session yesterday. The initial reaction to the Trump tariff walk back saw the surge in the USD outweigh the potential upside for EUR with EUR having benefitted in recent sessions after being viewed as a liquid alternative to the Greenback. Since then, EUR has recouped some lost ground vs. the USD with EUR/USD back on a 1.10 handle but still south of Monday’s best at 1.1094.
• USD/JPY has faded some of the prior day’s gains after briefly surging above the 148.00 level owing to President Trump’s 90-day reciprocal tariff pause. Hopes remain high that Japan can strike a deal with the US for a more permanent level of reprieve amid recent comments from Treasury Secretary Bessent that Japan would be top of the list when it comes to negotiations after approaching the US quickly. Elsewhere, the latest Japanese PPI data printed firmer than expected. USD/JPY is holding above the 146 mark and within Wednesday’s 143.98-148.28 range.
• GBP is firmer vs. the USD but weaker vs. the EUR. Whilst GBP has benefitted from the risk-on price action triggered by President Trump’s tariff walk back, ultimately the move is of little direct benefit to the UK given that it was only subject to the 10% baseline tariff and did not have reciprocal tariffs imposed on it in the first place. Cable is now back above its 200DMA at 1.2813 with a current session peak at 1.2881. The next target comes via the 1.29 mark.
• Antipodeans are both stronger vs. the USD but less so for AUD. Whilst China is a big export market for both, price action for AUD has been tempered to a greater extent. Whilst markets are celebrating some of the tariff relief yesterday, concern still lingers over the tensions between US and China as Trump further increased tariffs on the nation to 125% with immediate effect.
• PBoC set USD/CNY mid-point at 7.2092 vs exp. 7.3484 (Prev. 7.2066).

Fixed Income

• USTs are back above the 111-00 mark after slumping to a 110-01 low on Wednesday. The trough was hit in the choppy trade that occurred in the hour after Trump’s 90-day & China update, during this period USTs moved by over a full point. The low coincided with the FOMC Minutes, however the account was largely ignored. Since, USTs have been grinding higher and holding just off a 111-08 peak and back within reach of Wednesday’s 111-20 high. Strength comes as US equity futures find themselves under modest pressure, pulling back a touch from Wednesday’s record moves and as the pause alleviates some immediate concern around the bond market. Ahead, US CPI and a 30yr auction.
• In contrast to USTs, Bunds have been lower by over 150 ticks this morning. Seemingly trading as you would expect a haven to in the context of European bourses catching up to the c. 10% gains seen stateside on Wednesday. European specifics are a little light with some confusion over whether Trump’s reciprocal cut to 10% applies to the bloc, given the EU has outlined its initial retaliation. Bunds hit a 129.02 base but have since lifted markedly off lows to a 129.84 peak. However, this still leaves them significantly lower on the session and shy of 130.75 and 130.58 from the last two sessions.
• Gilts gapped higher by just five ticks at the open given the two-way lead from the above before slipping by 10 ticks to a 90.65 trough, following the risk tone and Bunds. However, this was almost immediately retraced as Gilts spiked above 91.00 and continued to climb to a 91.51 peak. While the strength in Gilts is pronounced, the benchmark failed to breach yesterday’s 91.74 peak and has already begun to pullback from best levels despite the continued gains seen in USTs. With Gilts currently on track to end the week with losses of 300 ticks. Action underscores that the UK’s fiscal position remains precarious in the eyes of the market.
• Spain sells EUR 6.5bln vs. Exp. EUR 5.5-6.5bln 3.50% 2029, 2.55% 2032 & 3.15% 2035 Bono

Commodities

• Crude is on the backfoot as the complex gives back some of the significant, Trump-induced, upside seen in the prior session. Overnight, the complex was relatively rangebound near best levels – though the European morning has seen continued downward pressure. As it stands, Brent Jun’25 resides near the lower end of a USD 63.35-66.08/bbl range.
• Precious metals are mixed, with spot gold continuing recent strength whilst spot silver is a little lower. The yellow-metal is currently higher by around USD 30/oz and sits towards the midpoint of a USD 3,071.59-3,132.59/oz range.
• Base metals have been boosted by the positive risk tone. 3M LME Copper currently higher by around 3.5% and trades within a USD 8,842.57-9,061/t range.
• Peru Mining Chamber said Peru’s 2025 copper production is expected to increase by 2-4%.

Geopolitics

• US President Trump reiterated Iran cannot have a nuclear weapon and said that if it requires military, “we’re going to have military” with Israel to be involved with that.
• US and Russia undertook a prisoner swap early-Thursday in Abu Dhabi, via WSJ citing officials; swap was reportedly organises by the CIA Director and a senior Russian official.
• Adviser to Iran leader Khamenei says “continued threats” against Tehran could lead to expulsion of IAEA inspectors and transfer of enriched material to unknown locations, via Journalist Elster

US Event Calendar

• 8:30 am: Mar CPI MoM, est. 0.1%, prior 0.2%
  • Mar CPI YoY, est. 2.53%, prior 2.8%
  • Mar CPI Ex Food and Energy MoM, est. 0.3%, prior 0.2%
  • Mar CPI Ex Food and Energy YoY, est. 3%, prior 3.1%
• 8:30 am: Initial Jobless Claims, est. 223k, prior 219k
  • Continuing Claims, est. 1884k, prior 1903k
• 2:00 pm: Mar Federal Budget Balance, est. -130b, prior -236.56b

DB’s Jim Reid concludes the overnight wrap

Market turmoil turned into elation yesterday as Trump announced a 90 day pause on reciprocal tariffs for countries other than China, which marked a sizable backing off from last week’s tariff escalation. That triggered a sharp relief rally as the S&P 500 soared by +9.52% in its best day since October 2008. Other risk assets including credit and commodities also gained, with gold (+3.33%) posting the biggest daily advance since 2023, while 2yr Treasury yields (+18.2bps) saw their largest rise in 6 months.

Starting with the tariff announcement, Trump posted that he would pause for 90 days specific reciprocal tariff rates on non-retaliating countries, with all such countries instead facing a minimum additional tariff rate of 10%. The one exception was China, which Trump said would instead face even higher 125% tariffs, up from 104% the previous day. That came in response to China announcing earlier yesterday higher 84% reciprocal tariffs on US goods, effective today.

Trump suggested that the decision to delay tariffs had been made yesterday morning as people had been “a little bit afraid”. And while Commerce Secretary Lutnick later denied that the move came in response to market pressure, Trump’s comments suggested some sensitivity to the market stress, as he said that “The bond market is very tricky” and “I saw last night where people were getting a little queasy”. Trump noted that he would look at tariff exemptions for certain companies, but also signaled further sectoral tariffs, notably on pharma. As a quick estimate, limiting the reciprocal tariff increase on countries outside of China to a 10% universal rate would take off about 7pp from the near 25% new average US tariff implied by last week’s announcement (from our note last Friday), though this would in part be offset by higher tariffs on China.

With Trump taking at least a temporary off-ramp away from very broad tariff escalation, markets saw a dramatic rebound. The S&P 500 (+9.52%) posted its biggest gain since 2008 with a mere 9 decliners in the entire index, while the NASDAQ (+12.15%) posted its biggest advance since 2001. Other risk assets also benefited, with the sharpest tightening in US HY credit spreads (-27bps to 426bps) since December 2023, and Brent crude oil (+4.23% to $65.48/bbl) posting its biggest gain in six months. The VIX fell by -18.7pts to 33.6.

This morning Asian equity markets are posting their biggest jump in more than two years. Japan’s Nikkei (+8.360%) and and Topix (+8.01%) are leading the way, while the KOSPI (+5.81%) and the S&P/ASX 200 (+4.57%) are also surging. Despite the increase in duties on Chinese goods, Chinese markets are also seeing gains with the Hang Seng (+1.80%) outpacing the CSI (+1.00%) and the Shanghai Composite (+0.93%). And European futures on the DAX (+7.55%) and Stoxx 50 (+7.78%) are soaring in overnight trading, though US futures on both the S&P 500 (-0.72%) and NASDAQ 100 (-1.26%) are trading in the red after yesterday’s dramatic gains.

While yesterday saw a historic rally on Wall Street, this still left the S&P 500 -3.77% below its level prior to the reciprocal tariff announcements on April 2. And other assets have seen less of a recovery, with 10yr Treasury yields +20bps higher and US HY credit spreads +92bps wider. So while there has been understandable relief as evidence of a Trump put reemerged following the extreme market conditions that we highlighted yesterday morning, the genie is still out of the bottle on policy unpredictability. Indeed, a 10% minimum universal tariff represents the largest tariff increase in decades and heightened trade uncertainty is likely to linger, with limited visibility on what kind of deals the US would find acceptable. Perhaps most crucially, we are currently still on course for a disorderly economic decoupling between the world’s two largest economies, with no immediate signs of either US or China backing down.

Prior to tariff pause announcement, market sentiment already saw some improvement yesterday following yesterday’s strong 10yr Treasury auction. This saw $39bn of 10-year notes issued at a yield of 4.435%, -3.0 bps below the pre-sale yield, which came amid very strong demand by indirect bidders. This supported a rally in Treasuries, as 10yr yields fell from 4.46% just before the auction to 4.34% by the close (+4.1bps on the day). 30yr yields declined by -2.8bps to 4.74%, despite having briefly touched 5% in overnight trading yesterday. Treasuries are seeing a further rally in Asia trading, with the 10yr yield down -5.3bps.

On the topic of bond market stress, Cleveland Fed President Hammack said yesterday that “The markets look strained, but functioning”. Our own Matt Raskin discussed the conditions under which the Fed might intervene to preserve market functioning in a note yesterday.

By contrast, the risk-on mood drove a sharp sell-off at the front-end of the Treasury curve, with 2yr yields rising +18.2bps to 3.91%. That came as the amount of cuts priced by the December meeting fell by a full -25bs to 77bps. The move also came amid hawkish-leaning Fedspeak, with Minneapolis Fed President Kashkari writing that with tariffs the bar for rate cuts is higher even if facing a weaker economy, echoing Fed Chairman Powell’s more hawkish messages from last Friday. Meanwhile, the minutes of the March Fed meeting showed some participants seeing “difficult tradeoffs if inflation proved to be more persistent while the outlook for growth and employment weakened”.

Earlier on in Europe, equities had seen a sharp decline, with the STOXX 600 and FTSE 100 falling by -3.50% and -2.92% respectively. The market mood had been weighed on by China’s retaliation against US tariffs, as well as yesterday’s announcement that the EU had approved tariffs on €21bn of US goods in retaliation for Trump’s 25% steel and aluminium duties. European bond yields saw mixed moves as 10yr bunds (-3.9bps) rallied, but OATs (+0.2bps) and BTPs (+2.5bps) saw modest sell offs. GIlts underperformed, with the 10yr yield up +16.9bps and the 30yr yield (+23.3bps) rising to 5.58%, its highest since 1998.

In other European news yesterday, Germany’s incoming chancellor Friedrich Merz sealed a deal with the Social Democrats to form the next government. The sooner-than-expected coalition presented their policy roadmap for the next four years, presenting no major fiscal or macro surprises as our German economists note. The coalition treaty has yet to be approved by the parties before it can be formally signed.

Overnight in China, consumer prices fell for the second straight month, down -0.1% y/y in March after a -0.7% fall in February. Producer prices (-2.5% y/y v/s -2.3% expected) fell for the 29th month in a row, notching the largest contraction in five months. Following the data release, the onshore yuan was hovering near multi-decade low, trading at 7.3454 against the dollar, its weakest level since 2007. The latest drop also came after the PBOC weakened the yuan fixing for a sixth straight session.

To the day ahead now, the main release will be the US CPI for March, where our US economists expect a +0.3% core inflation print, albeit in a close call with +0.2%. You can see their full preview and register for the post-release webinar here. Other data release include the US federal budget balance, initial jobless claims, China March CPI and PPI, Japan , Denmark, and Norway March PPI. The US 30yr bond auction is also taking place today.

2b European opening report

USD softer, European bourses gain and US futures wane ahead of CPI – Newsquawk US Market Open

Thursday, Apr 10, 2025 – 06:11 AM

• European bourses gain as they react to Trump’s 90-day tariff pause whilst US futures wane.
• USD is softer vs. most peers as markets digest Trump’s tariff walk back.
• “Beautiful” trade for USTs, Gilts bid but fading, Bunds languish in the red.
• Crude remains subdued while base metals surge and gold holds onto gains.
• Looking ahead, US CPI, US Jobless Claims, Chinese M2 Money Supply, Speakers including, BoE’s Breeden, Fed’s Logan, Bowman, Schmid, Goolsbee & Harker, SNB’s Tschudin & Moser, Supply from the US.

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TRADE/TARIFFS

US

• US President Trump said he was thinking about pausing tariffs for the past few days and the decision to pause tariffs came together on Wednesday morning, while he added they don’t want to hurt countries that don’t need to be hurt and that sectoral tariffs are still coming. President Trump also said he thinks they will end up making a very good deal with China, as well as stated he is not concerned about escalation with China outside of the trade war and ‘can’t imagine’ a further increase of tariffs on China.
• White House said there is no 10% baseline tariff on Canada and an official confirmed there was no change to autos, steel and aluminium tariffs, as well as no change to Canada and Mexico tariffs. Furthermore, a White House official commented that the 90-day ‘pause’ on tariffs does not apply to tariffs on Canada and Mexico, with the 25% tariff on non-USMCA trade with Canada and Mexico to remain in effect, except for the 10% tariff on energy and potash.
• US Commerce Secretary Lutnick expects the EU will delay its planned tariff retaliation after Trump’s announcement. It was separately reported that the EU weighs buying more US gas due to Trump tariff pressure, according to FT.

APAC

• China’s Foreign Ministry, on US tariffs, says taking further measures to oppose US moves it not only aimed at protecting own sovereignty, security and development interests. China does not want to fight, “but will not fear when they come our way”.
• China’s MOFCOM says the challenges facing foreign trade have significantly increased. Resilience of foreign trade has not diminished. “Door is open”, but pressure threats & blackmail are not the correct approach China’s foreign trade has the confidence to deal with various risks and challenges. Position is clear and consistent. If US insists on its own way, China will follow it to the end. China has taken and will continue to take resolute countermeasures to safeguard its sovereignty, security, and development interests.
• China’s Commerce Minister said China is willing to resolve differences through consultation and negotiation, but reiterated if the US side is bent on having its own way, China will fight it to the end and noted the so-called ‘reciprocal tariffs’ of the United States are a serious infringement of the legitimate interests of all countries. China’s Commerce Minister also held talks with EU trade chief Sefcovic and said that China is willing to deepen China-EU trade, investment and industrial cooperation, while he added the two sides will discuss trade transfer issues, and handle trade frictions properly.
• Shenzhen E-commerce Association representing over 3,000 Amazon (AMZN) sellers said tariffs make it very hard to survive in the US market and some sellers are still proceeding to ship goods to the US, while others are trying to find new markets. Furthermore, it stated that US tariffs are an unprecedented blow and will lead to the collapse of more small and medium-sized businesses and rapidly accelerate China’s unemployment rate.
• Japanese Economy Minister Akazawa is to visit US as early as next week to meet with US Treasury Secretary Bessent, according to NHK.

OTHER

• Canada’s PM Carney said the pause on reciprocal tariffs announced by US President Trump is a welcome reprieve for the global economy, while he added that Trump’s signal that the US will engage in bilateral negotiations, would likely result in a fundamental restructuring of the global trading system.
• UK and India have agreed 90% of their free trade agreement, according to sources cited by The Guardian.

EUROPEAN TRADE

EQUITIES

• European bourses (STOXX 600 +5.4%) opened on a very strong footing, as the region reacted to the latest Trump tariff updates. In terms of price action, indices have been gradually edging off best levels since the European cash open – there is no specific driver for the pressure, but potentially some profit-taking, given the hefty advances.
• European sectors are entirely in the green, benefiting from the risk tone. Banks outperform today; the sector has been hit in the past few weeks given the yield uncertainty that entered the markets due to the latest Trump tariffs. Basic Resources and Tech are both benefiting from the positive risk tone.
• US equity futures (ES -1.6%, NQ -2.2%, RTY -2.8%) are lower across the board, giving back some of the significant strength seen in the prior session which saw the SPX gain more than 9% after US President Trump announced a 90-day pause on some tariffs.
• TSMC (TSM / 2330 TT) March (TWD) Revenue 285.96bln (prev. 260.01bln M/M); Q1 Sales 839.25bln (exp. 836bln), +41.6% Y/Y.
• MediaTek (2454 TW) March sales +10.93% Y/Y at TWD 55.99bln.
• Click for the sessions European pre-market equity newsflow
• Click for the additional news
• Click for a detailed summary

FX

• USD is softer vs. most peers after a bit of a bounce in the Greenback yesterday after US President Trump announced a 90-day pause in tariff actions and cut reciprocals to 10% for nations that asked for talks. On net, the decision by Trump has enhanced the outlook for global trade and underpinned risk sentiment in the market. However, tensions remain and reprieve for the market will likely not be granted until the pause becomes a permanent state of affairs. Furthermore, Trump has also opted to lift the tariff on China to 125%. Attention today will temporarily return to the data slate with CPI metrics. DXY is currently within Wednesday’s 101.83-103.33 range.
• EUR is one of the better performers vs. the USD after a particularly choppy session yesterday. The initial reaction to the Trump tariff walk back saw the surge in the USD outweigh the potential upside for EUR with EUR having benefitted in recent sessions after being viewed as a liquid alternative to the Greenback. Since then, EUR has recouped some lost ground vs. the USD with EUR/USD back on a 1.10 handle but still south of Monday’s best at 1.1094.
• USD/JPY has faded some of the prior day’s gains after briefly surging above the 148.00 level owing to President Trump’s 90-day reciprocal tariff pause. Hopes remain high that Japan can strike a deal with the US for a more permanent level of reprieve amid recent comments from Treasury Secretary Bessent that Japan would be top of the list when it comes to negotiations after approaching the US quickly. Elsewhere, the latest Japanese PPI data printed firmer than expected. USD/JPY is holding above the 146 mark and within Wednesday’s 143.98-148.28 range.
• GBP is firmer vs. the USD but weaker vs. the EUR. Whilst GBP has benefitted from the risk-on price action triggered by President Trump’s tariff walk back, ultimately the move is of little direct benefit to the UK given that it was only subject to the 10% baseline tariff and did not have reciprocal tariffs imposed on it in the first place. Cable is now back above its 200DMA at 1.2813 with a current session peak at 1.2881. The next target comes via the 1.29 mark.
• Antipodeans are both stronger vs. the USD but less so for AUD. Whilst China is a big export market for both, price action for AUD has been tempered to a greater extent. Whilst markets are celebrating some of the tariff relief yesterday, concern still lingers over the tensions between US and China as Trump further increased tariffs on the nation to 125% with immediate effect.
• PBoC set USD/CNY mid-point at 7.2092 vs exp. 7.3484 (Prev. 7.2066).
• Click for a detailed summary
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FIXED INCOME

• USTs are back above the 111-00 mark after slumping to a 110-01 low on Wednesday. The trough was hit in the choppy trade that occurred in the hour after Trump’s 90-day & China update, during this period USTs moved by over a full point. The low coincided with the FOMC Minutes, however the account was largely ignored. Since, USTs have been grinding higher and holding just off a 111-08 peak and back within reach of Wednesday’s 111-20 high. Strength comes as US equity futures find themselves under modest pressure, pulling back a touch from Wednesday’s record moves and as the pause alleviates some immediate concern around the bond market. Ahead, US CPI and a 30yr auction.
• In contrast to USTs, Bunds have been lower by over 150 ticks this morning. Seemingly trading as you would expect a haven to in the context of European bourses catching up to the c. 10% gains seen stateside on Wednesday. European specifics are a little light with some confusion over whether Trump’s reciprocal cut to 10% applies to the bloc, given the EU has outlined its initial retaliation. Bunds hit a 129.02 base but have since lifted markedly off lows to a 129.84 peak. However, this still leaves them significantly lower on the session and shy of 130.75 and 130.58 from the last two sessions.
• Gilts gapped higher by just five ticks at the open given the two-way lead from the above before slipping by 10 ticks to a 90.65 trough, following the risk tone and Bunds. However, this was almost immediately retraced as Gilts spiked above 91.00 and continued to climb to a 91.51 peak. While the strength in Gilts is pronounced, the benchmark failed to breach yesterday’s 91.74 peak and has already begun to pullback from best levels despite the continued gains seen in USTs. With Gilts currently on track to end the week with losses of 300 ticks. Action underscores that the UK’s fiscal position remains precarious in the eyes of the market.
• Spain sells EUR 6.5bln vs. Exp. EUR 5.5-6.5bln 3.50% 2029, 2.55% 2032 & 3.15% 2035 Bono
• Click for a detailed summary

COMMODITIES

• Crude is on the backfoot as the complex gives back some of the significant, Trump-induced, upside seen in the prior session. Overnight, the complex was relatively rangebound near best levels – though the European morning has seen continued downward pressure. As it stands, Brent Jun’25 resides near the lower end of a USD 63.35-66.08/bbl range.
• Precious metals are mixed, with spot gold continuing recent strength whilst spot silver is a little lower. The yellow-metal is currently higher by around USD 30/oz and sits towards the midpoint of a USD 3,071.59-3,132.59/oz range.
• Base metals have been boosted by the positive risk tone. 3M LME Copper currently higher by around 3.5% and trades within a USD 8,842.57-9,061/t range.
• Peru Mining Chamber said Peru’s 2025 copper production is expected to increase by 2-4%.
• Click for a detailed summary

NOTABLE DATA RECAP

• UK RICS Housing Survey (Mar) 2.0 vs. Exp. 8.0 (Prev. 11.0)
• Italian Industrial Output YY WDA (Feb) -2.7% vs. Exp. -1.9% (Prev. -0.6%, Rev. -0.8%); Industrial Output MM SA (Feb) -0.9% vs. Exp. -1.0% (Prev. 3.2%, Rev. 2.5%)

NOTABLE EUROPEAN HEADLINES

• German Economic Institutes cut 2025 GDP growth forecast to 0.1% (prev. 0.8%); 2026 GDP growth seen at 1.3% (prev. 1.3%)
• ECB’s Villeroy says US President Trump’s pause decision is less bad new but still bad news elements out there in America; protectionism remains a bad element for the American economy
• UK’s ONS says it aims to publish the transformed labour survey in November 2026; could come in 2027

NOTABLE US HEADLINES

• Multiple US Republicans told Punchbowl they were closely watching bond markets on Wednesday and were aware of the fears about what rising yields may have been saying about US governance, via Punchbowl.
• Fed’s Hammack (2026 voter) said their desk stands ready to engage in money markets if needed but have been seeing markets work themselves out, while she added that markets are strained but functioning.
• Fed’s Kashkari (2026 voter) said things have changed dramatically this afternoon and there’ll be a little less of an impact on inflation if the tariff pause endures, but added uncertainty could still cause an economic downturn. Furthermore, he said tariffs can cause inflation and that the bar for cutting rates is still high.
• US President Trump signed an executive order requiring the automatic rescission of outdated regulations to unleash American innovation and energy production. Trump also signed orders on restoring maritime dominance and modernising defence acquisitions which will scrutinise programs 15% over costs or 15% behind schedule and directs DHS to enforce collection of harbour maintenance fee and other charges on foreign cargo. Furthermore, the maritime order establishes a maritime security trust fund and shipbuilding financial incentives program, as well as directs an increase in the fleet of US-flagged commercial vessels.
• US Senate confirmed Paul Atkins for the Securities and Exchange Commission chair role.
• US House Speaker Johnson scrapped the vote on the Trump budget blueprint amid conservative opposition.

GEOPOLITICS

• US President Trump reiterated Iran cannot have a nuclear weapon and said that if it requires military, “we’re going to have military” with Israel to be involved with that.
• US and Russia undertook a prisoner swap early-Thursday in Abu Dhabi, via WSJ citing officials; swap was reportedly organises by the CIA Director and a senior Russian official.
• Adviser to Iran leader Khamenei says “continued threats” against Tehran could lead to expulsion of IAEA inspectors and transfer of enriched material to unknown locations, via Journalist Elster

CRYPTO

• Bitcoin has been boosted by the broader positive risk tone; BTC currently trading above USD 81k.

APAC TRADE

• APAC stocks surged following the historic rally on Wall St where the S&P 500 posted its biggest gain since 2008 after US President Trump announced a 90-day pause on reciprocal tariffs to countries aside from China.
• ASX 200 rallied with the broad-based gains led by outperformance in the tech and energy sectors, while National Australia Bank revised its RBA forecast in which it now sees an oversized 50bps cut in May and the OCR to decline to 2.6% by February next year.
• Nikkei 225 rocketed to back above the 34,000 level as Japanese exporters cheered the tariff-related relief.
• Hang Seng and Shanghai Comp joined in on the global rally but with the advances somewhat moderated in the mainland after US President Trump upped the total tariffs on China to 125% from 104% due to China’s recent retaliation, while reports also reported that Chinese leaders are to meet on stimulus following the tariff shock.

NOTABLE ASIA-PAC HEADLINES

• China’s MOFCOM holds Export Control Work Conference between April 9-10th, according to a statement; set to further improve China’s export control system.
• Chinese leaders are to meet on stimulus following President Trump’s tariff shock, according to Bloomberg.
• President Trump commented have to wait and see what happens with China on the TikTok deal and that it is still on the table.
• Japan nominated former Mitsubishi Corp. executive Kazuyuki Masu as the new BoJ board member.
• Taiwan’s central bank said it will continue to hold US treasuries and sees it as ideal to have US treasuries as more than 80% of its forex reserves, while it will assess whether or not to increase this.
• Fast Retailing (9983 JT) 6mnth net profit JPY 233.57bln (+19.2%); operating profit JPY 304.22bln (18.3%), pretax profit JPY 363.7bln (+21.5%); raises FY profit guidance; NA segment expected to report a decline in business profit in H2 amid tariffs

DATA RECAP

• Chinese CPI YY (Mar) -0.1% vs. Exp. 0.0% (Prev. -0.7%)
• Chinese PPI YY (Mar) -2.5% vs. Exp. -2.3% (Prev. -2.2%)
• Japanese Corp Goods Price MM (Mar) 0.4% vs. Exp. 0.2% (Rev. 0.2%)
• Japanese Corp Goods Price YY (Mar) 4.2% vs. Exp. 3.9% (Prev. 4.0%, Rev. 4.1%)

2c Asian report

Risk assets surge as Trump cuts reciprocal tariffs to 10% for nations that asked for talks – Newsquawk Europe Market Open

Thursday, Apr 10, 2025 – 01:20 AM

• Trump lifted the tariff on China to 125% with immediate effect, announced a 90-day pause & cut reciprocals to 10% for nations that asked for talks.
• Sparked significant risk on with US bourses closing higher by around 10%, APAC stocks surged & European futures are markedly higher.
• DXY gave back Wednesday’s strength, FOMC Minutes a non-event; EUR higher but shy of 1.10, USD/JPY faded from highs above 148.00.
• USTs rebound from lows, aided by a strong 10yr tap. Bunds & JGBs hit on the 90-day pause.
• Crude followed the broader risk tone, metals surge.
• Looking ahead, highlights include Norwegian & US CPI, US Jobless Claims, Chinese M2 Money Supply, Speakers including RBA’s Bullock, BoE’s Breeden, Fed’s Logan, Bowman, Schmid, Goolsbee & Harker, SNB’s Tschudin & Moser, Supply from Spain & US.
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US TRADE

EQUITIES

• US stocks were volatile but ultimately saw historic upside (SPX +9.5%, NDX +12.0%, RUT +8.7%, DJI +7.9%) as US President Trump implemented a 90-day pause on reciprocal tariffs to the 75 countries who approached the US for talks with their tariff rates dropping to the baseline 10% to allow time for negotiations. However, Trump also announced he will be increasing China tariffs even higher to 125% from 104% after China responded to the additional US tariffs, by implementing 84% tariffs, up from 34%. Bonds were incredibly choppy but settled well in the red with chunky selling pressure seen overnight, while the dollar rallied from its lows and money markets are fully pricing in three Fed rate cuts this year vs four priced on Tuesday.
• SPX +9.52% at 5,457, NDX +12.02% at 19,145, DJI +7.87% at 40,608, RUT +8.66% at 1,913.
• Click here for a detailed summary.

TRADE/TARIFFS

• US President Trump raised the tariff charged to China by the US to 125% from 104% effectively immediately, but authorised a 90-day pause and lowered reciprocal tariffs to 10% during this period on the 75 countries that asked for talks.
• US President Trump said he announced a tariff pause because people were getting afraid and jumping out of line. Trump also said that China wants to make a deal and doesn’t know how to go about it, while he added nothing is over yet and a deal could be struck with China. Trump responded a deal could be made with everyone when asked about an EU deal, as well as noted it is working out maybe faster than he thought and said have to be flexible with tariffs. Furthermore, he said the bond market now is beautiful and they will take a look at exempting some US companies.
• US President Trump said he was thinking about pausing tariffs for the past few days and the decision to pause tariffs came together on Wednesday morning, while he added they don’t want to hurt countries that don’t need to be hurt and that sectoral tariffs are still coming. President Trump also said he thinks they will end up making a very good deal with China, as well as stated he is not concerned about escalation with China outside of the trade war and ‘can’t imagine’ a further increase of tariffs on China.
• US Treasury Secretary Bessent said countries who did not retaliate will be rewarded and that China tariffs are being raised due to retaliation. Bessent said they will work on a solution with trading partners and the US is expecting countries to come with their best deal. Furthermore, he said the pause allows time to negotiate and it is not because of the market’s reaction.
• White House said there is no 10% baseline tariff on Canada and an official confirmed there was no change to autos, steel and aluminium tariffs, as well as no change to Canada and Mexico tariffs. Furthermore, a White House official commented that the 90-day ‘pause’ on tariffs does not apply to tariffs on Canada and Mexico, with the 25% tariff on non-USMCA trade with Canada and Mexico to remain in effect, except for the 10% tariff on energy and potash.
• US Commerce Secretary Lutnick expects the EU will delay its planned tariff retaliation after Trump’s announcement. It was separately reported that the EU weighs buying more US gas due to Trump tariff pressure, according to FT.
• White House trade advisor Navarro said every US trade deal is going to be tailor-made and this is unfolding exactly the way it should, while he added tariff talks are going to move “fast and beautifully”.
• China’s Commerce Minister said China is willing to resolve differences through consultation and negotiation, but reiterated if the US side is bent on having its own way, China will fight it to the end and noted the so-called ‘reciprocal tariffs’ of the United States are a serious infringement of the legitimate interests of all countries. China’s Commerce Minister also held talks with EU trade chief Sefcovic and said that China is willing to deepen China-EU trade, investment and industrial cooperation, while he added the two sides will discuss trade transfer issues, and handle trade frictions properly.
• Shenzhen E-commerce Association representing over 3,000 Amazon (AMZN) sellers said tariffs make it very hard to survive in the US market and some sellers are still proceeding to ship goods to the US, while others are trying to find new markets. Furthermore, it stated that US tariffs are an unprecedented blow and will lead to the collapse of more small and medium-sized businesses and rapidly accelerate China’s unemployment rate.
• Canada’s PM Carney said the pause on reciprocal tariffs announced by US President Trump is a welcome reprieve for the global economy, while he added that Trump’s signal that the US will engage in bilateral negotiations, would likely result in a fundamental restructuring of the global trading system.
• UK and India have agreed 90% of their free trade agreement, according to sources cited by The Guardian..

FOMC MINUTES

• FOMC Minutes stated all participants viewed it appropriate to keep rates unchanged in light of the uncertainty around the economic outlook and participants remarked uncertainty about the net effect of government policies on the outlook was high, making it appropriate to take a cautious approach. Furthermore, some participants assessed the FOMC was well positioned to wait for more clarity on the outlook and some participants observed the FOMC may face difficult trade-offs if inflation proved more persistent while the outlook for growth and employment weakened.

NOTABLE HEADLINES

• Fed’s Hammack (2026 voter) said their desk stands ready to engage in money markets if needed but have been seeing markets work themselves out, while she added that markets are strained but functioning.
• Fed’s Kashkari (2026 voter) said things have changed dramatically this afternoon and there’ll be a little less of an impact on inflation if the tariff pause endures, but added uncertainty could still cause an economic downturn. Furthermore, he said tariffs can cause inflation and that the bar for cutting rates is still high.
• Fed’s Barkin (2027 voter) said the trade war is likely to cause fewer jobs and higher prices, but price hikes may not show up until the summer, as companies work through pre-tariff inventories, according to Axios. Barkin also said he is watching consumers closely and it is the biggest part of the economy, while he worries if they are close to a moment where consumers decide to pull back but noted this has not happened so far.
• US President Trump signed an executive order requiring the automatic rescission of outdated regulations to unleash American innovation and energy production. Trump also signed orders on restoring maritime dominance and modernising defence acquisitions which will scrutinise programs 15% over costs or 15% behind schedule and directs DHS to enforce collection of harbour maintenance fee and other charges on foreign cargo. Furthermore, the maritime order establishes a maritime security trust fund and shipbuilding financial incentives program, as well as directs an increase in the fleet of US-flagged commercial vessels.
• US President Trump’s administration reportedly threatens to scrap consultancy contracts after “insulting” proposals, according to FT. It was separately reported that the Trump administration backed off Nvidia’s (NVDA) H20 chip crackdown after the CEO’s Mar-A-Lago dinner, according to a report cited by CNBC.
• US Senate confirmed Paul Atkins for the Securities and Exchange Commission chair role.
• US House Speaker Johnson scrapped the vote on the Trump budget blueprint amid conservative opposition.
• Goldman Sachs rescinds recession call after Trump tariff pause.

APAC TRADE

EQUITIES

• APAC stocks surged following the historic rally on Wall St where the S&P 500 posted its biggest gain since 2008 after US President Trump announced a 90-day pause on reciprocal tariffs to countries aside from China.
• ASX 200 rallied with the broad-based gains led by outperformance in the tech and energy sectors, while National Australia Bank revised its RBA forecast in which it now sees an oversized 50bps cut in May and the OCR to decline to 2.6% by February next year.
• Nikkei 225 rocketed to back above the 34,000 level as Japanese exporters cheered the tariff-related relief.
• Hang Seng and Shanghai Comp joined in on the global rally but with the advances somewhat moderated in the mainland after US President Trump upped the total tariffs on China to 125% from 104% due to China’s recent retaliation, while reports also reported that Chinese leaders are to meet on stimulus following the tariff shock.
• US equity futures took a breather and pared some of the prior day’s significant gains after Trump dialled back on tariffs.
• European equity futures indicate a considerably higher cash market open with Euro Stoxx 50 futures up 8.4% after the cash market finished with losses of 3.2% on Wednesday.

FX

• DXY gave back the prior day’s gains after strengthening on President Trump’s announcement of a 90-day pause on the higher reciprocal tariffs for countries which will revert to the baseline 10% level immediately but announced to increase tariffs on China to a total 125% from 104% after China’s recent retaliation. The release of the latest FOMC Minutes was a non-event as tariff headlines remained centre stage and with remarks from Fed speakers seen as outdated given the tariff policy changes, while participants now look ahead to US CPI data and a series of Fed speakers scheduled later today.
• EUR/USD mildly edged higher but with gains capped after pulling back from resistance just shy of the 1.1100 level to ultimately return to flat territory yesterday, while the EU previously announced it would impose countermeasures against the US although Commerce Secretary Lutnick now expects the EU will delay its planned tariff retaliation after Trump’s 90-day pause announcement.
• GBP/USD eked marginal gains but with upside capped after this week’s choppy price action through the 1.2800 level.
• USD/JPY faded some of the prior day’s gains after surging to briefly above the 148.00 level owing to President Trump’s 90-day reciprocal tariff pause, while the latest Japanese PPI data also printed firmer than expected.
• Antipodeans extended on recent gains after benefitting from the broad risk-on mood which helped participants shrug off the softer-than-expected Chinese inflation data and the continued weakening of the CNY reference rate.
• PBoC set USD/CNY mid-point at 7.2092 vs exp. 7.3484 (Prev. 7.2066).

FIXED INCOME

• 10yr UST futures gradually rebounded from yesterday’s lows as President Trump’s 90-day pause announcement provided much-needed relief from tariff-related turmoil, while there was also a very strong 10yr auction stateside.
• Bund futures slumped as risk assets surged after US President Trump paused reciprocal tariffs for countries aside from China.
• 10yr JGB futures nosedived on the positive tariff developments and amid outperformance in Japanese stocks, although some support was seen after a strong 5yr auction.

COMMODITIES

• Crude futures mildly pulled back after surging around 5% yesterday in the aftermath of Trump’s 90-day reciprocal tariff pause.
• Spot gold remained underpinned and reclaimed the USD 3,100/oz level after steadily climbing through the prior day,
• Copper futures surged as risk appetite was reignited as Trump essentially backed down in the global trade war.
• Chile’s Mining Minister said copper demand could slow in the short term due to uncertainty over US tariffs and said copper producers in Chile could redirect global supply routes if faced with an unfavourable trade situation.
• Peru Mining Chamber said Peru’s 2025 copper production is expected to increase by 2-4%.

CRYPTO

• Bitcoin partially reversed the prior day’s gains after rallying on the tariff pause announcement.

NOTABLE ASIA-PAC HEADLINES

• Chinese leaders are to meet on stimulus following President Trump’s tariff shock, according to Bloomberg.
• China Commerce Ministry said any TikTok US business arrangement must comply with Chinese laws. It was separately reported that White House officials are said to be conceding that the potential TikTok US deal is off the table for the foreseeable future, and maybe forever, as the trade war focuses solely on China, according to Fox’s Gasparino. However, President Trump commented have to wait and see what happens with China on the TikTok deal and that it is still on the table.
• Japan nominated former Mitsubishi Corp. executive Kazuyuki Masu as the new BoJ board member.
• Taiwan’s central bank said it will continue to hold US treasuries and sees it as ideal to have US treasuries as more than 80% of its forex reserves, while it will assess whether or not to increase this.

DATA RECAP

• Chinese CPI YY (Mar) -0.1% vs. Exp. 0.0% (Prev. -0.7%)
• Chinese PPI YY (Mar) -2.5% vs. Exp. -2.3% (Prev. -2.2%)
• Japanese Corp Goods Price MM (Mar) 0.4% vs. Exp. 0.2% (Rev. 0.2%)
• Japanese Corp Goods Price YY (Mar) 4.2% vs. Exp. 3.9% (Prev. 4.0%, Rev. 4.1%)

GEOPOLITICS

MIDDLE EAST

• Israeli official confirmed that Turkish and Israeli officers are discussing the establishment of a deconfliction mechanism between the two militaries in Syria.
• US President Trump reiterated Iran cannot have a nuclear weapon and said that if it requires military, “we’re going to have military” with Israel to be involved with that.

RUSSIA-UKRAINE

• More than 150 Chinese citizens have reportedly joined the Russian military to fight against Ukraine, according to Ukrainian intelligence reports viewed by WSJ.

EU/UK

NOTABLE HEADLINES

• ECB’s Villeroy said US politics is marked by huge unpredictability.

DATA RECAP

• UK RICS Housing Survey (Mar) 2.0 vs. Exp. 8.0 (Prev. 11.0)

mid day big news

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

CHINA/USA

“Time To Squeeze Chinese Heads Into Wall”: Kevin O’Leary Calls For 400% Tariffs

Wednesday, Apr 09, 2025 – 05:20 PM

Democratic panelists on CNN were left stunned when Shark Tank’s Kevin O’Leary called for 400% tariffs on China, praising President Trump’s trade war against the Chinese Communist Party.

O’Leary accused the CCP of cheating, stealing U.S. intellectual property, denying legal recourse in its courts, and stealing American products and technology to manufacture and sell back to the U.S.

“I want President Xi on a plane to Washington to level the playing field. It’s not about tariffs anymore—nobody has taken on China yet, not the Europeans, nor any U.S. administration for decades. As someone who actually does business there, I’ve had enough. I speak for millions of Americans who’ve had their intellectual property stolen by the Chinese,” O’Leary said.

O’Leary told the Democratic panelists that “you may not like Trump—you may not like his style or rhetoric—but finally, an administration that says enough to China—400% tariffs tomorrow—this is because Xi can only stay the supreme leader if people are employed.” 

“America is the number one economy on Earth with all the cards. We will not have that forever – and it’s time to squeeze Chinese heads into the wall – now!” O’Leary emphasized. 

Democrats still appear clueless about tariffs being used by Trump and his top trade officials to force Xi to the negotiating table and secure a deal that levels the playing field for U.S. companies. The move will reshape the trajectory of the American economy, laying the groundwork to rebuild its manufacturing core and avoid the crash it was headed toward under the Biden—Harris regime of out-of-control gov’t spending that sparked an inflation storm that paralyzed the middle class.

“400% tariffs tomorrow, Xi is on a plane to Washington to cut a deal,” O’Leary emphasized to the Democratic panelists. 

In the latest trade update, Trump wrote Truth Social in the early afternoon that China would be slapped with a 125% effective tariff rate for retaliating, while all the countries that did not would receive a 90-day pause to reciprocal tariffs to work out trade deals. 

Separately, U.S. Secretary of Treasury Scott Bessent reminded everyone:

For the last four decades, Wall Street has grown wealthier than ever before. And it can continue to grow and do well. But for the next four years, it’s Main Street’s turn.

It’s Main Street’s turn to hire workers. It’s Main Street’s turn to drive investment. And it’s Main Street’s turn to restore the American Dream.

The takeaway here is that the Trump administration is using tariff wars to force a fair trade deal with China after the CCP abused trading partners for decades. Such a deal could alter the course of U.S. history, marking the early innings of restoring the Heartland—just as Bessent described, with the next four years focused on Main Street. 

The fact that Democrats fail to grasp this is concerning, as it raises questions about their allegiance to this nation. 

https://x.com/CollinRugg/status/1909983134483157124?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1909983134483157124%7Ctwgr%5E064b8c2109d3d5ff5428717ac7c245cf9c3a51fe%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fww

.end

OVER NIGHT HEADLINES FROM CHINA:

Big news Chinese raise prices by 30 to 40% with many vacating the sales arena

(zerohedge)

Chinese Sellers On Amazon Panic After Trump’s Tariff Bazooka  

Thursday, Apr 10, 2025 – 09:50 AM

President Trump announced an increase in tariffs on Chinese imports to 125% on Wednesday afternoon, following the Chinese government’s move to raise tariffs on U.S. goods to 84%. So far, the Chinese Communist Party has not taken retaliatory action on the latest tariff round. These steep tariffs are poised to crush Chinese sellers that have long dominated Amazon’s marketplace by flooding the U.S. with cheap junk. 

Data from SmartScout shows that most of Amazon’s sellers are based in China. Over the years, Chinese sellers have figured out how to cut out intermediaries and use Amazon as a direct-to-consumer marketplace for low-cost goods such as electronics, toys, household items, and fashion accessories.

Now, the crushing blow of tariffs has sparked turmoil for Chinese sellers. 

Wang Xin, head of the Shenzhen Cross-Border E-Commerce Association—which represents over 3,000 Amazon sellers—told Reuters, “This isn’t just a tax issue; the entire cost structure gets completely overwhelmed,” adding, “It’ll be very hard for anyone to survive in the U.S. market.”

Wang called President Trump’s tariff war a “truly an unprecedented blow.” 

Reuters spoke with other sellers about the turmoil unfolding in China:

Of the five sellers who spoke to Reuters, three said they would look to raise prices for their exports to the U.S., while two planned to leave the market entirely.

Dave Fong, whose products range from schoolbags to Bluetooth speakers, said on Thursday he has raised prices in the U.S. by up to 30% and would let inventory levels fall and lower spending on Amazon advertising fees, which once took up 40% of his U.S. revenue.

“For us and anyone else, you can’t rely on the U.S. market, that’s quite clear,” Fong said. “We have to reduce investment, and put more resources into regions like Europe, Canada, Mexico and the rest of the world.”

On Wednesday, word spread that a document viewed by Bloomberg specified that Amazon reduced its exposure by slashing shipments of Chinese products. 

Trade data via the supply chain platform Sayari shows that Amazon suppliers are primarily based in China. 

Brian Miller, who has sold on Amazon from China for seven years, told Reuters, “I don’t see a scenario, if things don’t change, that serving the U.S. from China is viable anymore and manufacturing that serves the U.S. will have to be transferred to other countries like Vietnam, or Mexico.” 

Why sellers did not heed Trump’s warning about the tariff war for the last decade is beyond comprehension and inexcusable—clearly their loss. And for those who listened and either friend-shored or re-shored supply chains out of China …

The silver lining is that high tariffs on China will begin to stop cheap Chinese junk flooding this nation. Americans need to detox from their obsession with cheap Chinese products that routinely break or come broken.

Done this before. 

https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1909967400784572729&lang=en&origin=https%3A%2F%2Fwww.zerohedge.com%2Fmarkets%2Fchinese-sellers-amazon-panic-after-trumps-tariff-bazooka&sessionId=b15b13df254eca1fd7a560e96a70639e821b7f22&siteScreenName=zerohedge&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px

Now comes the hard part of restarting America’s industrial base.

END

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

EUROPE/AIRBUS

Delta Cuts Outlook, Refuses To Pay Tariff On Airbus Jets

Thursday, Apr 10, 2025 – 04:15 AM

Airbus aircraft shipments from Europe to the U.S. now face tariffs of approximately 20%. This poses a significant challenge for Delta Air Lines, which scrapped its full-year financial guidance amid rising uncertainty in global trade.

Delta Chief Executive Officer Ed Bastian told investors during an earnings call earlier that he has been “very clear” with European manufacturer Airbus: The airline would defer any deliveries subject to the additional tax. The carrier is working with France-based Airbus to mitigate the impact of the tariffs. 

“We will not be paying tariffs on any aircraft deliveries,” Bastian said Wednesday on the earnings call, adding, “These times are pretty uncertain, and if you start to put a 20% incremental cost on top of an aircraft, it gets very difficult to make that math work.”

Bernstein analysts told clients they expect U.S. airlines to push for delivery delays. They estimate the effective tariff rate on European aircraft shipped to the U.S. to be around 20%.

Bastian’s comments come after Delta withdrew its full-year financial guidance but anticipates a profit this year. The airline declined to reaffirm an earlier forecast at the start of the year when it forecasted annual adjusted earnings would exceed $7.35 a share. 

“With the level of uncertainty we’re seeing and the amount of changes happening on a daily basis in global trade, it’s very difficult to predict what policies may look like over the course of the year,” CEO Bastian told analysts. 

According to company filings, Delta has 490 Airbus planes in its fleet and orders for nearly 200 more. The airline only plans to take ten aircraft in 2025 as part of a pullback. 

TD Cowen analyst Tom Fitzgerald said, “The airline sector is in the eye of the storm, but we believe Delta to be a better port in the storm than many peers due to its revenue diversity and balance sheet strength,” adding the carrier’s decision not to reaffirm its full-year forecast is “prudent.” 

Several airlines recently warned that global turmoil has already pressured domestic demand. Bastian told analysts that he would closely monitor whether travel was pulling back. 

Data from Goldman analysts showed a sharp drop in international travel to the U.S. following the escalation of the trade war. 

CEO Bastian pointed out that this current environment is very different from the pandemic when governments shut down the global economy. 

“Having lived through that experience, I would not call this bleak by any means. It’s more uncertainty,” he said, adding, “As a result of that, growth has stalled.”

END

EU/USA

They are not out of the woods. They will be hit then

(zerohedge)

EU Pauses Countermeasures Against US Steel Tariffs For 90 Days

Thursday, Apr 10, 2025 – 09:30 AM

Authored by Owen Evans via The Epoch Times,

The European Union said on Thursday that it will pause its countermeasures against U.S. steel and aluminum tariffs for 90 days.

“We took note of the announcement by President Trump. We want to give negotiations a chance,” European Commission President Ursula von der Leyen said in an April 10 statement posted on the social media platform X.

“While finalising the adoption of the EU countermeasures that saw strong support from our member states, we will put them on hold for 90 days.”

“If negotiations are not satisfactory, our countermeasures will kick in. Preparatory work on further countermeasures continues. As I have said before, all options remain on the table,” she added.

The countermeasures, which were agreed upon by the EU on Wednesday, had been due to start on April 15.

Trump announced on April 9 that he is pausing for 90 days reciprocal tariffs that went into effect earlier in the day, maintaining a 10 percent baseline tariff across the board, while at the same time raising rates for China.

Early Thursday morning, von der Leyen made a separate statement on X saying Trump’s decision to pause tariffs is “an important step toward stabilizing the global economy.”

“Tariffs are taxes that only hurt businesses and consumers,” she said. 

“That’s why I’ve consistently advocated for a zero-for-zero tariff agreement between the European Union and the United States.”

She said that the European Union remains committed to “constructive negotiations with the United States, with the goal of achieving frictionless and mutually beneficial trade.”

Before Trump’s 90 day pause, the Unites States had imposed a 20 percent tariff on all EU goods. Following Trump’s announcement on April 9, however, the 27-nation bloc will now be subject to a 10 percent baseline tariff on most goods, except steel and aluminum products, which are still subject to higher tariffs of 25 percent.

The EU’s first set of retaliatory measures in response to U.S. tariffs on steel and aluminum was approved on April 9, with countermeasures to the steel and aluminum tariffs on items such as jeans, whiskey, and motorcycles, if implemented.

The 25 percent tariffs imposed by the United States on all steel and aluminum imports went into effect shortly after midnight on March 12.

Trump said that he was introducing new standards requiring steel to be “melted and poured” and aluminum to be “smelted and cast” in North America to prevent countries such as China from circumventing trade restrictions.

When asked by a reporter at the White House on April 7 whether von der Leyen’s previous offer to negotiate a “zero-for-zero” tariff pact on industrial goods was enough for him to back down on 20 percent duties on imports, Trump said: “No, it’s not.”

“The European Union’s been really tough over the years. We have a [trade] deficit with the European Union of $350 billion, and it’s going to disappear fast,” the president said. 

“And one of the ways that that can disappear easily and quickly is they’re going to have to buy our energy from us. They can buy it, we can knock off $350 billion in one week.”

LNG

European Energy Commissioner Dan Jørgensen told the Financial Times on April 10 that the EU may push to buy more liquefied natural gas (LNG) from the United States.

“There is potential for us to buy more LNG from the US but of course it needs to be on conditions that are also in line with our [green] transition,” Jørgensen said.

The EU is already a major buyer of U.S. energy. Trump has previously said that he is determined to make the EU an even bigger purchaser of LNG.

EU leaders are also prioritizing a renewables-first energy approach, along with comprehensive legislation aimed at making the bloc the first climate-neutral continent by 2050.

“We are all well aware that the high energy prices we are paying are not sustainable in the global competition in the future,“ Jørgensen said. ”We have spent more money buying fossil fuels from Russia since 2022 than we have given in aid to Ukraine.”

GERMANY

Germany’s Coalition Government Wants To “Strengthen” Democracy By Abolishing It

Thursday, Apr 10, 2025 – 02:00 AM

Authored by Rainer Rupp

The two political parties with the most dramatic losses at the recent elections, the Christian Democratic Union (CDU), often called the “black” party due to its traditional color, and the Social Democratic Party (SPD), known as the “red” party, are in advanced negotiations to form a coalition coalition-government —nicknamed “BlackRed” or even “BlackRot” by critics. In the U.S. you are used to a two-party system with Democrats and Republicans, but Germany’s system often involves coalitions because no single party typically wins a majority.

Right now, the CDU (think center-right, like moderate Republicans) and SPD (center-left, somewhat like Democrats) are hashing out a deal to govern together after recent elections. Their stated goal? To “strengthen representative democracy.” But some of their leaked proposals have raised eyebrows—and alarm bells—because they seem to involve curbing free speech and even banning certain politicians from running for office. Here’s what’s going on.

Scrapping Transparency: Goodbye to the Germany’s Freedom of Information Act

One of the most shocking ideas in the leaked coalition papers is the plan to ditch Germany’s Freedom of Information Act (IFG), similar to the Freedom of Information Act (FOIA) in the US, which lets citizens request government records—like emails or reports—to hold officials accountable. Germany’s IFG, passed in 2006, does the same, giving people access to federal agency data. It’s been a tool for exposing scandals, like a botched highway toll project, health agency cover-ups during COVID, or shady financial deals tied to tax evasion. German media, like the public broadcaster ZDF, had called this law a game-changer for transparency.

But the BlackRed coalition wants to “abolish it in its current form,” according to the leaked documents. In an Orwellian slant the CDU claims this is part of modernizing Germany’s parliament, the Bundestag, and making it better at overseeing the government. Critics aren’t buying it. News outlets like T-Online call it a “direct attack on citizens,” not a reform. The CDU’s Member of Parliament, Philipp Amthor, a politician once embarrassed by IFG disclosures, is spinning it as an update, and the SPD’s reaction has been lukewarm at best.

The proposal’s still in blue ink—meaning it’s up for debate—but even suggesting it’s negotiable has sparked outrage. Germany’s journalists’ union and the opposition Free Democratic Party (FDP, a pro-business group) are slamming it, arguing it’s a power grab dressed up as “reducing bureaucracy.” The FDP quipped, “The motto seems to be: ‘The citizen doesn’t need to know everything!’” Over 100,000 requests have been filed under this law—scrapping it would blind the public to government actions.

Criminalizing “Lies”: A Slippery Slope for Free Speech It gets worse

The coalition also wants to crack down on what they call the “deliberate spread of false factual claims.” Their argument? Free speech doesn’t cover lies, so they want “state-independent media oversight” to step in, based on “clear legal guidelines,” to fight “information manipulation, hate, and incitement.” Sounds noble, right? But here’s the catch: who decides what’s a lie, what is hate and what is incitement? These terms are rubber, you can stretch the arbitrarily to suit your purpose. In the U.S., free speech is sacred under the First Amendment, even if someone’s spouting nonsense like “the Earth is flat.” Germany’s constitution protects free expression too, but with limits—like laws against Holocaust denial or defamation. Courts there already say provably false statements aren’t protected if they’re just facts, not opinions. But if those “facts” mix with opinions—like in a political rant—they still get a shield for the time beeing.

The BlackRed plan, though, goes further. They want to make spreading “false claims” a crime, separate from existing laws like slander. German columnist Nikolaus Blome, writing in “Der Spiegel”, says this “well-meaning” idea terrifies him—it’s too vague.” Die Welt”, another major paper, agrees: lying is covered by free speech unless it crosses into clear legal violations, and fuzzy terms like “hate and incitement” aren’t legal definitions—they’re buzzwords for activist groups. Imagine a U.S. government agency deciding which political tweets are “false” and punishing the posters. Who’d run that? A “Ministry of Truth”? Critics see a huge risk of abuse here, especially in heated political debates where “truth” is often subjective.

Banning Politicians: “Incitement” as a Career Ender

Then there’s the kicker: the coalition’s talking about stripping people of their right to run for office if they’re convicted multiple times of “incitement” (Volksverhetzung in German). This law already covers things like hate speech or promoting violence against groups. The CDU and SPD want to toughen it up and add a penalty: if you’re found guilty more than once, you’re barred from elected office, at least temporarily. They frame it as “strengthening democracy’s resilience” against terrorism, antisemitism, and hate. They also want to explore punishing public officials or soldiers who share extremist stuff (speaking out against the government) in private chats.

In the U.S., barring someone from running for office is rare and usually tied to serious crimes like treason—think of the 14th Amendment after the Civil War. Germany’s proposal feels more like a political weapon against the opposition. The SPD’s been pushing this “eligibility ban” for a while, and now it’s in the coalition talks. “Die Welt” reports it’s aimed at extremists, but the vagueness of “incitement” could snag anyone with controversial views. Picture a U.S. politician banned from Congress for “hate speech” after a few convictions—supporters would cry foul, and opponents would cheer. In Germany, critics see this as democracy eating itself: silencing dissent under the guise of protecting it.

What’s the Big Picture?

The CDU and SPD say all this—dumping the IFG, policing “lies,” banning candidates—is about making democracy stronger and safer. They’re pitching it as a response to misinformation, extremism, and public distrust, which have been hot topics since COVID and the rise of patriotic conservative groups like the Alternative für Deutschland (AfD). But to many Germans, it looks like a power grab, what it is!

For U.S. readers, think of it this way: imagine a Republican-Democrat coalition promising to “fix” Congress by killing FOIA, jailing people for “fake news,” and barring candidates for “hate speech.” You’d have protests in the streets. That’s the vibe in Germany right now—except their system’s more used to compromise, so the backlash is still brewing. Whether these plans survive the final coalition deal is unclear, but they’ve already lit a fuse. Germany’s about to test how much mess it can handle—or suppress.

END

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS/

BIG NEWS

Netanyahu to cabinet: Negotiations underway with two countries to absorb Gazans

“That’s the direction things need to go,” said Netanyahu, following his US visit regarding discussions with countries about the possibility of absorbing a large number of Gazans.

By AMICHAI STEIN, JERUSALEM POST STAFFAPRIL 9, 2025 22:48Updated: APRIL 9, 2025 23:35

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Israeli Prime Minister Benjamin Netanyahu told the security cabinet on Wednesday that negotiations are underway with two large countries to absorb large numbers of Gazans who will emigrate voluntarily. 

Netanyahu continued that Israel knew in advance about the US talks with Iran regarding its nuclear program, and the US wanted to know what a good agreement was from Israel’s perspective. 

The prime minister said that there is goodwill in the US to reach a solution on the issue of tariffs and that Israel is committed to reducing the trade deficit with the US.

At the end of the discussion, he instructed that a trade delegation be sent to the US in the coming days, headed by the Finance Ministry, to continue discussing the tariffs with the American administration.

Visit to the White House

In his visit to the White House on Tuesday, Netanyahu discussed with US President Donald Trump about Gaza and the Israel-Hamas war, stating, “We are determined to eliminate Hamas, and at the same time, we are committed to bringing back all our hostages.”

The prime minister also quoted Trump in confirming that Netanyahu “is working all the time to free the hostages,” adding, “I hope this statement puts to rest the false narrative that I’m not working for their release or that I don’t care.”

Netanyahu added that the US and Israel are in talks with countries about the possibility of absorbing a large number of Gazans. “That’s the direction things need to go,” said Netanyahu.

END

ISRAEL HAMAS

IDF sources admit it may take years to root out all Hamas terrorists in Gaza – exclusive

Katz to ‘Post’: Philadelphi constitutes ongoing major smuggling threat – despite prior top IDF official denials

By YONAH JEREMY BOBAPRIL 9, 2025 20:00Updated: APRIL 9, 2025 22:1

https://player.jpost.com/public/player.html?player=jpost&media=3880358&url=https://www.jpost.com/israel-news/defense-news/article-849537The Jerusalem Post’s Yonah Jeremy Bob reports from northern Rafah, in Gaza, April 9, 2025 (YONAH JEREMY BOB)

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Although the IDF is making consistent progress against Hamas on many fronts, the army sources acknowledged to The Jerusalem Post on Wednesday that it could easily take a full year or even years to fully root out the terror group.

The starting point of the conversation was the recent success of the IDF killing 300 Hamas terrorists and the success prior to the January 19 ceasefire of having killed 18,000-20,000, but then combining that picture with the fact that Hamas may have another 25,000 or more fighters and that currently, the IDF is focusing lots of energy on eliminating the terror group’s remaining fighters in Rafah.

In other words, the IDF has killed many Hamas fighters, and few are left to resist it in Rafah from the original 4,000-8,000 terrorists, but if the largest group of known and consolidated fighters the military is going after is a few hundred, and it is up against an enemy that has 25,000, then finding and rooting out that enemy could be a long process.

While some Israeli officials hope that Hamas will soon disband and its top leaders will accept expulsion, if that does not happen and if Israel also does not reach a permanent ceasefire with Hamas, including with its moderate Sunni allies rebuilding Gaza, Jerusalem could be in for an extended and slow war of attrition in the Strip.

Some IDF officials recognize this scenario and believe it could take years, including gradually and painstakingly eliminating small numbers of terror cells at a time when their hiding places in schools and other civilian facilities are uncovered.

Other aspects of the IDF’s presentation of its latest accomplishments in Rafah also raised questions.

In June, August, and September 2024, during multiple visits by The Jerusalem Post to Rafah and multiple briefings from top defense officials, as well as public statements, it was declared that Hamas’s Rafah brigades had been completely defeated.

More specifically, it was declared that its forces in the Shaboura area of Rafah were completely defeated.

However, IDF sources now say that the remaining battalions were in Shaboura and that they had not been defeated because the IDF had never invaded that particular area.

Confronted over this apparent inconsistency, IDF officials implied that possibly previous statements had referred to the smaller Shaboura refugee camp, and that the Shaboura general area was larger and had not been fully invaded.

Previous IDF and other senior official statements on the issue had not been qualified in this way, but the latest statements may be a more nuanced and accurate depiction of the facts on the ground, with the earlier statements being exaggerated claims about the extent of the IDF’s victory.

In addition, there appears to have been a change in tone by IDF commanders.

If, under former IDF chief of staff Herzi Halevi and former defense minister Yoav Gallant, there were IDF officials presenting narratives that sometimes were inconsistent with Prime Minister Benjamin Netanyahu’s narratives, there now seems to be a trend in which IDF commanders toe the line with the political echelon.

For example, under Halevi and Gallant, many IDF officials voiced concern that military pressure would hopefully help coerce Hamas into releasing more hostages, but many recognized that such pressure could sometimes be a double-edged sword and unintentionally lead hostages to being harmed by Hamas or even by the IDF if they struck an area which they thought was “hostage-free.”

Now, there seems to be a trend where virtually all IDF officials are concurring that military pressure will only have the positive impact of potentially freeing hostages.

The importance of the Philadelphi Corridor

In addition, Defense Minister Israel Katz responded to a question by the Post on Wednesday with a powerful affirmation of the importance of holding on to the Philadelphi Corridor.

Katz even said that new cross-border smuggling tunnels into Egypt have been recently found and that if the IDF is not present at the Corridor, Hamas could reignite a major rearmament campaign.

In contrast, during a visit to the corridor in September 2024, multiple top IDF officials said that there had been at most 10 cross-border tunnels, that all of them had been blocked off, and that prior to and during the war, Hamas was only using the tunnels for maneuvering its existing rocket arsenal, but not to smuggle in new weapons from Egypt.

Instead, the senior IDF officials said that essentially all of Hamas’s vast weapons had been smuggled into Gaza years before through the above-ground Rafah crossing during periods when Egypt did not carefully inspect for smuggling

END

ISRAEL EGYPT//QATAR

Qatargate, Gaza talks: Qatar is important, but Israel must prioritize ties with Egypt – opinion

Egypt and Qatar have learned that cooperation and competition are not necessarily conflicting approaches and that the key words are flexibility and maneuvering.

By ELIE PODEHAPRIL 10, 2025 01:08

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The Qatargate affair remains shrouded in mystery, with many aspects yet to be clarified. Nevertheless, it already prompts significant questions regarding the evolving relationship between Egypt and Qatar, as well as Israel’s potential involvement therein. 

Should the allegations against two advisers in the Prime Minister’s Office – namely, that they were engaged to promote Qatar’s international image while marginalizing Egypt’s role – prove accurate, such a campaign would lend credence to the widely held view within Israeli policy circles that Qatar functions as a strategic competitor to Egypt.

As is well known, Qatar supported the Muslim Brotherhood regime of Mohamed Morsi following the Arab Spring, and was behind propaganda broadcasts against both president Husni Mubarak and President Abdel el-Sisi. Egypt was also part of the Arab coalition against Qatar, together with Saudi Arabia, the United Arab Emirates, and Bahrain, which broke off diplomatic relations with Qatar and implemented an economic boycott against it between 2017 and 2021.

JPost Videos

Improved relations between Egypt and Qatar

However – and this is a crucial caveat often overlooked by Israel’s media – there has been significant diplomatic and economic rapprochement between Egypt and Qatar since the formal restoration of relations in January 2021. 

Several key developments illustrate this trend: in May 2021, Sisi met with the Qatari foreign minister in Cairo; in March 2022, the foreign minister returned for another official visit, during which Qatar pledged to invest $5 billion in the Egyptian economy.

Three months later, the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, paid a landmark visit to Egypt, his first since 2015. This warming of ties was further underscored by President Sisi’s attendance at the opening ceremony of the FIFA World Cup in Qatar in November 2022.

In parallel, the finance ministers of Egypt and Qatar signed a memorandum of understanding aimed at expanding economic cooperation. The Egypt-Qatar Business Council was reestablished with the explicit objective of increasing bilateral trade, which subsequently witnessed substantial growth in the following years. 

Within this framework, a Qatari energy company acquired a 40% stake in the American corporation ExxonMobil, which had been granted a concession to explore for natural gas in Egypt’s territorial waters in the Mediterranean.

Qatar also capitalized on Egypt’s economic vulnerability in the aftermath of the war in Ukraine to bolster its influence within the country and cultivate a degree of Egyptian dependence on Qatari financial support.

The rapprochement between Egypt and Qatar also resulted in some coordination during the IDF’s military operations in May 2021 and August 2022, in contrast to the rivalry that characterized their positions during Operation Protective Edge in the summer of 2014.

This was the backdrop against which the war following Hamas’s October 7, 2023 mega-attack, which placed the two states in competition for influence in the Gaza Strip in general, and regarding mediation over the Israeli hostages in particular, with the main “client” being neither Israel nor the hostages, but the United States.

Egypt and Qatar’s differing interests in Gaza

Egypt and Qatar pursue distinct, and at times competing, interests in Gaza, some of which are complementary, while others are in direct contradiction. 

Egypt’s geographic proximity to Gaza, its control of the Rafah crossing, and its deep concern over the potential for a mass exodus of Palestinians into the Sinai Peninsula make it the Arab actor most directly affected by developments in Gaza.

Consequently, Egypt has a strong interest in ending the war, preventing large-scale Palestinian displacement, and facilitating the return of the Palestinian Authority to power in Gaza.

Egyptian mediation efforts throughout the war have been guided by these strategic objectives while also serving a domestic purpose: namely, responding to public sentiment that expects Egypt to play a central role in resolving the Palestinian issue. 

More broadly, Egypt seeks to leverage its role in Gaza to enhance its regional influence and demonstrate its strategic value as a key partner of the United States in the Middle East.

For its part, Qatar, which is geographically remote from Gaza and is under no threat from it whatsoever, wants to maintain the influence it has gained there since the end of Operation Protective Edge in 2014. This will happen only if Hamas remains in power and if Qatar plays a major role in the reconstruction of Gaza. 

Egypt and Qatar have thus learned that cooperation and competition are not necessarily conflicting approaches, and that the key words are flexibility and maneuvering.

Israel’s role in the complex Egypt-Qatar relations

Israel has inserted itself into this complex set of relations, with both Egypt and Qatar playing central roles in efforts to release the hostages and end the war. While Israel’s relations with Egypt are well known, its relationship with Qatar is hidden by a thick veil of secrecy.

Qatar’s support for the Muslim Brotherhood, as well as Al Jazeera’s propaganda broadcasts, have not prevented the development of below-the-radar relations between the two states, which began during the 1990s and continued even after Qatar banished Israel’s ambassador in 2000, following the outbreak of the Second Intifada.

The fact that Israel has continued with both open and covert relations with Qatar throughout the war should not, then, be a surprise. Nor is there anything surprising in the manipulative way in which Qatar pursues its foreign policy. In fact, flexibility and maneuvering have characterized Israeli-Qatari relations for a long time, even if, in retrospect, this policy contributed to the disaster of October 7.

What is surprising and worrying, however, is the fact that Israel chose (if the allegations turn out to be true) to help strengthen Qatar’s image regarding the mediation efforts while minimizing Egypt’s contribution. Furthermore, what appears to be a well-orchestrated media campaign has suddenly emerged (the timing of which may have been coincidental or may have been connected to the Qatari affair) against Egyptian reinforcement directed against Israel.

Relations with Qatar, open and/or covert, serve Israel’s goals. However, if such relations come at the expense of Egypt in any way, then it is a mistake. For Israel, the size, proximity, and importance of Egypt makes it its most valuable Arab ally.

Though diplomatic and military channels have been kept open during the war, contacts were not held at the helm. Moreover, several government ministers made extreme political statements that negatively reverberated in the Egyptian media.

March 26 marked the 46th anniversary of the peace agreement between Israel and Egypt. Yet it appears that the Israeli government tends to take this peace for granted, rather than treating it as a delicate flower in need of constant care and cultivation. Maintaining and strengthening the peace with Egypt should remain a top priority in Israel’s Middle East foreign policy agenda.

The writer teaches in the Department of Islamic and Middle Eastern Studies at the Hebrew University of Jerusalem, is a board member of Mitvim – The Israeli Institute for Regional Foreign Policies, and is a member of the Coalition for Regional Security.

ISRAEL/USA/YEMEN/HOUTHIS//CHINA

US Attacks On Yemen Are Draining Arms Needed To Deter China: Defense Official

Wednesday, Apr 09, 2025 – 11:00 PM

At the moment, amid ongoing Yemen operations the US has sent two aircraft carriers, deployed a significant number of B-2 stealth bombers and fighter jets, as well as deployed missile defense systems to the Middle East.

But some top US officials have argued that China remains the top ‘pacing threat’ and rival. These officials fear that Washington is overcommitting itself to the anti-Houthi campaign, and blowing through valuable resources which will be hard to replace quickly.

Some defense officials also fear US force readiness in the Pacific is being hurt by the commitment to the Red Sea theatre. This is precisely what some told the NY Times in a fresh report.

“U.S. commanders planning for a possible conflict with China are increasingly concerned that the Pentagon will soon need to move long-range precision weapons from stockpiles in the Asia-Pacific region to the Middle East, congressional officials say,” The Times writes. “That is because of the large amount of munitions that the United States is using in a bombing campaign in Yemen ordered by President Trump.”

At this point both CNN and the NYT Times say the Yemen campaign has surpassed a one billion dollar price tag after just three weeks of bombing raids.

And yet the Houthis haven’t given up, but have continued launching attacks on Israel and US warships off Yemen’s coast. They have also claimed to have downed several expensive MQ-9 Reaper drones.

According to more from NYT:

Several Trump aides, including Defense Secretary Pete Hegseth and Elbridge Colby, the under secretary of defense for policy, have said that the United States must prioritize strengthening its forces in the Asia-Pacific region to deter China, which is rapidly building up its military and its nuclear arsenal.

Those officials argue that U.S. arms support for Ukraine in its defense against Russia and decades of military campaigns in the Middle East and Afghanistan have siphoned off important resources from Asia. If Israel attacks Iran’s nuclear enrichment sites in the coming months and ignites a wider Middle East war, the Trump administration would almost certainly commit more U.S. military resources to the region.

The New York Times reported last week that the monthlong bombing campaign was much larger than the Pentagon had publicly disclosed. The Pentagon used up about $200 million of munitions in the first three weeks alone, U.S. officials said. The costs are much higher — well over $1 billion at this point — when operational and personnel expenses are taken into account, they added.

Of course, Ukraine has been a conflict the Pentagon has poured billions worth of its own arsenal into, dwindling US defense stockpiles.

Recently in the Middle East, American troops have paid the ultimate price for US defense preparedness being prioritized elsewhere…

https://x.com/KelleyBVlahos/status/1909311725007970527?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1909311725007970527%7Ctwgr%5E80ea98a0f27e44e08f320dd9a5246df0351283a8%7Ctwcon%5Es1_&ref_url=https%3A%2F%

Whether in Yemen or Ukraine, Washington does not as yet have clearly defined mission goals. This has long been par for the course when it comes to US foreign adventurism abroad.

President Trump wants to rapidly wind down the Ukraine war, but has verbalized he’s ready to keep bombing Yemen until the Houthis relent in their attacks. And meanwhile, a push for a renewed Gaza ceasefire is nowhere on the horizon.

END

ISRAEL/HOUTHIS/USA

Houthis Claim 3rd MQ-9 Reaper Drone Downing In Ten Days

Wednesday, Apr 09, 2025 – 06:00 PM

On Wednesday Yemen’s Houthis have claimed yet another shootdown of a US drone over neartheastern Yemen. Military spokesman Yahya Saree said that a US MQ-9 drone was intercepted “while carrying out hostile missions” over Al-Jawf province.

If true, this would mark the third Reaper drone downing in just ten days, and at least the 18th since the Red Sea conflict started. Watch newly published video purporting to show the destroyed drone on the ground, released Wednesday:

Saree described that it was brought down by “a domestically made surface-to-air missile.” The Pentagon has no confirmed this, and has been silent on the recent Houthi claims of repeat MQ-9 drone downings of late.

If accurate, this would also mean that relatively cheap Houthi-made missiles are taking out $33 million advanced US drones. These drones further cost millions more to maintain.

According to emerging details:

Footage released by Houthi-linked media shows wreckage allegedly from the drones. The images appear consistent with known components of MQ-9s, although the U.S. Department of Defense has not confirmed the exact locations or methods of the shootdowns.

Analysts believe the Houthis have used mobile surface-to-air missile systems and possibly electronic warfare tactics to target the drones. Their arsenal likely includes Iranian-derived systems like the Sayyad-2C and Saqr, as well as Russian-made SA-6 missiles. This mix suggests a blend of pre-war stockpiles, smuggled hardware, and locally adapted technologies.

The latest US airstrikes on Yemen have reportedly killed at least six people, according to fresh statements from Ansarallah officials.

Russian media has mocked the Pentagon’s inability to deal with the Houthi threat in the Red Sea region…

The Houthis are clearly trying to show that they will not back down despite the constant US coalition bombings, which have reportedly involved B-2 bombers flying from Diego Garcia in the Indian Ocean.

US Central Command (CENTCOM) is still showing off all of its shiny toys being used against the Houthis…

…this despite recent media reports saying the Yemen operations have reached about $1 billion in just three weeks.

Neither the US nor Yemeni sides are backing down at this point. The Houthis have demanded nothing short than a full Israeli military withdrawal from the Gaza Strip.

end

IRAN/USA/ISRAEL

Israel fears Trump may cut ‘mediocre’ nuke deal, impede IDF’s ability to strike Iran

Top Israeli sources warned that Trump may circumscribe the IDF’s current opportunity to strike the Islamic Republic’s nuclear program.

By YONAH JEREMY BOBAPRIL 10, 2025 20:37Updated: APRIL 10, 2025 21:20

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Firan-news%2Farticle-849751&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_df13727062d83a4c6af7697084d79dc74b0ec7a8&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

There is a real danger that US President Donald Trump could agree to a mediocre nuclear deal with Iran, multiple top Israeli sources have told The Jerusalem Post.

If Trump does agree to such a deal, some of the sources are deeply concerned that the president may circumscribe the IDF’s current unique opportunity to strike the Islamic Republic.

Israel had a ‘special window’ to strike Iran’s nuclear program

Top Israeli officials have said since October 26 that there was a special window for the air force to strike Tehran’s nuclear program since Israeli fighter jets had eliminated all of its S-300 anti-aircraft missile systems.

While Iran still has weaker anti-aircraft systems, they are presumed to be no match for the air force’s advanced fighter jets, which, in any event, bested the S-300 systems in October.

In addition, Israeli officials have noted that, currently, neither Hezbollah nor Hamas are serious retaliatory threats for Iran against Israel, given that both adversaries are themselves severely weakened.

For months, there have been high hopes from top Israeli officials that Trump would green-light a major Israeli airstrike on the Islamic Republic’s nuclear program, potentially even in the earlier months of 2025 that have already passed.

Given the Iranians’ known negotiating positions and Trump’s own mixed statements ranging from opening the gates of hell on Tehran to pushing hard for a deal, some Israeli sources believe that Trump’s readiness to negotiate now makes a mediocre deal more likely.

Other sources are still optimistic that, behind the scenes, Trump understands that a deal will not solve the Iran nuclear problem and that an Israeli attack will eventually be necessary or that somehow he will intimidate the Iranians into a much better nuclear deal than the 2015 version.

Virtually all sources agree that there will be major developments over the course of April on the nuclear file, though it is possible that having a final understanding of the direction of Trump’s Iran policy could extend into the summer.

England, Germany, and France have given Tehran a June deadline for progress on the nuclear standoff before they would be ready to invoke global snapback sanctions under the 2015 Iran nuclear deal.

Trump has not been discussing that possibility as much, but it is known that he likes sanctions as a coercive tool, given that much of his first-term Iran policy was based on sanctions.

Negotiations between Iran, US due to start Saturday

Negotiations between Iran and the US are due to start Saturday in Oman, though the sides are still fighting over whether the negotiators will be direct or indirect with Oman as a mediator.

The last serious nuclear negotiations between Iran, the US, and any mediators took place in late 2023 before Hamas’s October 7 invasion.

After the massacre, the Biden administration did not view negotiations as politically viable.

Upon entering office, the Biden administration had said it was committed to renewing the 2015 nuclear deal that Trump had helped unravel during his first term after a 2018 Mossad operation revealed a variety of Iranian lies regarding its nuclear program.

There were multiple times when it seemed that the Biden administration was close to a new deal with Iran, including in the summer of 2022, but each time, either the Iranians refused to sign at the last second or some external event, such as Iran providing drones to Russia against Ukraine and NATO, derailed the talks.

ISRAEL/TURKEY/SYRIA

Israel to Turkey: Change in troop deployment in Syria is a red line

A source noted that any action posing danger to Israel will also put the Syrian government at risk.

By AMICHAI STEINAPRIL 10, 2025 13:10Updated: APRIL 10, 2025 15:14

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Israeli and Turkish representatives met in Azerbaijan on Wednesday as part of efforts to create a coordination mechanism in Syria.In the meeting, the Israeli delegation made it unequivocally clear that any change in the deployment of foreign forces in Syria, particularly the establishment of Turkish bases in the Palmyra area, is a red line and will be considered a serious breach, a political source told The Jerusalem Post.

The Israeli team for talks with Turkey was led by National Security Council head Tzachi Hanegbi and the government’s military secretary Brig.-Gen. Roman Gofman.

During the discussions, each side presented its interests in the region and it was agreed to continue the dialogue track to maintain security stability, the Prime Minister’s Office later said in a statement.

Prevention of threats

Israel has previously conveyed that preventing such a threat is the responsibility of the government in Damascus led by Ahmed al-Sharaa.

Any action that endangers Israel will also endanger the Syrian government, the source noted.

END

USA/ISRAEL/FINE/TLAIB

GOP Rep. Randy Fine, the newest Jewish congressman, calls Rashida Tlaib a ‘terrorist’

Fine called Michigan Rep. Rashida Tlaib a “terrorist” and said that some members of the progressive “Squad” — of which she is a member — “shouldn’t be Americans.”

By ANDREW LAPIN/JTAAPRIL 10, 2025 05:51

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Only a week after being sworn into Congress, Jewish Rep. Randy Fine directed his latest inflammatory statement at a Muslim colleague.

On a podcast Wednesday, the Florida Republican and self-proclaimed “Hebrew Hammer” called Michigan Rep. Rashida Tlaib a “terrorist” and said that some members of the progressive “Squad” — of which she is a member — “shouldn’t be Americans.”

“I think some of these people should not be in Congress. I think they’re a disgrace. I think some of them shouldn’t be Americans. I don’t think they love our country. And I’m not gonna be afraid to call them out and go right at them because I think they’re bad people,” Fine told podcast host Gabe Groisman, a former mayor of Bal Harbour, Florida, and board member of the Republican Jewish Coalition. 

JPost Videos

Fine continued, “And particularly people like Rashida Tlaib. She’s just a bad person. She’s not a terrorist sympathizer, she’s a terrorist. And I don’t mind saying it because it’s true.” He did not elaborate.

It’s not the first time the Trump-backed politician has used crude language against Tlaib — who is Palestinian-American and one of the House’s harshest critics of Israel — or against other Muslim politicians. When Fine first announced his run for Congress in November, he tweeted “#BombsAway” at Tlaib and Minnesota Rep. Ilhan Omar, a fellow Squad member and Israel critic, writing that both “might want to consider leaving before I get there.” 

Remarks condemned by a range of groups

Fine’s remarks at the time were condemned by a range of groups. He refused to apologize, instead building more attacks at Muslims into his campaign — calling his Democratic opponent Josh Weil, a convert to Islam, “Jihad Josh.” 

In the final stretch of Fine’s campaign for the April 1 special election, Republicans became concerned that he could lose his ruby-red district following a groundswell of fundraising for Weil and a national backlash to many Trump policies. Fine wound up winning his district, though by a considerably smaller margin than initially expected.

Fine’s remarks also came amid a broad deportation sweep from the Trump administration that has targeted international students who engaged in pro-Palestinian activism. That effort has come as ICE officers have arrested tens of thousands of people since Trump took office.

RUSSIA VS UKRAINE

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

Leaked China CDC Document Confirms New H5N1 Strain More Contagious In Humans

(BIRD FLU)

Thursday, Apr 10, 2025 – 05:00 AM

Authored by Alex Wu via The Epoch Times (emphasis ours),

An official internal notice by China’s National Center for Disease Control and Prevention (China CDC) issued in March and obtained by The Epoch Times is warning of increased human contagion risk with a new mutant strain of H5N1 highly pathogenic avian influenza.

The internal document, titled “National Center for Disease Control and Prevention reports on the dynamics of H5N1 variants and analysis of response measures taken by primary and secondary schools in Beijing and Shanghai,” stated that “as of 6:36 a.m. on March 13, 2025, the H5N1 variant (tentatively named A/H5N1-2025E) has a new mutation in the hemagglutinin (HA) protein gene.”

“Animal experiments have shown that its ability to bind to mammalian cells has increased, and the risk of human-to-human transmission has increased from low to medium,” the leaked document read.

The China CDC notice also revealed that as of March 12, a total of 127 samples nationwide tested positive for the mutant strain, “of which 68 percent were samples from live poultry market environments, and 25 percent were asymptomatic carriers among poultry workers.”

The notice identified that “sporadic cases were concentrated in the densely populated breeding areas of the Yangtze River Delta and the Pearl River Delta.”

Meanwhile, epidemic prevention departments in Beijing and other places have set up avian influenza testing points or launched all-around avian influenza monitoring.

The notice identified “first-level prevention and control targets” as those with direct contact with live poultry, people with weakened immunity, and patients with chronic respiratory diseases.

Mainland China has been experiencing an ongoing wave of respiratory infections since the end of last year. The Chinese regime’s health authorities have officially attributed the infections to multiple viruses spreading in the country at the same time, but these reports rarely mentioned human infections of avian influenza. However, whistleblowers have revealed on social media and to The Epoch Times that human infections and human-to-human transmission have been a main cause of the wave of infections.

It wasn’t until early March that the Chinese regime admitted that “sporadic” cases of human avian influenza infections had been occurring in China at a “relatively low level.” It didn’t specify the virus strains or the areas where they occurred.

The internal notice shows that China’s problem of avian influenza has become very serious, although ruling Chinese Communist Party (CCP) officials are still concealing it, Sean Lin, assistant professor in the Biomedical Science Department at Feitian College in New York and former U.S. army microbiologist, told The Epoch Times on April 5.

“A mutant strain has appeared, but the officials did not say exactly what the mutation is,” he said. “The name of the so-called A/H5N1-2025E virus strain does not correspond to the specific mutated amino acid position. The total amino acid length of the H5N1 HA hemagglutinin protein is around 524 amino acids, so what does this 2025E correspond to?” he asked about the mutation.

“This internal notice from the China CDC is still covering up the truth,” he said, especially if they are recommending increased attention for this variant over an increased transmissibility.

Dr. Mei-Shang Ho, a research fellow at Academia Sinica in Taiwan, noted that before a virus is able to jump from human-to-human, it goes through a stage called “limited human-to-human transmission.”

“Limited means that it is not very effective yet,” she told The Epoch Times on April 6. “It may be transmitted among very close contacts because family members have the same genes.

“This H5N1 needs to be directly monitored now, and China needs to announce the updates to the public,” she warned. “Once it spreads among humans, the consequences will be disastrous.”

The historic mortality rate of H5N1 in humans reported by the World Health Organization is around 50 percent. However, experts consider this an overestimate of true mortality as mild or asymptomatic cases often go undiagnosed and unreported.

The U.S. CDC has noted that only one of the 70 cases of human infection of H5N1 bird flu detected in the United States since 2024 has died—nowhere near the 50 percent rate reported globally. To date, there have been no reported cases of human-to-human transmission in the United States.

“The advantage of the United States is that it has been tracking it all the time, and when it tracks one case, it tells the public the case. This is the difference [between the United States and communist China],” Ho said. She added that existing antiviral drugs and anti-influenza virus drugs are still being used as effective treatments.

China’s Yangtze River Delta and Pearl River Delta, where the cases included in the internal notice have been concentrated, are China’s commercial, industrial, and agricultural production centers.

As to its impact on Taiwan across the strait off China’s southeast coast, Ho said, “We don’t eat much of their agricultural products, but we do have a lot of smuggled fish from Kinmen. So people who want to eat those things are taking a risk themselves. What we import are mostly Chinese medicinal herbs, and maybe some vegetables, which are plants and relatively safe.”

Outbreak Measures at Schools

In the leaked document, the China CDC also outlined bird flu response measures for primary and secondary schools in Beijing and Shanghai, in preparation for the event of an H5N1 outbreak among humans.

It said that all primary and secondary schools in five administrative districts of Beijing, including Chaoyang and Haidian, would switch to online teaching, while other districts could adopt a mixed policy.

In Shanghai’s Pudong New Area and Minhang District, the Municipal Education Bureau will simultaneously open the online classroom resource library, covering all K–12 courses, the notice said. It mentioned that “the three major cellphone carriers promise to provide free traffic for educational apps during the outbreak.”

Lin said that the notice from the China CDC confirmed his previous assessment. “Some schools in China suddenly gave students spring break, which was not a normal school holiday,” he said.

Lin believes these actions were an undisclosed epidemic control measure. “The disease control department hopes to control the epidemic and evacuate students from the school,” he said.

But by not being transparent with parents and students about the catalyst for the break, the CCP is risking potential H5N1 infections in the uninformed and unprotected community.

In addition, he noted, the China CDC notice did not include students as a high-risk group. “So, how did the outbreak of avian influenza in the school environment occur? This has not been explained to the public. Then, should control measures be taken in other places where people gather in society?” he asked.

Other Prevention Measures

Health authorities across China have also been taking measures to increase monitoring of human bird flu infections.

Media in China reported on March 21 that the regional CDC in Beijing’s Miyun District launched an avian influenza serological surveillance survey on March 10 and set up 10 monitoring points in various areas, including Xitiangezhuang, Shilibao, Taishitun, Xinchengzi, Shicheng, Xiwengzhuang, Dongshaoqu, Dachengzi, Mujiayu, and Gubeikou.

It told the public that the purpose of the testing was “to grasp the status of avian influenza virus infection in the human population, effectively prevent the spread of the epidemic, and ensure regional public health safety.”

However, virus researchers in mainland China have confirmed to The Epoch Times that there have been known cases of human H5N1 infections in Miyun, Beijing, and that the public remains uninformed.

Mainland Chinese media also reported on a launch ceremony for the construction of a comprehensive avian influenza monitoring base in Laizhou, Yantai city of Shandong Province, on March 14. The monitoring base will service high-risk areas, such as the Laizhou farms and live poultry trading markets.

The Chinese regime’s official projects bidding website posted on April 3 a project in the megacity of Tianjin near Beijing named “Tianjin Institute of Medical Science and Technology Information 2025 Influenza, Human Avian Influenza, and SARS Prevention and Control Project (Health Emergency Publicity Direction)—Competitive Consultation Announcement.” The details of the project are only available to approved VIP members who can bid for government contracts on the website.

“China is now taking such unusual early warning and prevention measures for human infections of avian influenza, while at the same time not telling the public the real reason. This is a serious warning to the international community,” Lin said of the Chinese regime’s recent moves.

Lin called for the U.S. government “to immediately put pressure on the Chinese regime and demand it clearly disclose the situation of avian influenza infecting humans and pigs, and the threat it poses.”

A whistleblower in China and Lin are also warning that China’s significant swine flu epidemic is not African swine fever, as claimed by the Chinese authorities. The whistleblower, who has talked to Chinese farmers who can test for African swine fever but not H5N1, and Lin suspect that the epidemic is actually H5N1 spread to pigs, which is a danger as pigs are considered a good “mixing vessel“ for breeding viruses with human pandemic potential.

“In addition, the United States needs to begin arranging customs screening for people with respiratory symptoms entering from mainland China.”

He believes the U.S. CDC can no longer just follow its usual process in responding to this crisis, given the lack of transparency from China. “The U.S. government should seriously collect intelligence, re-analyze, and make corresponding adjustments and decisions,” he recommended.

Luo Ya contributed to this report.

END

Idaho Legislature Clears Way For Ivermectin To Be Sold Over The Counter

\

Wednesday, Apr 09, 2025 – 06:25 PM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Idaho is set to become the latest state in the United States to allow anti-parasite drug ivermectin to be sold without a prescription after the state Legislature passed a measure.

Senate Bill 1211 was easily approved in the state Legislature on Friday and delivered that same day to Gov. Brad Little’s desk.

The bill, according to its text, “adds to existing law to provide that ivermectin may be sold or purchased without a prescription or consultation with a health care professional,” meaning it can be sold over the counter.

The bill passed 29–9 in the state Senate and 66–1 in the House.

Little has not publicly commented on whether he will sign the bill or not. The Epoch Times contacted the governor’s office for comment Sunday.

Sen. Tammy Nichols, a Republican, presented the bill on the floor on April 3. “We’re not mandating use, we’re not prescribing treatment, and we are not mandating that it be sold,” Nichols told KTVB-7. “What we’re doing with this bill is simple. We’re removing a barrier.”

A co-sponsor of the bill, Senate President Pro Tempore Kelly Anthon, a Republican, said that the drug has a wide range of applications.

“This is a drug that has had really immeasurable impacts on improving the lives of billions and billions of people throughout the world since it was discovered. It’s been called, in many places, a wonder drug,” Anthon told lawmakers in an Idaho Senate committee in on-camera remarks last week. “It’s been able to serve in treating and in many ways curing human diseases—treating parasites, worms in humans. And in most countries, it is legal over the counter.”

With the legislative action, Idaho became one of several states that have either passed or are considering a bill to deregulate the sale of ivermectin.

Earlier this year, Arkansas allowed the over-the-counter sale of ivermectin after the state Legislature passed a measure, which was signed by Republican Gov. Sarah Huckabee Sanders. In 2022, Tennessee Gov. Bill Lee, also a Republican, signed a similar measure.

The drug became popular during the COVID-19 pandemic as some doctors and studies said it was effective in treating the virus, though U.S. health regulators have warned people not to take it for COVID-19. 

The Food and Drug Administration (FDA) has said that the agency has not cleared ivermectin to be used for COVID-19, while advising against people using forms of ivermectin intended for animals.

“The FDA has not determined that ivermectin is safe or effective for these indications,” the agency’s website says.

A study released in June 2021 found that ivermectin, however, was linked to “large reductions” in COVID-19 deaths. Among hospitalized COVID-19 patients, the risk of death was found to be 2.3 percent among those treated with the drug, compared to 7.8 percent for those who weren’t, according to the study.

A March 2022 study found that the drug was associated with decreased mortality as compared with remdesivir usage by analyzing a national federated database of adults aged 18 and older with a confirmed COVID-19 infection from January 2020 to July 2021.

Tom Ozimek contributed to this report.

END

we told you years ago that this vaccine was garbage and we were right

(zerohedge0

Novavax Shares Crash After RFK Jr. Comments 

by Tyler Durden

Thursday, Apr 10, 2025 – 01:20 PM

Robert F. Kennedy Jr., in his first national TV appearance as Health and Human Services Secretary under the Trump administration, questioned the effectiveness of Novavax’s Covid vaccine during an interview with CBS News’ chief medical correspondent, Dr. Jon LaPook. The interview, which cast doubt on the shot, sent shares of the Maryland-based biotech firm crashing on Thursday.

RFK Jr. told LaPook that Novavax’s shot targets just one piece of the virus, an approach he said has “never worked” for respiratory illnesses:

We’re looking at that vaccine, and it is a single-antigen vaccine. And, for respiratory illnesses, the single-antigen vaccines have never worked and we’re actually shifting our priorities to multiple-antigen vaccines. And NIH is already working on a number of those.

RFK Jr.’s comments sent Novavax shares into a tailspin, plunging 24% during late-morning trading in New York. The stock has already suffered steep losses in recent years, falling back to pre-pandemic lows after the pandemic ended.

“Novavax’s shot is already on the market under a conditional approval. It’s awaiting from the Food and Drug Administration a full approval that was expected April 1,” Bloomberg noted.

In recent weeks, Wall Street analysts have raised concerns about Peter Marks’ abrupt resignation. Marks was a top FDA regulator and pro-vaxxer. 

Analysts—including BMO Capital Markets’ Evan David Seigerman—viewed Marks’ departure as a “significant negative” for the biotech and biopharma sectors. 

The share of SPDR S&P Biotech ETF (XBI) is down about 34% since Trump won the presidential election and Wall Street’s fear that RFK Jr. would push through major reforms at HHS that would hurt the vaccine industrial industry

.  .  . 

ROBERT H..

“Sudden And Unexpected” on X: “The Food and Drug Administration (FDA) has admitted that unvaccinated people are at risk of Covid mRNA “vaccine” side effects, such as cancer and sudden death, due to “shedding” from those who received the injections. https://t.co/OGHrI6tnC0” / X
No one is safe.

https://x.com/toobaffled/status/1910226191426134034

MARK CRISPIN MILLER

DR PAUL ALEXANDER

Fwd: BREAKING, POTUS Trump orders TARIFF stop, a 90-day pause on all except for China & DOW Jones Dow 30 surging near 2…

MARK CRISPIN MILLER

King Charles in hospital; Mookie Betts’ body “eating itself”; The Lilacs’ Sam Birchall has testicular cancer; Buck…

Mookie Betts’ body “eating itself”; The Lilacs’ Sam Birchall has testicular cancer; Buck’s Damian Lillard has deep vein thrombosis; wrestler Homicide retires w/ cyst in brain

Sheinelle Jones (Today) postpones book pub date due to “family health matter”; UK: TV star Chloe Brockett “ill for months” (“severe asthma”); IR: rocker Dave King has “medical emergency”; & more

Cancelations:

UNITED STATES

‘Today’ host Sheinelle Jones’ book release date postponed after she steps away from show to cope with ‘family matter’

March 25, 2025

Today host Sheinelle Jones has postponed her upcoming book’s release date as the takes time off to deal with a personal issue, The U.S. Sun can report. Sheinelle, 46, has not appeared on Today since before Christmas, and in January told concerned fans she was taking time off to cope with a “family health matter.” She has remained away from TV, and has not posted to social media since her statement. She revealed the book would be released on April 15. But now, the book’s release date is scheduled for October 21, according to publisher Penguin Random House. On January 15, Sheinelle addressed her fans in an Instagram post, stating: “I want to share with you that I’m taking time to deal with a family health matter. Sheinelle has three children: Kayin, 12, and twins, Clara and Uche, 12, with her husband, Uche Ojeh. A source told People that the health issue does not concern Sheinelle or her kids.

Link

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Rapper The Game postpones concert hours before performance after his body took a toll

March 25, 2025

The Game postponed a show hours before having to get on stage. The rapper, whose real name is Jayceon Terrell Taylor [45], has been touring Europe, with his most recent show taking place in Paris. Ahead of his show in Ireland, The Game decided to cancel the concert last minute and postponed the show to April 9. He posted a video on Instagram explaining to his fans what was going on. The Game said: “This video is for my fans in Dublin, I was supposed to be with there with y’all today, killing the show tonight, but all these different climate changes and the toll that the tour’s been taking on my body, it’s been draining. I’ve been fighting the flu. I lost my voice a few days ago when I was in Manchester. I fought through the Manchester show with no voice. Did the same thing in London — killed both of those shows.” He added: “Last night, if anybody was in Paris and they seen the show, we put on a hell of a show, we went out there again with no voice, but we got it done.”

Link

Damian Lillard injury: Bucks star out indefinitely with deep vein thrombosis in right calf

March 25, 2025

Milwaukee Bucks star Damian Lillard has been diagnosed with deep vein thrombosis in his right calf, the team announced on Tuesday. He has been ruled out indefinitely and has been put on blood-thinning medication, which the Bucks say has stabilized the DVT as he begins the process for “a healthy return to play.” Doctors have indicated that his situation is very unlikely to occur again. Lillard is the second NBA All-Star to be diagnosed with deep vein thrombosis this season, joining Spurs star Victor Wembanyama. Wembanyama was ruled out for the season on Feb. 20. Lillard, 34, has missed the Bucks’ last three games, including being listed as out with a right calf strain for Monday night’s loss to the Suns.

Researcher's Note - Unvaccinated NBA players will be docked pay for missed games: Link

Link

USA baseball star suffering from horrifying illness with body ‘eating itself’

March 24, 2025

Mookie Betts [32], the star player for Major League Baseball’s LA Dodgers, claims a mystery illness has caused his weight to plummet as his body ‘eats itself’. The eight-time MLB All-Star was unable to participate in the recent MLB Tokyo Series due to the illness. It led him to miss the doubleheader against the Chicago Cubs. Betts, the former Boston Red Sox ace, has been grappling with the mystery illness since March 10. He has struggled to keep solid food down for a fortnight. Having entered spring training at a listed weight of 175 pounds, the Dodgers’ star is now down to 157. He was sent home early from Tokyo and then looked set to play in the Dodgers Freeway Series exhibition match against the Los Angeles Angels on Sunday. “Two days before Tokyo, two days before Tokyo,” Betts shared reports the Mirror US. “Didn’t get to play the last game, so, got on the plane, I thought I would at least give myself a couple of days to kind of heal. “Then the plane ride was brutal. That was one of the worst plane rides I’ve ever had. Got there, got one workout in, that was a really bad trip in Tokyo.”

Link

Former TNA Wrestler Shares The Very Concerning Medical Reason He Is Being Forced To Retire

March 20, 2025

Former TNA wrestler Homicide previously announced that his match at Thursday night’s Outlaw Wrestling show in Brooklyn, New York, would be his final bout. This was quite a surprise, as while he isn’t getting any younger, wrestlers rarely step away from the ring unless forced. And now, in sad news, Homicide, real name Nelson Erazo, has worryingly revealed on Facebook that doctors have found a cyst in his brain that is impacting both his speech and vision. Still, he remains optimistic, adding, “ This not a goodbye. This is I see you later. “ 47-year-old Homicide broke into the business in 1994, and after establishing himself on the New York and New Jersey indie scenes over the next eight years, he would receive his big break with Ring of Honor in 2002, which eventually saw him win their World Championship.

Link

UNITED KINGDOM

King Charles taken to hospital after suffering side effects of cancer treatment as he pulls out of royal engagements

March 27, 2025

King Charles has been taken to hospital after suffering side effects from his cancer treatment, Buckingham Palace has confirmed. The monarch, 76, is now back at Clarence House after he visited hospital on Thursday afternoon. Buckingham Palace confirmed Charles experienced “temporary side effects” from his cancer treatment, and he has now pulled out of a string of engagements set for Friday. Sources says this trip was not unexpected and that his treatment is heading in the right direction.

Link

Rising band The Lilacs postpone tour as guitarist is diagnosed with testicular cancer

March 27, 2025

Rising indie band The Lilacs have postponed their UK headline tour due to guitarist Sam Birchall being diagnosed with testicular cancer. The Wigan musician has been left in “huge shock” after learning he has the disease that claimed the life of his mum, with the band evening naming themselves after the treatment facility The Lilac Centre.

Link

Chloe Brockett ‘is rushed to hospital by boyfriend Jack Fincham after terrifying health scare’

March 20, 2025

Chloe Brockett was reportedly rushed to hospital by her boyfriend Jack Fincham after suffering an asthma attack. The TOWIE star, 24, was taken to hospital by Jack, 33, after she complained of feeling unwell and he is said to have stayed by her side all night. Chloe recently told how she had been feeling unwell, particularly after Jack was freed on bail for a dog attack. A source told The Sun: ‘Everyone knows about the stress of Jack’s court case but behind the scenes Chloe has been ill for months. She’s been cancelling work commitments and not seeing friends. Last night she had a bad turn and ended up in hospital with a severe asthma attack. She’s always had asthma but it’s usually under control then last night she was struggling to breathe.’

Link

Triathlon star Fenella Langridge’s 2025 season in doubt following shock health diagnosis

March 14, 2025

It has been a difficult past 12 months for British triathlon talent Fenella Langridge and her latest result was a DNF at Ironman New Zealand two weeks ago. The Professional Triathletes Organisation (PTO) world number 43 was a regular contender in full-distance racing up until the 2024 season. Last year, however, she was unable to attain the performances she was accustomed too, putting it down to fatigue. Further issues in the off-season forced the 33-year-old to seek medical counsel as her power output, particularly on the bike and run, continued to dwindle. “I couldn’t run up hills without my leg almost collapsing underneath me. The pain moved around my leg, it’s really difficult to explain, and it was only when I started to do slightly harder work where I could feel these symptoms, and it was really confusing. We then went to New Zealand, but unfortunately the symptoms still didn’t go away, so we then decided to go see a sports doctor to seek a different opinion. They gave us the diagnosis we weren’t expecting to hear. I have been diagnosed with External Iliac Artery Endofibrosis.” External Iliac Artery Endofibrosis (EIAE) is a rare condition that affects otherwise healthy individuals. It’s a condition that usually affects professional cyclists, but cases have been reported in other groups of endurance athletes.

Link

IRELAND

Rock frontman was in coma for 2 months after medical emergency earlier this year

March 29, 2025

Just more than two months after abruptly announcing it was cancelling all of its 2025 tour dates as frontman Dave King [63] battled “a very serious health condition,” fans of Flogging Molly are finally getting more details about what was going on. And, well … it does in fact sound as though King was in a very serious situation. His wife and bandmate, Bridget Regan, shared the details on the band’s Instagram page. “I’ve wanted to reach out for some time, but it was necessary to wait until we were safely out of the woods first,” the post read. “On January 24th, Dave suffered a brain hemorrhage and underwent two subsequent surgeries to save his life. He then spent two weeks in a coma, followed by varying stages of treatment and recovery. On February 28th he underwent yet another surgery and I now feel confident we are on the other side of this.” “The road ahead is uncertain but we, as ever, will roll with the punches and hope to see you all in the near future,” she wrote. “I’d like to thank Dave’s neurosurgeon, Mr. Kieron Sweeney and his amazing team at Beaumont Hospital in Dublin. Thank you. Thank you for saving my husband’s life.”

Link

FRANCE

Christophe Laporte misses out on cobbled Classics due to cytomegalovirus

March 27, 2025

While the likes of Wout van Aert, Tiesj Benoot, Dylan van Baarle, and Matteo Jorgenson will be leading the charge for Visma-Lease a Bike over the coming weeks, their teammate Christophe Laporte [32] will be absent. The Frenchman, who won Gent-Wevelgem and the Dwars door Vlaanderen two years ago, has yet to race in 2025 and remains out of action indefinitely after falling ill with cytomegalovirus. Last spring, stomach problems and a fever forced him to abandon Milan-San Remo. The illness lingered through March, meaning he missed the Flanders Classics, only returning for a 25th place finish at Paris-Roubaix. “This is the second year in a row that I have to sit out this period, and that’s really frustrating. It feels strange. At the same time, I’ve come to terms with the situation – the only thing I can do now is rest and wait until I get better.”

Link

POTUS Trump orders TARIFF stop, a 90-day pause on all except for China & DOW Jones Dow 30 surging near 2,500 points that is 3 trillion into the market suddenly; raises China tariffs to 125%

TRUMP 90-DAY TARIFF PAUSE
EXCEPT CHINA: DUTIES RISE TO 125%
DOW +2600

end

Strokes Up 240%. Heart Attacks 286%. What’s Going On?

Groundbreaking study of tens of millions uncovers serious cardiovascular events tied to COVID vaccine doses.

In a massive peer-reviewed analysis covering more than 85 million people, researchers have uncovered a deeply concerning rise in life-threatening cardiovascular events following COVID-19 vaccination. The findings raise serious questions about the long-term health impacts of both mRNA (Pfizer, Moderna) and viral vector vaccines (AstraZeneca, Johnson & Johnson).

Published in the International Journal of Preventive Medicine, the study was led by Raheleh Karimi, a biostatistician at Isfahan University of Medical Sciences in Iran, in collaboration with international researchers from Spain and Portugal. Using advanced Bayesian statistical methods, the team analyzed data from 11 controlled observational studies, making this one of the largest and most comprehensive reviews to date.

The Numbers That Should Alarm Everyone

The study found staggering increases in risk for major cardiovascular events following COVID-19 vaccination — particularly after the first and second doses:

Coronary Artery Disease (CAD):

• Overall, a 70% increased risk
• Pfizer (BNT162b2): 64% increased risk
• Second dose (any vaccine): A massive 244% increased risk

Heart Attacks (Myocardial Infarction):

• Second dose (any vaccine): 286% increased risk
• Pfizer (any dose): 87% increased risk
• Second dose of Pfizer: 284% increased risk

Stroke:

• Pfizer (any dose): 109% increased risk
• First dose of Pfizer: 269% increased risk
• First dose (any vaccine): 240% increased risk

Arrhythmia:

• First dose (any vaccine): 199% increased risk
• AstraZeneca (ChAdOx1): 711% increased risk
• First dose of AstraZeneca: 389% increased risk

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The chart below summarizes the study’s findings across different doses and vaccine types:

These are not outliers. This is a methodologically sound, large-scale meta-analysis pooling data from credible, controlled studies — and the picture it paints is troubling.

Even a single dose of a COVID vaccine was enough to elevate risk:

• Pfizer’s mRNA shot was most strongly associated with stroke, heart attack, and coronary artery disease.
• AstraZeneca’s viral vector vaccine showed the greatest link to arrhythmia.
• First and second doses carried the highest risk across the board.

Notably, Moderna was excluded — not due to safety, but due to a lack of sufficient controlled data isolating its cardiovascular effects. The absence of data should not be interpreted as absence of risk.

What Does This Mean?

This study suggests that strokes, heart attacks, coronary artery disease, arrhythmia, and even sudden deaths surged in individuals who received just a single dose of a COVID vaccine.

Of course, the researchers stop short of claiming definitive causality. But they highlight strong associations that demand further investigation. They emphasize the urgent need for ongoing monitoring and transparent public health communication, especially as booster campaigns continue worldwide.

With billions of doses already administered, this study forces a difficult but necessary question:

What have we done — and how do we move forward responsibly?

Further research is essential. But ignoring warning signs like these is no longer an option.

SLAY NEWS

NEWS ADDICTS

———- Forwarded message ———

EVOL NEWS

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

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

Keystone spill cleanup underway, no timeline for pipeline restart: South Bow

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 THURSDAY MORNING 6;30AM//OPENING AND CLOSING

EURO/USA: 1.1071 UP 0.0019 PTS OR 19 BASIS POINTS

USA/ YEN 145.45 DOWN 1.955 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 1.2927 UP .01008 OR 100 BASIS PTS

USA/CAN DOLLAR:  1.4075 DOWN 0.0027 (CDN DOLLAR UP 27 BASIS PTS)

 Last night Shanghai COMPOSITE CLOSED UP 36.83 PTS OR 1.16%

 Hang Seng CLOSED UP 417,19 PTS OR 2.06%

AUSTRALIA CLOSED UP 4.66%

 // EUROPEAN BOURSE:     ALL GREEN

Trading from Europe and ASIA

I) EUROPEAN BOURSES:  ALL GREEN

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

/SHANGHAI CLOSED UP 36.83 PTS OR 1.16%

AUSTRALIA BOURSE CLOSED UP 4.66%

(Nikkei (Japan) CLOSED UP 2894.97 PTS OR 9.13%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 3120.00

silver:$30.82

USA dollar index early THURSDAY  morning: 101.66 DOWN 96 BASIS POINTS FROM WEDNESDAY’s CLOSE.

THURSDAY  MORNING NUMBERS ENDS

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And now your closing THURSDAY NUMBERS 1: 30 AM

Portuguese 10 year bond yield: 3.204 % DOWN 4 in basis point(s) yield

JAPANESE BOND YIELD: +1.338% UP 5 POINTS AND 0/100  BASIS POINTS /JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 3.320 DOWN 5 in basis points yield

ITALIAN 10 YR BOND YIELD 3.820 DOWN 8 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (BUYING ITALIAN BONDS/SELLING GERMAN BUNDS)

GERMAN 10 YR BOND YIELD: 2.5985 UP 1 BASIS PTS

IMPORTANT CURRENCY CLOSES :  MID DAY THURSDAY

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

Euro/USA 1.1112 UP .0162 OR 162 basis points

USA/Japan: 145.10 DOWN 2.29 OR YEN IS UP 229 BASIS PTS//

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

Canadian dollar UP 0.0037 OR 37 BASIS pts  to 1.4064

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The USA/Yuan 7.3138,  CNY ON SHORE ..CHINA MUST DEVALUE TO GOLD  

THE USA/YUAN OFFSHORE UP TO 7.3279:    

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

the 10 yr Japanese bond yield  at +1.338

Your closing 10 yr US bond yield DOWN 8 in basis points from WEDNESDAY at  4.320% //trading well ABOVE the resistance level of 2.27-2.32%)

 USA 30 yr bond yield  4.782 DOWN 3 in basis points  /11:00 AM

USA 2 YR BOND YIELD: 3.843 DOWN 2 BASIS PTS.

GOLD AT 11;00 AM 3125.00

SILVER AT 11;00: 30.83

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

London: CLOSED UP 233.77 PTS OR 3.04%

GERMAN DAX:UP 891.85 PTS OR 4.13%

Paris CAC CLOSED UP 263.00 or 3.82%

Spain IBEX CLOSED UP 510.000 PTS OR 4.72%

Italian MIB: CLOSED UP 1546.52 PTS OR 4.72%

WTI Oil price  60.20 11 EST/

Brent Oil:  62.84 11:00 EST

USA /RUSSIAN ROUBLE ///   AT:  84.50 ROUBLE UP 1 AND  65/ 100      

GERMAN 10 YR BOND YIELD; +2.5965 UP 1 BASIS PTS.

UK 10 YR YIELD: 4.7520 DOWN 8 BASIS POINTS

CDN 10 YEAR RATE: 3.197 DOWN 1 BASIS PTS.

CDN 5 YEAR RATE: 2.790 DOWN 4 BASIS PTS

CLOSING NUMBERS: 4 PM

Euro vs USA 1.1167 UP 0.0216 OR 216 BASIS POINTS//HEADING TO PARITY WITH THE DOLLAR

British Pound: 1.2951 UP .0126 OR 126 basis pts/HEADING FOR PARITY /USA

BRITISH 10 YR GILT BOND YIELD:  4.646 DOWN 10 FULL BASIS PTS//

JAPAN 10 YR YIELD: 1.347

USA dollar vs Japanese Yen: 144.88 DOWN 2.53 BASIS PTS// HEADING FOR 160 TO THE DOLLAR

USA dollar vs Canadian dollar: 1.4005 DOWN .0096 BASIS PTS CDN DOLLAR UP 96 BASIS PTS

West Texas intermediate oil: 60.22

Brent OIL:  63.35

USA 10 yr bond yield DOWN 1 BASIS pts to 4.388

USA 30 yr bond yield UP 6 BASIS PTS to 4.848%

USA 2 YR BOND: DOWN 7 PTS AT  3.833%

CDN 10 YR RATE 3.240 UP 1 BASIS PTS

CDN 5 YEAR RATE: 2.833 DOWN 1 BASIS PTS

USA dollar index: 100.97 DOWN 165 BASIS POINTS

USA DOLLAR VS TURKISH LIRA: 37.91 GETTING QUITE CLOSE TO BLOWING UP/

USA DOLLAR VS RUSSIA//// ROUBLE:  83.50 UP 2 AND  65/100 roubles

GOLD  3173.95 (3:30 PM)

SILVER: 31.10(3:30 PM)

OFF SHORE CNH (CHINESE YUAN OFFSHORE: 7.3111)

DOW JONES INDUSTRIAL AVERAGE: DOWN 1014.79 OR 2.80%

NASDAQ 100 DOWN 801.49 PTS OR 4.19%

VOLATILITY INDEX: 46.04 UP 12.42 PTS OR 16.94%

GLD: $ 292.35 UP 6.97 PTS OR 2.44%

SLV/ $28.28 UP 0.22 PTS OR OR 2.78%

TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 764.52 OR 3.22%

end

TRADING today ZEROHEDGE Trump’s tariffs: 4PM

ZEROHEDGE/HEADLINE CLOSING MARKETS/ZEROHEDGE

Gold Hits Record High As Dollar Dumps; Stocks & Commodities Remain ‘Tariff-ied’

MIDDAY NEWS

“Shit’s Breaking Again…”

Thursday, Apr 10, 2025 – 12:00 PM

While many of the biggest trading desks are saying, “buy Mortimer buy!” as Trump provided the pain relief yesterday, most obviously highlighted by the 3rd best day for US equities in history, this morning it appears we have woken up with a hangover from the policy pivot party.

“We still believe the anxiety around tariffs are alive and well. Volatility works in both directions — down and up. The path forward likely includes more market swings as we do not have a conclusion. In fact, we have the opposite, a likely extension of the tariff negotiation process,” said Nathan Thooft at Manulife Investment Management in Boston, which oversees $160 billion.

CPI and Jobless claims this morning removed considerable threat of stagflation, though of course, the former – we are constantly told this morning – is ‘backward looking’.

“Healthy drop in inflation or big drop in demand?” said Bret Kenwell at eToro. 

“At the end of the day, we do need to see lower inflation to justify lower rates from the Fed and ease the burden on consumers. However, getting lower inflation due to a material drop in economic activity — and thereby jeopardizing the economy — isn’t the best route to take.”

US equity markets have retraced more than half of the gains already….

The dollar is getting clubbed like a baby seal…

Gold exploded higher an uncertainty remains high, breaking out to a record high…

That is gold’s biggest 2-day gains since the COVID lockdown lows.

Treasury yields are blowing out again…

And even more problematically, SOFR swap spreads are plunging again as basis unwinds continue to stress funding markets…

.com/zerohedge/status/1910333310854651919

“It’s the calm before the storm,” said Stan Shipley at Evercore ISI.

As one veteran trader at a major trading desk MSG’d us privately “shit’s breaking again… yesterday looks like the rip to sell.”

Somebody call Bessent!!!

USA DATA

March US Consumer Prices Fall Most In 5 Years

Thursday, Apr 10, 2025 – 08:40 AM

The normally crucial consumer price index measure of inflation printing today for March is likely to take a back seat to the next red flashing headline on tariffs on everyone’s Bloomberg terminal, but under the hood – with the Trump Put now exposed – can a cooler than expected CPI print raise the Powell Put strike enough to enable a true tradable bottom here?

Having dipped lower in the previous month (following a few straight months of re-acceleration), expectations were for both headline and core measures to continue trending lower on a YoY basis… and they were.

Headline CPI FELL 0.1% MoM (vs +0.1% exp), which dragged the YoY CPI to +2.4%, matching the September lows…

Source: Bloomberg

That is the weakest MoM print since May 2020.

Core CPI also printed cooler than expected (+0.1% MoM vs +0.3% MoM exp), pulling the YoY print down t0 +2.8% YoY – the lowest since March 2021…

Source: Bloomberg

Services inflation tumbled…

Source: Bloomberg

CPI breakdown:

Headline:

• CPI decreased 0.1% after rising 0.2% in February, and below the +0.1% estimate. Over the last 12 months, CPI rose 2.4%, below the 2.5% estimate.
• Energy CPI fell 2.4% in March, as a 6.3% decline in the index for gasoline more than offset increases in the indexes for electricity and natural gas.
• Food CPI rose 0.4% in March as the food at home index increased 0.5% and the food away from home index rose 0.4 percent over the month.

Core CPI:

• The index for all items less food and energy rose 0.1% in March, following a 0.2% increase in February.
  • Indexes that increased over the month include personal care, medical care, education, apparel, and new vehicles.
  • The indexes for airline fares, motor vehicle insurance, used cars and trucks, and recreation were among the major indexes that decreased in March.

Core CPI details (MoM increase):

• The shelter index increased 0.2% over the month.
  • The index for owners’ equivalent rent rose 0.% in March and the index for rent increased 0.3%.
  • The lodging away from home index fell 3.5 percent in March.
• The personal care index rose 1.0%in March.
• The index for education rose 0.4% over the month, as did the index for apparel.
• The new vehicles index also increased over the month, rising 0.1%.
• The index for airline fares fell 5.3% in March, after declining 4.0% in February.
• The indexes for motor vehicle insurance, used cars and trucks, and recreation also fell over the month.
• The household furnishings and operations index was unchanged in March.
• The medical care index increased 0.2% over the month.
• The index for hospital services increased 1.1% in March and the index for physicians’ services rose 0.3% over the month. In contrast, the prescription drugs index fell 2.0% in March.

Core CPI details (YoY increase):

• The index for all items less food and energy rose 2.8 percent over the past 12 months.
• The shelter index increased 4.0 percent over the last year, the smallest 12-month increase since November 2021.
• Other indexes with notable increases over the last year include motor vehicle insurance (+7.5 percent), medical care (+2.6 percent), recreation (+1.9 percent), and education (+3.9 percent).

While goods inflation is flat (zero-ish), services cost inflation is fading fast…

Source: Bloomberg

Shelter and Rent inflation is slowing fast:

• Shelter inflation +0.3% MoM, +3.99% YoY, down from 4.25% in February (lowest since Nov 2021)
• Rent inflation +0.3% MoM, +3.99% YoY, down from 4.09% in February (lowest since Jan 2022)

The so-called SuperCore CPI – Services Ex-Shelter – dropped 0.1% MoM dragging it down to +3.22% YoY – the lowest since Dec 2021…

Source: Bloomberg

Source: Bloomberg

Drill Baby Drill (and tariffs recession fears) have dragged energy prices lower and pulled CPI lower with it…

Source: Bloomberg

But, but, but… Democrats at UMich said inflation would explode because Orange Man Bad?

END

Jobless Claims Keep Rising In ‘Deep TriState’ Region As DOGE Impact Accelerates

Thursday, Apr 10, 2025 – 09:00 AM

Another week, another solid jobless claims print, seemingly crushing the Paul Revere-ish cries of “a recession is coming” from the Left and the legacy media.

223k Americans filed for jobless benefits for the first time last week – a number that has basically been flat (near multi-decade lows) for the last four years…

Source: Bloomberg

Last week’s break above 1.9 million Americans continuing to take jobless benefits was revised back down and into the range it has been in for the last year or so…

Source: Bloomberg

Looking at the ‘Deep Tristate’ area, we see claims surged in Virginia…

Source: Bloomberg

…and Continuing jobless claims in the ‘Deep TriState’ region continue to rise…

Is DOGE’s work finally starting to show?

USA ECONOMIC NEWS

Tariff Freak Out: Why So Many People Cling To The Cancer Of Globalism

by Tyler Durden

Wednesday, Apr 09, 2025 – 04:20 PM

Authored by Brandon Smith via Alt-Market

This past week after Donald Trump’s “Liberation Day” announcements the Dow Jones Index plunged by around 4000 points and the global panic was palpable. Social media was rife with nervous naysayers on both sides of the aisle – The leftists are panicking but also cheering because they think crashing markets will turn into public support for the woke commie brigade.  A contingent of conservatives are panicking too, but I’ll get to that in a moment…

My response? Finally this farce of a market is facing a correction and smacking people in the face with five fingers of reality! I applaud the event because it’s something that needed to happen years ago. Most skeptics are wrong on the tariff issue, mainly because they think the stock market matters. It doesn’t.  People are also terrified of tariffs because they think globalism matters. It doesn’t.

This position might upset those who are heavily invested right now, but I would argue they are missing the macro picture and they need to look at the situation from a position of inevitability.  Tariffs and the end of globalism are a necessary outcome.  Here’s why we shouldn’t fear the Reaper…

Stocks Are Irrelevant Until Market Manipulation Ends

The narrative on social media (from critics on both sides) is that Trump is unwittingly destroying the US economy to spite foreign trading partners because they’re getting more out of us than we’re getting out of them. I can’t speak to Trump’s motives because I’m not a psychic, but I can say that it’s impossible for Trump to destroy the economy. Why? Because it was already destroyed over the past two decades (some would argue longer) by the Federal Reserve and previous administrations.

The economy was in dire straits when Biden left office.  Nothing has really changed except stocks are no longer being propped up artificially (we’ll see how the Fed reacts).

In every instance since the crash of 2008 when the markets have shifted into correction territory, the central bank has stepped in to prevent a natural reversal. They print tens of trillions of dollars in fiat from thin air and then pump it into banks and international corporations in order to kick the can down the road for a little while longer.

The Dow Jones gained over 15,000 points in less than four years after the initial covid crash in 2020 (this is unheard of in a normal economy). ALL of these gains are connected directly to stimulus programs and subsequent inflation initiated by the Federal Reserve (cycled through the Yen carry trade and stock buybacks, among other pathways). They have been manipulating stocks into a condition of perpetual inflationary gains – But a reckoning has arrived in the shape of stagflation and it’s killing America slowly.

If stocks cannot survive without a constant flow of recycled fiat to prop them up, then the markets are not real. I suggest that the Dow Jones needs to undergo at least another 10,000 points in decline before valuations are grounded in some kind of reality, and that’s being generous. Some deflation is necessary to bring back affordability.

An economy based on inflation, illusion and comfortable ignorance is a nuclear bomb waiting to explode. There are many conservatives that understand this problem well, but even some of them are freaking out today because they also prefer to avoid facing the consequences of the farce being exposed.

They should know better.

I’ve been hearing Republican and Libertarian commentators decry the “Everything Bubble” for a long time, but many of these people cling like barnacles to the fantasy that there’s a silver bullet solution. Crypto is going to save us (no it’s not). Winning elections is going to save us (no it’s not). Revolution is going to save us (not in the short term). Gold is going to save us (again, not in the short term). There is no scenario in which we can avoid the pain of a financial reformation. There is no silver bullet solution, so stop waiting around for one to materialize.

Stocks Are Not An Indicator Of Economic Health

Stocks are not a leading indicator of economic health and it’s hard to find an instance when a crash has ever been the direct cause of a crisis rather than a symptom of something bigger. Stocks are, in fact, a trailing indicator of problems that should have been noticed long ago.

In nearly every major stock crash in modern history (including the crash of 1929) there were sufficient signs that the economy was in decay, but those signs were dismissed. If you’ve been waiting for a crash to tell you that it’s time to take a closer examination of our nation’s financial health then you’ve been blind.

Most People Don’t Care About The Markets

The wealthiest 10% of Americans own 93% of all stocks.  Only 21% of American families own any shares directly. Another 40% own at least some shares indirectly through retirement programs, but their holdings are tiny – Nearly insignificant. Who actually cares about stocks?  The vast majority of the populace does not.  They might see stock indexes as an indicator of economic stability (this is an incorrect assumption), but they aren’t scrambling to adjust their portfolios right now.

In terms of market players, global corporations and banks benefit most from government and central bank interference in equities, not Joe Dirt or Jane Dirt just scraping by month-to-month, hoping for a modest house and a tiny stipend in a 401K.  Is this a terrible indictment of “capitalism” and free markets? No. My point is that most of the people freaking out about tariffs and the markets are generally people who have large investments, or a political agenda.

There are those that claim that “all of us” should care about stocks because when companies lose value in their shares they end up firing employees in order to make up the difference. This argument presumes that these companies weren’t going to do that anyway.  Deflation is not the only bogeyman out there. Inflation also leads to layoffs as we’ve been seeing the past few years. Artificially inflated stocks are NOT a shield against mass job losses.

Tariffs Are Not A Tax On The Citizenry, They’re A Tax On Global Corporations

I’m getting a little tired of people constantly defending international conglomerates as if they are victims. On the libertarian side of things there are number of well meaning skeptics that suggest tariffs are “unconstitutional” because they symbolize taxation without representation. This is incorrect. Tariffs are not a tax on the public. They are not a tax on foreign economies. They are a tax on global corporations and the foreign goods they import.

As I noted last month in my article ‘Trade War: Tariffs Are Needed To Defeat Globalism But They Come With A Cost’, the Libertarian side of the liberty movement tends to worship corporations and globalism as the ultimate expression of free markets. Somewhere along the line they were conned.

Corporations are socialist constructs that only exist with government charter and special protections. The market bailouts are a perfect example of how corporations that should have been allowed to fail were kept alive because of their partnership with the government.

Frankly, I do not care that they’re getting taxed for importing foreign goods and exporting American jobs. That’s a good thing. If they want to void the tax, all they have to do is bring manufacturing and jobs back to the US. It’s not as if they don’t have options.

Americans can also buy from smaller locally sourced producers to avoid price hikes. Suddenly, the playing field in which international companies get an unfair advantage is a little more level and competition returns. THAT’S a free market, as opposed to what we have today.

Globalism Is Not Inevitable

Tariffs might seem like a crude weapon against the machinations of globalism – As so many skeptics repeat like parrots: “Trump is using an ax when he should be using a scalpel…Squawk!!”.

This isn’t about Trump, so let’s set him aside for a moment. Instead, consider what globalism really is: A system which pretends to benefit humanity while quietly bleeding as much wealth as it can from the middle class.  It then places that cash in the coffers of a tiny percentage of elites. Globalism is a wealth and property transfer machine.

The direct result is a historic wealth gap that has put 30% of all cash in the hands of 1% of the population. The bottom 50% of the populace holds a laughable 2.6% of global wealth, and the problem is only getting worse.

In terms of “free trade” and the supply chain, interdependency makes all nations weak by forcing them to rely on other countries for key resources and base necessities. They’ve set up a system which makes it hard to walk away. Freedom from globalism means isolation from preestablished supply chains.

For those that say tariffs are an attack on our allies and trading partners, this is foolish. First, a lot of these countries are NOT our allies. Europe in particular is becoming more totalitarian by the day, throwing people in jail for online speech and political opponents in jail for wanting to stop mass immigration. Why should we be allies or trading partners with people who would happily destroy every value we hold dear?

Furthermore, why has the American consumer become the cash cow for the rest of the world? Why are other countries so reliant on us to buy their products? The narrative is that Americans MUST continue to consume outside exports and remain dutiful pay-pigs because if we don’t that means we’re declaring war?  Yeah, I think not.

Finally, if tariffs don’t work or they’re a destructive practice, then why do so many countries place tariffs on American goods? They’re allowed to enforce a trade balance, but we’re not?

Globalism Is A Cancer And It Must Be Allowed To Die

What critics are truly afraid of is the death of globalism. Not because they particularly adore the ideology; a lot of them hate globalism and what it represents. Rather, they are afraid because they’re addicted to the meager comfort that the system provides and they know that independence (detoxification) comes with pain.

It means hard work and sacrifice, but also living through a generational struggle that asks a lot of us while there’s no guarantee we’ll ever see any benefits in our lifetime. Americans today are increasingly less concerned with the world their children might inherit. They only seem to care about their immediate happiness. Some Americans would sacrifice everything including their freedoms just to avoid dealing with an uncomfortable crisis event.

If stock markets don’t matter, guess what? Your happiness REALLY doesn’t matter.

This one is for the survival of the species, folks.  Eventually the wave we’re coasting on is going to crash to the shore. Globalism is a cancer on our world. Either we step up and kill it or we will suffer more each decade while our children grow up with no inkling of what prosperity means.

Yes, Conservatives Will Be Blamed – News Flash: They Were Going To Blame Us Anyway

Conservatives and liberty advocates will be blamed for any economic instability that results from Trump’s economic policies. I’ve been warning about this FOR YEARS. I warned about it at the beginning of Trump’s first term back in 2016. I said that Trump will be called the “next Herbert Hoover”, that his tariffs would be tied to chaos in markets and probably the dollar. I warned that, by extension, all conservatives will be scapegoats for a crisis that the globalists actually created.

Back then I believed that the liberty movement’s most important job was to ensure that blame is placed on the central banks, international corporations and NGOs.  Now, I’m not so sure that optics matter anymore.  The establishment is going to blame us regardless and people will believe them or disagree with them based purely on political allegiance, not on facts. If the end result is the death of globalism then it’s worth the risk.

There will be uncertainty and the enemy will try to take advantage of the crisis and public fear to promote their one world system and a one world digital currency.  This simply means they’ll have to be removed from the equation before they can use the situation to take more power.  Interpret that however you like.

Of course, maybe all of this is premature. The majority of foreign governments are already rushing to the negotiating table to offer more beneficial trade policies. Maybe Trump’s tariffs will be short lived, the panic will be fleeting and manufacturing will flourish in America again.  It’s certainly possible, but again, not without some pain in the short term.

My suspicion is that the tariff issue is just one of many “crisis” scenarios that will play out over the next few years. And the more globalism is derailed the more the elites will try to retaliate. We have to be willing to endure it and press forward.  Even if tariffs succeed in bringing back domestic production, the global order will still be disrupted dramatically in the process.  We can shriek in fear over it, or, we can view it as an opportunity to cleanse America and the world of a parasitic system that has been plaguing us for decades.

END

“It’s Main Street’s Turn To Restore The American Dream” – US Treasury Secretary Warns Wall Street

Wednesday, Apr 09, 2025 – 03:05 PM

Via American Greatness,

U.S. Secretary of the Treasury Scott Bessent laid out President Trump’s financial policy priorities for the American Bankers Association (ABA) on Wednesday, saying that Main Street America will now take priority.

Bessent speaking at the ABA’s Washington Summit, said, “For too long, financial policy has served large financial institutions at the expense of smaller ones— no more.”

The Treasury Secretary stated that, “It’s Main Street’s turn to hire workers, it’s Main Street’s turn to drive investment and it’s Main Street’s turn to restore the American dream.”

Bessent announced the Trump administration’s shift to focusing on helping Main Street businesses and consumers thrive by giving all institutions a chance to succeed, adding, “For the last four decades, basically since I began my career in Wall Street, Wall Street has grown wealthier than ever before, and it can continue to grow and do well.”

Addressing fears of a looming recession, Bessent defended Trump’s agenda of tax cuts, deregulation and trade rebalancing and noting that, 

“We want to de-leverage the government sector, re-leverage the private sector …. we can’t do it all at once, or that will cause a recession.”

Bessent added, 

“What will keep us from having a recession is making sure that the tax bill doesn’t expire, adding back 100% depreciation and then adding some of President Trump’s agenda — no tax on tips, no tax on Social Security, no tax on overtime.”

In an interview on CNBC, Bessent reiterated the president’s goal of bringing jobs and manufacturing back to the U.S. as well as raising wages, increasing revenues and reviving the American dream.

CNBC reports that while the wealthy own the majority of stocks, Main Street’s participation in the stock market has soared with the advent of individual retirement accounts (IRA) in the 1970s and 401(k)s during the Reagan administration.

END

House Republicans Block Democratic Bid To Force Vote On Tariffs

Wednesday, Apr 09, 2025 – 08:05 PM

Authored by Jackson Richman via The Epoch Times (emphasis ours),

House Republicans blocked on April 9 an effort by Democrats to force a vote on halting the reciprocal tariffs imposed by President Donald Trump, which are currently paused for three months.

The maneuver was done through a rule, which the House of Representatives must vote on to advance to votes on measures.

The House Rules Committee advanced the rule 9-3 on April 9, which mainly deals with the unrelated budget resolution to unlock the reconciliation process to pass Trump’s signature legislative agenda. The rule punts the vote on the resolution to September.

The disapproval resolution would block the emergency authority that allowed Trump to enact the tariffs, which were announced on April 2. The reciprocal tariffs took effect at 12:01 a.m. ET on Wednesday.

The resolution was introduced by Reps. Gregory Meeks (D-N.Y.), Rick Larsen (D-Wash.), and Richard Neal (D-Mass.). It has an additional 23 co-sponsors.

“By implementing these tariffs, Trump has now imposed the largest and most regressive tax in modern history, sent the stock market into its worst plunge since COVID, and is risking a global recession,” they said in a statement. “These tariffs are nothing more than a sales tax on American families, driving up prices on everything from groceries to cars.”

Disapproval resolutions force a vote in the House and Senate, where a simple majority is needed for passage as opposed to being subject to the 60-vote filibuster threshold.

The Senate passed a resolution last week to block Trump’s 25 percent and 10 percent tariffs on Canadian goods and energy, respectively. All Democrats and four Republicans voted in favor of it. The House is not expected to take it up, and the president is expected to veto it should it pass Congress. House Republicans blocked a similar disapproval resolution last month through a rule.

Trump announced on Wednesday a 90-day pause on reciprocal tariffs for dozens of countries and retained a baseline 10 percent tariff for all countries, except China.

The president increased tariffs to 125 percent on China, after Beijing announced 85 percent retaliatory tariffs on the United States.

“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,” posted Trump on Truth Social, announcing the pause.

The president said he paused most reciprocal tariffs because more than 75 countries have reached out to the administration, requesting trade negotiations.

Congressional Republicans have largely expressed support for Trump’s tariffs.

Rep. August Pfluger (R-Texas) told reporters that the president is “making good on a campaign promise to shake things up, to reorder the world system whether it’s trade or whether it’s alliances or military organizations.”

Rep. Rich McCormick (R-Ga.) told reporters that the tariffs finally put China on notice.

“If China needs our market more than we need their market, because they already put unfair tariffs and regulations and restrictions on us, they’re going to suffer way more from this than we are in a trade war,” he said.

“If the rest of the world’s going to come to the table, why shouldn’t China too?” he added.

Nathan Worcester contributed to this report.

END

Wisconsin Voter ID Win Buoys California GOP Activists

Wednesday, Apr 09, 2025 – 07:15 PM

Authored by Susan Crabtree via RealClear Politics (emphasis ours),

Republicans celebrated a consolation prize in Wisconsin Tuesday night, predicting that the big win for a strong voter ID law in the critical swing state could have reverberations as far away as California.

“Even far lefties want voter ID,” Ric Grenell, Trump’s envoy for special missions who is weighing a run for California governor in 2026, declared in an X.com post. “Next up…California!”

Although the GOP candidate for state Supreme Court lost in the hotly contested Wisconsin election in which Elon Musk played a starring role, Republicans from Musk to President Trump to GOP state legislators around the country touted the voter ID victory. Musk said, with some online blowback, that Tuesday’s silver lining will have more long-term impact than the Democrat’s judicial win.

“This was the most important thing,” Musk posted on X in response to a post that the voter ID measure had prevailed by a wide margin.  

Some 63% of Wisconsin voters Tuesday approved the measure to enshrine the state’s voter ID law in the state constitution. The Badger State already required that voters have a photo ID in order to participate at the polls, but the law is now elevated to a constitutional amendment.

The move makes Wisconsin the latest state to formalize voter ID rules, and it’s one of 36 states that have some form of voter identification requirement, according to the National Conference of State Legislatures.

The win also is emboldening proponents of voter ID laws as far away as solidly blue California. A Gallup poll last fall found that large majorities of Americans back photo ID laws, with some 84% of Americans saying they back having “all voters” provide “photo identification at their voting place in order to vote.”

Grenell, who served as director of national intelligence during the first Trump administration, wasn’t just touting California’s voter ID campaign out of nowhere when suggesting that California would be the next state to back voter ID requirements. Before joining the Trump administration again in January, Grenell was busy as the co-chair of Fix California, a nonprofit devoted to increasing voter registration and imposing stricter voting rules around the state’s mail-in and loose ballot-harvesting laws.

Before the 2022 midterm congressional elections, Grenell said he aimed to register up to 1.4 million potential conservative voters in the state, aiming to replicate the results of Stacey Abram’s Fair Fight organization in Georgia. Late last year, California election analysts, including Rob Pyers of the nonpartisan California Target Book, reported that Republicans had increased their share of registered voters across all 58 counties and in every congressional, state senate, and assembly district.

The latest California secretary of state update in mid-March shows that Republicans have gained 1 million registered voters in California over the last eight years.

(Republican registration has ticked up to 25% of registered voters, pulling ahead of “no party preference,” which now stands at 22%. But they are still far behind the 46% of voters who are registered Democrats.)

One of Grenell’s close political allies and friends is leading the voter ID drive in California. Republican Assemblyman Carl DeMaio, a former conservative talk show host who heads a different nonprofit, Reform California, is now focused on passing a bold 2026 ballot measure that would not only change the California constitution to require voter ID but also mandate citizenship verification to vote across the state.

In early March, DeMaio formed “Californians for Voter ID” and released polling from Public Opinion Strategies showing strong support in California for new laws requiring identification to vote. Some 68% of all Californians back a change requiring an ID when casting a ballot, including 93% of Republicans and 52% of Democrats, according to the poll. The survey also found that a whopping 72% of Californians support verifying citizenship for anyone wishing to register to vote.

Proponents of voter ID laws argue they boost the public’s trust in election outcomes and reduce voter fraud. Critics contend that such rules disproportionately prevent voters of color, low-income, and older voters from vesting ballots because those groups are more likely to lack some form of photo ID.

Right now, citizenship is required to vote under California law, but voter registrations through the state’s online DMV application only require California residents to check a box marked “U.S. citizen” without requiring proof. DeMaio has mocked the process as only requiring “pinky swearing” that residents are citizens.

“Here’s the deal. Neither side should ever be in doubt about the integrity of an election,” DeMaio said during remarks at the California GOP convention in mid-March. “If you have a third of voters of any party upset with the integrity of an election, you have a problem with your democracy, and you must fix it, no matter what side of the aisle you’re on.”

DeMaio then introduced then-Assemblyman Bill Essayli, a Republican representing Riverside, California, who had co-authored several voter ID bills with him over the last few months. Trump this week named Essayli, 39, as U.S. attorney for the Central District of California, an office employing more than 250 lawyers.

In addition to Essayli, DeMaio’s voter ID coalition partners include GOP Rep. Ken Calvert, the longest-serving Republican in the California congressional delegation who narrowly won his election by three percentage points in 2024. Other players are Julie Luckey, mother of tech entrepreneur Palmer Luckey, a big Trump funder, and the Lincoln Club of Orange County, a conservative organization.

Despite the majority support for voter ID laws in California and nationwide, DeMaio is well aware that getting a constitutional amendment passed is no easy feat. The assemblyman pursued an unsuccessful “election integrity” ballot initiative in 2023, which didn’t end up qualifying because it failed to attract enough signatures and financial backing.

This time, DeMaio believes he has the wind at his back, although he’s leaving nothing to chance. He says he’s already enlisting thousands of volunteers across the state to gather the 1 million signatures needed to qualify and has garnered financial commitments from big Trump donors to help make that happen.

DeMaio told supporters on a conference call last week that these “big Trump donors” have committed $16 million to help qualify the initiative but will release the money only if the grassroots donor campaign hits a $3 million target to unlock the funds. The funds will pay for social media ads and text messages to support the campaign, legal work to draft and file the initiative, paid signature gatherers, and the costs of printing and sending petition kits across the state. DeMaio is also planning a statewide bus tour with rallies every month in different areas of the state.

During the late March conference call, DeMaio outlined several key upcoming deadlines for the voter ID campaign, including May 1, the deadline for forming the statewide commitment and raising initial costs for filing the initiative, and Aug 31, the date the initiative language must be filed with the secretary of state. The secretary of state then formally approves the initiative in early October, and once that takes place, the campaign has 180 days to attain 1 million verified signatures by April 2026.

On the same conference call last week, DeMaio warned supporters that Democrats, the media, and even some Republicans are already attacking the campaign as a misuse of time and energy.

“All I had to say to them is it’s a shame your name is going down in the history books as people who are trying to keep our state controlled by the blue supermajority that has ruined it,” DeMaio warned. “We cannot have people try to split us up. We’ve got to unite. We’ve got to demand that elected officials who are Republicans do everything they can do.”

Susan Crabtree is RealClearPolitics’ national political correspondent.

END

House Passes GOP Budget Plan After Johnson Tames GOP Revolt

Thursday, Apr 10, 2025 – 11:17 AM

Update (1117ET): The House passed the GOP budget blueprint minutes ago – giving Speaker Mike Johnson a victory just one day after he delayed the vote over vocal opposition within Republican ranks.

During the vote, Johnson huddled with Majority Leader Steve Scalise, House Budget Chair Jodey Arrington (R-Texas) and multiple GOP holdouts just off the House floor in an effort to seal the deal.

Earlier in the morning, Johnson appeared alongside Senate Majority Leader John Thune to project unity, and reiterate a promise to reduce the deficit by at least $1.5 trillion in the overall package of Trump tax cuts, beefed up border security, energy policies and more, Politico reports.

The budget measure passed 216-214, and paves the way for a follow-on package to cut taxes by up to $5.3 trillion over a decade, and raise the debt ceiling by $5 trillion, in exchange for deep spending cuts. GOP Reps. Thomas Massie (KY) and Victoria Spartz (IN) joined Democrats in voting against it.

The holdouts in the House – around 20 budget hawks and members of the House Freedom Caucus, remained staunchly against the Senate-amended budget resolution until the Senate was willing to guarantee that they would reduce spending levels by the House’s $1.5 trillion over 10 years vs. the paltry $4 billion in cuts the Senate had originally proposed.

“Our ambition in the Senate is we are aligned with the House in terms of what their budget resolution outlined in terms of savings,” Thune said Thursday. “The speaker has talked about $1.5 trillion, we have a lot of United States senators who believe that is a minimum. We’re certainly going to do everything we can to be as aggressive as possible to see that we are serious about the matter.”

* END

VICTOR DAVIS HANSON

USA/ANTISEMITISM//HAMAS// REPORT

KINGNEWS

SWAMP STORIES FOR YOU TONIGHT

US Spy Chief Gabbard Starts Task Force To Investigate Intelligence Community

by Tyler Durden

Thursday, Apr 10, 2025 – 08:50 AM

Authored by Jack Phillips via The Epoch Times (emphasis ours),

Director of National Intelligence Tulsi Gabbard said she is setting up a task force to cut costs and root out what she said is “weaponization” of the government.

In a statement on Tuesday, Gabbard said that the task force creation is designed to “rebuild trust in the Intelligence Community” and to align with President Donald Trump’s executive orders.

“We are already identifying wasteful spending in real time, streamlining outdated processes, reviewing documents for declassification, and leading ongoing efforts to root out abuses of power and politicization,” she said in the statement.

Several of the moves will fall under Trump’s executive orders that established the Department of Government Efficiency (DOGE), a cost-cutting organization associated with senior Trump adviser Elon Musk, although the Office of the Director of National Intelligence (ODNI) did not provide further details in the statement. But it did say that the office is currently “identifying wasteful spending, inefficiencies, and bloated bureaucracy.”

The ODNI said that it is currently reviewing any documents for potential declassification, including details on the origins of COVID-19, the FBI’s Crossfire Hurricane investigation into allegations that Trump colluded with Russia in 2016, “anomalous health incidents,” and the Biden administration’s “domestic surveillance and censorship actions.”

Anomalous health incidents refer to “Havana Syndrome,” or unexplained and sudden symptoms such as dizziness, pain, mental difficulties, and other symptoms reported by the U.S. government that first occurred in 2016.

Crossfire Hurricane drew controversy among Republicans, who said that it relied on false information to obtain a warrant to surveil a former Trump campaign aide, Carter Page.

Trump has long decried the FBI investigation and said it was part of a longstanding witch hunt meant to harm his presidency and reelection campaign. An investigation by former special counsel Robert Mueller found that Russia engaged in election interference in the 2016 election but did not find that Trump or his campaign colluded with the Kremlin.

Gabbard’s task force will also root out what it called “deep-seeded politicization” as well as expose “unauthorized disclosures of classified intelligence,” according to the statement.

The group is also working to revoke security clearances for people who “no longer have an active role in national security,” including former Rep. Liz Cheney (R-Wyo.), former Secretary of State and first lady Hillary Clinton, and former President Joe Biden.

Other work includes declassifying materials related to the assassinations of John F. Kennedy, Martin Luther King Jr., and Robert F. Kennedy. Last month, the Trump administration declassified documents relating to the JFK assassination in 1963 as part of the president’s executive order issued at the start of his presidency in January.

“President Trump promised the American people maximum transparency and accountability. We are committed to executing the President’s vision and focusing the Intelligence Community on its core mission,” Gabbard’s statement said.

Gabbard, a former Democratic congresswoman from Hawaii, was confirmed by the Senate in February by a 52–48 vote, with former Senate GOP Leader Mitch McConnell being the only Republican to vote against her confirmation.

During her first congressional hearing after assuming office, Gabbard was asked about a Signal chat group with members of the Trump White House that included messages about strikes in Yemen. Gabbard said that she did not share any classified information outside of official channels.

GREG HUNTER