GOLD CLOSED UP $67.70 TO $3,227.30

SILVER CLOSED UP $1.17 TO $32.01

GOLD ACCESS CLOSED 3229.65

Silver ACCESS CLOSED: $32.16

Bitcoin morning price:$82160 UP 2063 DOLLARS.

Bitcoin: afternoon price: $83,177 up 3130 DOLLARS

Platinum price closing UP $3.85 TO $939.90

Palladium price; DOWN $1.20 TO $918.75

END

*CANADIAN GOLD: $4486.20 UP 38.80 CDN dollars per oz( * NEW ALL TIME HIGH 4493.62 CDN DOLLARS PER OZ//MARCH 31 2025)

*BRITISH GOLD: 2471.21 UP 16.96 Pounds per oz// *(NEW ALL TIME HIGH//CLOSING//2,471.21 BRITISH POUNDS/OZ) APRIL 11/2025

*EURO GOLD: 2,849.80 UP 17.47 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: 3,155.200000000 USD
INTENT DATE: 04/10/2025 DELIVERY DATE: 04/14/2025
FIRM ORG FIRM NAME ISSUED STOPPED

190 H BMO CAPITAL 2
323 C HSBC 85
363 H WELLS FARGO SEC 962
624 H BOFA SECURITIES 100 11
661 C JP MORGAN 29
686 C STONEX FINANCIA 32 18
690 C ABN AMRO 24 14
737 C ADVANTAGE 157
880 H CITIGROUP 793
905 C ADM 15

TOTAL: 1,121 1,121
MONTH TO DATE: 60,722

JPMORGAN stopped 29/1121

GOLD: NUMBER OF NOTICES FILED FOR APRIL/2024. CONTRACT: 1121 NOTICES FOR 112,100 OZ 3.486 TONNES

total notices so far: 60,722 contracts for 6,072,200 OR 188.871 tonnes)

FOR APRIL

XXXXXXXXXXXXXXXXXX

SILVER NOTICES: 190 NOTICE(S) FILED FOR 0.950 MILLION OZ/

total number of notices filed so far this month : 2710 CONTRACTS (NOTICES) for 13.55 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 $67.70 INVESTORS SWITCHING TO SPROTT PHYSICAL (PHYS) INSTEAD OF THE FRAUDULENT GLD:

MEGA HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE DEPOSIT OF 13.48 TONNES OF GOLD INTO THE GLD//

INVENTORY RESTS AT 949.71 TONNES

SLV/

WITH NO SILVER AROUND AND SILVER UP $1.17 AT THE SLV: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: ////A DEPOSIT OF 1.911 MILLION OZ INTO THE SLV//

CLOSING INVENTORY RESTS AT:

CLOSING INVENTORY: 449.514 MILLION OZ

Let us have a look at the data for today

SILVER//OUTLINE

SILVER COMEX OI FELL BY A GOOD SIZED 512 CONTRACTS TO 150,668 AND CONTINUING ON ITS MARCH TO THE RECORD HIGH OI OF 244,710, SET FEB 25/2020, AND THIS GOOD SIZED LOSS IN COMEX OI WAS ACCOMPLISHED DESPITE OUR GAIN OF $0.18 IN SILVER PRICING AT THE COMEX WITH RESPECT TO THURSDAY’S TRADING. HOWEVER, WE HAD A SMALL SIZED GAIN OF 288 TOTAL CONTRACTS AS THE CME NOTIFIED US OF A HUGE 800 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE.. WE HAD A CONSIDERABLE LIQUIDATION OF T.A.S. CONTRACTS COMEX TRADING THURSDAY 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 THURSDAY 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 3527 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 800 CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE ACCOMPANIED BY OUR HUMONGOUS 3527 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 GAINED A HUGE SIZED 15,061 CONTRACTS ON OUR TWO EXCHANGES WITH OUR GAIN IN PRICE OF $0.18. WE HAD CONSIDERABLE TAS LIQUIDATION/ THROUGHOUT THURSDAY’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 THURSDAY NIGHT/FRIDAY MORNING: A HUMONGOUS 3527 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 $0.18) AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY NET SILVER LONGS FROM THEIR PERCH AS WE HAD A STRONG GAIN IN PRICE AND WE GAINED A A HUGE 16,061 CONTRACTS IN OPEN INTEREST FROM OUR TWO EXCHANGES.

WE HAD A HUGE 800 CONTRACT ISSUANCE OF EXCHANGE FOR PHYSICALS) iiii) AN INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 13.735 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUEUE JUMP FOR PHYSICAL TRANSFER TO WHICH WE ADD OUR 4.00 MILLION OZ EX FOR RISK

STANDING FOR APRIL DECREASES TO 18.150 MILLION OZ

WE HAD:

/ GOOD COMEX OI LOSS+// A HUGE SIZED EFP ISSUANCE (800 CONTRACTS)/ VI) HUGE SIZED NUMBER OF T.A.S. CONTRACT ISSUANCE 3527 CONTRACTS)

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL: REMOVED A MONSTROUS 7573 CONTRACTS.

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS MAR. ACCUMULATION FOR EFP’S SILVER/JPMORGAN’S HOUSE OF BRIBES/STARTING FROM FIRST DAY/MONTH OF APRIL

TOTAL CONTRACTS for 9 DAYS, total 13,487 contracts: OR 67.435 MILLION OZ (1498 CONTRACTS PER DAY)

TOTAL EFP’S FOR THE MONTH SO FAR: 67.435 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: 67.435 MILLION OZ/// THIS IS HUGE AND THIS MONTH WILL PROBABLY BE A HUMDINGER OF ISSUANCE.

XXXXXXXXXXXXXXXXXXXXXXXXXXXX

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 7061 CONTRACTS DESPITE OUR SMALL GAIN IN PRICE OF $0.18 IN SILVER PRICING AT THE COMEX// THURSDAY.,. (DUE TO T.A.S. ISSUANCE). THE CME NOTIFIED US THAT WE HAD A HUGE 800 CONTRACT EFP ISSUANCE CONTRACTS: 800 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 14.150 MILLION OZ , PLUS OUR 4.00 MILLION EX FOR RISK

NEW STANDING APRIL: 18.150 MILLION OZ

THE NEW TAS ISSUANCE THURSDAY NIGHT (3527 ) WILL BE PUT INTO “THE BANK” TO BE COLLUSIVELY USED AT A LATER DATE AND MOST LIKELY TODAY.

WE HAD 190 NOTICE(S) FILED TODAY FOR 0.950 million OZ

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

GOLD//OUTLINE

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 10,417 OI CONTRACTS TO 459,504 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 A MONSTROUS 17,243 CONTRACTS CONTRACTS//.

WE HAD A VERY STRONG SIZED INCREASE IN COMEX OI (10,417 CONTRACTS) . THIS OCCURRED WITH OUR MAMMOTH GAIN OF $100.00 IN PRICE THURSDAY. YESTERDAY WAS ALSO THE HIGHEST EVER SINGLE NOMINAL GAIN IN COMEX GOLD PRICING 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 RECORD QUEUE JUMP OF 1981 CONTRACTS OR 198,100 OZ (6.1619 TONNES). THUS INITIAL STANDING FOR GOLD/APRIL DELIVERY MONTH IS 192.419 TONNES NORMAL DELIVERY(INCLUDES OF QUEUE JUMP) + 5.3304 TONNES EX FOR RISK = 197.749 TONNES

/NEW STANDING FOR APRIL; 192.419 TONNES + 5.3304 TONNES EX FOR RISK = 197.749 TONNES

/ ALL OF THIS HAPPENED WITH OUR HUMONGOUS $100.00 GAIN IN PRICE WITH RESPECT TO THURSDAY’S COMEX ///. WE HAD ONLY A VERY STRONG SIZED GAIN OF 14,771 OI CONTRACTS (45.94 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 4354 CONTRACTS:

The NEW COMEX OI FOR THE GOLD COMPLEX RESTS AT 476,747

IN ESSENCE WE HAVE A VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 14,771 CONTRACTS WITH 10,417 CONTRACTS INCREASED AT THE COMEX// AND A VERY STRONG SIZED 4354 EXCHANGE FOR PHYSICAL OI CONTRACT ISSUANCE WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN ON THE TWO EXCHANGES OF 14,771 CONTRACTS.. WE HAD THE FOLLOWING TAS CONTRACTS INITIATED (ISSUED): A STRONG SIZED AND CRIMINAL 3071 CONTRACTS ISSUED.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A VERY STRONG SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4354 CONTRACTS) ACCOMPANYING THE VERY STRONG SIZED INCREASE IN COMEX OI OF 10,417 CONTRACTS/TOTAL GAIN FOR OUR THE TWO EXCHANGES: 14,771 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 192.419 TONNES (WHICH INCLUDES OUR HUGE 6.16 TONNES QUEUE JUMP) AND THIS FOLLOWS TOTAL EXCHANGE FOR RISK ISSUANCE ON 4 OCCASIONS FOR 5.3304 TONNES//NEW STANDING ADVANCES TO 197.749 TONNES.

//NEW STANDING APRIL: 192.419 TONNES + 5.3304 TONNES EX FOR RISK ON 4 OCCASIONS = 197.749 TONNES

/ 3) CONSIDERABLE T.A.S. LIQUIDATION + ZERO SUCCESS IN REMOVING ANY NET SPECULATOR LONGS, AS WE HAD: 1) $100.00 COMEX PRICE GAIN AND WE HAD 2) ZERO NET LONG SPECS BEING CLIPPED AS WE HAD A VERY STRONG 14,771 CONTRACT GAIN ON OUR TWO EXCHANGES ALSO, 3)STICKY GOLD’S LONGS WERE REWARDED THURSDAY EVENING AS THEY EXERCISED EFP’S FROM LONDON TO TAKE DELIVERY OF BADLY NEEDED PHYSICAL AND THUS OUR HUGE TONNAGE STANDING FOR GOLD IN APRIL.

4) MEGA HUMONGOUS SIZED COMEX OI GAIN// 5) VERY STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL PAPER (4354 OI GAIN)///STRONG T.A.S. ISSUANCE: 3071 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: 35,878 CONTRACTS OR 3,587,800 OZ OR 111.59 TONNES IN 9 TRADING DAY(S) AND THUS AVERAGING: 3986 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 9 TRADING DAY(S) IN TONNES 111.59 TONNES

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

THUS EFP TRANSFERS REPRESENTS 111.59 TONNES DIVIDED BY 3550 x 100% TONNES = 3.14% 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; 111.59 TONNES. STILL A SMALL TO FAIR 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 GOOD SIZED 512 CONTRACTS OI TO 150,608 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 800 CONTRACTS

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

MAY 800 and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 800 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 512 CONTRACTS AND ADD TO THE 800 E.FP. ISSUED

WE OBTAIN A SMALL SIZED GAIN OF OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES OF 288 CONTRACTS

THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 1.44 MILLION OZ

OCCURRED WITH OUR $0.18 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 FRIDAY MORNING//THURSDAY NIGHT

SHANGHAI CLOSED UP 14.59 PTS OR 0.45%

//Hang Seng CLOSED UP 232.91 PTS OR 1,13 PTS

// Nikkei CLOSED DOWN 1023.42 OR 2.96%//Australia’s all ordinaries CLOSED DOWN 0.76%

//Chinese yuan (ONSHORE) CLOSED UP TO 7.2994 CHINESE YUAN OFFSHORE CLOSED UP TO 7.3050/ Oil DOWN TO 59.93 dollars per barrel for WTI and BRENT DOWN TO 63.47 Stocks in Europe OPENED ALL MOSTLY ALL RED.

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

STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

END

ASIA TRADING FRIDAY MORNING/THURSDAY NIGHT

A)NORTH KOREA/SOUTH KOREA

outline

b) REPORT ON JAPAN/
OUTLINE

3 CHINA
OUTLINE

4/EUROPEAN AFFAIRS
OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
OUTLINE

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

7. OIL ISSUES
OUTLINE

8 EMERGING MARKET ISSUES
9. USA

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 10,417 CONTRACTS TO 459,504 WITH OUR HUMONGOUS GAIN IN PRICE OF $100.00 WITH RESPECT TO THURSDAY’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 (4354 ).

THE CME ANNOUNCED THURSDAY 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:

THE BANK OF ENGLAND
THE FEDERAL RESERVE BANK OF NEW YORK (NEED TO RETRIEVE THEIR LEASED GOLD FROM THE BIS)

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

DETAILS ON APRIL COMEX MONTH

IN TOTAL WE HAD A MEGA HUMONGOUS SIZED GAIN ON OUR TWO EXCHANGES OF 32,014 CONTRACTS WITH OUR GAIN IN PRICE. HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN ON THURSDAY 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 DISTORTED 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 4354 EFP CONTRACTS WERE ISSUED: : /APRIL 4354 & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4354 CONTRACTS. THESE EFP;S CIRCLE AROUND LONDON ON A 13 DAY BASIS AND ARE NOW USED BY GLOBAL CENTRAL BANKS TO EXERCISE FOR PHYSICAL GOLD WITH THE OBLIGATION TO DELIVER BEING FORCED ONTO COMEX BANKS. THE GOLD GENERALLY DELIVERED COMES FROM LONDON BUT THEY ARE OUT!! THUS COMEX BECOMES THE MAJOR SOURCE FOR OUR CENTRAL BANKERS.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A VERY STRONG SIZED TOTAL OF 14,771 CONTRACTS IN THAT 4354 CONTRACT LONGS WERE TRANSFERRED AS EXCHANGE FOR PHYSICALS TO LONDON AND WE HAD A GAIN OF A HUGE 10,,417 COMEX CONTRACTS..AND THIS HUGE GAIN ON OUR TWO EXCHANGES HAPPENED WITH OUR GIGANTIC GAIN IN PRICE OF $100.00 FOR THURSDAY/ COMEX. THE EXCHANGE FOR PHYSICALS WILL BE USED BY CENTRAL BANKS, TO EXERCISE FOR PHYSICAL GOLD AT THE COMEX AS MENTIONED ABOVE. SEEMS THAT EVERYBODY PILED INTO THE COMEX AS THE GOLD PRICE WAS RISING EXPONENTIALLY.

T.A.S. ISSUANCE

AS PER OUR NEWBIE TRADE AT SETTLEMENT (TAS) MANIPULATION OPERATION (WHICH CRAIG HEMKE HAS POINTED OUT HAPPENS USUALLY DURING MID MONTH IN THE DELIVERY CYCLE), BUT NOW ON A DAILY BASIS, THE CME REPORTS THAT THE TOTAL T.A.S. ISSUANCE FOR THURSDAY NIGHT/FRIDAY MORNING WAS A VERY STRONG SIZED 3071 CONTRACTS, AS AGAIN, ALL OF THE TRADING AND SUPPLY OF CONTRACTS HAVE BEEN ORCHESTRATED BY GOVERNMENT (FEDERAL RESERVE BANK OF NEW YORK). AS PER THEIR MEGA 5 DAY ISSUANCE OF T.A.S THESE PAST FEW MONTHS,, THE FED HAS BEEN EXPERIMENTING WITH EINSTEIN’S DEFINITION OF INSANITY….TRYING TO DO THE SAME THING OVER AND OVER AGAIN HOPING FOR A DIFFERENT RESULT. HIS DEFINITION STILL STANDS.. THE CROOKS ACCOMPLISHED NOTHING AS NOBODY LEFT OUR GOLD METAL ARENA. DURING OPTIONS EXPIRY WEEK, A HUGE RAID WAS ORDERED BY THE FED WITH END OF THE MONTH TRADING ( FEB 25 THROUGH FEB 28) AS THE GOLD PRICE GOT HAMMERED A BIT WITH ONLY THE PAPER PRICE OF GOLD LOWERING! . AND ,FOR MARCH, WE HAD+ ANOTHER 5 DAY MEGA ISSUANCE BUT CORRESPONDING MEGA RAIDS FAILED TO MATERIALIZE. I WOULD LIKE TO POINT OUT THAT WEDNESDAY MARCH 17, THE 38,393 T.A.S. CONTRACT ISSUANCE WAS THE HIGHEST ON RECORD!

THE RAIDS ON OPTIONS EXPIRY ACCOMPLISHES TWO IMPORTANT ASPECTS FOR OUR CROOKS:

STALLS THE ADVANCE IN PRICE
LOWERS THEIR ADVANCING DERIVATIVE LOSSES.

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

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

STANDING FOR GOLD APRIL

// WE HAD A HUGE AMOUNT OF GOLD TONNAGE STANDING: APRIL (197.749 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: 192,419 TONNES + 5.3304 TONNES EX FOR RISK = 197.749 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: 197.749 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 $100.00/ /)/AND WERE UNSUCCESSFUL IN KNOCKING OFF ANY APPRECIABLE NET SPECULATOR LONGS AS WE DID HAVE A VERY STRONG SIZED GAIN IN OUR TWO EXCHANGES. AND AS EXPLAINED ABOVE WE HAD LITTLE T.A.S. SPREADER LIQUIDATION THURSDAY AS THEY WERE TRYING TO QUELL GOLD’S ATTEMPT AT FURTHER INCREASES ABOVE $3,200 AND STOP HUGE COMEX/OTC DERIVATIVE LOSSES FROM ALSO RISING AS THEY FAILED MISERABLY IN THEIR ATTEMPT TO HOLD THE $3,200 DOLLAR BARRIER AS IT IS NOW TRADING AT 3243.

THURSDAY NIGHT/FRIDAY MORNING

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

EXCHANGE FOR RISK EXPLANATION/FEB THROUGH MARCH/APRIL TRADING

EXCHANGE FOR RISK CONTRACTS/MONTH FOR FEBRUARY:

THE CME ANNOUNCED TO THE WORLD THAT ON FEB 4 THEY ISSUED 100 CONTRACTS OF EXCHANGE FOR RISK TO THE BANK OF ENGLAND.THEN A FEW NIGHTS AGO,FEB 4 THEY ISSUED THEIR SECOND CONSECUTIVE EXCHANGE FOR RISK OF 500 CONTRACTS FOR 50,000 OZ (1.555 TONNES OF GOLD. FEB 6 WAS THE THIRD ISSUANCE FOR A HUGE 2400 CONTRACTS, 240,000 OZ OR 7.465 TONNES. AND THEN FINALLY FRIDAY NIGHT, THE 4TH EXCHANGE FOR RISK WAS ISSUED REPRESENTED BY 2834 CONTRACTS OR 283400 OZ OR 8.8149 TONNES OF GOLD WITH THE OWNER OF THOSE CONTRACTS BEING THE BANK OF ENGLAND. THE BANK OF ENGLAND WANTS THEIR GOLD BACK. THIS NEW EXCHANGE FOR RISK 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: 192.419 TONNES +(5.3304 EX FOR RISK// FOR APRIL DELIVERY MONTH =197.749 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 45.94 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 1981 CONTRACT QUEUE JUMP FOR 198,100 OZ OR 6.1619 TONNES. WE MUST NOW ADD OUR 5.3304 TONNES EXCHANGE FOR RISK TO OUR NEW NORMAL DELIVERY OF 192.419 TONNES AND THUS STANDING FOR GOLD FOR APRIL IS NOW 197.749 TONNES, THE 2ND HIGHEST EVER RECORDED!

ALL OF THIS HUGE STANDING WAS ACCOMPLISHED WITH OUR GAIN IN PRICE TO THE TUNE OF $100.00, THE HIGHEST NOMINAL GAIN IN COMEX HISTORY.

WE HAD A MONSTROUS 17,243 CONTRACTS REMOVED TO THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL. AND THIS IS TOTALLY INSANE AS WELL.

NET GAIN ON THE TWO EXCHANGES 14,771 CONTRACTS OR 1,477,100 0Z (45.94 TONNES)

SEEMS THAT THE RATS ARE LEAVING THE DERIVATIVE SHIP!!

confirmed volume THURSDAY 259,651.. contracts: GOOD///

//speculators have left the gold arena

END

APRIL

// THE APRIL 2025 GOLD CONTRACT

APRIL11

INITIAL

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil
Withdrawals from Customer* Inventory in oz*	2 ENTRIES: i) Out of jpm enhanced: 152,532.225 oz or 381 London good delivery bars/400 oz each ii) Out of Int. Delaware 64,302.000 oz (2000 kilobars) total weight 216,834.225 OZ (6,744.44 OZ) 6.744 TONNES .
Deposit to the Dealer* Inventory in oz*	0 ENTRIES
Deposits to the Customer* Inventory, in oz*	we have 1 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 total weight of customer and dealer; 1.33 tonnes xxxxxxxxxxxxxxxxI
No of oz served (contracts) today	1121 notice(s) 112100 OZ 3.486 TONNES
No of oz to be served (notices)	1141 contracts 114,100 OZ 3.548 TONNES
Total monthly oz gold served (contracts) so far this month	60,722 notices 6,072,200 oz 188.871 TONNES
Total accumulative withdrawals of gold from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of gold from the Customer* inventory this month*

dealer deposits: 0 entry

xxxxxxxxxxxxxxxxxxxxx

we have 0 customer entries

TOTAL CUSTOMER DEPOSITS: 0 ENTRY

TOTAL CUSTOMER AND DELIVERY WEIGHT ENTRY ZERO TONNES

xxxxxxxxxxxxxxxxxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

withdrawals: 2//customer account

2 ENTRIES:
i) Out of jpm enhanced: 152,532.225 oz
or 381 London good delivery bars/400 oz each

ii) Out of Int. Delaware 64,302.000 oz (2000 kilobars)

total weight 216,834.225 OZ (6,744.44 OZ)

6.744 TONNES

adjustments: 4 all dealer to customer

a) Ashai: 407,995.296oz

ii) Brinks 87,968.362 oz

iii) JPMorgan 15,432.480 oz

iv) Manfra 10,906.022 oz

total weight adjusted a whopping 16.24 tonnes tonnes

(522,302.16 oz)

xxxxxxxxxxxxxxxxxx

AMOUNT OF GOLD STANDING FOR APRIL

THE FRONT MONTH OF APRIL HAD A GAIN OF 362 CONTRACTS TO STAND AT 2262. WE HAD 1619 CONTRACTS FILED THURSDAY. THUS WE GAINED A HUMONGOUS 1981 CONTRACTS OR 198,100 OZ (6.1619TONNES) AS WE EXPERIENCED ANOTHER MASSIVE QUEUE JUMP WHERE THESE BOYS DESIRED TO TAKE PHYSICAL DELIVERY OVER HERE. THIS IS CENTRAL BANKERS STANDING FOR PHYSICAL GOLD. THIS QUEUE JUMP OF 6.1619 TONNES REPRESENTED THE HIGHEST EVER QUEUE JUMP IN COMEX HISTORY SURPASSING THE PREVIOUS HIGHEST RECORDED YESTERDAY AT 5.90 TONNES. TODAY REPRESENTS THE FIRST EVER 4 IN A ROW OF MASSIVE 5 + TONNES OF QUEUE JUMPING IN COMEX HISTORY!!

MAY GAINED 292 CONTRACTS UP TO 5128 CONTRACTS

JUNE GAINED 6086 CONTRACTS TO 351,390. JUNE WILL STILL BE A WHOPPER OF A DELIVERY MONTH

We had 1121 contracts filed for today representing 112,100 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 0 notices issued from their client or customer account. The total of all issuance by all participants equate to 1121 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 29 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 (60,722 X 100 oz ) to which we add the difference between the open interest for the front month of APRIL (2262 CONTRACTS) minus the number of notices served upon today (1121 x 100 oz per contract) equals 6,186,300 OZ OR 192.419 TONNES

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

= 197.749 tonnes

thus the INITIAL standings for gold for the APRIL contract month: No of notices filed so far (60,722 x 100 oz +we add the difference for front month of APRIL (2262 OI} minus the number of notices served upon today (1121 x 100 oz) which equals 6,186,300 OZ OR 192.419 TONNES + 5.3304 tonnes ex for risks = 197.742 tonnes

TOTAL COMEX GOLD STANDING FOR APRIL.: 197.743 TONNES WHICH IS HUGE FOR THIS ACTIVE ACTIVE DELIVERY MONTH IN THE CALENDAR. FEBRUARY HAD THE HIGHEST DELIVERY FOR ANY MONTH AND APRIL IS FOLLOWING SUIT..

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

COMEX GOLD INVENTORIES/CLASSIFICATION

NEW PLEDGED GOLD:

241,794.285 oz NOW PLEDGED /HSBC 5.94 TONNES

204,937.290 OZ PLEDGED MANFRA 3.08 TONNES

83,657.582 PLEDGED JPMorgan no 1 1.690 tonnes

265,999.054, oz JPM No 2

1,152,376.639 oz pledged Brinks/

Manfra: 33,758.550 oz

Delaware: 193.721 oz

International Delaware:: 11,188.542 oz

total pledged gold: 2,055,639.792 oz 63.93 tonnes

TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 44,575,964.165 oz

TOTAL REGISTERED GOLD 22,310,273.870 or 693.94 tonnes

TOTAL OF ALL ELIGIBLE GOLD: 22,265,,690.295 OZ

REGISTERED GOLD THAT CAN BE SERVED UPON: 20,254,634oz (REG GOLD- PLEDGED GOLD)= 630.00tonnes //

END

SILVER/COMEX

// THE APRIL 2025 SILVER CONTRACT//INITIAL

APRIL 11

INITIAL

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	withdrawals 2 2 entries: i) Loomis: 537,432.500 oz ii) Delaware 57,318.414 oz total withdrawal 594,750.904 oz
Deposits to the Dealer* Inventory*
Deposits to the Customer Inventory	deposits customer side 2 entries i) Into CNT customer 1,199,143.2709 oz ii) Into Loomis 634,944.000 total weight 1,834,087.270 oz
No of oz served today (contracts)	190 CONTRACT(S) (0.950 MILLION OZ
No of oz to be served (notices)	309 contracts (1.545 MILLION oz)
Total monthly oz silver served (contracts)	2710 Contracts (13.55million oz)
Total accumulative withdrawal of silver from the Dealers* inventory this month*	NIL oz
Total accumulative withdrawal of silver from the Customer* inventory this month*

0 entries/dealer

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

deposits customer side

2 entries

i) Into CNT customer 1,199,143.2709 oz

ii) Into Loomis 634,944.000

total weight 1,834,087.270 oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

2 entries//customer withdrawals

withdrawals 2
2 entries:

i) Loomis: 537,432.500 oz
ii) Delaware 57,318.414 oz

total withdrawal 594,750.904 oz

total withdrawals 594,750.914 oz

ADJUSTMENTs 1 entries//

dealer to customer CNT

41,275.45 oz

JPMorgan has a total silver weight: 199.954million oz/497.475oz million or 40.27%

TOTAL REGISTERED SILVER: 159.602 MILLION OZ//.TOTAL REG + ELIGIBLE. 497.465Million oz

CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR APRIL

silver open interest data:

FRONT MONTH OF APRIL /2025 OI: 310 OPEN INTEREST CONTRACTS FOR A LOSS OF 95 CONTRACTS. WE HAD 96 NOTICES FILED THURSDAY SO WE GAINED 1 CONTRACTS WHICH UNDERWENT A SMALL QUEUE JUMP OF 5,000 OZ AS THESE BOYS WERE WILLING TO WAIT FOR DELIVERY OF SILVER OVER ON THIS SIDE OF THE POND.

MAY SAW A GAIN OF 4662 CONTRACTS DOWN TO 75.429 CONTRACTS.

JUNE SAW A LOSS OF 56 CONTRACTS DOWN TO 1413 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED FOR TODAY: 190 or 0.950 MILLION oz

CONFIRMED volume; ON THURSDAY 103,519 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 2710 X5,000 oz = 13.55 MILLION oz

to which we add the difference between the open interest for the front month of APRIL (310) AND the number of notices served upon today (190 )x (5000 oz)

Thus the standings for silver for the APRIL 2025 contract month: (2710) Notices served so far) x 5000 oz + OI for the front month of APRIL(310) minus number of notices served upon today (190)x 5000 oz equals silver standing for the APRIL contract month equating to 14.150 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 18.150 MILLION OZ

New total standing: 18.150 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 159.602million 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

APRIL11 WITH GOLD UP $67.70 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 13.48 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 949.71 TONNES

/APRIL10 WITH GOLD UP $100.00 TODAY// HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 0.86 TONNES OF GOLD OUT OF THE GLD. ///INVENTORY RESTS AT 937.09 TONNES

APRIL9 WITH GOLD UP $83.50 TODAY// MEGA HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE DEPOSIT OF 11.171 TONNES OF GOLD INTO THE GLD. ///INVENTORY RESTS AT 936.23 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

APRIL11 WITH SILVER UP $1.18 /BIG CHANGES IN SILVER INVENTORY AT THE SLV A DEPOSIT OF 1.911 MILLION OZ INTO THE SLV//: //INVENTORY AT SLV RESTS AT 449.71 MILLION

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 449.71 MILLION OZ//

PHYSICAL GOLD/SILVER COMMENTARIES

1/ PETER SCHIFF/SCHIFF GOLD/MIKE MAHARRY

PETER SCHIFF

2, EGON VON GREYERZ

ALASDAIR MACLEOD

Donald’s $ ducks

Measured in gold, the dollar’s decline is accelerating as foreigners bail out and gold is the go-to refuge. It is a panic on a global scale that looks like it is only just starting.

Alasdair MacleodApr 11∙Paid

READ IN APP

Donald’s $ ducks

After last week’s dramatic selloff, gold and silver rallied this week, spectacularly in the case of gold. In early morning European trade today, gold was $3,219, up $180 from last Friday’s close — a new record level. Silver was $31.36, up $1.78. But since last week’s dramatic selloff, silver has been left way behind gold, reflected in our headline chart.

So what’s driving these two metals?

Part of the reason for this disparity is that Comex dealers have a better understanding of industrial demand factors than of money. This has led them into the wrong contract, which is illustrated in the chart below of price and open interests.

Open interest in gold recently collapsed from 574,824 to 449,087 contracts on Wednesday or 125,737 contracts (equivalent of 391 tonnes) taking it toward oversold territory, while on balance the price barely moved. In silver, the decline in open interest was more modest, while the price fell heavily. Previously, open interest and the price had been moving together in normal bullish fashion, suggesting the price was more vulnerable to unexpected shocks.

When silver is valued as an industrial metal, its price corelates with copper. Both metals initially soared on tariff fears, then fell back heavily when markets became scared of the recessionary consequences. Gold, however, reflects fears for the dollar and has caught paper markets on the hop.

Other than the gold price itself, the best illustration of the dollar’s plight is its trade weighted index:

Ouch! This is a collapse against other currencies that are hardly paragons of virtue themselves. Not only is this a classic dollar bear market, but the momentum to the downside is consistent with becoming self-feeding.

What gold and the TWI chart are telling us is that taking everything into account markets now expect the dollar to lose purchasing power at an alarming rate. Consequently, we can kiss goodbye any prospect for interest rate cuts and lower bond yields. Instead, they will have to rise in the coming months, which is bound to be a nasty systemic shock.

Let that sink in for a moment.

We can now sense the future direction of bond yields, and our next chart is of the 10-year UST note confirming worst fears:

It is being sensed already, but when the pecked line is broken all dollar credit values will slide. Equity and bond values are bound to fall heavily, and foreign holders of some $32 trillion of onshore dollar assets including $14 trillion of equities will flee from not only the assets, but the dollar as well.

The question then arises as to the consequences for other currencies, which are likely to be damaged by the lethal combination of higher US bond yields, their own debt traps, and severe equity bear markets.

This is painting a very dark picture, but it is getting difficult to see how this deterioration in US and global credit values can be avoided. For now, it is only a matter of Trump’s administration undermining the dollar’s credibility. We need to monitor how market opinions elsewhere reflect these fears.

Finally, a few words on silver. While investors have been badly whipsawed in the last two weeks, it has left silver grossly undervalued. We can cite the gold-silver ratio at 103, which is an aberration. And the chart looks good as well:

All that has happened is that the price has successfully back-tested the breakout level of the previous four-year consolidation. Rising moving averages in correct sequence tell us that the bull is intact. Silver should now be ready to break the $35 level and move on rapidly higher. Losing faith is not a sensible option in what is still a monetary metal.

3. C Powell and Gata dispatches

4. ANDREW MAGUIRE PODCAST

LIVE FROM THE VAULT/ANDREW MAGUIRE WITH ALASDAIR MACLEOD

5B GLOBAL COMMODITY ISSUES/FOOD IN GENERAL//FREIGHT/COMMODITIES:COMMODITY//ROLEX

END

6 CRYPTOCURRENCY NEWS

ASIA TRADING FRIDAY MORNING THURSDAY NIGHT

SHANGHAI CLOSED UP 14.59 PTS OR 0.45%

//Hang Seng CLOSED UP 232.91 PTS OR 1,13 PTS

// Nikkei CLOSED DOWN 1023.42 OR 2.96%//Australia’s all ordinaries CLOSED DOWN 0.76%

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

STRONGER AGAINST US DOLLAR/OFFSHORE YUAN STRONGER

END

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

ONSHORE YUAN: CLOSED UP TO 7.2994

OFFSHORE YUAN: UP TO 7.3050

SHANGHAI CLOSED CLOSED UP 14.59 PTS OR 0.45%

HANG SENG CLOSED CLOSED UP 232.91 OR 1.13%

2. Nikkei closed DOWN 1023.42 PTS OR 2.96%

3. Europe stocks SO FAR: MOSTLY ALL RED

USA dollar INDEX DOWN TO 99.53// EURO RISES TO 1.1342 UP 84 BASIS PT HEADING TO PARITY WITH USA

3b Japan 10 YR bond yield: FALLS TO. +1.288//Japan buying 100% of bond issuance)/Japanese YEN vs USA cross now at 142.72…… 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 DOWN for WTI and DOWN FOR BRENT this morning

3h European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund YIELD DOWN TO +2.5235/Italian 10 Yr bond yield DOWN to 3.794 SPAIN 10 YR BOND YIELD DOWN TO 3.280

3i Greek 10 year bond yield DOWN TO 3.495

3j Gold at $3235.00 Silver at: 31.62 1 am est) SILVER NEXT RESISTANCE LEVEL AT $50.00//AFTER 28.40

3k USA vs Russian rouble;// Russian rouble UP 0 AND 13 /100 roubles/dollar; ROUBLE AT 83.36

3m oil into the 59 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 142.72// 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 1.288% 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 0.8160 as the Swiss Franc is still rising against most currencies. Euro vs SF: 0.9255 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: 4.434 UP 4 BASIS PTS…

USA 30 YR BOND YIELD: 4.866 UP 2 BASIS PTS/

USA 2 YR BOND YIELD: 3.835 DOWN 1 BASIS PTS

USA DOLLAR VS TURKISH LIRA: 38.06

10 YR UK BOND YIELD: 4.7405 UP 5 PTS

10 YR CANADA BOND YIELD: 3.237 DOWN 1 BASIS PTS

5 YR CANADA BOND YIELD: 2.821 DOWN 2 PTS.

2a New York OPENING REPORT

Futures Flat, Gold Soars, Dollar Crashes After China Hikes US Tariffs To 125%

by Tyler Durden

Friday, Apr 11, 2025 – 09:21 AM

Things are moving so fast it’s becoming pointless to do static market wraps like this one, but may as well try even if it will be completely irrelevant the minute we publish this.

US equity futures are slightly higher, having reversed steep overnight losses. What is remarkable however is that even after China announced a decision to raise tariffs on all US goods from 84% to 125%, stocks initially dippped by have since recovered. As of 8:40am, S&P futures are up 0.6% helped by solid earnings from JPM and Morgan Stanley, while Nasdaq futures gained 0.8%, lifted by solid Mag7 performance.

More importantly, the dollar (DXY index) plunged below 100 for the first time since 2023 on concerns its status as the world’s reserve currency is being eroded as the US-China trade war intensifies (spoiler alert: it’s not, because very soon we are about to see China, Japan and Europe unleashing a monetary bazooka to preserve their export industries (i.e. economy) pushing the euro topped to a 3 year high much to the horror of Europe’s exporters while the yen also exploded higher, sending the country’s exporting industries in a crisis.

And amid this fiat carnage, gold soared to a fresh record high and even bitcoin is starting to catch a bid as algos slowly but surely realize that if the dollar is no longer the world’s reserve currency, and every other fiat currency is worse than the dollar, then… yeah.

In premarket trading, Mag 7 stocks were mixed after China’s decision to raise tariffs on all US goods from 84% to 125%.
Tesla -0.3%, Amazon +0.2%, Meta +0.7%, Apple +0.06%, Alphabet +0.6%, Microsoft +0.3%, Nvidia +1%). Shares in companies working on biotech AI models gain after the FDA said it plans to phase out animal testing requirements for monoclonal antibodies and other drugs (Recursion Pharmaceuticals +14%, Absci +15%, Certara +20%, Schrodinger +14%, Nuvation Bio +2.9%). US-listed Chinese stocks are holding onto their gains after the latest escalation in trade tensions that saw China raising levies on US goods to 125%, but saying it won’t match further US tariff hikes (Alibaba + 2.2%, Baidu 3.6% +4.1%, NetEase +2.1%). Here are some other notable premarket movers:

American Express (AXP) climbs 2.6% as BofA turns bullish, seeing the credit card provider as recession resilient.
Cinemark Holdings (CNK) rises 3% as JPMorgan upgrades to overweight, saying the cinema company is one of the least economically exposed firms in the current volatile environment.
EQT (EQT US) shares slip 1.6%. The gas producer expects to report a total derivatives loss of $679 million for the three months ended March 31, according to a statement.
JPMorgan (JPM) rises 1% as the bank’s stock traders took in a record haul in the first quarter but its FICC and iBanking revenues missed.
Morgan Stanley (MS) rises 3% as 1Q net revenue tops estimates.
Stellantis (STLA) shares fall 2.8% after the carmaker said shipments dropped 9% in the latest three month period.
Verve Therapeutics (VERV) gains 6.6% after saying that the FDA granted fast track designation for VERVE-102.
Wells Fargo (WFC) gains 1.7% after posting quarterly results.

As Bloomberg notes, in a week that’s seen the biggest swings in decades erupt across stock and bond markets, currency moves took the spotlight on Friday. In the latest tit-for-tat move, China announced it would raise tariffs on all US goods from 84% to 125% and warned that it plans to “resolutely counterattack and fight to the end” if the US continues to infringe on its rights and interests. The Ministry of Finance also called the Trump administration’s actions a “joke” and said it no longer considers them worth matching.

“The question of a potential dollar confidence crisis has now been definitively answered – we are experiencing one in full force,” ING Bank NV strategists including Francesco Pesole wrote in a note. “The dollar collapse is working as a barometer of ‘sell America’ at the moment.”

JPM shares rose as much as 4% in US premarket trading before fading all gains, after the bank boosted loan-loss provisions and bolstered its reserves. Rival Morgan Stanley also climbed after reporting soaring trading revenue amid market volatility.

“The economy is facing considerable turbulence,” JPMorgan CEO Jamie Dimon said in commentary accompanying the results. “Clients have become more cautious amid an increase in market volatility driven by geopolitical and trade-related tensions.”

BlackRock Inc. reported lower-than-expected net inflows in the quarter with CEO Larry Fink likening current conditions to the “structural shifts” seen during the global financial crisis and the Covid pandemic. “Uncertainty and anxiety about the future of markets and the economy are dominating client conversations,” Fink said in a statement.

Earlier, Bank of America’s Michael Hartnett said President Donald Trump’s tariffs and the resulting market turmoil were turning US exceptionalism into “US repudiation.” He advised investors sell any rallies until the Federal Reserve steps in and the US and China de-escalate, recommending a short position on stocks — until the S&P 500 hits 4,800 points — and a long bet on two-year Treasuries. Higher bond yields, lower stocks and a weaker dollar are “driving global asset liquidation, will likely force policymakers to act,” Hartnett wrote in a note. But investors should “sell the rips in risk assets.”

A Citi index shows analysts are slashing estimates at a pace that is generally seen during growth shocks, such as the pandemic. Meanwhile, Bank of America data shows massive inflows to passive equity funds, while Treasuries had their biggest weekly inflow ever.

Meanwhile, Trump’s second term is now off to one of the worst starts for the stock market since the Herbert Hoover era in 1929, tying with George W. Bush. Other assets also faced more turbulence, with the dollar extending losses after its biggest plunge in three years, gold hitting a new high and oil prices on track for a second straight weekly decline.

In Europe, the Stoxx 600 is down 1.5% with industrial goods and travel and leisure stocks were the biggest laggards, while the utilities and food and beverage sectors performed better than the wider benchmark. Here are the biggest movers on Friday:

Argenx shares gain as much as 4.3%, after the US Food and Drug Administration approved a new option for patients to self-inject Vyvgart Hytrulo with a prefilled syringe
Schott Pharma shares jump as much as 13%, after the German healthcare supplier released preliminary figures for the second quarter that were ahead of market estimates
K+S shares rise as much as 6.4% after being upgraded by analysts at Stifel, which sees the chemicals company hitting the top-end of its earnings guidance range this year
Havas shares rise as much as 8.6% after the communications company delivered good organic growth in the first quarter and confirmed its guidance for the full year
BP shares decline as much as 3.5% after debts mounted in 1Q, a period when upstream production dropped and gas-trading performance was also weak
NIOX Group shares tumble as much as 22% after Keensight Capital said it doesn’t intend to make an offer for the UK pharma company because of the prevailing macroeconomic conditions
Steyr Motors shares fall 12% after investment firm Mutares sells 910,000 of the engine company’s shares at a 14% discount to Thursday’s closing price

Earlier in the session, Asian stocks edged higher, reversing earlier losses, led by gains in Taiwan and India. The MSCI Asia Pacific Index gained as much as 0.4%, with Taiwanese firms TSMC and Hon Hai Precision among the biggest boost. Stocks in India advanced in a catch-up as trading resumed after a holiday. Investors are awaiting US President Donald Trump’s response after China raised levies on US goods to 125%. This comes as Washington clarified that tariffs on Chinese imports rose to 145%. Tensions between the world’s two largest economies have spiraled in recent days, which have raised concerns over the impact on US and global growth. Taiwanese shares rose amid foreign inflows. Equities traded lower in Japan and Korea, while those in Hong Kong rose for a fourth straight day.

In FX, the Bloomberg Dollar Spot Index fell as much as 1.3% to the lowest level since Oct. 3, after China said it will raise tariffs on all US goods from 84% to 125% starting April 12. The euro outperformed all its Group-of-10 peers as it’s haven dynamics further gain traction; EUR/USD rallies by 2.4% to 1.1473, a three-year high, before paring gains.

In rates, treasuries reversed modest gains and slumped to session lows as the unwinding basis trade pushed yields to highs of the session just shy of 4.50%. Longer-dated gilts underperform the rest of the curve with UK 30-year borrowing costs rising 6 bps to 5.49%. Bund yields are broadly lower.

US economic calendar includes March PPI (which came in ice cold and in deflation across the board) and April preliminary University of Michigan sentiment (10am). Fed speaker slate includes Kashkari (8am), Collins (9am), Musalem (10am) and Williams (11am)

Top Overnight News

China will raise tariffs on all US imports to 125% from tomorrow. Beijing also said it won’t pay attention to further hikes from Washington as the excessively high numbers are “economically meaningless” and “a joke.” It will, however, continue to fight to protect its interests. BBG
Beijing clarified that its tariffs would only apply to chips based on where they are manufactured, not the parent company’s country of origin (since most major US chips, including ones from Nvidia and Qualcomm, are made outside the US, this means they won’t be hit with the tariffs, at least for the time being). RTRS
Rep. Chip Roy said he voted for the Senate’s reconciliation blueprint only after being reassured by Republican leaders that they would embrace more aggressive spending cuts, including to Medicaid. NYT
China recently discussed with some of the country’s largest companies about potentially delisting from American stock exchanges. WSJ
EU threatens to impose tariffs on American services (including US tech giants) if trade negotiations w/the White House don’t yield a deal. FT
EU leaders will travel to Beijing in Jul for a summit with Chinese President Xi as the world establishes new trade relationships in the wake of Trump’s tariff war. SCMP
Russia could be forced to begin cutting spending (including support for its war in Ukraine) as soon as this summer given the sharp drop in oil prices. NYT
UK economic data outperforms expectations, with upside readings on GDP (+0.5% M/M vs. the Street +0.1%), industrial production (+1.5% M/M vs. the Street +0.1%), and manufacturing production (+2.2% M/M vs. the Street +0.2%). WSJ

Trade/Tariffs

Apr 11th: China raises tariffs on the US to 125% from 84%
China unveils additional tariff measures on US goods; to raise additional tariffs on US goods to 125% from 84%. Effective April 12th. Finance Ministry “if the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it”. “Given that there is no longer any possibility of market acceptance for US goods exported to China under the current tariff levels, if the US side subsequently continues to impose tariffs on Chinese goods exported to the US, the Chinese side will pay no attention to it,”. If the US insists on infringing on China’s interests in a substantive way, China will resolutely take countermeasures.
China’s Commerce Ministry says the US’ repeated imposition of abnormally high tariffs on China has become a “numbers game” and has no practical economic significance.
Global Times Editor Hu Xijin tweets “With tariffs already so high on both sides, to be honest, we no longer see it as anything extraordinary.”

A more detailed look at global markets courtesy of Newsquawk

APAC stocks mostly followed suit to the declines on Wall St where the major indices gave back a chunk of their historic gains as tariff uncertainty lingered and with the US clarifying China tariffs were at 145%, not 125%. ASX 200 was pressured amid underperformance in energy, healthcare and tech, while gold miners outperformed after prices of the precious metal extended to fresh record highs. Nikkei 225 briefly fell beneath the 33,000 level with exporters hit by a firmer yen and global trade uncertainty. Hang Seng and Shanghai Comp initially conformed to the downbeat mood after the US clarified its tariff on China was at 145% although Chinese markets gradually recouped losses amid hopes of the PBoC to step in with monetary policy support.

Top Asian News

PBoC will implement a moderately loose monetary policy, support the smooth operation of financial markets, and consolidate the continued recovery of the economy. It was also reported that PBoC’s Deputy Governor attended the ASEAN, China, Japan, and South Korea Finance and Central Bank deputies meeting on April 8th-9th where the impact of US tariffs on global and regional macroeconomic situation was discussed.
EU leaders plan a trip to Beijing in July for a summit with Chinese President Xi Jinping, while it was separately reported that Spanish PM Sanchez called for mutually beneficial relations with China during a visit to Beijing.
China Jan-Mar vehicle sales +11.2% Y/Y (prev. +10.6% Y/Y); March +8.2% (prev. +34.4% Y/Y)

European bourses (STOXX 600 -0.9%) opened entirely in the green, attempting to build on the prior day’s gains. However, indices rapidly turned negative after China announced additional tariffs on US goods, taking the total to 125% from 84%; these will come into effect on April 12th. European sectors opened almost entirely in the green, but the picture quickly turned negative after the aforementioned Chinese tariff announcement. There is now a clear defensive bias in Europe; Utilities leads, alongside Healthcare. The typical cyclical sectors find themselves towards the foot of the pile; Travel & Leisure, Autos and Basic Resources are all lower.

Top European News

Germany to provide EUR 11bln in military funding support for Ukraine until 2029, according to Ukrainian Defence Minister.

Another downbeat session for the Dollar following Thursday’s detrimental losses which saw the index slip from a 102.95 peak to a 100.69 trough on Thursday, before extending downside to a 99.71 low in APAC hours – falling beneath 100 for the first time since July 2023. The index then took another dive lower after China raised its tariffs on the US to 125% from 84% in a retaliatory move. DXY has dived to an intraday 99.01 low from a 100.63 intraday high at the time of writing.
EUR has been bolstered by the collapse of the Dollar coupled with its status as a liquid reserve currency, and the market belief that the EU will not escalate the US trade war – with US tariffs on the EU trimmed to 10% from 20% whilst the EU also paused its tariffs in tandem. Further upside is seen after China raised its tariffs on the US to 125% from 84% in a retaliatory move, which took EUR/USD to north of 1.1400.
JPY is benefitting from the softer Dollar and ongoing tit-for-tat tariffs between the world’s two largest economies. JPY was further bolstered by China raising its tariffs on the US to 125% from 84% in a retaliatory move. USD/JPY resides towards the bottom of a 142.08-144.60 range, with participants looking for further trade updates for impetus.
GBP is lifted by the softer Dollar, the UK’s favourable relationship with the US, and above-forecast GDP metrics. UK GDP printed firmer across the board, albeit the data is for February and is thus stale given the US tariffs.
Mixed trade across the antipodeans with the Aussie hampered by the fallout of US tariffs on the Chinese economy and in turn demand for Australian natural resources, whilst the Kiwi benefits via the AUD/NZD cross.
PBoC set USD/CNY mid-point at 7.2087 vs exp. 7.3104 (Prev. 7.2092).
SNB spokesperson declined to comment when question on the CHF’s strength and if any steps are planned.

Fixed Income

A softer start to the day but one that leaves USTs just off the overnight 110-01+ trough, a low which printed as the benchmark faded initial strength on Thursday despite a strong 30yr tap. Action occurred as the risk tone stateside began to lift and as the yield curve steepened further. Only a modest uptick in USTs to the latest additional Chinese tariffs, keeping them within the existing 110-01+ to 110-15 band.
Bunds began softer and printed a 129.92 low, however the benchmark was holding onto most of the upside that emerged in the latter half of Thursday’s session. Unreactive to the final German CPI but was lifted into the green and to a 130.70 peak by China retaliating to the US tariffs – this upside has since continued to a fresh 130.75 peak.
Gilts opened lower by a handful of ticks at 91.62 before slumping to a 90.78 trough as it reacted to the strong GDP data (though, this will likely be looked through), overnight bearishness in peers and in a pull back from the marked strength seen on Thursday. For the week as a whole, Gilts are set to end it with losses of around 300 ticks but are over 100 ticks above the 89.99 trough.
UK DMO to sell GBP 1.5bln of 0.125% 2028 Gilt via tender on April 16th.
Italy sells EUR vs exp. EUR 7.25-9.0bln 2.65% 2028, 3.15% 2031, 0.95% 2032 & 3.25% 2038

Commodities

Crude is lower, in what has been a choppy session thus far. The complex was initially firmer in early European trade, but rapidly turned negative after China raised additional tariffs on US goods to 125% from 84%. Brent Jun’25 currently trading at the lower end of a USD 62.77-64.37/bbl range.
Firmer trade across precious metals with the complex bolstered by the demise of the Dollar coupled by flight to quality amid the latest chapter in the trade saga. Spot gold topped USD 3,200/oz for the first time overnight and continues grinding higher at the time of writing, currently in a USD 3,177.26-3,227.45/oz intraday range.
Modest gains across base metals space amid ongoing hopes of Chinese economic support in the face of US tariffs. 3M LME copper trades on either side of USD 9,000/t and resides in a USD 8,934.65-9,170.80/t range.

Geopolitics

US aggression targeted several areas in Yemen’s capital with a series of raids, according to Al Jazeera.
Iran Foreign Ministry spokesperson says Tehran is giving talks with the US a genuine chance and intends to assess the other side’s intent and resolve this Saturday.
Iran wants to explore an interim nuclear deal in talks with the US before pursuing negotiations over a comprehensive deal, according to a European diplomat and a source cited by Axios.
“US sources: The likelihood that Iran will make a decision to build nuclear weapons has increased due to the ongoing military conflicts in the Middle East”, according to Sky News Arabia.
British troops could be deployed in Ukraine for five years under plans being discussed by allies, according to The Telegraph.
Trump envoy Witkoff to travel to Russia to meet with Russian President Putin, according to Axios; If no ceasefire is reached by the end of the month, Trump could move forward with additional sanctions on Russia.

US Event Calendar

8:30 am: Mar PPI Final Demand MoM -0.4%, est. 0.2%, prior 0%
8:30 am: Mar PPI Ex Food and Energy MoM -0.1%, est. 0.3%, prior -0.1%
8:30 am: Mar PPI Final Demand YoY, 2.7%, est. 3.3%, prior 3.2%
8:30 am: Mar PPI Ex Food and Energy YoY 3.3%, est. 3.6%, prior 3.4%
10:00 am: Apr P U. of Mich. Sentiment, est. 53.5, prior 57

DB’s Jim Reid concludes the overnight wrap

The past 24 hours saw Wednesday’s strong relief rally turn into a broad slump for US assets across equities, rates and FX. The S&P 500 fell -3.46% yesterday while 30yr Treasury yields (+13.3bps yesterday) are on course for their largest weekly rise since the 1980s. The dollar has also seen a historic weakening, with the euro on Thursday posting its biggest gain against the greenback since 2015 (+2.30%) and gold trading at an all-time of $3,215/oz this morning. US equity futures have seen some stabilization overnight, with those on the S&P +0.20% higher. But there has been little respite for the dollar, with the dollar index down another -0.75% this morning as markets continue to reassess how much of the historical premium for US assets stemming from American exceptionalism is still justified under the radical vision and volatile policy of the new US administration.

The main driver of the renewed market pressure was an increased focus on the US-China escalation, with yesterday’s market downturn accelerating after a White House clarification that total tariffs on China would now be 145% rather than 125% (so stacking on top of the earlier 20% fentanyl-related tariffs). While this difference is negligible in any practical economic sense, the market reaction showed an increased sensitivity to the risks of a disorderly economic decoupling between the world’s two largest economies that we highlighted yesterday. Neither the US nor China are showing signs of backing down, with President Trump expressing confidence in his tariff plans yesterday, even as he acknowledged potential “transition problems”. US-China concerns outweighed other ostensibly more positive tariff headlines – the EU delaying its previously announced retaliatory tariffs by 90 days, the US beginning formal talks with Vietnam and Politico reporting that Treasury Secretary Scott Bessent was now at the helm of the administration’s trade team.

Back to the market moves, and in the equity space, the S&P 500 (-3.46%) yesterday reversed just over a third of Wednesday’s +9.52% relief spike. This marked a remarkable fifth day in a row with an intra-day range of more than 6% for the S&P. Based on data going back to the 1920s, the only runs longer than this were at the peak of the GFC in October 2008 and during the early pandemic turmoil in March 2020. Underperformance of cyclical stocks saw the NASDAQ (-4.97%) and the Russell 2000 (-4.27%) post even larger declines. The VIX rose by +7.10pts to 40.72.

Despite the risk-off tone, we saw a renewed bond market sell-off, with 10yr Treasury yields closing +9.2bps higher at 4.43% and 30yr yields +13.3bps at 4.87%. Higher yields came as the House narrowly passed the Senate-approved budget outline that envisages cutting taxes by up to $5.3 trillion over a decade, in exchange for only minimal spending cuts. The bond sell-off continued during the US afternoon despite a brief rally following a solid 30yr auction that saw $22bn of bonds issued at 4.813%, -2.6bps below the pre-sale yield. 30yr yields are another +2bps higher this morning, and on course for a +48bps weekly increase, which would be their largest since the 1980s. So there is some déjà vu of the bond market moves that Jim highlighted in his “Danger Zone” CoTD on Wednesday morning (link here) and which were followed by President Trump’s pullback on reciprocal tariffs. As a reminder, our head of US rates strategy Matt Raskin discussed the conditions under which the Fed might intervene to preserve market functioning in a note on Wednesday.

Treasuries had actually rallied earlier on yesterday following a very soft US CPI print for March. Headline inflation (-0.1% mom vs +0.1% expected) saw its largest monthly decline since early Covid restrictions in spring 2020, while core inflation (+0.1% vs +0.3%) saw its smallest monthly rise since January 2021 with the data showing little evidence of price pressures from the early rounds of tariffs. Our US economists did note that the read-through into the Fed’s preferred core PCE measure was not as weak as the headline CPI readings and they will be keeping a close eye on today’s PPI print. See their full reaction here.

The weaker inflation data saw investors increase their expectations for rate cuts, with a 25bps Fed cut being again fully priced in by the June meeting. The Fed pricing did reverse slightly as a host of Fed speakers signaled continued patience on future cuts. Boston Fed President Collins said tariff-related inflation could further delay rate cuts, Chicago Fed President Goolsbee noted that the bar for adjusting rates was a “little higher” with the stagflationary shock from tariffs and Kansas Fed President Schmid said he “would be hesitant” to view the effects of tariffs on inflation as temporary. But with a risk-off tone continuing overnight, the amount of Fed cuts priced by year-end is back up to 92bps this morning, from 80bps this time yesterday.

Overnight in Asia, equity markets are following yesterday’s declines on Wall Street. Japan’s Nikkei, which had seen a +9.13% gain yesterday, is the notable underperformer, down -4.03% as I type. The risk-off mood has also spilled over to rest of the region with the KOSPI (-0.92%) and the S&P/ASX 200 (-1.35%) seeing notable declines. Elsewhere, Chinese markets are broadly stable, with the Hang Seng (+0.56%), the CSI (-0.10%) and the Shanghai Composite (+0.12%) all showing relative composure versus their peers. In the FX space, the risk-off sentiment has seen the Japanese yen soar to around 142.91 against the dollar, a level not seen since October.

In the commodity space, Brent crude oil fell -3.28% yesterday to $63.33/bbl. In addition to the broader risk-off tone, oil prices weren’t helped by the latest monthly EIA report which downgraded expected 2025 global oil demand growth by -400kb/day. On the other hand, copper recovered by another +4.45%, while gold (+3.03% after +3.43% on Wednesday) has seen its biggest two-day move since March 2020. DB’s precious metals analyst Michael Hsueh had outlined his structurally positive gold view in a note on Wednesday (link here).

Earlier yesterday, European equities had seen strong gains, catching up to the late US rebound the previous day. The STOXX 600 (+3.70%) had its best day since March 2022, while the DAX (+4.53%), CAC (+3.83%) and FTSE MIB (+4.73%) posted even larger gains. In the bond space, yields on 10yr bunds (-1.3bps), OATs (-4.0bps) and BTPs (-6.0bps) all saw moderate declines, while gilts (-13.9bps) outperformed as they reversed much of Wednesday’s +17.4bps spike.

To the day ahead now and data releases include the US PPI reading for March along with the University of Michigan’s preliminary consumer sentiment index for April. From central banks, we’ll hear from Fed’s Musalem and Williams. The obvious highlight will be the start of the Q1 earnings season with JPMorgan Chase, Morgan Stanley, Wells Fargo and BlackRock reporting.

2b European opening report

DXY slumps & havens lifted after China raises tariffs on US goods to 125% – Newsquawk US Market Open

Friday, Apr 11, 2025 – 06:14 AM

China unveils additional tariff measures on US goods; to raise additional tariffs on US goods to 125% from 84%. Effective April 12th.
China’s Finance Ministry says “if the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it”.
European indices hit after China raises tariffs; US futures modestly lower into bank earnings.
DXY slumps to a 99.01 low after China increases tariffs on the US; EUR outperforms.
Bonds lifted by China’s latest retaliation but remain on track to end the week with significant losses.
Base metals underpinned by hopes of Chinese stimulus.
Looking ahead, US PPI, UoM Prelim, Moody’s review on France, UK, Italy, Spain & Switzerland’s Credit Rating, Speakers include Fed’s Musalem, Williams & BoE’s Greene. Earnings from JPMorgan, BlackRock, Wells Fargo, Bank of New York Mellon, Morgan Stanley & Fastenal.

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TARIFFS/TRADE

Apr 11th: China raises tariffs on the US to 125% from 84%

China unveils additional tariff measures on US goods; to raise additional tariffs on US goods to 125% from 84%. Effective April 12th. Finance Ministry “if the US continues to impose additional tariffs on Chinese goods exported to the US, China will ignore it“. “Given that there is no longer any possibility of market acceptance for US goods exported to China under the current tariff levels, if the US side subsequently continues to impose tariffs on Chinese goods exported to the US, the Chinese side will pay no attention to it,”. If the US insists on infringing on China’s interests in a substantive way, China will resolutely take countermeasures.
China’s Commerce Ministry says the US’ repeated imposition of abnormally high tariffs on China has become a “numbers game” and has no practical economic significance.
Global Times Editor Hu Xijin tweets “With tariffs already so high on both sides, to be honest, we no longer see it as anything extraordinary.”

Other

US President Trump posted on Truth Social that “Mexico owes Texas 1.3mln acre-feet of water under the 1944 Water Treaty, but Mexico is unfortunately violating their Treaty obligation,” while he threatened “escalating consequences, including TARIFFS and, maybe even SANCTIONS, until Mexico honours the Treaty, and GIVES TEXAS THE WATER THEY ARE OWED!”.
Mexican President Sheinbaum stated that Mexico sent a proposal to the US to address water deliveries to Texas and she has instructed her administration to contact US officials and is sure an agreement will be reached, while she noted Mexico has been complying with the treaty as water availability allows, amid three years of drought.
White House trade advisor Navarro said they are going to get deals from Australia, India, and the UK, and that those three are all coming in.
EU Commission President von der Leyen said could tax big tech if Trump trade talks fail, while she added the EU would seek a “completely balanced” agreement with the US during Trump’s 90-day pause in applying additional tariffs and there is a wide range of countermeasures in case the negotiations are not satisfactory, according to FT.
Vietnam plans to crack down on illicit transhipment of goods from China to the US amid Trump tariff risks.

EUROPEAN TRADE

EQUITIES

European bourses (STOXX 600 -0.9%) opened entirely in the green, attempting to build on the prior day’s gains. However, indices rapidly turned negative after China announced additional tariffs on US goods, taking the total to 125% from 84%; these will come into effect on April 12th.
European sectors opened almost entirely in the green, but the picture quickly turned negative after the aforementioned Chinese tariff announcement. There is now a clear defensive bias in Europe; Utilities leads, alongside Healthcare. The typical cyclical sectors find themselves towards the foot of the pile; Travel & Leisure, Autos and Basic Resources are all lower.
US equity futures (ES -0.4%, NQ -0.4%, RTY -0.4%) are lower across, with sentiment hit after, China, once again, announced retaliatory tariffs on the US – taking the total tariffs on US goods to 125%.
Elsewhere, we await the formal start of US earnings season with numerous major banking names due to report.
Click for the sessions European pre-market equity newsflow
Click for the additional news
Click for a detailed summary

FX

Another downbeat session for the Dollar following Thursday’s detrimental losses which saw the index slip from a 102.95 peak to a 100.69 trough on Thursday, before extending downside to a 99.71 low in APAC hours – falling beneath 100 for the first time since July 2023. The index then took another dive lower after China raised its tariffs on the US to 125% from 84% in a retaliatory move. DXY has dived to an intraday 99.01 low from a 100.63 intraday high at the time of writing.
EUR has been bolstered by the collapse of the Dollar coupled with its status as a liquid reserve currency, and the market belief that the EU will not escalate the US trade war – with US tariffs on the EU trimmed to 10% from 20% whilst the EU also paused its tariffs in tandem. Further upside is seen after China raised its tariffs on the US to 125% from 84% in a retaliatory move, which took EUR/USD to north of 1.1400.
JPY is benefitting from the softer Dollar and ongoing tit-for-tat tariffs between the world’s two largest economies. JPY was further bolstered by China raising its tariffs on the US to 125% from 84% in a retaliatory move. USD/JPY resides towards the bottom of a 142.08-144.60 range, with participants looking for further trade updates for impetus.
GBP is lifted by the softer Dollar, the UK’s favourable relationship with the US, and above-forecast GDP metrics. UK GDP printed firmer across the board, albeit the data is for February and is thus stale given the US tariffs.
Mixed trade across the antipodeans with the Aussie hampered by the fallout of US tariffs on the Chinese economy and in turn demand for Australian natural resources, whilst the Kiwi benefits via the AUD/NZD cross.
PBoC set USD/CNY mid-point at 7.2087 vs exp. 7.3104 (Prev. 7.2092).
SNB spokesperson declined to comment when question on the CHF’s strength and if any steps are planned.
Click for a detailed summary
Click for NY OpEx Details

FIXED INCOME

A softer start to the day but one that leaves USTs just off the overnight 110-01+ trough, a low which printed as the benchmark faded initial strength on Thursday despite a strong 30yr tap. Action occurred as the risk tone stateside began to lift and as the yield curve steepened further. Only a modest uptick in USTs to the latest additional Chinese tariffs, keeping them within the existing 110-01+ to 110-15 band.
Bunds began softer and printed a 129.92 low, however the benchmark was holding onto most of the upside that emerged in the latter half of Thursday’s session. Unreactive to the final German CPI but was lifted into the green and to a 130.70 peak by China retaliating to the US tariffs – this upside has since continued to a fresh 130.75 peak.
Gilts opened lower by a handful of ticks at 91.62 before slumping to a 90.78 trough as it reacted to the strong GDP data (though, this will likely be looked through), overnight bearishness in peers and in a pull back from the marked strength seen on Thursday. For the week as a whole, Gilts are set to end it with losses of around 300 ticks but are over 100 ticks above the 89.99 trough.
UK DMO to sell GBP 1.5bln of 0.125% 2028 Gilt via tender on April 16th.
Italy sells EUR vs exp. EUR 7.25-9.0bln 2.65% 2028, 3.15% 2031, 0.95% 2032 & 3.25% 2038
Click for a detailed summary

COMMODITIES

Crude is lower, in what has been a choppy session thus far. The complex was initially firmer in early European trade, but rapidly turned negative after China raised additional tariffs on US goods to 125% from 84%. Brent Jun’25 currently trading at the lower end of a USD 62.77-64.37/bbl range.
Firmer trade across precious metals with the complex bolstered by the demise of the Dollar coupled by flight to quality amid the latest chapter in the trade saga. Spot gold topped USD 3,200/oz for the first time overnight and continues grinding higher at the time of writing, currently in a USD 3,177.26-3,227.45/oz intraday range.
Modest gains across base metals space amid ongoing hopes of Chinese economic support in the face of US tariffs. 3M LME copper trades on either side of USD 9,000/t and resides in a USD 8,934.65-9,170.80/t range.
- Commerzbank reduces year-end price forecast for Platinum to USD 1000/oz (prev. forecast USD 1100/oz) Lowers year-end palladium forecast to USD 1000/oz (prev. forecast USD 1150/oz) Revises gold price forecast upwards to USD 3000/oz (prev. forecast 2850/oz).
- Shanghai Weekly Copper Warehouse stocks -42.7k/T (prev. -9.5k/T W/W)
- Click for a detailed summary

NOTABLE DATA RECAP

UK GDP Estimate MM (Feb) 0.5% vs. Exp. 0.1% (Prev. -0.1%); 3M/3M (Feb) 0.6% vs. Exp. 0.4% (Prev. 0.2%)
UK GDP Estimate YY (Feb) 1.4% vs. Exp. 0.9% (Prev. 1.0%)
UK Services YY (Feb) 1.6% vs. Exp. 1.3% (Prev. 1.4%); Services MM (Feb) 0.3% vs. Exp. 0.1% (Prev. 0.1%)

NOTABLE EUROPEAN HEADLINES

Germany to provide EUR 11bln in military funding support for Ukraine until 2029, according to Ukrainian Defence Minister.

NOTABLE US HEADLINES

Fed’s Collins (2025 voter) said rate policy is well positioned and holding steady for now seems best, while she added they may yet find space to lower rates this year and that tighter financial conditions may restrain activity. Collins said that policy is still positioned to lower inflation pressures and she sees upside inflation risks and downside growth risk, as well as noted that monetary policy needs to be nimble in an uncertain environment.

GEOPOLITICS

US aggression targeted several areas in Yemen’s capital with a series of raids, according to Al Jazeera.
Iran Foreign Ministry spokesperson says Tehran is giving talks with the US a genuine chance and intends to assess the other side’s intent and resolve this Saturday.
Iran wants to explore an interim nuclear deal in talks with the US before pursuing negotiations over a comprehensive deal, according to a European diplomat and a source cited by Axios.
“US sources: The likelihood that Iran will make a decision to build nuclear weapons has increased due to the ongoing military conflicts in the Middle East”, according to Sky News Arabia.
British troops could be deployed in Ukraine for five years under plans being discussed by allies, according to The Telegraph.
Trump envoy Witkoff to travel to Russia to meet with Russian President Putin, according to Axios; If no ceasefire is reached by the end of the month, Trump could move forward with additional sanctions on Russia.

CRYPTO

Bitcoin is essentially flat and trades around USD 81.5k whilst Ethereum is a little lower and sits just above USD 1.5k.

APAC TRADE

APAC stocks mostly followed suit to the declines on Wall St where the major indices gave back a chunk of their historic gains as tariff uncertainty lingered and with the US clarifying China tariffs were at 145%, not 125%.
ASX 200 was pressured amid underperformance in energy, healthcare and tech, while gold miners outperformed after prices of the precious metal extended to fresh record highs.
Nikkei 225 briefly fell beneath the 33,000 level with exporters hit by a firmer yen and global trade uncertainty.
Hang Seng and Shanghai Comp initially conformed to the downbeat mood after the US clarified its tariff on China was at 145% although Chinese markets gradually recouped losses amid hopes of the PBoC to step in with monetary policy support.

NOTABLE ASIA-PAC HEADLINES

PBoC will implement a moderately loose monetary policy, support the smooth operation of financial markets, and consolidate the continued recovery of the economy. It was also reported that PBoC’s Deputy Governor attended the ASEAN, China, Japan, and South Korea Finance and Central Bank deputies meeting on April 8th-9th where the impact of US tariffs on global and regional macroeconomic situation was discussed.
EU leaders plan a trip to Beijing in July for a summit with Chinese President Xi Jinping, while it was separately reported that Spanish PM Sanchez called for mutually beneficial relations with China during a visit to Beijing.
China Jan-Mar vehicle sales +11.2% Y/Y (prev. +10.6% Y/Y); March +8.2% (prev. +34.4% Y/Y)
JD.com (9618 HK) to launch CNY 200bln special funds to support domestic sales of export products

2c) Asian opening report

European futures continue gains despite confused declines on Wall Street – Newsquawk Europe Market Open

Friday, Apr 11, 2025 – 01:55 AM

US stocks pared some of Wednesday’s historic gain, the Dollar was heavily sold, while the long-end of the Treasury curve saw further selling despite a strong US 30yr auction.
The risk-off mood further exacerbated after reports that the White House clarified that US tariffs on China now totalled 145% after the latest hike (20% already in place + 125% added this year).
APAC stocks mostly followed suit to the declines on Wall St, DXY suffered another bout of selling pressure, 10yr UST futures were lacklustre following the recent volatility.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.5% after the cash market closed with gains of 4.3% on Thursday.
Looking ahead, highlights include UK GDP, US PPI, UoM Prelim, Moody’s review on France, UK, Italy, Spain & Switzerland’s Credit Rating, Speakers including Fed’s Musalem, Williams & BoE’s Greene, Supply from Italy, Earnings from JPMorgan, BlackRock, Wells Fargo, Bank of New York Mellon, Morgan Stanley & Fastenal.

SNAPSHOT

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US TRADE

EQUITIES

US stocks pared some of Wednesday’s historic gains after President Trump’s tariff “pause” ex-China, with the major indices heavily sold (SPX -3.5%, NDX -4.2%, DJI -2.5%, RUT -4.3%) and the NDX even flirted with the 7% losses circuit breaker at one point.
The move away from US assets was notable as the Dollar was heavily sold, to the benefit of all G10 FX peers, while the long-end of the Treasury curve saw further selling despite a strong US 30yr auction and with the risk-off mood further exacerbated after reports that the White House clarified that US tariffs on China now totalled 145% after the latest hike (20% already in place + 125% added this year).
SPX -3.46% at 5,268, NDX -4.19% at 18,344, DJI -2.50% at 39,594, RUT -4.27% at 1,831.
Click here for a detailed summary.

TARIFFS/TRADE

US President Trump said plenty are working to make a deal and he thinks it’s going to work very well, while he added there have been transition problems, but in the end, it will be an incredible thing. Trump also said they may buy ships from other countries and reiterated he would love to get a deal with China and think they will end up working out something good for both countries. Furthermore, he said the first deal on tariffs is very close and they will go back to where they were if they can’t make a deal, while he is looking at the EU as one block on tariffs and is not looking to hurt Mexico.
US President Trump posted on Truth Social that “Mexico owes Texas 1.3mln acre-feet of water under the 1944 Water Treaty, but Mexico is unfortunately violating their Treaty obligation,” while he threatened “escalating consequences, including TARIFFS and, maybe even SANCTIONS, until Mexico honors the Treaty, and GIVES TEXAS THE WATER THEY ARE OWED!”.
Mexican President Sheinbaum stated that Mexico sent a proposal to the US to address water deliveries to Texas and she has instructed her administration to contact US officials and is sure an agreement will be reached, while she noted Mexico has been complying with the treaty as water availability allows, amid three years of drought.
White House trade advisor Navarro said they are going to get deals from Australia, India, and the UK, and that those three are all coming in.
US President Trump’s administration is moving towards a possible delisting of Chinese public Co. shares on US exchanges with incoming SEC chair Paul Atkins likely to take up the delisting issue when he officially takes office, according to FBN’s Gasparino citing sources.
EU Commission President Von De Leyen said could tax big tech if Trump trade talks fail, while she added the EU would seek a “completely balanced” agreement with the US during Trump’s 90-day pause in applying additional tariffs and there is a wide range of countermeasures in case the negotiations are not satisfactory, according to FT.
EU Trade Commissioner Sefcovic and Chinese Commerce Minister Wang Wentao agreed to look into setting minimum prices rather than duties for China-made EV imports.
Vietnam plans to crack down on illicit transhipment of goods from China to the US amid Trump tariff risks.

NOTABLE HEADLINES

Fed’s Collins (2025 voter) said rate policy is well positioned and holding steady for now seems best, while she added they may yet find space to lower rates this year and that tighter financial conditions may restrain activity. Collins said that policy is still positioned to lower inflation pressures and she sees upside inflation risks and downside growth risk, as well as noted that monetary policy needs to be nimble in an uncertain environment.
Fed’s Goolsbee (2025 voter) said the Fed timetable is not the market timetable and the Fed’s goal is to find through line and not jump to conclusions, while he added there’s an argument that short-term tariffs would not alter the economy’s path. Goolsbee said now is the time for the Fed to wait and forecast on interest rates and the Fed should keep all policy act.

APAC TRADE

EQUITIES

APAC stocks mostly followed suit to the declines on Wall St where the major indices gave back a chunk of their historic gains as tariff uncertainty lingered and with the US clarifying China tariffs were at 145%, not 125%.
ASX 200 was pressured amid underperformance in energy, healthcare and tech, while gold miners outperformed after prices of the precious metal extended to fresh record highs.
Nikkei 225 briefly fell beneath the 33,000 level with exporters hit by a firmer yen and global trade uncertainty.
Hang Seng and Shanghai Comp initially conformed to the downbeat mood after the US clarified its tariff on China was at 145% although Chinese markets gradually recouped losses amid hopes of the PBoC to step in with monetary policy support.
US equity futures lacked firm direction after yesterday’s comedown and with earnings season set to kick off.
European equity futures indicate a positive cash market open with Euro Stoxx 50 futures up 0.5% after the cash market closed with gains of 4.3% on Thursday.

FX

DXY suffered another bout of selling pressure and briefly declined beneath the 100.00 level for the first time since July 2023 which follows the prior day’s heavy losses as participants moved away from US assets amid uncertainty due to President Trump’s tariff flip-flopping and with the greenback not helped by softer-than-expected CPI data, while participants now look ahead to PPI data.
EUR/USD rallied on the back of the slump in the dollar which helped the single currency return to above 1.1300 to print its highest in over three years.
GBP/USD continued its gradual advances and reclaimed the 1.3000 status but with further gains capped amid light UK-specific catalysts and ahead to a deluge of economic data from the UK including monthly GDP and Industrial Production.
USD/JPY declined owing to the weaker buck and haven demand but bounced off lows after finding support just beneath the 143.00 handle.
Antipodeans were eventually mixed after having earlier extended on this week’s gains as they took advantage of the dollar’s demise despite the downbeat risk environment.
PBoC set USD/CNY mid-point at 7.2087 vs exp. 7.3104 (Prev. 7.2092).

FIXED INCOME

10yr UST futures were lacklustre following the recent volatility in the treasury complex and despite a strong 30yr auction stateside, while the curve continued to steepen and participants now look ahead to PPI data.
Bund futures took a breather after advancing yesterday as the jubilation from Trump’s tariff pause withered away.
10yr JGB futures continued to rebound from this week’s trough as risk sentiment soured and amid underperformance in Tokyo stocks.

COMMODITIES

Crude futures remained subdued after fading some of the hefty midweek gains as the euphoria from Trump’s 90-day pause petered out.
EIA STEO sees 2025 world oil demand at 103.6mln BPD (prev. 104.1mln BPD) and 2026demand at 104.7mln BPD (prev. 105.3mln BPD).
Russia’s Novak met the Kazakh Energy Minister and discussed OPEC+ cooperation and increasing Russian oil and gas transit via Kazakhstan.
Spot gold extended on record levels and climbed above USD 3200/oz for the first time ever amid a weaker dollar.
Copper futures traded rangebound amid the mostly negative risk sentiment in Asia-Pac.
Chile’s Codelco copper production was down 6.1% Y/Y in February to 98,100 MT, while Escondida copper mine production rose 16% Y/Y to 113,400 MT and Collahuasi copper production fell 62.4% Y/Y in February to 17,000 MT.

CRYPTO

Bitcoin steadily gained overnight after returning to above the USD 80,000 level.
US President Trump signed into law a bill to nullify the IRS’s expanded crypto broker rule, according to the White House.

NOTABLE ASIA-PAC HEADLINES

PBoC will implement a moderately loose monetary policy, support the smooth operation of financial markets, and consolidate the continued recovery of the economy. It was also reported that PBoC’s Deputy Governor attended the ASEAN, China, Japan, and South Korea Finance and Central Bank deputies meeting on April 8th-9th where the impact of US tariffs on global and regional macroeconomic situation was discussed.
EU leaders plan a trip to Beijing in July for a summit with Chinese President Xi Jinping, while it was separately reported that Spanish PM Sanchez called for mutually beneficial relations with China during a visit to Beijing.

GEOPOLITICS

MIDDLE EAST

US aggression targeted several areas in Yemen’s capital with a series of raids, according to Al Jazeera.
US Treasury updated Iran-related designations and added some Iran-linked vessels to OFAC’s SDN list.
Iran Foreign Ministry spokesperson says Tehran is giving talks with the US a genuine chance and intends to assess the other side’s intent and resolve this Saturday.
Iran wants to explore an interim nuclear deal in talks with the US before pursuing negotiations over a comprehensive deal, according to a European diplomat and a source cited by Axios.
US President Trump is considering visiting Turkey as part of his Middle East trip next month after making stops in Saudi Arabia, Qatar and UAE, according to CNN citing sources who added no final decision has been made.

RUSSIA-UKRAINE

British troops could be deployed in Ukraine for five years under plans being discussed by allies, according to The Telegraph.

mid day big news

3 .ASIA

3A NORTH KOREA/SOUTH KOREA

3B JAPAN

3C CHINA

China Escalates With 125% Tariff On US Imports, Signals Will “Ignore” Future Retaliation

Friday, Apr 11, 2025 – 07:20 AM

Around the close of Hong Kong trading hours, Beijing retaliated against President Trump’s tariffs by hiking levies on U.S. goods to 125%, up from the prior 84%. In a notable shift, the Chinese Communist Party announced it would “no longer respond” to any further tariff increases from Washington.

As the week concludes, the U.S. and China are locked in a heated, once-in-a-century trade war. Earlier, President Trump announced a 90-day suspension of additional country-specific tariffs for countries that have refrained from taking retaliatory measures—an apparent attempt to isolate China and use tariffs to get Beijing to strike a trade deal.

The State Council Tariff Commission announced that China will raise tariffs on U.S. goods from 84% to 125% effective Saturday. The move comes in direct response to President Trump’s effective tariff rate on Chinese imports, which now totals a whopping 145%.

“Given that at the current tariff level, there is no market acceptance for U.S. goods exported to China. If the U.S. continues to impose tariffs on Chinese goods exported to the U.S., China will ignore it,” the council said.

In a separate statement, the Commerce Ministry expressed, “Even if the U.S. continues to impose higher tariffs, it will no longer make economic sense and will become a joke in the history of the world economy.”

In what appears to mark a pause in the escalation of the bilateral tariff war, Beijing has shifted toward non-tariff retaliation—limiting Hollywood film imports, slowing rare earth export shipments, and allowing the yuan to weaken.

“This is the end of the escalation in terms of bilateral tariff rates. Both China and the U.S. have sent clear messages, there is no point of raising tariffs further,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, quoted by CNBC.

Wall Street analysts have already trimmed sales estimates for Apple and Tesla in China, the world’s second-largest economy. Meanwhile, speculation mounts that Beijing may have quietly reduced its holdings of U.S. Treasury bonds as part of its broader counteroffensive.

Zhang noted that assessing the U.S. and China’s economic fallout will be next. He emphasized there are no indications that either government is preparing to reenter negotiations. Meanwhile, early signs of supply chain disruptions have been reported:

Goldman analysts Andrew Tilton, Hui Shan, and others lowered their China GDP forecasts because of the trade war:

“We are revising our real GDP growth forecasts for 2025 and 2026 downward to 4.0% and 3.5%, respectively, from our previous projections of 4.5% and 4.0%.”

Tilton expects the Chinese government to ramp up easing support to offset tariff turmoil.

Despite a week of tit-for-tat trade wars, a spokesperson for China’s commerce ministry reiterated that Beijing is open to negotiating with the U.S.

The question becomes how long China can weather the economic storm, given U.S. Treasury Secretary Scott Bessent’s comments earlier this week, calling the Chinese economy “the most imbalanced economy in the history of the modern world, and I can tell you that this escalation is a loser for them.” Hence, the PBoC is easing.

China also reiterated that it would continue to “resolutely counter-attack and fight to the end” if the trade war deepened.

END

CHINA/USA

CCP Spills Beans At Secret Geneva Meeting, Acknowledges Role In US Infrastructure Hacks

Thursday, Apr 10, 2025 – 05:20 PM

“Volt Typhoon” is the name assigned by U.S. cybersecurity officials to a state-sponsored cyber operation linked to the Chinese Communist Party that has quietly penetrated critical infrastructure networks across the U.S., apparently with the aim of unleashing disruptive or destructive cyberattacks.

In a previously closed-door meeting held in Geneva last December, Chinese officials offered what top U.S. officials interpreted as a tacit admission of responsibility for the cyberattack campaign against U.S. critical infrastructure, including computer networks at U.S. ports, water utilities, airports, and other targets, according to the Wall Street Journal, citing people familiar with the matter.

The report of the Chinese acknowledgment, cited by WSJ sources, comes amid escalating trade tensions between Washington and Beijing, as the Trump administration raises tariffs on Chinese goods. A White House official confirmed to CNBC earlier that the effective tariff rate will soon exceed 145%. Sources characterized the Volt Typhoon not as traditional espionage but as a means to sabotage capabilities inside civilian infrastructure in the event of a future conflict. This is directly tied to the U.S.’ increased support for Taiwan, the people added.

The people said the Biden-Harris regime and the Trump transition team were briefed about the Geneva summit in December.

Here’s more color on the report from WSJ:

The first-of-its-kind Signal at a Geneva summit with the outgoing Biden administration startled American officials used to hearing their Chinese counterparts blame the campaign, which security researchers have dubbed Volt Typhoon, on a criminal outfit, or accuse the U.S. of having an overactive imagination.

U.S. officials went public last year with unusually dire warnings about the uncovered Volt Typhoon effort. They publicly attributed it to Beijing trying to get a foothold in U.S. computer networks so its army could quickly detonate damaging cyberattacks during a future conflict.

The Chinese official’s remarks at the December meeting were indirect and somewhat ambiguous, but most of the American delegation in the room interpreted it as a tacit admission and a warning to the U.S. about Taiwan, a former U.S. official familiar with the meeting said.

Last year, the Cybersecurity and Infrastructure Security Agency (CISA), National Security Agency (NSA), and Federal Bureau of Investigation (FBI) confirmed that Volt Typhoon compromised the IT systems of multiple critical infrastructure organizations, primarily in the communications, energy, transportation systems, and water and wastewater systems sectors across the U.S.

“Volt Typhoon’s choice of targets and pattern of behavior is not consistent with traditional cyber espionage or intelligence gathering operations, and the U.S. authoring agencies assess with high confidence that Volt Typhoon actors are pre-positioning themselves on IT networks to enable lateral movement to OT assets to disrupt functions,” CISA warned in February 2024.

In addition to the Volt Typhoon, another cyber espionage operation linked to the CCP is the ongoing Salt Typhoon, aimed at deep surveillance and long-term intelligence collection. Hence why, U.S. Gov’t officials have been instructed to use end-to-end encrypted communications, Apple iMessage, and Signal.

Top Trump administration officials need to clean house across the federal government’s cybersecurity workers for allowing such attacks to occur without a proper response.

The previous administration took little to no action against the Communists—could this be why? Was Biden China’s Manchurian Candidate all along?

END

Not a serious blow to the uSA

Hollywood’s Box Office Blow: China Plans To “Moderately Reduce” US Film Releases

Friday, Apr 11, 2025 – 05:45 AM

President Donald Trump announced an increase in tariffs on Chinese goods to 125% on Wednesday, shortly after Beijing retaliated by raising tariffs on U.S. goods to 84%. As of Thursday morning, traders and investors remain on edge, monitoring Bloomberg Terminals and X news feeds like hawks for signs of a potential Chinese response. So far, nothing substantial has crossed the wires yet—except for news that Hollywood appears to be in the crosshairs.

Bloomberg reports that Beijing officials will “moderately reduce” the number of U.S. movies allowed into China—the second-largest film market globally, which has been crucial to Hollywood’s survival.

“The wrong action of the US government to abuse tariffs on China will inevitably further reduce the domestic audience’s favorability toward American films,” the National Film Administration wrote in a statement, adding, “We will follow market rules, respect the audience’s choices, and moderately reduce the number of American films imported.”

Data from NFA shows that China imported an average of 10 Hollywood movies per year over the last three decades. A reduction in Hollywood films would severely dent studios in the U.S.

Chris Fenton, author of “Feeding the Dragon: Inside the Trillion Dollar Dilemma Facing Hollywood, the NBA, & American Business,” was quoted by Singapore-based CNA News, who warned that the move by China was a “super high-profile way to make a statement of retaliation with almost zero downside for China“.

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

Hollywood studios once looked to China and its massive film market to boost box office performance. But in recent years, domestic films have outperformed Hollywood flicks.

Most Americans couldn’t care less about this development, as studios have destroyed any credibility with a decade of woke movies and shows.

China plans a ban on Hollywood movies as part of its trade war retaliation pic.twitter.com/qkMinOFdwi
— zerohedge (@zerohedge) April 8, 2025

The latest Hollywood flick to bomb.

https://x.com/zerohedge/status/1907191281714937908?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1907191281714937908%7Ctwgr%5Ee09f27b4e869f810d3cc734cbe0d7946835c0c49%7Ctwcon%5Es1_&ref_url=https%3A%2F%2

The restrictions arrive just before the summer box office season kicks off or a little more than a month before Mission Impossible’s next big release.

END

special thanks to Robert H for getting this to us:

CHINA/MEXICO

NETWORK EXPOSED!!

HERE IT IS: $1.4B Fentanyl Network EXPOSED!

A Treasury Department report reveals an alarming $1.4 billion fentanyl money laundering network operated by Chinese suppliers and Mexican cartels who have mastered the art of hiding in plain sight within America’s financial system.

At a Glance

Treasury Secretary Scott Bessent’s 2024 report uncovered 1,246 suspicious transactions totaling $1.4 billion linked to fentanyl trafficking
Chinese suppliers use e-commerce platforms while Mexican cartels employ front companies and money mules to launder drug profits
The Treasury’s Counter-Fentanyl Strike Force combines expertise from multiple agencies to disrupt financial networks
Jalisco and Sinaloa regions in Mexico identified as major hubs for fentanyl-related financial transactions
President Trump’s proposed tariffs aim to pressure foreign governments into stronger action against fentanyl networks

Financial Networks Fueling America’s Fentanyl Crisis

The U.S. Treasury Department has exposed the complex financial mechanisms supporting the deadly fentanyl epidemic ravaging American communities. The comprehensive 2024 report, released by Treasury Secretary Scott Bessent, provides unprecedented insight into how drug traffickers move billions of dollars through seemingly legitimate channels.

Between January and December 2024, authorities identified 1,246 suspicious transactions totaling $1.4 billion directly linked to the fentanyl trade. The report specifically identifies Mexico and China as the primary foreign players orchestrating this deadly commerce through sophisticated money laundering operations.

The investigation revealed distinct operational methods used by each country. Chinese suppliers predominantly utilize e-commerce platforms for payments, creating a veneer of legitimacy for precursor chemical sales. Mexican cartels employ a more diversified approach, operating through front companies, money mules, and U.S.-based intermediaries to hide their illicit activities.

Cash transactions and peer-to-peer transfers remain the primary methods for street-level deals, with many flagged by financial institutions due to suspicious language patterns and drug-related euphemisms in transaction descriptions.

Treasury’s Counter-Fentanyl Strike Force

To combat these sophisticated networks, the Treasury Department launched the Counter-Fentanyl Strike Force, bringing together expertise from the Office of Terrorism and Financial Intelligence and IRS Criminal Investigation.

This joint initiative focuses on deploying the Treasury’s specialized knowledge of financial crime to disrupt and dismantle drug trafficking organizations at their economic foundations. The Strike Force utilizes financial intelligence, targeted sanctions, and international cooperation to identify and neutralize fentanyl supply chains before they reach American streets.

“Combatting the flow of deadly fentanyl into communities across the United States is a top priority for the Treasury Department,” said Secretary of the Treasury Janet L. Yellen. “The Treasury Department’s Counter-Fentanyl Strike Force will allow us to bring the Department’s unrivaled expertise in fighting financial crime to bear against this deadly epidemic. Treasury will use every tool at its disposal to disrupt the ability of drug traffickers to peddle this poison in our country.”

The initiative’s strategic focus includes collaboration with Mexico and Canada through the North American Drug Dialogue and engagement with private sector financial institutions to enhance intelligence sharing.

Since December 2021, the Treasury has imposed nearly 250 sanctions related to illicit drug trade, with a specific emphasis on fentanyl trafficking networks. The department’s Financial Crimes Enforcement Network (FinCEN) has also issued supplemental advisories to help financial institutions identify and report suspicious activities related to fentanyl supply chains.

Cartel Operations and Financial Mechanisms

The Treasury report contains detailed maps showing cartel connections across North America, with particular concentration in Mexico’s Jalisco and Sinaloa regions. These areas serve as major sources for fentanyl-related financial transactions.

One prominent target of recent Treasury actions is La Nueva Familia Michoacana, a drug cartel that has expanded aggressively into fentanyl trafficking. The organization produces the synthetic opioid in multiple locations throughout Mexico and employs various smuggling methods including buses and human carriers to transport drugs across the U.S. border.

The Treasury’s investigation uncovered complex Chinese money laundering operations that use electronics and vaping devices as cover for illicit transactions. These sophisticated schemes enable the transfer of precursor chemicals vital for fentanyl synthesis while evading detection by regulatory authorities.

The sanctions implemented against these networks block all property and interests in property of designated persons within the United States, creating significant obstacles for traffickers attempting to access their illicit funds and continue operations within American financial systems.

International Pressure and Enforcement Actions

As part of the ongoing strategy to combat fentanyl trafficking, the United States is applying increased pressure on foreign governments, particularly Mexico and China. President Trump’s proposed tariff measures aim to incentivize stronger action against entrenched trafficking networks operating within their borders.

These economic measures complement the Treasury Department’s targeted sanctions against eight Mexico-based targets affiliated with La Nueva Familia Michoacana for trafficking fentanyl, cocaine, and methamphetamine into American communities.

The report’s findings highlight the critical challenge posed by globally connected trade networks that expertly navigate international financial systems. By targeting the economic infrastructure supporting the fentanyl trade, Treasury officials hope to disrupt the flow of deadly synthetic opioids that claimed tens of thousands of American lives in 2024 alone.

The extensive connections mapped by Treasury investigators demonstrate that combating this crisis requires coordinated international cooperation and sophisticated financial intelligence gathering to identify and dismantle these criminal enterprises at their source.

END

CHINA/USA

Trade War Turbulence: Chinese Airline Delays Boeing Jet Delivery In Possible Non-Tariff Countermeasure

by Tyler Durden

Friday, Apr 11, 2025 – 12:25 PM

China announced earlier that it had raised its levies on U.S. goods to 125%, up from the previous 84%, but stated that it would “no longer respond” to any further tariff increases from Washington. This suggests that Beijing may begin rolling out non-tariff countermeasures.

Hours after the initial announcement—and about an hour into the U.S. cash session—Bloomberg reported that China’s Juneyao Airlines had delayed the delivery of a widebody aircraft from Boeing, according to people familiar with the matter.

The people said Juneyao was supposed to take delivery of the 787-9 Dreamliner in three weeks but will now hold off due to the escalating trade war.

China’s non-tariff countermeasures against the U.S. in the deepening trade war are broad and far-reaching and may include the following:

Export Controls and Quotas
Currency Devaluation
Boycotts (State-Inspired)
Licensing & Certification Hurdles
Restricting Market Access
Pressure Big Tech With Cybersecurity & Data Laws
Limiting Cultural Imports
Selling U.S. Treasuries

Early this week, Beijing shifted to non-tariff retaliation, limiting Hollywood film imports, slowing rare earth export shipments, and allowing the yuan to weaken.

This is certainly not the end of the trade war, but one broadening outside the scope of tariffs. This understanding is likely why Goldman has yet to give an “all clear” to clients, as more marked turmoil is expected.

Countdown to the next U.S. company that Beijing targets, if that’s delaying orders or restricting access and/or using lawfare.

4.EUROPEAN AFFAIRS//UK /SCANDINAVIAN AFFAIRS

FRANCE/GERMANY

(REMIX)

AMAZING!!

France Surpasses Germany As Europe’s Top Asylum Destination So Far This Year

Friday, Apr 11, 2025 – 05:00 AM

Authored by Thomas Brooke via Remix News,

Germany is no longer the leading destination for asylum seekers in Europe, according to an internal EU Commission report accessed by Welt am Sonntag.

In the first quarter of the year, asylum applications in Germany dropped by 41 percent compared to the same period in 2024, falling to just over 37,000.

France received the most applications (40,871), followed by Spain (39,318).

The decline has pushed Germany down to third place among European countries, as migration flows shift across the continent.

In contrast, Hungary and Slovakia received the fewest asylum requests at just 22 and 37 applications, respectively.

Across the EU, along with Norway and Switzerland, authorities registered over 210,000 asylum applications in the first quarter — a decrease of 19 percent year-on-year.

The latest data reveals significant changes in where asylum seekers are coming from. Venezuelan nationals filed the most applications so far this year, marking a 44 percent rise. Afghans and Syrians followed, though notably, the number of Syrian applicants has dropped by over half compared to last year. Similar declines were recorded for applicants from Colombia and Turkey.

Despite the drop in Syrian requests, however, Germany remained the go-to destination for those heading to Europe — more than half of all Syrian applications across the EU were submitted in Germany, accounting for a quarter of all asylum applications in the country.

Afghan and Turkish nationals made up significant portions as well, while France has emerged as the main destination for Ukrainian asylum seekers, whose numbers rose by 84 percent.

Sweeping asylum reforms will change the landscape further next year with the implementation of the EU’s controversial migration pact. The legislation obliges all member states to take their fair share of asylum seekers or pay financial penalties for each migrant they refuse to the tune of €20,000 per person.

Brussels is also exploring the viability of offshore processing centers, following the lead of Italian Prime Minister Giorgia Meloni and her deal with Albania, though no major progress on this plan has been made to date.

The migration pact has been met with stiff opposition, particularly in Eastern European nations where socially conservative views are more represented at a national level.

Both Hungary and Slovakia have refused to comply with the redistribution of migrants, while Poland has also expressed its unwillingness to cooperate.

“We won’t build camps in Hungary. Our voters have given us a clear mandate against this,” Hungary’s Minister for European Affairs, János Bóka, told Welt am Sonntag.

Read more here…

END

GERMANY

the strong right party AfD tops the polls in Germany

(remix)

AfD Tops Polls For First Time In History As Merz’s Public Support For Chancellor Plummets

Friday, Apr 11, 2025 – 02:00 AM

Authored by Thomas Brooke via Remix News,

The Alternative for Germany (AfD) has become the most popular party nationwide for the first time in its history, edging past the CDU/CSU in the latest Ipsos poll.

The survey, conducted April 4–5, 2025, shows the AfD at 25 percent, just ahead of the CDU/CSU at 24 percent. The polling marks a dramatic turnaround since February’s federal election, when the Christian Democrats attained 29 percent and the AfD came second, four points behind.

Meanwhile, the SPD holds 15 percent, and both the Greens and the Left Party are at 11 percent each.

https://x.com/RMXnews/status/1909885937758175428?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1909885937758175428%7Ctwgr%5E6087df8e2c739feb241225d9d0537ad92cf32d8d%7Ctwcon%5Es1_&ref_url=https%3A%

These numbers come amid growing dissatisfaction with CDU leader Friedrich Merz. According to a separate Forsa poll for RTL and ntv, only 32 percent of Germans believe Merz is suited for the office of chancellor, while 60 percent say he is not. This marks a steep decline from early March, when 40 percent still had confidence in him.

Merz’s numbers are even worse in East Germany, where just 19 percent see him as a good future chancellor, compared to 34 percent in the West. Only among Union voters does Merz enjoy solid support, with 69 percent considering him a strong candidate. Among supporters of other parties, skepticism is widespread: 69 percent of SPD voters, 71 percent of Green voters, and 84 percent of AfD voters say Merz is unfit for the role. Among Left Party voters, that number climbs to 85 percent.

“The majority of voters doubt that the black-red agreement is moving in the right direction,” said Hermann Binkert, head of the INSA polling institute, referring to ongoing negotiations over a possible Grand Coalition between the CDU and SPD.

https://x.com/Alice_Weidel/status/1909887123840188612?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1909887123840188612%7Ctwgr%5E6087df8e2c739feb241225d9d0537ad92cf32d8d%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fww

Voter frustration is also being stoked by the controversial €500 billion investment fund, approved with backing from the CDU, SPD, and Greens. Viewed as a signal of increased spending and mounting debt, the fund has intensified criticism of the political establishment.

FDP senior figure Wolfgang Kubicki recently issued a warning to Germany’s legacy parties, saying the country is on the verge of a political revolution. “An AfD chancellor is closer than we think,” Kubicki said. “The vast majority of German citizens have recently voted somehow right-wing. Now, however, they threaten to get left-wing politics. That can’t go on for much longer.”

Following February’s election result, AfD co-leader Alice Weidel accused Merz of betraying his voters by cozying up to left-wing parties.

“If the CDU commits electoral fraud against its own voters by forming a coalition with the left, the next election will come sooner than you think,” she warned. “Then, we will overtake the CDU as the strongest force!”

🇩🇪🗳️ AfD's Alice Weidel issues a stark warning to Friedrich Merz:

"If the CDU commits electoral fraud against its own voters by forming a coalition with the left, the next election will come sooner than you think.

Then, we will overtake the CDU as the strongest force!" pic.twitter.com/qJ4PRki24F
— Remix News & Views (@RMXnews) February 24, 2025

Coalition talks between the SPD and the CDU continued long into the night on Tuesday, with an announcement on the next federal government expected in the coming days.

Read more here…

end

5 RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL/HAMAS/

Trump says Gaza hostage deal is close, Israeli officials note movement

Trump said that his administration was “dealing with Israel and Hamas” and that all parties were working on a deal to bring the hostages in Gaza home.

By AMICHAI STEIN, JERUSALEM POST STAFFAPRIL 10, 2025 20:52Updated: APRIL 10, 2025 22:39

US President Donald Trump seen over protests for release of hostages (illustrative) (photo credit: REUTERS/AFP, YONATAN SINDEL/FLASH90) — US President Donald Trump seen over protests for release of hostages (illustrative)(photo credit: REUTERS/AFP, YONATAN SINDEL/FLASH90)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-849754&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_c22f98b5d23ed160876c35e85d078235433c7616&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

US President Donald Trump told reporters on Thursday that the US is “close to getting hostages in Gaza back,” while Israeli officials told The Jerusalem Post that there has been “some movement” from Hamas’s side concerning the negotiations, and there is a higher chance of reaching a deal before.

In recent days, talks have been held between Israel, Egypt, and the US on bringing the Egyptian proposal closer to the Israeli proposal. These talks were without the involvement of Hamas.

Hamas has not yet seen the proposal, and there is currently no indication whether it will agree to it, an official with knowledge told the Post.

JPost Videos

Trump said that his administration was “dealing with Israel and Hamas” and that all parties were working on a deal to bring the hostages in Gaza home.

Prime Minister Benjamin Netanyahu held a situation assessment regarding the hostages with the negotiation team and the heads of Israel’s security establishment, his office announced shortly after Trump’s statement.

Family members and supporters of hostages stand outside the Knesset, the Israeli parliament, during a statement to the press demanding the return of all hostages kidnapped during the deadly October 7, 2023 attack by Hamas, in Jerusalem, March 18, 2025. (credit: RONEN ZVULUN/REUTERS)

‘There is no deal yet’

In late March, the US delivered a message to Hamas via Qatari intermediaries in an effort to bring about the release of American-Israeli hostage Edan Alexander from Gaza captivity, The Jerusalem Post previously reported, citing Axios.

“There is no deal yet,” a US official said, while an Israeli official noted the proposal was “more an idea that isn’t fully clear or fully developed.”

end

ISRAEL/hamas

IDF locates booby-trapped Hamas tunnel underneath kindergarten

The underground passage was dozens of meters long and led to a central axis for the terrorist organization.

By JERUSALEM POST STAFFAPRIL 11, 2025 12:10Updated: APRIL 11, 2025 16:0

https://player.jpost.com/public/player.html?player=jpost&media=3881210&url=https://www.jpost.com/breaking-news/article-849834IDF soldiers enter the terror tunnel near a kindergarten in Rafah (credit: IDF Spokesperson’s Unit)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-849834&unitId=2900003088&userId=0825748c-83eb-4fa6-9d99-5d5781551d74&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_c22f98b5d23ed160876c35e85d078235433c7616&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

IDF soldiers from the Golani and Yahalom units located a booby-trapped Hamas tunnel underneath a Rafah compound which formerly served as a kindergarten, the military reported on Friday.

The tunnel shaft was 100 meters away from a compound that was previously used as a school.

Fighters from the Yahalom Unit destroyed the underground passage, which was dozens of meters long and led to a central point in the tunnel network. The underground route was also booby-trapped, the military added.

Contradicting reports on remaining Hamas tunnels

The discovery of the tunnel in the southern Gazan city comes a few days after security sources said that the Israeli military has only destroyed a quarter of all the tunnels in the enclave, even adding that a number of smuggling tunnels crossing from Egypt to the Gaza are still intact.

https://player.jpost.com/public/player.html?player=jpost&media=3881209&url=www.jpost.comThe terror tunnel shaft located by Israeli soldiers by a kindergarten (credit: IDF Spokesperson’s Unit)

In January, however, Yoni Ben Menachem, an expert on Middle Eastern affairs from the Jerusalem Center for Security and Foreign Affairs, told The Media Line that 40% of Hamas tunnels remained in Gaza.

Late last month , the IDF uncovered a network of tunnels running for a full kilometer, which they hadn’t found around the Netzarim Corridor in central Gaza.

Shortly before their recent announcement of uncovering of the tunnel shaft, the IDF said that they had stuck the head of the sniper fire for Hamas’s Tel al-Sultan Battalion, Ahmad Iyad Muhammad Farhat, also in Rafah.

Yonah Jeremy Bob and Yuval Levy contributed to this report.

END

ISRAEL HAMAS

IDF kills Hamas commander that infiltrated Kibbutz Nir Oz on Oct.7

The terrorist was killed in a strike on Gaza City on Wednesday, only a kilometre from IDF troops.

By JERUSALEM POST STAFFAPRIL 10, 2025 15:21Updated: APRIL 10, 2025 16:33

Haitham Razek abd al-Karim Sheikh Khalil (photo credit: IDF Spokesperson’s Unit) — Haitham Razek abd al-Karim Sheikh Khalil(photo credit: IDF Spokesperson’s Unit)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-849690&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_df13727062d83a4c6af7697084d79dc74b0ec7a8&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

The IDF and Shin Bet (Israel Security Agency) killed Haitham Razek abd al-Karim Sheikh Khalil, a commander in Hamas‘s Shejaiya battalion, in Gaza City on Wednesday, the military confirmed on Thursday.

The commander had participated in the invasion of Kibbutz Nir Oz on October 7 and executed multiple attacks against the IDF in combat zones since the beginning of the war, the IDF said.

Part of those attacks saw boobytraps and explosives planted where the IDF operated.

Participation in Oct. 7

The terrorist reportedly worked as a Nukhba platoon commander at the time of the massacre and had worked as the head of Hamas’s tunnel operations. He later took the role as commander of the Shejaiya battalion following the deaths of the battalions’ prior commanders, Jamil Wadia and Fahim Farhat.

The Golani Brigade has returned to fighting in the Gaza Strip under the command of the 36th Division (credit: IDF SPOKESPERSON'S UNIT) — The Golani Brigade has returned to fighting in the Gaza Strip under the command of the 36th Division (credit: IDF SPOKESPERSON’S UNIT)

Khalil was killed during a strike on a Hamas command and control center operating only a kilometer from IDF troops.

The military said that while Hamas was “brutally exploiting” civilian infrastructure and populations, the IDF took steps to mitigate harm to Palestinians.

Hamas claimed that 29 civilians were killed in the strike, the majority of them women and children, wounded 50 and trapped dozens under the rubble.

“These ongoing massacres against our defenseless people, with full support from the complicit US administration, represent a shameful stain on the international community, which remains helpless and inactive in the face of one of the most horrific episodes of mass killing and organised genocide,” the terror group said in a statement.

Hamas has yet to confirm or comment on the death of Khalil.

Palestinian Islamic Jihad claimed that 8- people, mostly women and children, were killed in the strike and claimed “The occupation’s allegations of targeting a ‘leading group affiliated with the Hamas movement’ are nothing more than a flimsy cover to justify a heinous and deliberate crime.”

end

THIS AFTERNOON:

Khalil al-Hayya led Hamas delegation to arrive in Cairo Saturday

Israel reportedly delivered its latest response to the Egyptian proposal for a new hostage – ceasefire deal Thursday night.

By WALLA!APRIL 11, 2025 15:16Updated: APRIL 11, 2025 19:20

Hamas official Khalil Al-Hayya sits at a mourning house for assassinated Hamas chief Ismail Haniyeh in Doha, Qatar, August 2, 2024. (photo credit: REUTERS/IBRAHEEM ABU MUSTAFA) — Hamas official Khalil Al-Hayya sits at a mourning house for assassinated Hamas chief Ismail Haniyeh in Doha, Qatar, August 2, 2024.(photo credit: REUTERS/IBRAHEEM ABU MUSTAFA)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbreaking-news%2Farticle-849845&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_c22f98b5d23ed160876c35e85d078235433c7616&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

A Hamas delegation, which includes senior official Khalil al-Hayya, is expected to arrive in Cairo on Saturday, according to Saudi channel Al-Hadath.

Israel reportedly delivered its latest response to the Egyptian proposal for a new hostage – ceasefire deal Thursday night, a senior Israeli official told Walla.

Egypt and the US are trying to form a proposal that would be acceptable to both Israel and Hamas. Israeli officials said there has been a rapprochement between Israel and Egypt. However, it is still unclear whether Hamas will accept a proposal that includes the release of more than five living hostages.

The Egyptian proposal that was conveyed to Israel a few days ago included the release of eight living hostages and a similar number of killed hostages in exchange for a 40 to 50 day ceasefire, the release of hundreds of Palestinian prisoners, the resumption of the transfer of humanitarian aid to Gaza, and the withdrawal of IDF troops to the positions they were in before fighting resumed in Gaza in mid-March.

Israeli Prime Minister Benjamin Netanyahu convened the negotiating team on Thursday and approved the Israeli response to the Egyptian proposal.

Prime Minister Benjamin Netanyahu seen over a wall of hostage posters in an illustrative. (credit: FLASH90/CANVA)

After the discussion, Israel sent its response to Egypt, an Israeli senior official said, who then noted that Israel’s response includes a demand for the release of over eight living hostages, fewer than the eleven Israel previously demanded.

The official added that while gaps still exist between Israel and Hamas regarding the number of Palestinian prisoners to be released for each Israeli hostage, this is a gap that can be bridged through negotiations.

Hammering out the details

“We now need to enter into real negotiations on the details of the deal. It will not be easy, and more compromises will be required from Israel, but there is a chance of reaching an agreement that will lead to the release of additional hostages,” the official said.As part of the negotiations, US Middle East envoy Steve Witkoff conveyed a message to Hamas through Egyptian mediators, stating that if Hamas agrees to move forward with a deal that will lead to the renewal of the ceasefire and the release of hostages, the US will guarantee that Israel will enter into serious negotiations to end the war.

The Americans also pledged to make a public statement about it if the deal goes through.

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The Jerusalem Post previously reported that there has been “some movement” concerning the negotiations, and there is a higher chance of reaching a deal than before, according to Israeli officials.

This is a developing story.

ISRAEL /IRAN/USA

will this happen?

Energy Secretary Hints At Military Action Against Iran’s Global Oil Exports

Friday, Apr 11, 2025 – 08:45 AM

Amid Trump’s anti-Iran ‘maximum pressure’ and the current climate of the White House telling Tehran to negotiate a new nuclear deal or else bombs could fly, fresh statements from US Energy Secretary Chris Wright just added fuel to the fire.

Wright while on a trip to Abu Dhabi told Reuters that the United States is able to step up pressure on Iran and stop its oil exports altogether with force if need be, in order to get Tehran to the table on its nuclear program.

He described provocatively that the US “can follow the ships from Iran” as “we know where they go” and thus the Islamic Republic’s export of oil can be fully stopped.

Crucially he added that in his view the market can “tolerate squeezing out” of Iran oil exports if this full-court press option is pursued.

This would necessarily involve US militarization of shipping lates and strategic oil chokepoints not only in the Middle East but in southeast Asia, while stepping up reconnaissance operations.

The US has already long monitored and condemned Iran’s ‘shadow fleet’ activity and efforts to disguise Iranian oil shipments. China has been the largest customer by far, especially since 2022 when Tehran in the face of expanding sanctions upped its exports with nearly 300 ‘dark fleet’ tankers also going to places like Venezuela, and sanctions-decimated Syria (under Iran-ally Assad at the time).

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“The Iranian regime relies on its network of unscrupulous shippers and brokers like Brar and his companies to enable its oil sales and finance its destabilizing activities,” Treasury Secretary Scott Bessen said Thursday, in rolling out yet more counter-Iran actions to crackdown on its oil and petroleum products.

The new Treasury measures involve the following:

The U.S. Department of the Treasury has unveiled sanctions against a sophisticated maritime network responsible for smuggling hundreds of millions of dollars worth of Iranian petroleum, targeting UAE-based shipping magnate Jugwinder Singh Brar and his fleet of nearly 30 vessels, many of which operate as part of Iran’s “shadow fleet.”

Meanwhile, the U.S. Department of State has simultaneously sanctioned a Chinese terminal operator, along with two additional vessels, that feeds product to a co-called “teapot” refinery.

Operating through UAE-based companies Prime Tankers LLC and Glory International FZ-LLC, the Treasury’s Office of Foreign Assets Control (OFAC) alleges Brar’s network employed an intricate web of smaller Handysize tankers for coastal operations, conducting high-risk ship-to-ship (STS) transfers in waters off Iraq, Iran, the UAE, and the Gulf of Oman.

Oil prices dropped slightly Friday upon China announcing its retaliation against the US by raising tariffs on US goods to 125%. The ongoing US-China trade and tariff tit-for-tat has dented demand for oil amid a climate of fear and uncertainty, pushing prices down.

Commenting further on Wright’s Friday words, Reuters notes that he said “there will be a positive outlook for oil demand and supply in the next few years under President Donald Trump’s policies, and the concern of markets about economic growth will be proven wrong.”

end

ISRAEL/TURKEY

Israel holds ‘positive’ first talks with Turkey on Syria, still in early stages

Azerbaijani officials said that they were ready to facilitate positive relations between the two countries.

By AMICHAI STEINAPRIL 10, 2025 21:09Updated: APRIL 10, 2025 21:44

Syrian troops sit atop a tank as they head towards the Syrian-Lebanese border following clashes with Lebanese soldiers and armed groups, in Qusayr, Syria, March 17, 2025. (photo credit: REUTERS) — Syrian troops sit atop a tank as they head towards the Syrian-Lebanese border following clashes with Lebanese soldiers and armed groups, in Qusayr, Syria, March 17, 2025.(photo credit: REUTERS)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fmiddle-east%2Farticle-849760&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_df13727062d83a4c6af7697084d79dc74b0ec7a8&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Israel and Turkey have officially begun talks aimed at reducing tensions between the two countries by establishing a mechanism to prevent friction in Syria.

An Israeli delegation, led by National Security Council head Tzachi Hanegbi and Prime Minister Benjamin Netanyahu’s military secretary Roman Gofman traveled to the Azeri capital on Wednesday, where they met with senior Turkish officials.

An Israeli official told The Jerusalem Post that the first round of talks in Baku were held in a positive atmosphere, while stressing that the process is still at its very beginning.

Israel made it unequivocally clear to the Turks that any change in the deployment of foreign forces in Syria, particularly the establishment of Turkish bases in the Palmyra region, crosses a red line and would be considered a serious breach, a diplomatic source told The Post.

Turkey had set its sights on the T-4 Airbase in the area, and is interested in turning it into a drone base. Israel has attacked this base multiple times in recent months and stressed that “any action that endangers Israel will also endanger the Assad regime.”

Operation Heavy Roads, involving IDF special op. against Iranian missile production facility in Syria (credit: IDF)

Israel, it seems, is willing to accept Turkish influence in Syria, but not at the expense of its own freedom of action in Syrian airspace, which, according to foreign reports, is crucial for any operations against Iran.

The Prime Minister’s Office issued a statement saying that during the talks, each side presented its regional interests, and it was agreed to continue the dialogue channel to maintain regional security stability.

Azeri envoy to ‘Post’: We are ready to support positive Israel-Turkey ties

In a speech on Wednesday, Azerbaijani President Ilham Aliyev said his country was helping to calm tensions between the two nations. Azerbaijan’s ambassador to Israel, Mukhtar Mammadov, told the Post that “Azerbaijan is very close to Turkey and a friend of Israel. We want to see relations between you develop positively, and we are ready to support that.”

President Trump also said this week that he hopes the tension between the two countries will be resolved, referring to Erdoğan as “his friend.” Prime Minister Netanyahu reportedly told cabinet ministers on Wednesday that he would ask Trump to mediate if needed, given his close ties with Erdogan.

end

IRAN/ISRael/USA

Trump Suggests Israel Would ‘Lead’ Possible Attack On Iran

Thursday, Apr 10, 2025 – 09:20 PM

At a moment the whole world is closely following Trump’s tariff back-and-forth and the rapid impact on global markets, President Trump has again threatened the possibility of military action against Iran.

“If it requires military, we’re going to have military,” Trump told reporters in the Oval Office, responding to a question on whether US would attack if a nuclear deal isn’t reached with the Iranians.

This has also raised uncomfortable questions on Israel’s outsized influence on American foreign policy. Recall that Israeli Prime Minister Benjamin Netanyahu back in September 2002 testified before Congress that there was ‘no question’ Saddam Hussein was working on nuclear weapons and other WMD.

This begs the obvious question of whether anyone should be listening to him now on the question of Iran and its nuclear program.

Trump addressed this in adding to his Oval comments: “Israel will obviously be very much involved in that — it’ll be the leader of that. But nobody leads us. We do what we want to do.”

However, this appears a clear admission that Israel would indeed ‘lead’ any such attack. Israel has for years threatened preemptive strikes on the Islamic Republic if it’s believed Tehran is close to producing a nuclear warhead.

Iranian President Masoud Pezeshkian restated in Wednesday comments, “We are not after a nuclear bomb,” and emphasized: “You have verified it 100 times. Do it 1,000 times again.”

The US intelligence community at this moment actually agrees. “The IC [Intelligence Community] continues to assess that Iran is not building a nuclear weapon and Supreme Leader Khamenei has not authorized the nuclear weapons program he suspended in 2003,” Director of National Intelligence Tulsi Gabbard told a Senate Intelligence Committee hearing in March.

Netanyahu also exercised significant influence over US policy during Trump’s first term in office, as The Associated Press reviews:

With Netanyahu’s strong encouragement, Trump in 2018 unilaterally withdrew the United States from the agreement between world powers and Iran over its nuclear program. That deal, negotiated by the Obama administration, put curbs on Iran’s nuclear program. It was denigrated by Netanyahu because he said it did not go far enough to contain Iran or address Iran’s support for regional militant groups.

Netanyahu has long maintained that military pressure was the best way to prevent Iran from obtaining nuclear weapons. Israel struck Iran last year in the countries’ first direct conflict ever. But it did not target Iran’s nuclear facilities, something Israel would likely need U.S. military assistance to do in order to strike targets buried deep underground.

Still, the White House appears open to achieving a new deal that everyone can live with. ‘Indirect’ talks between Tehran and Washington are scheduled for this Saturday in Oman.

Netanyahu after meeting with Trump this week actually floated an ultra-provocative plan for Iran to ‘blow up’ its own nuclear facilities under US supervision, if it hopes to get sanctions dropped and end its international isolation (akin to the ‘Libya model’ – which didn’t work out too well for Gaddafi).

end

HOUTHIS/USA

America Has Failed To Secure Red Sea Navigation: Houthi Leader

Thursday, Apr 10, 2025 – 10:10 PM

Abdul-Malik al-Houthi, leader of the Yemen’s Houthi group, is once again directly challenging the United States by essentially declaring victory over US naval operations in the Red Sea.

At this point US Central Command (CENTCOM) has launched literally hundreds of strikes in various places across Yemen over the last three weeks, especially the capital as well as the key port of Hodeidah. Al-Houthi on Thursday declared that the “US failed to prevent military operations and secure maritime navigation for the Israeli enemy.“

“Despite all the escalation, the Americans have failed to stop our missile and drone attacks,” he continued. “Failure to support the Palestinian people has serious consequences and emboldens the enemy.”

This week was kicked off with yet more Houthi attacks on US warships in the Red Sea, at a moment a second US aircraft carrier is en route toward Mideast waters:

The Iran-backed Houthis aren’t backing down – at least not yet. Houthi spokesperson Yahya Saree said the Iranian-backed terror group targeted US warships and Israel on Wednesday, adding that some of the attacks involved drones.

“The Yemeni Armed Forces [Houthis] have carried out new drone operations, targeting a US warship in the Red Sea and an Israeli military site in Tel Aviv,” Iranian state media said.

More drone and ballistic missile attacks have also been launched directly on Israel of late. There’s been no evidence that Houthi attacks have so much as slowed due to the ramped-up US operations since March 15.

Fully stamping out the Houthi movement could prove nearly impossible, especially as currently this is limited to an air war. Even the Atlantic Council has admitted that “The United States’ ability to track al-Houthi is likely hindered by limited intelligence on the ground in Yemen.”

“This reality was echoed early last year when the US had difficulty assessing the success of its operations and the group’s full arsenal due to a lack of intelligence,” it stated. “Without a reliable presence or informant network, targeting such a well-hidden leader will prove challenging.”

Washington has constantly highlighted Iranian support to the Houthis, stretching back a period of years. However, it has also become clear that the Houthis’ ability to produce domestic missiles and drones has grown.

While the Houthis can be seen as Iranian proxies, it is also clear Houthi leadership often operates independently, while Tehran has also sought to distance itself from being seen as clashing militarily with US forces off Yemen. The US continues to put Tehran in the spotlight, warning it must make a new nuclear deal, or else.

end

RUSSIA VS UKRAINE

Moscow Dragging Beijing Into Ukraine War By ‘Systematic’ Recruitment, Zelensky Says

Thursday, Apr 10, 2025 – 07:40 PM

Ukrainian President Volodymyr Zelensky continues trying to put pressure on China and make the case to Western allies that there’s an international ‘axis’ attacking Ukraine under Russian leadership.

In Wednesday statements Zelensky accused Moscow of dragging China into the war, after a pair of Chinese nationals were captured fighting with Russian forces in Donetsk. The Ukrainian leader further charged that Beijing knew all along that at least dozens of its citizens were recruited to fight for Moscow.

“Such an overt involvement of Chinese citizens in combat operations on the territory of Ukraine is a deliberate step towards expanding the war,” he told reporters. “This is yet another indication that Moscow simply needs to drag out the fighting.”

“The ‘Chinese’ issue is serious,” Zelensky said. “There are 155 people with names and passport details who are fighting against Ukrainians on the territory of Ukraine.”

These comments claim after earlier the same day China’s foreign ministry rejected any involvement. A statement stressed that the Chinese government always tells its citizens to avoid all conflict zones.

However, Zelensky still alleged of Moscow and China’s role in the scheme, “It is clear how they recruit them. One of the schemes is through social media, in particular TikTok and other Chinese social networks, where Russians distribute commercials.” He then said provocatively, “Beijing is aware of this.”

The Ukrainian government has since shared a document with AFP and other international media which lists information on 168 Chinese citizens allegedly recruited by Russia. Beijing has said it is investigating the matter of any of its citizens fighting in Ukraine, and is looking into the pair who are in Ukrainian custody.

“It is obvious that these are not isolated cases, but systemic Russian work, in particular, on the territory and in the jurisdiction of China, to recruit citizens of this state for war,” Zelensky additionally said on social media.

Despite Zelensky trying to get Washington’s attention on this, the White House response has remained muted.

National Security Council spokesman Brian Hughes has only said that the US administration is still trying to confirm the information.

“However, if the Chinese government is allowing their citizens to fight on behalf of the Russia government, this would be a concerning escalation and the U.S. will consider options moving forward,” he said.

The first two captured Chinese citizens. Today, investigators from the Security Service of Ukraine spoke with them. We are working to establish all the facts regarding the involvement of these and other Chinese citizens being part of the Russian occupation army. Ukrainian… pic.twitter.com/PkBpBjI2Qm
— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) April 9, 2025

North Korea has also been involved in sending troops, and this is much better documented, given Pyongyang may have sent some 10,000. These have been mostly active in Russia’s Kursk region.

Iran too is involved in the conflict, but only through supplying drones and possible missiles. The Kremlin has even allowed an Iranian drone factory to be set up on Russian soil amid deepening defense cooperation.

RUSSIA VS UKRAINE

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

MARK CRISPIN MILLER

DR PAUL ALEXANDER

SLAY NEWS

NEWS ADDICT

‘Sell America’ Trade Sparks Gold-Rush, Dollar Crush As US Bond Yields Surge Most In 43 Years

MIDDAY NEWS

USA DATA

March Deficit Unexpectedly Tumbles To 5 Year Low As DOGE Cracks Down On Democrat Money-Laundering Schemes

by Tyler Durden

Thursday, Apr 10, 2025 – 06:50 PM

One month ago, when looking at the latest US Treasury income and spending, or as it is better known, deficit, data we found something shocking: the last months of the Biden admin were marked by spending unlike anything ever seen before, in fact, spending in the first six months of fiscal 2025 surpassed even the crisis 2020 and 2021 when the US injected trillions into the economy.

Then Elon Musk’s DOGE came on the scene… and thing changed quickly.

Earlier today the Treasury published its revenue and spending report for the month of March, the first month when DOGE was fully operational, and the results were interesting. As shown in the chart below, in March total US government receipts were $368 billion, while spending totaled $528 billion.

The difference between how much money the US brought in vs how much it spent, means that in March the US budget deficit was $161 billion. Which sounds like a lot (it is) until you realize that in February the deficit was almost twice as much, or $307 billion. And compared to the $236 billion deficit a year ago, 2025 was a solid 32% lower.

How come? Well, first of all receipts rose 10.7% to $367.6BN. Which is good. But what was great is that spending, which has traditionally been the real problem, actually shrank by 7.1% to $528.2BN.

And this is where DOGE came in.

While various mandatory spending categories posted continued gradual increases – after all, these require an act of Congress to be revised – there was a huge, $45 billion drop in Income Security, from $105 billion in February to $60 billion in March, the largest one month decline since June 2021 as Elon ripped up much of the massive fraudulent fund flow network Democrats had established in recent decades and covered up simply as ‘income security‘ (see “Elon Musk alleges $50B in fraud at Treasury after judge blocks DOGE audit“, Elon Musk’s DOGE discovers millions in taxpayer dollars wasted on unemployment claims for ‘fake people’, Elon Musk Says DOGE Will Produce Savings Of $150 Billion In FY2026) when it really was a giant slush fund used for everything from graft, to corruption, to bribes, to paying leftist media for favorable coverage.

The result: the March US deficit was the lowest since 2020 before the covid crash, and down $76 billion from a year ago.

That’s the good news. The bad news is that despite the sharp drop in the March deficit, the longer-term trendline in spending vs income remains unsustainable as the following chart shows.

And another way of showing it: yes, the blue line (income security), dropped but everything else continues to rise…

… and especially interest expense, which as of the end of Biden’s admin, at Dec 2024, hit a new record high of $1.124 trillion LTM, which is more than double where it was when Biden walked into the White House in Q1 2021.

Bottom line: While March was the first month in which we saw the budget-busting effect of DOGE finally come to the fore, the Sisyphean challenge for the Dept of Government Efficiency is just starting, because while a $50BN drop in “Income Security” and a $76 billion decline in the deficit YoY is a terrific start, the reality is that this is a mere drop in the bucket for the unsustainable trajectory which the US is on, and if Trump, Musk, DOGE and the majority of Americans truly hope to rightsize the US balance sheet, a lot more work – and as the last few days have shown – a lot more pain is coming.

END

Despite the tariffs no inflation on the horizon as PPI plummets

(zerohedge)

Producer Prices Plunged Most Since COVID In March

Friday, Apr 11, 2025 – 08:37 AM

Following the cooler-than-expected consumer price inflation print, producers prices were expected to accelerate modestly in March. The analysts were totally wrong…

Headline PPI fell (yes fell) 0.4% MoM (dramatically cooler than the 0.2% MoM rise expected), dragging the headline index down to +2.7% YoY…

Source: Bloomberg

That is the lowest MoM print since COVID lockdowns and lowest YoY since Sept 2024… as Energy and Services costs tumble…

Core PPI also saw deflation (-0.1% MoM) with the YoY rise slowing to +3.3%…

In March, over 70 percent of the decrease in the index for final demand can be traced to prices for final demand goods, which fell 0.9 percent.

The index for final demand services declined 0.2 percent.

Final demand goods: Prices for final demand goods moved down 0.9 percent in March, the largest decrease since falling 1.4 percent in October 2023. Over three-fourths of the March decline is attributable to a 4.0-percent drop in the index for final demand energy. Prices for final demand foods decreased 2.1 percent. In contrast, the index for final demand goods less foods and energy rose 0.3 percent.

Product detail: Two-thirds of the March decline in the index for final demand goods can be traced to an 11.1-percent drop in prices for gasoline. The indexes for chicken eggs, beef and veal, fresh and dry vegetables, diesel fuel, and jet fuel also moved lower. Conversely, prices for steel mill products increased 7.1 percent. The indexes for residential electric power and for processed young chickens also advanced.

Final demand services: Prices for final demand services fell 0.2 percent in March, the largest decline since moving down 0.2 percent in July 2024. Leading the March decrease, margins for final demand trade services dropped 0.7 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Prices for final demand transportation and warehousing services moved down 0.6 percent. In contrast, the index for final demand services less trade, transportation, and warehousing increased 0.1 percent.

Product detail: A 1.3-percent decrease in the index for machinery and vehicle wholesaling was a major factor in the March decline in prices for final demand services. The indexes for airline passenger services; food retailing; apparel, jewelry, footwear, and accessories retailing; automobiles retailing (partial); and guestroom rental also moved lower. Conversely, prices for legal services rose 1.5 percent. The indexes for chemicals and allied products wholesaling and for long-distance motor carrying also advanced.

Margin pressure remains on American corporations…

Finally, energy prices are set to drag CPI and PPI even lower in the next month or so…

But, but, but… the PhDs said tariffs were inflationary!!

end

Americans’ Expectations Plunge To 45 Year Lows As Democrats Send UMich Inflation Expectations Soaring

Friday, Apr 11, 2025 – 10:09 AM

The cognitive dissonance for Democratic UMich survey respondents is about to go to ’11’ as various ‘hard’ data signals show inflation falling far more rapidly than expected (and not the hyperinflationary hell they were told to expect by the legacy media).

You know you’ve pushed the Overton Window too far when even the chair of The Fed shrugs off your extreme data points as an outlier with partisan bias.

The percentage of UMich respondents making unsolicited negative comments about news they’ve heard on government economic policy has surged to a record high of 60%!

So what will preliminary April data bring?

Year-ahead inflation expectations surged from 5.0% last month to 6.7% this month, the highest reading since 1981 and marking four consecutive months of unusually large increases of 0.5 percentage points or more. This month’s rise was seen across all three political affiliations. Long-run inflation expectations climbed from 4.1% in March to 4.4% in April, reflecting a particularly large jump among independents.

Source: Bloomberg

Democrats dominate the crazy with expectations for a 7.9% surge in prices this year…

Source: Bloomberg

And 5-10Y expectations for Democrats are up at 5.1%!!

Source: Bloomberg

Consumer sentiment fell for the fourth straight month, plunging 11% from March. This decline was, like the last month’s, pervasive and unanimous across age, income, education, geographic region, and political affiliation.

The preliminary April sentiment index slid 6.2 points to 50.8, the weakest reading since June 2022, according to the University of Michigan. Economists called for a decline to 53.8, based on the median projection in a Bloomberg survey that had a wide range of estimates.

Expectations plunged to the lowest since April 1980…

Sentiment has now lost more than 30% since December 2024 amid growing worries about trade war developments that have oscillated over the course of the year.

The share of consumers expecting unemployment to rise in the year ahead increased for the fifth consecutive month and is now more than double the November 2024 reading and the highest since 2009.

Unsurprisingly, trade policy continues to weigh heavily on consumers’ minds.

“Unemployment expectations have worsened sharply over the last few months, which may not lead to a pull-back in spending if consumers do not expect to be personally affected by layoffs or income losses,” Joanne Hsu, director of the survey, said in a statement.

“Alarmingly, though, consumers are now worried that they will be personally affected.”

About two-thirds of consumers spontaneously mentioned tariffs during interviews, up from about 40% in February and March of this year.

Evidence from the past several months suggest that consumers may not feel much relief from the April 9 social media post reversing some tariff increases.

Comparing Democrats view of the inflationary outlook to the ‘hard’ inflationary data…

Source: Bloomberg

It would appear all that tariff terror propaganda worked eh?

USA ECONOMIC NEWS

Tulsi Gabbard Drops Two Huge Bombshells

Friday, Apr 11, 2025 – 10:30 AM

Authored by Steve Watson via Modernity.news,

National Intelligence Director Tulsi Gabbard made a startling revelation during an open cabinet meeting Wednesday, announcing that she has evidence that electronic voting machines have been tampered with to manipulate the results of past US elections.

“I’ve got a long list of things that we’re investigating. We have the best going after this, election integrity being one of them,” Gabbard stated.

“We have evidence of how these electronic voting systems have been vulnerable to hackers for a very long time,” she continued.

BREAKING: Tulsi Gabbard just announced at the Cabinet meeting that her office has obtained evidence of massive vulnerabilities on voting machines that allow hackers to flip votes. WHOAH!!!

"We have evidence of how these electronic voting systems have been vulnerable to hackers… pic.twitter.com/3KGuyyO60n
— George (@BehizyTweets) April 10, 2025

Gabbard emphasised that the evidence shows that machines are “vulnerable to exploitation to manipulate the results of the votes being cast.”

She told President Trump that the finding “further drives forward your mandate to bring about paper ballots across the country so that voters can have faith in the integrity of our elections.”

It seems the ‘conspiracy theorists’ were right again.

They made a whole TV show about stealing an election using voting machines (Scandal), and people still think it’s “fictional”

They tell you what they do before they do it (karmic law)
— cheez (@relaxiiiN) April 10, 2025

For years, Democrats blatantly told us that voting machines were rigging elections. We didn't listen until they pulled off the fraud of 2020.

Now, the whole intelligence apparatus led by Tulsi Gabbard is investigating the machines. SO GOOD!
pic.twitter.com/lCOq03AkrQ
— George (@BehizyTweets) April 10, 2025

Gabbard also announced that she is about to make public a huge amount of information relating to the assassinations of RFK, and MLK Jr.

BREAKING – Director of National Intelligence Tulsi Gabbard announces a major incoming file dump on the assassinations of Sen. Robert F. Kennedy and MLK Jr. pic.twitter.com/2POmPelOfP
— Charlie Kirk (@charliekirk11) April 10, 2025

Gabbard followed up on the comments in a Fox News interview, also noting she has teams of people scouring FBI and CIA warehouses looking for hidden documents on the JFK assassination.

Tulsi Gabbard drops a bombshell, confirming that her team is working to uncover long-hidden JFK as*assination files that were buried with the hope they'd never be found.

Many of these documents were never even scanned and have been sitting untouched in boxes at the National… pic.twitter.com/hq7KKv0Plj
— Shadow of Ezra (@ShadowofEzra) April 10, 2025

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

VICTOR DAVIS HANSON

Ten Tariff Questions Never Asked

Thursday, Apr 10, 2025 – 04:20 PM

Authored by Victor Davis Hanson via American Greatness,

The real trade war wasn’t Trump’s – it was decades of lopsided deals, deficits, and double standards America tolerated while others profited…

1.Trump’s So-Called “Trade War.”

Many call the American effort to obtain either tariff parity or a reduction in the roughly $1 trillion trade deficit and fifty years of consecutive trade deficits “a trade war.” But then what do they call the policies of the past half-century by Europe, Asia, China, and others to ensure asymmetrical tariffs, pseudo-health and security trade restrictions, and large surpluses?

A trade peace? Trade fairness?

2. Do Nations Prefer Surpluses or Deficits?

Why do most nations prefer trade surpluses and protective tariffs?

Are Europe, Asia, China, and others stupid? Are they suicidal in continuing their trade surpluses and protective or asymmetrical tariffs?

Is the United States uniquely brilliant in maintaining a half-century of cumulative trade deficits? Do Americans alone discover the advantages of a $1 trillion annual trade deficit and small or nonexistent tariffs?

Why don’t America’s trading partners prefer deficits like ours—given we supposedly believe they are either advantageous or perhaps irrelevant?

3. Would Our Trade Partners Prefer to Trade Places With Us?

Would our trade partners prefer to have America’s supposed benefits of a $1-trillion trade deficit?

Would the United States then “suffer” like they do by running up $200 billion annual surpluses?

4. What if Wages Went Up at the Rate of the Stock Market?

What would now be the reaction of the stock market if over the last decade wages had increased at the rate of stocks—and the stocks at the rate of wages?

5. Is Wall Street’s Panic Based on What Might Happen—Or What Is Happening?

Is Wall Street’s meltdown a fear of what might happen in the future? Or is it reacting to March’s latest jobs report that there were 93,000 more jobs created than predicted? Was the Wall Street panic predicated on reports of much lower oil prices? Did the furor arise over the March inflation report that the annualized inflation rate dipped to 2.6% per year?

6. Is the Frenzy Caused by the Trump Economic Agenda?

Is Wall Street’s worry that Trump’s impending tax cuts, more deregulation, greater budget cuts, and continued efforts to eliminate budget deficits and reduce national debt will stall economic growth?

7. What About North American Neighbors?

If the U.S. was running a $63 billion-plus trade surplus with Canada, refusing to meet its NATO requirements to spend 2 percent of GDP on defense, and instead spent only 1.37 percent, would Canada become concerned?

If Mexico were running a $171 billion trade deficit with the U.S., if Americans in Mexico were sending over $60 billion per year out of Mexico to the U.S., and if American drug dealers were making $20 billion by selling fentanyl and opioids to Mexico, would Mexico be angry?

8. Is the Trump Agenda Bad Economic News?

Is the current panic over tariffs amplified by Trump’s other policies?

Is the sudden end of 10,000 illegal entries a day bothering Wall Street?

Are the media furious that the Red Sea is suddenly navigable again, the Houthis in Yemen curtailing their attacks?

Is the outrage due to the targeting of approximately $200 billion in budget cuts or plans to shave off $500 billion from the annual budget? Does the conundrum arise because Trump is sanctioning Iran, unapologetically supporting Israel, and seeking an end to the Ukraine War?

9. Was the Biden Record Preferable?

Should Trump try to match Biden’s $7 trillion addition to the national debt? Should he return to allowing 12 million illegal aliens into the country? Was the 2021 Afghanistan pullout a good model? Is Wall Street worried that Trump may copy the Biden New Green Deal, his electric vehicle mandates, and more green regulations?

10. Why the Negotiations and Why Now?

Why are 70 countries now wishing to negotiate tariffs with America either down to zero or reciprocally to the same rate as ours?

Is that a good thing? If so, why did our trade partners not wish to lower their trade barriers far earlier?

Did they suddenly and spontaneously decide they were acting unfairly and, on their own prompt, now want to make amends?

What’s Next?

If there soon is a rush of nations to cut a deal with the U.S. and not to be left out of the American market, will there follow another hysterical Wall Street spasm—but not to sell, but instead to buy stocks at bargain prices?

END

USA/ANTISEMITISM//HAMAS// REPORT

Pro-Palestinian protesters disrupted, kicked out of classroom at Colorado University

“CU Boulder condemns acts of violence and does not tolerate classroom disruptions, both of which violate state law and university policies,” the university said in a statement.

By JERUSALEM POST STAFFAPRIL 10, 2025 05:54Updated: APRIL 10, 2025 05:56

University of Colorado-Boulder (photo credit: FLICKR) — University of Colorado-Boulder(photo credit: FLICKR)

https://trinitymedia.ai/player/trinity-player.php?language=en&pageURL=https%3A%2F%2Fwww.jpost.com%2Fbds-threat%2Farticle-849602&unitId=2900003088&userId=1938e01a-2e38-4f76-9d42-6dd0304d8a0a&isLegacyBrowser=false&isPartitioningSupport=1&version=20250410_c22f98b5d23ed160876c35e85d078235433c7616&useBunnyCDN=0&themeId=140&isMobile=0&unitType=tts-player

Pro-Palestinian protesters were kicked out of a Colorado university classroom after entering and disrupting the class last week on Wednesday.

The professor, who teaches Designing for Defense, a class that trains students in building combat tools by working with the US military and intelligence agencies, was teaching his class when the protesters entered. According to a video posted by the Boulder Students for a Democratic Society (BSDS) Instagram page, one of the protesters was forcefully removed from the classroom.

Colorado University statement

The University of Colorado-Boulder sent out a statement saying that the Boulder police are investigating the situation and that it was not an employee or a student who forcefully removed the protester.

JPost Videos

“CU Boulder condemns acts of violence and does not tolerate classroom disruptions, both of which violate state law and university policies,” the university said in a statement.

Pro-Palestinian protesters gather at an encampment in Denver, Colorado, US, May 14, 2024 (credit: REUTERS/KEVIN MOHATT)

“Our campus has long supported our campus community’s right to free expression, so long as those activities are carried out legally and in line with university policy, and do not threaten public safety. The safety of all students, faculty, staff and visitors on campus remains a top priority.”

KINGNEWS

SWAMP STORIES FOR YOU TONIGHT

“Significant Bad-Faith Actor”: Trump Pulls Security Clearance For Ex-CISA Director Chris Krebs, Orders Investigation Into Censorship

Thursday, Apr 10, 2025 – 04:40 PM

The Trump administration has pulled security clearances for former CISA head Chris Krebs and ex-DHS official Miles Taylor and has ordered investigations into their actions while in office.

For a refresher, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) was reportedly in direct contact with platforms like Twitter throughout the 2020 election cycle, which one DJS official told the NY Times “was the biggest change that helped shore up digital defenses in [2020] election management systems.”

The White House issued the following statement regarding Krebs:

Christopher Krebs, the former head of the Cybersecurity and Infrastructure Security Agency (CISA), is a significant bad-faith actor who weaponized and abused his Government authority. Krebs’ misconduct involved the censorship of disfavored speech implicating the 2020 election and COVID-19 pandemic. CISA, under Krebs’ leadership, suppressed conservative viewpoints under the guise of combatting supposed disinformation, and recruited and coerced major social media platforms to further its partisan mission. CISA covertly worked to blind the American public to the controversy surrounding Hunter Biden’s laptop. Krebs, through CISA, promoted the censorship of election information, including known risks associated with certain voting practices. Similarly, Krebs, through CISA, falsely and baselessly denied that the 2020 election was rigged and stolen, including by inappropriately and categorically dismissing widespread election malfeasance and serious vulnerabilities with voting machines. Krebs skewed the bona fide debate about COVID-19 by attempting to discredit widely shared views that ran contrary to CISA’s favored perspective.

The statement further notes that this type of abusive conduct “violates the First Amendment and erodes trust in Government, thus undermining the strength of our democracy itself,” and that those who engage in or support such conduct must not have continued access to our Nation’s secrets.“

The order also suspends security clearances held by those in Krebs’ orbit, including individuals working at American “AI” cybersecurity company, SentinelOne.

Furthermore, Trump directed AG Pam Bondi and DHS head Kristi Noem “to take all appropriate action to review Krebs’ activities as a Government employee, including his leadership of CISA.”

This review should identify any instances where Krebs’ conduct appears to have been contrary to suitability standards for Federal employees, involved the unauthorized dissemination of classified information, or contrary to the purposes and policies identified in Executive Order 14149 of January 20, 2025 (Restoring Freedom of Speech and Ending Federal Censorship). As part of that review, I direct a comprehensive evaluation of all of CISA’s activities over the last 6 years, focusing specifically on any instances where CISA’s conduct appears to have been contrary to the purposes and policies identified in Executive Order 14149.

Miles Taylor, meanwhile, served as the chief of staff to the Homeland Security Secretary under the first Trump administration – and then wrote a book and a NYT op-ed under the pen name “Anonymous” – of which Trump said: “I think he’s guilty of treason if you want to know the truth.”

In response to having his security clearance revoked, Taylor posted on X: “Dissent isn’t unlawful. It certainly isn’t treasonous.”

.com/MilesTaylorUSA/status/1910071199042068916?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1910071199042068916%7Ctwgr%5E94d50a976c9908bf875a98f8830079b030068750%7Ctwcon%5Es1_

Which was not met with much sympathy on the right…

I said this would happen.

Dissent isn’t unlawful. It certainly isn’t treasonous. America is headed down a dark path.

Never has a man so inelegantly proved another man’s point.
— Miles Taylor (@MilesTaylorUSA) April 9, 2025

https://x.com/michaelmalice/status/1910108665782169737?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1910108665782169737%7Ctwgr%5E94d50a976c9908bf875a98f8830079b030068750%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fw

GREG HUNTER…

TO ALL OUR JEWISH FRIENDS OUT THERE WE WISH YOU A VERY HAPPY AND HEALTHY PASSOVER HOLIDAY WEEK


The King Report April 11, 2025 Issue 7470	Independent View of the News
For the second time in three days, Chicago Fed President and Obama stooge Austan Goolsbee threw gasoline on the market fire and undermined Trump’s Tariff negotiations. This along with funding system pressure, killed stocks; felled bonds; destroyed the dollar and ignited a triple-digit gain in gold. The dollar plunge suggests that the ‘problem in the system’ is a US entity or entities. The other pressure on stocks is what we highlighted in Wednesday’s missive: Even before Trump’s Tariffs, the US economy was slipping into recession. The soft March CPI data incited recession angst. Instead of trying to soothe the markets, Chicago Fed President & Obama devotee Austan Goolsbee exclaimed at the Economics Club of NY, “*The Fed’s timetable is not the same as the market’s timetable.” The leftist lackey also said, ‘tariffs make both sides of the Fed’s mandate worse’ and ‘tariffs deliver a stagflationary shock to the economy,’ and constantly modifying tariffs creates uncertainty.’ More of goofy Goolsbee: ‘Some firms worry tariffs may erase productivity gains; 10% global tariffs would materially raise inflation; nothing suggests disorder in the market.’ We have NEVER seen a fed official hurl inflammatory rhetoric and take shots at a POTUS’s policy when the markets are in turmoil; but this biased, leftist miscreant did it twice in 3 days!* On both days that Goolsbee spoke this week, US stocks plunged! He should be summarily fired! Politico: The comments by Goolsbee, who was once a top economic advisor to President Obama, were especially noteworthy since Fed officials avoid publicly weighing in on presidential decisions… If ‘they’ were upset that DJT told people to buy stocks and then he paused tariffs and stocks surged and an investigation should occur, should we suspect that ‘they’ knew Goolsbee would trash tariffs and DJT at the Economics Club of NY and investigate if someone profited by it? @FedGuy12: SOFR (Secured Overnight Financing Rate) printed above IOR (Interest on reserves) yesterday and it wasn’t a period-end date. Looks like there really was some funding pressure building up. https://t.co/tT7iNo071Y SOFR hit 4.42%; it declined to 4.33% on Wednesday. This is the highest level since December 31, 2024 (4.49%), when yearend pressure to balance the books is extreme. SOFR is 2bps above IOR (4.40%). WH Deputy COS @StephenM: *The days of China pillaging America are over.* @libsoftiktok: *EU MATCHES Trump’s 90-day pause on tariffs taking effect* – “We want to give negotiations a chance.” – President of EU commission Ursula von der Leyen Japan’s PPI rose 0.4% m/m & 4.2% y/y in March; 0.2% m/m & 3.9% was expected; Feb revised to 0.2% m/m from 0.0% & 4.1% y/y from 4.0%. March Consumer Confidence fell to 34.1 from 34.8 (revised from 35); 34.8 was consensus. US March CPI -0.1% m/m & 2.4% y/y, 0.1% m/m & 2.5% y/y expected; Core 0.1% m/m & 2.8% y/y; 0.3% m/m & 3.0% y/y – the lowest Core CPI in 4 years. https://www.bls.gov/news.release/pdf/cpi.pdf US CPI Report Table 1 (m/m changes) https://x.com/FrogNews/status/1910361694892589407/photo/1 Inflation falls in March as annual core consumer prices rise at slowest rate in four years Rent and owners’ equivalent rent (OER) rose 0.3% and 0.4%, respectively, over the prior month… Lodging away from home… dropping 3.5%… monthly… 0.7% monthly drop for used cars & trucks, a 1.1% fall for medical care commodities, a 0.8% fall for motor vehicle insurance, and a significant 5.3% decline in airline fares… the energy index dropped 2.4%… food prices +0.4% last month… Other indexes with notable increases over the last year include motor vehicle insurance (+7.5%), medical care (+2.6%), recreation (+1.9%), and education (+3.9%) https://finance.yahoo.com/news/inflation-falls-in-march-as-annual-core-consumer-prices-rise-at-slowest-rate-in-four-years-220304886.html @JDVance: There is a category of DC insider who wants to fight an actual war with China but also wants China to manufacture much of our critical supply. This is insane. President Trump wants peace, but also wants fair trade and more self-reliance for the American economy. Positive aspects of previous session It’s Master’s Weekend! Services at “Golf’s Cathedra” in Augusta, GA on Palm Sunday. Negative aspects of previous session Physical Gold exploded to new all-time high of 3176.40. The S&P 500 Index sank 3.5%; USMs were down a point at the NYSE close It appears that funding pressure is escalating, which means someone might be ‘in trouble’. Obama Stooge Goolsbee exacerbated the stock market tumble, again! Ambiguous aspects of previous session Who is ‘in trouble?’ There is something very wrong in the system. Is Goolsbee the Fed’s designated Trump basher or is he a solo act? First Hour/Last Hour Action [S&P 500 Index]: 1st Hour from NYSE Open: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to traders]: 5245.49 Previous session S&P 500 Index High/Low: 5353.15; 5115.27 @noxflux: Bill Ackman’s rant signals as the bottom indicator (4 occurrences since 2019 – Chart) https://x.com/noxflux/status/1909457089820270596 By a 216-214 vote (2 GOP nay votes) the House Trump’s budget plan. It projects over $1T of savings. After OPEC got rich in the Seventies, ‘they’ commanded that we kowtow to OPEC countries because they were buying our debt; and the money center banks needed to recycle petrodollars to have the funding to provide Americans with mortgage, car loans, credit cards, and other debt. And we needed OPEC to not rip us off too much on oil prices. If the US fell out of favor with OPEC, principally the Saudis, ‘they’ would sell the dollar, dollar-denominated US financial assets, and hike oil prices. This would crash the financial markets and push the US into depression. So be good for goodness sake to OPEC! After Japan got rich, ‘they’ commanded that we kowtow to Japan because they were buying our debt; and the money center banks needed to recycle Zaibatsu dollars to have the funding to provide Americans with mortgage, car loans, credit cards, and other debt – and so US corporations could issue bonds in Japan. If the US fell out of favor with Japan, it would sell the dollar, dollar-denominated US financial assets, and halt investment in the US. This would crash the financial markets and push the US into depression. So be good for goodness sake to Japan! Now substitute ‘China’ for Japan in the paragraph. “Here’s the new boss, same as the old boss.” “Won’t Get Fooled Again!” – The Who Unfortunately, many US elites, due to unbridled avarice and contempt for the little people, will get fooled again. “*What has been will be again; what has been done will be done again; there is nothing new under the sun.” — Ecclesiastes 1:9 Trump administration is moving toward a possible delisting of Chinese public co shares on US exchanges* – Fox Business Trump’s trade war is now all about China https://t.co/5UDKNwY6dU When asked about China banning US films, Trump replies, “*I’ve heard of worse things.” In Secret Meeting, China Acknowledged Role in U.S. Infrastructure Hacks* -WSJ (Act of war?) (Team Biden new and did nothing about it!) After the NYSE close, another leftist Fed President criticized Trump’s Tariffs. Boston Fed Pres Collins Said tariffs are inflationary and will slow economic growth. Collins, like Goolsbee, should be fired. Their criticism aids & abets an avowed US enemy during crucial economic negotiations. Today – We opined in Thursday’s missive that stocks were overbought on a trading basis, and they needed to retrench, rest, and base. But the decline was more server than we thought. We also thought traders would buy dips. After rising early because stocks were tumbling, bonds reversed and posted declines for the day. Gold soared to new highs. This is a sign of heightened fear about the system. Much of The Street is now trying to find out ‘who is in trouble’ and how big the trouble is. When Thursdays are ugly due to system angst, unless the problem is addressed on Friday, traders will NOT want to be long into the weekend. Earnings season begins. Expected earnings: JPM 4.61, WFC 1.24, MS 2.20. BLK 10.22 We are stunned but not entirely surprised that Street pundits, experts, and shills are NOT, at the least, noting that Goolsbee is relentlessly attacking Trump’s tariffs with the markets in turmoil. Will DJT publicly slam Fed officials for impairing his tariff negotiations and call for their dismissal? Trump can fire Fed officials, including Powell, for cause. Is undermining Trump while negotiating with China on a matter that many claim is a matter of national security treason and/or sedition? ESMs -60.50; NQMs -246.00; and USMs -1 3/32 at 20:30 ET. Forced selling? Who is in trouble? Expected economic data: Mar PPI 0.2% m/m & 3.3% y/y, Core 0.3% m/m & 3.6% y/y; Apr UM Sentiment 53.5, Current Conditions 60.8, Expectations 50.7, 1-year Inflation 5.2%, 5-10yr Inflation 4.3%; Min Fed Pres Kashkari 8 ET, Boston Fed Pres Collins 9 ET, St. Louis Fed Pres Musalem 10 ET, NY Fed Pres Williams noon ET (No Goolsbee; a positive for the markets) S&P Index 50-day MA: 5775; 100-day MA: 5880; 150-day MA: 5838; 200-day MA: 5755 DJIA 50-day MA: 42,645; 100-day MA: 43,147; 150-day MA: 42,864; 200-day MA: 42,184 (Green is positive slope; Red is negative slope) S&P 500 Index (5268.05 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are negative – a close above 6306.68 triggers a buy signal Weekly: Trender and MACD are negative – a close above 5987.57 triggers a buy signal Daily: Trender and MACD are negative – a close above 5645.69 triggers a buy signal Hourly: Trender and MACD are positive – a close below 5049.54 triggers a sell signal Fed Balance Sheet: +3.964B; Reserves +$95.343B https://www.federalreserve.gov/releases/h41/20250410/ @AP: Federal judge allows the Trump administration to require everyone in the U.S. illegally to register with the federal government. FBI Director Patel sends declassified Crossfire Hurricane docs on Russiagate scandal to Congress https://justthenews.com/government/federal-agencies/kash-patel-sends-declassified-crossfire-hurricane-docs-russiagate @WesternLensman: *208 House Democrats voted against requiring proof of US citizenship to vote, and everyone understands why.* Fox: A Gallup Poll released ahead of the 2024 election found that 84% of respondents favor requiring a photo ID to vote, and 83% support requiring proof of citizenship when registering to vote… Dems cannot win enough positions to control the government unless they buy and manufacture votes. @PressSec: President Trump invited the press into his cabinet meeting, and each Secretary is providing an update on the work they are doing at their respective agencies. This is truly the most transparent, competent, and collaborative Administration in history! https://t.co/AA5EhG83Fd Secretary of State @marcorubio: “Mr. President, one of the most important things I believe you’ll achieve in your presidency is reordering the world in a proper way. For 31 years, more than 31 years now, multiple administrations have allowed the Chinese to deindustrialize this country, to take away jobs and factories and pillars of our national strength, and what you’re doing now I think is a great service to our country. https://x.com/TrumpWarRoom/status/1910389040161153203 @CalenArcher: Tulsi Gabbard told Fox News that there are hundreds and thousands of unscanned JFK, MLK, and RFK documents that were hidden in the National Archives in the hopes they’d never be found… https://x.com/CalenArcher/status/1910351308730622297 “*We have evidence of these electronic voting systems being vulnerable to hackers and vulnerable to exploitation to manipulate the results.” @DNIGabbard @TulsiGabbard https://t.co/JUfIoSZv6t @PeterBernegger: President Trump fired Kris Krebs! He headed CISA of the Dept. of Homeland Security… Trump also put Krebbs under investigation for stealing our elections.* Krebbs and minions would spy on county clerks to obtain the vote counts…exactly what was needed to then stuff the ballot boxes with fraudulent mail in ballots. Team Trump is setting the table for investigations into those that tried to ‘get Trump’ and those that might have rigged the 2020 Election. @TheCalvinCooli1: Dem Rep. Jasmine Crockett says people can’t afford groceries because of deportations: “Connect the dots. You cannot afford your home, groceries thanks to deportations.” https://x.com/TheCalvinCooli1/status/1910485657501290570 Jassy Crockett, the gift that keeps on giving to the GOP, the whole year round! Leftists believe Dems lost in 2024 because Dem candidates were not more strident about their looney left policies and beliefs. And now, here’s AOC with deceit and insanely stupid ranting and fear mongering: @RepAOC: House Republicans just passed a bill that would disenfranchise 70 million married American women. Under the SAVE Act, women who took their spouse’s last name and don’t have an updated passport or birth certificate would be turned away at the polls. @tpbreaking: Censured Democrat Al Green says that the “countdown to impeachment” has begun against Trump. (Dem derangement is endemic!) https://x.com/tpbreaking/status/1910369256060969085 We explored downtown Chicago killings. We found a huge failure of Illinois’ mental health system. https://t.co/5IHeCMzJPC @kylenabecker: America seems to have forgotten that Tim Walz had a “stolen valor” scandal. These Minnesota vets didn’t forget. And they let him know it. https://x.com/kylenabecker/status/1910136083272065045 CIA files reveal search for Hitler in South America 10 years after his suicide as Argentina prepares to release classified docs on Nazi fugitives https://nypost.com/2025/04/09/us-news/cia-files-reveal-search-for-hitler-in-south-america-10-years-after-his-suicide-as-argentina-prepares-to-release-classified-docs-on-nazi-fugitives/ @NFL_DovKleiman: *The NFL fired three officials and demoted them to college football.* The officials sent back to the college ranks were second-year umpire James Carter, third-year line judge Robin DeLorenzo, and first-year down judge Robert Richeson. The officials will bypass the union and the grievance process by accepting the league’s offer. One referee… told Austro the following: “The culture is changing, it’s changing rapidly. It’s changing into a competitive environment where everybody’s equal. There are no favorites. There’s no favoritism. There’s none of that; it’s all about performance.” (No more DEI or buddy-buddies!) NFL officials were under fire over numerous controversial calls during the 2024 season. These many questionable calls (or non-calls) largely benefited the Kansas City Chiefs, leading to a rapidly growing conspiracy theory that the league rigs games for Patrick Mahomes and company. https://www.totalprosports.com/nfl/the-nfl-has-reportedly-fired-3-referees/